Exhibit 10(x)
Amendment to Employment Agreement of ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
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THIS AMENDMENT ("Amendment"), dated as of January 1, 1997,
amends the Employment Agreement, dated as of October 31, 1995 (the
"Agreement"), between Orion Capital Corporation, a Delaware corporation
(the "Company"), and ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ("Executive");
W I T N E S S E T H:
The Agreement is amended as set forth below.
1. Paragraph 6(b)(v) of the Agreement is amended in its entirety
to read as follows:
"(v) pursuant to an election by the Company or by Executive under
Section 6(a)(v) during the twelve month period following the month
in which a change in the effective voting control of the Company
shall have occurred, Executive (or his successors, representatives
or beneficiaries if Executive shall die or become incapacitated)
shall be entitled to receive his base salary (at the level in
effect on the giving of notice pursuant to Section 6(a)(v) for the
greater of (1) the remaining portion of the unexpired Term or (3)
three years after the date of such termination. In addition,
Executive shall be entitled to receive a pro rata portion of such
bonus which would be payable to Executive, in respect of the year
in which notice shall have been given, if Executive had achieved
target performance for Executive's salary grade, as applied to
Executive's base salary on the date of the giving of notice by the
Company or Executive, as the case may be, plus such other
benefits, if any, as may be provided to him or his successors,
representatives or beneficiaries under the terms of benefit,
incentive, option, stock award and other programs of the Company
in which he may be or have been a participant.
IN WITNESS WHEREOF, the parties have executed this Amendment
as of the date hereinabove set forth.
ORION CAPITAL CORPORATION
By:
/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Senior Vice President
EXECUTIVE
/s/ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
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▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
Chairman and Chief Executive Officer
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