EXHIBIT 10.9
[LETTERHEAD OF PLATINUM] July 16, 2003
Xxxxxxx X. Xxxxx
000 Xxxx 00xx Xxxxxx, Xxx. 7H
New York, NY 10011
Dear Xxxxxxx:
Reference is hereby made to the letter dated May 2, 2002 between you
and St. Xxxx Re, Inc. (the "Letter Agreement"), which was assigned to and
assumed by Platinum Underwriters Reinsurance, Inc. (the "Company") on November
1, 2002. This letter (the "Letter Amendment") amends the Letter Agreement to
replace Section 3 in its entirety with the following:
3. BASE SALARY.
DURING THE TERM, THE COMPANY WILL PAY YOU A MINIMUM BASE SALARY AT THE
ANNUAL RATE OF $500,000 (THE "BASE SALARY"), PAYABLE IN ACCORDANCE WITH THE
COMPANY'S PAYROLL PRACTICES AS IN EFFECT FROM TIME TO TIME.
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/ Xxxxx X. Xxxxxx
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Name: Xxxxx X. Xxxxxx
Title: Senior Vice President, General
Counsel and Secretary
The above Letter Amendment correctly reflects our understanding, and I hereby
confirm my agreement to the same.
/s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx
