Exhibit 10.16
FIRST AMENDMENT
Dated as of July 1, 1996
THIS FIRST AMENDMENT, dated as of July 1, 1996 (this "First
Amendment"), amends the Amended and Restated Administrative Services Agreement
dated as of September 21, 1995 (the "Administrative Services Agreement") between
AON RISK CONSULTANTS (BERMUDA) LTD. ("ARC Bermuda") and LASALLE RE LIMITED (the
"Company"). Capitalized terms used in this First Amendment and not otherwise
defined herein have the meanings ascribed to such terms in the Administrative
Services Agreement.
WHEREAS, the parties hereto have entered into the Administrative
Services Agreement pursuant to which ARC Bermuda provides certain actuarial and
administrative services to the Company;
WHEREAS, the Company and its parent, LaSalle Re Holdings Limited (the
"Parent"), have established the LaSalle Re Holdings Limited Employee Stock
Purchase Plan (the "Plan") in part for the provision of certain benefits to
employees of ARC Bermuda assigned to the Company, on the understanding that ARC
Bermuda would reimburse the Parent for certain costs; and
WHEREAS, the parties accordingly desire to amend the Administrative
Services Agreement as hereinafter set forth;
NOW, THEREFORE, in consideration of the premises and for other good
and valuable consideration (the receipt and sufficiency of which are hereby
acknowledge), the parties hereto agree as follows:
Effective as of the date hereof, the Administrative Services Agreement
shall be amended by adding thereto the following paragraph 21, to be inserted in
its proper numerical sequence:
"21. REIMBURSEMENTS.
Section 2.4 of the Plan allows each Participant to purchase a certain
number of shares of Stock at a discounted price for each Subscription
Period. ARC Bermuda shall promptly reimburse the Parent for any difference
between the purchase price per share paid by such Participant who is an
employee of ARC Bermuda and the Fair Market Value of Stock on the Price
Date.
Capitalized terms used in this paragraph 21 and not otherwise defined
herein have the meanings ascribed to such terms in the Plan."
As herein amended, the Administrative Services Agreement shall remain in
full force and effect and is hereby ratified and confirmed in all respects.
This First Amendment may be executed in any number of counterparts and by the
different parties on separate counterparts, and each such counterpart shall be
deemed to be an original but all such counterparts shall together constitute one
and the same First Amendment. This First Amendment shall be construed according
to the laws of Bermuda.
IN WITNESS WHEREOF, the parties hereto set their hands as of the date and
year first above written.
LASALLE RE LIMITED
By: /s/ Xxxxxx Xxxx
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Name: Xxxxxx Xxxx
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Title: CFO and Treasurer
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AON RISK CONSULTANTS (BERMUDA) LTD.
By: /s/ Xxx Xxxxxxx
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Name: Xxx Xxxxxxx
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Title: President
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