AWARD AGREEMENT
Exhibit 10. 17
Form of Restricted Stock Unit Award
AWARD AGREEMENT
To:
Effective and
subject to the terms and conditions of the IPC Holdings, Ltd.
(the “Company”) 2003 Stock Incentive Plan (the
“Plan”), as supplemented by this Award Agreement, an
award (the “Award”) is granted to you in the amount
of Restricted
Stock Units as defined in the Plan. A copy of the Plan is
available at the Company’s principal executive offices,
which at the date hereof are located at American International
Building, 29 Richmond Road, Pembroke HM08, Bermuda.
1. Vesting. Except as provided in Section 2.4.2
and 2.4.3 of the Plan, this Award shall vest for purposes of
Section 2.4 of the Plan in four equal installments
on , ,
and .
2. Non-Transferability of Award. This Award is
non-transferable as provided in Section 3.4 of the Plan.
3. Payment of Award. On or about each date this
Award vests, the fully paid Common Shares (as defined in the
Plan) underlying the portion of the Award that vested on such
date shall be issued to you, unless the Company is unable to
issue shares, in which case the Committee (as defined in the
Plan) may decide, in accordance with Section 1.3.1 of the
Plan, to pay your Award in cash. If the Committee has decided to
pay the Award in cash instead of Common Shares, such cash shall
be delivered to you on or about the applicable vesting dates. In
the event this Award becomes payable to another person or
persons upon your death pursuant to the Plan, the delivery of
Common Shares or payment of cash shall be subject to appropriate
proof of the right to receive payment of the Award.
4. Agreement to Furnish Information. At or prior to
the time of payment of this Award, you agree to furnish such
information as the Committee may in its discretion deem
necessary or advisable to assure compliance by the Company with
the provisions of any applicable legal requirements.
5. Governing Law. This Agreement shall be construed
and its provisions enforced and administered in accordance with
laws of Bermuda.
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IPC Holdings, Ltd.
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Accepted and agreed: | |
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By:
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Name:
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Title:
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