[Letter Head]
December 12, 2001
Xxxxxx Xxxxx
000 Xxxxxx Xxxxxx
Xxxx Xxxxx, XX 00000
Re: Retention Bonus
Dear Xxxxx:
As I discussed with you on December 10, 2001, PXRE
Reinsurance Company (the "Company") has agreed to pay the following
retention bonus (the "Rentention Bonus") to you:
Bonus Amount Bonus Payment Date
--------------------------------------------------
$130,000 January 31, 2002
$130,000 January 31, 2003
As a condition to the payment of each portion of the Bonus
Amount, you must be in the continuous employ of the Company or its
affiliates between now and each Bonus Payment Date in order to
receive the Bonus Amount payable on such date.
The Company and any affiliate reserves the right to
terminate your employment with the Company or any affiliate at any
time for any reason and no contract or right to continued
employment shall be implied by this letter agreement.
This letter agreement: (a) shall be in binding upon and
inure to the benefit of any successor of the Company; (b) shall be
governed by the laws of the State of New York and any applicable
laws of the United States; and (c) may not be amended except in
writing.
To confirm your acceptance of the foregoing, please sign and return one
copy of this letter agreement to Xxxxx Xxxxxxx.
PXRE REINSURANCE COMPANY
By /s/ Xxxxxx X. Xxxxx
------------------------------------------
Xxxxxx X. Xxxxx
Chairman, President, & Chief Executive Officer
AGREED: /s/ Xxxxxx X. Xxxxx
------------------------
Date: 12/12/01
------------------------
[Letter Head]
December 12, 2001
Xxxxxx Xxxxxxx, III
000 Xxxxx Xxxx
Xxxx Xxxxx, XX 00000
Re: Retention Bonus
Dear Xxxxxx:
As I discussed with you on December 10, 2001, PXRE
Reinsurance Company (the "Company") has agreed to pay the following
retention bonus (the "Retention Bonus") to you:
Bonus Amount Bonus Payment Date
-----------------------------------------------
$92,500 January 31, 2002
$92,500 January 31, 2003
As a condition to the payment of each portion of the Bonus
Amount, you must be in the continuous employ of the Company or its
affiliates between now and each Bonus Payment Date in order to
receive the Bonus Amount payable on such date.
The Company and any affiliate reserves the right to
terminate your employment with the Company or any affiliate at any
time for any reason and no contract or right to continued
employment shall be implied by this letter agreement.
This letter agreement: (a) shall be in binding upon and
inure to the benefit of any successor of the Company; (b) shall be
governed by the laws of the State of New York and any applicable
laws of the United States; and (c) may not be amended except in
writing.
To confirm your acceptance of the foregoing, please sign and return one
copy of this letter agreement to Xxxxx Xxxxxxx.
PXRE REINSURANCE COMPANY
By /s/ Xxxxxx X. Xxxxx
------------------------------------------
Xxxxxx X. Xxxxx
Chairman, President, & Chief Executive Officer
AGREED: /s/ Xxxxxx Xxxxxxx
------------------------
Date: 12/12/01
------------------------
[Letter Head]
December 12, 2001
Xxxxx Xxxx
00 Xxxx Xxxx Xxxx
Xxxxx Xxxxx, XX 00000
Re: Retention Bonus
Dear Xxx:
As I discussed with you on December 10, 2001, PXRE
Reinsurance Company (the "Company") has agreed to pay the following
retention bonus (the "Rentention Bonus") to you:
Bonus Amount Bonus Payment Date
----------------------------------------------
$90,000 January 31, 2002
$90,000 January 31, 2003
As a condition to the payment of each portion of the Bonus
Amount, you must be in the continuous employ of the Company or its
affiliates between now and each Bonus Payment Date in order to
receive the Bonus Amount payable on such date.
The Company and any affiliate reserves the right to
terminate your employment with the Company or any affiliate at any
time for any reason and no contract or right to continued
employment shall be implied by this letter agreement.
This letter agreement: (a) shall be in binding upon and
inure to the benefit of any successor of the Company; (b) shall be
governed by the laws of the State of New York and any applicable
laws of the United States; and (c) may not be amended except in
writing.
To confirm your acceptance of the foregoing, please sign and return one
copy of this letter agreement to Xxxxx Xxxxxxx.
PXRE REINSURANCE COMPANY
By /s/ Xxxxxx X. Xxxxx
------------------------------------------
Xxxxxx X. Xxxxx
Chairman, President, & Chief Executive Officer
AGREED: /s/ Xxxxx Xxxx
------------------------
Date: 12/12/01
------------------------
[Letter Head]
December 12, 2001
Xxxx Xxxxx
00 Xxxx Xxxxxxxx
Xxxxxxxx, Xxxxxxx HM02
Re: Retention Bonus
Dear Xxxx:
As I discussed with you on December 10, 2001, PXRE
Reinsurance Company (the "Company") has agreed to pay the following
retention bonus (the "Rentention Bonus") to you:
Bonus Amount Bonus Payment Date
-----------------------------------------------
$97,500 January 31, 2002
$97,500 January 31, 2003
As a condition to the payment of each portion of the Bonus
Amount, you must be in the continuous employ of the Company or its
affiliates between now and each Bonus Payment Date in order to
receive the Bonus Amount payable on such date.
The Company and any affiliate reserves the right to
terminate your employment with the Company or any affiliate at any
time for any reason and no contract or right to continued
employment shall be implied by this letter agreement.
This letter agreement: (a) shall be in binding upon and
inure to the benefit of any successor of the Company; (b) shall be
governed by the laws of the State of New York and any applicable
laws of the United States; and (c) may not be amended except in
writing.
To confirm your acceptance of the foregoing, please sign and return one
copy of this letter agreement to Xxxxx Xxxxxxx.
PXRE REINSURANCE COMPANY
By /s/ Xxxxxx X. Xxxxx
------------------------------------------
Xxxxxx X. Xxxxx
Chairman, President, & Chief Executive Officer
AGREED: /s/ Xxxx Xxxxx
------------------------
Date: 12/24/01
------------------------
[Letter Head]
December 12, 2001
Xxxxxxx Xxxxxxxxx
00 Xxxxxxxx Xxxxx
Xxxxxxxxx, XX 00000
Re: Retention Bonus
Dear Xxxx:
As I discussed with you on December 10, 2001, PXRE
Reinsurance Company (the "Company") has agreed to pay the following
retention bonus (the "Rentention Bonus") to you:
Bonus Amount Bonus Payment Date
-----------------------------------------------
$85,000 January 31, 2002
$85,000 January 31, 2003
As a condition to the payment of each portion of the Bonus
Amount, you must be in the continuous employ of the Company or its
affiliates between now and each Bonus Payment Date in order to
receive the Bonus Amount payable on such date.
The Company and any affiliate reserves the right to
terminate your employment with the Company or any affiliate at any
time for any reason and no contract or right to continued
employment shall be implied by this letter agreement.
This letter agreement: (a) shall be in binding upon and
inure to the benefit of any successor of the Company; (b) shall be
governed by the laws of the State of New York and any applicable
laws of the United States; and (c) may not be amended except in
writing.
To confirm your acceptance of the foregoing, please sign and return one
copy of this letter agreement to Xxxxx Xxxxxxx.
PXRE REINSURANCE COMPANY
By /s/ Xxxxxx X. Xxxxx
------------------------------------------
Xxxxxx X. Xxxxx
Chairman, President, & Chief Executive Officer
AGREED: /s/ Xxxxxxx Xxxxxxxxx
------------------------
Date: 12/11/01
------------------------
