ARCH CAPITAL GROUP LTD
EXHIBIT 10.7.14
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<DESCRIPTION>EXHIBIT 10.7.14
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="km2795_exhibit_10.7.14"> </A>
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<BR></FONT><FONT SIZE=2><B>Exhibit&nbsp;10.7.14    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="km2795_arch_capital_group_ltd._restricted_share_agreement"> </A>
<A NAME="toc_km2795_2"> </A></FONT> <FONT SIZE=2><B>ARCH CAPITAL GROUP&nbsp;LTD.<BR>  Restricted Share Agreement    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS AGREEMENT, dated as of February&nbsp;20, 2003, between Arch Capital Group&nbsp;Ltd. (the "Company"), a Bermuda company, and Dwight&nbsp;R. Evans (the
"Employee"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Employee has been granted the following award in connection with his or her retention as an employee and as compensation for services to be rendered; and the following terms
reflect the Company's 2002 Long Term Incentive and Share Award Plan (the "Plan"); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, in consideration of the premises and mutual covenants contained herein, the parties hereto agree as follows. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Award of Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the provisions of the Plan, the terms of which are incorporated herein by
reference, the Employee is hereby awarded 4,770 Restricted Shares (the "Award"), subject to the terms and conditions herein set forth. Capitalized terms used herein and not defined shall have the
meanings set forth in the Plan. In the event of any conflict between this Agreement and the Plan, the Plan shall control. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Terms and Conditions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;It is understood and agreed that the Award of Restricted Shares evidenced hereby is
subject to the following terms and conditions: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Vesting of Award.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section&nbsp;2(b) below and the other terms and conditions of this Agreement,
this Award shall become vested in four equal annual installments, commencing on the date hereof and thereafter on the first, second and third anniversaries thereof. Unless otherwise provided by the
Company, all dividends and other amounts receivable in connection with any adjustments to the Shares under Section&nbsp;4(c) of the Plan shall be subject to the vesting schedule in this
Section&nbsp;2(a). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Termination of Service; Forfeiture of Unvested Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise set forth in Section&nbsp;2(a)
above, in the event the Employee ceases to be an employee of the Company prior to the date the Restricted Shares otherwise become vested (i)&nbsp;due to his or her death or Permanent Disability (as
defined in the Company's Incentive Compensation Plan) or (ii)&nbsp;due to termination by the Company not for Cause (as defined in the Company's Incentive Compensation Plan), the Restricted Shares
shall become immediately vested in full upon such termination of employment. If the Employee ceases to be an Employee of the Company for any other reason prior to the date the Restricted Shares become
vested, the Award shall be forfeited by the Employee and become the property of the Company. For purposes of this Agreement, service with any of the Company's Subsidiaries (as defined in the Plan)
shall be considered to be service with the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Certificates.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each certificate issued in respect of Restricted Shares awarded hereunder shall be deposited
with the Company, or its designee, together with, if requested by the Company, a stock power executed in blank by the Employee, and shall bear a legend disclosing the restrictions on transferability
imposed on such Restricted Shares by this Agreement (the "Restrictive Legend"). Upon the vesting of Restricted Shares pursuant to Section&nbsp;2(a) hereof and the satisfaction of any withholding tax
liability pursuant to Section&nbsp;5 hereof, the certificates evidencing such vested Shares, not bearing the Restrictive Legend, shall be delivered to the Employee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Rights of a Stockholder.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Prior to the time a Restricted Share is fully vested hereunder, the Employee shall
have no right to transfer, pledge, hypothecate or otherwise encumber such Restricted Share. During such period, the Employee shall have all other rights of a stockholder, including, but not limited
to, the right to vote and to receive dividends (subject to Section&nbsp;2(a) hereof) at the time paid on such Restricted Shares. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Right to Continued Employment.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Award shall not confer upon the Employee any right with respect to
continuance of employment by the Company nor shall this Award interfere with the right of the Company to terminate the Employee's employment at any time. </FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Transfer of Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Shares delivered hereunder, or any interest therein, may be sold, assigned, pledged,
hypothecated, encumbered, or transferred or disposed of in any other manner, in whole or in part, only in compliance with the terms, conditions and restrictions as set forth in the governing
instruments of the Company, applicable United States federal and state securities laws or any other applicable laws or regulations and the terms and conditions hereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Expenses of Issuance of Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The issuance of stock certificates hereunder shall be without charge to the
Employee. The Company shall pay, and indemnify the Employee from and against any issuance, stamp or documentary taxes (other than transfer taxes) or charges imposed by any governmental body, agency or
official (other than income taxes) or by reason of the issuance of Shares. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Withholding.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No later than the date of vesting of (or the date of an election by the Employee under
Section&nbsp;83(b) of the Code with respect to) the Award granted hereunder, the Employee shall pay to the Company or make arrangements satisfactory to the Committee regarding payment of any
federal, state or local taxes of any kind required by law to be withheld at such time with respect to such Award and the Company shall, to the extent permitted or required by law, have the right to
deduct from any payment of any kind otherwise due to the Employee, federal, state and local taxes of any kind required by law to be withheld at such time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;References.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;References herein to rights and obligations of the Employee shall apply, where appropriate, to
the Employee's legal representative or estate without regard to whether specific reference to such legal representative or estate is contained in a particular provision of this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Notices.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any notice required or permitted to be given under this Agreement shall be in writing and shall be
deemed to have been given when delivered personally or by courier, or sent by certified or registered mail, postage prepaid, return receipt requested, duly addressed to the party concerned at the
address indicated below or to such changed address as such party may subsequently by similar process give notice of: </FONT></P>

<UL>

<P><FONT SIZE=2>If
to the Company: </FONT></P>

<P><FONT SIZE=2>Arch
Capital Group&nbsp;Ltd.<BR>
Wessex House, 3<SUP>rd</SUP> Floor<BR>
45 Reid Street<BR>
Hamilton HM 12 Bermuda<BR>
Attn.: Secretary </FONT></P>

<P><FONT SIZE=2>If
to the Employee: </FONT></P>

<P><FONT SIZE=2>To
the last address delivered to the Company by the Employee in the manner set forth herein. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Governing Law.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be governed by and construed in accordance with the laws of New York,
without giving effect to principles of conflict of laws. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Entire Agreement.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and the Plan constitute the entire agreement among the parties relating to
the subject matter hereof, and any previous agreement or understanding among the parties with respect thereto is superseded by this Agreement and the Plan. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Counterparts.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in two counterparts, each of which shall constitute one and the
same instrument. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written. </FONT></P>

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<TD COLSPAN=2><FONT SIZE=2>ARCH CAPITAL GROUP&nbsp;LTD.</FONT></TD>
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&nbsp;</FONT></TD>
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<TD WIDTH="4%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>DAWNA FERGUSON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
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<TD COLSPAN=2><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>DWIGHT R. EVANS</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Dwight R. Evans</FONT></TD>
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<FONT SIZE=2><A HREF="#toc_km2795_1">Exhibit 10.7.14</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_km2795_2">ARCH CAPITAL GROUP LTD. Restricted Share Agreement</A></FONT><BR>

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