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                                                                EXHIBIT 10.10(b)

                                FIRST AMENDMENT
                                       OF
                      HOUSEHOLD INTERNATIONAL NON-QUALIFIED
              DEFERRED COMPENSATION PLAN FOR STOCK OPTION EXERCISES

     WHEREAS, Household International, Inc. (the "Company") maintains the
Household International Non-Qualified Deferred Compensation Plan for Stock
Option Exercises (the "Plan"); and

     WHEREAS, amendment of the Plan is now considered desirable;

     NOW, THEREFORE, pursuant to the power reserved to the Compensation
Committee of the Company under Section 16 of the Plan and resolutions adopted by
the Board of Directors of the Company on November 12, 2002, the Plan is hereby
amended, effective as of March 28, 2003, in the following particulars:

     1. By adding the following new sentence at the end of Section 5 of the
Plan:

          "No deferral elections are permitted after March 28, 2003."

     2. By substituting the following for Section 7 of the Plan:

               "Section 7. Investment. Each deferred compensation account was
          credited with shares of Household stock on the date on which the
          Household stock option was exercised. The shares of Household stock
          have been changed to a right to receive HSBC Holdings plc ordinary
          shares and therefore Company Stock refers to either the Household
          stock or the HSBC ordinary shares as appropriate. No dividends have
          been or will be paid on such Company Stock. There is no guarantee a
          participant's deferred compensation account will increase in value;
          the account may decrease in value based on the performance of the
          Company Stock."

     3. By substituting the following three sentences for the third and fourth
sentences of Section 8 of the Plan:

          "All deferred amounts to be paid to a participant in stock pursuant to
          the Plan are to be paid in shares of Company Stock with the value of
          such shares being the fair market value of an equal number of shares
          of Company Stock on the date of payment. For purposes of the Plan, the
          "fair market value" shall be the closing price on the London Stock
          Exchange of a share of Company Stock for the trading date preceding
          the respective determination

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          date. A participant may choose to receive an equivalent number of HSBC
          American depositary shares instead of Company Stock and any fraction
          of a share of Company Stock will be paid in cash."

                                               HOUSEHOLD INTERNATIONAL, INC.

                                               By
                                                  ------------------------------
                                                  George A. Lorch
                                                  Chair, Compensation Committee
                                                  Dated: May 5, 2003

ATTEST:

------------------------
Kenneth H. Robin
Secretary

(CORPORATE SEAL)<PAGE>

                                                                EXHIBIT 10.11(b)

                                SECOND AMENDMENT
                                       OF
                      HOUSEHOLD INTERNATIONAL NON-QUALIFIED
             DEFERRED COMPENSATION PLAN FOR RESTRICTED STOCK RIGHTS

     WHEREAS, Household International, Inc. (the "Company") maintains the
Household International Non-Qualified Deferred Compensation Plan for Restricted
Stock Rights (the "Plan"); and

     WHEREAS, the Plan has been amended and further amendment of the Plan is now
considered desirable;

     NOW, THEREFORE, pursuant to the power reserved to the Compensation
Committee of the Company under Section 16 of the Plan and resolutions adopted by
the Board of Directors of the Company on November 12, 2002, the Plan is hereby
amended, effective as of March 28, 2003, in the following particulars:

     1. By adding the following new sentence at the end of Section 5 of the
Plan:

          "No deferral elections are permitted after March 28, 2003."

     2. By substituting the following for Sections 7 and 8 of the Plan:

               "Section 7. Investment. The deferred compensation account of each
          participant shall have both a Stock Component and a Treasury Fund
          Component. The Stock Component of each deferred compensation account
          was credited with shares of Household International, Inc. common stock
          on the date on which the Household Restricted Stock Rights otherwise
          would have vested. This investment in Household common stock was later
          changed to a right to receive HSBC Holdings plc ordinary shares (both
          the Household common stock and the HSBC ordinary shares being referred
          to herein as "Company Stock"). Unless the participant has made or
          makes an election otherwise as outlined below, during the deferral
          period the Treasury Fund Component of his deferred compensation
          account will be credited on each dividend payment date for the Company
          Stock with the aggregate cash dividend which would have been paid if
          the existing Company Stock deemed to be credited to the Stock
          Component of his deferred compensation account were actual shares of
          the Company Stock (the "Stock Dividend"). These Stock Dividends
          credited to the deferred compensation account will be deemed invested
          in the Treasury Fund which shall be credited with interest at

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          a rate equal to the United States five-year treasury rate plus HFC's
          borrowing spread over that rate on the first day of each calendar
          quarter with interest compounded quarterly. A participant was
          permitted to make an election prior to October 1, 2002 to receive in
          cash Stock Dividends attributable to shares of Company Stock deemed to
          be credited to the participant's deferred compensation account. Due to
          the change in the investment of Stock Dividends, a participant will
          now be given the opportunity to make an election prior to June 1, 2003
          to receive, in cash, Stock Dividends attributable to shares of Company
          Stock deemed to be credited to the participant's deferred compensation
          account pursuant to a deferral election made on or before March 28,
          2003 ("Prior Deferrals"). This new one-time election will apply only
          to Stock Dividends payable on or after January 1, 2004 with respect to
          such Prior Deferrals. Cash payments of any Stock Dividends will be
          disbursed with the regular payroll processed following each dividend
          payment date on the Company Stock, less the amount of any taxes
          required to be withheld by any federal, state or local government.
          There is no guarantee a participant's deferred compensation account
          will increase in value; the account may decrease in value based on the
          performance of Company Stock.

               "Section 8. Payment of Deferral. If a participant elected to
          defer any year's compensation under this Plan to a specific date other
          than his or her termination of employment, the value of such year's
          deferred compensation will be payable in stock with only a fraction of
          a share and the amounts invested in the Treasury Fund paid in cash on
          the date specified unless it is paid earlier due to termination of
          employment. The value of a participant's deferred compensation account
          will be payable in stock with only a fraction of a share and the
          amounts invested in the Treasury Fund paid in cash as soon as
          practicable following the end of the year in which a participant
          terminates employment unless an earlier date is specified by the
          participant in his deferral election. All deferred amounts to be paid
          to a participant in stock pursuant to the Plan are to be paid in
          shares of Company Stock with the value of such shares being the fair
          market value of an equal number of shares of Company Stock on the date
          of payment. For purposes of the Plan, the "fair market value" of one
          share of Company Stock shall be the closing price on the London Stock
          Exchange of a share of such stock for the trading date preceding the
          respective determination date. A participant may choose to receive an
          equivalent number of HSBC American depositary shares instead of
          Company Stock and any fraction of a share will be paid in cash.

               "In the event that the participant becomes totally disabled, the
          Committee, in its absolute discretion, may distribute all or a portion
          of the participant's deferred compensation account according to a
          revised payment schedule but, except for a fraction of a share and the
          amounts invested in the

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          Treasury Fund, distribution must still be paid in Company Stock or
          HSBC American depositary shares as selected by the participant."

                                               HOUSEHOLD INTERNATIONAL, INC.

                                               By
                                                  ------------------------------
                                                  George A. Lorch
                                                  Chair, Compensation Committee
                                                  Dated: May 5, 2003

ATTEST:

------------------------
Kenneth H. Robin
Secretary

(CORPORATE SEAL)<PAGE>

                                                                    Exhibit 10.5

                                 ADDENDUM TO THE
             CAPTIVE INSURANCE COMPANY MANAGEMENT SERVICES AGREEMENT
                                     BETWEEN
                     USA OFFSHORE MANAGEMENT, LTD. ("USAOM")
                                       AND
                AMERINST INSURANCE COMPANY, LTD. ("THE COMPANY")
                            EFFECTIVE: April 1, 2003

The AGREEMENT between MANAGER and COMPANY is amended as follows:

     (1)  MANAGER is now defined as USA RISK GROUP (BERMUDA) LTD., formerly
          known as USA OFFSHORE MANAGEMENT, LTD. due to MANAGER'S name change;

     (2)  It is hereby further agreed that the COMPANY will pay MANAGER a fee of
          $2,500 for the setup of reporting for the quota share for Professional
          Direct Insurance Company; and

     (3)  COMPANY will compensate MANAGER at a rate of $5,000 per annum for
          ongoing services for Professional Direct Insurance Company.

IN WITNESS WHEREOF, the parties have duly executed this Addendum this 1st day of
May, 2003.

                           By: /s/ Andrew Sargeant
                               ----------------------
                               USA RISK GROUP (BERMUDA) LTD.

                           By: /s/ Ronald S. Katch
                               ----------------------
                               AMERINST INSURANCE COMPANY, LTD.

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