AMENDMENT NO. 1 TO AMENDED AND
RESTATED EMPLOYMENT AGREEMENT
This Amendment No. 1 to the Amended
and Restated Employment Agreement (this “Amendment”),
is dated as of March 11, 2009 and is entered into between Endurance
Specialty Holdings Ltd. (the “Company”), and Kenneth J.
LeStrange (the “Executive”).
WHEREAS, the Company and the
Executive entered into an Amended and Restated Employment
Agreement, dated as of December 22, 2008 (the “Employment
Agreement”) in order to embody the terms of the
Executive’s continued employment; and
WHEREAS, the Company and the
Executive desire to amend the Employment Agreement in order to
revise downward the Executive’s annual base
salary.
NOW, THEREFORE, in consideration of
the premises and the mutual agreements contained herein, and for
other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Company and the Executive
hereby agree as follows:
1. Amendment . Section 4.1(a) of the Employment Agreement is
hereby deleted in its entirety and the following new Section 4.1(a)
is inserted in lieu thereof:
“(a) Base Salary . During the Term, the Company shall pay to the
Executive a base salary of $900,000 per annum, effective as of
March 1, 2009 and subject to increase from time to time as
determined by the Board
