AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT
EXHIBIT
10.27
AMENDMENT
TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT
This Amendment (this
“Amendment”)
to the Amended and Restated Employment Agreement dated December 30, 2008 between
Greenlight Reinsurance, Ltd. (the “Company”)
and Xxxxxx Xxxxxx (the “Executive”)
(the “Employment
Agreement”) is entered into this 18th day of
February 2009. Capitalized terms used but not otherwise defined
herein shall have the meanings given them in the Employment
Agreement.
RECITALS
Whereas,
the Company employs the Executive as its President and Chief Underwriting
Officer pursuant to the Employment Agreement;
and
Whereas,
the parties have determined it to be in their best interests to amend the
Employment Agreement to increase the Executive’s Base Salary effective as of
January 1, 2009.
Now,
Therefore,
Be It
Resolved, that in consideration of the mutual premises, covenants and
agreements herein contained, the parties agree as
follows:
Resolved,
effective as of January 1, 2009 the first sentence of Section 5(a) of the
Employment Agreement shall be amended to read as
follows:
“During
the Employment Period, the Company shall pay Executive a base salary at the rate
of not less than US $500,000 per year (“Base
Salary”).”
Further
Resolved, that except as otherwise expressly set forth in this Amendment,
all provisions, terms and conditions in the Employment Agreement remain
unmodified and in full force and effect, and the Employment Agreement is hereby
in all respects ratified and confirmed.
Further
Resolved, that this Amendment, together with the Employment Agreement,
sets forth the entire agreement and understanding of the parties relating to the
subject matter herein. No modification of or amendment to this
Amendment, nor any waiver
of any rights under this Amendment, shall be effective unless given in a writing
signed by the party to be charged.
Further
Resolved, that this Amendment may be executed in duplicate counterparts,
each of which shall be deemed to be an original and all of which, taken
together, shall constitute one agreement.
[signature
page follows]
IN
WITNESS WHEREOF, the parties hereto have executed this Amendment as of
the date first written above.
| GREENLIGHT REINSURANCE, LTD. | ||
|
By: /s/
Xxxxxxx Xxxxxxxx
|
||
| Name: Xxxxxxx Xxxxxxxx | ||
|
Title: CEO
and Director
|
| EXECUTIVE | ||
| /s/ Xxxxxx Xxxxxx | ||
|
Xxxxxx
Xxxxxx
|
