Amendment No. 1 to Consulting Agreement and Resignation between HCC Insurance Holdings, Inc. and Stephen L. Way

Contract Categories: Human Resources › Consulting Agreements
Summary

HCC Insurance Holdings, Inc. and Stephen L. Way have amended their previous Consulting Agreement and Resignation following Mr. Way's retirement as Chairman and Board Member. Effective February 20, 2007, the amendment removes provisions related to his former board positions and allows Mr. Way to sell his company stock without needing board approval, as long as he complies with federal securities laws. All other terms of the original agreement remain unchanged.

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EX-10.20 2 h43882exv10w20.htm AMENDMENT NO. 1 TO CONSULTING AGREEMENT AND RESIGNATION exv10w20  

Exhibit 10.20
AMENDMENT NO. 1 TO
CONSULTING AGREEMENT AND RESIGNATION
     WHEREAS, HCC Insurance Holdings, Inc. (“HCC” or the “Company”) and Stephen L. Way (“Executive”) entered into that certain Consulting Agreement and Resignation dated as of November 17, 2006 (the “Agreement”); and
     WHEREAS, effective February 20, 2007, Executive has retired from his position as Chairman of the Board of the Company’s Board of Directors and as a Member of the Board of Directors; and
     WHEREAS, as a result of such retirement, the Company and Executive wish to amend the Agreement pursuant to the terms of this Amendment No. 1 (the “Amendment”);
     NOW, THEREFORE, the parties hereto do hereby agree as follows:
     1. Effective February 20, 2007, paragraphs 16 and 17 relating to Executive’s position as Chairman of the Board of the Company’s Board of Directors are hereby deleted; and
     2. Paragraph 31 (xi) shall be deleted effective February 20, 2007 so that Executive is hereby permitted to sell, in accordance with the federal securities laws, any and all of Executive’s holdings in the Company’s common stock without the consent of the Board of Directors of the Company
     3. All other terms and provisions of the Agreement shall remain in full force and effect.
     IN WITNESS WHEREOF, the parties hereto have executed this Amendment the 21stday of February, 2007.
             
    /s/ Stephen L. Way    
         
    Stephen L. Way    
 
            
    HCC INSURANCE HOLDINGS, INC.    
 
            
    /s/ Frank J. Bramanti    
         
 
  By:   Frank J. Bramanti    
 
      Chief Executive Officer