Amendment No. 2 to Employment Agreement between AXIS Specialty U.S. Services, Inc. and Peter Vogt

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment updates the employment agreement between AXIS Specialty U.S. Services, Inc. and Peter Vogt, effective July 1, 2021. It increases Mr. Vogt’s base salary to $675,000, raises his target bonus percentage to 125%, and increases his long-term incentive award to $1,200,000. All other terms of the original agreement remain unchanged.

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EX-10.1 2 tm2120086d1_ex10-1.htm EXHIBIT 10.1

 

Exhibit 10.1

 

AMENDMENT NO. 2

 

to

 

EMPLOYMENT AGREEMENT

dated December 11, 2017

 

by and between

AXIS Specialty U.S. Services, Inc. (the “Company”)

and

Peter Vogt (the “Executive”)

 

Dated: June 17, 2021

 

WHEREAS, the Company and the Executive entered into an employment agreement dated December 11, 2017, subsequently amended by Amendment No. 1 dated October 2, 2020 (the “Agreement”); and

 

WHEREAS, the Compensation Committee of the Board of Directors of AXIS Capital Holdings Limited, the Company and the Executive have determined that it is in the best interests of the Company, AXIS Capital Holdings Limited and its shareholders to amend certain components of the Executive’s compensation;

 

NOW, THEREFORE, the Agreement is hereby amended, effective as of July 1, 2021, as follows:

 

1.Section 2(a) of the Agreement (Compensation and Benefits) is hereby amended to replace the reference to “$550,000” in the first line thereof with “$675,000”.

 

2.Section 2(b) of the Agreement (Compensation and Benefits) is hereby amended to replace the reference to “115%” in the second line thereof with “125%”.

 

3.Section 2(c) of the Agreement (Compensation and Benefits) is hereby amended to replace the reference to “$1,000,000” in the third line thereof with “$1,200,000”.

 

4.Except as set forth herein, all other terms and conditions of the Agreement shall remain in full force and effect.

 

IN WITNESS WHEREOF, the undersigned have executed this Amendment No. 2 as of the date first above written.

 

 

 

 

    AXIS SPECIALTY U.S. SERVICES, INC.
 
    By: /s/ Noreen McMullan
    Name: Noreen McMullan
    Title: Executive Vice President
 
Accepted and Agreed:      
 
/s/ Peter Vogt      
Peter Vogt