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EXHIBIT 10.10
Amendment No. 1 to
Employment Agreement
with Xxxxxx X. Xxxxx, Xx.
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
This Amendment No. 1 (the "Amendment") to the Employment Agreement dated
as of January 5, 1998 (the "Employment Agreement") between Annuity and Life Re
(Holdings), Ltd., a Bermuda corporation (the "Company"), Annuity and Life
Reassurance, Ltd., a subsidiary of the Company organized under the laws of
Bermuda (the "Operating Company"), and Xxxxxx X. Xxxxx, Xx. (the "Employee") is
hereby entered into as of February 27, 1998 by and between the Company, the
Operating Company and the Employee. Capitalized terms used but not otherwise
defined herein shall have the meanings ascribed thereto in the Employment
Agreement.
WHEREAS, the Company, the Operating Company and the Employee wish to
modify certain provisions of the Employment Agreement;
NOW, THEREFORE, in consideration of the mutual covenants contained herein,
and other good and valuable consideration, the parties hereto agree to the
following amendment to the Employment Agreement:
1. Duties. The first paragraph of Section 2 is hereby amended to read as
follows:
The Employee, during the Term of Employment, shall serve the Company
as a Vice President and the Chief Actuary. The Employee shall also
serve as a Vice President and the Chief Actuary of the Operating
Company. The Employee shall be based at the Operating Company's
headquarters in Bermuda, other than for periodic travel in the
ordinary course of business. The Employee shall have such duties and
responsibilities as are assigned to him by the Boards of Directors
of the Company and the Operating Company commensurate with his
positions as a Vice President and the Chief Actuary of the Company
and the Operating Company.
2. Entire Agreement. The Employment Agreement, as amended by this
Amendment, constitutes the entire agreement between the parties pertaining to
the subject matter hereof and fully supercedes any and all prior or
contemporaneous agreements or understandings between the parties hereto
pertaining to the subject matter hereof.
3. Full Force and Effect. Except as expressly amended in this Amendment,
the Employment Agreement shall remain in full force and effect.
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4. Termination of Amendment. Notwithstanding anything to the contrary
herein, this Amendment shall immediately and automatically terminate and have no
further force and effect upon the termination or expiration, if any, of the
Employment Agreement, in accordance with the provisions thereunder.
5. Counterparts. This Amendment may be executed in any number of
counterparts, each of which shall be deemed an original, but all of which shall
constitute one and the same interest.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the day
and year first written above.
By: /s/ Xxxxxx X. Xxxxx, Xx.
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Xxxxxx X. Xxxxx, Xx.
Annuity and Life Re (Holdings), Ltd.
By: /s/ Xxxxxxxx X. Xxxxx
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Xxxxxxxx X. Xxxxx, President
Annuity and Life Reassurance, Ltd.
By: /s/ Xxxxxxxx X. Xxxxx
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Xxxxxxxx X. Xxxxx, President
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