Exhibit 10.2

 

AMENDMENT TO EMPLOYMENT AGREEMENT

 

Amendment (“Amendment”), dated April 27, 2005, to the Employment Agreement,
dated as of January 18, 2002 (as amended, the “Agreement”), between, Arch
Capital Group Ltd., a Bermuda company (the “Company”), and John D. Vollaro (the
“Executive”).  Capitalized terms used without definition herein have the
meanings given to them in the Agreement.

 

NOW, THEREFORE, in consideration of the premises and mutual covenants contained
herein, the parties have agreed to amend the Agreement as follows:

 

1.               SECTION 4.04 SHALL BE HEREBY AMENDED AND RESTATED AS FOLLOWS:

 

“SECTION 4.04.  EXPENSES.  THE COMPANY SHALL REIMBURSE THE EXECUTIVE FOR ALL
REASONABLE EXPENSES INCURRED BY HIM IN THE COURSE OF PERFORMING HIS DUTIES UNDER
THIS AGREEMENT WHICH ARE CONSISTENT WITH THE COMPANY’S POLICIES IN EFFECT FROM
TIME TO TIME WITH RESPECT TO TRAVEL, ENTERTAINMENT AND OTHER BUSINESS EXPENSES
(“REIMBURSABLE EXPENSES”), SUBJECT TO THE COMPANY’S REQUIREMENTS WITH RESPECT TO
REPORTING AND DOCUMENTATION OF EXPENSES.  IN ADDITION, THE COMPANY WILL
REIMBURSE THE EXECUTIVE, ON AN AFTER-TAX BASIS, FOR HIS REASONABLE EXPENSES
INCURRED IN TRAVELING BETWEEN BERMUDA AND THE UNITED STATES.”

 

2.               All other provisions of the Agreement shall remain in full
force and effect.  This amendment shall be governed by and construed in
accordance with the laws of Bermuda, without giving effect to principles of
conflict of laws, and may be executed in two counterparts, each of which shall
constitute one and the same instrument.

 

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
date and year first above written.

 

 

ARCH CAPITAL GROUP LTD.

 

 

 

 

 

By:

/s/ Constantine Iordanou

 

 

Printed Name:

Constantine Iordanou

 

 

Title:

President and Chief Executive Officer

 

 

 

 

 

 

/s/ John D. Vollaro

 

 

John D. Vollaro

 

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