On September 2, 2019, Greenlight Capital Re, Ltd. (the “Registrant”) and Greenlight Reinsurance, Ltd. (“Greenlight Re,” together with the Registrant, the “Employer”), a wholly owned subsidiary of the Registrant, entered into a second amendment to the employment agreement with Laura Accurso, the General Counsel and Corporate Secretary of the Employer (the “Accurso Amendment”). The Accurso Amendment amends Ms. Accurso’s existing employment agreement dated October 1, 2017, as amended February 18, 2019, among the Registrant, Greenlight Re and Ms. Accurso (the “Accurso Employment Agreement”).

to the Accurso Amendment, Ms. Accurso’s cash severance payment upon a termination by the Employer without Cause or by Ms. Accurso for Good Reason has been increased to one hundred percent (50%) of the sum of Ms. Accurso’s Base Salary and Target Bonus (assuming targets have been achieved), payable over twelve (12) months in substantially equal installments. Except as specifically amended by the Accurso Amendment, the Accurso Employment Agreement shall remain in full force.

Also on September 2, 2019, Greenlight Reinsurance Ireland, DAC (“GRIL”), a wholly owned subsidiary of the Registrant, entered into an amendment to the employment agreement with Patrick O’Brien, the Chief Executive Officer of GRIL (the “O’Brien Amendment,” together with the Accurso Amendment, the “Amendments”). The O’Brien Amendment amends Mr. O’Brien’s existing employment agreement dated February 16, 2018, between GRIL and Mr. O’Brien (the “O’Brien Employment Agreement”).

to the O’Brien Amendment, Mr. O’Brien’s cash Severance Payment upon a termination by GRIL without Cause or by Mr. O’Brien for Good Reason has been increased to one hundred percent (50%) of the sum of Mr. O’Brien’s Base Salary and Target Bonus (assuming targets have been achieved), payable over twelve (12) months in substantially equal installments. Except as specifically amended by the O’Brien Amendment, the O’Brien Employment Agreement shall remain in full force.

All capitalized terms used but not defined herein are as defined in the Accurso Employment Agreement or the O’Brien Employment Agreement, as applicable.

The foregoing summary of the Amendments does not purport to be complete and is qualified in its entirety by reference to the Amendments. A copy of each of the Amendments is attached hereto as Exhibit 10.1 and 10.2 and are incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

GREENLIGHT CAPITAL RE, LTD. Exhibit
EX-10.1 2 ex101employmentagreementam.htm EXHIBIT 10.1 ACCURSO AMENDMENT Exhibit Exhibit 10.1EXECUTION VERSIONSECOND AMENDMENT TO EMPLOYMENT AGREEMENTThis SECOND AMENDMENT TO THE EMPLOYMENT AGREEMENT (this “Second Amendment”),…
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About GREENLIGHT CAPITAL RE, LTD. (NASDAQ:GLRE)

Greenlight Capital Re, Ltd. is a property and casualty reinsurance holding company. The Company operates through property and casualty reinsurance segment. Its underwriting operations are classified into two categories: frequency business, which is characterized as contracts containing a number of small losses emanating from multiple events, and severity business, which is characterized as contracts with the potential for losses emanating from one event or multiple events. The Company’s property line of insurance provides protection for aviation, commercial, energy, motor physical damage and personal. It offers casualty insurance products for general, marine, motor and professional liabilities. The Company’s specialty insurance products are offered for financial, health and worker’s compensation. Its subsidiaries include Greenlight Reinsurance, Ltd, (Greenlight Re), Greenlight Reinsurance Ireland, Ltd. (GRIL) and Verdant Holding Company, Ltd. (Verdant).