Document:

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
Courtisfile10.htm

     

    EXHIBIT
10.27

    AMENDMENT
TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT

     

    This Amendment (this
“Amendment”)
to the Amended and Restated Employment Agreement dated December 30, 2008 between
Greenlight Reinsurance, Ltd. (the “Company”)
and Barton Hedges (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 Company employs the Executive as its President and Chief Underwriting
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 Base Salary 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 first sentence of Section 5(a) of the
Employment Agreement shall be amended to read as
follows:

     

    “During
the Employment Period, the Company shall pay Executive a base salary at the rate
of not less than US $500,000 per year (“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
      REINSURANCE, LTD.	 
	 	 	 
	 	
                
                  By: /s/
      Leonard Goldberg  

                

              	 
	 	Name:  Leonard
      Goldberg	 
	 	
                Title:  CEO
      and Director

              	 

      

       

       

    

    
       

    

    
       

      
      

       

      
        	 	EXECUTIVE	 
	 	 	 
	 	/s/ Barton
      Hedges	 
	 	
                Barton
      Hedgesfile8.htm

     

    EXHIBIT
10.28

     

    

      AMENDMENT
NO. 1 (this “Amendment”),
dated as of February 20, 2009, to that certain Agreement (the “Agreement”),
dated as of January 1, 2008, is made by and among GREENLIGHT REINSURANCE, LTD.,
GREENLIGHT CAPITAL RE, LTD. (for limited purposes) and DME ADVISORS,
LP.

       

      A.  The
parties are party to the Agreement.

       

      B.  The
parties hereto now wish to amend the Agreement as provided herein.

       

      In
consideration of the premises and the mutual covenants and the agreements herein
set forth, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to
be legally bound, hereby agree as follows:

       

      1.  Capitalized
Terms.  Capitalized terms used but not otherwise defined herein
will have the meanings given to them in the Agreement.

       

      2.  Amendment
to Agreement.  Pursuant to Section 8.1 of the Agreement, the
parties hereto agree that the definition of “Carryforward Account” in Article I
shall be amended and restated in its entirety to read as follows:

       

      ““Carryforward
Account” means a memorandum account to be recorded by DME in the books
and records of the venture with respect to each Participant that has an initial
balance of zero and that is adjusted as follows:

       

      
        	
                 
      

              	
                As
      of the first day after the close of each Performance Period for such
      Participant (prior to giving effect to the Performance Allocation, if
      any), the balance of the Carryforward Account (a) is increased by the
      amount, if any, equal to two and one half times such Participant’s
      Negative Performance Change for such Performance Period and (b) is reduced
      (but not below zero) by the amount, if any, of such Participant’s Positive
      Performance Change for such Performance
Period.”

              

      

       

      3.  Agreement
in Full Force and Effect.  The parties hereto agree that except
as amended pursuant to this Amendment, the Agreement remains in full force and
effect.

       

      4.  Entire
Agreement.  This Amendment contains the entire agreement of the
parties with respect to the subject matter hereof and no representations,
inducements, promises or agreements, oral or otherwise, between the parties not
embodied herein shall be of no force or effect.

       

      5.  Governing
Law.  This Amendment shall be governed by, and construed and
enforced in accordance with, the laws of New York without regard to the conflict
of laws principles thereof.

       

      6.  Counterparts.  This
Amendment may be executed in one or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      In
witness whereof, the undersigned, intending to be legally bound hereby, have
duly executed this Amendment as of the day first above written.

       

      GREENLIGHT REINSURANCE,
LTD.

      Address
for Notices:

      802 West
Bay Road

      The Grand
Pavilion

      Grand
Cayman, KY
1-1205                                                                           By:
/s/ Tim
Courtis                                           

      Attention:  Tim
Courtis                                                                                Name:  Tim
Courtis

      Chief Financial
Officer                                                                                 
Title:  Chief Financial Officer

      Facsimile
No.:  345-745-4576

       

       

       

      GREENLIGHT CAPITAL RE,
LTD.

      Address
for Notices:

      802 West
Bay Road

      The Grand
Pavilion

      Grand
Cayman, KY
1-1205                                                                           By
/s/ Leonard
Goldberg                               

      Attention:  Leonard
Goldberg                                                                    Name:  Leonard
Goldberg

      Chief Executive
Officer                                                                               
Title:  Chief Executive Officer

      Facsimile
No.:  345-745-4576

       

       

       

       DME ADVISORS,
LP

      Address
for
Notices:                                                                                    By:
DME Advisors GP, LLC, its general partner

      140 East
45th
Street, 24th
Floor

      New York,
New York 10017

      Attention:  Harry
Brandler

      Facsimile
No.:  212-973-9219                                                                       By:
/s Harry
Brandler                                    

                                      Name:  Harry
Brandler

       Title:  Chief
Financial Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00153-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00153-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00153-of-00352.parquet"}]]