PXRE Reinsurance Company Retention Bonus Agreement with Bruce Byrnes
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Retention Agreements
Summary
PXRE Reinsurance Company agrees to pay Bruce Byrnes a retention bonus totaling $165,000, split into two payments of $82,500 each on January 31, 2002, and January 31, 2003. To receive each payment, Bruce must remain continuously employed by the company or its affiliates until the respective payment date. The agreement does not guarantee continued employment and can be terminated at any time. The agreement is governed by New York law and requires written amendments.
EX-10.41 6 b323566ex_10-41.txt RETENTION BONUS AGREEMENT Exhibit 10.41 December 12, 2001 Bruce Byrnes 3 Deerfoot Lane New City, NY 10956 Re: Retention Bonus Dear Bruce: 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 ------------ ------------------- $82,500 January 31, 2002 $82,500 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/ Bruce Byrnes ----------------------------- Date: 12/12/01 --------------------------------
