Waiver of Housing Allowance under Employment Agreement between Nicholas A. Packer and Enstar Group Limited
Contract Categories:
Business Finance
›
Waiver Agreements
Summary
Nicholas A. Packer 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 agreement to these terms.
EX-10.5 5 w82533exv10w5.htm EXHIBIT 10.5 exv10w5
EXHIBIT 10.5
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/ Nicholas A. Packer | ||||
| Nicholas A. Packer | ||||
Accepted and agreed to
this 4th day of May, 2011
this 4th day of May, 2011
ENSTAR GROUP LIMITED
By: /s/ Dominic F. Silvester | ||
Title: Chairman and Chief Executive Officer |
