Document:

EX-10.34

 

Exhibit 10.34

VALIDUS HOLDINGS, LTD.

STOCK OPTION AGREEMENT

          THIS
AGREEMENT, dated
                         
by and between Validus Holdings, Ltd. (the “Company”), a
Bermuda corporation, and
                         
(the “Option Holder”).

          WHEREAS, the Option Holder has been designated to participate in the Validus Holdings, Ltd.
2005 Long Term Incentive Plan (the “Plan”);

          NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, and
for other good and valuable consideration, the Company and the Option Holder agree as follows:

          (a)      Grant. Pursuant to the provisions of the Plan, the terms of which are
incorporated herein by reference, the Company has granted to the Option Holder the right and option
(the “Option”) to purchase
               
Shares. The Option was granted on
                              
(“Date of
Grant”), and such grant is subject to the terms and conditions herein and the terms and conditions
of the Plan. Such Option is not intended to be treated as an incentive stock option under Section
422 of the Internal Revenue Code of 1986, as amended (the “Code”). In the event there is any
conflict between the terms of the Plan and this Agreement, the terms of the Plan shall control.
Capitalized terms used herein but not defined shall have the meanings given to them in the Plan.

          (b)     
Purchase Price. The purchase price of the Shares subject to the Option shall be
equal to $           per Share.

          (c)     
Term of Option. The Option may be exercised only during the period commencing on
the date it vests and becomes exercisable under paragraphs (d) and (g) below and continuing until
the close of business on the tenth anniversary of the Date of Grant (the “Option Period”). The
Option Holder’s exercise rights during the Option Period shall be subject to limitations as
hereinafter provided and shall be subject to sooner termination as provided in paragraph (e) below.
At the end of the Option Period or, if earlier, the termination of the period of exercisability as
provided in paragraph (e), below, the Option shall terminate.

          (d)      Exercisability. Except as otherwise provided in paragraph (g) below, the Option
shall vest and become exercisable in                
equal annual installments, beginning on
                         
and continuing on each of the following
                         
anniversaries thereof.

          (e)      Termination.

               (i)      (A)   Death in Service. In the event of Termination of Service of the Option
Holder by reason of the Option Holder’s death, the Option Holder’s estate or other legal
representative shall be entitled to exercise the portion of the Option exercisable at the time of
death, if any, determined in accordance with paragraph (d) above, and such portion of the Option
shall continue to be exercisable by the estate or other legal representative of the Option Holder
during the period ending one (1) year following the date of death (but not beyond the Option
Period).

 

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                    (B)   Death After Service. In the event the Option Holder dies after his or her
Termination of Service at a time when all or a portion of the Option remains exercisable, the
estate or other legal representative of the Option Holder shall be entitled to exercise the portion
of the Option that remains exercisable during the period the Option Holder would have been eligible
to exercise the Option had the Option Holder not died.

               (ii)      Termination Due to Disability. In the event of Termination of Service of the
Option Holder by reason of the Option Holder’s Disability (as defined in the employment agreement
between the Company or a Subsidiary and the Option Holder (the “Employment Agreement”)), the Option
Holder shall be entitled to exercise the portion of the Option exercisable at the time of such
Termination of Service, if any, determined in accordance with paragraph (d) above, and such portion
of the Option shall continue to be exercisable by the Option Holder during the period ending one
(1) year following the date of Termination of Service (but not beyond the Option Period).

               (iii)      Termination for Cause. In the event of Termination of Service of the Option
Holder by the Company or its Subsidiaries for Cause, all rights of the Option Holder to exercise
the Option granted to the Option Holder shall be forfeited immediately and the Option shall
terminate. For purposes of this Agreement, “Cause” shall have the meaning set forth in the
Employment Agreement.

               (iv)      Termination Not For Cause or For Good Reason. Notwithstanding any provision of
the Employment Agreement to the contrary, except as provided in Section (g) below, in the event of
Termination of Service of the Option Holder by the Company or its Subsidiaries not for Cause or by
the Option Holder for Good Reason (as defined in the Employment Agreement), the unvested portion of
the Option shall vest on the last vesting date for such award as set forth in Section (d) above but
only if the Option Holder does not breach the remaining applicable terms of the Employment
Agreement, including any duties owed during any “garden leave” period, and any confidentiality,
noncompetition, nonsolicitation and assignment of inventions covenants that Option Holder may be a
party to with the Company or a Subsidiary, and shall be exercisable for a 90 day period following
such vesting date. In the event of the Employee’s breach of any of such terms, duties or
covenants, any unvested portion of the Option shall be immediately forfeited by the Option Holder
and become the property of the Company. Any portion of the Option that is vested on the Date of
Termination (as defined in the Employment Agreement) will continue to be exercisable by the Option
Holder for a period ending 90 days following Date of Termination (but not beyond the end of the
Option Period).

               (v)      Resignation Without Good Reason. If the Employment Period shall be terminated as
a result of the Option Holder’s resignation or leaving of his employment, other than for Good
Reason, no portion of the Option shall vest on or following the date the Option Holder provides
Notice of Termination (as defined in the Employment Agreement) without Good Reason to the Company
(the “Notice Date”), the Option Holder shall be entitled to exercise only the portion of the Option
exercisable on such Notice Date, if any, determined in accordance with paragraph (d) above, and
such portion of the Option shall continue to be exercisable by the Option Holder for ninety (90)
days following the Notice Date (but not beyond the Option Period).

 

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               (vi)      Forfeiture. That portion of the Option which is unexercisable immediately
following the Option Holder’s Termination of Service (in the case of clauses (i), (ii) or (iii)
above), or following the Notice Date (in the case of clause (v) above) shall be immediately
forfeited to the Company.

          (f)      Exercise of Option. In order to exercise the Option, the Option Holder shall
submit to the Company an instrument in writing specifying the number of Shares in respect of which
the Option is being exercised, accompanied by payment, in a manner acceptable to the Committee, of
the Option Price of the Shares in respect of which the Option is being exercised. Shares shall
then be issued by the Company; provided, however, that the Company shall not be
obligated to issue any Shares hereunder if the issuance of such Shares would violate the provisions
of any applicable law.

          (g)      Change in Control. Notwithstanding any provision of this Agreement to the
contrary, if, within two years following a Change in Control, the Option Holder’s employment is
terminated by the Company not for Cause or by the Option Holder for Good Reason, the Option shall
become immediately vested and exercisable in full upon such termination of employment. For
purposes of this Agreement, “Change in Control” shall have the meaning set forth in the Plan.

          (h)      No Rights of Shareholder; No Rights of Continued Employment. The Option Holder
shall not, by virtue of the Option, be entitled to any rights of a shareholder of the Company until
Shares are issued to the Option Holder. The grant of the Option shall not confer on the Option
Holder any right with respect to continuance of the Option Holder’s service with the Company nor
shall such grant interfere in any way with the right of the Company to terminate the Option
Holder’s service at any time.

          (i)      Nonassignability. The Option may be assigned or otherwise transferred only in the
following circumstances: (i) by will or the laws of descent and distribution; (ii) by valid
beneficiary designation taking effect at death made in accordance with procedures established by
the Committee; or (iii) by the Option Holder to members of the Option Holder’s “immediate family,”
to a trust established for the exclusive benefit of solely one or more members of the Option
Holder’s “immediate family” and/or the Option Holder, or to a partnership, limited liability
company or other entity under which the only partners, members or equity holders are one or more
members of the Option Holder’s “immediate family” and/or the Option Holder. Any Option held by the
transferee will continue to be subject to the same terms and conditions that were applicable to the
Option immediately prior to the transfer, except that the Option will be transferable by the
transferee only by will or the laws of descent and distribution. For purposes hereof, “immediate
family” means the Option Holder’s children, stepchildren, grandchildren, parents, stepparents,
grandparents, spouse, siblings (including half brothers and sisters), nieces, nephews, in-laws, and
relationships arising because of legal adoption.

          (j)      Restrictions on Transfer of Shares. Neither the Shares nor any interest in them
may be sold, assigned, pledged, hypothecated, encumbered or in any other manner transferred or
disposed of, in whole or in part, except in compliance with the terms, conditions and restrictions
as set forth in the governing instruments of the Company, applicable United States federal and
state securities laws or other applicable laws or regulations and the terms and conditions hereof.

 

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          (k)      Forfeiture Upon Breach of Certain Other Agreements. The Option Holder’s breach of
any noncompete, nondisclosure, nonsolicitation, assignment of inventions, or other intellectual
property agreement that he may be a party to with the Company or a Subsidiary, in addition to
whatever other equitable relief or monetary damages that the Company or a Subsidiary may be
entitled to, shall result in automatic rescission, forfeiture, cancellation, and return of any
Options and Shares (whether or not otherwise vested) held by Option Holder, and all profits,
proceeds, gains, or other consideration received through the sale or other transfer of the Options
or Shares shall be promptly returned and repaid to the Company.

          (l)      Withholding. The Option Holder agrees to make appropriate arrangements with the
Company for satisfaction of any applicable tax withholding requirements, or similar requirements,
arising out of this Agreement.

          (m)      References. References herein to rights and obligations of the Option Holder
shall apply where appropriate, to the Option Holder’s legal representative or estate without regard
to whether specific reference to such legal representative or estate is contained in a particular
provision of this Agreement.

          (n)      Notice. Any notice required or permitted to be given under this Agreement shall
be in writing and shall be deemed to have been given when delivered personally or by courier, or
sent by certified or registered mail, postage prepaid, return receipt requested, duly addressed to
the party concerned at the address indicated below or to such changed address as such party may
subsequently by similar process given notice of:

If to the Company:

Validus Holdings, Ltd.

19 Par-La-Ville Road

Hamilton HM11 Bermuda

Attention: Chief Financial Officer

If to the Option Holder:

At the Option Holder’s most recent

address shown on the Company’s

corporate records, or at any other

address which the Option Holder may

specify in a notice to the Company

delivered in the manner set forth herein.

               (o)      Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of Bermuda, without giving effect to principles of conflict of laws.

               (p)      Counterparts. This Agreement may be executed in multiple counterparts, each of
which shall be regarded for all purposes as an original constituting but one and the same
instrument.

 

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

	 	 	 	 	 
	 	VALIDUS HOLDINGS, LTD.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:EX-10.1

 

Exhibit 10.1

FIRST AMENDMENT AND WAIVER

     FIRST AMENDMENT AND WAIVER, dated as of February 20, 2008 (this “First Amendment”), to
the Five-Year Credit Agreement, dated as of October 13, 2004 (as amended, supplemented or otherwise
modified, the “Credit Agreement”), among LIZ CLAIBORNE, INC., a Delaware corporation (the
“Borrower”), the lenders party thereto (the “Lenders”), BANK OF AMERICA, N.A.,
CITIBANK, N.A., SUNTRUST BANK and WACHOVIA BANK, NATIONAL ASSOCIATION, as syndication agents (the
“Syndication Agents”), and JPMORGAN CHASE BANK, as administrative agent (the
“Administrative Agent”).

W I T N E S S E T H:

     WHEREAS, the Borrower, the Lenders, the Syndication Agents and the Administrative Agent are
parties to the Credit Agreement;

     WHEREAS, the Borrower has requested certain amendments to the Credit Agreement as set forth
herein; and

     WHEREAS, the Required Lenders have consented to the requested amendments as set forth herein;

     NOW THEREFORE, in consideration of the premises and the mutual covenants hereinafter set
forth, the parties hereto hereby agree as follows:

Defined Terms. Unless otherwise defined herein, capitalized terms used herein which are
defined in the Credit Agreement are used herein as therein defined.

Amendments to Section 1.01. Section 1.01 of the Credit Agreement is hereby amended as
follows:

          (a) by deleting “and” immediately before “(f)” and inserting “and (g) cash restructuring
charges, provided, that the amounts referred to in this clause (g) shall not, in the
aggregate, exceed $60,000,000 for any period of four fiscal quarters of the Borrower commencing
after the date of this First Amendment,” immediately before “and minus,” in the definition
of “Consolidated EBITDA”;

          (b) by inserting the following definition in appropriate alphabetical order:

          “First Amendment: the First Amendment, dated as of February 20, 2008, to this
Agreement.”; and

          (c) by inserting the following definition in appropriate alphabetical order:

 

 

          “First Amendment Effective Date: as defined in the First Amendment.”.

Amendment to Section 7.01. Section 7.01 is hereby amended as follows:

          (a) by deleting from paragraph (b) “2.50” and inserting in lieu thereof, “2.00”.

Waivers of Credit Agreement. The Required Lenders waive any Default or Event of Default
which may arise under paragraph (e) of Section 8 of the Credit Agreement for any non-compliance by
the Borrower with Section 7.01(b) of the Credit Agreement for the fiscal year ended December 29,
2007 so long as the Borrower would have been in compliance with Section 7.01(b) for such fiscal
year if this First Amendment had then been effective.

Conditions to Effectiveness of this Amendment. This First Amendment shall become effective
on and as of the date (such date the “First Amendment Effective Date”) of the execution and
delivery of this First Amendment by the Borrower, the Administrative Agent and the Required
Lenders.

Miscellaneous.

          (a) Representation and Warranties. The Borrower hereby represents that as of the
First Amendment Effective Date each of the representations and warranties made by any Loan Party in
or pursuant to the Loan Documents is true and correct in all material respects as if made on and as
of such date (it being understood and agreed that any representation or warranty that by its terms
is made as of a specific date shall be required to be true and correct in all material respects
only as of such specified date), and no Default or Event of Default has occurred and is continuing
after giving effect to the amendments contemplated herein.

          (b) Effect. Except as expressly amended hereby, all of the representations,
warranties, terms, covenants and conditions of the Loan Documents shall remain unamended and not
waived and shall continue to be in full force and effect.

          (c) Counterparts. This First Amendment may be executed by one or more of the parties
to this First Amendment on any number of separate counterparts, and all of said counterparts taken
together shall be deemed to constitute one and the same instrument. A set of the copies of this
First Amendment signed by all the parties shall be lodged with the Borrower and the Administrative
Agent.

          (d) Severability. Any provision of this First Amendment which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

          (e) Integration. This First Amendment and the other Loan Documents represent the
agreement of the Loan Parties, the Administrative Agent and the Lenders with

 

 

respect to the subject matter hereof, and there are no promises, undertakings, representations
or warranties by the Administrative Agent or any Lender relative to the subject matter hereof not
expressly set forth or referred to herein or in the other Loan Documents.

          (f) GOVERNING LAW. THIS FIRST AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES UNDER THIS FIRST AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

     IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed
and delivered by their proper and duly authorized officers as of the day and year first above
written.

	 	 	 	 	 
	 	LIZ CLAIBORNE, INC.

 	 
	 	By:  	/s/Robert J. Vill
 	 
	 	 	Name:  	Robert J. Vill 	 
	 	 	Title:  	Vice President - Finance and Treasurer 	 
	 
	 	JPMORGAN CHASE BANK, as
Administrative
 Agent and a Lender

 	 
	 	By:  	/s/ Jules Panno
 	 
	 	 	Name:  	Jules Panno 	 
	 	 	Title:  	Vice President 	 
	 
	 	BANK OF AMERICA, N.A., as
Syndication Agent 
and a Lender

 	 
	 	By:  	/s/ Thomas Kainamura
 	 
	 	 	Name:  	Thomas Kainamura 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	CITIBANK, N.A., as Syndication  Agent and a 
Lender

 	 
	 	By:  	/s/ James M. Buchanan
 	 
	 	 	Name:  	James M. Buchanan  	 
	 	 	Title:  	Vice President 	 
	 
	 	SUNTRUST BANK, as Syndication  Agent and a
 Lender

 	 
	 	By:  	/s/ Michael J. Vegh
 	 
	 	 	Name:  	Michael J. Vegh  	 
	 	 	Title:  	Vice President 	 
	 
	 	WACHOVIA BANK, NATIONAL
 ASSOCIATION, as Syndication Agent and a Lender

 	 
	 	By:  	/s/ Susan T. Gallagher
 	 
	 	 	Name:  	Susan T. Gallagher  	 
	 	 	Title:  	Vice President 	 
	 
	 	COMERICA BANK, as Lender

 	 
	 	By:  	/s/ Sarah R. West
 	 
	 	 	Name:  	Sarah R. West  	 
	 	 	Title:  	Assistant Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	GE ARTESIA BANK, as Lender

 	 
	 	By:  	/s/ GE ARTESIA BANK [signature illegible]
 	 
	 
	 	 	 
	 	By:  	                                              /s/ Timothy Streb
 	 
	 	 	Name:  	Timothy Streb 	 
	 	 	Title:  	Managing Director, Fortis 	 
	 
	 	 	 
	 	By:  	                                              /s/ Gill Dickson
 	 
	 	 	Name:  	Gill Dickson 	 
	 	 	Title:  	Director, Fortis 	 
	 
	 	HSBC BANK USA, N.A., as Lender

 	 
	 	By:  	/s/ Scott Dunlop
 	 
	 	 	Name:  	Scott Dunlop  	 
	 	 	Title:  	Vice President 	 
	 
	 	HUNTINGTON NATIONAL BANK, as Lender

 	 
	 	By:  	/s/ John M. Luehmann
 	 
	 	 	Name:  	John M. Luehmann  	 
	 	 	Title:  	Vice President 	 
	 
	 	ING BANK NV, as Lender

 	 
	 	By:  	/s/ Peter Rolls
 	 
	 	 	Name:  	Peter Rolls 	 
	 	 	Title:  	Global Head, Transaction Management - Election 	 
	 
	 	 	 
	 	By:  	                                              /s/ W.P. DeVries
 	 
	 	 	Name:  	W.P. DeVries  	 
	 	 	Title:  	Vice President Consumer Goods 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	ISRAEL DISCOUNT BANK OF NEW YORK, as

Lender

 	 
	 	By:  	/s/ James M. Morton
 	 
	 	 	Name:  	James M. Morton   	 
	 	 	Title:  	First Vice President 	 
	 
	 	 	 
	 	By:  	                                              /s/ David Herzog
 	 
	 	 	Name:  	David Herzog   	 
	 	 	Title:  	First Vice President 	 
	 
	 	THE BANK OF NEW YORK, as Lender

 	 
	 	By:  	/s/ David B. Wirl
 	 
	 	 	Name:  	David B. Wirl   	 
	 	 	Title:  	Vice President 	 
	 
	 	THE BANK OF TOKYO — MITSUBISHI
UFJ,
 LTD., A NEW YORK BRANCH, as Lender

 	 
	 	By:  	/s/ Lillian Kim
 	 
	 	 	Name:  	Lillian Kim 	 
	 	 	Title:  	Authorized Signatory 	 
	 
	 	UNION BANK OF CALIFORNIA, N.A., as Lender

 	 
	 	By:  	/s/ Ching Lim
 	 
	 	 	Name:  	Ching Lim   	 
	 	 	Title:  	Vice President 	 
	 
	 	US BANK, N.A., as Lender

 	 
	 	By:  	/s/ Francis W. Josephie
 	 
	 	 	Vice President

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