PXRE Reinsurance Company Retention Bonus Agreements with Key Employees (December 2001)

Summary

PXRE Reinsurance Company entered into separate agreements with Gerald Radke, Gordon Forsyth III, James Dore, Jeff Radke, and Michael Bleisnick to pay each a retention bonus in two installments, provided they remain continuously employed by the company or its affiliates through the specified payment dates in 2002 and 2003. The company retains the right to terminate employment at any time, and the agreement does not guarantee continued employment. The agreements are binding on successors and governed by New York law.

EX-10.35 13 b317102ex10-35.txt MATERIAL CONTRACTS [Letter Head] December 12, 2001 Gerald Radke 123 Grange Avenue Fair Haven, NJ 07704 Re: Retention Bonus Dear Jerry: As I discussed with you on December 10, 2001, PXRE Reinsurance Company (the "Company") has agreed to pay the following retention bonus (the "Rentention Bonus") to you: Bonus Amount Bonus Payment Date -------------------------------------------------- $130,000 January 31, 2002 $130,000 January 31, 2003 As a condition to the payment of each portion of the Bonus Amount, you must be in the continuous employ of the Company or its affiliates between now and each Bonus Payment Date in order to receive the Bonus Amount payable on such date. The Company and any affiliate reserves the right to terminate your employment with the Company or any affiliate at any time for any reason and no contract or right to continued employment shall be implied by this letter agreement. This letter agreement: (a) shall be in binding upon and inure to the benefit of any successor of the Company; (b) shall be governed by the laws of the State of New York and any applicable laws of the United States; and (c) may not be amended except in writing. To confirm your acceptance of the foregoing, please sign and return one copy of this letter agreement to Linda Clauser. PXRE REINSURANCE COMPANY By /s/ Gerald L. Radke ------------------------------------------ Gerald L. Radke Chairman, President, & Chief Executive Officer AGREED: /s/ Gerald L. Radke ------------------------ Date: 12/12/01 ------------------------ [Letter Head] December 12, 2001 Gordon Forsyth, III 108 Lewis Lane Fair Haven, NJ 07704 Re: Retention Bonus Dear Gordon: As I discussed with you on December 10, 2001, PXRE Reinsurance Company (the "Company") has agreed to pay the following retention bonus (the "Retention Bonus") to you: Bonus Amount Bonus Payment Date ----------------------------------------------- $92,500 January 31, 2002 $92,500 January 31, 2003 As a condition to the payment of each portion of the Bonus Amount, you must be in the continuous employ of the Company or its affiliates between now and each Bonus Payment Date in order to receive the Bonus Amount payable on such date. The Company and any affiliate reserves the right to terminate your employment with the Company or any affiliate at any time for any reason and no contract or right to continued employment shall be implied by this letter agreement. This letter agreement: (a) shall be in binding upon and inure to the benefit of any successor of the Company; (b) shall be governed by the laws of the State of New York and any applicable laws of the United States; and (c) may not be amended except in writing. To confirm your acceptance of the foregoing, please sign and return one copy of this letter agreement to Linda Clauser. PXRE REINSURANCE COMPANY By /s/ Gerald L. Radke ------------------------------------------ Gerald L. Radke Chairman, President, & Chief Executive Officer AGREED: /s/ Gordon Forsyth ------------------------ Date: 12/12/01 ------------------------ [Letter Head] December 12, 2001 James Dore 65 Rock Road East Green Brook, NJ 08812 Re: Retention Bonus Dear Jim: As I discussed with you on December 10, 2001, PXRE Reinsurance Company (the "Company") has agreed to pay the following retention bonus (the "Rentention Bonus") to you: Bonus Amount Bonus Payment Date ---------------------------------------------- $90,000 January 31, 2002 $90,000 January 31, 2003 As a condition to the payment of each portion of the Bonus Amount, you must be in the continuous employ of the Company or its affiliates between now and each Bonus Payment Date in order to receive the Bonus Amount payable on such date. The Company and any affiliate reserves the right to terminate your employment with the Company or any affiliate at any time for any reason and no contract or right to continued employment shall be implied by this letter agreement. This letter agreement: (a) shall be in binding upon and inure to the benefit of any successor of the Company; (b) shall be governed by the laws of the State of New York and any applicable laws of the United States; and (c) may not be amended except in writing. To confirm your acceptance of the foregoing, please sign and return one copy of this letter agreement to Linda Clauser. PXRE REINSURANCE COMPANY By /s/ Gerald L. Radke ------------------------------------------ Gerald L. Radke Chairman, President, & Chief Executive Officer AGREED: /s/ James Dore ------------------------ Date: 12/12/01 ------------------------ [Letter Head] December 12, 2001 Jeff Radke 24 Hill Crescent Pembroke, Bermuda HM02 Re: Retention Bonus Dear Jeff: As I discussed with you on December 10, 2001, PXRE Reinsurance Company (the "Company") has agreed to pay the following retention bonus (the "Rentention Bonus") to you: Bonus Amount Bonus Payment Date ----------------------------------------------- $97,500 January 31, 2002 $97,500 January 31, 2003 As a condition to the payment of each portion of the Bonus Amount, you must be in the continuous employ of the Company or its affiliates between now and each Bonus Payment Date in order to receive the Bonus Amount payable on such date. The Company and any affiliate reserves the right to terminate your employment with the Company or any affiliate at any time for any reason and no contract or right to continued employment shall be implied by this letter agreement. This letter agreement: (a) shall be in binding upon and inure to the benefit of any successor of the Company; (b) shall be governed by the laws of the State of New York and any applicable laws of the United States; and (c) may not be amended except in writing. To confirm your acceptance of the foregoing, please sign and return one copy of this letter agreement to Linda Clauser. PXRE REINSURANCE COMPANY By /s/ Gerald L. Radke ------------------------------------------ Gerald L. Radke Chairman, President, & Chief Executive Officer AGREED: /s/ Jeff Radke ------------------------ Date: 12/24/01 ------------------------ [Letter Head] December 12, 2001 Michael Bleisnick 49 Balcourt Drive Princeton, NJ 08540 Re: Retention Bonus Dear Mike: As I discussed with you on December 10, 2001, PXRE Reinsurance Company (the "Company") has agreed to pay the following retention bonus (the "Rentention Bonus") to you: Bonus Amount Bonus Payment Date ----------------------------------------------- $85,000 January 31, 2002 $85,000 January 31, 2003 As a condition to the payment of each portion of the Bonus Amount, you must be in the continuous employ of the Company or its affiliates between now and each Bonus Payment Date in order to receive the Bonus Amount payable on such date. The Company and any affiliate reserves the right to terminate your employment with the Company or any affiliate at any time for any reason and no contract or right to continued employment shall be implied by this letter agreement. This letter agreement: (a) shall be in binding upon and inure to the benefit of any successor of the Company; (b) shall be governed by the laws of the State of New York and any applicable laws of the United States; and (c) may not be amended except in writing. To confirm your acceptance of the foregoing, please sign and return one copy of this letter agreement to Linda Clauser. PXRE REINSURANCE COMPANY By /s/ Gerald L. Radke ------------------------------------------ Gerald L. Radke Chairman, President, & Chief Executive Officer AGREED: /s/ Michael Bleisnick ------------------------ Date: 12/11/01 ------------------------