Exhibit 10.34
AMENDMENT TO
Employment Agreement
This AMENDMENT TO EMPLOYMENT AGREEMENT (the "Amendment"), dated as of March 29,
2004, is made and entered into by and between Scottish Re (U.S.), Inc., a
Delaware corporation (the "Company") and Xxxxx X. Xxxxxxxx (the "Executive").
W I T N E S S E T H:
WHEREAS, on February 10, 2003, the Company and Executive executed an employment
agreement (the "Employment Agreement"); and
WHEREAS, the Company and Executive desire to amend the Employment Agreement; and
NOW, THEREFORE, in consideration of the agreements and covenants herein and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto covenant and agree to modify and amend
the Employment Agreement as follows:
Section 8
(d) Compensation upon Death. In the event of the Executive's death, the
Company shall pay to the Executive (or beneficiaries, or estate, as
the case may be) an amount equal to the sum of (i) the Compensation
Payments, (ii) the Termination Bonus, if any, and (iii) an amount
equal to the sum of the Total Cash Compensation Executive would have
received during the remaining Term of the Agreement, such amount to be
calculated from the date of the Executive's death (the "Death
Calculation Period"). Notwithstanding the foregoing provisions of this
Section 8(d), where the Death Calculation Period is for twenty-four
(24) calendar months or less, the Company shall pay the Executive
under 8(d)(iii) an amount equal to the sum of two (2) full year's
Total Cash Compensation. Executive shall be entitled to any other
rights, compensation and/or benefits as may be due to Executive in
accordance with the terms and provision of any agreements, plans or
programs of the Company.
IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed and delivered as of the date first written above.
/s/ Xxxxx X. Xxxxxxxx
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Xxxxx X. Xxxxxxxx
SCOTTISH RE (U.S.), INC.
By:/s/ Xxxx Xxxxxxx
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Name: Xxxx Xxxxxxx
Title: Executive Vice President
and General Counsel