Document:

EX-10.54

 

Exhibit 10.54

AMENDMENT TO

EMPLOYMENT AGREEMENT

     This Amendment to Employment
Agreement, entered into as of this 9th day of January, 2007, is
made effective January 1, 2007 and amends that certain Employment Agreement by and between NYMAGIC,
INC., a New York corporation (together with its successors and assigns, the “Company”) and A.
George Kallop (the “Executive”), entered into as of the 17th day of April 2006, and made
effective October 1, 2005.

     1. Section 3 is hereby amended to read as follows:

     “3. Base Salary.

     The Executive shall be paid an annualized salary, payable in accordance with the regular
payroll practices of the Company, of not less than $450,000, subject to review for increase at the
discretion of the Compensation Committee (the “Committee”) of the Board (“Base Salary”).”

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

	 	 	 	 	 	 
	 	 	NYMAGIC, INC.
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	/s/ Paul J. Hart 
	 

	 	 	 	 
	 

	 	Name:	 	Paul J. Hart 
	 

	 	Title:	 	Attorney-in-fact
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	THE EXECUTIVE
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	/s/ A. George Kallop
	 	 	 
	 	 	A. George KallopEX-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]

2

 

     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
	 

	 	 	 	 

3EX-10.1

 

Exhibit 10.1

P.O. BOX 91129 l CLEVELAND, OHIO 44101 l (440)461-5200

DENNIS McKENNA

VICE PRESIDENT

GLOBAL BUSINESS DEVELOPMENT

7 February 2006

Mr. Randy Ruhlman

Ruhlman Motor Sports

2403 Deer Track Lane

Greensboro, NC 27455

Dear Randy,

This letter will confirm our return as your primary sponsor for the Grand American Road Racing
Series in 2006. It is unfortunate that the recent demise of the Trans-Am Series will not allow
you to build on the terrific season you had last year but we look forward to further exploring
the additional marketing opportunities the Grand American Series appears to offer.

As we discussed, PLP® is providing a total of $950,000 in sponsorship fees for the 2006 season.
Enclosed is the first installment of $500,000. The payment schedule for the remainder of the
2006 sponsorship fee will be as follows:

	 	 	 	 	 	 	 	 	 
	 

	 	March 2006:
	 	$	250,000	 	 	 
	 

	 	April 2006:
	 	$	100,000	 	 	 
	 

	 	May 2006:
	 	$	100,000	 	 	 

I once again look forward to working closely with you and Cristi to identify ways to
enhance the effectiveness and impact of the racing program for PLP and stand ready to support
your efforts as you transition into the new series.

Racing provides us with a unique venue for strengthening our relationships with customers and
all of us within the Marketing and Sales group look forward to working closely with you, Cristi
and your team in 2006.

	 	 	 	 	 
	 

	 	Best Regards,	 	 
	 
	 	 	 	 
	 

	 	/s/ Dennis F. McKenna	 	 
	 

	 	 

Dennis F. McKenna
	 	 
	 

	 	Vice President, Marketing and Business Development	 	 
	 
	 	 	 	 
	 

	 	cc: R.G. RuhlmanEX-4.1(B)

 

Exhibit 4.1(b)

FIRST SUPPLEMENTAL INDENTURE

     THIS FIRST SUPPLEMENTAL INDENTURE, dated to be effective as of 6:00 p.m., Eastern Standard
Time, on March 9, 2007, is by and among Wilmington Trust Company, a Delaware banking corporation,
as Trustee (herein, together with its successors in interest, the “Trustee”), Park National
Corporation, an Ohio corporation (the “Successor Company”), and Vision Bancshares, Inc., an Alabama
corporation (the “Company”), under the Indenture referred to below.

     NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto,
the Trustee, the Company, and the Successor Company hereby agree as follows:

PRELIMINARY STATEMENTS

     The Trustee and the Company are parties to that certain Junior Subordinated Indenture dated as
of December 5, 2005 (the “Indenture”), pursuant to which the Company issued its Floating Rate
Junior Subordinated Notes due December 30, 2035.

     As permitted by the terms of the Indenture, the Company, simultaneously with the effectiveness
of this First Supplemental Indenture, shall merge (referred to herein for purposes of Article VIII
of the Indenture as the “Merger”) with and into the Successor Company with the Successor Company as
the surviving corporation. The parties hereto are entering into this First Supplemental Indenture
pursuant to, and in accordance with, Articles VIII and IX of the Indenture.

     SECTION 1. Definitions. All capitalized terms used herein that are defined in the
Indenture, either directly or by reference therein, shall have the respective meanings assigned
them in the Indenture except as otherwise provided herein or unless the context otherwise requires.

     SECTION 2. Interpretation.

	 	(a)	 	In this First Supplemental Indenture, unless a clear contrary
intention appears:

	 	(i)	 	the singular number includes the plural number
and vice versa;
	 
	 	(ii)	 	reference to any gender includes the other
gender;
	 
	 	(iii)	 	the words “herein,” “hereof” and “hereunder”
and other words of similar import refer to this First Supplemental
Indenture as a whole and not to any particular Section or other
subdivision;

 

 

	 	(iv)	 	reference to any Person includes such Person’s successors and assigns
but, if applicable, only if such successors and assigns are permitted
by this First Supplemental Indenture or the Indenture, and reference to
a Person in a particular capacity excludes such Person in any other
capacity or individually provided that nothing in this clause (iv) is
intended to authorize any assignment not otherwise permitted by this
First Supplemental Indenture or the Indenture;
	 
	 	(v)	 	reference to any agreement, document or
instrument means such agreement, document or instrument as amended,
supplemented or modified and in effect from time to time in accordance
with the terms thereof and, if applicable, the terms hereof, as well as
any substitution or replacement therefor and reference to any Security
(also referred to as a note in the Trust Agreement defined herein)
includes modifications thereof and any Security issued in extension or
renewal thereof or in substitution or replacement therefor;
	 
	 	(vi)	 	reference to any Section means such Section of
this First Supplemental Indenture; and
	 
	 	(vii)	 	the word “including” (and with correlative
meaning “include”) means including without limiting the generality of
any description preceding such term.

	 	(b)	 	No provision in this First Supplemental Indenture shall be
interpreted or construed against any Person because that Person or its legal
representative drafted such provision.

     SECTION 3. Assumption of Obligations.

	 	(a)	 	Pursuant to, and in compliance and accordance with, Section
8.1(a) of the Indenture, the Successor Company hereby expressly assumes the due
and punctual payment of the principal of and any premium and interest
(including any Additional Interest) on all the Securities and the performance
of every covenant of the Indenture on the part of the Company to be performed
or observed.
	 
	 	(b)	 	Pursuant to, and in compliance and accordance with, Section 8.2
of the Indenture, the Successor Company succeeds to, is substituted for, and
may exercise every right and power of, the Company under the Indenture with the
same effect as if the Successor Company had originally been named in the
Indenture as the Company, and the Company is discharged from all obligations
and covenants under the Indenture and the Securities.

 

 

	 	(c)	 	The Successor Company also succeeds to and is substituted for
the Company with the same effect as if the Successor Company had originally
been named in (i) the Amended and Restated Trust Agreement of the Trust, dated
as of December 5, 2005 (the “Trust Agreement”), as Depositor (as defined in the
Trust Agreement) and (ii) the Guarantee Agreement, dated as of December 5, 2005
(the “Guarantee”), as Guarantor (as defined in the Guarantee). Without
limiting the generality of the foregoing, the Successor Company agrees to
perform the Depositor’s obligations under the Trust Agreement and the
Guarantor’s obligations under the Guarantee Agreement.

     SECTION 4. Representations and Warranties.

     (a) The Successor Company represents and warrants that (i) it has all necessary power
and authority to execute and deliver this First Supplemental Indenture and to perform the
Indenture, (ii) that it is the successor of the Company pursuant to the Merger effected in
accordance with applicable law, (iii) that it is a corporation organized and existing under
the laws of the State of Ohio, (iv) immediately after giving effect to the Merger and this
First Supplemental Indenture, no Event of Default, and no event which, after notice or lapse
of time or both, would constitute an Event of Default, has occurred and is continuing, and
(v) that this First Supplemental Indenture is executed and delivered pursuant to Section
9.1(a) and Article VIII of the Indenture and does not require the consent of the Holders of
the Securities.

     (b) The Company represents and warrants that immediately before giving effect to the
Merger and this First Supplemental Indenture, no Event of Default, and no event which, after
notice or lapse of time or both, would constitute an Event of Default, has occurred and is
continuing.

     SECTION 5. Conditions of Effectiveness. This First Supplemental Indenture shall
become effective simultaneously with the effectiveness of the Merger, provided, however, that:

	 	(a)	 	the Trustee shall have executed a counterpart of this First
Supplemental Indenture and shall have received one or more counterparts of this
First Supplemental Indenture executed by the Company and the Successor Company;
	 
	 	(b)	 	the Trustee shall have received an Officers’ Certificate from
the requisite officers of the Company stating that (i) in the opinion of the
signers, all conditions precedent (including covenants compliance with which
constitutes a condition precedent), if any, provided for in the Indenture
relating to the Merger and the First Supplemental Indenture have been complied
with, (ii) the Merger and this First Supplemental Indenture comply with Article
VIII of the Indenture, and (iii) the Trustee’s execution of this First
Supplemental Indenture is authorized or permitted by the Indenture;

 

 

	 	(c)	 	the Trustee shall have received an Opinion of Counsel from
counsel to the Company to the effect that (i) all conditions precedent
(including covenants compliance with which constitutes a condition precedent),
if any, provided for in the Indenture relating to the Merger and the First
Supplemental Indenture have been complied with, (ii) the Merger and this First
Supplemental Indenture comply with Article VIII of the Indenture, and (iii)
the Trustee’s execution of this First Supplemental Indenture is authorized or
permitted by the Indenture; and
	 
	 	(d)	 	the Successor Company and the Company shall have duly executed
and filed in connection with the Merger a certificate of merger with the
Secretary of State of the State of Ohio and articles of merger with
the Secretary of State of the State of Alabama.

     SECTION 6. Reference to the Indenture.

	 	(a)	 	Upon the effectiveness of this First Supplemental Indenture,
each reference in the Indenture to “this Indenture,” “hereunder,” “herein” or
words of like import shall mean and be a reference to the Indenture, as
affected, amended and supplemented hereby.
	 
	 	(b)	 	Upon the effectiveness of this First Supplemental Indenture,
each reference in the Securities to the Indenture including each term defined
by reference to the Indenture shall mean and be a reference to the Indenture or
such term, as the case may be, as affected, amended and supplemented hereby.
	 
	 	(c)	 	The Indenture, as amended and supplemented hereby, shall remain
in full force and effect and is hereby ratified and confirmed.

     SECTION 7. Execution in Counterparts. This First Supplemental Indenture may be
executed in any number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed and delivered shall be deemed to be an original and all of which
when taken together shall constitute but one and the same instrument.

     SECTION 8. Governing Law; Binding Effect. This First Supplemental Indenture shall be
governed by and construed in accordance with the laws of the State of New York and shall be binding
upon the parties hereto and their respective successors and assigns.

     SECTION 9. The Trustee. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this First Supplemental Indenture or
the due execution thereof by the Company or the Successor Company. The recitals of fact contained
herein shall be taken as the statements solely of the Company or the Successor Company, and the
Trustee assumes no responsibility for the correctness thereof.

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be
duly executed as of the day and year first written above.

	 	 	 	 	 	 	 
	 	 	VISION BANCSHARES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ William E. Blackmon
 

Name:   William E. Blackmon
	 	   
	 

	 	 	 	Title:     Executive Vice President, Chief Financial	 	 
	 

	 	 	 	              Officer and Chief Accounting Officer	 	 

	 	 	 	 	 	 	 
	 	 	PARK NATIONAL CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ C. Daniel DeLawder
 

Name:  C. Daniel DeLawder
	 	   
	 

	 	 	 	Title:    Chairman of the Board and Chief Executive	 	 
	 

	 	 	 	             Officer	 	 

	 	 	 	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY, not in its	 	 
	 	 	individual capacity, but solely as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michael H. Wass
 

Name:  Michael H. Wass
	 	   
	 

	 	 	 	Title:   Authorized Signer

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