Amendment to Consulting Agreement between Platinum Underwriters Reinsurance, Inc. and SHN Enterprises, Inc.

Summary

This amendment updates the consulting agreement between Platinum Underwriters Reinsurance, Inc. and SHN Enterprises, Inc. It revises the terms for annual incentive payments, setting a target incentive of $440,000 and a maximum of 200% of that target. The specific objectives for earning the incentive will be determined by the Compensation Committee of Platinum Underwriters Holdings, Ltd., in consultation with SHN Enterprises and the Board. All other terms of the original agreement remain unchanged. Both parties have agreed to and signed this amendment.

EX-10.7 8 y97104exv10w7.txt AMENDMENT TO THE CONSULTING AGREEMENT EXHIBIT 10.7 [PLATINUM LOGO] 2 World Financial Center 225 Liberty Street, 23rd Floor New York, NY 10281 Tel: 212 ###-###-#### March 12, 2004 SHN Enterprises, Inc. Attn: Steven H. Newman 24342 La Masina Calabasas, CA 91302 Dear Steve: Reference is hereby made to the letter dated March 1, 2002, as amended (the "Letter Agreement"), by and between The St. Paul Companies, Inc. and SHN Enterprises, Inc. ("SHN Enterprises") regarding the terms and conditions of the consulting arrangement between SHN Enterprises and Platinum Underwriters Reinsurance, Inc. (the "Company"). This letter (the "Letter Amendment") amends the Letter Agreement to replace Section 4(a) in its entirety with the following: (a) ANNUAL. DURING THE CONSULTING PERIOD, YOU WILL BE ELIGIBLE TO RECEIVE AN ANNUAL INCENTIVE PAYMENT (THE "ANNUAL INCENTIVE") WITH (i) A TARGET INCENTIVE OPPORTUNITY EQUAL TO $440,000 (THE "TARGET") AND (ii) A MAXIMUM TARGET INCENTIVE OPPORTUNITY EQUAL TO TWO HUNDRED PERCENT (200%) OF THE TARGET. THE OBJECTIVES FOR YOUR ANNUAL INCENTIVE WILL BE DETERMINED BY THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OF PLATINUM UNDERWRITERS HOLDINGS, LTD. IN CONSULTATION WITH YOU AND THE BOARD OF DIRECTORS OF PLATINUM UNDERWRITERS HOLDINGS, LTD. All other terms and conditions of the Letter Agreement remain in full force and effect. This Letter Amendment is intended to be a binding obligation upon the Company and you. If this Letter Amendment correctly reflects your understanding, please sign and return one copy to me for the Company's records. Platinum Underwriters Reinsurance, Inc. By: /s/ Michael D. Price ------------------------------------- Michael D. Price President and Chief Underwriting Officer The above Letter Amendment correctly reflects our understanding, and I hereby confirm my agreement to the same. SHN Enterprises, Inc. By: /s/ Steven H. Newman ------------------------------ Steven H. Newman President