AMENDMENT No. 2 TO EMPLOYMENT AGREEMENT
Exhibit 10.4.2
AMENDMENT No. 2 TO EMPLOYMENT AGREEMENT
THIS AMENDMENT No. 2 TO EMPLOYMENT AGREEMENT (“Amendment No. 2”), is entered into as of May 4, 2016, by and between Third Point Reinsurance Ltd., a Bermuda company (the “Company”), and Xxxxxx Xxxxxx Xxxxxx III (the “Executive”).
WHEREAS, the Company and the Executive entered into a certain Employment Agreement dated as of January 23, 2012, and an Amendment No. 1 to Employment Agreement dated as of April 1, 2015 (the “Employment Agreement”); and
WHEREAS, the parties wish to extend the Executive’s Employment Term for an additional three year period following the initial three years of the Employment Term, continuing effectiveness of this Employment Agreement from January 23, 2015; and
WHEREAS, in consideration of the mutual agreements set forth below and for other good and valuable consideration given by each party to this Amendment No. 2 to the other, the receipt and sufficiency of which are hereby acknowledged, the Company and Executive agree to amend the Employment Agreement on the terms set forth below.
NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows:
1. Section 1, Employment Term, of the Employment Agreement shall be amended to read in its entirety as follows:
“1. Employment Term. Except for earlier termination as provided for in Section 5
hereof, the Company hereby agrees to employ the Executive, and the Executive hereby agrees to be employed by the Company, subject to the terms and provisions of this Agreement, for the period commencing on January 23, 2015 (the “Effective Date”) and ending on the third anniversary of such date (the “Employment Term”); provided that on the third anniversary of the Effective Date, and on each anniversary of the Effective Date thereafter, the Employment Term shall be extended for an additional year, unless either the Executive or the Company shall have given notice at least 90 days prior to such anniversary not to extend the Employment Term.”
2. The parties hereto agree that except as specifically set forth in this Amendment No. 2, each and every provision of the Employment Agreement shall remain in full force and effect as set forth therein.
Exhibit 10.4.2
IN WITNESS WHEREOF, the Company has caused this Amendment No. 2 to be executed, and the Executive has hereunto set his hand, in each case effective as of the day and year first above written.
_By: /s/ Xxxx X. Xxxxxx
_________________________________
Name: Xxxx X. Xxxxxx
Title: Chairman and Chief Executive Officer
Name: Xxxx X. Xxxxxx
Title: Chairman and Chief Executive Officer
_By: /s/ Xxxxxxxxxxx X. Xxxxxxx
_________________________________
Name: Xxxxxxxxxxx X. Xxxxxxx
Title: Chief Financial Officer
Name: Xxxxxxxxxxx X. Xxxxxxx
Title: Chief Financial Officer
EXECUTIVE
/s/ Xxxxxx Xxxxxx Xxxxxx III
________________________________________
Xxxxxx Xxxxxx Xxxxxx III
Xxxxxx Xxxxxx Xxxxxx III