Amendment to Markel Corporation Voluntary Deferral Plan (Effective January 1, 2019)

Summary

Markel Corporation amends its Voluntary Deferral Plan, originally effective April 1, 2016. The amendment, effective January 1, 2019, changes the rules for deferring bonuses under the Annual Bonus Plan and Executive Bonus Plan, setting new minimum and maximum deferral percentages. It also updates the payment options for participant distributions, allowing annual installment payments. All other terms of the Plan remain unchanged. The amendment is executed by a company officer.

EX-10.20 3 mkl_12312018xex1020.htm EXHIBIT 10.20 Exhibit

AMENDMENT TO THE MARKEL CORPORATION VOLUNTARY DEFERRAL PLAN

WHEREAS, Markel Corporation (the “Company”) sponsors the Markel Corporation Voluntary Deferral Plan, effective as of April 1, 2016 (the “Plan”);

WHEREAS, the Company has the power to amend the Plan and now wishes to do so;

NOW, THEREFORE, the Plan is hereby amended as follows, effective as of January 1, 2019:


1.	Section 4.01(a)(ii) of the Adoption Agreement to the Plan is hereby amended in its entirety as follows:

(ii) Bonuses [do not complete if you complete (iii)]



Type of Bonus	Dollar Amount		% Amount		Increment
Type of Bonus	Min	Max	Min	Max	Increment
(a) Annual Bonus Plan			0%	75%	5%
(b) Executive Bonus Plan			0%	75%	5%
(c)


2.	Effective for Participant distribution elections made for Compensation earned during periods beginning on or after January 1, 2019, the last paragraph of Section 6.01(b) of the Plan is hereby amended in its entirety as follows:

Installments may be paid [select each that applies]



	Monthly
	Quarterly
X	Annually


3.	In all respects not amended, the Plan is hereby ratified and confirmed.

* * * *

IN WITNESS WHEREOF, the Company has caused this Amendment to be signed as of the effective date set forth above.



	MARKEL CORPORATION

	By:		/s/ Linda V. Schreiner
	Name:		Linda V. Schreiner
	Title:		Sr. Vice President, Strategic Management