First Amendment to Supplemental Executive Retirement Agreement between AXIS Specialty Limited and Michael A. Butt

Contract Categories: Human Resources › Retirement Agreements
Summary

This amendment updates the Supplemental Executive Retirement Agreement between AXIS Specialty Limited and Michael A. Butt. Effective May 12, 2006, it changes the retirement date from January 1, 2009, to January 1, 2010, and revises the schedule of base pension amounts for each year from 2004 through 2018. The amendment ensures that Mr. Butt's retirement benefits are adjusted according to the new terms agreed upon by both parties.

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EX-10.1 2 a06-11702_2ex10d1.htm EX-10

Exhibit 10.1

FIRST AMENDMENT TO
SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT

WHEREAS, AXIS Specialty Limited, a Bermuda company, and Michael A. Butt previously entered into a Supplemental Executive Retirement Agreement dated January 1, 2004 (the “Agreement”); and

WHEREAS, amendment of the Agreement is now considered desirable;

NOW, THEREFORE, the Agreement is hereby amended, effective as of May 12, 2006, in the following particulars:

1.             By substituting “January 1, 2010” for “January 1, 2009” where the latter phrase appears in Section 1 of the Agreement.

2.             By substituting the following for the chart preceding Section 1 of Exhibit A to the Agreement:

Applicable Year

 

Base Pension Amount

January 1, 2004 through December 31, 2004

 

$250,000

January 1, 2005 through December 31, 2005

 

$257,500

January 1, 2006 through December 31, 2006

 

$265,225

January 1, 2007 through December 31, 2007

 

$273,182

January 1, 2008 through December 31, 2008

 

$281,377

January 1, 2009 through December 31, 2009

 

$289,819

January 1, 2010 through December 31, 2010

 

$398,513

January 1, 2011 through December 31, 2011

 

$407,468

January 1, 2012 through December 31, 2012

 

$416,693

January 1, 2013 through December 31, 2013

 

$426,193

January 1, 2014 through December 31, 2014

 

$435,979

January 1, 2015 through December 31, 2015

 

$346,058

January 1, 2016 through December 31, 2016

 

$356,440

January 1, 2017 through December 31, 2017

 

$367,133

January 1, 2018 through December 31, 2018

 

$378,147

The parties have executed this Amendment effective as of May 12, 2006.

AXIS Specialty Limited

 

 

 

 

By:

/s/ Frank J. Tasco

 

Its

 

 

 

/s/ Michael A. Butt

 

 

Michael A. Butt