X0303 4 2010-02-08 0 0001141719 MAX CAPITAL GROUP LTD. MXGL 0001054153 BECKER W MARSTON MAX HOUSE 2 FRONT STREET HAMILTON D0 HM11 BERMUDA 1 1 0 0 Chief Executive Officer Stock Option (right to buy) 18.25 2010-02-08 4 A 0 54167 0 A 2010-02-08 2019-02-08 Common Shares 54167 54167 D On February 17, 2009, the Reporting Person was granted an option to purchase 108,333 common shares. The option award was granted by the Compensation Committee of the Board pursuant to Max Capital Group Ltd.'s 2008 Stock Incentive Plan, as approved by the Issuer's shareholders. The option award vests 50% on January 1, 2010 subject to the satisfaction of certain performance criteria. Any remaining options vest on January 1, 2011, subject to the satisfaction of certain additional performance criteria. The perfomance criteria for January 1, 2010 were met resulting in vesting of the option as to 54,167 shares. However, the determination as to whether the performance measures for the January 1, 2010 vesting were met was not confirmed by the Compensation Committee of the Board until February 8, 2010. Sheila Gringley, Attorney-in-Fact 2010-02-10