Exhibit 10.15
FIRST AMENDMENT
Dated as of July 1, 1996
THIS FIRST AMENDMENT, dated as of July 1, 1996 (this "First
Amendment"), amends the Amended and Restated Underwriting Services Agreement
dated as of September 21, 1995 (the "Underwriting Services Agreement") between
CNA (BERMUDA) SERVICES LIMITED ("CNA Bermuda") and LASALLE RE LIMITED (the
"Company"). Capitalized terms used in this First Amendment and not otherwise
defined herein have the meanings ascribed to such terms in the Underwriting
Services Agreement.
WHEREAS, the parties hereto have entered into the Underwriting
Services Agreement pursuant to which CNA Bermuda provides certain underwriting
and marketing services to the Company;
WHEREAS, the Company and its parent, LaSalle Re Holdings Limited (the
"Parent"), have established the LaSalle Re Holdings Limited Employee Stock
Purchase Plan (the "Plan") in part for the provision of certain benefits to
employees of CNA Bermuda assigned to the Company, on the understanding that CNA
Bermuda would reimburse the Parent for certain costs; and
WHEREAS, the parties accordingly desire to amend the Underwriting
Services Agreement as hereinafter set forth;
NOW, THEREFORE, in consideration of the premises and for other good
and valuable consideration (the receipt and sufficiency of which are hereby
acknowledge), the parties hereto agree as follows:
Effective as of the date hereof, the Underwriting Services Agreement
shall be amended by adding thereto the following paragraph J, to be inserted in
its proper alphabetical sequence under Section II "Duties of CNA BERMUDA" of the
Underwriting Services Agreement:
"J. Section 2.4 of the Plan allows each Participant to purchase a certain
number of shares of Stock at a discounted price for each Subscription
Period. CNA Bermuda shall promptly reimburse the Parent for any
difference between the purchase price per share paid by such
Participant who is an employee of CNA Bermuda and the Fair Market
Value of Stock on the Price Date."
Capitalized terms used in this paragraph J and not otherwise defined
herein have the meanings ascribed to such terms in the Plan.
As herein amended, the Underwriting Services Agreement shall remain in full
force and effect and is hereby ratified and confirmed in all respects. This
First Amendment may be executed in any number of counterparts and by the
different parties on separate counterparts, and each such counterpart shall be
deemed to be an original but all such counterparts shall together constitute one
and the same First Amendment. This First Amendment shall be construed according
to the laws of Bermuda.
IN WITNESS WHEREOF, the parties hereto set their hands as of the date and
year first above written.
LASALLE RE LIMITED
By: /s/ Xxxxxx Xxxx
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Name: Xxxxxx Xxxx
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Title: CFO
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CNA (BERMUDA) SERVICES LIMITED
By: /s/ X.X. Xxxxxxx
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Name: X.X. Xxxxxxx
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Title:
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