July 6, 2005 Mr. Bradley Barks 280 E. Smoketree Terrace Alpharetta, Georgia 30005 Dear Mr. Barks:Global Preferred Holdings Inc • July 12th, 2005 • Life insurance
Company FiledJuly 12th, 2005 IndustryThis letter will confirm the mutual understandings and agreements of you and Global Preferred Holdings, Inc. (“GPH”) relating to the termination of your employment with GPH and the services to be provided during your transition period. This letter agreement supplements and, as specifically provided by certain terms herein, amends, the provisions of the Employment Agreement (Senior Vice President – Finance and Chief Financial Officer) between You and GPH dated March 4, 2002 as amended by the First Amendment to Employment Agreement of Bradley E. Barks dated July 30, 2002, the Renewal of the Employment Agreement of Bradley E. Barks dated March 1, 2003, the Second Renewal of the Employment Agreement of Bradley E. Barks dated January 1, 2004, the letter from GPH to you dated March 12, 2004, the Third Renewal of the Employment Agreement of Bradley E. Barks dated January 1, 2005 and that certain letter from GPH to you dated January 28, 2005 (the “Employment Agreement”). Except as otherwise pr
July 6, 2005 Edward F. McKernan 5430 Chelsen Wood Dr. Duluth, Georgia 30097 Dear Mr. McKernan:Global Preferred Holdings Inc • July 12th, 2005 • Life insurance
Company FiledJuly 12th, 2005 IndustryThis letter will confirm the mutual understandings and agreements of you and Global Preferred Holdings, Inc. (“GPH”) relating to the termination of your employment with GPH and the services to be provided during your transition period. This letter agreement supplements and, as specifically provided by certain terms herein, amends, the following documents: (i) Employment Agreement (Chief Executive Officer) between You and the Company dated January 1, 2002 (the “Employment Agreement”); (ii) First Amendment to Employment Agreement of Edward F. (sic) McKernan dated April 1, 2003; (iii) letter from the Company to you dated March 12, 2004; (iv) Second Amendment to Employment Agreement of Edward F. McKernan dated May 26, 2004; (v) Third Amendment of the Employment Agreement of Edward F. McKernan dated January 1, 2005; and (vi) letter from the Company to you dated January 28, 2005 ((i) – (vi) collectively the “Employment Documents”). Except as otherwise provided herein, the terms of the Employ