AMENDMENT
to EMPLOYMENT AGREEMENT
of XXXX XXXXXXX
This AMENDMENT TO EMPLOYMENT AGREEMENT (the "Amendment"), dated as of October
25, 2006, is made and entered into by and between Scottish Re Group Limited
(previously known as Scottish Annuity & Life Holdings, Ltd.), a Cayman Islands,
British West Indies company (the "Company") and Xxxx Xxxxxxx (the "Executive").
W I T N E S S E T H :
WHEREAS, on July 1, 2002, Scottish Re Group Limited ("SRGL") and Executive
executed an employment agreement (the "Employment Agreement"); and
WHEREAS, the Company and the Executive now desire to amend the Employment
Agreement to reflect new duties and obligations assumed by both parties.
NOW, THEREFORE, in consideration of the agreements and covenants herein and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto covenant and agree to modify and amend
the Employment Agreement as follows:
For all purposes herein and in the Employment Agreement, "Company" shall mean
Scottish Re Group Limited.
Section 6(a)
Shall be restated to read as follows:
Base Salary. During the Term, the Company shall pay Executive an annual
base salary ("Base Salary") of US $550,000, effective as of August 1, 2006,
payable at the times and in the manner consistent with the Company's
policies regarding compensation of executive employees. The Company agrees
to review such compensation not less frequently than annually during the
Term. Once increased, the Base Salary may not be decreased. The Base Salary
as increased from time to time shall be referred to herein as "Base
Salary".
Golden Employment Agreement
10/25/2006-Amendment
Page 1 of 3
Section 4(a)
Shall be restated to read as follows:
During the Term, Executive will serve in the position of President and
Chief Executive Officer, or such other position as may be agreed upon
by the Company and the Executive, and will have such duties, functions,
responsibilities as are (i) reasonably assigned to him by the Board of
Directors, consistent with Executive's position as the Company's Chief
Executive Officer or (ii) assigned to his office in the Company's
Articles of Association. Executive will report directly to the Board of
the Company.
[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]
Golden Employment Agreement
10/25/2006-Amendment
Page 2 of 3
IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed
and delivered as of the date first written above.
/s/ Xxxx Xxxxxxx
XXXX XXXXXXX
SCOTTISH RE GROUP LIMITED
By: /s/ Xxxxx Xxxxxxx
Name: Xxxxx Xxxxxxx
Title: Director
