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 18 th day of February 2009. Capitalized terms used but not otherwise defined
herein shall have the meanings given them in the Employment Agreement.
WHEREAS , the Employer employs the Executive as its Chief Financial Officer pursuant to the Employment
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.