SHARE OPTION AGREEMENT
Exhibit 10.16
Form of Stock Option Agreement
SHARE OPTION AGREEMENT
To:
On you
were granted this option (the “Option”) pursuant to
the IPC Holdings, Ltd. (the “Company”) Stock Option
Plan (the “Plan”) to
purchase shares
of Voting Common Stock, par value $0.01 per share, of the
Company at an exercise price
of per
share, subject to the terms and conditions of the Plan as
supplemented by this Option. 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 (“Principal Executive
Offices”).
1. Vesting; Term. For purposes of Section 6.3
of the Plan, this Option shall vest and become exercisable in
four equal annual installments on each of the next four
anniversaries of the date of this grant. For purposes of
Section 6.5 of the Plan, this Option shall expire at the
close of business on .
2. Non-Transferability of Option. This Option is
non-transferable as provided in Section 6.6 of the Plan.
3. Mechanics of Exercise. This Option may be
exercised only by written notice to the Secretary of the Company
at its Principal Executive Offices, or to such other person or
at such other address as the Company may provide to you for this
purpose. The notice shall state the election to exercise this
Option and the number of shares in respect of which it is being
exercised at such time and shall be signed by you. In the event
this Option becomes exercisable by another person or persons
upon your death pursuant to the Plan, the notice of exercise
shall be accompanied by appropriate proof of the right to
exercise this Option.
4. Agreement to Furnish Information. At or prior to
the time of exercise of all or a portion of this Option, you
agree to furnish such information as the Committee (as defined
in the Plan) 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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