ENDURANCE SPECIALTY HOLDINGS LTD 4

4 · ENDURANCE SPECIALTY HOLDINGS LTD · Filed Jul 5, 2006

Form 4

Period: 2006-06-30

Executive Vice President

Transactions

Award
Restricted Share Unit
2006-06-30+7→ 843 total
Exercise: $0.00Exp: 2008-03-01→ Ordinary Shares (7 underlying)
Award
Restricted Share Unit
2006-07-01+4,503→ 4,503 total
Exercise: $0.00Exp: 2007-03-01→ Ordinary Shares (4,503 underlying)
Award
Restricted Share Unit
2006-06-30+17→ 2,215 total
Exercise: $0.00Exp: 2009-03-01→ Ordinary Shares (17 underlying)

Footnotes (4)

[F1]The dividend restricted share units granted vest and convert upon the expiration of the underlying restricted share units, as established in the agreement governing the underlying restricted share units and are forfeitable upon the violation of certain terms included in such agreement.
[F2]The number of dividend restricted share units issued was determined pursuant to the terms of the agreement governing the securities based on (i) the closing sale price for the Company's ordinary shares on June 30, 2006 of $32.00 and (ii) the issuance by the Company of a $0.25 per share dividend on that date.
[F3]The restricted share units are forfeitable only upon violation of a non-competition restriction and are converted into ordinary shares or their cash equivalent on March 1, 2007.
[F4]The number of restricted share units issued was determined pursuant to the terms of the agreement governing the securities based on (i) the cumulative dividends that would otherwise have been used to reduce the strike price on options previously granted to the holder in order to make such options compliant with Section 409A of the Internal Revenue Code and the regulations promulgated by the U.S. Internal Revenue Service under Section 409A and (ii) the closing sale price of the Company?s ordinary shares on the dates the dividends were originally paid.

Documents

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