Exhibit 10.1
AMENDMENT TO EMPLOYMENT
AGREEMENT
THIS AMENDMENT
(“Amendment”) is entered
into on July 13, 2009 to the employment agreement dated as of
March 1, 2009 (“Employment Agreement”) between
IPCRe Limited, a company incorporated under the laws of Bermuda
with its registered office located at 29 Richmond Road, Pembroke HM
08, Bermuda (the “Company”) and John R. Weale (the
“Executive”).
WHEREAS , the Executive has been employed pursuant to
the terms of the Employment Agreement; and
WHEREAS , the Executive has been appointed Interim
President and Chief Executive Officer of IPC Holdings, Ltd.
(“IPC”) by IPC’s board of directors, effective
June 30, 2009; and
WHEREAS , the Company desires to reward the Executive
for assuming the responsibility and duties commensurate with the
titles of Interim President and Chief Executive Officer;
NOW, THEREFORE
, effective July 1, 2009, the
parties agree that the Employment Agreement is amended as
follows:
1. Sections 1 and 2 of Schedule 1 to
the Employment Agreement shall be amended as follows for so long as
the Executive serves as the Interim President & Chief
Executive Officer:
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“1.
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Position : Interim President & Chief Executive
Officer, and Chief Financial Officer
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2.
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Title and
Description of Work :
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Duties and responsibilities
commensurate with the titles of Interim President and Chief
Executive Officer.
The CFO plays a key role in
planning, directing and managing all areas of the companies’
financial operations and reporting in Bermuda and
elsewhere.”
2. Section 4 of Schedule 1 to
the Employment Agreement shall be amended as follows for so long as
the Executive serves as the Interim President & Chief
Executive Officer:
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“4.
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Additional Monthly
Bonus. To reward the
Executive for agreeing to temporarily assume the responsibilities
and duties of President & Chief Executive Officer, the
Company will pay the Executive an additional monthly bonus of
$33,166.67 per month (or part thereof) for the duration of the time
during which the Executive carries out these additional roles and
responsibilities.
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Annual Bonus.
The Executive shall be eligible for
an annual incentive bonus award determined by the Board or any
Committee thereof in its discretion in respect of each fiscal year
during the Term of Employment (the “Annual Bonus”). The
target amount of the Executive’s Annual Bonus is calculated
as follows: (i) 75% of the Exe
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