Exhibit - 10.17
MONTPELIER RE HOLDINGS LTD.
LONG-TERM INCENTIVE PLAN
ANNUAL BONUS AND RESTRICTED SHARE UNIT
This Award Agreement (the “Award Agreement”) is made and entered into as of [ ] between
Montpelier Re Holdings Ltd. (the “Company”) and NAME (the “Participant”).
The Company hereby grants to the Participant an incentive award (the “Award”) on the terms and
conditions as set forth in this Award Agreement and in the Montpelier Long-Term Incentive Plan (the “Plan”), as
it may be amended from time to time.
In accordance with this grant, and as a condition thereto, the Company and the Participant agree as
SECTION 1. Annual Bonus . The Participant shall be eligible to receive an annual cash bonus with
respect to the [current] calendar year (the “Performance Period”). The actual annual bonus payable shall be
between [ ]% and [ ]% of the Participant’s base salary as in effect as of the last day of the Performance
Period and shall be based on the Company’s return on equity (“ROE”) for the Performance Period; provided,
that the amount of the annual bonus is subject to adjustment in the discretion of the Company’s Chief Executive
Officer or the Compensation & Nominating Committee (the “Committee”) based upon the Participant’s
performance during the Performance Period. Any annual bonus earned in accordance with this Section 1 (the
“Annual Bonus”) shall be paid as soon as reasonably practicable following the end of the Performance Period.
SECTION 2. Restricted Share Units. As soon as reasonably practicable following the Company’s
announcement of its annual results for [the current calendar year] (the “Announcement Date”), the Participant
shall be eligible to receive that number of Restricted Share Units (“RSUs”) equal to (i) 2 multiplied by (ii) the
Annual Bonus, divided by (iii) 24; provided, that such number shall be adjusted by the Committee in accordan