Amendment to Employment Agreement between Scottish Re (U.S.), Inc. and Oscar R. Scofield

Summary

This amendment updates the employment agreement between Scottish Re (U.S.), Inc. and Oscar R. Scofield. It specifies that if Mr. Scofield dies during his employment, the company will pay his beneficiaries or estate a sum that includes his compensation payments, any termination bonus, and at least two years' total cash compensation, depending on the remaining term of the agreement. The amendment also confirms that Mr. Scofield or his estate will receive any other benefits due under company plans or agreements.

EX-10.34 2 ex1034.txt EMPLOYMENT AGREEMENT Exhibit 10.34 AMENDMENT TO Employment Agreement This AMENDMENT TO EMPLOYMENT AGREEMENT (the "Amendment"), dated as of March 29, 2004, is made and entered into by and between Scottish Re (U.S.), Inc., a Delaware corporation (the "Company") and Oscar R. Scofield (the "Executive"). W I T N E S S E T H: WHEREAS, on February 10, 2003, the Company and Executive executed an employment agreement (the "Employment Agreement"); and WHEREAS, the Company and Executive desire to amend the Employment Agreement; and NOW, THEREFORE, in consideration of the agreements and covenants herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto covenant and agree to modify and amend the Employment Agreement as follows: Section 8 (d) Compensation upon Death. In the event of the Executive's death, the Company shall pay to the Executive (or beneficiaries, or estate, as the case may be) an amount equal to the sum of (i) the Compensation Payments, (ii) the Termination Bonus, if any, and (iii) an amount equal to the sum of the Total Cash Compensation Executive would have received during the remaining Term of the Agreement, such amount to be calculated from the date of the Executive's death (the "Death Calculation Period"). Notwithstanding the foregoing provisions of this Section 8(d), where the Death Calculation Period is for twenty-four (24) calendar months or less, the Company shall pay the Executive under 8(d)(iii) an amount equal to the sum of two (2) full year's Total Cash Compensation. Executive shall be entitled to any other rights, compensation and/or benefits as may be due to Executive in accordance with the terms and provision of any agreements, plans or programs of the Company. IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of the date first written above. /s/ Oscar R. Scofield ---------------------------------------- Oscar R. Scofield SCOTTISH RE (U.S.), INC. By:/s/ Paul Goldean ------------------------------------- Name: Paul Goldean Title: Executive Vice President and General Counsel