Transition Committee Service Agreement between Annuity and Life Re (Holdings), Ltd. and Robert M. Lichten

Contract Categories: Human Resources › Transition Agreements
Summary

Annuity and Life Re (Holdings), Ltd. has appointed Robert M. Lichten to serve on its Transition Committee, which will oversee company management and strategic transactions while a new President and CEO is sought. Mr. Lichten will receive a monthly fee of $40,000, in addition to his board compensation, and will be reimbursed for reasonable expenses. The committee is temporary and will be dissolved once a replacement is found. Mr. Lichten agrees to comply with the company's operating guidelines during his service.

Read More Arrow
EX-10.2 4 w65738exv10w2.txt LETTER AGREEMENT FOR ROBERT M. LICHTEN EXHIBIT 10.2 [ANNUITY AND LIFE RE (HOLDINGS), LTD. LETTERHEAD] September 9, 2002 Robert M. Lichten c/o Annuity and Life Re (Holdings), Ltd. P.O. Box HM 98 Hamilton, HM 11, Bermuda RE: TRANSITION COMMITTEE Dear Bob: The Board of Directors of Annuity and Life Re (Holdings), Ltd. (the "Company") has constituted a Transition Committee to oversee the management of the Company while the Board identifies an appropriate replacement for Lawrence S. Doyle, its former President and Chief Executive Officer. It is currently contemplated that this committee shall be temporary and will be decommissioned after a replacement for Mr. Doyle is identified. You have been appointed to, and have agreed to serve as a member of, the Transition Committee. As a member of the Transition Committee, you will be responsible to oversee the management of the Company, as well as any capital raising or other strategic transaction undertaken by the Company. You acknowledge that you have reviewed and will comply with the Company's operating guidelines, including those provisions relating to where the business of the Company shall be conducted. The Board has established a monthly fee of $40,000 for members of the Transition Committee, effective September 1, 2002, which shall be in addition to any other compensation you receive as a member of the Company's Board of Directors. In addition, the Company shall reimburse you for all reasonable out-of-pocket expenses incurred in connection with the performance of your duties as a member of the Transition Committee. Please sign below to acknowledge and agree to the terms of this letter. The Board of Directors of Annuity and Life Re (Holdings), Ltd.
By: /s/ MICHAEL P. ESPOSITO, JR. -------------------------------------------------------- Name: Michael P. Esposito, Jr. Title: Chairman of the Compensation Committee
Agreed to and acknowledged
By: /s/ Robert M. Lichten ------------------------------------------------- Name: Robert M. Lichten