Document:

Exhibit 10.1

 

April 21,
2005

 

Great
Lakes Dredge & Dock Company

Attn: Ms. Deb Wensel

2122 York Road

Oak Brook IL 60523

 

Dear
Deb:

 

It
is our understanding that the Net Worth of Great Lakes Dredge & Dock
Corporation and its subsidiaries (GLDD) has dropped below $82.5 million, the
minimum Net Worth that GLDD is required to maintain under Section 6.19 of
the Third Amended and Restated Underwriting and Continuing Indemnity Agreement.

 

Travelers
Casualty and Surety Company and Travelers Casualty and Surety Company of
America (collectively, “Travelers”) hereby agree to waive GLDD’s compliance
with the Net Worth requirement for the fiscal quarter ending March 31,
2005.  However, Travelers expressly
reserves the right to declare GLDD in default under the Third Amended and
Restated Underwriting and Continuing Indemnity Agreement should GLDD fail to
increase its Net Worth to $82.5 million for the fiscal quarter ending June 30,
2005, and maintain its Net Worth at that level or higher for any fiscal quarter
subsequent to June 30, 2005.

 

Sincerely,

 

Travelers
Casualty and Surety Company

Travelers Casualty and Surety Company of America

 

	
  /s/ Michael Damewood

  	
   

  
	
   

  
	
  By: Michael Damewood

  
	
     Assistant
  Manager

  

 

 

Acknowledged
and Agreed to By:

 

Great
Lakes Dredge & Dock Corporation

 

	
  By:  

  	
  /s/ Deborah A. Wensel

  	
   

  
	
   

  	
   

  
	
  Its:  

  	
  Chief Financial Officer

  	
   

  

 

cc:  Brian Hart, Winston & Strawn

 

1Exhibit 10.37

 

Schiphol-Oost, 11th February 2005

 

Matt S. Nydell

The Links 3

Ascot, Berkshire SL5 7TN

United Kingdom

 

Dear Mr. Nydell,

 

This letter is
intended to clarify certain issues arising under your Employment Agreement (the
“Employment Agreement”) with VIA
NET.WORKS, Inc. (“VIA”).

 

1.  Retention.  You agree to remain in the employment of VIA
in your current position and continue in the performance of the duties and
responsibilities of your current position at VIA through May 31, 2005, and
not to voluntarily terminate your employment with VIA before that time.

 

2.  Retention Bonus.  Provided that you do not voluntarily
terminate your employment with VIA prior to May 31, 2005 and that you
continue in the performance of the duties and responsibilities of your current
position through May 31, 2005, VIA agrees to pay you a retention bonus
equal to 43% of your annual bonus entitlement (which represents a bonus for the
five month period ending May 31, 2005), as determined by the compensation
committee of VIA’s board of directors in a manner consistent with past bonus
awards for executive officers of VIA (the “Retention Bonus”).  This Retention Bonus shall be paid to you on
or before June 30, 2005, and shall be in lieu of any annual bonus you may
be eligible to receive for services performed during the five month period
ending May 31, 2005.  If you
voluntarily terminate employment with VIA for any reason prior to May 31,
2005 or if you fail to continue in the performance of the duties and
responsibilities of your current position (other than at the direction of the
Chief Executive Officer or Board of Directors of VIA or any applicable court or
administrative order, judgment or decree), you shall not be entitled to the
Retention Bonus.

 

3.  Relocation Expenses.  In addition to the Retention Bonus, VIA
agrees to pay the relocation expenses of you and your family, up to a maximum
amount of [$25,000], in connection with a relocation of you and your family to
the United States of America that occurs within six months after the
termination of your employment with VIA. 
Any such relocation payment shall be made in accordance with, and
subject to, the relocation policy applicable to you as of the date hereof.

 

4.  Taxes. 
You acknowledge that the amounts payable to you hereunder will
constitute taxable income and will be subject to applicable withholding and
employment taxes to the extent required by law.

 

5.  Entire Understanding.  This letter sets forth the entire
understanding of the parties with respect to the matters addressed in this
letter and supersedes

 

 

any prior agreement or understanding relating to such
matters.  This letter is intended as a
clarification of certain terms of the Employment Agreement, so is not intended
to supersede that agreement, but to guide the implementation of that document.

 

6.  No Guarantee of Employment.  Nothing in this letter obligates VIA to
employ you in your current position or otherwise for any period of time or
otherwise guarantees you any specific term of employment.

 

If you agree to
all of the terms and conditions set forth above, please promptly forward the
original signed copy of this letter to VIA no later than two weeks from the
date of this letter.  Upon our receipt of
our original signed copy of this letter, this letter shall be deemed a binding
agreement between VIA and you in accordance with the terms and conditions set
forth above.  In the event you fail to
forward an original signed copy of this letter to VIA within such period, this
letter shall be of no force and effect and the offer contained herein shall be
deemed revoked without any further action on the part of VIA.

 

 

	
  Sincerely,

  	
   

  
	
   

  	
   

  
	
  Raymond Walsh

  	
   

  
	
  Chief Executive Officer

  	
   

  
	
   

  	
   

  
	
  I have read, I
  understand, and I agree to the foregoing.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Matt S. Nydell

  	
  DateExhibit 10.38

 

AGREEMENT AND RELEASE OF CLAIMS

 

THIS AGREEMENT AND
RELEASE OF CLAIMS (this “Agreement”)
is made as of February 11th, 2005, between VIA NET.WORKS, Inc. (“VIA”) and Matt S. Nydell (the “Executive”).  Capitalized terms used but not defined herein
shall have the meanings given to them in the Employment Agreement (as defined
below).

 

WHEREAS, pursuant
to that certain Employment Agreement dated April 22, 2002  between VIA and the Executive (the “Employment Agreement”), the Executive is employed by VIA as
the Senior Vice President, General Counsel and Secretary of VIA;

 

WHEREAS, pursuant
to the Employment Agreement, the Executive is entitled to a severance payment
upon termination in certain circumstances, including termination by the
Executive with or without Good Reason; and

 

WHEREAS, VIA and
the Executive agree that is in each of their best interests to amend the
Employment Agreement to eliminate VIA’s obligations to pay severance to
Executive upon termination of his employment with VIA in exchange for the
payment, mutual releases and other consideration set forth herein;

 

NOW, THEREFORE, in consideration
of the premises set forth above and the promises contained herein, VIA and the
Executive hereby agree as follows:

 

1.             Modification of Employment Agreement.  Effective as of the date hereof, Sections
5(a), 5(b), 5(c) and 5(e) of the Employment Agreement shall be of no
further force and effect.

 

2.             Payment.  In exchange for the modification described in
Section 1 and the releases contained herein, VIA shall pay an aggregate of
US$245,000 (of which $225,000 represents one year of base salary and $20,000
represents one year of health, dental, life, accidental death and disability
insurance) to Executive by wire transfer upon execution of this agreement (the “Payment”).  This
amount shall be fully earned as of the date of the Payment, and no portion
shall be refunded if the Executive’s employment terminates prior to May 31,
2005 or at any other time.

 

3.             Release by Executive.  The Executive, on behalf of himself and his
heirs, executors, administrators, successors, attorneys and assigns, hereby
releases and discharges VIA and any and all of its current or former
affiliates, members, officers, directors, employees, agents, trustees,
successors and assigns (collectively, the “VIA
Released Parties”), from any and all claims Executive may have
through the date hereof under the Employment Agreement, including without
limitation claims based on Sections 5(a), 5(b), 5(c) and 5(e) of the
Employment Agreement and claims for any consequential or punitive damages.  This release includes a release of any rights
or claims Executive may have related to the Employment Agreement under any U.S.
federal or state, United Kingdom or other law, including any law relating to
securities, employment, employee

 

 

benefits, employee benefit plans, insurance, or
discrimination on account of race, color, religion, sex, national origin, age,
disability or other illegal basis, or based on contract or tort.  This release covers both claims Executive
knows about and those he may not know about, including any claims or rights
Executive may have that arise after Executive executes this Agreement.  Executive covenants and agrees that he will
not file any claim or lawsuit asserting these claims in any court or other
tribunal and that he will indemnify and hold harmless the VIA Released Parties
against any and all costs and expenses (including reasonable attorneys fees)
incurred in connection with their defense of any such claim or lawsuit that is
filed in violation of this paragraph. 
Via and the Executive agree that nothing contained in this Agreement
shall constitute or be treated as an admission of liability or wrongdoing by
any of the VIA Released Parties. 
Executive agrees and acknowledges that he will not be entitled to any
severance or similar payments from VIA pursuant to the terms of the Employment
Agreement or otherwise, other than as provided in Section 5(d) of the
Employment Agreement with respect to the treatment of stock options previously
granted to Executive.

 

4.             Release by VIA.  VIA, on behalf of itself and all of its
current or former affiliates, members, officers, directors, employees, agents,
trustees, successors and assigns hereby releases and discharges Executive and
his heirs, executors, administrators, successors, attorneys and assigns any and
(collectively, the “Executive Released
Parties”), from any and all claims VIA may have through the date
hereof under the Employment Agreement, including without limitation claims for
any consequential or punitive damages. 
This release includes a release of any rights or claims VIA may have
related to the Employment Agreement under any U.S. federal or state, United
Kingdom or other law, including any law relating to securities, employment,
employee benefits, employee benefit plans, insurance, or discrimination on
account of race, color, religion, sex, national origin, age, disability or
other illegal basis, or based on contract or tort.  This release covers both claims VIA’s
officers, directors or employees know about and those they may not know about,
including any claims or rights VIA may have that arise after VIA executes this
Agreement.  VIA covenants and agrees that
it will not file any claim or lawsuit asserting these claims in any court or
other tribunal and that it will indemnify and hold harmless the Executive
Released Parties against any and all costs and expenses (including reasonable
attorneys fees) incurred in connection with their defense of any such claim or
lawsuit that is filed in violation of this paragraph.  VIA and the Executive agree that nothing
contained in this Agreement shall constitute or be treated as an admission of
liability or wrongdoing by any of the Executive Released Parties.

 

5.             Entire Agreement.  This Agreement contains the entire agreement
between VIA and the Executive relating to matters set forth herein and
supersedes any other prior oral or written understandings or agreements
relating thereto.  This Agreement cannot
be changed except by a writing signed by both parties hereto.  This Agreement shall be governed by, and
construed in accordance with, the laws of the Commonwealth of Virginia
(excluding the choice of law rules thereof).

 

6.             Further Acknowledgement.  Executive acknowledges that he understands that
he has the right to, and has had an opportunity to, consult with an attorney
before executing this Agreement, that he has read and understands the
Agreement, and that he is signing it voluntarily and without coercion.  Executive understands that the amount payable
to him hereunder will constitute taxable income and will be subject to
applicable withholding and employment taxes to the extent required by law.

 

 

7.             Waiver; Severability.  Failure to insist upon strict compliance with
any term, covenant or condition of this Agreement shall not be deemed a waiver
of such term, covenant or condition, nor shall any waiver or relinquishment of
any right or power under this Agreement at any time or times be deemed a waiver
or relinquishment of such right or power at any other time or times.  Invalidity or unenforceability of any
provision of this Agreement shall in no way affect the validity or
enforceability of any other provision.

 

8.             Counterparts.  This Agreement may be executed in multiple
counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.

 

9.             Representation of the Parties.  Each of VIA and the Executive represents to
the other that it is receiving consideration and benefit which is equal to or
in excess of any and all liabilities or obligations it is incurring in
connection with or arising from this Agreement.

 

IN WITNESS
WHEREOF, Executive and VIA have caused this Agreement to be executed as of the
date first above written.

 

	
   

  	
  VIA NET.WORKS,
  INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name: Raymond Walsh

  
	
   

  	
  Title: Chief Executive
  Officer

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Matt
  S. Nydell

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