EXHIBIT 10.7
[PLATINUM LOGO] 2 World Financial Center
000 Xxxxxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxx, XX 00000
Tel: 000-000-0000
March 12, 2004
SHN Enterprises, Inc.
Attn: Xxxxxx X. Xxxxxx
00000 Xx Xxxxxx
Xxxxxxxxx, XX 00000
Dear Xxxxx:
Reference is hereby made to the letter dated March 1, 2002, as amended
(the "Letter Agreement"), by and between The St. Xxxx Companies, Inc. and SHN
Enterprises, Inc. ("SHN Enterprises") regarding the terms and conditions of the
consulting arrangement between SHN Enterprises and Platinum Underwriters
Reinsurance, Inc. (the "Company"). This letter (the "Letter Amendment") amends
the Letter Agreement to replace Section 4(a) in its entirety with the following:
(a) ANNUAL. DURING THE CONSULTING PERIOD, YOU WILL BE ELIGIBLE TO RECEIVE
AN ANNUAL INCENTIVE PAYMENT (THE "ANNUAL INCENTIVE") WITH (i) A TARGET
INCENTIVE OPPORTUNITY EQUAL TO $440,000 (THE "TARGET") AND (ii) A
MAXIMUM TARGET INCENTIVE OPPORTUNITY EQUAL TO TWO HUNDRED PERCENT
(200%) OF THE TARGET. THE OBJECTIVES FOR YOUR ANNUAL INCENTIVE WILL BE
DETERMINED BY THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OF
PLATINUM UNDERWRITERS HOLDINGS, LTD. IN CONSULTATION WITH YOU AND THE
BOARD OF DIRECTORS OF PLATINUM UNDERWRITERS HOLDINGS, LTD.
All other terms and conditions of the Letter Agreement remain in full
force and effect. This Letter Amendment is intended to be a binding obligation
upon the Company and you. If this Letter Amendment correctly reflects your
understanding, please sign and return one copy to me for the Company's records.
Platinum Underwriters Reinsurance, Inc.
By: /s/ Xxxxxxx X. Xxxxx
-------------------------------------
Xxxxxxx X. Xxxxx
President and Chief Underwriting
Officer
The above Letter Amendment correctly reflects our understanding, and I hereby
confirm my agreement to the same.
SHN Enterprises, Inc.
By: /s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx
President
