Document:

Exhibit 10.3

 

Exhibit 10.3

NYMAGIC, INC.

AMENDED AND RESTATED

2004 LONG-TERM INCENTIVE PLAN

 

Restricted Share Unit Award Agreement

 

          This Restricted Share Unit Award Agreement (the “Award Agreement”) is made and entered
into as of ___, by and between NYMAGIC, INC., a New York corporation (the
“Company”) and ___(“Grantee” or “you”).

          1. Award. In consideration of services rendered by Grantee to the Company, effective
on the date hereof (the “Award Date”), the Company hereby awards to Grantee ___
Restricted Share Units (the “Restricted Share Units”) subject to the terms and conditions
set forth in this Award Agreement, and in the NYMAGIC, INC. Amended and Restated 2004 Long-Term
Incentive Plan (the “Plan”), which is attached hereto as Exhibit A. A summary of
the Plan appears in its Prospectus, which is attached as Exhibit B. You should carefully
review these documents, and consult with your financial and tax advisors, in order to fully
understand the implications of this Award, including your tax alternatives and their consequences.

          2. Acceptance. By executing this Award Agreement, Grantee agrees to be bound by all
of the Plan’s terms and conditions as if they had been set out verbatim in this Award Agreement.
In addition, Grantee recognizes and agrees that all determinations, interpretations, or other
actions respecting the Plan and this Award Agreement will be made by the Board of Directors of the
Company (the “Board”) or the Committee that administers the Plan pursuant to Section 4 of
the Plan, and that such determinations, interpretations or other actions are (unless arbitrary and
capricious) final, conclusive and binding upon all parties, including Grantee’s successors and
permitted assigns.

          3. Vesting. The Shares underlying the Restricted Share Units awarded to Grantee under
this Award Agreement shall vest as follows: ___

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

          5. 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.

          6. Award Confers No Rights to Continued Retention or Employment. In no event shall
the award of the Restricted Share Units hereunder or the acceptance of this Award Agreement by
Grantee give or be deemed to give Grantee any right to continued retention as an

 

 

independent contractor, service provider, or employee by the Company or any affiliate of the
Company.

          7. 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.

          8. 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.

          9. 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. 

          10. Taxes. By signing this Award Agreement, you acknowledge that you shall be solely
responsible for the satisfaction of any taxes that may arise with respect to the Shares underlying
the Restricted Share Units, and that the Company shall have no obligation whatsoever to pay such
taxes. Additionally, if you are an employee of the Company, you acknowledge that the Company may
withhold from your compensation payable on the next payroll payment after the vesting of the Shares
underlying the Restricted Share Units the amount necessary to satisfy any such tax obligations.

[SIGNATURE PAGE FOLLOWS]

2

 

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

COMPANY:

NYMAGIC, INC.

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	Name:  	
 	 
	 	Title:  	
 	 

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

	 	 	 	 	 
	 	GRANTEE:

 	 
	 	By:  	
 	 
	 	Name:  	
 	 
	 	Title:  	
 	 

 

 

NYMAGIC, INC.

AMENDED AND RESTATED

2004 LONG-TERM INCENTIVE PLAN

Exhibit A

NYMAGIC, INC.

2004 Amended and Restated Long-Term Incentive Plan

 

 

NYMAGIC, INC.

AMENDED AND RESTATED

2004 LONG-TERM INCENTIVE PLAN

Exhibit B

ProspectusEX-10.43 LETTER

 

Exhibit 10.43

Joseph M. Scaminace

Chairman & Chief Executive Officer

September 7, 2005

Ms. Valerie Gentile Sachs

Dear Valerie:

I am pleased to offer you the position of Vice President, General Counsel and Secretary, reporting
to me. You will be the Chief Legal Officer of OM Group, Inc., and a member of our Executive
Committee. As Chief Legal Officer you will be responsible for the oversight and management of all
legal operations and activities of the company. We have tremendous challenges ahead as we grow the
business and set clear expectations and standards for our organization. I am excited about the
contribution I know you will make to our performance.

The following confirms the terms of our offer:

	1.	 	First year base salary of $325,000, with an annual salary and performance review in
February, 2006, and each year thereafter.

	2.	 	Your start date will be September 26, 2005.

	3.	 	You will participate in our key management short term incentive plan under which you
will be eligible to receive an annual cash bonus for each fiscal year of the Company ending
during your employment. Under the program, the Compensation Committee in consultation with
me awards bonuses at its discretion based on individual performance and company results.
The target amount of your bonus is 50% of your base salary although your actual bonus could
be greater or lesser (0% to 100%) based on the level of achievement of established
performance goals. Your bonus will be paid in accordance with the Company’s practices for
senior executives and is typically payable in February of each year. For the Company’s
fiscal year ending December 31, 2005, you are guaranteed to receive a bonus of $200,000.

World Headquarter

127 Public Square — 1500 Key Tower — Cleveland, OH 44114-1221

Tel. 216.263.7475 — Fax 216.263.7757 — Email joe.scaminace@na.omgi.com

 

 

	4.	 	In addition to your salary and bonus, you will be awarded stock options to purchase
50,000 shares of the Company’s common stock. Options are priced on the date of grant and
will vest 33 1/3 % per year for each full year of your continuous employment commencing on
the first anniversary of the date of grant. The date of grant will be your first day of
employment. Thereafter stock options are typically granted in February of each year and
you will be eligible to receive additional grants (starting in February 2006) in accordance
with the Company’s practices for senior executives.

	5.	 	You will be immediately eligible to participate in all of the Company’s executive
compensation plans, including any management incentive plans, life insurance plans,
deferred compensation plans, supplemental retirement plans and equity plans, in which
senior executives of the Company participate.

	6.	 	We will provide you with a car allowance in the amount of $1,500 per month. This
allowance is intended to cover all costs, which include but are not limited to the purchase
or lease price of a vehicle, insurance, registration, maintenance, taxes, etc. The
allowance will be included in your paycheck on the first pay period of each month.

	7.	 	You are eligible for four (4) weeks of paid vacation and five (5) personal days of paid
time off immediately.

	8.	 	You are eligible for participation in the Company’s employee benefit and welfare plans,
including the Company’s Profit Sharing and Retirement Savings Plan (and any other plans
providing for retirement benefits), medical, dental, vision, hospitalization, life or
disability insurance and flexible spending . Your benefits will become effective on your
start date. Enclosed are the highlights of our benefit plans.

	9.	 	You will be reimbursed for your club and athletic dues and fees up to $7,600 annually.

	10.	 	We will pay your annual American, Ohio and Cleveland Bar Association dues.

	11.	 	We will pay for indoor assigned parking for you at the Company’s headquarters.

	12.	 	We will enter into an agreement relative to change of control with you within seven (7)
days of your start date. The agreement will be in the form approved for all other
similarly situated senior executives.

	13.	 	Within thirty (30) days of your start date we will enter into an agreement relative to
severance (one year base and bonus at target) in the event of (i) your termination without
cause, or (ii) your departure from the company as a result of a material change in your
reporting structure, including the termination or departure of Joseph Scaminace as Chief
Executive Officer of the company. This severance agreement will be for a term of three (3)
years and may be renewed at the discretion of the Compensation Committee.

World Headquarter

127 Public Square — 1500 Key Tower — Cleveland, OH 44114-1221

Tel. 216.263.7475 — Fax 216.263.7757 — Email joe.scaminace@na.omgi.com

 

 

     Please confirm your agreement to accept this position by returning one copy of this letter; you may
retain one copy for your records. We look forward to your start date and to working with you.

Sincerely,

/s/ Joseph M. Scaminace

Joseph M. Scaminace

Chief Executive Officer

Agreed to
this ____ day of ____________, 2005

______________________________________________

Valerie Gentile Sachs

World Headquarter

127 Public Square — 1500 Key Tower — Cleveland, OH 44114-1221

Tel. 216.263.7475 — Fax 216.263.7757 — Email joe.scaminace@na.omgi.com

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00093-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00093-of-00352.parquet"}]]