Document:

Forms of Employee Restricted Stock Unit Agreements

 Exhibit 10.20 
 For grants to Employees on or after 2/8/2010 
 MAX CAPITAL GROUP LTD.

 2008 STOCK INCENTIVE PLAN 
 RESTRICTED STOCK UNIT AGREEMENT 
 This Restricted Stock Unit Agreement (the
“Agreement”), effective as of the _____ day of _________, 2___ (the “Grant Date”) by and between Max Capital Group Ltd. (the “Company”), and _______________ (the
“Grantee”), evidences the grant by the Company of restricted Common Share units (the “Award”) to the Grantee on such date and the Grantee’s acceptance of the Award in accordance with the
provisions of the Company’s 2008 Stock Incentive Plan, as amended, (the “Plan”). The Company and the Grantee agree as follows: 
  

	1.	Basis for Award. This Award is made under the Plan pursuant to Section 9 thereof for services to be rendered to the Company by the Grantee.

  

	2.	Restricted Stock Units Awarded. 

  

	 	(a)	The Company hereby awards to the Grantee, in the aggregate, ___________ restricted Common Share units (“Restricted Stock Units”), which
shall be subject to the terms of the Plan and this Agreement. 

  

	 	(b)	The Restricted Stock Units shall be credited to a separate account maintained for the Grantee on the books of the Company (the “Account”). On
any given date, the value of each Restricted Stock Unit comprising the Award shall equal the Fair Market Value of one Common Share. The Award shall vest and settle in accordance with Section 3 hereof. 

  

	3.	Vesting and Settlement. 

  

	 	(a)	 Except as otherwise provided in the Plan and this Agreement, the Restricted Stock Units shall vest and become non-forfeitable with respect to [100% of
such Restricted Stock Units on the third anniversary]1 of
the Grant Date (the “Vesting Date”); provided, that, the Grantee is then employed by the Company or any of its Subsidiaries. If the Grantee’s employment is terminated at any time prior to the Vesting Date,
the unvested Restricted Stock Units subject to the Award shall automatically be forfeited upon such termination of employment, unless otherwise provided in Section 3(b), Section 3(c) or Section 3(d). On the
Vesting Date, the Company shall settle the Restricted Stock Units and as a result thereof (i) issue and deliver to the Grantee one Common Share for each such Restricted Stock Unit (the “RSU Shares”) (and upon such
settlement, the Restricted Stock Units shall cease to be credited to the Account) and (ii) enter the Grantee’s name as a shareholder of record with respect to the RSU Shares on the books of the Company. 

  

	1	 The Compensation Committee (the “Committee”) of the Company’s Board of Directors may include a different vesting period or
a pro rata vesting provision in certain awards. 

  

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	 	(b)	Death, Disability. In the event of the Grantee’s death or if the Grantee’s employment is terminated by the Company or any of its Subsidiaries for
Disability (as defined below), 100% of the Restricted Stock Units shall vest and be settled in accordance with the last sentence of Section 3(a) as of the date of such termination. 

 For purposes of this Agreement, “Disability” shall mean termination upon 30 days’ notice in the event that the
Grantee suffers a mental or physical disability that shall have prevented him/her from performing his/her material duties for a period of at least 120 consecutive days or 180 non-consecutive days within any 365 day period; provided,
that, the Grantee shall not have returned to full-time performance of his/her duties within 30 days following receipt of such notice. 
  

	 	(c)	Termination Without Cause or For Good Reason. Upon the Grantee’s termination without Cause (as defined in the Plan) or for Good Reason (as defined below),
100% of the Restricted Stock Units shall vest and be settled in accordance with the last sentence of Section 3(a) as of the date of such termination. 

 The Grantee shall have “Good Reason” to terminate his/her employment within 30 days after the Grantee has knowledge
of the occurrence, without the Grantee’s written consent, of one of the following events that has not been cured, if curable, within 30 days after a notice of termination has been given by the Grantee to the Company or its Subsidiary, as
applicable: (i) any material and adverse change to the Grantee’s duties or authority which are inconsistent with his/her title and position, (ii) a material diminution of the Grantee’s title or position; (iii) a reduction of
the Grantee’s base salary; or (iv) any other reason which the Company determines in its sole discretion to be a Good Reason; provided, however, that, if termination for “Good Reason” is defined in the
Grantee’s employment agreement, the definition in the employment agreement shall apply for purposes of this Section 3(c). 
  

	 	(d)	Retirement. Upon the Grantee’s Retirement (as defined below), vesting (and settlement) shall continue according to the schedule set forth in
Section 3(a) as if the Grantee were still employed. 

 For purposes of this Agreement,
“Retirement” shall be defined as when the Grantee retires from the Company or a Subsidiary, as applicable, if the Grantee’s age is at least 55 and the Grantee has at least five consecutive years of service as an employee
of the Company and its Subsidiaries immediately prior to the termination date. 
  

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	 	(e)	Change in Control. Upon the occurrence of a Change in Control (as defined in the Plan) that occurs following the one year anniversary of the Grant Date, all
unvested Restricted Stock Units shall automatically become vested and shall be settled in accordance with the last sentence of Section 3(a). 

  

	4.	Dividend Equivalents. If the Company pays a cash dividend on its outstanding Common Shares for which the Record Date (for purposes of this Agreement, the
“Record Date” is the date on which shareholders of record are determined for purposes of paying the cash dividend on Common Shares) occurs after the Grant Date, the Grantee shall receive a cash payment equal to
the amount of the ordinary cash dividend paid by the Company on a single Common Share multiplied by the number of Restricted Stock Units awarded under this Agreement that are unvested and unpaid as of such Record Date. Payments pursuant to this
Section 4 are subject to tax withholding. 

  

	5.	Restrictions. The Award granted hereunder may not be sold, pledged or otherwise transferred (other than by will or the laws of descent and distribution or
as otherwise permitted by the Committee) and may not be subject to lien, garnishment, attachment or other legal process. The Grantee acknowledges and agrees that, with respect to each Restricted Stock Unit credited to his/her Account, the Grantee
has no voting rights with respect to the Company unless and until such Restricted Stock Unit is settled in RSU Shares pursuant to Section 3(a) hereof. 

  

	6.	Compliance with Laws and Regulations. The issuance and transfer of RSU Shares shall be subject to compliance by the Company and the Grantee with all
applicable requirements of securities laws and with all applicable requirements of any stock exchange on which the Company’s Common Shares may be listed at the time of such issuance or transfer. Prior to the issuance of any RSU Shares, the
Company may require that the Grantee (or the Grantee’s legal representative upon the Grantee’s death or Disability) enter into such written representations, warranties and agreements as the Company may reasonably request in order to comply
with applicable securities laws or with this Agreement. 

  

	7.	No Right to Continued Employment or Additional Awards. By signing below, the Grantee acknowledges and agrees that the Award he/she has been awarded under
the Plan, and any other awards the Company may grant in the future to the Grantee, even if such awards are made repeatedly or regularly, and regardless of their amount, (a) are wholly discretionary, are not a term or condition of employment and
do not form part of a contract of employment, or any other working arrangement, between the Grantee and the Company or any Subsidiary, as applicable, (b) do not create any contractual entitlement to receive future awards or to continued
employment, and (c) do not form part of salary or remuneration for purposes of determining pension payments or any other purposes, including, without limitation, termination indemnities, severance, resignation, redundancy, bonuses, long-term
service awards, pension or retirement benefits, or similar payments, except as otherwise required by applicable law. 

  

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	8.	General Assets. All amounts credited to the Grantee’s Account under this Agreement shall continue for all purposes to be part of the general assets
of the Company. The Grantee’s interest in the Account shall make the Grantee only a general, unsecured creditor of the Company. 

  

	9.	Rights as Shareholder. Upon and following the Vesting Date, the Grantee shall be the record owner of the RSU Shares unless and until such shares are sold
or otherwise disposed of, and as record owner shall be entitled to all rights of a shareholder of the Company (including voting rights). Prior to the Vesting Date, the Grantee shall not be deemed for any purpose to be the owner of the Common Shares
underlying the Restricted Stock Units subject to the Award. 

  

	10.	Governing Law. This Agreement shall be governed by the laws of the state of New York without regard to conflict of law principles.

  

	11.	Plan. Except as otherwise provided herein, or unless the context clearly indicates otherwise, capitalized terms herein which are defined in the Plan have
the same definitions as provided in the Plan. The terms and provisions of the Plan are incorporated herein by reference, and the Grantee hereby acknowledges receiving a copy of the Plan. In the event of a conflict or inconsistency between the terms
and provisions of the Plan and the provisions of this Agreement, the Plan shall govern and control. 

  

	12.	Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by the Grantee or the Company to the Committee for review.
The resolution of such a dispute by the Committee shall be binding on the Company and the Grantee. 

  

	13.	Tax Withholding. Upon settlement of the Award in accordance with Section 3(a) hereof, the Grantee shall recognize taxable income in respect of
the Award and the Company or a Subsidiary, as applicable, shall report such income to the appropriate taxing authorities in respect of the Award as it determines to be necessary and appropriate. The Grantee shall be required to pay to the Company or
a Subsidiary, as applicable, and the Company or a Subsidiary, as applicable, shall have the right to deduct from any compensation paid to the Grantee pursuant to the Plan the amount of any required withholding taxes prior to the issuance or delivery
of any Common Shares. The Committee may permit the Grantee to satisfy the withholding liability: (a) in cash, (b) by having the Company withhold from the number of Common Shares otherwise issuable or deliverable pursuant to the settlement
of the Restricted Stock Unit Award a number of shares with a Fair Market Value equal to the minimum withholding obligation, (c) by delivering Common Shares owned by the Grantee that are Mature Shares, or (d) by a combination of any such
methods. For purposes hereof, Common Shares shall be valued at Fair Market Value. 

  

	14.	Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision
of this Agreement, and each other provision shall be severable and enforceable to the extent permitted by law. 

  

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	15.	Data Privacy. In order to facilitate the administration of the Grantee’s participation in the Plan, it will be necessary for the Company to collect,
hold, and process certain personal information about the Grantee. As a condition of the Award, the Grantee consents to the Company collecting, holding and processing personal data and transferring such data to third parties (collectively, the
“Data Recipients”) insofar as is reasonably necessary to implement, administer and manage the Grantee’s participation in the Plan. 

  

	 	(a)	The Data Recipients will treat the Grantee’s personal data as private and confidential and will not disclose such data for purposes other than the management and
administration of the Grantee’s participation in the Plan and will take reasonable measures to keep the Grantee’s personal data private, confidential, accurate and current. 

  

	 	(b)	Where the transfer is to a destination outside the European Economic Area, the Company shall take reasonable steps to ensure that the Grantee’s personal data
continues to be adequately protected and securely held. Nonetheless, by signing below, the Grantee acknowledges that personal information about the Grantee may be transferred to a country that does not offer the same level of data protection as the
Republic of Ireland. 

  

	 	(c)	The Grantee may, at any time, view his/her personal data, require any necessary corrections to it or withdraw the consents herein in writing by contacting the Company.

  

	16.	Entire Agreement. This Agreement and the Plan contain the entire agreement between the parties hereto with respect to the subject matter contained herein
and supersede all prior communications, representations and negotiations in respect thereto. No change, modification or waiver of any provision of this Agreement shall be valid unless in writing and signed by the parties hereto.

  

	17.	 [Non-Solicitation Agreement. By accepting this Restricted Stock Unit Award and as a condition thereof, the Grantee agrees to comply with
the Company’s following policies with respect to non-solicitation: _________.]2 

  

	18.	Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and
hereto were upon the same instrument. 

  

	2	 The Committee may include non-solicitation provisions in certain awards. 

  

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 IN WITNESS WHEREOF, the parties hereto have signed this Agreement as of the date set forth
below. 
  

			
	MAX CAPITAL GROUP LTD.
		
	By:	 	 
		 	Name:
		 	Title:
		 	Date:
	
	GRANTEE
		
	By:	 	 
		 	Name:
		 	Date:

  

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 For grants to Employees prior to 2/8/2010 
 MAX CAPITAL GROUP LTD. 
 2008 STOCK INCENTIVE PLAN

 RESTRICTED STOCK UNIT AGREEMENT 
 This Restricted Stock Unit Agreement (the “Agreement”), effective as of the _____ day of _________, 2___ (the “Grant Date”) by and between Max Capital Group
Ltd. (the “Company”), and _______________ (the “Grantee”), evidences the grant by the Company of restricted Common Share units (the “Award”) to the Grantee on such date
and the Grantee’s acceptance of the Award in accordance with the provisions of the Company’s 2008 Stock Incentive Plan, as amended, (the “Plan”). The Company and the Grantee agree as follows: 
  

	1.	Basis for Award. This Award is made under the Plan pursuant to Section 9 thereof for services to be rendered to the Company by the Grantee.

  

	2.	Restricted Stock Units Awarded. 

  

	 	(a)	The Company hereby awards to the Grantee, in the aggregate, ___________ restricted Common Share units (“Restricted Stock Units”), which
shall be subject to the terms of the Plan and this Agreement. 

  

	 	(b)	The Restricted Stock Units shall be credited to a separate account maintained for the Grantee on the books of the Company (the “Account”). On
any given date, the value of each Restricted Stock Unit comprising the Award shall equal the Fair Market Value of one Common Share. The Award shall vest and settle in accordance with Section 3 hereof. 

  

	3.	Vesting and Settlement. 

  

	 	(a)	 Except as otherwise provided in the Plan and this Agreement, the Restricted Stock Units shall vest and become non-forfeitable with respect to [100% of
such Restricted Stock Units on the third anniversary]3 of
the Grant Date (the “Vesting Date”); provided, that, the Grantee is then employed by the Company or any of its Subsidiaries. If the Grantee’s employment is terminated at any time prior to the Vesting Date,
the unvested Restricted Stock Units subject to the Award shall automatically be forfeited upon such termination of employment, unless otherwise provided in Section 3(b), Section 3(c) or Section 3(d). On the
Vesting Date, the Company shall settle the Restricted Stock Units and as a result thereof (i) issue and deliver to the Grantee one Common Share for each such Restricted Stock Unit (the “RSU Shares”) (and upon such
settlement, the Restricted Stock Units shall cease to be credited to the Account) and (ii) enter the Grantee’s name as a shareholder of record with respect to the RSU Shares on the books of the Company. 

  

	3	 The Compensation Committee (the “Committee”) of the Company’s Board of Directors may include a different vesting period or
a pro rata vesting provision in certain awards. 

  

 1 

	 	(b)	Death, Disability. In the event of the Grantee’s death or if the Grantee’s employment is terminated by the Company or any of its Subsidiaries for
Disability (as defined below), a pro rata portion of the Restricted Stock Units shall vest and be settled in accordance with the last sentence of Section 3(a) as of the date of such termination, and all other unvested Restricted Stock
Units shall immediately terminate and be forfeited. The pro rata portion of the Restricted Stock Units that vests shall be calculated by multiplying the number of Restricted Stock Units by a fraction, the numerator of which shall equal the number of
consecutive days the Grantee is employed by the Company or any of its Subsidiaries from the Grant Date to the date of termination, and the denominator of which shall equal _____ (rounded to the nearest whole number). 

 For purposes of this Agreement, “Disability” shall mean termination upon 30 days’ notice in the event that the
Grantee suffers a mental or physical disability that shall have prevented him/her from performing his/her material duties for a period of at least 120 consecutive days or 180 non-consecutive days within any 365 day period; provided,
that, the Grantee shall not have returned to full-time performance of his/her duties within 30 days following receipt of such notice. 
  

	 	(c)	Termination Without Cause or For Good Reason. Upon the Grantee’s termination without Cause (as defined in the Plan) or for Good Reason (as defined below), a
pro rata portion of the Restricted Stock Units shall vest and be settled in accordance with the last sentence of Section 3(a) as of the date of such termination, and all other unvested Restricted Stock Units shall immediately terminate
and be forfeited. The pro rata portion of the Restricted Stock Units that vests shall be calculated by multiplying the number of shares of Restricted Stock Units by a fraction, the numerator of which shall equal the number of consecutive days the
Grantee is employed by the Company or any of its Subsidiaries from the Grant Date to the date of termination, and the denominator of which shall equal _____ (rounded to the nearest whole number). 

 The Grantee shall have “Good Reason” to terminate his/her employment within 30 days after the Grantee has knowledge
of the occurrence, without the Grantee’s written consent, of one of the following events that has not been cured, if curable, within 30 days after a notice of termination has been given by the Grantee to the Company or its Subsidiary, as
applicable: (i) any material and adverse change to the Grantee’s duties or authority which are inconsistent with his/her title and position, (ii) a material diminution of the Grantee’s title or position; (iii) a reduction of
the Grantee’s base salary; or (iv) any other reason which the Company determines in its sole discretion to be a Good Reason; provided, however, that, if termination for “Good Reason” is defined in the
Grantee’s employment agreement, the definition in the employment agreement shall apply for purposes of this Section 3(c). 
  

	 	(d)	 Retirement. Upon the Grantee’s Retirement (as defined below), vesting (and settlement) shall continue according to the schedule set forth
in Section 3(a) as if the Grantee were still employed; provided, that, during the period following

  

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Retirement and prior to the Vesting Date, the Grantee does not enter into any employment, consulting, service or similar arrangements or accept any directorship that has not been pre-approved by
the Committee in its sole discretion. In the event that the Grantee does enter into any such employment, consulting, service or similar arrangement or accepts any unapproved directorship, all unvested Restricted Stock Units shall be immediately
forfeited. 

 For purposes of this Agreement, “Retirement” shall be defined as when the
Grantee retires from the Company or a Subsidiary, as applicable, if the sum of the Grantee’s age and years of service as an employee of the Company and its Subsidiaries equals at least 55. 
  

	 	(e)	Change in Control. Upon the occurrence of a Change in Control (as defined in the Plan), all unvested Restricted Stock Units shall automatically become vested and
shall be settled in accordance with the last sentence of Section 3(a). 

  

	4.	Dividend Equivalents. If the Company pays a cash dividend on its outstanding Common Shares for which the Record Date (for purposes of this Agreement, the
“Record Date” is the date on which shareholders of record are determined for purposes of paying the cash dividend on Common Shares) occurs after the Grant Date, the Grantee shall receive a cash payment equal to
the amount of the ordinary cash dividend paid by the Company on a single Common Share multiplied by the number of Restricted Stock Units awarded under this Agreement that are unvested and unpaid as of such Record Date. Payments pursuant to this
Section 4 are subject to tax withholding. 

  

	4.	Restrictions. The Award granted hereunder may not be sold, pledged or otherwise transferred (other than by will or the laws of descent and distribution or
as otherwise permitted by the Committee) and may not be subject to lien, garnishment, attachment or other legal process. The Grantee acknowledges and agrees that, with respect to each Restricted Stock Unit credited to his/her Account, the Grantee
has no voting rights with respect to the Company unless and until such Restricted Stock Unit is settled in RSU Shares pursuant to Section 3(a) hereof. 

  

	5.	Compliance with Laws and Regulations. The issuance and transfer of RSU Shares shall be subject to compliance by the Company and the Grantee with all
applicable requirements of securities laws and with all applicable requirements of any stock exchange on which the Company’s Common Shares may be listed at the time of such issuance or transfer. Prior to the issuance of any RSU Shares, the
Company may require that the Grantee (or the Grantee’s legal representative upon the Grantee’s death or Disability) enter into such written representations, warranties and agreements as the Company may reasonably request in order to comply
with applicable securities laws or with this Agreement. 

  

	7.	 No Right to Continued Employment or Additional Awards. By signing below, the Grantee acknowledges and agrees that the Award he/she has
been awarded under the Plan, and any other awards the Company may grant in the future to the Grantee, even if such awards are made repeatedly or regularly, and regardless of their amount, (a) are

  

 3 

	 	 
wholly discretionary, are not a term or condition of employment and do not form part of a contract of employment, or any other working arrangement, between the Grantee and the Company or any
Subsidiary, as applicable, (b) do not create any contractual entitlement to receive future awards or to continued employment, and (c) do not form part of salary or remuneration for purposes of determining pension payments or any other
purposes, including, without limitation, termination indemnities, severance, resignation, redundancy, bonuses, long-term service awards, pension or retirement benefits, or similar payments, except as otherwise required by applicable law.

  

	6.	General Assets. All amounts credited to the Grantee’s Account under this Agreement shall continue for all purposes to be part of the general assets
of the Company. The Grantee’s interest in the Account shall make the Grantee only a general, unsecured creditor of the Company. 

  

	7.	Rights as Shareholder. Upon and following the Vesting Date, the Grantee shall be the record owner of the RSU Shares unless and until such shares are sold
or otherwise disposed of, and as record owner shall be entitled to all rights of a shareholder of the Company (including voting rights). Prior to the Vesting Date, the Grantee shall not be deemed for any purpose to be the owner of the Common Shares
underlying the Restricted Stock Units subject to the Award. 

  

	8.	Governing Law. This Agreement shall be governed by the laws of the state of New York without regard to conflict of law principles.

  

	9.	Plan. Except as otherwise provided herein, or unless the context clearly indicates otherwise, capitalized terms herein which are defined in the Plan have
the same definitions as provided in the Plan. The terms and provisions of the Plan are incorporated herein by reference, and the Grantee hereby acknowledges receiving a copy of the Plan. In the event of a conflict or inconsistency between the terms
and provisions of the Plan and the provisions of this Agreement, the Plan shall govern and control. 

  

	10.	Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by the Grantee or the Company to the Committee for review.
The resolution of such a dispute by the Committee shall be binding on the Company and the Grantee. 

  

	13.	Tax Withholding. Upon settlement of the Award in accordance with Section 3(a) hereof, the Grantee shall recognize taxable income in respect of
the Award and the Company or a Subsidiary, as applicable, shall report such income to the appropriate taxing authorities in respect of the Award as it determines to be necessary and appropriate. The Grantee shall be required to pay to the Company or
a Subsidiary, as applicable, and the Company or a Subsidiary, as applicable, shall have the right to deduct from any compensation paid to the Grantee pursuant to the Plan the amount of any required withholding taxes prior to the issuance or delivery
of any Common Shares. The Committee may permit the Grantee to satisfy the withholding liability: (a) in cash, (b) by having the Company withhold from the number of Common Shares otherwise issuable or deliverable pursuant to the settlement
of the Restricted Stock Unit Award a number of shares with a Fair Market Value equal to the minimum withholding obligation, (c) by delivering Common Shares owned by the Grantee that are Mature Shares, or (d) by a combination of any such
methods. For purposes hereof, Common Shares shall be valued at Fair Market Value. 

  

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	14.	Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision
of this Agreement, and each other provision shall be severable and enforceable to the extent permitted by law. 

  

	15.	Data Privacy. In order to facilitate the administration of the Grantee’s participation in the Plan, it will be necessary for the Company to collect,
hold, and process certain personal information about the Grantee. As a condition of the Award, the Grantee consents to the Company collecting, holding and processing personal data and transferring such data to third parties (collectively, the
“Data Recipients”) insofar as is reasonably necessary to implement, administer and manage the Grantee’s participation in the Plan. 

  

	 	(a)	The Data Recipients will treat the Grantee’s personal data as private and confidential and will not disclose such data for purposes other than the management and
administration of the Grantee’s participation in the Plan and will take reasonable measures to keep the Grantee’s personal data private, confidential, accurate and current. 

  

	 	(b)	Where the transfer is to a destination outside the European Economic Area, the Company shall take reasonable steps to ensure that the Grantee’s personal data
continues to be adequately protected and securely held. Nonetheless, by signing below, the Grantee acknowledges that personal information about the Grantee may be transferred to a country that does not offer the same level of data protection as the
Republic of Ireland. 

  

	 	(c)	The Grantee may, at any time, view his/her personal data, require any necessary corrections to it or withdraw the consents herein in writing by contacting the Company.

  

	16.	Entire Agreement. This Agreement and the Plan contain the entire agreement between the parties hereto with respect to the subject matter contained herein
and supersede all prior communications, representations and negotiations in respect thereto. No change, modification or waiver of any provision of this Agreement shall be valid unless in writing and signed by the parties hereto.

  

	17.	 [Non-Solicitation Agreement. By accepting this Restricted Stock Unit Award and as a condition thereof, the Grantee agrees to comply with
the Company’s following policies with respect to non-solicitation: _________.]4 

  

	18.	Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and
hereto were upon the same instrument. 

  

	4	 The Committee may include non-solicitation provisions in certain awards. 

  

 5 

 IN WITNESS WHEREOF, the parties hereto have signed this Agreement as of the date set forth
below. 
  

			
	MAX CAPITAL GROUP LTD.
		
	By:	 	 
		 	Name:
		 	Title:
		 	Date:
	
	GRANTEE
		
	By:	 	 
		 	Name:
		 	Date:

  

 6Form of Option Agreement

 Exhibit 10.21 
 MAX CAPITAL GROUP LTD. 
 2008 STOCK INCENTIVE PLAN

 [INCENTIVE] [NON-QUALIFIED] STOCK OPTION AGREEMENT 
 THIS AGREEMENT, made this ___ day of ___________, 200_ (the “Grant Date”), by and between Max Capital Group Ltd.
(the “Company”) and [                        ] (the “Optionee”).

 W I T N E S S E T H: 
 WHEREAS, pursuant to the Max Capital Group Ltd. 2008 Stock Incentive Plan, as amended (the “Plan”), the Company desires to afford the Optionee the opportunity to acquire, or
enlarge, his/her ownership of the Company’s common shares, $1.00 par value per share (“Common Shares”), so that he/she may have a direct proprietary interest in the Company’s success. 
 NOW, THEREFORE, in consideration of the covenants and agreements herein contained, the parties hereto hereby agree as follows: 

1. Grant of Option. Subject to the terms and conditions set forth herein and in the Plan, the Company
hereby grants to the Optionee, during the period commencing on the date of this Agreement and ending on the close of business on the day of the [tenth]1 anniversary of the date hereof (the “Termination Date”), the right and option (the right to
purchase any one Common Share hereunder being an “Option”) to purchase from the Company, at a price of $_____ per share (the “Option Price”), an aggregate of
[            ] Common Shares (the “Option Shares”). 
 2. Limitation on Exercise of Option. Subject to the terms and conditions set forth herein and the Plan, the Optionee will be vested in ___% of the Options on and after the _____ anniversary
of the Grant Date and an additional ___% on each of the ____________ anniversaries of the Grant Date (each such anniversary, a “Vesting Date”); provided, that, except as otherwise provided herein, the Optionee
is then employed by the Company or any of its Subsidiaries. 
 3. Termination of Employment. Any Options held by
the Optionee upon termination of employment shall remain exercisable as follows, subject to the conditions set forth in Section 4 hereof: 
 (a) Accelerated Vesting; Forfeiture. If the Optionee’s termination of employment is due to death [or Retirement (as defined below)], or if the Optionee’s employment is terminated by the
Company for Disability (as defined below) or without Cause (as defined in the Plan), by the Optionee for Good Reason (as defined below), or upon the Company’s failure 
  

	1	 Term must be 5 years if the Option is an Incentive Stock Option granted to a 10% Shareholder. 

  

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to renew the Optionee’s work permit if the Company does not offer the Optionee a comparable position of employment by one of the Company’s Subsidiaries, 100% of the Options shall vest
as of the date of such termination; provided, that, with respect to the failure to renew a work permit, if the failure by the Company or its Subsidiary to obtain such work permit is directly or indirectly related to any actions or
omissions taken by the Optionee, as determined by the Company in its sole discretion, then all unvested Options shall be immediately forfeited upon the date of termination. If the Optionee’s termination of employment is for any other reason
(including, without limitation, a termination by the Company for Cause), all unvested Options shall terminate on the date of termination. 
 (b) Post-Termination Excerise Period. If the Optionee’s termination of employment is due to death [or Retirement], or if the Optionee’s employment is terminated by the Company for
Disability or without Cause, by the Optionee for Good Reason, or upon the Company’s failure to renew the Optionee’s work permit in Bermuda under the circumstances set forth above in Section 3(a), all vested Options shall be
exercisable by the Optionee or any prior transferee of the Option or by the Optionee’s designated beneficiary, or, if none, the person(s) to whom such Optionee’s rights under the Option are transferred by will or the laws of descent and
distribution for one (1) year following such termination of employment (but in no event later than the Termination Date), and shall thereafter terminate; [provided, that, any exercise of an Incentive Stock Option beyond
(a) three (3) months after the date of termination when the termination is for any reason other than the Optionee’s death or Disability or (b) twelve (12) months after the date of termination when the termination is for the
Optionee’s Disability will cause the Option to be deemed a Nonqualified Stock Option and not an Incentive Stock Option.] If the Optionee’s termination of employment is for any other reason other than on account of termination by the
Company for Cause, all vested Options, shall be exercisable for a period of 90 days following such termination of employment (but in no event beyond the term of the Option), and shall thereafter terminate. An Optionee’s status as an employee
shall not be considered terminated in the case of a leave of absence agreed to in writing by the Company (including, but not limited to, military and sick leave); provided, that, such leave is for a period of not more than 90 days or
re-employment upon expiration of such leave is guaranteed by contract or statute. If the Optionee’s employment is terminated by the Company for Cause, both the unvested and vested portion of the Options shall terminate on the date of
termination. 
 (c) Certain Definitions. For purposes of this Agreement, “Disability” shall mean
termination upon 30 days’ notice in the event that the Optionee suffers a mental or physical disability that shall have prevented him/her from performing his/her material duties for a period of at least 120 consecutive days or 180
non-consecutive days within any 365 day period; provided, that, the Optionee shall not have returned to full-time performance of his/her duties within 30 days following receipt of such notice. The Optionee shall have “Good
Reason” to terminate his/her employment within 30 days after the Optionee has knowledge of the occurrence, without the Optionee’s written consent, of one of the following events that has not been cured, if curable, within 30 days
after a notice of termination has been given by the Optionee to the Company or its Subsidiary, as applicable: (i) any material and adverse change to the Optionee’s duties or authority which are inconsistent with his/her title and position,
(ii) a material diminution of the Optionee’s title or position; (iii) a reduction of the Optionee’s base salary; or (iv) any other reason which the Company determines in its sole discretion to be a Good Reason;
provided, however, that if termination for “Good Reason” is defined in the Optionee’s

  

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employment agreement, the definition in the employment agreement shall apply for purposes of this Section 3. [“Retirement” shall be defined as when the
Optionee retires from the Company or any Subsidiaries if the Optionee’s age is at least 55 and the Optionee has at least five consecutive years of service as an employee of the Company or any Subsidiaries immediately prior to the termination
date.] 
 4. Method of Exercising Option. 
 (a) Payment of Option Price. Options, to the extent vested, may be exercised, in whole or in part, by giving written notice of
exercise to the Company specifying the number of Common Shares to be purchased. Such notice shall be accompanied by the payment in full of the Option Price. Such payment shall be made: (i) in cash, (ii) by surrender of Common Shares owned
by the holder of the Option that are Mature Shares (as defined in the Plan), (iii) by means of a broker-assisted “cashless exercise,” (iv) by a “net exercise” method whereby the Company withholds from the delivery of
Common Shares for which the Option was exercised that number of Common Shares having a Fair Market Value equal to the aggregate Option Price for the Common Shares for which the Option was exercised, or (v) by a combination of any such methods.

 (b) Tax Withholding. At the time of exercise, the Optionee shall pay to the Company such amount as the Company deems
necessary to satisfy its obligation, if any, to withhold federal, state or local income or other taxes incurred by reason of the exercise of Options granted hereunder. Such payment shall be made: (i) in cash, (ii) by having the Company
withhold from the delivery of Common Shares for which the Option was exercised that number of Common Shares having a Fair Market Value equal to the minimum withholding obligation, (iii) by delivering Common Shares owned by the holder of the
Option that are Mature Shares, or (iv) by a combination of any such methods. For purposes hereof, Common Shares shall be valued at Fair Market Value. 
 5. Issuance of Shares. Except as otherwise provided in the Plan, as promptly as practical after receipt of such written notification of exercise and full payment of the Option Price and any
required income tax withholding, the Company shall issue or transfer to the Optionee the number of Option Shares with respect to which Options have been so exercised (less shares withheld for payment of the Option Price and/or in satisfaction of tax
withholding obligations, if any), and shall deliver to the Optionee a certificate or certificates therefor, registered in the Optionee’s name. 
 6. Company; Optionee. 
 (a) The term “Company” as used in
this Agreement with reference to employment shall include the Company and its Subsidiaries, as appropriate. 
 (b) Whenever the
word “Optionee” is used in any provision of this Agreement under circumstances where the provision should logically be construed to apply to the beneficiaries, the executors, the administrators, or the person or persons to whom the Options
may be transferred by will or by the laws of descent and distribution, the word “Optionee” shall be deemed to include such person or persons. 
  

 3 

 7. Non-Transferability. The Options are not transferable by the Optionee
otherwise than to a designated beneficiary upon death or by will or the laws of descent and distribution, and are exercisable during the Optionee’s lifetime only by him/her (or his or her legal representative in the event of incapacity). No
assignment or transfer of the Options, or of the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise (except to a designated beneficiary, upon death, by will or the laws of descent and distribution), shall
vest in the assignee or transferee any interest or right herein whatsoever, but immediately upon such assignment or transfer the Options shall terminate and become of no further effect. 
 8. Change in Control. Upon the occurrence of a Change in Control (as defined in the Plan) that occurs following the one year
anniversary of the Grant Date, all outstanding Options shall automatically become vested and immediately exercisable in full. 
 9. Rights as Shareholder. The Optionee or a transferee of the Options shall have no rights as shareholder with respect to any Option Shares until he/she shall have become the holder of record of such shares, and no adjustment
shall be made for dividends or distributions or other rights in respect of such Option Shares for which the date on which shareholders of record are determined for purposes of paying cash dividends on Common Shares is prior to the date upon which
he/she shall become the holder of record thereof. 
 10. Adjustments. The Options granted hereunder are subject to
adjustment pursuant to Section 12 of the Plan. 
 11. Compliance with Law. Notwithstanding any of the
provisions hereof, the Optionee hereby agrees that he/she will not exercise the Options, and that the Company will not be obligated to issue or transfer any shares to the Optionee hereunder, if the exercise hereof or the issuance or transfer of such
shares shall constitute a violation by the Optionee or the Company of any provisions of any law or regulation of any governmental authority. Any determination in this connection by the Committee shall be final, binding and conclusive. The Company
shall in no event be obliged to register any securities pursuant to the Securities Act of 1933 (as now in effect or as hereafter amended) or to take any other affirmative action in order to cause the exercise of the Options or the issuance or
transfer of shares pursuant thereto to comply with any law or regulation of any governmental authority. 
 12.
Notice. Every notice or other communication relating to this Agreement shall be in writing, and shall be mailed to or delivered to the party for whom it is intended at such address as may from time to time be designated by it in a
notice mailed or delivered to the other party as herein provided; provided, that, unless and until some other address be so designated, all notices or communications by the Optionee to the Company shall be mailed or delivered to the
Company at its principal executive office, and all notices or communications by the Company to the Optionee may be given to the Optionee personally or may be mailed to him/her at his/her address as recorded in the records of the Company. 

13. [Incentive Stock Options][Non-Qualified Stock Options]. [The Options granted hereunder are not intended to be incentive
stock options within the meaning of Section 422 of the Code.] [The Options granted hereunder are intended to be incentive stock

  

 4 

 
options within the meaning of Section 422 of the Code. The Company shall have no liability to any Optionee or any other person if an Option designated as an Incentive Stock Option fails to
qualify as such at any time. If the Option is an Incentive Stock Option, and if the Optionee sells or otherwise disposes of any of the Option Shares acquired pursuant to the Incentive Stock Option on or before the later of (a) the date two
(2) years after the Grant Date, and (b) the date one (1) year after transfer of such Option Shares to the Optionee upon exercise of the Option, the Optionee shall immediately notify the Company in writing of such disposition. In the
event any such disposition causes the Company to incur additional federal, state, or local tax withholding obligations, the Optionee will satisfy any such obligations in cash or out of the current wages or other compensation payable to the
Optionee.] 
 14. Binding Effect. Subject to Section 7 hereof, this Agreement shall be binding upon
the heirs, executors, administrators and successors of the parties hereto. 
 15. Governing Law. This Agreement
shall be construed and interpreted in accordance with the laws of the State of New York without regard to its conflict of law principles. 
 16. Plan. The terms and provisions of the Plan are incorporated herein by reference, and the Optionee hereby acknowledges receiving a copy of the Plan. In the event of a conflict or
inconsistency between the terms and provisions of the Plan and the provisions of this Agreement, the Plan shall govern and control. All capitalized terms not defined herein shall have the meaning ascribed to them as set forth in the Plan.

 17. Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by the
Optionee or the Company to the Committee for review. The resolution of such a dispute by the Committee shall be binding on the Company and the Optionee. 
 18. No Right to Continued Employment. Nothing in this Agreement shall be deemed by implication or otherwise to impose any limitation on any right of the Company to terminate the
Optionee’s employment. 
 19. Section 409A Limitation. The Company shall have no liability to the
Optionee or any other person if an Option is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code and the terms of such Option do not satisfy the additional conditions applicable
to nonqualified deferred compensation under Section 409A of the Code. 
 20. [Non-Solicitation
Agreement. By accepting the Options and as a condition thereof, the Optionee agrees to comply with the Company’s following policies with respect to non-solicitation: _________.]2 
  

	2	 The Committee may include non-solicitation provisions in certain awards. 

  

 5 

 21. Severability. Every provision of this Agreement is intended to be
severable and any illegal or invalid term shall not affect the validity or legality of the remaining terms. 
 22.
Headings. The headings of the Sections hereof are provided for convenience only and are not to serve as a basis for interpretation of construction, and shall not constitute a part of this Agreement. 
 23. Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be deemed an original, with
the same effect as if the signatures thereto and hereto were upon the same instrument 
 IN WITNESS WHEREOF, the parties hereto
have executed this Agreement as of the date set forth below. 
  

			
	MAX CAPITAL GROUP LTD.
		
	By:	 	 
		 	Name:
		 	Title:
		 	Date
		
	By:	 	 
		 	Name:
		 	Date:

  

 6

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