Amendment to Employment Agreement between Granite Reinsurance Company Ltd. and G. Gordon Symons (Effective January 1, 1996)

Summary

Granite Reinsurance Company Ltd. and G. Gordon Symons have agreed to amend their existing employment agreement. Effective January 1, 1996, Mr. Symons' annual salary will increase from $100,000 to $150,000, paid in equal monthly installments. All other terms of the original agreement remain unchanged. This amendment updates only the compensation terms between the company and the executive.

EX-10.22 11 gex10_22-27854.txt AMENDMENT TO EMPLOYMENT AGREEMENT AMENDMENT TO PERSONAL EMPLOYMENT AGREEMENT with an effective date of January 1, 1996. BETWEEN: GRANITE REINSURANCE COMPANY ------------------------------------------------------------------- LTD.; A BODY POLITIC AND CORPORATE DULY INCORPORATED, ----------------------------------------------------- HAVING ITS OFFICES AT --------------------- BISHOP'S COURT HILL, ST. MICHAEL, --------------------------------- BARBADOS, WEST INDIES; ---------------------- (hereinafter referred to as the "Company") AND G. GORDON SYMONS, EXECUTIVE, RESIDING AT 3 QUEEN'S COVE, APT. B6, FAIRYLANDS, PEMBROKE, BERMUDA, HM 05; (hereinafter referred to as the "Executive") WHEREAS the parties hereto are presently governed by a Personal Employment Agreement with an effective date of December 31, 1991, and Amendments to the Personal Employment Agreement dated October 1, 1992 and January 1, 1995 (collectively referred to as the "Agreements"); AND WHEREAS the parties hereto desire to amend the terms of the Agreement in accordance with the provisions hereof; NOW THEREFORE be it agreed as follows: 2. REMUNERATION ------------ The provisions of subparagraph 5.1 of the said Personal Employment Agreement shall be amended by Increasing the salary from One Hundred Thousand Dollars ($100,000.00) per annum to One Hundred and Fifty Thousand Dollars ($150,000.00) per annum payable in equal monthly installments not in advance. WHEREOF, THE PARTIES HAVE SIGNED HEREIN BELOW GRANITE REINSURANCE COMPANY LTD. EXECUTIVE Per: ____________________________________ Per: ____________________ 61