Exhibit 10.1
AMENDMENT NO. 3
to
AMENDED AND RESTATED SERVICE
AGREEMENT
dated December 15, 2003
by and between
AXIS Specialty Limited (the
“Company”)
and
Michael A. Butt (the
“Executive”)
Dated May 6, 2009
WHEREAS, the Company and the
Executive entered into an Employment Agreement as of
September 19, 2002; and
WHEREAS, the Company and the
Executive entered into an Amended and Restated Service Agreement
(the “Agreement”), dated as of December 15,
2003;
WHEREAS, the Company and the
Executive entered into Amendment No. 1 to the Agreement as of
May 12, 2006 (“Amendment No. 1”);
WHEREAS, the Company and the
Executive entered into Amendment No. 2 to the Agreement as of
September 19, 2008 (“Amendment
No. 2”);
WHEREAS, the Company and the
Executive desire to continue the Executive’s service as
Chairman of the Company and as Chairman of the Board of Directors
of AXIS Capital Holdings Limited and the Executive is willing to
serve in such position; and
WHEREAS, the Company and the
Executive desire to amend the Agreement as set forth herein and the
Executive is willing to continue to serve in his current position
under the terms and conditions of this amendment (the
“Amendment
