On March 28, 2017, Enstar Group Limited (the “Company”) entered into an employment agreement (the “Agreement”) with Dominic F. Silvester, the Company’s Chief Executive Officer. The Agreement replaces Mr. Silvester’s existing employment agreement.

The Agreement has a three-year term beginning on April 6, 2017. As compensation for his services, Mr. Silvester will (1) receive an annual base salary of £1,848,090, (2) be eligible for incentive compensation under the Company’s incentive compensation programs and (3) be entitled to certain employee benefits, including the payment of an annual amount equal to 10% of his base salary each year in lieu of a retirement benefit contribution. Any incentive-based compensation or award that Mr. Silvester receives from the Company is subject to clawback by the Company as required by applicable law, government regulation, stock exchange listing requirement or the Company’s Clawback Policy.

The Agreement also provides that if Mr. Silvester’s employment is terminated during the term of the Agreement by the Company without “cause” or by Mr. Silvester for “good reason,” including if such termination occurs within one year of a change in control, Mr. Silvester would be entitled to: (1) a lump sum amount equal to three times his annual base salary; (2) continued medical benefits for him and his spouse and dependents for three years; (3) immediate vesting of each outstanding equity incentive award granted to him before April 6, 2020; and (4) the bonus that he would have received in respect of the year of his termination had he been employed by the Company for the full year, based on the Company’s achievement of the performance goals established in accordance with any incentive plan in which he participates.

Under the terms of the Agreement, Mr. Silvester agrees not to compete with the Company for the term of the Agreement and, if his employment with the Company is terminated for “cause” or by Mr. Silvester without “good reason” before the end of the three-year term, for a period of 18 months after his termination of employment.

The foregoing description is qualified in its entirety by reference to the complete text of the Agreement, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

Exhibits

Refer to the Exhibit Index attached hereto, which is incorporated herein by reference.

About Enstar Group Limited (NASDAQ:ESGR)

Enstar Group Limited is an insurance group that offers capital release solutions and specialty underwriting capabilities through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia and other international locations. The Company’s segments include Non-Life Run-Off, Atrium, StarStone, and Life and Annuities. The Non-life Run-off segment comprises the operations of its subsidiaries that are running off their property and casualty and other non-life lines of business. The Atrium segment underwrites specialist marine, energy, aerospace, non-marine and liability classes. The StarStone segment offers a range of property, casualty and specialty insurance products. The Life and Annuities Segment consists of the operations managing the Company’s closed-block of life and annuity business, and its life settlements business.

Enstar Group Limited (NASDAQ:ESGR) Recent Trading Information

Enstar Group Limited (NASDAQ:ESGR) closed its last trading session up +1.20 at 191.30 with 33,374 shares trading hands.