hems_feb09.htm


     

    

     

     

     

    
      ADDENDUM
TO CONTRACT OF EMPLOYMENT

      


      Between Flagstone Alliance
Insurance and Reinsurance PLC (f.k.a. Alliance International Reinsurance Public
Company Limited) of Lophitis Business Center, 28th October
Street, CY-3035, Limassol, Cyprus (hereinafter called the “Employer” or the
“Company”) of the one part

      


      And

      


      Khader Hemsi of Villa 42,
Sporadon Street 6, Armenochori, CY-4521 Limassol, Cyprus (hereinafter called the
“Chief Executive Officer” or “Khader Hemsi”) or the other part

      


      WHEREAS:  -

      


      
        
          
            
              
                	 
      	
                        A.

                      	
                        The
      Flagstone Group has completed its acquisition of 100% of the shares of
      Alliance International Reinsurance Public Company
  Limited

                      
	 	 	 
	 
      	
                        B.

                      	
                        The
      Chief Executive Officer and Alliance International Reinsurance Public
      Company Limited have entered into a contract of employment dated 30th
      June 2005 (hereinafter called the “Contract of Employment”) as amended on
      July 24, 2006, November 14, 2007 and August 12, 2008

                      
	 	 	 
	 
      	
                        C.

                      	
                        The
      Chief Executive Officer’s duties are extended to include the business of
      the Flagstone Group

                      
	 	 	 
	 
      	
                        D.

                      	
                        The
      parties hereto are desirous of defining the Chief Executive Officer’s
      duties with respect to the Company, their subsidiaries and affiliates in
      the manner herein below
stated.

                      


              

            

          

        

      

      


      NOW THIS
ADDENDUM TO THE CONTRACT OF EMPLOYMENT WITNESSETH as
follows:  -

      


      
        
          
            
              
                
                  
                    	 
      	
                            1.

                          	
                            The
      Contract of Employment is amended effective January 1,
  2009

                          
	 	 	 
	 
      	
                            2.

                          	
                            The
      Chief Executive Officer’s duties shall be extended to include those of
      Director of Flagstone Underwriters Middle East, Ltd.

                          
	 	 	 


                     

                     

                     

                     

                     

                     

                     

                     

                    Flagstone Reinsurance Holdings Limited

                    23 Church Street, Hamilton HM 11, Bermuda

                    Tel: +1-441-278-4300

                    Fax: +1-441-296-9879

                     

                    
                      
                        
                        

                      

                      
                        
                        

                        
                          

                        

                      

                      
                        
                        

                      

                    

                     

                     

                    
                      

                       

                       

                    

                     

                    	 
      	
                            3.

                          	
                            The
      Chief Executive Officer shall dedicate 30% of his efforts to the
      management of Flagstone Underwriters Middle East, Ltd. and shall not
      redeploy away from his duties in the Company.

                          
	 	 	 
	 
      	
                            4.

                          	
                            Paragraph
      6.  Salary is amended to read:  The Company shall pay
      to the Chief Executive Officer during the continuance of his employment
      hereunder a salary at the rate of EUR XXX,XXX per annum
    gross.

                          
	 	 	 
	 
      	
                            5.

                          	
                            A
      Director’s fee of EUR XXX,XXX shall be paid By Flagstone Underwriters
      Middle East, Ltd. to the Chief Executive Officer in consideration of his
      efforts on its behalf.

                          
	 	 	 
	 
      	
                            6.

                          	
                            All
      other terms of the Contract of Employment are to be and remain the
      same

                          


                  

                

              

            

          

        

      

      
 

       

       

       

       

       

       

       

       

       

      IN WITNESS whereof we have hereunto set our respective hands this
____ day of February 2009.

       

      
        	
                For
      and on behalf of

              	
                Chief
      Executive Officer

              
	
                Flagstone
      Underwriters Middle East, Ltd.

              	 
      
	
                Flagstone
      Alliance Insurance and Reinsurance PLC

              	 
      


      

      


      


      
        	
                 

                 

              	 
      	
                 

                 
      

              
	
                Mark
      J. Byrne, Chairman

              	 
      	
                Khader
      Hemsi

              


      

      


      


      


      
        	
                 

                 

              	 
      	
                 

                 
      

              
	
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