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AMENDMENT NO. 1 TO
EMPLOYMENT
AGREEMENT
This Amendment No. 1 (“Amendment”),
dated as of March 27, 2009 (the “Effective Date”),
hereby amends the Employment Agreement dated June 1, 2005
(“the Agreement”), by and between AmTrust North
America, Inc., 59 Maiden Lane, 6 th floor, New York, New York, a Delaware
corporation (the “Company”) and Michael J. Saxon, and
individual residing at 514 Brookstone Court, Copley, Ohio 44321
(Executive”).
WHEREAS , in consideration of good and valuable
consideration, which is hereby acknowledged, the Company and
Executive desire to amend the Agreement as set forth
herein.
NOW, THEREFORE, the parties hereto agree as follows:
1. Section 5 (
Disability ) of the Agreement is hereby deleted and replaced
in its entirety with the following:
5. Disability
. In the event that Executive shall be
unable to perform because of illness or incapacity, physical or
mental, all the functions, duties and responsibilities to be
performed by him hereunder for a consecutive period of two (2)
months or for a total period of three (3) months during any
consecutive twelve (12) month period, the Company may terminate
this Agreement effective on or after the expiration
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