Letter Agreement Regarding Expiration and Transition of Executive Severance Terms between ACE INA and Philip Bancroft
This letter from ACE INA's Global Human Resources Officer to Chief Financial Officer Philip Bancroft confirms that the automatic renewal of his severance agreement will end on April 1, 2010, and the severance terms will expire on April 1, 2013. After this date, Mr. Bancroft will be eligible to participate in the ACE Limited Executive Severance Plan. The letter serves as formal notice of these changes to his employment terms.
Exhibit 10.17
 | ACE INA | 212 ###-###-#### tel | ||||
| Human Resources | ||||||
| 1133 Ave of the Americas | ***@*** | |||||
| 44th Floor | www.ace-ina.com | |||||
| New York, NY 10036 | ||||||
|
Phillip B. Cole | ||||||
| Global Human Resources Officer | ||||||
March 30, 2010
Mr. Philip Bancroft
Chief Financial Officer
1133 Avenue of the Americas
New York, NY 10036
Dear Phil:
As a follow-up to our discussion yesterday regarding the severance provision in your employment contract with ACE that was executed upon your hire in December of 2001, please accept this letter as written confirmation that the automatic renewal of the severance agreement terms will cease effective April 1st, 2010 and the severance terms will expire on April 1st, 2013. At such time as your current severance terms expire, you will be eligible to participate in the ACE Limited Executive Severance Plan.
| Sincerely, |
| /s/ Phillip Cole |
| Phillip Cole |
