Amendment No. 1 to Employment Agreement between AXIS Specialty U.S. Services, Inc. and David Phillips
This amendment updates the employment agreement between AXIS Specialty U.S. Services, Inc. and David Phillips, effective July 1, 2021. It increases the executive's base salary from $575,000 to $625,000 and raises another compensation component from $720,000 to $1,000,000. All other terms of the original agreement remain unchanged. The amendment is signed by both the company and the executive.
Exhibit 10.2
AMENDMENT NO. 1
to
EMPLOYMENT AGREEMENT
dated March 21, 2014
by and between
AXIS Specialty U.S. Services, Inc. (the “Company”)
and
David Phillips (the “Executive”)
Dated: June 17, 2021
WHEREAS, the Company and the Executive entered into an employment agreement dated March 21, 2014 (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 “575,000” in the second line thereof with “$625,000”. |
2. | Section 2(c) of the Agreement (Compensation and Benefits) is hereby amended to replace the reference to “$720,000” in the fifth line thereof with “$1,000,000”. |
3. | 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. 1 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/ David Phillips | |||
David Phillips |