Common use of Retirement Benefit Clause in Contracts

Retirement Benefit. (i) In consideration of the Executive's past services to the Company, the Executive shall be entitled to a retirement benefit, payable monthly for his life, in an amount equal to 50 percent of his highest monthly Base Salary during the Employment Term. Such payments shall commence on the first day of the month coincident with or next following the later of the Executive's attainment of age 58 or the end of the Employment Term (the "Commencement Date"); provided, however, that if the Employment Term terminates prior to his attainment of age 58, the Executive may elect by written notice to the Company to have such payments commence on the first day of any month after such termination of employment (the "Early Commencement Date") in a monthly amount equal to the monthly amount that the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall be increased on each January 1 following the Early Commencement Date or Commencement Date, as applicable, by an amount determined by multiplying the amount of each monthly payment made in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive in accordance with Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to the Executive, and nothing contained in this Agreement, and no action taken pursuant to it, shall create or be construed to create a trust of any kind between the Company and the Executive. The Executive shall have no right, title or interest whatever in or to any investments which the Company may make (including, but not limited to, an insurance policy on the life of the Executive) to aid it in meeting its obligations hereunder.

Retirement Benefit. The monthly retirement benefit amount payable by the Company under this Agreement shall equal (ia) In consideration the hypothetical monthly benefit, in the form of benefit elected under this Agreement, payable on the Determination Date under the Retirement Plan as if it had not been frozen effective July 31, 2015, less (b) the monthly Retirement Plan benefit, in the form of benefit elected under this Agreement, payable as of the Executive's past services Determination Date and less (c) the monthly annuity derived from the 2015 plan year contribution to the CompanyDefined Contribution Plan payable on the Determination Date, using generally accepted actuarial principles based on the elected form of benefit under this Agreement, and assuming no investment return on the 2015 contribution. The monthly benefit payable hereunder shall be paid, pursuant to the Executive’s election, from among the forms of benefit available under the Retirement Plan upon the later of age 55 and a Separation from Service. The Executive’s election shall be made in writing upon execution of this Plan document. In the event that the Executive has elected a joint and survivor form of benefit under this Agreement and there is no spouse on the Determination Date, the Executive elected form of benefit shall be entitled to payable in a retirement benefitsingle life annuity. If the form of benefit payable provides for a monthly annuity payment, such monthly benefit shall be payable monthly for his life, in an amount equal to 50 percent of his highest monthly Base Salary during by the Employment Term. Such payments shall commence Company on the first day of each calendar month beginning with the first day of the calendar month following the Executive’s Separation from Service through and including the month coincident with or next following the later of the Executive's attainment ’s death. Any lump sum payment shall be payable within ninety (90) days following the Executive’s Separation from Service. In the event the Executive is determined to be a “specified employee” as such term is defined in Treasury Regulations §1.409A-1(i), then any monthly benefit otherwise payable on or before the date which is six (6) months after the Executive’s termination of age 58 employment date shall be delayed until the earlier of the Executive’s date of death or the end date which is six (6) months after the Executive’s termination of the Employment Term (the "Commencement Date")employment date; provided, however, that if such delay is only required for benefits constituting nonqualified deferred compensation under Code Section 409A, and the Employment Term terminates prior delay will apply only to his attainment of age 58, the Executive may elect by written notice to the Company to have those benefits that are not exempt from Code Section 409A. Any such delayed payments commence on the first day of any month after such termination of employment (the "Early Commencement Date") shall be accumulated and paid in a monthly amount equal to the monthly amount that the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall lump sum and payments thereafter will be increased on each January 1 following the Early Commencement Date or Commencement Date, made as applicable, by an amount determined by multiplying the amount of each monthly payment made in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive scheduled in accordance with this Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to the Executive, and nothing contained in this Agreement, and no action taken pursuant to it, shall create or be construed to create a trust of any kind between the Company and the Executive. The Executive shall have no right, title or interest whatever in or to any investments which the Company may make (including, but not limited to, an insurance policy on the life of the Executive) to aid it in meeting its obligations hereunder3.1.

Retirement Benefit. (i) In consideration of the Executive's past services Subject to the Companyterms and conditions of this Agreement, the Executive shall be entitled to an annual “Retirement Benefit”, paid annually as of each January 1, beginning January 1, 2009 or, if earlier, the January 1 following the date on which the Executive’s employment with Axis and its affiliates terminates for any reason (his “Termination Date”) and continuing through the tenth anniversary of such January 1 (the “Payment Period”) such that the Executive receives a retirement benefit, total of ten annual payments hereunder. Each annual payment shall be made as soon as practicable following the applicable January 1. The amount of the Retirement Benefit payable monthly to the Executive for his life, in an amount any year during the Payment Period shall be equal to 50 percent the “Applicable Amount” determined in accordance with Exhibit A hereto, which Exhibit A is incorporated into and forms a part of his highest monthly Base Salary during the Employment Term. Such payments shall commence on the first day of the month coincident with or next following the later of the Executive's attainment of age 58 or the end of the Employment Term (the "Commencement Date")this Agreement; provided, however, that if the Employment Term terminates Executive’s Termination Date occurs prior to December 31, 2008, the amount of his attainment Retirement Benefit for any year during the Payment Period shall be equal to (a) the product of age 58the “Base Pension Amount” for such year determined in accordance with Exhibit A hereto multiplied by the Vesting Percentage determined in accordance with the following schedule as of his Termination Date, minus (b) the “Offset Amount” determined in accordance with Exhibit A hereto: Termination Date Occurs Vested Percentage Prior to December 31, 2006 0 % On or after December 31, 2006 and prior to December 31, 2007 50 % On or after December 31, 2007 and prior to December 31, 2008 75 % On or after December 31, 2008 100 % Notwithstanding the foregoing, if the Executive’s Termination Date occurs prior to December 31, 2008 on account of death, Disability (as defined in the AXIS Capital Holdings Limited 2003 Long-Term Equity Compensation Plan) or if a Change in Control (as defined in the Service Agreement) occurs prior to December 31, 2008, the Executive may elect by written notice to the Company to have such payments commence on the first day of any month after such termination of employment (the "Early Commencement Date") in a monthly amount equal to the monthly amount that the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall be increased on each January 1 following the Early Commencement Date or Commencement Date, as applicable, by an amount determined by multiplying the amount of each monthly payment made fully vested in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive in accordance with Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to the Executive, and nothing contained in this Agreement, and no action taken pursuant to it, shall create or be construed to create a trust of any kind between the Company and the ExecutiveRetirement Benefit hereunder. The Executive shall forfeit, and have no right, title or interest whatever in or to any investments which the Company may make (including, but not limited rights to, an insurance policy any portion of any Retirement Benefit which is not fully vested on his Termination Date or otherwise in accordance with the life foregoing provisions of the Executive) to aid it in meeting its obligations hereunderthis Section 1.

Retirement Benefit. (i) In consideration of the Executive's past services Subject to the Companyterms and conditions of this Agreement, the Executive shall be entitled to an annual “Retirement Benefit”, paid annually as of each January 1, beginning January 1, 2009 or, if earlier, the January 1 following the date on which the Executive’s employment with Axis and its affiliates terminates for any reason (his “Termination Date”) and continuing through the twentieth anniversary of such January 1 (the “Payment Period”) such that the Executive receives a retirement benefit, total of twenty annual payments hereunder. Each annual payment shall be made as soon as practicable following the applicable January 1. The amount of the Retirement Benefit payable monthly to the Executive for his life, in an amount any year during the Payment Period shall be equal to 50 percent the “Applicable Amount” determined in accordance with Exhibit A hereto, which Exhibit A is incorporated into and forms a part of his highest monthly Base Salary during the Employment Term. Such payments shall commence on the first day of the month coincident with or next following the later of the Executive's attainment of age 58 or the end of the Employment Term (the "Commencement Date")this Agreement; provided, however, that if the Employment Term terminates Executive’s Termination Date occurs prior to December 31, 2008, the amount of his attainment Retirement Benefit for any year during the Payment Period shall be equal to (a) the product of age 58the “Base Pension Amount” for such year determined in accordance with Exhibit A hereto multiplied by the Vesting Percentage determined in accordance with the following schedule as of his Termination Date, minus (b) the “Offset Amount” determined in accordance with Exhibit A hereto: Termination Date Occurs Vested Percentage Prior to December 31, 2006 0 % On or after December 31, 2006 and prior to December 31, 2007 50 % On or after December 31, 2007 and prior to December 31, 2008 75 % On or after December 31, 2008 100 % Notwithstanding the foregoing, if the Executive’s Termination Date occurs prior to December 31, 2008 on account of death, Disability (as defined in the AXIS Capital Holdings Limited 2003 Long-Term Equity Compensation Plan) or if a Change in Control (as defined in the Employment Agreement) occurs prior to December 31, 2008, the Executive may elect by written notice to the Company to have such payments commence on the first day of any month after such termination of employment (the "Early Commencement Date") in a monthly amount equal to the monthly amount that the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall be increased on each January 1 following the Early Commencement Date or Commencement Date, as applicable, by an amount determined by multiplying the amount of each monthly payment made fully vested in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive in accordance with Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to the Executive, and nothing contained in this Agreement, and no action taken pursuant to it, shall create or be construed to create a trust of any kind between the Company and the ExecutiveRetirement Benefit hereunder. The Executive shall forfeit, and have no right, title or interest whatever in or to any investments which the Company may make (including, but not limited rights to, an insurance policy any portion of any Retirement Benefit which is not fully vested on his Termination Date or otherwise in accordance with the life foregoing provisions of the Executive) to aid it in meeting its obligations hereunderthis Section 1.

Retirement Benefit. (i) In consideration of the Executive's past services to the Company, the Executive shall be entitled to a retirement benefit, payable monthly for his life, in an amount equal to 50 60 percent of his highest monthly Base Salary during the Employment Term. Such payments shall commence on the first day of the month coincident with or next following the later of the Executive's attainment of age 58 or the end of the Employment Term (the "Commencement Date"); provided, however, that if the Employment Term terminates prior to his attainment of age 58, the Executive may elect by written notice to the Company to have such payments commence on the first day of any month after such termination of employment (the "Early Commencement Date") in a monthly amount equal to the monthly amount that the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall be increased on each January 1 following the Early Commencement Date or Commencement Date, as applicable, by an amount determined by multiplying the amount of each monthly payment made in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive in accordance with Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to the Executive, and nothing contained in this Agreement, and no action taken pursuant to it, shall create or be construed to create a trust of any kind between the Company and the Executive. The Executive shall have no right, title or interest whatever in or to any investments which the Company may make (including, but not limited to, an insurance policy on the life of the Executive) to aid it in meeting its obligations hereunder.this

Retirement Benefit. In consideration of Executive’s entering into and abiding by the commitments and obligations set forth in this Agreement, and provided Executive (i) In consideration signs and returns this Agreement on or before July 2, 2018, (ii) continues employment through the Retirement Date in accordance with the terms hereof, (iii) signs and returns the Additional Release of the Executive's past services to the Company, the Executive shall be entitled to a retirement benefit, payable monthly for his life, in an amount equal to 50 percent of his highest monthly Base Salary during the Employment Term. Such payments shall commence on the first day of the month coincident with or next following the later of the Executive's attainment of age 58 or the end of the Employment Term Claims attached hereto as Attachment A (the "Commencement Date"); “Additional Release”) on but not before the Retirement Date (provided, however, that if the Employment Term terminates prior to his attainment Retirement Date is fewer than twenty-one (21) days following the Receipt Date (as defined below), Executive must sign and return the Additional Release no earlier than the Retirement Date and no later than the 22nd day after the Receipt Date) and does not timely revoke such Additional Release, and (iv) complies with the terms of age 58this Agreement, the Additional Release and the Restrictive Covenants Agreement, the Company will provide Executive may elect with the following retirement benefit (the “Retirement Benefit”): (i) each restricted stock award granted by written notice to the Company to have such payments commence Executive shall continue to vest and become free from repurchase, forfeiture provisions and restrictions on transfer during the three-year period following the Retirement Date (the “Three-Year Post-Retirement Period”) on the first day of any month after such termination of employment (the "Early Commencement Date") in a monthly amount equal same schedule and terms, and subject to the monthly amount that the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall be increased on each January 1 following the Early Commencement Date or Commencement Datesame conditions, as applicable, by an amount determined by multiplying the amount of set forth in each monthly payment made in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1applicable restricted stock agreement, as reflected if Executive had continued to remain employed during the Three-Year Post-Retirement Period and (ii) each stock option granted by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive in accordance with Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to Executive shall continue to vest and become exercisable during the ExecutiveThree-Year Post-Retirement Period on the same schedule and terms, and nothing contained subject to the same conditions, as set forth in this each applicable option agreement as if Executive had continued to remain employed during the Three-Year Post-Retirement Period and Executive shall have three months from the end of the Three-Year Post-Retirement Period to exercise any stock options that have vested and become exercisable as of such date. Executive agrees and acknowledges that by virtue of the extension of the post-termination exercise period for Executive’s stock options provided for in the previous sentence, any stock options that were intended to be “incentive stock options” under Section 422 of the Internal Revenue Code, as amended, shall, as of the Agreement Effective Date, be treated as, and taxable as, non-qualified stock options for all tax purposes. Other than the Retirement Benefit and Accrued Obligations, Executive will not be eligible for, nor shall he have a right to receive, any payments or benefits from the Company following the Retirement Date. For the avoidance of doubt, Executive acknowledges that he is not eligible for or entitled to receive any severance benefits pursuant to the Employment Agreement, and no action taken pursuant further acknowledges that he will not be eligible to it, shall create receive the Retirement Benefit (or be construed to create a trust of any kind between payments or benefits from the Company other than the Accrued Obligations) if he fails to timely enter into this Agreement and the Executive. The Executive shall have no right, title Additional Release or interest whatever in if his employment is terminated for Cause prior to the Retirement Date or if he fails to any investments which comply with his obligations under this Agreement or the Company may make (including, but not limited to, an insurance policy on the life of the Executive) to aid it in meeting its obligations hereunderRestrictive Covenants Agreement.

Retirement Benefit. The annual contribution under this Agreement equals the amount of any contributions otherwise allocable to the Defined Contribution Plan which would exceed the limitation under Code section 415(c)(1)(A) for any plan year and shall be allocated to the Deferred Compensation Account. The Deferred Compensation Account will be credited with the addition of interest, to be accrued during each quarter and to be credited to such Deferred Compensation Account on the first business day following the end of such quarter on the basis of the day weighted average balance in such Account during each quarter, at a rate equal to the higher of either (ia) the highest yield on any U.S. Government Treasury Constant Maturity on the first business day of the calendar year in which the interest is accrued, as reported in the Federal Reserve Statistical Release, or if such source is not available, such other comparable source as is available (the “Guaranteed Rate”), or, (b) the Prime Rate as published in The Wall Street Journal on the first business day of the calendar year in which the interest is accrued. The balance of the Deferred Compensation Account shall be the aggregate fair market value of the assets allocated to and held in the Account. Upon the Separation from Service of Executive for any reason, Company will pay to Executive, in the form hereinafter provided, his Deferred Compensation Account. The Deferred Compensation Account shall be paid, pursuant to the Executive’s election, in a lump sum or in annual installments over a period of five (5) or ten (10) years. The Executive’s election shall be made in writing upon execution of this Plan document. In consideration the absence of an election by the Executive at the time of execution of this Plan document, payment of the Deferred Compensation Account shall be in a lump sum. Payment of the Deferred Compensation Account will commence within ninety (90) days following the Executive’s Separation from Service. During the period that installment payments are made (if any), the Executive’s Deferred Compensation account shall be credited with interest. Installment payments (if applicable) made after the first payment shall be paid on or about the applicable modal anniversary of the first payment date until all required installments have been paid. The amount of each payment shall be determined by dividing the value of the Deferred Compensation Account immediately prior to such payment by the number of payments remaining to be paid. The final installment payment shall be equal to the balance of the Deferred Compensation Account, calculated as of the applicable modal anniversary. Notwithstanding the above, in the event the Executive is determined to be a specified employee” as such term is defined in Treasury Regulations §1.409A-1(i), then any monthly benefit otherwise payable on or before the date which is six (6) months after the Executive’s termination of employment date shall be delayed until the earlier of the Executive's past services to ’s date of death or the Company, the Executive shall be entitled to a retirement benefit, payable monthly for his life, in an amount equal to 50 percent of his highest monthly Base Salary during the Employment Term. Such payments shall commence on the first day of the month coincident with or next following the later of date which is six (6) months after the Executive's attainment ’s termination of age 58 or the end of the Employment Term (the "Commencement Date")employment date; provided, however, that if such delay is only required for benefits constituting nonqualified deferred compensation under Code Section 409A, and the Employment Term terminates prior delay will apply only to his attainment of age 58, the Executive may elect by written notice to the Company to have those benefits that are not exempt from Code Section 409A. Any such delayed payments commence on the first day of any month after such termination of employment (the "Early Commencement Date") shall be accumulated and paid in a monthly amount equal to the monthly amount that the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall lump sum and payments thereafter will be increased on each January 1 following the Early Commencement Date or Commencement Date, made as applicable, by an amount determined by multiplying the amount of each monthly payment made in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive scheduled in accordance with this Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to the Executive, and nothing contained in this Agreement, and no action taken pursuant to it, shall create or be construed to create a trust of any kind between the Company and the Executive. The Executive shall have no right, title or interest whatever in or to any investments which the Company may make (including, but not limited to, an insurance policy on the life of the Executive) to aid it in meeting its obligations hereunder3.1.

Retirement Benefit. (i) In consideration If the Executive continues in the employment of the Executive's past services Company until attaining age 55 and terminates employment for any reason other than death on or after attaining age 55 but prior to the Companyor upon attaining age 65 ("Normal Retirement Date"), the Executive Company shall be entitled pay to a retirement benefithim, an annual amount stated in Appendix A based on his last attained age, payable monthly for his life, in an amount equal to 50 percent a period of his highest ten (10) years. The first monthly Base Salary during the Employment Term. Such payments shall commence will be due on the first day of the month coincident with or next following his Normal Retirement Date and the later of the Executive's attainment of age 58 or the end of the Employment Term (the "Commencement Date"); provided, however, that if the Employment Term terminates prior to his attainment of age 58, the Executive may elect by written notice to the Company to have such remaining monthly payments commence will be due on the first day of any each month after such thereafter. If the Executive continues employment beyond age 65, payments will not begin until his actual termination of employment which occurs for any reason other than death (the "Early Commencement Late Retirement Date") in ). At the Late Retirement Date, the annual benefit payable at age 65 under Appendix A will be adjusted, assuming a monthly amount equal to simple interest rate of 6%, compounded annually from the monthly amount that date the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement attained age 65 until his Late Retirement Date. The Company shall pay to him the adjusted amount monthly for a period of ten (10) years beginning on the first day of the month following the Executive's Late Retirement Date and the remaining monthly payments will be due on the first day of each payment hereunder shall be increased on each January 1 following month thereafter. Notwithstanding the Early Commencement Date or Commencement Dateforegoing, as applicable, by an amount determined by multiplying if the amount of each monthly payment made Executive continues in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive in accordance with Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation employment of the Company until attaining age 70, the last day of the month in which the Executive attains age 70 will be deemed to the Executive, and nothing contained in be his Late Retirement Date for purposes of this Agreement, and no action taken pursuant payments will begin under this section on the first day of the month following such date as if the Executive had retired, even if he is still employed by the Company. If the Executive dies after the applicable retirement date under Section 2.1 or 2.2, but prior to itthe completion of payment of the 120 monthly payments specified therein, the remaining payments shall create be continued to such beneficiary or be construed to create beneficiaries as the Executive may have designated in a trust written beneficiary designation executed by him and filed with the Company. In the absence of any kind between effective written beneficiary designation filed with the Company and Company, any such monthly payments remaining unpaid at the Executive. The death of the Executive shall have no right, title be payable to the duly qualified executor or interest whatever in or to any investments which the Company may make (including, but not limited to, an insurance policy on the life administrator of the Executive) to aid it in meeting its obligations hereunder's estate.

Retirement Benefit. (i) ). In consideration of the Executive's past services to the Company, the Executive shall be entitled to a retirement benefit, payable monthly for his life, in an amount equal to 50 percent of his highest monthly Base Salary during the Employment Term. Such payments shall commence on the first day of the month coincident with or next following the later of the Executive's attainment of age 58 or the end of the Employment Term (the "Commencement Date"); provided, however, that if the Employment Term terminates prior to his attainment of age 58, the Executive may elect by written notice to the Company to have such payments commence on the first day of any month after such termination of employment (the "Early Commencement Date") in a monthly amount equal to the monthly amount that the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall be increased on each January 1 following the Early Commencement Date or Commencement Date, as applicable, by an amount determined by multiplying the amount of each monthly payment made in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive in accordance with Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to the Executive, and nothing contained in this Agreement, and no action taken pursuant to it, shall create or be construed to create a trust of any kind between the Company and the Executive. The Executive shall have no right, title or interest whatever in or to any investments which the Company may make (including, but not limited to, an insurance policy on the life of the Executive) to aid it in meeting its obligations hereunder.

Retirement Benefit. (i) In consideration of the Executive's past services to the Company, the Executive shall be entitled to a retirement benefit, payable monthly for his life, in an amount equal to 50 60 percent of his highest monthly Base Salary during the Employment Term. Such payments shall commence on the first day of the month coincident with or next following the later of the Executive's attainment of age 58 or the end of the Employment Term (the "Commencement Date"); provided, however, that if the Employment Term terminates prior to his attainment of age 58, the Executive may elect by written notice to the Company to have such payments commence on the first day of any month after such termination of employment (the "Early Commencement Date") in a monthly amount equal to the monthly amount that the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall be increased on each January 1 following the Early Commencement Date or Commencement Date, as applicable, by an amount determined by multiplying the amount of each monthly payment made in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive in accordance with Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to the Executive, and nothing contained in this Agreement, and no action taken pursuant to it, shall create or be construed to create a trust of any kind between the Company and the Executive. The Executive shall have no right, title or interest whatever in or to any investments which the Company may make (including, but not limited to, an insurance policy on the life of the Executive) to aid it in meeting its obligations hereunder.

Retirement Benefit. (i) In consideration of the Executive's past services Subject to the Companyterms and conditions of this Agreement, the Executive shall be entitled to an annual “Retirement Benefit”, paid annually as of each January 1, beginning January 1, 2010 or, if earlier, the January 1 following the date on which the Executive’s employment with AXIS and its affiliates terminates for any reason (his “Termination Date”) and continuing through the tenth anniversary of such January 1 (the “Payment Period”) such that the Executive receives a retirement benefit, total of ten annual payments hereunder. Each annual payment shall be made as soon as practicable following the applicable January 1. The amount of the Retirement Benefit payable monthly to the Executive for his life, in an amount any year during the Payment Period shall be equal to 50 percent the “Applicable Amount” determined in accordance with Exhibit A hereto, which Exhibit A is incorporated into and forms a part of his highest monthly Base Salary during the Employment Term. Such payments shall commence on the first day of the month coincident with or next following the later of the Executive's attainment of age 58 or the end of the Employment Term (the "Commencement Date")this Agreement; provided, however, that if the Employment Term terminates Executive’s Termination Date occurs prior to December 31, 2008, the amount of his attainment Retirement Benefit for any year during the Payment Period shall be equal to (a) the product of age 58the “Base Pension Amount” for such year determined in accordance with Exhibit A hereto multiplied by the Vesting Percentage determined in accordance with the following schedule as of his Termination Date, minus (b) the “Offset Amount” determined in accordance with Exhibit A hereto: Termination Date Occurs Vested Percentage Prior to December 31, 2006 0 % On or after December 31, 2006 and prior to December 31, 2007 50 % On or after December 31, 2007 and prior to December 31, 2008 75 % On or after December 31, 2008 100 % Notwithstanding the foregoing, if the Executive’s Termination Date occurs prior to December 31, 2008 on account of death, Disability (as defined in the AXIS Capital Holdings Limited 2003 Long-Term Equity Compensation Plan) or if a Change in Control (as defined in the Service Agreement) occurs prior to December 31, 2008, the Executive may elect by written notice to the Company to have such payments commence on the first day of any month after such termination of employment (the "Early Commencement Date") in a monthly amount equal to the monthly amount that the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall be increased on each January 1 following the Early Commencement Date or Commencement Date, as applicable, by an amount determined by multiplying the amount of each monthly payment made fully vested in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive in accordance with Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to the Executive, and nothing contained in this Agreement, and no action taken pursuant to it, shall create or be construed to create a trust of any kind between the Company and the ExecutiveRetirement Benefit hereunder. The Executive shall forfeit, and have no right, title or interest whatever in or to any investments which the Company may make (including, but not limited rights to, an insurance policy any portion of any Retirement Benefit which is not fully vested on his Termination Date or otherwise in accordance with the life foregoing provisions of the Executive) to aid it in meeting its obligations hereunderthis Section 1.

Retirement Benefit. (i) In consideration The Company agrees that, from and after the retirement of the Executive's past services Employee from the service of the Company upon reaching his or her Early Retirement Date or Normal Retirement Date, the Company shall thereafter pay as a retirement benefit (“Retirement Benefit”) to the CompanyEmployee in the amount of the Employee’s entire Accrued Benefit in equal monthly installments for one hundred twenty (120) consecutive months, the Executive shall be entitled to a retirement benefit, payable monthly for his life, in an amount equal to 50 percent of his highest monthly Base Salary during the Employment Term. Such payments shall commence commencing on the first day of the calendar month coincident with or next immediately following the later of the Executive's attainment of age 58 or the end of the Employment Term (the "Commencement Date")Employee’s retirement; provided, provided however, that if the Employment Term terminates Employee may, at his or her sole option make one election, prior to the time benefit payments begin, to receive the Accrued Benefit in his attainment or her Retirement Account in a lump sum or equal monthly installment payments over a shorter period of age 58sixty (60) months, the Executive may elect to be designated by written notice him in writing (by delivery to the Company of a completed Exhibit D, or similar statement) than would otherwise apply, or in a single payment. The election referred to have in the preceding sentence must be made at least one year prior to the date benefit payments begin and shall be irrevocable. In the event of such payments commence election by the Employee, the first designated monthly payment or the single payment, whichever applies, shall be due and payable on the on the first day of the calendar month immediately following the Employee’s retirement. Monthly installment payments, if applicable, shall continue monthly thereafter, for the period designated by the Employee. Notwithstanding the foregoing provisions of this paragraph 6(a), the terms of this paragraph shall be administered with respect to Retirement Benefits commencing on and after January 1, 2002, by substituting equal annual installments for 10 years (or 5 years, if applicable), wherever reference is made to equal monthly installments of 120 months (or 60 months, if applicable). Such annual installments shall be made as soon as practicable after the first day of the calendar year beginning on or after the date of the Employee’s Retirement. With respect to Retirement Benefits that have already commenced payment inthe form of equal monthly installments prior to January 1, 2002, the remaining installments to be made in any month calendar year beginning on or after January 1, 2002 shall, instead, be made annually as soon as practicable after the first day of such termination of employment (the "Early Commencement Date") calendar year in a monthly an amount that is equal to the total of the monthly amount installments that the Executive would have received at been made under the Commencement Date, reduced by one-third preceding provisions of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall be increased on each January 1 following the Early Commencement Date or Commencement Datethis paragraph 6(a), as applicable, by an amount determined by multiplying the amount of each monthly payment made in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election effect prior to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive in accordance with Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to the Executive, and nothing contained in this Agreement, and no action taken pursuant to it, shall create or be construed to create a trust of any kind between the Company and the Executive. The Executive shall have no right, title or interest whatever in or to any investments which the Company may make (including, but not limited to, an insurance policy on the life of the Executive) to aid it in meeting its obligations hereunderamendment.

Retirement Benefit. (i) In consideration of the Executive's past services Subject to the Companyterms and conditions of this Agreement, the Executive shall be entitled to an annual “Retirement Benefit”, paid annually as of each January 1, beginning January 1, 2009 or, if earlier, the January 1 following the date on which the Executive’s employment with AXIS and its affiliates terminates for any reason (his “Termination Date”) and continuing through the twentieth anniversary of such January 1 (the “Payment Period”) such that the Executive receives a retirement benefit, total of twenty annual payments hereunder. Each annual payment shall be made as soon as practicable following the applicable January 1. The amount of the Retirement Benefit payable monthly to the Executive for his life, in an amount any year during the Payment Period shall be equal to 50 percent the “Applicable Amount” determined in accordance with Exhibit A hereto, which Exhibit A is incorporated into and forms a part of his highest monthly Base Salary during the Employment Term. Such payments shall commence on the first day of the month coincident with or next following the later of the Executive's attainment of age 58 or the end of the Employment Term (the "Commencement Date")this Agreement; provided, however, that if the Employment Term terminates Executive’s Termination Date occurs prior to December 31, 2008, the amount of his attainment Retirement Benefit for any year during the Payment Period shall be equal to (a) the product of age 58the “Base Pension Amount” for such year determined in accordance with Exhibit A hereto multiplied by the Vesting Percentage determined in accordance with the following schedule as of his Termination Date, minus (b) the “Offset Amount” determined in accordance with Exhibit A hereto: Termination Date Occurs Vested Percentage Prior to December 31, 2006 0 % On or after December 31, 2006 and prior to December 31, 2007 50 % On or after December 31, 2007 and prior to December 31, 2008 75 % On or after December 31, 2008 100 % Notwithstanding the foregoing, if the Executive’s Termination Date occurs prior to December 31, 2008 on account of death, Disability (as defined in the AXIS Capital Holdings Limited 2003 Long-Term Equity Compensation Plan) or if a Change in Control (as defined in the Employment Agreement) occurs prior to December 31, 2008, the Executive may elect by written notice to the Company to have such payments commence on the first day of any month after such termination of employment (the "Early Commencement Date") in a monthly amount equal to the monthly amount that the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall be increased on each January 1 following the Early Commencement Date or Commencement Date, as applicable, by an amount determined by multiplying the amount of each monthly payment made fully vested in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive in accordance with Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to the Executive, and nothing contained in this Agreement, and no action taken pursuant to it, shall create or be construed to create a trust of any kind between the Company and the ExecutiveRetirement Benefit hereunder. The Executive shall forfeit, and have no right, title or interest whatever in or to any investments which the Company may make (including, but not limited rights to, an insurance policy any portion of any Retirement Benefit which is not fully vested on his Termination Date or otherwise in accordance with the life foregoing provisions of the Executive) to aid it in meeting its obligations hereunderthis Section 1.