Amendment to Employment Agreement between NYMAGIC, INC. and A. George Kallop

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment updates the employment agreement between NYMAGIC, INC. and A. George Kallop, effective January 1, 2007. It changes the executive's base salary to at least $450,000 per year, with the possibility of increases at the discretion of the company's Compensation Committee. All other terms of the original agreement remain unchanged.

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EX-10.54 4 l24101aexv10w54.htm EX-10.54 EX-10.54  

Exhibit 10.54
AMENDMENT TO
EMPLOYMENT AGREEMENT
     This Amendment to Employment Agreement, entered into as of this 9th day of January, 2007, is made effective January 1, 2007 and amends that certain Employment Agreement by and between NYMAGIC, INC., a New York corporation (together with its successors and assigns, the “Company”) and A. George Kallop (the “Executive”), entered into as of the 17th day of April 2006, and made effective October 1, 2005.
     1. Section 3 is hereby amended to read as follows:
     “3. Base Salary.
     The Executive shall be paid an annualized salary, payable in accordance with the regular payroll practices of the Company, of not less than $450,000, subject to review for increase at the discretion of the Compensation Committee (the “Committee”) of the Board (“Base Salary”).”
     IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first written above.
           
    NYMAGIC, INC.
 
        
 
        
 
  By:   /s/ Paul J. Hart 
 
       
 
  Name:   Paul J. Hart 
 
  Title:   Attorney-in-fact
 
        
 
        
 
        
    THE EXECUTIVE
 
        
 
        
    /s/ A. George Kallop
     
    A. George Kallop