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Exhibit 10.2
AMENDMENT NO. 1
TO
AMENDED AND RESTATED SUPPLEMENTAL EXECUTIVE
RETIREMENT AGREEMENT
dated May 8, 2008
by and between
AXIS Specialty Limited
and
Michael A. Butt (the "Executive")
Dated September 19, 2008
WHEREAS, the Compensation Committee of the Board of Directors of
AXIS Capital Holdings Limited (the "Company") previously has
determined that it is in the best interest of the Company and its
shareholders to provide the Executive with a supplemental
retirement benefit in consideration for his continuing service with
the Company;
WHEREAS, the Executive and the Company’s subsidiary, AXIS
Specialty Limited ("AXIS Specialty"), previously entered into an
Amended and Restated Supplemental Executive Retirement Agreement
dated May 8, 2008 (the "SERP Agreement"); and
WHEREAS, the Executive, the Company and AXIS Specialty desire to
amend the SERP Agreement as set forth herein in order to increase
the supplemental payment for the last five-year period of the SERP
Agreement to the levels originally intended;
NOW, THEREFORE, in consideration of the premises and mutual
covenants contained herein and for other good and valuable
consideration, AXIS Specialty and the Executive agree as
follows:
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1.
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Exhibit A to the SERP hereby is
deleted in its entirety and the following is substituted in lieu
thereof:
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EXHIBIT A
TO SUPPLEMENTAL EXECUTIVE
RETIREMENT AGREEMENT
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Applicable Year
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Base
Pension
Amount
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January 1, 2004 through December 31,
2004
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$
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250,000
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January 1, 2005 through December 31,
2005
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$
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257,500
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January 1, 2006 through December 31,
2006
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$
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265,225
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January 1, 2007 through December 31,
2007
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$
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273,182
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January 1, 2008 through December 31,
2008
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$
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281,377
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January 1, 2009 through December 31,
2009
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$
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289,819
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January 1, 2010 through December 31,
2010
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$
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398,513
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January 1, 2011 through December 31,
2011
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$
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407,468
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January 1, 2012 t
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