Waiver of Housing Allowance under Employment Agreement between Paul J. O'Shea and Enstar Group Limited
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Summary
Paul J. O'Shea and Enstar Group Limited have agreed that, effective January 1, 2011, Mr. O'Shea will waive his right to receive a housing allowance as provided in his May 1, 2007 Employment Agreement. In exchange, the company will increase his annual base salary by the same amount as the housing allowance. This agreement is confirmed in writing and accepted by both parties.
EX-10.4 4 w82533exv10w4.htm EXHIBIT 10.4 exv10w4
EXHIBIT 10.4
May 4, 2011
Enstar Group Limited
P.O. Box 2267, Windsor Place, 3rd Floor
18 Queen Street
Hamilton, HM JX
Bermuda
Attn: Dominic F. Silvester
P.O. Box 2267, Windsor Place, 3rd Floor
18 Queen Street
Hamilton, HM JX
Bermuda
Attn: Dominic F. Silvester
Re: Waiver of Housing Allowance under Employment Agreement
Dear Dominic,
Effective January 1, 2011, I hereby waive my right to a housing allowance under my 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/ Paul J. O’Shea | ||||
| Paul J. O’Shea | ||||
Accepted and agreed to
this 4th day of May, 2011
this 4th day of May, 2011
ENSTAR GROUP LIMITED
By: /s/ Dominic F. Silvester | ||
Name: Dominic F. Silvester | ||
Title: Chairman and Chief Executive Officer |
