Document:

Exhibit 10.1

                         CONSULTING SERVICES AGREEMENT

     CONSULTING SERVICES AGREEMENT, made and entered into as of the 28th day of
May, 2003 by and among PXRE GROUP LTD., a Bermuda company (together with its
successors and assigns permitted under this Consulting Services Agreement, the
"Company"), and GERALD L. RADKE (the "Consultant").

                             W I T N E S S E T H:

     WHEREAS, the Consultant currently is the Chairman of the Board of
Directors (the "Board"), the Chief Executive Officer and an employee of the
Company; and

     WHEREAS, the Company and the Consultant desire to have the Consultant
cease to serve as the Chief Executive Officer and an employee of the Company,
continue to serve as the non-executive Chairman of the Board, commence service
as a consultant to the Company and, in such capacity, serve as the Chairman of
the Underwriting Committees of the Company's operating subsidiaries; and

     WHEREAS, the Company desires to enter into a consulting services
agreement to set forth the terms of such services (this "Agreement"); and

     WHEREAS, the Consultant desires to enter into this Agreement and to
perform such services, subject to the terms and provisions of this Agreement.

     NOW, THEREFORE, in consideration of the premises and mutual covenants
contained herein and for other good and valuable consideration, the receipt of
which is mutually acknowledged, the Company and the Consultant (individually a
"Party" and together the "Parties") agree as follows:

     1. CONSULTING SERVICES AND DUTIES

          1.1. General. The Company hereby accepts the resignation and
retirement of the Consultant as Chief Executive Officer and an employee of the
Company and hereby agrees to retain the services of the Consultant as a
consultant, and the Consultant hereby agrees to serve the Company as a
consultant and, in such capacity and for so long as requested or directed by
the Company's Board of Directors, as non-executive Chairman of the Board and
Chairman of each of the Underwriting Committees of the Company's operating
subsidiaries, commencing as of June 30, 2003 (the "Effective Date") upon the
terms and subject to the conditions herein contained. The Consultant agrees to
serve the Company faithfully and to the best of his ability under the
direction of the Board, and to perform such services as are reasonably
requested, such services to include, but not be limited to, the following: (i)
Acting as Chairman of the Underwriting Committees of the Company's reinsurance
subsidiaries; (ii) Active involvement in

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the design and maintenance of the Company's underwriting and risk selection
processes and procedures; (iii) Attendance in Bermuda at a substantial portion
of all subsidiary underwriting committee meetings during the peak January 1,
April 1 and July 1 renewal periods; and (iv) Advising senior management on
strategic policy matters.

          Except as may otherwise be approved in advance by the Board, and
except during reasonable periods of absence due to sickness, personal injury
or other disability, the Consultant shall devote such amount of his working
time throughout his period of consulting services with the Company as may
reasonably be required of him under this Agreement. The Consultant shall use
his best efforts, judgment and energy to improve and advance the business,
reputation and interests of the Company in a manner consistent with the duties
of his positions.

          1.2. Term of Consulting Services. The Consultant's services under
this Agreement shall commence as of the Effective Date and shall terminate on
the earlier of June 30, 2005 and the date of termination of the Consultant's
consulting services pursuant to Section 4 or 5 hereof. The period commencing
on the Effective Date and terminating 24 months thereafter is referred to as
the "24 Month Term", and the period commencing on the Effective Date and
terminating as contemplated by the immediately preceding sentence is
hereinafter referred to as the "Consulting Services Term".

          1.3. Chairmanship of the Board. During the Consulting Services Term,
the Company shall cause the Consultant to continue to be nominated for
membership on, and the Chairmanship of, the Board, and shall use its best
efforts to ensure that the Consultant continues to be elected to such
position; provided, however, the Consultant shall serve as non-executive
Chairman of the Board at the pleasure of and in the discretion of the Board.
The Consultant hereby agrees that at such time as the Consultant, for whatever
reason, ceases to provide consulting services hereunder, the Consultant shall
be deemed immediately to have tendered his resignation as non-executive
Chairman of the Board, and the Board to have accepted such resignation;
provided, however, such resignation shall not affect the obligation of the
Company to pay to the Consultant the full amount that would be owed to the
Consultant under the provisions of Section 2 of this Agreement.

     2. COMPENSATION

          2.1. Chairmanship Fee. From the Effective Date through the end of
the 24 Month Term, the Consultant shall be entitled to receive a fee for his
services as Chairman of the Board ("Chairmanship Fee") at a rate of US$50,000
per annum, payable in accordance with the Company's Board payment practices.

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          2.2. Initial and Base Consulting Fees. On the Effective Date the
Consultant shall be entitled to receive, and the Company shall pay to the
Consultant, an initial consulting fee of $260,000. From the Effective Date
through the end of the Consulting Services Term, the Consultant shall be
entitled to receive, and the Company shall pay to the Consultant, a base
consulting fee for his services as a consultant ("Base Consulting Fee") at a
rate of US$200,000 per annum, payable in each calendar year in 12 equal
monthly installments commencing July 1, 2003.

          2.3. Annual Incentive Bonus Plan. Pursuant to, and subject to the
terms of, the Company's Restated Employee Annual Incentive Bonus Plan (the
"Bonus Plan"), the Consultant will be entitled to receive 6/12ths of the Cash
and Restricted Share Bonuses (as defined and calculated under the Bonus Plan)
payable to the Chief Executive Officer under the Bonus Plan with respect to
the 2003 fiscal year, provided that, as a result of the Consultant's
retirement, the Restricted Share Bonus, if any, shall be payable in cash
rather than Restricted Shares (the "Plan Bonus"). In accordance with, and
subject to the terms of, the Bonus Plan, any bonuses payable thereunder shall
be paid to the Consultant no later than February 15, 2004. In addition, the
Company (in recognition that the Consultant's retirement at the Effective Date
disqualifies him from continued participation in the Bonus Plan after the
Effective Date) agrees to pay to the Consultant an amount equal to any Plan
Bonus that may be payable to the Consultant pursuant to the first sentence of
this Section 2.3 which additional amount shall also be payable to the
Consultant no later than February 15, 2004.

          2.4. Meeting Fees. From the Effective Date through the Termination
Date, the Consultant shall be entitled to receive all applicable fees
(currently $2,000 per day) for attending meetings of the Board and committees
thereof ("Meeting Fees" and, together with the Consultant's Chairmanship Fee,
Initial Consulting Fee and Base Consulting Fee, "Service Fees"), payable in
accordance with the Company's Board compensation practices.

          2.5. Equity Grants. Subject to the provisions of Section 4.2, the
Consultant shall receive a grant of 12,500 restricted shares of the Company
Common Shares, which shares shall vest and become transferable on the second
anniversary of the Effective Date; provided, however, in the event of a Change
of Control of the Company (as hereinafter defined), all such restricted shares
shall thereupon immediately vest and be transferable.

          2.6. Severance Plan. The Consultant will not be eligible to
participate in the Company's Amended and Restated Severance Plan.

          2.7. Purchase of Shares. On the Effective Date, the Consultant shall
tender 50,000 Common Shares of the Company owned by the Consultant to the
Company, and agrees with the Company that all such Common Shares shall be
purchased by the Company from the Consultant at a price per Common Share equal
to the Fair Market Value thereof. The 50,000 Common Shares to be tendered by
the Consultant for purchase by the Company are described in Appendix A hereto.
The "Fair Market Value" per Common Share to be paid by the Company to the
Consultant shall be equal to the closing price of the Company's Common Shares
as quoted on the New York Stock Exchange on the Effective Date. The Consultant
hereby directs and

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agrees that the proceeds of the sale of his Common Shares to the Company as
herein described shall be assigned to the Company's subsidiary, PXRE
Reinsurance Company, to satisfy or offset, as the case may be, various tax
withholding obligations of PXRE Reinsurance Company incurred in connection
with the Consultant's retirement.

     3. BENEFITS AND EXPENSE REIMBURSEMENTS

          3.1. In General. During the Consulting Services Term, the Consultant
and his dependents shall not be eligible to receive benefits under the
Company's health, medical, life, disability or other similar plans or benefits
which shall be established by the Company from time to time for, or made
available to, its employees.

          3.2. Expenses, Etc.. During the Consulting Services Term, the
Consultant is authorized to incur reasonable business expenses in carrying out
his duties and responsibilities under this Agreement, and the Company shall
reimburse him for all such reasonable business expenses reasonably incurred in
connection with carrying out the business of the Company, subject to and in
accordance with the terms and conditions of the policies applicable to senior
executives of the Company regarding such expenses as in effect from time to
time. In addition, the Company shall continue to provide the Consultant with
the non-exclusive use of the "Tucker Estate" house in Bermuda as well as, on a
non-exclusive basis, two cars, one for use on Bermuda, the other for use in
the U.S.; provided, however, in the case of neither the house nor the cars
shall the house or cars, as the case may be, be any more costly to the Company
to maintain than has previously been the case (ordinary cost increases
excepted).

     4. TERMINATION OF CONSULTING SERVICES

          4.1. Termination Without Cause; Resignation for Good Reason.

               4.1.1. General. Subject to the provisions of Sections 4.1.2 and
4.1.3, if the Consultant's consulting services are terminated by the Company
without Cause (as defined in Section 4.3), or if the Consultant terminates his
consulting services hereunder for Good Reason (as defined in Section 4.4), the
Company shall pay the Consultant severance pay in an amount equal to the
balance of all Service Fees which would otherwise be payable to the Consultant
under the terms of the Agreement assuming that the Consulting Services Term
were equal in duration to the 24 Month Term. Such severance pay shall be
payable at such intervals as the same would have been paid had the Consultant
remained in the active service of the Company for the balance of the 24 Month
Term (the "Severance Period"); provided, however, if the Consultant terminates
his consulting services hereunder pursuant to Section 4.4(c), then such
severance pay shall be immediately due and payable by the Company to the
Consultant. The Consultant shall have no further right to receive any other
compensation or benefits after such termination or resignation of consulting
services.

               4.1.2. Conditions Applicable to the Severance Period. If,
during the Severance Period, the Consultant breaches his obligations under
Section 6 of this Agreement, the

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Company may terminate the Severance Period and cease to make any further
payments or provide any benefits described in Section 4.1.1.

               4.1.3. Death During Severance Period. In the event of the
Consultant's death during the Severance Period, all remaining severance pay
due to the Consultant under Section 4.1.1 shall be payable immediately to the
Consultant's designated beneficiary.

               4.1.4. Date of Termination. The date of termination of
consulting services without Cause shall be the date specified in a written
notice of termination to the Consultant. The date of resignation for Good
Reason shall be the date specified in the written notice of resignation from
the Consultant to the Company; provided, however, that no such written notice
shall be effective unless the cure period specified in Section 4.4 has expired
without the Company having corrected the event or events subject to cure;
provided further, each of the Company and the Consultant agrees and confirms
that no cure period shall be applicable to a termination for Good Reason
pursuant to Section 4.4(c). If no date of resignation is specified in the
written notice from the Consultant to the Company, the date of termination
shall be the first day following the expiration of such cure period.

          4.2. Termination for Cause; Resignation Without Good Reason.

               4.2.1. General. If, prior to the expiration of the Consulting
Services Term, the Consultant's consulting services are terminated by the
Company for Cause, or the Consultant resigns from his consulting services
hereunder other than for Good Reason, the Consultant shall be entitled only to
payment of his Service Fees as then in effect through and including the date
of termination or resignation. The Consultant shall have no further right to
receive any other severance, compensation or benefits after such termination
or resignation of consulting services, except as determined in accordance with
the terms of the employee benefit plans or programs of the Company.

               4.2.2. Date of Termination. Subject to the proviso to Section
4.3, the date of termination for Cause shall be the date specified in a
written notice of termination to the Consultant. The date of resignation
without Good Reason shall be the date specified in the written notice of
resignation from the Consultant to the Company, or if no date is specified
therein, 10 business days after receipt by the Company of written notice of
resignation from the Consultant.

          4.3. Cause. Termination for "Cause" shall mean termination of the
Consultant's consulting services because of: (a) any willful act or omission
that constitutes a material breach by the Consultant of any of his obligations
under this Agreement; (b) the willful and continued failure or refusal of the
Consultant to substantially perform the material duties required of him as
director of, and consultant to, the Company; (c) any willful material
violation by the Consultant of any law or regulation applicable to the
business of the Company or any of its subsidiaries or affiliates, or the
Consultant's conviction of or plea of guilty or nolo contendere to a felony or
a crime involving moral turpitude, or any willful perpetration by the
Consultant of a common law fraud; or (d) any other willful misconduct by the
Consultant that is injurious to

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the financial condition or business reputation of, or is otherwise materially
injurious to, the Company or any of its subsidiaries or affiliates; provided,
however, that if any such Cause relates to the Consultant's obligations under
this Agreement and is susceptible to cure, the Company shall not terminate the
Consultant's consulting services hereunder unless the Company first gives the
Consultant notice of its intention to terminate and of the grounds for such
termination, and the Consultant has not, within 10 business days following
receipt of the notice, cured such Cause. For purposes of this Section 4.3, an
"affiliate" of a person or other entity shall mean a person or other entity
that directly or indirectly controls, is controlled by, or is under common
control with, the person or entity specified.

          4.4. Good Reason. For purposes of this Agreement, "Good Reason"
shall mean any of the following (occurring without the Consultant's prior
consent): (a) a decrease in the Consultant's Service Fees, or a failure by the
Company to pay material compensation due and payable to the Consultant in
connection with his consulting services; (b) the failure of the Company to
nominate the Consultant for membership on, or the Chairmanship of, the Board,
or the failure of the Company to use its best efforts to ensure that the
Consultant continues to be elected to such positions, or (c) a Change of
Control of the Company is effected where, for purposes of this Agreement, the
term "Change of Control" shall have the meaning provided to such term in
Section 4.2(c) of the Company's 2002 Officer Incentive Plan, which definition
is incorporated herein by reference.

          4.5. General Release by Consultant. Notwithstanding any provision of
this Agreement to the contrary, the Consultant acknowledges and agrees that
the obligation of the Company to pay any compensation and benefits under this
Section 4 is expressly conditioned upon the Consultant's timely execution of
and agreement to be bound by a general release of any and all claims (other
than claims for compensation and benefits payable under this Section 4)
arising out of or relating to the Consultant's consulting services and
termination of consulting services. Such general release shall be made in a
form reasonably satisfactory to the Company and shall run to the Company, its
affiliates, and their respective officers, directors, employees, agents,
successors and assigns.

     5. DEATH OR DISABILITY

          In the event of termination of the Consultant's consulting services
by reason of death or Permanent Disability (as hereinafter defined), the
Consultant (or his estate, as applicable) shall be entitled to Service Fees
and benefits determined under Sections 2 and 3 through the date of termination
which, in the event of the Consultant's death, shall become immediately due
and payable in full to the Consultant's Estate. Other benefits shall be
determined in accordance with the benefit plans maintained by the Company, and
the Company shall have no further obligation hereunder. For purposes of this
Agreement, "Permanent Disability" means a physical or mental disability or
infirmity of the Consultant that prevents the normal performance of
substantially all his duties as a director of, or consultant to, the Company,
which disability or infirmity shall exist, or in the option of an independent
physician is reasonably likely to exist, for any continuous period of 180
days.

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     6. CONFIDENTIALITY

          6.1. Confidentiality. The Consultant agrees that during the
Consulting Services Term and thereafter he will not, except in the performance
of his obligations to the Company hereunder or as may otherwise be approved in
advance by the Board, directly or indirectly, disclose or use (except for the
direct benefit of the Company) any confidential information that he may learn
or has leaned by reason of his association with the Company, any client or any
of their respective subsidiaries and affiliates. The term "confidential
information" includes all data, analyses, reports, interpretations, forecasts,
documents and information concerning or otherwise reflecting information and
concerning the Company and its affairs, including, without limitation, with
respect to clients, products, policies, procedures, methodologies, trade
secrets and other intellectual property, systems, personnel, confidential
reports, technical information, financial information, business transactions,
business plans, prospects or opportunities, but shall exclude any portion of
such information that (a) was acquired by the Consultant prior to his
consulting services by, or other association with, the Company, (b) is or
becomes generally available to the public or is generally known in the
industry or industries in which the Company operates, in each case other than
as a result of disclosure by the Consultant in violation of this Section 6.1
or (c) the Consultant is required to disclose under any applicable laws,
regulations or directives of any government agency, tribunal or authority
having jurisdiction in the matter or under subpoena or other process of law.

          6.2. Exclusive Property. The Consultant confirms that all
confidential information with respect to the Company is and shall remain the
exclusive property of the Company. All business records, papers and documents
kept or made by the Consultant relating to the business of the Company shall
be and remain the property of the Company, except for such papers customarily
deemed to be the personal copies of the Consultant.

          6.3. Injunctive Relief. Without intending to limit the remedies
available to the Company, the Consultant acknowledges that a breach of any of
the covenants contained in this Section 6 may result in material and
irreparable injury to the Company and its affiliates and subsidiaries for
which there is no adequate remedy at law, that it will not be possible to
measure damages for such injuries precisely and that, in the event of such a
breach or threat thereof, the Company shall be entitled to seek a temporary
restraining order or a preliminary or permanent injunction restraining the
Consultant from engaging in activities prohibited by this Section 6 or such
other relief as may be required specifically to enforce any of the covenants
in this Section 6. If for any reason it is held that the restrictions under
this Section 6 are not reasonable or that consideration therefor is
inadequate, such restrictions shall be interpreted or modified to include as
much of the duration and scope identified in this Section 6 as will render
such restrictions valid and enforceable.

     7. PROHIBITED ACTIVITY

          7.1. The Consultant covenants and agrees that during the Consulting
Services Term he shall not at any time, without the prior written consent of
the Company, directly or indirectly, whether for his own account or as a
shareholder (other than as permitted by Section

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7.3 below), partner, joint venturer, employee, consultant, lender, advisor,
and/or agent, of any person, firm, corporation, or other entity:

               7.1.1. engage in activities or businesses that are
substantially in competition with the Company or any of its affiliates (in
each case for the purposes of this Section 7, the term "Company" shall be
deemed to include any successor entity to the Company) ("Competitive
Activities"), including (A) the provision of reinsurance products and
services, including without limitation property catastrophe reinsurance and
retrocessional coverage, except that if any activities or businesses were not
engaged in by the Company during the period of time that the Consultant was
employed by the Company and are not engaged in by the Company at the time the
Consultant's consulting services to the Company are terminated (collectively
"Permitted Activities"), the Consultant may engage in any Permitted Activities
notwithstanding anything contained in this Agreement, (B) soliciting any
customer or prospective customer of the Company or any of its affiliates to
purchase any products or services of the type provided by the Company or any
of such affiliates, as applicable, from anyone other than the Company or any
of such affiliates, as applicable, and (C) assisting any person or entity in
any way to do, or attempt to do, anything prohibited by clause (A) or (B)
above;

               7.1.2. perform any action, activity or course of conduct that
is substantially detrimental to the business of the Company or any of its
affiliates (other than engaging in Permitted Activities) or business
reputation of the Company or any of its affiliates; or

               7.1.3. establish any new business that engages in Competitive
Activities.

          7.2. The Consultant also covenants and agrees that during the
Consulting Services Term he shall not at any time, without the prior written
consent of the Company, directly or indirectly, whether for his own account or
as a shareholder (other than as permitted by Section 7.3 below), partner,
joint venturer, employee, consultant, lender, advisor, and/or agent, of any
person, firm, corporation, or other entity, solicit, recruit or hire any
persons who are then (or who were during the immediately preceding three
months) employees of the Company or any of its affiliates, or solicit or
encourage any employee of the Company or any of its affiliates to leave the
employment of the Company or any of such affiliates, as applicable.

          7.3. Notwithstanding anything to the contrary contained in this
Section 7, the Company hereby agrees that the foregoing covenant shall not be
deemed breached by the Consultant as a result of the ownership by such
Consultant of less than an aggregate of 3% of any class of securities of an
entity engaged, directly or indirectly, in Competitive Activities; provided
that such securities are listed on a national securities exchange or are
quoted on the NASDAQ National Market System.

          7.4. The Consultant declares that the foregoing limitations are
reasonable and properly required for the adequate protection of the business
and the goodwill of the Company. In the event any such time limitation is
deemed to be unreasonable by any court of competent

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jurisdiction, the Consultant agrees to the reduction of such time limitation
to such period which such court shall deem reasonable.

          7.5. Injunctive Relief. Without intending to limit the remedies
available to the Company, the Consultant acknowledges that a breach of any of
the covenants contained in this Section 7 may result in material and
irreparable injury to the Company and its affiliates and subsidiaries for
which there is no adequate remedy at law, that it will not be possible to
measure damages for such injuries precisely and that, in the event of such a
breach or threat thereof, the Company shall be entitled to seek a temporary
restraining order or a preliminary or permanent injunction restraining the
Consultant from engaging in activities prohibited by this Section 7 or such
other relief as may be required specifically to enforce any of the covenants
in this Section 7. If for any reason it is held that the restrictions under
this Section 7 are not reasonable or that consideration therefor is
inadequate, such restrictions shall be interpreted or modified to include as
much of the duration and scope identified in this Section 7 as will render
such restrictions valid and enforceable.

     8. MITIGATION

          Consultant shall not be required to mitigate the amount of any
payment provided for pursuant to this Agreement by seeking other consulting
services or employment, and shall not be required to mitigate the amount of
any such payment if he does obtain other consulting services or employment.

     9. REPRESENTATION

          The Company represents and warrants that it is fully authorized and
empowered to enter into this Agreement and that the performance of its
obligations under this Agreement will not violate any agreement between it and
any other person, firm or organization. The Consultant represents and warrants
that no agreement exists between him and any other person, firm or
organization that would be violated by the performance of his obligations
under this Agreement.

     10. SEVERABILITY

          Each provision of this Agreement shall be interpreted in such manner
as to be effective and valid under applicable law, but if any provision of
this Agreement is held to be prohibited by or invalid under applicable law,
such provision will be ineffective only to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the
remaining provisions of this Agreement.

     11. ASSIGNABILITY

          The Company's rights and obligations under this Agreement shall not
be assignable by the Company except as incident to a reorganization, merger or
consolidation, or transfer of all or substantially all the Company's business
and properties (or portion thereof in

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which the Consultant is employed). The Company, subject to the rights of the
Consultant under the provisions of Section 4.4, shall require any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise)
to all or substantially all the business of the Company to expressly assume
and agree to perform this Agreement in the same manner and to the same extent
that the Company would be required to perform it if no such succession had
taken place. Neither this Agreement nor any rights hereunder shall be
assignable or otherwise subject to hypothecation by the Consultant.

     12. ENTIRE AGREEMENT

          This Agreement contains the entire understanding and agreement
between the Parties concerning the subject matter hereof and, subject to the
occurrence of the Effective Date, supersedes all prior agreements,
understandings, discussions, negotiations and undertakings, whether written or
oral, between the Parties with respect thereto.

     13. WITHHOLDING

          The payment of any amount pursuant to this Agreement shall be
subject to applicable withholding and taxes, and such other deductions as may
be required under the Company's employee benefit plans, if any.

     14. GOVERNING LAW/JURISDICTION

          This Agreement shall be governed by, and construed in accordance
with, the laws of Bermuda without regard to any conflict of law rules that
might apply the laws of any other jurisdiction.

     15. AMENDMENT OR WAIVER

          No provision in this Agreement may be amended unless such amendment
is agreed to in writing and signed by the Consultant and an officer of the
Company specifically authorized to execute such amendment by the Board. No
waiver by any Party of any breach by another Party of any condition or
provision contained in this Agreement to be performed by such other Party
shall be deemed a waiver of a similar or dissimilar condition or provision at
the same or any prior or subsequent time. Any waiver must be in writing and
signed by the Consultant and an officer of the Company specifically authorized
to execute such waiver by the Board.

     16. SURVIVORSHIP

          The respective rights and obligations of the Parties hereunder shall
survive any termination of the Consultant's consulting services to the extent
necessary to the intended preservation of such rights and obligations.

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     17. BENEFICIARIES/REFERENCES

          The Consultant shall be entitled, to the extent permitted under any
applicable law and under the terms of any applicable plan or program, to
select and change a beneficiary or beneficiaries to receive any compensation
or benefit payable hereunder following the Consultant's death by giving the
Company written notice thereof. In the event of the Consultant's death or a
judicial determination of his incompetence, reference in this Agreement to the
Consultant shall be deemed, where appropriate, to refer to his beneficiary,
estate or other legal representative.

     18. NOTICES

          All notices or communications hereunder shall be in writing,
addressed as follows:

          If to the Company:

          PXRE Group Ltd.
          26 Victoria Street
          Hamilton HM 12
          Bermuda
          Fax:  441-296-6162
          Attn: Chief Executive Officer

          If to the Consultant:

          Gerald L. Radke
          c/o PXRE Group Ltd.
          26 Victoria Street
          Hamilton HM 12
          Bermuda
          Fax:  441-296-6162

          All such notices shall be conclusively deemed to be received and
shall be effective, (a) if sent by hand delivery or courier service, upon
receipt, (b) if sent by telecopy or facsimile transmission, upon confirmation
of receipt by the sender of such transmission or (c) if sent by registered or
certified mail, on the fifth day after the day on which such notice is mailed.

     19. HEADINGS

          The headings of the sections contained in this Agreement are for
convenience only and shall not be deemed to control or affect the meaning or
construction of any provision of this Agreement.

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     20. COUNTERPARTS

          This Agreement may be executed in two or more counterparts.

          IN WITNESS WHEREOF, the undersigned have executed this Agreement as
of the date first written above.

                                     PXRE GROUP LTD.

                                     By:  /s/ John Modin
                                          ----------------------------------
                                          Name:   John Modin
                                          Title:  Senior Vice President and
                                                  Chief Financial Officer

                                     THE CONSULTANT

                                     /s/ Gerald L. Radke
                                     ---------------------------------------
                                     Gerald L. Radke

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                                                                    Appendix A

LOT                                          NUMBER OF
----                                         ---------
                                              SHARES
                                              ------
Certificate PR1880                          10,000
Certificate PR1881                          10,000
Certificate PR1882                          10,000
1/6/1997                                     2,958
7/7/1997                                       346
10/7/1997                                       23
1/2/1998                                     3,266
1/5/1998                                        25
2/13/1998                                      510
4/6/1998                                        23
7/6/1998                                        28
10/7/1998                                       28
1/6/1999                                        33
1/22/1999                                    3,157
2/12/1999                                    1,246
2/13/1999                                      489
3/5/2001                                     1,163
3/5/2001                                     4,095
3/5/2001                                     1,418
3/18/2001                                      456
2/8/2002                                       736
                          TOTAL             50,000Exhibit 10.3

 
Exhibit 10.3

 
Sales Plan 
 
Sales Plan, dated as of May 29, 2003 (the “Sales
Plan”), between Richard Kay (“Seller”) and Goldman, Sachs & Co. (“Broker”). 
 
WHEREAS, the Seller desires to establish the Sales Plan to sell shares of common stock, par value $0.0001 per share (the
“Stock”), of Legato Systems, Inc. (the “Issuer”) in accordance with the requirements of Rule 10b5-1 as further set forth herein; 
 
NOW, THEREFORE, the Seller and Broker hereby agree as follows: 
 
1.    Broker shall effect one or more sales (each a “Sale”) of shares of Stock (the
“Shares”) as further set forth in the attached Annex A to the Sales Plan. 
 
2.    This Sales Plan shall become effective as of the date hereof and shall terminate on the earlier of (i) June 11, 2004, (ii) the date all Shares have been sold in accordance with this Plan or
(iii) the death of the Seller. 
 
3.    Seller
understands that Broker may effect Sales hereunder jointly with orders for other sellers of Stock of the Issuer and that the average price for executions resulting from bunched orders will be assigned to Seller’s account. All orders will be
deemed day orders only and not held unless otherwise specified in Annex A. 
 
4.    Seller represents and warrants that, as of the date first set forth above, Seller is not aware of material, nonpublic information with respect to the Issuer or any securities of the Issuer (including the
Stock) and is entering into this Sales Plan in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b5-1. 
 
5.    It is the intent of the parties that this Sales Plan comply with the requirements of Rule 10b5-1(c)(1)(i)(B) under the Exchange
Act and this Sales Plan shall be interpreted to comply with the requirements of Rule 10b5-1(c). 
 
6.    Seller represents that the Shares were acquired in a transaction to which Rule 145 under the Securities Act of 1933, as amended, applies. The Sales of the Shares pursuant to
the Sales Plan shall be effected pursuant to Rule 145(d)(1), provided that Broker may assume that Sales effected hereunder are the only sales for Seller’s account which must be aggregated for purposes of compliance with Rule 144(e), and Seller
shall not take, and shall not cause any person or entity with which he or she would be required to aggregate sales of Stock pursuant to paragraph (a)(2) or (e) of Rule 144 to take, any action that would cause the Sales not to comply with Rule 145
and Rule 144(e). 
 
7.    Seller represents and
warrants that Seller is currently permitted to sell Stock in accordance with the Issuer’s insider trading policies and has obtained the approval of the Issuer to enter into this Sales Plan and that, other than any Rule 145 requirements set
forth herein, there are no contractual, regulatory, or other restrictions applicable to the Sales contemplated under this Sales Plan that would interfere with Broker’s ability to 

execute Sales and effect delivery and settlement of such Sales on behalf of Seller, other than
restrictions with respect to which the Seller has obtained all required consents, approvals and waivers. Seller shall notify Broker immediately in the event that any of the above statements become inaccurate prior to the termination of this Sales
Plan. 
 
8.    Seller shall make all filings,
if any, required under Sections 13(d) and 16 of the Exchange Act. 
 
9.    Seller understands that Broker may not be able to effect a Sale due to a market disruption or a legal, regulatory or contractual restriction applicable to the Broker or any other event or circumstance (a
“Blackout”). Seller also understands that even in the absence of a Blackout, Broker may be unable to effect Sales consistent with ordinary principles of best execution due to insufficient volume of trading, failure of the Stock to reach
and sustain a limit order price, or other market factors in effect on the date of a Sale set forth in Annex A (“Unfilled Sales”). 
 
Broker agrees that if Issuer enters into a transaction that results, in Issuer’s good faith determination, in the imposition of trading restrictions
on the Seller and on all directors and senior executive officers of the Issuer, such as a stock offering requiring a lock-up of all such persons (“Issuer Restriction”), and if Issuer and Seller shall provide Broker at least three (3)
days’ prior written notice signed by Issuer and Seller and confirmed by telephone of such trading restrictions (Attn: Restricted Stock Desk, c/o Control Room; Fax No. (212) 902-0943; Tel: (212) 902-1511), then Broker will cease effecting Sales
under this Plan until notified in writing by Issuer and Seller that such restrictions have terminated. Broker shall resume effecting Sales in accordance with this Plan as soon as practicable after the cessation or termination of a Blackout or Issuer
Restriction. Any Unfilled Sales, and any Sales that would have been executed in accordance with the terms of Annex A but are not executed due to the existence of a Blackout or Issuer Restriction, shall be deemed to be cancelled and shall not be
effected pursuant to this Sales Plan. 
 
10.    This Sales Plan shall be governed by and construed in accordance with the laws of the State of Delaware and may be modified or amended only by a writing signed by the parties hereto (and, if required by
Broker, upon the acknowledgement in writing by the Issuer if at such time Seller is a person covered by section 16(a) of the Securities Exchange Act of 1934, as amended, with respect to the Issuer or is otherwise then subject to the Issuer’s
insider trading policies) or terminated upon delivery by Seller of written notice to Broker of such termination in the form attached hereto as Annex B, and provided that any such modification, termination or amendment shall only be permitted at a
time when the Seller is otherwise permitted to effect sales under the Issuer’s trading policies and at a time when the Seller is not aware of material nonpublic information concerning the Issuer or its securities. In the event of a modification
or amendment to this Sales Plan, or in the event Seller establishes a new plan after termination of the Sales Plan, no sales shall be effected during the thirty days immediately following such modification, amendment or termination (other than Sales
already provided for in the Sales Plan prior to modification, amendment or termination). 
 

2 

 
11.    Broker shall have the right to require, as a condition to Broker’s consent to any modification, termination or amendment under paragraph 10, that Seller shall (i) exculpate Broker from any action taken
or omitted to be taken by Broker and (ii) indemnify Broker against any losses, damages, liabilities or expenses incurred by Broker, in each case for actions or losses in connection with or arising out of this Sales Plan and any amended or subsequent
sales plan. 
 
12.    This Sales Plan may be
executed in one or more counterparts (whether delivered by facsimile or otherwise), all of which shall constitute one and the same instrument. 
 
[SIGNATURE PAGE FOLLOWS] 
 

3 

 
IN WITNESS
WHEREOF, the undersigned have signed this Sales Plan as of the date first written above. 
 

	 	 	 Goldman, Sachs & Co.

	
	 /s/    Richard A. Kay

	 	 By:
	 	 /s/    Michael
Dweck        

	 Richard A. Kay
	 	 Name:
 Title:
	 	 Michael Dweck
 Managing Director

 
Annex
A 
Richard A. Kay 
Legato Systems, Inc. 
 
Broker shall sell up to a maximum of 2,500,000 Shares under this Sales Plan pursuant to the following limit orders: 
 

	

	 Date
	  	 Shares to be sold*
	  	 $ Limit**
	    	 Cost Basis
	    	 Purchase Date
	    	 Nature of Acquisition

	

	
	 Each Trading Day commencing June 16,
2003 through and including June 11, 2004
	  	 [***]
	  	 [***]
	    	 	    	 	    	 
	

	
	 Each Trading Day commencing June 16, 2003 through and
including June 11, 2004
	  	 [***]
	  	 [***]
	    	 	    	 	    	 
	

	
	 Each Trading Day commencing June 16, 2003 through and
including June 11, 2004
	  	 [***] 
	  	 [***] 
	    	 	    	 	    	 
	

 

	*	 	Share amounts and limit prices listed shall be increased or decreased to reflect stock splits, stock dividends, recapitalizations and the like, should they occur

	**	 	Any Sale executed at a time when more than one limit order is in effect shall be allocated to the highest such limit order. 

 
Commissions: 
 
If the average per share price of Broker’s daily executions hereunder is
less than $8.00, then Seller shall pay a per share commission of $0.06. If the average per share price of Broker’s daily executions hereunder is $8.00 or greater, then Seller shall pay a per share commission of $0.08. Such commissions comply
with the requirements of Rule 144(g)(1). 
 
[SIGNATURE PAGE FOLLOWS] 
 

	[***]	 	Means that certain confidential information has been deleted from this document and filed separately with the Securities and Exchange Commission.

 
IN WITNESS
WHEREOF, the undersigned have signed this Annex A to the Sales Plan of Richard A. Kay as of the date of such Sales Plan. 
 

	 	 	 Goldman, Sachs & Co.

	
	 /s/    Richard A. Kay

	 	 By:
	 	 /s/    Michael
Dweck        

	 Richard A. Kay
	 	 Name:
 Title:
	 	 Michael Dweck
 Managing Director

 
ANNEX B

 
FORM OF TERMINATION NOTICE

 
Termination Notice, dated as of ___________,
200    , of the Sales Plan, dated __________, _____ (the “Sales Plan”), between ____________ (“Seller”) and Goldman, Sachs & Co. (“Broker”). 
 
WHEREAS, Seller and Broker have previously entered into the
Sales Plan; 
 
WHEREAS, Seller desires to
terminate the Sales Plan in accordance with the terms thereof as hereinafter provided; and 
 
WHEREAS, all capitalized and undefined terms have the meanings assigned to them in the Sales Plan; 
 
NOW THEREFORE, the Seller hereby notifies Broker as follows: 
 
1.    Any Sales set forth under Annex A to the Sales Plan that have not been executed
shall be cancelled as promptly as practicable but in no event later than three days following the date of delivery of this Termination Notice to Broker in accordance with the notice provisions set forth under paragraph 9 of the Sales Plan. The last
day on which Sales are executed shall be the “Termination Date”. 
 
2.    Seller represents and warrants that Seller is not aware of material, nonpublic information with respect to the Issuer or any securities of the Issuer (including the Stock) and
is providing this Termination Notice in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b5-1. 
 
3.    Seller agrees that Broker shall not have any liability whatsoever to the Seller for any action previously or
hereafter taken or omitted to be taken in connection with the Sales Plan or this Termination Notice or the making of any Sale thereunder, or for any sales of any securities of the Issuer that may be effected by Seller following the Termination Date,
unless such liability is determined in a non-appealable order of a court 

 
of competent jurisdiction to
be solely the result of Broker’s bad faith or gross negligence. Seller further agrees to hold Broker free and harmless from any and all losses, damages, liabilities or expenses (including reasonable attorneys’ fees and costs) incurred or
sustained by Broker in connection with or arising out of any suit, action or proceeding relating to the Sales Plan or this Termination Notice or any other sales of shares of any securities of the Issuer that may be effected by Seller following the
Termination Date (each an “Action”) and to reimburse Broker for its expenses, as they are incurred, in connection with any Action, unless such loss, damage, liability or expense is determined in a non-appealable order of a court of
competent jurisdiction to be solely the result of Broker’s bad faith or gross negligence. 
 
4.    This Termination shall be governed by and construed in accordance with the laws of the State of New York. 
 
IN WITNESS WHEREOF, the undersigned have signed this Termination Notice as of the date first written above.

 
__________________________________ 
[Name of Seller] : 
 
________________________________________

(Goldman, Sachs & Co.)

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