Amendment to Employment Agreement between Arch Capital Group Ltd. and John D. Vollaro (April 27, 2005)
This amendment updates the employment agreement between Arch Capital Group Ltd. and John D. Vollaro. The main change clarifies that the company will reimburse Mr. Vollaro for reasonable business expenses, including travel between Bermuda and the United States, as long as these expenses comply with company policies and documentation requirements. All other terms of the original agreement remain unchanged. The amendment is governed by Bermuda law.
Exhibit 10.2
AMENDMENT TO EMPLOYMENT AGREEMENT
Amendment (“Amendment”), dated April 27, 2005, to the Employment Agreement, dated as of January 18, 2002 (as amended, the “Agreement”), between, Arch Capital Group Ltd., a Bermuda company (the “Company”), and John D. Vollaro (the “Executive”). Capitalized terms used without definition herein have the meanings given to them in the Agreement.
NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the parties have agreed to amend the Agreement as follows:
1. SECTION 4.04 shall be hereby amended and restated as follows:
“SECTION 4.04. Expenses. The Company shall reimburse the Executive for all reasonable expenses incurred by him in the course of performing his duties under this Agreement which are consistent with the Company’s policies in effect from time to time with respect to travel, entertainment and other business expenses (“Reimbursable Expenses”), subject to the Company’s requirements with respect to reporting and documentation of expenses. In addition, the Company will reimburse the Executive, on an after-tax basis, for his reasonable expenses incurred in traveling between Bermuda and the United States.”
2. All other provisions of the Agreement shall remain in full force and effect. This amendment shall be governed by and construed in accordance with the laws of Bermuda, without giving effect to principles of conflict of laws, and may be executed in two counterparts, each of which shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date and year first above written.
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| ARCH CAPITAL GROUP LTD. | ||||
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| By: | /s/ Constantine Iordanou |
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| Printed Name: | Constantine Iordanou |
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| Title: | President and Chief Executive Officer |
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| /s/ John D. Vollaro |
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| John D. Vollaro | ||||
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