ADDENDUM TO CONTRACT OF EMPLOYMENT
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ADDENDUM
TO CONTRACT OF EMPLOYMENT
Between Flagstone Alliance
Insurance and Reinsurance PLC (f.k.a. Alliance International Reinsurance Public
Company Limited) of Lophitis Business Center, 00xx Xxxxxxx
Xxxxxx, XX-0000, Xxxxxxxx, Xxxxxx (hereinafter called the “Employer” or the
“Company”) of the one part
And
Xxxxxx Xxxxx of Villa 42,
Sporadon Xxxxxx 0, Xxxxxxxxxxx, XX-0000 Xxxxxxxx, Xxxxxx (hereinafter called the
“Chief Executive Officer” or “Xxxxxx Xxxxx”) or the other part
WHEREAS: -
A.
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The
Flagstone Group has completed its acquisition of 100% of the shares of
Alliance International Reinsurance Public Company
Limited
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B.
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The
Chief Executive Officer and Alliance International Reinsurance Public
Company Limited have entered into a contract of employment dated 30th
June 2005 (hereinafter called the “Contract of Employment”) as amended on
July 24, 2006, November 14, 2007 and August 12, 2008
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C.
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The
Chief Executive Officer’s duties are extended to include the business of
the Flagstone Group
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D.
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The
parties hereto are desirous of defining the Chief Executive Officer’s
duties with respect to the Company, their subsidiaries and affiliates in
the manner herein below
stated.
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NOW THIS
ADDENDUM TO THE CONTRACT OF EMPLOYMENT WITNESSETH as
follows: -
1.
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The
Contract of Employment is amended effective January 1,
2009
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2.
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The
Chief Executive Officer’s duties shall be extended to include those of
Director of Flagstone Underwriters Middle East, Ltd.
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Flagstone Reinsurance Holdings Limited
00 Xxxxxx Xxxxxx, Xxxxxxxx XX 00, Xxxxxxx
Tel: x0-000-000-0000
Fax: x0-000-000-0000
![](https://www.sec.gov/Archives/edgar/data/1347815/000134781509000013/main_logo.gif)
3.
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The
Chief Executive Officer shall dedicate 30% of his efforts to the
management of Flagstone Underwriters Middle East, Ltd. and shall not
redeploy away from his duties in the Company.
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4.
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Paragraph
6. Salary is amended to read: The Company shall pay
to the Chief Executive Officer during the continuance of his employment
hereunder a salary at the rate of EUR XXX,XXX per annum
gross.
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5.
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A
Director’s fee of EUR XXX,XXX shall be paid By Flagstone Underwriters
Middle East, Ltd. to the Chief Executive Officer in consideration of his
efforts on its behalf.
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6.
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All
other terms of the Contract of Employment are to be and remain the
same
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IN WITNESS whereof we have hereunto set our respective hands this
____ day of February 2009.
For
and on behalf of
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Chief
Executive Officer
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Flagstone
Underwriters Middle East, Ltd.
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Flagstone
Alliance Insurance and Reinsurance PLC
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Xxxx
X. Xxxxx, Chairman
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Xxxxxx
Xxxxx
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Witness
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Witness
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