Exhibit 10.1
FIRST AMENDMENT TO
SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT
WHEREAS, AXIS Specialty Limited, a Bermuda company, and Michael A. Butt previously entered into a Supplemental Executive Retirement Agreement dated January 1, 2004 (the “Agreement”); and
WHEREAS, amendment of the Agreement is now considered desirable;
NOW, THEREFORE, the Agreement is hereby amended, effective as of May 12, 2006, in the following particulars:
1. By substituting “January 1, 2010” for “January 1, 2009” where the latter phrase appears in Section 1 of the Agreement.
2. By substituting the following for the chart preceding Section 1 of Exhibit A to the Agreement:
Applicable Year | | Base Pension Amount |
January 1, 2004 through December 31, 2004 | | $250,000 |
January 1, 2005 through December 31, 2005 | | $257,500 |
January 1, 2006 through December 31, 2006 | | $265,225 |
January 1, 2007 through December 31, 2007 | | $273,182 |
January 1, 2008 through December 31, 2008 | | $281,377 |
January 1, 2009 through December 31, 2009 | | $289,819 |
January 1, 2010 through December 31, 2010 | | $398,513 |
January 1, 2011 through December 31, 2011 | | $407,468 |
January 1, 2012 through December 31, 2012 | | $416,693 |
January 1, 2013 through December 31, 2013 | | $426,193 |
January 1, 2014 through December 31, 2014 | | $435,979 |
January 1, 2015 through December 31, 2015 | | $346,058 |
January 1, 2016 through December 31, 2016 | | $356,440 |
January 1, 2017 through December 31, 2017 | | $367,133 |
January 1, 2018 through December 31, 2018 | | $378,147 |
The parties have executed this Amendment effective as of May 12, 2006.
| AXIS Specialty Limited |
| | |
| By: | /s/ Frank J. Tasco |
| Its | |
| | /s/ Michael A. Butt |
| | Michael A. Butt |
