Amendment No. 1 to Employment Agreement between AmTrust Financial Services, Inc. and Michael J. Saxon

Summary

This amendment, effective November 3, 2010, modifies the employment agreement between AmTrust Financial Services, Inc. and Michael J. Saxon. The main change is the removal of a specific paragraph related to the Profit Bonus section, aiming to ensure the bonus qualifies for a tax exception under Section 162(m) of the Internal Revenue Code. All other terms of the original agreement remain unchanged.

EX-10.2 2 v200543_ex10-2.htm

Exhibit 10.2

AMENDMENT NO. 1 TO

EMPLOYMENT AGREEMENT

This Amendment No. 1 (“Amendment”), dated as of November 3, 2010 (the “Effective Date”), hereby amends the Employment Agreement dated March 1, 2010 (the “Agreement”), by and between AmTrust Financial Services, Inc., 59 Maiden Lane, 6th floor, New York, New York, a Delaware corporation (the “Company”) and Michael J. Saxon, an individual residing at 514 Brookstone Court, Copley, Ohio 44321 (Executive”).

WHEREAS, Executive and the Company intend that the Profit Bonus provided for in the Agreement qualify for the performance-based exception to Section 162(m) of the Internal Revenue Code.

NOW, THEREFORE, the parties hereto agree as follows:

1. Section 3(b) (Profit Bonus) of the Agreement is hereby amended by deleting paragraph (ii) in its entirety.

2. All other provisions of the Agreement shall remain in effect in accordance with their terms.

AMTRUST FINANCIAL SERVICES, INC.

By:	/s/ Stephen Ungar		/s/ Michael J. Saxon
	Stephen Ungar Secretary		Michael J. Saxon