Document:

EXHIBIT
10.32

EMPLOYMENT AGREEMENT

AGREEMENT, dated as of
April 29, 2004, by and between eSpeed, Inc., a Delaware corporation,
with offices at 135 E. 57th Street, New York, New York 10022, together
with its successors and permitted assigns (collectively,
"eSpeed"), and Paul Saltzman, residing at 80
Sulgrave Road, Scarsdale, N.Y. 10583
("Employee").

eSpeed and
Employee desire to enter into an employment agreement
("Agreement"), on the terms and
conditions set forth below, to provide for the employment of Employee
for the term herein specified. In order to induce Employee to enter
into this Agreement, simultaneously herewith, Employee is entering into
an agreement with Cantor Fitzgerald L.P. ("Cantor
Fitzgerald") (such agreement, as it may be amended from
time to time, is referred to as the "CF
Agreement"). In consideration of the mutual agreements set
forth below and the agreements set forth in the CF Agreement, eSpeed
and Employee therefore agree:

Section 1.    Employment and
Term.

eSpeed hereby agrees to employ Employee, and Employee
hereby agrees to serve, on the terms and conditions set forth in this
Agreement, as the Chief Operating Officer and Executive Vice President
of eSpeed with the duties set forth in Section 2, for a term beginning
on or about May  24, 2004 (the "Start
Date") and ending December 31, 2006, unless earlier
terminated as specified in Section 4 below (the "Term of
Employment"). Nothing contained in this paragraph shall
limit eSpeed's right to terminate Employee under Section 4.

Section 2.    Duties.

Employee agrees that during
the Term of Employment, Employee will perform such duties and
assignments relating to the business of eSpeed and any entity whether
now existing or hereafter arising that directly or indirectly, through
one or more intermediaries, controls or is controlled by or under
common control with eSpeed (each such entity, an
"Affiliate"), as the CEO of eSpeed shall
direct that are generally incident to and commensurate with,
Employee's position as Chief Operating Officer and Executive Vice
President of eSpeed. Employee will report directly and exclusively to
the CEO of eSpeed. During the Term of Employment, Employee shall,
except during customary vacation periods and periods of illness, devote
all of Employee's business time, attention and energies to the
performance of Employee's duties and to the business and affairs
of eSpeed and its Affiliates and to promoting the best interests of
eSpeed and its Affiliates, and Employee shall not, either during or
outside of such normal business hours, directly or indirectly, engage
in any activity inimical to such best interests. eSpeed retains the
right to provide Employee with alternative work commensurate with the
work Employee may be asked to normally perform under this
Agreement.

Section 3.    Compensation During the Term of
Employment.

eSpeed shall pay to Employee compensation as
follows:

(a)    Employee shall receive an annual base salary
of $500,000 per annum, payable semi-monthly in accordance with
eSpeed's then current payroll practices.

(b)    Employee
shall be paid an annual bonus of $300,000 in each of 2004, 2005 and
2006. This bonus is payable on or about December 15 of each such fiscal
year in accordance with eSpeed's then current payroll practices,
provided, Employee has not given notice of resignation or been
terminated for Cause (as defined herein) on or before such payment
date, as the case may be. Subject to the foregoing, Employee's
bonus payment in 2004 shall be $300,000 (notwithstanding that Employee
has not been employed by eSpeed since the beginning of 2004).

(c)    Employee shall also receive, as soon as practical following
the execution of this Agreement by both parties, options to purchase
200,000 shares of Class A Common Stock of eSpeed in accordance with the
terms of the eSpeed, Inc. 1999 Long Term Incentive Plan and the Option
Agreement in the form attached hereto as Exhibit A (the
"Option Agreement"). Employee shall also

receive, as soon as practical following the
Start Date, a signing bonus of $50,000; provided, however, in the event
Employee has given notice of resignation or has been terminated for
Cause before December 31, 2006, Employee shall return this amount to
eSpeed.

(d)    Employee shall be entitled each year to
participate in such employee benefit plans and programs as eSpeed may
from time to time offer to employees of eSpeed as well as to all
employee benefit plans and programs provided to other Executive Vice
Presidents of eSpeed. Employee will also be entitled to a vacation or
vacations in accordance with the policies of eSpeed as determined by
the management of eSpeed from time to time, provided that Employee
shall receive no less vacation time than the other Executive Vice
Presidents of eSpeed. eSpeed shall not pay Employee any additional
compensation for any vacation time not used by Employee, other than as
required by law.

(e)    All compensation shall be subject to
applicable withholding and other applicable taxes. Employee further
agrees (i) that any sums then due and payable to eSpeed (or any of its
Affiliate) by Employee may be deducted from Employee's paychecks
(or any bonus checks) in amounts that are in accordance with applicable
law and (ii) that any sums then due and payable to American Express
under Employee's American Express Corporate Charge Card that are
90 days past due for payment and are not subject to payment or
reimbursement by eSpeed in accordance with Section  9 of this
Agreement may be deducted by eSpeed from Employee's paycheck (or
any bonus checks) in amounts that are in accordance with applicable law
and make payments to American Express on Employee's behalf and
(iii) that any sums then due and payable to American Express under
Employee's American Express Corporate Charge Card and are not
subject to payment or reimbursement by eSpeed in accordance with
Section  9 of this Agreement upon the termination of
Employee's employment (for whatever reason) may be deducted by
eSpeed from any outstanding paycheck in amounts that are in accordance
with applicable law and make payments to American Express on
Employee's behalf.

(f)    Employee agrees that any
travel and entertainment expense that is incurred by Employee in
violation of Section  9 of this Agreement may be offset against
Employee's bonus payment or salary at eSpeed's
discretion.

(g)    Except in the event of termination of this
Agreement by eSpeed without Cause, all compensation shall be earned and
payable only if Employee is employed by eSpeed or an Affiliate at the
time payment is made. Employee agrees that any compensation paid to
Employee subsequent to the termination of Employee's employment
with eSpeed shall only be paid upon execution by Employee of a general
unconditional release in favor of eSpeed in a form reasonably
satisfactory to eSpeed. Any such release will not release eSpeed from
any indemnification rights Employee may have under the Delaware General
Corporations Law or pursuant to the Certificate of Incorporation or
Bylaws of eSpeed, or its Affiliates, where applicable.

Section
4.    Termination.

(a)    During the Term of
Employment, eSpeed may terminate this Agreement with Employee for Cause
and notice of such termination shall be delivered to Employee. For the
purposes hereof, "Cause" means
Employee's (i) nonperformance or breach by Employee of any of the
provisions of Section 5 of this Agreement, and with respect to
provisions of this Agreement other than those contained in Section 5,
material nonperformance or material breach by Employee which is not
cured within 30 days after receipt by Employee of written notice
thereof from eSpeed, (ii) conviction of a felony under U.S. Federal,
state or local laws or any applicable foreign laws (including any pleas
of nolo contendere), (iii) serious misconduct in connection with
or affecting the business of eSpeed or any Affiliate which is not cured
within 30 days after receipt by Employee of written notice thereof from
eSpeed, (iv) serious neglect or gross negligence in performing
Employee's duties hereunder which is not cured within 30 days
after receipt by Employee of written notice thereof from eSpeed, (v)
failure to perform Employee's duties hereunder after delivery to
Employee by eSpeed or an entity owned or controlled by eSpeed of
written notice identifying the duties not being performed by Employee,
which failure may include the loss for a period of thirty (30) days
during any calendar year of any regulatory approvals or licenses
necessary to perform Employee's duties, and which failure is not
cured within 30 days after receipt by Employee of written notice
thereof from eSpeed, (vi)  violation by Employee or Employee
aiding and abetting any violation by another, as reasonably

2

determined by eSpeed, of any law, order, rule
or regulation pertaining to Employee, or eSpeed or its affiliates
including, among others, the rules, regulations and by laws of the
National Association of Securities Dealers and the New York Stock
Exchange, (vii) illegal drug use by Employee, or (viii)  request
for reimbursement of expenses not actually incurred by Employee and/or
not in accordance with Section 9 hereof, or knowingly assisting others
in such efforts.

(b)    If in eSpeed's judgment during
the Term of Employment, by reason of physical or mental disability,
Employee is incapable of performing the essential functions of his
position, with or without reasonable accommodation for a period of 60
out of 180 consecutive days, eSpeed at its option may thereafter
terminate this Agreement with Employee and notice of such termination
may be sent to Employee. If Employee shall die during the Term of
Employment, the Term of Employment shall automatically terminate; in
the event of such death, or if eSpeed terminates the Term of Employment
pursuant to this Section, eSpeed shall pay to Employee or to
Employee's legal representatives, or in accordance with a
direction given by Employee to eSpeed in writing, Employee's
compensation to the date on which such death or termination for
disability occurs.

(c)    In the event Employee is terminated
for Cause or because of disability, he will resign from any officer
and/or director positions with eSpeed and its Affiliates he may
hold.

		
	Section 5. 	Non-Competition;
Non-Disclosure;

Non-Solicitation;
Non-Disparagement

(a)    During the term of his
employment hereunder, Employee shall not, (i) directly or indirectly,
or by action in concert with others, solicit, induce, or influence, or
attempt to solicit, induce or influence, any other employee or
consultant of eSpeed or any Affiliate to engage in any Competing
Business (as hereinafter defined) or otherwise enter into a Competing
Business with any such person, (ii) solicit any of the customers of
eSpeed or any Affiliate (or any of their employees), induce such
customers or their employees to reduce their volume of business with,
terminate their relationship with or otherwise adversely affect their
relationship with, eSpeed or any Affiliate, (iii) do business with any
person who was a customer of eSpeed or any Affiliate during the
twelve-month period prior to the date of termination of
Employee's employment hereunder if such business would constitute
a Competing Business, (iv) directly or indirectly engage in, represent
in any way, or be connected with, any Competing Business, directly
competing with the business of eSpeed or of any Affiliate, whether such
engagement shall be an as officer, director, owner, employee, partner,
consultant, affiliate or other participant in any Competing Business or
(v) assist others in engaging in any Competing Business in the manner
described in the foregoing clause (iv). An activity shall be deemed to
be a "Competing Business" if it (i) involves
the conduct of the wholesale or institutional brokerage business,
(ii)  consists of marketing, manipulating or distributing
financial price information of a type supplied by eSpeed or any
Affiliate to information distribution services or (iii) competes with
any other business conducted by eSpeed or any Affiliate, or eSpeed or
such Affiliate took substantial steps in anticipation of commencing
such business. Notwithstanding any other provisions herein, nothing in
this Agreement shall prohibit Employee from acquiring or owning in
accordance with eSpeed's policies and procedures regarding
personal securities transactions, less than 1% of the
outstanding securities of any mutual fund or any class of any
corporation that are listed on a national securities exchange or traded
in the over-the-counter market or any partnership interests of Cantor
Fitzgerald, L.P.

(b)    Employee acknowledges that during the
Term of Employment he will have access to and become acquainted with
eSpeed's confidential records. Employee hereby covenants and
agrees that during the Term of Employment and thereafter, Employee
shall keep strictly confidential all nonpublic information which
Employee presently possesses or which Employee may obtain during the
course of Employee's employment or any consulting arrangement
with eSpeed with respect to its client information, trade secrets,
copyrights, patents, trademarks, service marks, source code, business
practices, finances, developments, affairs, records, data, formulae,
documents, intangible rights, other intellectual property and other
confidential information (collectively, "Confidential
Information") of eSpeed or any of its Affiliates, or
information about eSpeed or any Affiliate not generally known to the
public and not disclose the same, directly or indirectly, to any other
person, firm or corporation or utilize the same, except (i)  as
required by law, (ii)  to enforce his rights under this Agreement
or any 

3

other agreement with eSpeed or its Affiliates
or (iii)  solely in the course of performing his duties on behalf
of eSpeed and its Affiliates pursuant to this Agreement. All
Confidential Information relating to the business of eSpeed and its
Affiliates which Employee shall develop, conceive, produce, prepare,
use, construct or observe during the Term of Employment shall be and
remain the sole property of eSpeed or the relevant Affiliate. Employee
further agrees that upon the termination of Employee's employment
(irrespective of the time, manner or cause of termination), Employee
will surrender and deliver to eSpeed all written Confidential
Information in his possession or control, including but not limited to
work papers, memoranda, lists, books, records and data of every kind,
as well as any copies thereof, relating to or in connection with
eSpeed's and its Affiliates' Confidential Information and
business. It is understood and agreed that Employee may be required to
disclose Confidential Information pursuant to subpoena, other court
process, at the direction of governmental or self-regulatory agencies
(including the National Association of Securities Dealers, Inc. or the
Securities and Exchange Commission) or otherwise as required by
law.

(c)    During the Term of Employment and for a period of
three (3) years after the termination of his employment, for any reason
whatsoever, Employee shall not, alone, or with others, directly or
indirectly, solicit (other than, solely with respect to any period of
time after the Term of Employment, a general solicitation for
employment not targeted at employees of eSpeed or its Affiliates), hire
or retain for Employee's benefit or the benefit of any person or
organization other than eSpeed and its Affiliates, the employment or
other services of any individual employed by eSpeed or any Affiliate at
the time of such termination or within six months prior thereto.
Notwithstanding anything to the contrary contained herein, Employee
shall not be deemed to have violated this Section  5(c) if an
employee or former employee of eSpeed or its affiliates is solicited or
hired by any person or organization for which Employee is employed or
retained as a consultant or in which Employee owns stock or other
equity interests, so long as Employee was not involved, directly or
indirectly in any way whatsoever, in the solicitation, hiring or
retention of such employee or former employee.

(d)    Employee
recognizes that he is being placed in a position of trust and
confidence and as such will not during the Term of Employment or
thereafter defame, disparage (except to the extent necessary to enforce
his rights), libel or slander eSpeed or its Affiliates in any way, nor
will eSpeed or its Affiliates defame, disparage (except to the extent
necessary to enforce its rights, or any statements made pursuant to law
or regulation, including Regulation FD), libel or slander Employee, and
Employee will not during the Term of Employment or thereafter contact,
respond to any request from or in any way discuss, criticize, defame,
disparage, libel or slander eSpeed or its Affiliates, employees, agent
to the media (print, television, or otherwise, whether on or off the
record).

Section 6.    Other Employee
Obligations.

(a)    In order to retain and enhance
eSpeed's standing and integrity at the forefront of the business
community, the business conduct of Employee must be totally
professional and Employee must at all times observe appropriate
standards of politeness and courtesy in Employee's behavior both
with the public and with colleagues. Employee is required to well and
faithfully serve eSpeed and to the best of Employee's ability use
Employee's best endeavors at all times to promote the development
of eSpeed's business and reputation.

(b)    Employee
must maintain the highest standards of honesty and fair dealing in
Employee's work for eSpeed and any Affiliate. Great importance is
attached to the observance of eSpeed's policies and procedures as
expressed in any personnel or compliance manual (copies of which have
previously been provided to Employee), all Federal and State laws and
regulations (or if applicable, those of a foreign jurisdiction) and the
rules of the National Association of Securities Dealers, Inc. or any
other applicable self-regulatory organization. Material breach of any
of these obligations may be regarded as misconduct and may result in
dismissal for Cause pursuant to Section 4(a) of this Agreement.

(c)    If at any time during the term of his employment hereunder
Employee is, directly or indirectly, approached or solicited by a third
party, with a view to or with the intention of taking up employment or
entering into some other business relationship, whether directly or
indirectly, with that of any other party which is involved in a
business which is competitive with the current or then 

4

contemplated business of eSpeed or any
Affiliate, as known to Employee, Employee shall disclose that fact
immediately in writing to the CEO of eSpeed. Moreover, during the term
of his employment hereunder, Employee shall not, directly or
indirectly, solicit, encourage the solicitation of, or discuss
employment or entering into a business relationship, whether directly
or indirectly with a party which is involved in a business which is
competitive with the current or then contemplated business of eSpeed or
any Affiliate, as known to Employee.

(d)    During the term of
his employment hereunder, Employee shall not, without the written
consent of eSpeed, enter into an agreement, whether oral, written or
otherwise, with any person, firm or corporation providing for
Employee's future employment by such or any other person, firm or
corporation.

Section 7.    Injunctive Relief

The parties acknowledge that in the event of a breach or a
threatened breach by Employee of any of Employee's obligations
under this Agreement or by eSpeed of any of eSpeed's obligations
under Section 5(d) hereof, eSpeed and its Affiliates or Employee, as
the case may be, will not have an adequate remedy at law. Accordingly,
and notwithstanding Section  8 hereof, in the event of any such
breach or threatened breach by Employee, or eSpeed, as the case may be,
eSpeed and its Affiliates or Employee, as the case may be, shall be
entitled to specific performance of the applicable provisions of this
Agreement or such equitable and injunctive relief, without proof of
special damages or the posting of any bond or other security, as may be
available to restrain Employee or eSpeed and its Affiliates, as the
case may be, and any business, firm, partnership, individual,
corporation or entity participating in such breach or threatened breach
from the violation of the provisions hereof. eSpeed, its Affiliates and
Employee will be entitled to seek such relief, without the posting of
any bond or other security, in court pursuant to Section 7502(c) of the
New York Civil Practice Law and Rules, or any successor provision
thereto. Nothing herein shall be construed as prohibiting eSpeed or any
Affiliate or Employee from pursuing any other remedies available at law
or in equity for such breach or threatened breach in any dispute
submitted to arbitration under Section 8 hereof.

Section
8.    Arbitration.

Subject to the provisions of
Section 7, any disputes, differences or controversies arising under
this Agreement shall be settled and finally determined by arbitration
before three arbitrators in New York, New York, according to the rules
of the American Arbitration Association now in force and hereafter
adopted and the laws of the state of New York then in effect. The
arbitrators shall make their award in accordance with and based upon
all provisions of this Agreement and judgment upon any award rendered
by the arbitrators shall be entered in any court having jurisdiction
thereof. However, it is understood and agreed that the arbitrators are
not authorized or entitled to include as part of any award rendered by
them, special, exemplary or punitive damages or amounts in the nature
of special, exemplary or punitive damages regardless of the nature or
form of the claim or grievance that has been submitted to
arbitration.

It is expressly agreed that arbitration as provided
herein shall be the exclusive means for determination of all matters
arising in connection with this Agreement and neither party hereto
shall institute any action or proceeding in any court of law or equity
other than: (a) to request enforcement of the arbitrators award
hereunder; or (b) by eSpeed or Employee to bring an action or
proceeding seeking injunctive relief from a court of competent
jurisdiction as set forth in paragraph 7. The foregoing sentence shall
be a bona fide defense to any action or proceeding instituted contrary
to this Agreement.

Section 9.    Expense
Reimbursement.

Employee shall be entitled to be reimbursed
by eSpeed for all reasonable expenses and disbursements incurred by him
in the course of the performance of his duties hereunder, including
expenses for travel and entertainment, in accordance with eSpeed
policies and practices for Executive Vice Presidents, upon submission
of supporting documentation (it being understood and agreed that
Employee will be treated no less favorably than any other executive
officer of eSpeed).

5

		
	Section
10. 	Entire Agreement;
Enforceability;
Partial Invalidity, Attorneys' Fees.

This Agreement and the Option Agreement contain the entire agreement
of the parties with respect to the subject matter hereof and supersede
all prior agreements between the parties including the non-disclosure
agreement dated April 19, 2004, and no modification or waiver of any
provision hereof will be binding upon any party unless in writing and
signed by the parties hereto.

The invalidity or unenforceability
of any particular provision of this Agreement shall not affect the
other provisions and this Agreement shall be construed in all respects
as if such invalid or unenforceable provisions were omitted. In the
event that a court of competent jurisdiction shall determine that any
covenant set forth in this Agreement is impermissibly broad in scope,
duration or geographical area, or is in the nature of a penalty, then
the parties intend that such court should limit the scope, duration or
geographical area of such covenant to the extent, and only to the
extent, necessary to render such covenant reasonable and enforceable,
and enforce the covenant as so limited.

Employee and eSpeed
agree that if Employee brings an action, claim or proceeding against
eSpeed, any Affiliate, or any partner, stockholder, officer, director
or employee of any of them (each a "Party"),
or if any Party brings an action, claim or proceeding against Employee,
that relates to or implicates this Agreement, whether as to its
validity, efficacy or otherwise, the non-prevailing party shall pay the
reasonable attorney's fees of the prevailing party.

Section 11.    Miscellaneous.

This Agreement:

(a)    shall be binding upon and inure to the benefit of the
parties hereto and their respective successors, permitted assigns,
heirs, executors and administrators. No waiver or modification shall be
deemed to be a subsequent waiver or modification of the same or any
other term, covenant or condition in this Agreement;

(b)    may not be assigned, in whole or in part, by either party
hereto without the prior written consent of the other party (any
purported assignment hereof in violation of this provision being null
and void); however, it may be assigned without recourse, in whole or in
part by eSpeed to any creditworthy Affiliate or to any substantially
equivalent, creditworthy successor in interest of eSpeed or any
Affiliate by merger, consolidation, reorganization or otherwise, and
may be executed in various counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the
same instrument, and shall be governed by and construed in accordance
with the laws of the State of New York, without giving effect to the
principles of conflicts of laws thereof. Employee hereby waives
personal service of process, and irrevocably submits to service of
process by mail; and

(c)    shall be effective only when
executed both by eSpeed and Employee and upon such shall be binding and
enforceable; the Agreement in unsigned form does not become an offer of
any kind and does not become capable of acceptance until executed by
Employee, and at such time, the Agreement is capable of acceptance by
signature by an official at eSpeed; and

(d)    may be executed
in one or more counterparts, all of which together shall constitute but
one Agreement.

Section 12.    Notices.

All
notices pursuant to this Agreement shall be in writing, shall either be
delivered by hand or mailed by certified or registered mail, return
receipt requested, postage prepaid to the address set forth above or to
such other address as may be designated for such purpose in written
notice and shall be effective upon receipt when delivered by hand or on
the third business day after the day on which mailed. Any notice to
eSpeed hereunder will similarly be sent to:

Stephen Merkel, Esq.
 Executive Vice President
and
 General Counsel
ESpeed, Inc.
135 East 57th
Street
 New York, New York 10022
 (212) 829-4829

6

Any notice to Employee hereunder will
similarly be sent to:

Kenneth A. Lefkowitz,
Esq.
 Hughes Hubbard & Reed LLP
 1 Battery Park Plaza

New York, New York 10004
 (212) 422-4726

Section
13.    No Conflicts.

Employee represents and warrants
that Employee is not in default under, or in breach of, any agreement
requiring Employee to preserve the confidentiality of any information,
client lists, trade secrets or other confidential information or
agreements not to compete or interfere with any prior employer
including, but not limited to, any employment agreement; and neither
the execution and delivery of this agreement nor the performance by
Employee of Employee's obligations hereunder will conflict with,
result in a breach of, or constitute a default under, any
confidentiality or non-competition agreement or any employment
agreement to which Employee is a party or to which Employee may be
subject.

eSpeed represents and warrants to Employee that this
Agreement has been duly authorized by the Compensation Committee of the
Board of Directors of eSpeed.

Section 14.    Legal Fee
Reimbursement.

eSpeed shall reimburse Employee for up to
$15,000 of reasonable legal fees and expenses incurred by him in
connection with the negotiation of this Agreement and related matters
after receipt by eSpeed of an invoice with respect thereto.

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

							
	WITNESS		eSPEED,
INC.
	 		 
	______________________________
Name:		By:  /S/
Howard Lutnick  

Name: Howard W. Lutnick
Name:
Title: Chairman,
CEO
	 		 
	WITNESS		 
	 		 
	______________________________ 		    /S/
Paul Saltzman  

Paul
Saltzman
	Name:		 
	

7<PAGE>

                                                                    Exhibit 10.1

                                AMENDMENT TO THE
                   REINSURANCE GROUP OF AMERICA, INCORPORATED
                               FLEXIBLE STOCK PLAN

                 AS AMENDED AND RESTATED EFFECTIVE JULY 1, 1998

      WHEREAS, Reinsurance Group of America, Incorporated (the "Company")
established the Reinsurance Group of America, Incorporated Flexible Stock Plan
(the "Plan") to enhance the ability of the Company to reward and provide stock
based incentives to its key employees; and

      WHEREAS, the Company's shareholders previously approved the Plan and
amendments thereto; and

      WHEREAS, on January 28, 2004, the Board of Directors of the Company
approved an amendment to the Plan, subject to shareholder approval, to eliminate
the provision for a 5% annual increase in the number of Shares allocated to the
Plan.

      NOW, THEREFORE, the Company hereby amends the Plan as follows:

      1. Effective upon the date of approval of this amendment by the Company's
shareholders, Section 3.1 of the Plan is amended in its entirety to read as
follows:

            3.1 Number of Shares. The number of Shares which may be issued or
      sold or for which Options, SARs or Performance Shares may be granted under
      the Plan shall be 6,260,077 Shares. Such Shares may be authorized but
      unissued Shares, Shares held in the treasury, or both.

      2. Capitalized terms used herein shall have the same meanings ascribed to
them in the Plan.

      IN WITNESS WHEREOF, Reinsurance Group of America, Incorporated hereby
adopts the foregoing amendment this 26th day of May, 2004.

                                    REINSURANCE GROUP OF AMERICA,
                                      INCORPORATED

                                    /S/ A. Greig Woodring
                                    -------------------------------------------
                                    A. Greig Woodring
                                    President and Chief Executive Officer

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