Letter Agreement Regarding Allowance Adjustments between Argo Group International Holdings, Ltd. and Mark E. Watson III
This letter agreement, dated February 18, 2011, is between Argo Group International Holdings, Ltd. and its President and CEO, Mark E. Watson III. It confirms that certain housing, home leave, and education allowances previously granted to Mr. Watson may be adjusted at the discretion of the company's Human Resources Committee, but will not exceed the maximum amounts specified in the original agreement. Both parties acknowledge and accept these terms by signing the letter.
EXHIBIT 10.1
February 18, 2011
Mark E. Watson III
President and Chief Executive Officer
Argo Group International Holdings, Ltd.
110 Pitts Bay Road
Pembroke HM 08 Bermuda
Dear Mr. Watson:
As you know, pursuant to a letter agreement dated August 10, 2010 from Argo Group International Holdings, Ltd. (the “Company”) to you (the “Agreement”), certain housing, home leave and education allowances (collectively, the “Allowances”) were granted to you, together with certain other consideration. You and the Company hereby acknowledge and agree that the amounts payable in respect of the Allowances may be adjusted from time to time, at the discretion of the Human Resources Committee of the Company, such that the amounts payable are up to (but not in excess of) the amounts set forth in the Agreement.
Please confirm your agreement to the foregoing by executing this letter in the space provided below.
| Sincerely yours, | ||
| ARGO GROUP INTERNATIONAL HOLDINGS, LTD. | ||
| By: | /s/ John R. Power, Jr. | |
| Name: | John R. Power, Jr. | |
| Title: | Chairman, Human Resources Committee Board of Directors | |
| Accepted and Agreed: |
| EMPLOYEE |
| /s/ Mark E. Watson III |
| Mark E. Watson III |
| Argo House | T 441 ###-###-#### | |
| 110 Pitts Bay Road | F 441 ###-###-#### | |
| Pembroke, Bermuda HM08 | ||
| www.argolimited.com |
