Document:

“Unless permitted under securities
legislation, the holder of this security must not trade the security before ______________, 2013”

“Without prior
written approval of the Canadian National Stock Exchange and compliance with all applicable securities legislation, the securities
represented by this certificate may not be sold, transferred, hypothecated or otherwise traded on or through the facilities of
the Canadian National Stock Exchange or otherwise in Canada or to or for the benefit of a Canadian resident until _____________,
2013.”

HIGH 5 VENTURES
INC.

CONVERTIBLE DEBENTURE

2013 –
A – 

ISSUED TO:

PRINCIPAL AMOUNT: $
CADApril 12, 2013

For value received and subject to the
terms and conditions set forth herein, High 5 Ventures Inc. (the “Corporation”) hereby promises to pay
to (the “Holder”), the principal amount of Canadian  Dollars
($CAD) (the “Principal Amount”) in the manner hereinafter provided, together with all
other monies which may from time to time be owing hereunder or pursuant hereto.

		1.	Principal Payment

Subject
to the provisions of this debenture (the “Debenture”), the Principal Amount, together with interest thereon,
shall become due and payable on October 12, 2014 (the “Term”).

		2.	Interest

The Debenture
will bear interest at an annual rate of fifteen percent (15%) calculated on the last day of each month, computed from the date
hereof which shall be payable on a quarterly basis until payment in full of Principal Amount and interest owing hereunder or until
the date upon which the Principal Amount and interest hereunder is converted into Common Shares pursuant to the provisions of the
Debenture, whichever occurs first.

		3.	Conversion

		3.1	Corporation’s Right to Convert

At any
time prior to the Term, and subject to and upon compliance with the provisions of this section 3, all or part of the Principal
Amount together with all accrued interest thereon may, at the sole option of the Corporation, be converted into Common Shares of
the Corporation, (“Common Share or “Common Shares””) at the price of $0.25 (twenty-five cents) per
Common Share (the “Conversion Price”).

		3.2	Forced Conversion by the Corporation

In
the event that the Common Shares of the Corporation trade at $1.00 (one dollar) or above per Common Share on the Canadian National
Stock Exchange for 10 consecutive days at any time prior to the Term, then the Corporation shall convert at the Conversion Price
the Principal Amount together with all accrued interest.

		3.3	No Fractional Common Shares

Notwithstanding
anything herein contained, the Corporation shall in no case be required to issue fractional Common Shares upon the conversion of
the Debenture. If any fractional interest in a Common Share would be deliverable upon the conversion of the Debenture, the number
of Common Shares issuable to the Holder shall be rounded to the next lower whole number of Common Shares.

		3.4	Date of Conversion

As
promptly as practicable following the Date of Conversion, the Corporation shall issue or cause to be issued and deliver or cause
to be delivered to the Holder a certificate or certificates in the name of the Holder for the number of Common Shares deliverable
upon the conversion of the Debenture or portion thereof. Such conversion shall be deemed to have been effected immediately prior
to the close of business on the Date of Conversion and at such time the rights of the Holder under the Debenture, with respect
to the converted portion, as a holder thereof shall cease and the Holder shall be deemed to have become on such date the holder
of record of the Common Shares represented thereby. 

		3.5	Share capital modification

If the
Common Shares, as presently constituted, shall be changed into or exchanged for different numbers or kind of shares or other securities
of the Corporation or of an other Corporation, whether by reason of conversion, consolidation, amalgamation, merger, recapitalisation,
reclassification, split, reverse split, combination of shares or otherwise, then the Conversion Price shall be so changed, as the
case may be, and the applicable provisions of the Debenture shall be proportionally and automatically adjusted in order to preserve
to their fullest extent, the rights of the Holder pursuant to the Debenture, without creating a better or worse situation for the
Holder.

		3.6	Reservation of Sufficient Shares

The Corporation
shall at all times when the Debenture remains outstanding, reserve and keep available out of its authorised but unissued Common
Shares, for the purpose of effecting the conversion of the Debenture, such number of Common Shares sufficient to effect the conversion
hereof.

		3.7	Redemption

Prior
to the Term, the Corporation may, at its sole discretion, from to time redeem the Debenture in whole or in part by giving the Holder
as well as all other holders of all series of 2013-A Debentures, of which this Debenture forms a part, a 7 day written notice that
it is redeeming all the Series 2013-A Debentures at a price equal to the Principal Amount with accrued interest to the redemption
date (the “Redemption of the Debenture Prior to the Term”). In the event of the Redemption of the Debenture Prior to
the Term, the Corporation shall pay a penalty of 2% to the Holder (the “Pre-payment Penalty”).

		3.8	Option of Corporation to Remit Common Shares at Term

At Term
the Corporation may satisfy its obligations hereunder at its sole discretion either by payment in cash or by issuing such number
of Common Shares to the Holder equal to the Principal Amount together with all accrued interest thereon at the Conversion Price
excluding the Pre-payment Penalty.

		4.	Notice

Any notice
required or desired to be given hereunder or under any instrument supplemental hereto shall be in writing and may be given by personal
delivery, by facsimile, by email or by sending the same by registered mail, postage prepaid, to the Holder or to the Corporation
at their respective addresses set out below and, in the case of electronic communication, to the facsimile numbers and email addresses
set out below. Any notice so delivered shall be conclusively deemed given when personally delivered and any notice sent by facsimile
or email shall be deemed to have been delivered on the business day following the sending of the notice, and any notice so mailed
shall be conclusively deemed given on the fifth business day following the day of mailing, provided that in the event of a known
disruption of postal service, notice shall not be given by mail. Any address for notice or payments herein referred to may be changed
by notice in writing given pursuant hereto.

		5.	Binding Effect, Governing Law and Headings

The rights
and obligations of the Corporation and the Holder shall be binding upon and benefit the successors, assigns, heirs, and transferees
of the parties. The Debenture shall be governed by and construed in accordance with the laws of the Province of British Columbia
and the laws of Canada applicable therein. The division of the Debenture into sections and the insertion of headings are for convenience
of reference only and shall not affect the construction or interpretation of the Debenture.

		6.	Waiver and Amendment

Any provision
of the Debenture may be amended, waived or modified upon the written consent of the Corporation and the Holder.

		7.	Invalidity

Each of
the provisions contained in this Debenture is distinct and severable and a declaration of invalidity, illegality or unenforceability
of any such provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any
other provision of the Debenture.

THE DEBENTURE
HOLDER HAS SPECIFICALLY REQUESTED THAT THIS DEBENTURE AND ALL RELATED DOCUMENTS BE DRAFTED ONLY IN THE ENGLISH LANGUAGE.

 

SIGNED
in Vancouver, British Columbia, thisday of _________, 2013.

 

 

	 	 	HIGH 5 VENTURES INC.
	 	 	 
	 	By:	 
	 	 	Bedo Kalpakian, Chief
Executive Officer and
	 	 	Chief Financial Officer

 

 

HIGH 5 VENTURES INC.

 

Suite 300, 570 Granville Street
Vancouver, B.C. V6C 3P1

 

c/o Mr. Bedo H. Kalpakian

 

PHONE:
604-681-1519 EXT 6106

FAX:604-681-9428

 

EMAIL:
INFO@HIGH5VENTURESINC.COM

 

 

	Address of holder:	ADDRESS
OF BENEFICIAL HOLDER:
	 	 
	 	 
	 	 
	 	 

 

    	 

    	 

    

“Unless permitted under
securities legislation, the holder of this security must not trade the security before November 24, 2013”

 

“Without
prior written approval of the Canadian National Stock Exchange and compliance with all applicable securities legislation, the securities
represented by this certificate may not be sold, transferred, hypothecated or otherwise traded on or through the facilities of
the Canadian National Stock Exchange or otherwise in Canada or to or for the benefit of a Canadian resident until November 24,
2013.”

 

HIGH 5 VENTURES INC.

 

CONVERTIBLE DEBENTURE

 

2013 –
A – 

ISSUED TO:

PRINCIPAL AMOUNT: $
CAD                                                                                          July 23, 2013

For value received and subject to the
terms and conditions set forth herein, High 5 Ventures Inc. (the “Corporation”) hereby promises to pay
to (the “Holder”), the principal amount of Canadian  Dollars
($CAD) (the “Principal Amount”) in the manner hereinafter provided, together with all
other monies which may from time to time be owing hereunder or pursuant hereto.

 

		1.	Principal Payment 

 

Subject to the provisions
of this debenture (the “Debenture”), the Principal Amount, together with interest thereon, shall become due
and payable on January 23, 2015 (the “ Term”).

 

		2.	Interest 

 

The Debenture will bear interest
at an annual rate of fifteen percent (15%) calculated on the last day of each month, computed from the date hereof which shall
be payable on a quarterly basis until payment in full of Principal Amount and interest owing hereunder or until the date upon which
the Principal Amount and interest hereunder is converted into Common Shares pursuant to the provisions of the Debenture, whichever
occurs first.

 

		3.	Conversion 

 

		3.1	Subscriber’s Holder’s Right to Convert 

 

At any time prior to the
Term, and subject to and upon compliance with the provisions of this section 3, all or part of the Principal Amount together with
all accrued interest thereon may, at the sole option of the Holder, be converted into Common Shares of the Corporation, (“Common
Share or “Common Shares”) at the price of $0.25 (twenty-five cents) per Common Share (the “Conversion Price”).

 

		3.2	Forced Conversion by the Corporation 

 

In the event that the Common
Shares of the Corporation trade at $1.00 (one dollar) or above per Common Share on the Canadian National Stock Exchange for 10
consecutive days at any time prior to the Term, then the Corporation shall convert at the Conversion Price the Principal Amount
together with all accrued interest.

 

 

		3.3	No Fractional Common Shares 

 

Notwithstanding anything herein
contained, the Corporation shall in no case be required to issue fractional Common Shares upon the conversion of the Debenture.
If any fractional interest in a Common Share would be deliverable upon the conversion of the Debenture, the number of Common Shares
issuable to the Holder shall be rounded to the next lower whole number of Common Shares.

 

		3.4	Date of Conversion 

 

As promptly as practicable
following the Date of Conversion, the Corporation shall issue or cause to be issued and deliver or cause to be delivered to the
Holder a certificate or certificates in the name of the Holder for the number of Common Shares deliverable upon the conversion
of the Debenture or portion thereof. Such conversion shall be deemed to have been effected immediately prior to the close of business
on the Date of Conversion and at such time the rights of the Holder under the Debenture, with respect to the converted portion,
as a holder thereof shall cease and the Holder shall be deemed to have become on such date the holder of record of the Common Shares
represented thereby.

 

		3.5	Share capital modification 

 

If the Common Shares, as presently
constituted, shall be changed into or exchanged for different numbers or kind of shares or other securities of the Corporation
or of another Corporation, whether by reason of conversion, consolidation, amalgamation, merger, recapitalisation, reclassification,
split, reverse split, combination of shares or otherwise, then the Conversion Price shall be so changed, as the case may be, and
the applicable provisions of the Debenture shall be proportionally and automatically adjusted in order to preserve to their fullest
extent, the rights of the Holder pursuant to the Debenture, without creating a better or worse situation for the Holder.

 

		3.6	Reservation of Sufficient Shares 

 

The Corporation shall at all
times when the Debenture remains outstanding, reserve and keep available out of its authorised but unissued Common Shares, for
the purpose of effecting the conversion of the Debenture, such number of Common Shares sufficient to effect the conversion hereof.

 

		3.7	Redemption 

 

Prior to the Term, the Corporation
may, at its sole discretion, from to time redeem the Debenture in whole or in part by giving the Holder as well as all other holders
of all series of 2013-A Debentures, of which this Debenture forms a part, a 7 day written notice that it is redeeming all the Series
2013-A Debentures at a price equal to the Principal Amount with accrued interest to the redemption date (the “Redemption
of the Debenture Prior to the Term”). In the event of the Redemption of the Debenture Prior to the Term, the Corporation
shall pay a penalty of 2% to the Holder (the “Pre-payment Penalty”).

 

 

		3.8	At Term 

 

At Term the Corporation may
satisfy its obligations hereunder either by payment in cash or subject to provision 3.1 and 3.2 by issuing such number of Common
Shares to the Holder equal to the Principal Amount together with all accrued interest thereon at the Conversion Price excluding
the Pre-payment Penalty.

 

		4.	Notice 

 

Any notice required or desired
to be given hereunder or under any instrument supplemental hereto shall be in writing and may be given by personal delivery, by
facsimile, by email or by sending the same by registered mail, postage prepaid, to the Holder or to the Corporation at their respective
addresses set out below and, in the case of electronic communication, to the facsimile numbers and email addresses set out below.
Any notice so delivered shall be conclusively deemed given when personally delivered and any notice sent by facsimile or email
shall be deemed to have been delivered on the business day following the sending of the notice, and any notice so mailed shall
be conclusively deemed given on the fifth business day following the day of mailing, provided that in the event of a known disruption
of postal service, notice shall not be given by mail. Any address for notice or payments herein referred to may be changed by notice
in writing given pursuant hereto.

 

		5.	Binding Effect, Governing Law and Headings 

 

The rights and obligations
of the Corporation and the Holder shall be binding upon and benefit the successors, assigns, heirs, and transferees of the parties.
The Debenture shall be governed by and construed in accordance with the laws of the Province of British Columbia and the laws of
Canada applicable therein. The division of the Debenture into sections and the insertion of headings are for convenience of reference
only and shall not affect the construction or interpretation of the Debenture.

 

		6.	Waiver and Amendment 

 

Any provision of the Debenture
may be amended, waived or modified upon the written consent of the Corporation and the Holder.

 

		7.	Invalidity 

 

Each of the provisions contained
in this Debenture is distinct and severable and a declaration of invalidity, illegality or unenforceability of any such provision
or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision of
the Debenture.

 

THE DEBENTURE HOLDER HAS
SPECIFICALLY REQUESTED THAT THIS DEBENTURE AND ALL RELATED DOCUMENTS BE DRAFTED ONLY IN THE ENGLISH LANGUAGE.

    	 

    	 

    

 

 

SIGNED
in Vancouver, British Columbia, thisday of _________, 2013.

 

 

	 	 	HIGH 5 VENTURES INC.
	 	 	 
	 	By:	 
	 	 	Bedo Kalpakian, Chief
Executive Officer and
	 	 	Chief Financial Officer

 

 

HIGH 5 VENTURES INC.

 

Suite 300, 570 Granville Street
Vancouver, B.C. V6C 3P1

 

c/o Mr. Bedo H. Kalpakian

 

PHONE:
604-681-1519 EXT 6106

FAX:604-681-9428

 

EMAIL:
INFO@HIGH5VENTURESINC.COM

 

 

	ADDRESS OF HOLDER	ADDRESS OF BENEFICIAL HOLDERWRB 3.31.2014 Ex 10.1

Exhibit 10.1
Performance Unit Award Agreement 
Under the W. R. Berkley Corporation 2014 Long-Term Incentive Plan
THIS AGREEMENT, effective January 1, 2014, represents an Award of Performance Units by W. R. Berkley Corporation (the “Company”), to the Participant named below, pursuant to the provisions of the W. R. Berkley Corporation 2014 Long-Term Incentive Plan (the “Plan”). The value of the Performance Units will be determined based on the increase in the Company’s Book Value Per Share during the Performance Cycle, as determined below.
The Plan provides a complete description of the terms and conditions governing the Performance Units. If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’s terms shall completely supersede and replace the conflicting terms of this Agreement. All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein. The parties hereto agree as follows:
1.    General Grant Information. The individual named below has been selected to be a Participant in the Plan and receive a grant of Performance Units, as specified below:
(a)  Participant:  
(b)  Number of Performance Units Granted:
(c)  Initial Value of Performance Units: $0.00
(d)  Date of Grant: January 1, 2014
(e)  Performance Measure: Increase in Book Value Per Share.
2.    Performance Period. The Performance Period commences on January 1, 2014, and ends on December 31, 2018.
3.    Performance Measure. The Performance Measure, as specified above, is expressed in terms of the Company’s Increase in Book Value Per Share.
4.    Value of a Performance Unit. Each Performance Unit shall have a value determined by adding together the Increase in Book Value Per Share for each fiscal year of the Performance Period and multiplying the resulting sum by three and fifteen hundredths (3.15); provided, however, that if the Increase in Book Value Per Share for a particular fiscal year is not a positive number, there will be no Increase in Book Value Per Share for that year, and thereafter there will only be an Increase in Book Value Per Share that will be used to increase the value of a Performance Unit to the extent that any subsequent Ending Book Value Per Share after the year in which the Increase in Book Value Per Share was not positive exceeds the last Ending Book Value Per Share that resulted in an increase to the Performance Unit value.  The maximum value of a Performance Unit shall be one hundred dollars ($100.00).

1    

5.    Eligibility for Earned Performance Units. The Participant shall only be eligible for payment of earned Performance Units.  Performance Units will be earned only if the Participant’s employment with the Company:
(a)    Continues through the earlier of (x) the end of the Performance Period and (y) the Participant’s death; or
(b)    Is terminated, prior to the earlier of the end of the Performance Period and the Participant’s death, as a result of Disability or Retirement, by the Company or a Subsidiary or Affiliate, as applicable, for any reason other than Cause or, following a Change in Control, by the Participant for Good Reason.
Notwithstanding anything herein to the to the contrary, the Performance Units shall not be earned and shall not become payable unless and until the Participant has complied with the Competitive Action restriction set forth in Section 6(d) below on or prior to the Settlement Date.
6.    Payout of Performance Units. (a) Except as set forth in Section 6(b) or 9 below, the aggregate positive value, if any, of the earned Performance Units, based on the value of the earned Performance Units on the last day of the Performance Period as determined in accordance with this Agreement and subject to the maximum value set forth in Section 4 hereof, shall be paid to the Participant in cash following the last day of the Performance Period but in no event later than March 31, 2019.
(b)    If the Participant dies or his employment with the Company and all Subsidiaries and Affiliates terminates prior to the end of the Performance Period either as a result of Disability or Retirement, by the Company or a Subsidiary or Affiliate, as applicable, for any reason other than Cause, or, following a Change in Control, by the Participant for Good Reason, the Company shall pay to the Participant the cash value of the Performance Units measured as of the end of the fiscal year immediately prior to the fiscal year in which such death or termination of employment occurred.  Payment of such amount upon such death or termination of the Participant’s employment shall extinguish the Company’s obligation hereunder, and the Participant shall not be entitled to any further payment or appreciation in the value of the Performance Units.  In the event such payment is made due to the Participant’s death, such payment shall be made to the Participant’s beneficiary (or the Participant’s estate if no beneficiary has been chosen or if such beneficiary has predeceased the Participant).  Any payment upon death or any such termination of employment shall be made within ninety (90) calendar days following such death or termination of employment; provided, however, that if such ninety (90) day period spans two separate taxable years, such payment shall be made in the later taxable year; provided further, however, that any payment hereunder (calculated as of the end of the fiscal year immediately prior to the fiscal year in which such termination of employment occurred) upon a termination of employment shall be delayed until the earlier of (x) March 31, 2019  and (y) such time as the Participant has also undergone a “separation from service” as defined in Treas. Reg. 1.409A-1(h), at which time such payment shall be made to the Participant according to the schedule set forth in this Section 6(b) as if the Participant had undergone such termination of employment (under the same circumstances) on the date of such “separation from service.”  Notwithstanding anything herein to the contrary, to the extent the Participant is a “specified employee” as defined in Treas. Reg. 1.409A-1(i), any payment to be made upon the Participant’s “separation from service” shall be delayed until and made upon the earlier of (i) the six (6) month 

2    

anniversary of the Participant’s “separation from service” and (ii) the Participant’s death.  Termination of the Participant’s employment with the Company and all Subsidiaries and Affiliates prior to the earlier of the end of the Performance Period and the Participant’s death for any reason other than Disability or Retirement, by the Company or a Subsidiary or Affiliate, as applicable, without Cause or, following a Change in Control, by the Participant for Good Reason, shall require forfeiture of this entire Award, with no payment to the Participant.
(c)    This Award shall expire and the Company shall have no further obligation to make any payment hereunder once a payment is made pursuant to Section 6(a) or (b) above or Section 9 below.
(d)    If on or prior to the Settlement Date, the Participant engages in a Competitive Action or enters into, or has entered into, an agreement (written, oral or otherwise) to engage in Competitive Action or has engaged in Misconduct, all of the Performance Units shall be immediately forfeited, and the Participant shall have no further rights with respect to such Performance Units.  In the event that the Participant engages in any Competitive Action or enters into, or has entered into, an agreement (written, oral or otherwise) to engage in Competitive Action or engages in Misconduct after the Settlement Date but on or prior to the second anniversary of the Settlement Date, the Participant shall pay to the Company, upon demand by the Company, an amount equal to the amount paid to the Participant in respect of the Performance Units on the Settlement Date.  The determination as to whether the Participant has engaged in any Competitive Action or Misconduct shall be made by the Committee in its sole and absolute discretion.  The Committee’s exercise or nonexercise of such discretion with respect to any particular event or occurrence by or with respect to the Participant or any other recipient of performance units under the Plan shall not in any way reduce or eliminate the authority of the Committee to (i) determine that any event or occurrence by or with respect to the Participant constitutes engaging in Competitive Action or Misconduct, or (ii) determine the related Competitive Action or Misconduct date.  The Participant acknowledges that the restriction with respect to engaging in a Competitive Action, in view of the nature of the business in which the Company is engaged, is reasonable in scope (as to both the temporal and geographical limits) and necessary in order to protect the legitimate business interests of the Company.  The Participant acknowledges further that engaging in a Competitive Action or Misconduct would result in irreparable injuries to the Company and would cause loss in an amount that cannot be readily quantified.  The Participant acknowledges further the amounts required to be paid to the Company pursuant to this provision are reasonable and are not liquidated damages nor shall they be characterized as such.
7.    Nontransferability. Performance Units may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution.
8.    Administration. This Agreement and the rights of Participant hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for administration of the Plan. It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Agreement, all of which shall be final and binding upon the Participant, including without limitation any determination concerning a Competitive Action. Any inconsistency between the Agreement and the Plan shall be resolved in favor of the Plan.

3    

9.    Change in Control.  In the event of a Change in Control, unless otherwise specifically prohibited under applicable laws or by the rules and regulations of any governing governmental agencies or national securities exchanges: 
(a)    With respect to each outstanding Performance Unit that is assumed or substituted in connection with a Change in Control, in the event that the Participant’s employment with the Company is terminated (i) by the Company or a Subsidiary or Affiliate, as applicable, without Cause or (ii) by the Participant for Good Reason, in each case during the eighteen (18) month period following such Change in Control, the value of all Performance Units shall be determined and fixed as of the end of the fiscal year immediately preceding the year in which such termination occurs, and such value shall be paid to the Participant in accordance with, and subject to, the provisions of Sections 5 and 6 hereof.  Performance Units shall not accrue any additional value for the fiscal year in which such termination occurs or for any subsequent fiscal years.
(b)    With respect to each outstanding Performance Unit that is not assumed or substituted in connection with a Change in Control, immediately upon the occurrence of the Change in Control, which shall be the end of the Performance Period, the value of all Performance Units shall be determined and fixed as of the end of the fiscal year immediately preceding the year in which such Change in Control occurs, and such value shall be paid to the Participant within ninety (90) calendar days following the date of such Change in Control; provided, however, that if such ninety (90) day period spans two separate taxable years, such payment shall be made in the later taxable year.  Performance Units shall not accrue any additional value for the fiscal year in which a Change in Control occurs or for any subsequent fiscal years.
(c)    For purposes of this Section 9, a Performance Unit shall be considered assumed or substituted for if, following the Change in Control, the Performance Unit is of comparable value and remains subject to the same terms and conditions that were applicable to the Performance Units immediately prior to the Change in Control.
(d)    For purposes of this Section 9, an event shall only constitute a Change in Control if the event constituting a Change in Control also constitutes “a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company” within the meaning of Section 409A(a)(2)(A)(v) of the Code and the regulations promulgated thereunder.
10.    Effectiveness of Award.  This Award of Performance Units is subject to stockholder approval of the Plan at the Company’s 2014 Annual Meeting of Stockholders or any adjournment or postponement thereof.
11.    Miscellaneous.
(a)    This Agreement shall not confer upon the Participant any right to continuation of employment by the Company, nor shall this Agreement interfere in any way with the Company’s right to terminate the Participant’s employment at any time.

4    

(b)    The Committee may terminate, amend, or modify the Plan; provided, however, that no such termination, amendment, or modification of the Plan may in any material way adversely affect the Participant’s rights under this Agreement. 
(c)    The Company or a Subsidiary or Affiliate, as applicable, shall have the authority to deduct or withhold from any payment hereunder or from any other source of the Participant’s compensation from the Company or a Subsidiary or Affiliate, as applicable, or may require the Participant to remit to the Company or a Subsidiary or Affiliate, as applicable, before payment hereunder, an amount sufficient to satisfy federal, state, and local taxes (including Participant’s FICA obligation) required by law to be withheld with respect to any taxable event arising out of this Agreement. 
(d)    This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 
(e)    To the extent not preempted by federal law, this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware.
(f)    All obligations of the Company under the Plan and this Agreement with respect to the Performance Units shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.
(g)    The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.
(h)    By accepting this Award or other benefit under the Plan, the Participant and each person claiming under or through the Participant shall be conclusively deemed to have indicated their acceptance and ratification of, and consent to, any action taken under the Plan by the Company, the Board or the Committee.
(i)    The Participant, every person claiming under or through the Participant, and the Company hereby waive to the fullest extent permitted by applicable law any right to a trial by jury with respect to any litigation directly or indirectly arising out of, under, or in connection with the Plan or this Award Agreement issued pursuant to the Plan.
(j)    Definitions. The following terms shall have the meanings ascribed to them when used in this Agreement:
(i)    “Beginning Book Value Per Share” means $31.36 for the first fiscal year of the Performance Period, and for each subsequent fiscal year shall mean the Book Value Per Share determined as of the end of the prior fiscal year.
(ii)    “Book Value Per Share” as of the end of any fiscal year shall be equal to the quotient of X divided by Z, where X is equal to the sum of A, B, C, D, E and F minus G, and Z is equal to the sum of W plus Y:  [(A+B+C+D+E+F-G) ÷(W+Y)].  For purposes of this calculation, (A) 

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shall be equal to the Company’s total common stockholders’ equity as of the end of such fiscal year, as determined in accordance with generally accepted accounting principles and reported in the Company’s audited financial statements, (B) shall be equal to the cumulative after-tax expense of the Company from January 1, 2014 through the end of such fiscal year arising from all the Awards made under the Plan, (C) shall be equal to the cumulative cash dividends on the Company’s common stock declared from January 1, 2014 through the end of such fiscal year, (D) shall be equal to the cumulative cost of the Company’s common stock repurchased by the Company from January 1, 2014 through the end of such fiscal year, (E) shall be equal to the cumulative number of shares of the Company’s common stock repurchased by the Company from January 1, 2014 through the end of such fiscal year times the Beginning Book Value Per Share times the average annual percent change in Book Value Per Share (as defined in this subsection (ii)) from January 1, 2014 through the end of the fiscal year before consideration of E and F  (computed and compounded quarterly), (F) shall be equal to cumulative special dividends (any dividend other than the regular quarterly cash dividend) declared from January 1, 2014 through the end of such fiscal year times the average annual percent change in Book Value Per Share (as defined in this subsection (ii)) from January 1, 2014 through the end of such fiscal year end before consideration of E and F, (G) shall be equal to the Company’s accumulated other comprehensive income as of the end of such fiscal year, (W) shall be equal to the number of shares of the Company’s common stock issued and outstanding, net of treasury shares, as of the end of such fiscal year, and (Y) shall be the cumulative number of shares of the Company’s common stock repurchased  by the Company from January 1, 2014 through the end of such fiscal year.  Book Value Per Share shall be calculated without taking into account any forward or reverse split of the Company’s common stock or any stock dividend declared on the Company’s common stock and there shall be no adjustment to the number of Performance Units awarded hereunder in either event.  Notwithstanding anything herein to the contrary the formula to determine book value per share may be further modified to take into account any factor set forth in Section 7.2 of the Plan.
(iii)    “Cause” means Cause as defined in any active employment agreement between the Participant and the Company or any Subsidiary or Affiliate, as applicable, or, in the absence of any such definition, means the occurrence of any one of the following events: (i) fraud, personal dishonesty, embezzlement or acts of gross negligence or gross misconduct on the part of Participant in the course of his or her employment or services, (ii) the Participant’s engagement in conduct that is materially injurious to the Company, a Subsidiary or an Affiliate, (iii) the Participant’s conviction by a court of competent jurisdiction of, or pleading “guilty” or “no contest” to, (x) a felony or (y) any other criminal charge (other than minor traffic violations) which could reasonably be expected to have a material adverse impact on the Company’s or a Subsidiary’s or an Affiliate’s reputation or business; (iv) public or consistent drunkenness by the Participant or his or her illegal use of narcotics which is, or could reasonably be expected to become, materially injurious to the reputation or business of the Company, a Subsidiary or an Affiliate or which impairs, or could reasonably be expected to impair, the performance of the Participant’s duties to the Company, a Subsidiary or an Affiliate; (v) willful failure by the Participant to follow the lawful directions of a superior officer; or (vi) the Participant’s continued and material failure to fulfill his or her employment obligations to the Company or any Subsidiary or Affiliate.
(iv)    “Competitive Action” means, either directly or indirectly, whether as an employee, consultant, independent contractor, partner, joint venturer or otherwise, (i) in any geographical area where the Company is engaged in business, engaging in any business activities which are competitive with any type or kind of business activities conducted by the Company in such 

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area, (ii) on behalf of any person or entity engaged in business activities competitive with the business activities of the Company, soliciting or inducing, or in any manner attempting to solicit or induce, any person employed by, or as an agent of, the Company to terminate such person's employment or agency relationship, as the case may be, with the Company, (iii) diverting, or attempting to divert, any person, concern or entity from doing business with the Company or attempts to induce any such person, concern or entity to cease being a customer of the Company or (iv) making use of, or attempting to make use of, the Company's property or proprietary information, other than in the course of the performance of services to the Company or at the direction of the Company.  References to the Company in this definition shall include the Company and all Subsidiaries and Affiliates.
(v)    “Disability” means the inability of the Participant to continue to perform services for the Company or any Subsidiary or Affiliate, as applicable, on account of his or her total and permanent disability as determined by the Committee.
(vi)    “Ending Book Value Per Share” means for the applicable fiscal year, the Book Value Per Share determined as of the end of such fiscal year.
(vii)    “Good Reason” means “Good Reason” as defined in any active employment agreement between the Participant and the Company or any Subsidiary or Affiliate, as applicable, or, in the absence of any such definition, means the occurrence of any one of the following events, unless the Participant agrees in writing that such event shall not constitute Good Reason: (i) a material reduction in the Participant’s duties or responsibilities from those in effect immediately prior to a Change in Control; (ii) a material reduction in the Participant’s base salary below the levels in effect immediately prior to a Change in Control; or (iii) relocation of the Participant’s primary place of employment to a location more than fifty (50) miles from its location, and further from the Participant’s primary residence, immediately prior to a Change in Control; provided, however, that with respect to any Good Reason termination, the Company will be given not less than thirty (30) days’ written notice by the Participant (within sixty (60) days of the occurrence of the event constituting Good Reason) of the Participant’s intention to terminate the Participant’s employment for Good Reason, such notice to state in detail the particular act or acts or failure or failures to act that constitute the grounds on which the proposed termination for Good Reason is based, and such termination shall be effective at the expiration of such thirty (30) day notice period only if the Company has not fully cured such act or acts or failure or failures to act that give rise to Good Reason during such period.  Further notwithstanding any provision in this definition to the contrary, in order to constitute a termination for Good Reason, such termination must occur within six (6) months of the initial existence of the applicable condition.
(viii)     “Increase in Book Value Per Share” means the amount, if any, by which the Ending Book Value Per Share exceeds Beginning Book Value Per Share for the applicable fiscal year.
(ix)    “Misconduct” means that the Participant has during the Participant’s employment with the Company or any Subsidiary or any Affiliate engaged in an act which would, in the judgment of the Committee, constitute fraud, that could be punishable as a crime, or embezzlement against either the Company, or one of its Subsidiaries, or one of its Affiliates.  

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(x)    “Retirement” means the Participant’s retirement from service with the Company and all Subsidiaries and Affiliates with the written consent of the Chairman of the Board of the Company or the Committee.
(xi)    “Settlement Date” means the date that the value of the Performance Units is actually paid to the Participant.
[Signatures to appear on following page]

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IN WITNESS WHEREOF, the parties have caused this Agreement to be executed effective as of January 1, 2014.
	
			
	W. R. Berkley Corporation

	 
	 
	 

	 
	 
	 

	By:
	 

	 
	Name:
	William R. Berkley

	 
	Title:
	Chairman and CEO

	 
	 
	 

	 
	 
	 

	 

	Participant

Please indicate the name of the Participant’s beneficiary:

	
		
	 

	Name

The Participant may change his or her beneficiary hereunder only by written notice to the Company, which change will become effective only upon receipt by the Company during the Participant’s lifetime.

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