0001299933-05-000871 Sample Contracts

NONQUALIFIED SHARE OPTION AGREEMENT
Nonqualified Share Option Agreement • February 23rd, 2005 • Platinum Underwriters Holdings LTD • Fire, marine & casualty insurance • New York

Option Agreement (the “Agreement”), between Platinum Underwriters Holdings, Ltd., a Bermuda company (the “Company”), and (the “Optionee”), a member of the Board of Directors of the Company (the “Board”), made pursuant to the terms of Platinum Underwriters Holdings, Ltd. 2002 Share Incentive Plan (the “Plan”). The Option is not intended to qualify as an “incentive stock option” under the Internal Revenue Code.

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Time-Based Share Unit Award
Share Unit Award • February 23rd, 2005 • Platinum Underwriters Holdings LTD • Fire, marine & casualty insurance • New York

AWARD AGREEMENT, dated as of , 20 , between Platinum Underwriters Holdings, Ltd., a Bermuda corporation (the “Company”), and (the “Participant”). This Award is granted by the Compensation Committee of the Company’s Board of Directors (the “Committee”) pursuant to the terms of the 2002 Share Incentive Plan (the “Plan”). The applicable terms of the Plan are incorporated herein by reference, and capitalized terms used herein but not defined shall have the meanings set forth in the Plan.

RESTRICTED SHARE AWARD AGREEMENT
Restricted Share Award Agreement • February 23rd, 2005 • Platinum Underwriters Holdings LTD • Fire, marine & casualty insurance • New York

RESTRICTED SHARE AWARD AGREEMENT (this “Agreement”), dated as of , 20 (the “Date of Grant”), between Platinum Underwriters Holdings, Ltd., a Bermuda corporation (the “Company”) and (the “Grantee”). Capitalized terms used herein but not defined shall have the meanings attributed to them in the Company’s 2002 Share Incentive Plan (the “Plan”).

NONQUALIFIED SHARE OPTION AGREEMENT
Nonqualified Share Option Agreement • February 23rd, 2005 • Platinum Underwriters Holdings LTD • Fire, marine & casualty insurance • New York

Option Agreement (the “Agreement”), between Platinum Underwriters Holdings, Ltd., a Bermuda company (the “Company”), and (the “Optionee”), made pursuant to the terms of Platinum Underwriters Holdings, Ltd. 2002 Share Incentive Plan (the “Plan”). The Option is not intended to qualify as an “incentive stock option” under the Internal Revenue Code.

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