AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment dated as of March 1, 2000 amends the Employment Agreement
(the "Agreement") dated and effective as of January 5, 1998 between Zenith
National Insurance Corp. (the "Company") and Xxxx X. Xxxxxxx (the "Employee")
Whereas, the parties desire to amend the Agreement, it is therefore agreed
as follows:
1. Section 2 - TERM - is deleted and the following substituted therefore:
"2. TERM. This Agreement shall be in effect for a term commencing on
the Effective Date and expiring on March 1, 2003, and such period
shall be referred to herein as the "Term" of this Agreement, and such
Term shall not be affected by the termination of the Employee's
employment hereunder."
2. Section 3 - SALARY - is deleted and the following substituted
therefore:
"3. SALARY. Employee's minimum annual base salary shall be as
follows: $311,163, effective March 1, 2000; $349,376, effective
March 1, 2001; $387,589 effective March 1, 2002. Employee's annual
base salary shall be payable in installments in conformity with
the Company's policy relating to salaried employees. The
Employee's base salary may be subject to annual adjustment (but
not below the then current amount) in the sole discretion of the
Board.
3. Section 8(c)(i) - TERMINATION (CONSTRUCTIVE TERMINATION) - is deleted
and the following substituted therefore:
(i) Xx. Xxxxxxx X. Xxx ceases to be full-time Chairman of the
Board and President of the Company and Zenith other than by
reason of death or disability or by reason of retirement on or
after December 31, 2002; provided, however, this clause (i) shall
in any event be deleted and of no further force or effect after
December 31, 2002.
4. In all other respects, the Agreement remains unchanged.
In Witness Whereof, the parties have executed this Amendment as of the date
first written above.
Zenith National Insurance Corp. Employee
By: /s/ Xxxxxxx X. Xxx By: /s/ Xxxx X. Xxxxxxx
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Xxxxxxx X. Xxx Xxxx X. Xxxxxxx
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