FIRSTAMENDMENT TO SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT
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 | ||
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| By: | /s/ Frank J. Tasco |
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| Its |
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| /s/ Michael A. Butt |
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| Michael A. Butt |
