EXHIBIT 10.5
[PLATINUM LOGO] The Belvedere Building
69 Xxxxx Bay Road, Pembroke HM 08
P.O. Box HM 3012
Xxxxxxxx XX MX, Bermuda
Tel: (000) 000-0000
Fax: (000) 000-0000
March 12, 2004
Xxxxxxx X. Xxxxxxxxxxx
#4 Soundview
#1 Palmetto Court
Smiths FL 07 Bermuda
Dear Xxxx:
Reference is hereby made to the letter dated July 5, 2002 by and
between St. Xxxx Re, Inc. and you regarding the terms and conditions of your
employment with St. Xxxx Re, Inc. or Platinum Underwriters Holdings, Ltd. (the
"Company") and amended on August 16, 2002 (the "Letter Agreement"). This letter
(the "Letter Amendment") amends the Letter Agreement to replace Section 10 in
its entirety with the following:
10. HOUSING AND CAR ALLOWANCE.
TO THE EXTENT THAT YOU ESTABLISH A RESIDENCE IN BERMUDA IN CONNECTION
WITH YOUR EMPLOYMENT BY THE COMPANY, YOU WILL BE ENTITLED TO REIMBURSEMENT OF
REASONABLE HOUSING AND LIVING EXPENSES (NOT EXCEEDING $15,000 PER MONTH). IN
ADDITION, BEGINNING APRIL 1, 2004 YOU WILL BE ENTITLED TO A CAR ALLOWANCE OF
$700 PER MONTH.
All other terms and conditions of the Letter Agreement remain in full
force and effect. This Letter Amendment is intended to be a binding obligation
upon the Company and you. If this Letter Amendment correctly reflects your
understanding, please sign and return one copy to me for the Company's records.
Platinum Underwriters Holdings, Ltd.
By: /s/ Xxxxxxx X.X. Xxxxxxxx
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Xxxxxxx X.X. Xxxxxxxx
President and Chief Executive Officer
The above Letter Amendment correctly reflects our understanding, and I hereby
confirm my agreement to the same.
/s/ Xxxxxxx X. Xxxxxxxxxxx
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Xxxxxxx X. Xxxxxxxxxxx
