Exhibit 10.3
AMENDMENT OF EMPLOYMENT AGREEMENT
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THIS AGREEMENT, made and entered into as of June 1, 1999 (the
"Effective Date"), by and between Xxxxx Xxxxx (the "Executive") and LaSalle Re
Limited (the "Company");
WITNESSETH THAT:
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WHEREAS, the parties have previously entered into an employment
agreement dated as of October 1, 1998, (the "Employment Agreement"); and
WHEREAS, amendment of the Employment Agreement is now desirable to
reflect certain recommendations of the Compensation Committee;
NOW, THEREFORE, it is hereby agreed by and between the Company and the
Executive that the following is substituted for paragraph 7 of the Employment
Agreement, effective June 1, 1999:
"7. Non-competition. While the Executive is employed by LaSalle Re
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Limited, and for a period of twelve months following the Executive's termination
of employment with LaSalle Re Limited, the Executive agrees that he or she will
not directly or indirectly perform services in a financial-related position in
Bermuda for a direct specialist reinsurance competitor of LaSalle Re Limited,
which competitor writes similar business to that of LaSalle Re Limited that is
of a predominantly property catastrophe nature. Nothing in this paragraph 7,
paragraph 8, or paragraph 9 shall be construed as limiting the Executive's duty
of loyalty to LaSalle Re Limited and the Holding Company while he or she is
employed by LaSalle Re Limited or any other duty he or she may otherwise have to
LaSalle Re Limited or the Holding Company while he or she is employed by LaSalle
Re Limited."
IN WITNESS THEREOF, the Executive has hereunto set her hand, and the
Company has caused these presents to be executed in its name and on its behalf,
and its corporate seal to be hereunto affixed, all as of the day and year first
above written.
/s/ Xxxxx Xxxxx
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Xxxxx Xxxxx
LASALLE RE LIMITED
By: /s/ Xxx Xxxxxxxxxxx
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Xxx Xxxxxxxxxxx
Chief Executive Officer
