EXHIBIT 10.43
August 16, 2002
Xx. Xxxxxxx X. Xxxxxxxxxxx
00 Xxxxxxxx Xxx
Xxxxxxxx, XX 00000
Dear Xxxx:
Reference is made to the letter agreement dated July 5, 2002 by and between
St. Xxxx Re, Inc. ("SPR") and you regarding the terms and conditions of your
employment with SPR or Platinum Underwriters Holdings, Ltd. (the
"Agreement"). The Agreement is hereby amended by:
(i) Deleting the second paragraph of Section 1 in its entirety and
replacing it with the following:
Upon consummation of the IPO, the Company shall promptly assign all of
its rights and obligations hereunder to Holdings and shall, upon such
assignment, cease to be a party to this Letter Agreement (except as
otherwise provided herein) and Holdings will be the sole obligor
hereunder. Following assignment of this Letter Agreement to Holdings,
all references herein to the "Company" shall be deemed to mean
Holdings and all references to the "Board" shall be deemed to mean the
Board of Directors of Holdings.
and;
(ii) Adding the following paragraph:
10. HOUSING ALLOWANCE.
To the extent that you establish a residence in Bermuda in connection
with your employment by Holdings, you will be entitled to
reimbursement of reasonable housing and living expenses (not
exceeding $15,000 per month).
Except as set forth above, all other terms and conditions of the Agreement
remain in full force and effect. All capitalized terms not otherwise defined
herein shall have the meanings ascribed thereto in the Agreement.
This letter agreement is intended to be a binding obligation upon the Company
and yourself. If this letter agreement correctly reflects your understanding,
please sign and return one copy to me for the Company's records.
ST. XXXX RE, INC.
By: XXXXXX X. XXXXXX
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Name: Xxxxxx X. Xxxxxx
Title: Chief Executive Officer
The above letter agreement correctly reflects our understanding, and I hereby
confirm my agreement to the same.
XXXXXXX XXXXXXXXXXX
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Xxxxxxx Xxxxxxxxxxx
Dated as of August 28, 2002
