AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment dated as of March 1, 2000 amends the Employment
Agreement (the "Agreement") dated and effective as of October 20, 1997
between Zenith Insurance Company (the "Company") and Xxxxxx X. Xxxxx (the
"Employee").
Whereas, the parties desire to amend the Agreement, it is therefore
agreed as follows:
1. Section 2 - TERM - is deleted and the following substituted
therefore:
"2. TERM. This Agreement shall be in effect for a term
commencing on the Effective Date and expiring on October 31,
2004, and such period shall be referred to herein as the
"Term" of this Agreement, and such Term shall not be affected
by the termination of the Employee's employment hereunder."
2. Section 3 - SALARY - is deleted and the following substituted
therefore:
"3. SALARY. Employee's minimum annual base salary ("Base
Salary") shall be as follows: $283,250, effective March 1,
2000; $309,000, effective March 1, 2001; $334,750 effective
March 1, 2002; $386,250 effective March 1, 2003; and $437,750
effective March 1, 2004. Employee's Base Salary shall be
payable in installments in conformity with the Company's
policy relating to salaried employees. The Employee's Base
Salary may be subject to annual adjustment (but not below the
then current amount) in the sole discretion of the Board.
3. In all other respects, the Agreement remains unchanged.
In Witness Whereof, the parties have executed this Amendment as of
the date first written above.
Zenith Insurance Company Employee
By: /s/ Xxxxxxx X.Xxx By: /s/ Xxxxxx X. Xxxxx
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Xxxxxxx X. Xxx Xxxxxx X. Xxxxx
