file9.htm


     

    EXHIBIT
10.26


     

    AMENDMENT
TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT

     

    This Amendment (this
“Amendment”)
to the Amended and Restated Employment Agreement dated December 30, 2008 between
Greenlight Capital Re, Ltd. (the “Company”),
Greenlight Reinsurance, Ltd. (together with the Company, the “Employer”),
and Tim Courtis (the “Executive”)
(the “Employment
Agreement”) is entered into this 18th day of
February 2009.  Capitalized terms used but not otherwise defined
herein shall have the meanings given them in the Employment
Agreement.

     

    RECITALS

     

    Whereas,
the Employer employs the Executive as its Chief Financial Officer pursuant to
the Employment Agreement; and

     

    Whereas,
the parties have determined it to be in their best interests to amend the
Employment Agreement to increase the Executive’s target Bonus opportunity
effective as of January 1, 2009.

     

    Now,
Therefore,
Be
It Resolved, that in consideration of the mutual premises, covenants and
agreements herein contained, the parties agree as
follows:

     

    Resolved,
effective as of January 1, 2009, the sixth sentence of Section 5(a) of the
Employment Agreement shall be amended to read as
follows:

     

    “Executive
shall be eligible to receive a discretionary Bonus, based on performance goals
established by the Board, with a target of 60% of Base Salary.”

     

    Further
Resolved, that except as otherwise expressly set forth in this Amendment,
all provisions, terms and conditions in the Employment Agreement remain
unmodified and in full force and effect, and the Employment Agreement is hereby
in all respects ratified and confirmed.

     

    Further
Resolved, that this Amendment, together with the Employment Agreement,
sets forth the entire agreement and understanding of the parties relating to the
subject matter herein.  No modification of or amendment to this
Amendment, nor any waiver of any rights under this Amendment, shall be effective
unless given in a writing signed by the party to be
charged.

     

    Further
Resolved, that this Amendment may be executed in duplicate counterparts,
each of which shall be deemed to be an original and all of which, taken
together, shall constitute one agreement.

    
      


    

    


    


    


    


    [signature
page follows]

    



    
      
        
                                                                       


        

         


      

      
         


        
          

        

      

      
         


      

    

     

     

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

    
      


    

    
      
 

    

    
      	
            	GREENLIGHT CAPITAL
      RE, LTD.	 
	 	 	 
	
               

            	By: /s/ Leonard
      Goldberg	 
	 	Name:  Leonard
      Goldberg	 
	 	Title:
      CEO and Director


    

     

     

     

    
      
        
          	 	GREENLIGHT
      REINSURANCE, LTD.	 
	 	 	 
	
                   

                	By: /s/ Leonard
      Goldberg	 
	 	Name:  Leonard
      Goldberg	 
	 	Title:  CEO
      and Director	 


        

         

      

      
      

       

      
        
          	 	
                  EXECUTIVE

                	 
	 	 	 
	 	/s/ Tim
      Courtis 	 
	 	Tim
Courtis