Common use of Remuneration and Reimbursement Clause in Contracts

Remuneration and Reimbursement. 5.1 The Company shall pay to the Employee by way of remuneration for his services hereunder a salary at the rate (subject as hereinafter provided) of US$ 200,000 per annum. Such salary shall be inclusive of any director’s fees payable to the Employee by the Company or any Group Company and accordingly either the Employee shall pay over or procure to be paid over to the Company all such fees received or receivable by him or his remuneration hereunder shall be reduced pro tanto. The said salary shall be payable by equal monthly instalments in arrears on the day appointed by the Board for the payment of Employees’ salaries or pro rata where the Employee is only employed hereunder during part of the month. The Compensation Committee of the Company’s Board, subject to ratification by the Board, may increase or reduce the Employee’s salary on each anniversary of the date of this Agreement, but not below the amount of the Employee’s starting salary. 5.2 The Company shall also pay to the Employee all reasonable travelling hotel and other out-of-pocket expenses which are properly incurred by him in or about the performance of his duties hereunder and for which vouchers (if so required) are provided to the reasonable satisfaction of the Board. 5.3 The Company will pay for two business-class or four-economy round-trip flights to the United States per annum for the Employee. 5.4 The Employee shall be entitled to participate in: (i) the Company’s medical and Dental Plan; (ii) a suitable pension arrangement; (iii) life insurance; (iv) the Company’s Annual Bonus Plan; (v) the Company’s Long-Term Incentive Plan; (vi) Subsidize parking and gym membership; and (vii) Any other employment benefit plans generally available to Employees in the Company of the Employee’s stature, to the extent not duplicative of benefits otherwise provided by the Company. The details of these benefits, plans and schemes are set out in separate documents, copies of which will be provided on request. The benefits, plans and schemes may be changed at the Company’s discretion. 5.5 During the Employee’s appointment under this Agreement, he shall receive a housing allowance in Band B. 5.6 The Employee agrees that the Company may deduct from his pay any sums which the Employee may owe the Company including, without limitation, any overpayments or loans made to him by the Company or losses suffered by the Company as a result of the Employee’s breach of this Agreement.

Remuneration and Reimbursement. 5.1 The Company shall pay to the Employee Executive by way of remuneration for his services hereunder a salary at the rate (subject as hereinafter provided) of US$ 200,000 US$300,000 per annum. Such salary shall be inclusive of any director’s 's fees payable to the Employee Executive by the Company or any Group Company and accordingly either the Employee Executive shall pay over or procure to be paid over to the Company all such fees received or receivable by him or his remuneration hereunder shall be reduced pro tanto. The said salary shall be payable by equal monthly instalments in arrears on the day appointed by the Board for the payment of Employees’ employees' salaries or pro rata where the Employee Executive is only employed hereunder during part of the month. The Compensation Committee of the Company’s 's Board, subject to ratification by the Board, may increase or reduce the Employee’s Executive's salary on each anniversary of the date of this Agreement, but not below the amount of the Employee’s Executive's starting salary. 5.2 The Company shall also pay to the Employee Executive all reasonable travelling hotel and other out-of-pocket expenses which are properly incurred by him in or about the performance of his duties hereunder and for which vouchers (if so required) are provided to the reasonable satisfaction of the Board. 5.3 The Company will reimburse the Executive for up to US $50,000 in expenses incurred by the Executive in establishing a residence in Bermuda, including, as applicable, cost of furnishings, transportation expenses for a 20ft/40ft container (or equivalent capacity) from the United Kingdom to Bermuda provided that the said expenses have been approved in advance. The Company will pay for two 8 business-class or four-economy round-trip flights to the United States Kingdom per annum for the Employeeannum. 5.4 The Employee Executive shall be entitled to participate in: (i) the Company’s 's medical and Dental Plan; (ii) a suitable pension arrangement;arrangement in accordance with Bermuda law; and (iii) life insurance; (iv) the Company’s Annual Bonus Plan; (v) the Company’s Long-Term Incentive Plan; (vi) Subsidize parking and gym membership; and (vii) Any any other employment benefit plans generally available to Employees executives in the Company of the Employee’s Executive's stature, to the extent not duplicative of benefits otherwise provided by the Company. The details of these benefits, plans and schemes are set out in separate documents, copies of which will be provided on request. The benefits, plans and schemes may be changed at the Company’s discretion. 5.5 During the Employee’s Executive's appointment under this Agreement, he shall receive a housing allowance in Band B. 5.6 The Employee agrees that of $7,500 per month, plus a tax gross-up payment to reimburse the Company may deduct from his pay Executive for any sums which the Employee may owe the Company including, without limitation, any overpayments or loans made to him income taxes paid by the Company or losses suffered by Executive on the Company as a result of the Employee’s breach of this Agreementallowance.

Remuneration and Reimbursement. 5.1 The Company shall pay to the Employee Executive by way of remuneration for his services hereunder a salary at the rate (subject as hereinafter provided) of US$ 200,000 (pound)300,000 per annum. Such salary shall be inclusive of any director’s 's fees payable to the Employee Executive by the Company or any Group Company and accordingly either the Employee Executive shall pay over or procure to be paid over to the Company all such fees received or receivable by him or his remuneration hereunder shall be reduced pro tanto. The said salary shall be payable by equal semi-monthly instalments installments in arrears on the day appointed by the Board for the payment of Employees’ employees' salaries or pro rata where the Employee Executive is only employed hereunder during part of the month. The Compensation Committee of the Company’s 's Board, subject to ratification by the Board, may increase or reduce the Employee’s Executive's salary on each anniversary of the date of this Agreement, but not below the an amount of the Employee’s starting salary(pound)300,000 per annum. 5.2 The Company shall also pay to the Employee Executive all reasonable travelling traveling, hotel and other out-of-pocket expenses which are properly incurred by him in or about the performance of his duties hereunder and for which vouchers (if so required) are provided to the reasonable satisfaction of the Board. 5.3 The Company will pay reimburse the Executive for two business-class up to US $50,000 in expenses incurred by the Executive in establishing a residence in Bermuda, including, as applicable, cost of furnishings, transportation expenses for a 20ft/40ft container (or four-economy round-trip flights to equivalent capacity) from the United States per annum Kingdom to Bermuda and business class flight tickets from the United Kingdom to Bermuda for the EmployeeExecutive and his Dependants, provided that all such expenses have been approved by the Company in advance. 5.4 The Employee Executive shall be entitled to participate in: (i) the Company’s 's medical and Dental Plan; (ii) a suitable pension arrangement; (iii) life insurance; (iv) the Company’s Annual Bonus Plan; (v) the Company’s Long-Term Incentive Plan; (vi) Subsidize parking and gym membershiparrangement in accordance with Bermuda law; and (viiiii) Any other employment benefit plans generally available to Employees in the Company executives of the Employee’s Executive's stature, to the extent not duplicative of benefits otherwise provided by the Company. The details of these benefits, plans and schemes are set out in separate documents, copies of which will be provided on request. The benefits, plans and schemes may be changed at the Company’s discretion. 5.5 During the Employee’s Executive's appointment under this Agreement, he shall receive a housing allowance in Band B.of US $11,000 per month, plus a tax gross-up payment to reimburse the Executive for any income taxes paid by the Executive on the allowance. 5.6 The Employee agrees that As soon as practicable following the Company may deduct from his pay any sums which the Employee may owe the Company including, without limitation, any overpayments or loans made to him by the Company or losses suffered by the Company as a result of the Employee’s breach execution of this Agreement, the Executive shall receive a signing bonus of US $400,000.

Remuneration and Reimbursement. 5.1 5.1. The Company shall pay to the Employee Executive by way of remuneration for his services hereunder a base salary at the rate (subject as hereinafter provided) of US$ 200,000 US$400,000 per annum. Such salary shall be inclusive of any director’s 's fees payable to the Employee Executive by the Company or any Group Company and accordingly either the Employee Executive shall pay over or procure to be paid over to the Company all such fees received or receivable by him or his remuneration hereunder shall be reduced pro tanto. The said salary shall be payable by equal semi-monthly instalments in arrears on the day appointed by the Board for the payment of Employees’ employees' salaries or pro rata where the Employee Executive is only employed hereunder during part of the month. The Compensation Committee of the Company’s 's Board, subject to ratification by the Board, may increase or reduce the Employee’s Executive's salary on each anniversary of the date of this Agreement, but not below the amount of the Employee’s Executive's starting salary. In addition, the Executive shall be eligible for an annual cash bonus award initially in the range of up to 50% of base salary, with the possibility of such award percentage increasing thereafter. 5.2 5.2. The Company shall also pay to the Employee Executive all reasonable travelling travelling, hotel and other out-of-pocket expenses which are properly incurred by him in or about the performance of his duties hereunder and for which vouchers (if so required) are provided to the reasonable satisfaction of the Board. 5.3 5.3. The Company will pay reimburse the Executive for two businessup to US$50,000 in expenses incurred by the Executive in establishing a residence in Bermuda, including, as applicable, cost of furnishings. 5.4. The Company will reimburse the Executive for all reasonable moving and temporary housing expenses, plus a tax gross-class or fourup payment to reimburse the Executive for any income taxes paid by the Executive on the reimbursement (a "gross-economy round-trip flights to up for taxes"), including travel and lodging for the Executive's family for house hunting, school search and commuting until relocation is completed. Such reimbursement shall also include any real estate commissions that the Executive may incur by the sale of his primary residence in the United States per annum for and the Employeecost of moving and/or storage of personal property in the United States while the Executive is employed pursuant to this Agreement. 5.4 5.5. The Employee Executive shall be entitled to participate in: (i) the Company’s 's medical and Dental Plan; (ii) a suitable pension arrangement; (iii) life insurance; (iv) the Company’s Annual Bonus Plan; (v) the Company’s Long-Term Incentive Plan; (vi) Subsidize parking and gym membershiparrangement in accordance with Bermuda law; and (viiiii) Any other employment benefit plans generally available to Employees executives in the Company of the Employee’s Executive's stature, to the extent not duplicative of benefits otherwise provided by the Company. The details of these benefits, plans and schemes are set out in separate documents, copies of which will be provided on request. The benefits, plans and schemes may be changed at the Company’s discretion. 5.5 5.6. During the Employee’s Executive's appointment under this Agreement, he shall receive a housing allowance of US$12,000 per month, grossed-up for taxes. 5.7. The Company shall reimburse the Executive for all reasonable expenses, grossed-up for taxes, incurred by the Executive and his dependents in Band B.connection with their relocation to the city or area of Executive's choice in the United States following the expiration or termination of this Agreement. 5.6 5.8. The Employee agrees Company shall reimburse the Executive for all reasonable attorney's fees and expenses that he incurs in reviewing the terms and conditions of the Executive's employment with the Company. In addition, the Company may deduct from his pay any sums which will reimburse the Employee may owe Executive for reasonable fees for accounting services that he incurs for the Company including, without limitation, any overpayments or loans made to him preparation and filing of United States federal and state income taxes while he is employed by the Company or losses suffered by that arise from compensation that he receives from the Company as a result of the Employee’s breach of this AgreementCompany. Reimbursement for all such expenses for legal and accounting services shall be grossed-up for taxes.

Remuneration and Reimbursement. 5.1 The Company shall pay to the Employee Executive by way of remuneration for his services hereunder a salary at the rate (subject as hereinafter provided) of US$ 200,000 US$300,000 per annum. Such salary shall be inclusive of any director’s 's fees payable to the Employee Executive by the Company or any Group Company and accordingly either the Employee Executive shall pay over or procure to be paid over to the Company all such fees received or receivable by him or his remuneration hereunder shall be reduced pro tanto. The said salary shall be payable by equal monthly instalments in arrears on the day appointed by the Board for the payment of Employees’ employees' salaries or pro rata where the Employee Executive is only employed hereunder during part of the month. The Compensation Committee of the Company’s 's Board, subject to ratification by the Board, may increase or reduce the Employee’s Executive's salary on each anniversary of the date of this Agreement, with the first such review to take place on December 31, 2005, but not below the amount of the Employee’s Executive's starting salary. 5.2 The Company shall also pay to the Employee Executive all reasonable travelling hotel and other out-of-pocket expenses which are properly incurred by him in or about the performance of his duties hereunder and for which vouchers (if so required) are provided to the reasonable satisfaction of the Board. 5.3 The Company will pay for two ten business-class or four-economy round-trip flights to the East Coast of the United States per annum for the EmployeeExecutive and his household (or any travel for the Executive and his household to the United States up to the annual equivalent cost to the company), outside of any normal business travel that may be required, plus a tax gross-up payment to reimburse the Executive for any income taxes paid by the Executive on the cost of flights covered by this clause 5.3. 5.4 The Employee Executive shall be entitled to participate in: (i) the Company’s medical 's Major Medical, Dental and Dental PlanVisions Plans and other insurance plans from time to time subject to the provisions of the Company's insurance plans in effect at the time; (ii) a suitable pension arrangementarrangement in accordance with Bermuda and United States law ("Pension Plan") from time to time subject to the provisions of such pension plan in effect at the time, PROVIDED, HOWEVER, that in the event the Executive should leave the Company of his own accord within 12 months of the date of this Agreement first written above he will forfeit all contributions to the Pension Plan made by the Company on his behalf; (iii) life insurancethe Company's Annual Bonus Plan and Long-Term Incentive Plan and any other incentive plan for which the Executive is eligible, from time to time subject to the provision of such plans in effect at the time; (iv) the Company’s Annual Bonus Plan; (v) the Company’s Long-Term Incentive Plan; (vi) Subsidize parking and gym membership; and (vii) Any other employment benefit plans generally available to Employees in the Company of the Employee’s stature, to the extent not duplicative of benefits otherwise provided by the Company. The details of these benefits, plans and schemes are set out in separate documents, copies of which will be provided on request. The benefits, plans and schemes may be changed Reasonable tax advisory services at the Company’s discretion. 5.5 During the Employee’s appointment under this Agreement, he shall receive a housing allowance in Band B. 5.6 The Employee agrees that the Company may deduct from his pay any sums which the Employee may owe the Company including, without limitation, any overpayments or loans made to him by the Company or losses suffered by the Company as a result of the Employee’s breach of this Agreement.'s cost; and

Remuneration and Reimbursement. 5.1 The Company shall pay to the Employee Executive by way of remuneration for his services hereunder a salary at the rate (subject as hereinafter provided) of US$ 200,000 US$240,000 per annum. Such salary shall be inclusive of any director’s fees payable to the Employee Executive by the Company or any Group Company and accordingly either the Employee Executive shall pay over or procure to be paid over to the Company all such fees received or receivable by him or his remuneration hereunder shall be reduced pro tanto. The said salary shall be payable by equal monthly instalments in arrears on the day appointed by the Board for the payment of Employeesemployees’ salaries or pro rata where the Employee Executive is only employed hereunder during part of the month. The Compensation Committee of the Company’s Board, subject to ratification by the Board, may increase or reduce the EmployeeExecutive’s salary on each anniversary of the date of this Agreement, but not below the amount of the EmployeeExecutive’s starting salary. 5.2 The Company shall also pay to the Employee Executive all reasonable travelling hotel and other out-of-pocket expenses which are properly incurred by him in or about the performance of his duties hereunder and for which vouchers (if so required) are provided to the reasonable satisfaction of the Board. 5.3 The Company will pay for two business-class or four-economy round-trip flights to the United States per annum for the EmployeeExecutive and his family. 5.4 The Employee Executive shall be entitled to participate in: (i) the Company’s medical and Dental Plan; (ii) a suitable pension arrangement; (iii) life insurance; (iv) the Company’s Annual Bonus Plan; (v) the Company’s Long-Term Incentive Plan; (vi) Subsidize parking and gym membershiparrangement in accordance with Bermuda law; and (viiiii) Any other employment benefit plans generally available to Employees executives in the Company of the EmployeeExecutive’s stature, to the extent not duplicative of benefits otherwise provided by the Company. The details of these benefits, plans and schemes are set out in separate documents, copies of which will be provided on request. The benefits, plans and schemes may be changed at the Company’s discretion. 5.5 During the EmployeeExecutive’s appointment under this Agreement, he shall receive a housing allowance in Band B. 5.6 The Employee agrees that of $6,500 per month, plus a tax gross-up payment to reimburse the Company may deduct from his pay Executive for any sums which the Employee may owe the Company including, without limitation, any overpayments or loans made to him income taxes paid by the Company or losses suffered by Executive on the Company as a result of the Employee’s breach of this Agreementallowance.

Remuneration and Reimbursement. 5.1 The Company shall pay to the Employee by way of remuneration for his services hereunder a salary at the rate (subject as hereinafter provided) of US$ 200,000 250,000 per annum. Such salary shall be inclusive of any director’s fees payable to the Employee by the Company or any Group Company and accordingly either the Employee shall pay over or procure to be paid over to the Company all such fees received or receivable by him or his remuneration hereunder shall be reduced pro tanto. The said salary shall be payable by equal monthly instalments in arrears on the day appointed by the Board for the payment of Employeesemployees’ salaries or pro rata where the Employee is only employed hereunder during part of the month. The Compensation Committee of the Company’s Board, subject to ratification by the Board, may increase or reduce the Employee’s salary on each anniversary of the date of this Agreement, but not below the amount of the Employee’s starting salary. 5.2 The Company shall also pay to the Employee all reasonable travelling hotel and other out-of-pocket expenses which are properly incurred by him in or about the performance of his duties hereunder and for which vouchers (if so required) are provided to the reasonable satisfaction of the Board. 5.3 The Company will pay for two business-class or four-economy round-trip flights to the United States Kingdom per annum for the EmployeeEmployee and his family. 5.4 The Employee shall be entitled to participate in: (i) the Company’s medical Medical, Dental and Dental PlanVision Plans and other insurance plans from time to time subject to the provisions of the Company’s insurance plans in effect at the time; (ii) a suitable pension arrangementarrangement in accordance with Bermuda law (“Pension Plan”) from time to time subject to the provisions of such pension plan in effect at the time, provided, however, that in the event the Executive should leave the Company of his own accord within 12 months of the date of this Agreement first written above he will forfeit all contributions to the Pension Plan made by the Company on his behalf; (iii) life insurance; (iv) the Company’s Annual Bonus PlanPlan and Long Term Incentive Plan subject to the provisions of such plan in effect at the time; (iv) subsidized parking and gym membership; (v) Reasonable tax advisory services at the Company’s Long-Term Incentive Plan; (vi) Subsidize parking and gym membershipcost; and (viivi) Any other employment benefit plans generally available to Employees in the Company of the Employee’s stature, to the extent not duplicative of benefits otherwise provided by the Company. The details of these benefits, plans and schemes are set out in separate documents, copies of which will be provided on request. The benefits, plans and schemes may be changed at the Company’s discretion. 5.5 During the Employee’s appointment under this Agreement, he shall receive a housing allowance in Band B.A. 5.6 The Employee agrees that the Company may deduct from his pay any sums which the Employee may owe the Company including, without limitation, any overpayments or loans made to him by the Company or losses suffered by the Company as a result of the Employee’s breach of this Agreement.

Remuneration and Reimbursement. 5.1 The Company shall pay to the Employee by way of remuneration for his services hereunder a salary at the rate (subject as hereinafter provided) of US$ 200,000 US$550,000 per annum. Such salary shall be inclusive of any director’s fees payable to the Employee by the Company or any Group Company and accordingly either the Employee shall pay over or procure to be paid over to the Company all such fees received or receivable by him or his remuneration hereunder shall be reduced pro tanto. The said salary shall be payable by equal monthly instalments in arrears on the day appointed by the Board for the payment of Employeesemployees’ salaries or pro rata where the Employee is only employed hereunder during part of the month. The Compensation Committee of the Company’s Board, subject to ratification by the Board, may increase or reduce the Employee’s salary on each anniversary of the date of this Agreement, but not below the amount of the Employee’s starting salary. 5.2 The Company shall also pay to the Employee all reasonable travelling hotel and other out-of-pocket expenses which are properly incurred by him in or about the performance of his duties hereunder and for which vouchers (if so required) are provided to the reasonable satisfaction of the Board. 5.3 The Company will pay for provide the Employee with a flight travel allowance of two business-(2) business class or four-economy round-trip flights tickets to the United States per annum year pursuant to the Company’s expat travel policy for the EmployeeEmployee and his family. Further details to be communicated. 5.4 The Employee shall be entitled to participate in: (i) the Company’s medical Medical, Dental and Dental PlanVision Plans and other insurance plans from time to time subject to the provisions of the Company’s insurance plans in effect at the time; (ii) a suitable pension arrangementarrangement in accordance with Bermuda and United States law (“Pension Plan”) from time to time subject to the provisions of such pension plan in effect at the time; (iii) life insurance; (iv) the Company’s Annual Bonus Plan; (v) the Company’s Plan and Long-Term Incentive PlanPlan subject to the provisions of such plans and any award agreements thereunder in effect at the time; (viiv) Subsidize subsidized parking and gym membership; and (viiv) Any other employment benefit plans generally available to Employees in the Company of the Employee’s stature, to the extent not duplicative of benefits otherwise provided by the Company. The details of these benefits, plans and schemes are set out in separate documents, copies of which will be provided on request. The benefits, plans and schemes may be changed at the Company’s discretion. 5.5 During the Employee’s appointment under this Agreement, he shall receive a housing allowance up to $12,000 per month subject to change or adjustment in Band B.accordance with the Company’s policy on such compensation in effect at the time and subject to annual review by the Compensation and Nominating Committee of the Company’s Board and ratification by the Board. 5.6 The Employee agrees that the Company may deduct from his pay any sums which the Employee may owe the Company including, without limitation, any overpayments or loans made to him by the Company or losses suffered by the Company as a result of the Employee’s breach of this Agreement.