First Amendment to Employment Agreement



 EXHIBIT 10.16 
 FIRST AMENDMENT 
 TO EMPLOYMENT AGREEMENT 

This First Amendment (the “Amendment”) to the Employment Agreement, dated effective as of May 10, 2010 (the
“Agreement”), by and between Brad T. Irick (“Executive”) and HCC Insurance Holdings, Inc., a Delaware corporation (“HCC” or the “Company”), is made and
entered into as of December 28, 2011. Executive, the Company and HCC are sometimes collectively referred to herein as the “Parties” and individually as a “Party”. All capitalized terms, not
otherwise defined herein, shall have the meaning ascribed to such term in the Agreement. 
 RECITALS 

WHEREAS, the Parties set forth the terms and conditions of Executive’s employment with the Company in the Agreement; and 

WHEREAS, the Parties now desire to amend the Agreement to, among other things, (i) extend the term thereof and (ii) increase
the Base Salary due to Executive thereunder. 
 NOW, THEREFORE, in consideration of the foregoing, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Executive and Company hereby agree as follows: 
 AGREEMENT 
  

	1.	Effective as of January 1, 2012, Section 1 of the Agreement shall be deleted in its entirety and replaced with the following: 


1.        Term.  Effective as of the Effective Date, the Company hereby
employs Executive, and Executive hereby accepts such employment, on the terms and conditions set forth herein, for the period (the “Term”) commencing on the Effective Date and expiring at the earlier to occur of
(a) 11:59 p.m. on December 31, 2015 (the “Expiration Date”) or (b) the Termination Date (as hereinafter defined). If the Company continues to employ Executive after the Expiration Date, then Executive shall be
an employee-at-will, unless the parties agree in writing to an extension of this Agreement. 
  

	2.	Effective as of January 1, 2012, Section 3(a) of the Agreement shall be deleted in its entirety and replaced with the following: 


(a)        Base Salary.  Executive shall receive an initial base salary
paid by the Company of $425,000 per year for the period from the Effective Date through December 31, 2011; $550,000 per year for the period from January 1, 2012 through December 31, 2013; and $600,000 per year for the period from
January 1, 2014 through the end of the Term. At the sole discretion of HCC, the base salary may be increased. For purposes of this Agreement, “Base Salary” shall mean Executive’s initial base salary or, if
increased, then the increased base salary. The Base Salary shall be paid, subject to all applicable withholdings and deductions, in substantially equal semi-monthly installments. 

 

	3.	Effective as of January 1, 2012, Section 3(e) of the Agreement shall be deleted in its entirety and replaced with the following: 


(e)        Vacation.  Executive shall be entitled to twenty-five
(25) vacation days each year of full employment during the Term, exclusive of holidays, as long as the scheduling of Executive’s vacation does not interfere with the Company’s normal business operation. Vacation not used by Executive
during the calendar year will be forfeited. 

  
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For purposes of this Paragraph, weekends shall not count as Vacation days. Executive shall also be entitled to all paid holidays given by the Company. 

 

	4.	The provisions of Section 1 through 3 of this Amendment are hereby incorporated into and made part of the Agreement as if fully set forth therein.


  

	5.	Except as expressly provided herein, all other terms and conditions of the Agreement shall remain unchanged, and as expressly amended hereby, the Agreement is ratified
and confirmed in all respects and shall remain in full force and effect. 

  

	6.	This Amendment shall be governed by and construed in accordance with the laws of the State of Texas. 


[Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date set forth
below. 
  

					
	  
 EXECUTIVE:
	 	  
 COMPANY:

 
 HCC Insurance Holdings, Inc.

			
	 /s/ Brad T.
Irick                    
 Brad T. Irick
	 	By:	  	 /s/ John N. Molbeck,
Jr.                    
 John N.
Molbeck, Jr.
 Chief Executive Officer

	 Date:     December 28,
2011                                
	 	Date:	  	December 28,
2011