EX-10.24 8 axs-20171231xexx1024.htm EXHIBIT 10.24
Addendum to Employment Contract
between
AXIS Re SE, Dublin, Zurich Branch
Brandschenkestrasse 90, 8002 Zurich
(her e inafter the "E mployer”)
and
Jan Ekberg
[Address]
(hereinafter the "Employee")
(collectively the "Parties")
* * * * *
The Partie s her e by conclude an A dd endum to the Empl oyme nt Contra c t, su bj ec t to th e fo ll owi n g te rm s and conditions and to the Sw i ss Code of Obligations:
1. Effective Date
This Cont r act Addendum s h a ll b e effective as of F ebr u ary 23, 2017 a nd for a temporary pe r iod of time la st ing as long as your interim ass i gn m e nt as C h ief Executive Officer of AX I S Re of AX I S Capita l H oldings Limited ("AXIS").
2. Compensat i on and Related Matter
As compe n satio n for hi s services, the Employee w ill be pro vided with the fo llo wing:

a) | Sa lar y

The Employee's annua l base s alary w ill r emain un c h anged.

b) | Bonus Plan

A year-end bonus will be paid at the full discretion of the Employer. The bonus target is USD 1'000'000, based on company performance and individual performance. In order to be eligible for the bonus, the Employee must be on payroll on the day bonuses are paid. The bonus payment constitutes a special payment as defined in Art. 322d CO. The Employee does not have a right to receive any such additional payment and any payment made cannot be taken as a precedent for future or further payments.

c) | Annual Equity Grant

Your annual equity target for the 2017 performance year will be valued at USD 1'000'000. Our long-term equity plan is discretionary and awards are based on company and individual performance.
3. Change in Job Title

The Employee is employed as Chief Executive Officer, AXIS Re of AXIS and will report directly to the Chief Executive Officer of the Parent, or any other individual as is mutually agreeable to you and the Employer.
All other terms and conditions of the Employment Contract will remain in force and unchanged.

Zurich | AXIS Re SE, Dublin, Zurich Branch
/s/ Jan Ekberg | /s/ Victoria Westerberg
Jan Ekberg | VP, Senior HR Business Partner