EX-10.55



 





Exhibit 10.55




NYMAGIC, INC.

2004 AMENDED AND RESTATED LONG-TERM INCENTIVE PLAN

AWARD AGREEMENT




     THIS
AGREEMENT, made as of this 9th day of January, 2007 by and between NYMAGIC, INC. (the
“Company”), having its principal place of business in 919 Third Avenue, 10th Floor, New
York, NY 10022



     and



     A. George Kallop (the “Grantee”), the President and Chief Executive Officer of the Company.



WITNESSETH THAT:




     WHEREAS, the Grantee is now employed by the Company (the “Company” when used herein with
reference to employment of the Grantee, shall include any Affiliate of the Company as defined in
the Plan) as President and Chief Executive Officer pursuant to an Employment Agreement (the
“Employment Agreement”) between the Grantee and the Company entered into on April 17, 2006, and
amended effective January 1, 2007;



     WHEREAS, the Company has adopted the NYMAGIC, INC. 2004 Amended and Restated Long-Term
Incentive (the “Plan”) under which the Company may grant to key employees awards of Restricted
Shares as defined in the Plan, providing the Grantee with shares of common stock, par value $1 per
share, of the Company (the “Shares”) subject to restrictions set forth in the Plan and in this
Award Agreement; and



     WHEREAS, the Company desires to grant to the Grantee an award of Restricted Shares pursuant to
the resolution of the Board of Directors of the Company adopted on December 6, 2006;



     NOW THEREFORE, in consideration of the covenants and agreements herein contained and intending
to be legally bound, the parties hereto hereby agree with each other as follows:



     1. Grant. Subject to the terms and conditions set forth herein and to the terms of
the Plan, and in order to provide an incentive for the Grantee, as a key employee, to work for the
long-range success of the Company, the Company hereby awards to the Grantee 8,000 Restricted
Shares, subject to adjustment as provided in the Plan.



     2. Vesting. The Shares underlying the Restricted Shares awarded to the Grantee under
this Award Agreement shall vest on December 31, 2007 if the Grantee is, and has been, since the
date of this Agreement employed by the Company on that date. If the Grantee’s employment with the
Company terminates prior to December 31, 2007, the Shares underlying the Restricted Shares awarded
to the Grantee under this Award Agreement shall be forfeited unless otherwise provided in
accordance with the terms of the Employment Agreement.



     3. Issuance. The Shares underlying the Restricted Shares subject to this Award
Agreement will be issued in accordance with the terms of the Plan.












 





     4. Binding Effect. Except as otherwise provided in this Award Agreement or in
the Plan, every covenant, term, and provision of this Award Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors, transferees, and
assigns.



     5. No Additional Rights. In no event shall the award of the Restricted Shares
hereunder or the acceptance of this Award Agreement by the Grantee give or be deemed to give the
Grantee any right to continued retention as an independent contractor, service provider, or
employee by the Company or any affiliate of the Company.



     6. Severability. If any part or parts of this Award Agreement or the Plan shall be
held illegal or unenforceable by any court or administrative body of competent jurisdiction, such
determination shall not affect the remaining provisions of this Award Agreement or the Plan which
shall remain in full force and effect.



     7. Governing Law. This Award Agreement shall be governed by and construed in
accordance with the laws of the state of New York, without regard to the conflicts of law
principles thereof.



     8. Counterparts. This Award Agreement may be executed in one or more counterparts,
each of which shall be deemed an original and all of which together shall be considered one and the
same agreement. 



     9. Taxes. By signing this Award Agreement, the Grantee acknowledges that he shall be
solely responsible for the satisfaction of any taxes that may arise with respect to the Restricted
Shares, and that the Company shall have no obligation whatsoever to pay such taxes.



[SIGNATURE PAGE FOLLOWS]




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     IN WITNESS WHEREOF, the undersigned have executed this Award Agreement as of the date
first written above.





	 	 	 	 	 	 
	 	 	COMPANY:
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	NYMAGIC, INC.
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	/s/ Paul J. Hart 
	 

	 	 	 	 
	 

	 	Name:	 	Paul J. Hart
	 

	 	 	 	 
	 

	 	Title:	 	Attorney-in-fact
	 

	 	 	 	 





     The undersigned hereby accepts the terms of this Award Agreement and the Plan.



	 	 	 	 	 	 
	 	 	GRANTEE:
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	/s/ A. George Kallop 
	 

	 	 	 	 
	 

	 	Name:	 	A. George Kallop 
	 

	 	 	 	 
	 

	 	Title:	 	President, Chief Executive Officer
	 

	 	 	 	 






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