Amendment Number 1 to Employment Agreement
Exhibit 10.39
Amendment Number 1 to Employment Agreement
This Amendment Number 1 (“Amendment”) to the Employment Agreement dated as of January 1, 2005
between Fairfax Financial Holdings Limited, Xxxx & Xxxxxxx Holding Inc. and Xxxx & Xxxxxxx Holdings
Corp. and Xxxxxx Xxxxxxxxxx is effective as of April 14, 2006 (“Effective Date”).
| 1. | Capitalized terms used herein but not defined herein shall have the meanings ascribed
to them in the Agreement. |
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| 2. | A new Section 4.7 of the Agreement is hereby added to read in its entirety as follows: |
4.7 Property Tax Equalization. From the Effective Date of this Amendment through the
end of the Employment Period, C&F or the Companies shall reimburse Executive, on a net of income
taxes basis, for Executive’s property tax differential between Executive’s primary residence in
Pennsylvania and Executive’s primary residence in New Jersey. Executive’s property tax
differential for each year shall be the excess, if any, of (a) over (b) or the pro rata portion of
such excess in respect of the year in which the New Jersey residence is purchased and in respect of
the last year of the Employment Period if the Employment Period does not end on December 31: (a)
the total annual property tax applicable to the Executive’s primary New Jersey residence in a
single family house for the first full year following the year in which such residence was
purchased, and (b) the total annual property tax applicable to the Executive’s primary Pennsylvania
residence in a single family house for the last full year prior to the year in which the
Pennsylvania primary residence was sold.
| 3. | Unless specifically modified in this Amendment, all other terms and conditions contained in
the Agreement shall remain in full force and effect. |
SIGNATURES ON FOLLOWING PAGE
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above
written.
| FAIRFAX FINANCIAL HOLDINGS LIMITED |
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| By: | /s/ Xxxx Xxxxxxxx | |||
| Name: | Xxxx Xxxxxxxx | |||
| Title: | Vice President, Corporate Affairs | |||
| Attest: | /s/ Xxxxxxx X. Xxxxxx | |||
| Name: | Xxxxxxx X. Xxxxxx | |||
| Title: | Vice President and Corporate Secretary | |||
| XXXX & XXXXXXX HOLDING INC. |
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| By: | /s/ Xxxxxxx X. Xxxxxxxx | |||
| Name: | Xxxxxxx X. Xxxxxxxx | |||
| Title: | Secretary | |||
| Attest: | /s/ Xxxx Xxxxxxxx | |||
| Name: | Xxxx Xxxxxxxx | |||
| XXXX & XXXXXXX HOLDINGS CORP. |
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| By: | /s/ Xxxxx Xxx Xxxx | |||
| Name: | Xxxxx Xxx Xxxx | |||
| Title: | Secretary | |||
| Attest: | /s/ Xxxx Xxxxxxxx | |||
| Name: | Xxxx Xxxxxxxx | |||
| /s/ Xxxxxx Xxxxxxxxxx | ||||
| Xxxxxx Xxxxxxxxxx | ||||
