Exhibit 10.36
ST. XXXX RE, INC.
000 Xxxxxxxx
Xxx Xxxx, XX 00000
June 14, 2002
Xx. Xxxxxxx X. Xxxxx
00 Xxxxxxx Xxxxx
Xxxxxx Xxxxxxxx, XX 00000
Dear Xxxxxxx:
Reference is made to that certain letter agreement dated May 2, 2002
between St. Xxxx Re, Inc. (the "Company") and you (the "Agreement"). Section 6
of the Agreement sets forth the following sentence:
Upon consummation of the IPO and provided you are then
employed by the Company, you will be entitled to receive a stock
option grant to purchase that number of shares of Holdings common
stock (the "IPO Grant") with an aggregate market value equal to
$5,000,000.00 at a price not greater than the initial offering
price under the IPO and having a term of ten years.
Such sentence is hereby amended to read in its entirety as follows:
Upon consummation of the IPO and provided you are then
employed by the Company, you will be entitled to receive a stock
option grant to purchase 300,000 shares of Holdings common stock
(the "IPO Grant") at the initial offering price under the IPO and
having a term of ten years.
This amendment to the Agreement is intended to be a binding
obligation upon the Company and yourself. If this amendment to the Agreement
correctly reflects
Xx. Xxxxxxx X. Xxxxx
June 14, 2002
Page 2
your understanding, please sign and return one copy to me for the Company's
records.
ST. XXXX RE, INC.
By: /s/ Xxxxxx X. Xxxxxx
--------------------------
Xxxxxx X. Xxxxxx
Chief Executive Officer
The above amendment to the Agreement correctly reflects our understanding, and I
hereby confirm my agreement to the same as of the date first above written.
/s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx
