Waiver of Housing Allowance under Employment Agreement between Dominic F. Silvester and Enstar Group Limited

Contract Categories: Business Finance › Waiver Agreements
Summary

Dominic F. Silvester agrees to waive his right to a housing allowance under his employment agreement with Enstar Group Limited, effective January 1, 2011. In exchange, the company’s Compensation Committee will increase his annual base salary by the same amount as the housing allowance. Both parties have signed to confirm their acceptance of these terms.

Read More Arrow
EX-10.3 3 w82533exv10w3.htm EXHIBIT 10.3 exv10w3
EXHIBIT 10.3
May 4, 2011
Enstar Group Limited
P.O. Box 2267, Windsor Place, 3rd Floor
18 Queen Street
Hamilton, HM JX
Bermuda
Attn: Richard J. Harris
          Re: Waiver of Housing Allowance under Employment Agreement
Dear Richard,
          Effective January 1, 2011, I hereby waive my right to a housing allowance under my Amended and Restated Employment Agreement with Enstar Group Limited, dated May 1, 2007, in consideration of the Compensation Committee’s decision to increase my annual base salary by an amount equal to the annual amount of the housing allowance.
         
  Sincerely,
 		  
  /s/ Dominic F. Silvester    
  Dominic F. Silvester   
     
 
Accepted and agreed to
this 4th day of May, 2011
 
ENSTAR GROUP LIMITED
     
By: /s/ Richard J. Harris
 
Name: Richard J. Harris
   
Title: Chief Financial Officer