Document:

EX-10.4

Exhibit 10.4

MARKET SHARE UNIT AWARD AGREEMENT

Platinum Underwriters Holdings, Ltd.

2010 Share Incentive Plan

This MARKET SHARE UNIT AWARD AGREEMENT (this “Award Agreement”) made as of this        day of
     , 20       (the “Date of Grant”) between Platinum Underwriters Holdings, Ltd., a
Bermuda company (the “Company”), and        (the “Participant”), is made pursuant to
the terms of the Company’s 2010 Share Incentive Plan or any successor plan (the “Plan”) and, if
applicable, the Company’s Section 162(m) Performance Incentive Plan or any successor plan.

Section 1. Definitions.

(a) Capitalized terms used herein but not defined shall have the meanings set forth in the
Plan.

(b) For purposes of this Award Agreement,

(i) “Cause” means: (1) the willful and continued failure of the Participant to
substantially perform his or her duties with the Company; (2) the Participant’s conviction
of, or plea of guilty or nolo contendere to, a felony or other crime involving moral
turpitude; (3) the Participant’s engagement in any malfeasance or fraud or dishonesty of a
substantial nature in connection with his or her position with the Company or any of its
subsidiaries, or other willful act that materially damages the reputation of the Company or
any of its subsidiaries; (4) the Participant’s breach of the restrictive covenants in any
option or other award agreement between him or her and the Company; or (5) the Participant’s
sale, transfer or hypothecation of Common Shares of the Company in violation of the Share
Ownership Guidelines adopted by the Board of Directors of the Company; provided,
however, that no such act, failure to act or event shall be treated as “Cause”
unless the Participant has been provided a detailed, written statement of the basis for the
Company’s belief that such act, failure to act or event constitutes “Cause” and has had at
least thirty (30) days after receipt of such statement to cure such act, failure to act or
event. For purposes hereof, no act or failure to act will be considered “willful” unless it
is done, or failed to be done, in bad faith, and without reasonable belief that the act or
failure to act was in the best interest of the Company.

(ii) “Good Reason” means the occurrence of any of the following events without
the Participant’s express written consent: (1) the Company reduces the Participant’s base
salary or the target for the Participant’s annual bonus; (2) the Company reduces the scope
of the Participant’s duties, responsibilities or authority (including reporting
responsibilities); (3) any requirement of the Company that the Participant be principally
based in any location other than the location in which the Participant is currently
principally based; or (4) a breach by the Company of any of the material provisions of any
employment agreement between the Participant and the Company; provided,
however, that if the Participant voluntarily consents to any reduction or change
described above in lieu of exercising his or her right to resign for “Good Reason” and
delivers such consent to the Company in writing, then such reduction or change shall not
constitute “Good Reason” hereunder, but the Participant shall have the right to resign for
“Good Reason” as a result of any subsequent reduction or change described above.
Notwithstanding the foregoing, no act, failure to act or event that is capable of being
cured by the Company shall be treated as “Good Reason” unless the Company has been provided
a detailed, written statement of the basis of the Participant’s belief that such act,
failure to act or event constitutes “Good Reason” and has had at least thirty (30) days
after receipt of such statement to cure such act, failure to act or event.

(iii) “Disability” shall have the meaning set forth in Section 409(a)(2)(C) of
the Code.

Notwithstanding the foregoing, in the event that the Participant is a party to an employment
agreement with the Company that defines Cause, Good Reason or Disability, such definition will
apply to the Participant for purposes of this Award Agreement rather than the definition set forth
above.

Section 2. Share Unit Award. The Company hereby grants to the Participant a
Share Unit Award of        share units under the Plan (the “Share Units”).

Section 3. Vesting Requirements and Forfeiture.

(a) General. The Share Units shall fully vest on the third anniversary of the Date of
Grant (the “Scheduled Vesting Date”), provided that the Participant continues to be employed by the
Company or one of its subsidiaries through the Scheduled Vesting Date.

(b) Termination of Employment.

(i) If the Participant’s employment is terminated without Cause, for Good Reason or
upon the Participant’s retirement from the Company or any of its subsidiaries with the
consent of the Committee in its sole and absolute discretion (each an “Employment
Termination”) prior to the Scheduled Vesting Date or the vesting date in the event of a
Change in Control, death or Disability (as determined below), then the Share Units shall
immediately and fully vest on the effective date of such Employment Termination (“Employment
Termination Vesting Date”).

(ii) If the Participant’s employment is terminated for Cause, the Company may require
the Participant (1) to forfeit the Share Units, which shall then be cancelled by the
Company, and (2) to return to the Company any or all of the Common Shares (and cash
reflecting dividend equivalent rights) paid to the Participant in respect of the Share
Units, in such manner and on such terms and conditions as may be required by the Company.

(c) Change in Control, Death or Disability. If there is a Change in Control of the
Company or if the Participant’s employment is terminated due to the Participant’s death or
Disability prior to the Scheduled Vesting Date or the Employment Termination Vesting Date, then the
Share Units shall immediately and fully vest on the effective date of such Change in Control, death
or Disability.

(d) Breach of Restrictive Covenants.

(i) If the Participant breaches Section 7(a) prior to the vesting of the Share Units,
the Company may require the Participant to forfeit the Share Units, which shall then be
cancelled by the Company.

(ii) If the Participant breaches Section 7(b) or any covenant not to compete with the
Company or any of its subsidiaries to which the Participant is or becomes subject (a
“Non-Compete Covenant”) at any time, the Company may require the Participant (1) to forfeit
the Share Units, which shall then be cancelled by the Company, and (2) to return to the
Company any or all of the Common Shares (and cash reflecting dividend equivalent rights)
paid to the Participant in respect of the Share Units, in such manner and on such terms and
conditions as may be required by the Company.

Section 4. Payment of Award.

(a) Payment. This Share Unit Award shall be payable in that number of Common Shares
determined by multiplying the number of Share Units by the Performance Multiplier. For purposes of
this Award Agreement, the “Performance Multiplier” shall be as follows:

(i) In the case of a Share Unit Award that vests on a Scheduled Vesting Date or on an
Employment Termination Vesting Date, the Performance Multiplier shall be the average of the
closing prices of the Common Shares on the New York Stock Exchange or, if the Common Shares
are not traded on the New York Stock Exchange, such other exchange or securities market on
which the Common Shares are traded (the “Exchange”) for the twenty trading days ending on
the last day of the fiscal quarter immediately preceding the third anniversary of the Date
of Grant divided by the average of the closing prices of the Common Shares on the Exchange
for the twenty trading days ending on the last day of the fiscal quarter immediately
preceding the Date of Grant (the denominator, the “Initial Share Price”);

(ii) In the case of a Share Unit Award that vests on death or Disability, the
Performance Multiplier shall be the average of the closing prices of the Common Shares on
the Exchange for the twenty trading days ending on the last day of the fiscal quarter in
which such death or Disability occurs divided by the Initial Share Price; and

(iii) In the case of a Share Unit Award that vests on a Change in Control, the
Performance Multiplier shall be the average of the closing prices of the Common Shares on
the Exchange for the twenty trading days ending on the day immediately preceding the
effective date of such Change in Control divided by the Initial Share Price.

Notwithstanding the foregoing, (1) the maximum number of Common Shares payable in respect of the
Share Units under this Share Unit Award shall be 150% of the Share Units and (2) no Common Shares
shall be payable in respect of the Share Units under this Share Unit Award if the Performance
Multiplier is less than 50%. This Share Unit Award will be paid as soon as practicable following
the last day used to determine the numerator of the Performance Multiplier in Sections 4(a)(i),
4(a)(ii) or 4(a)(iii), as applicable (the “Last Day”), the date that the Share Units fully vest,
and, other than in the case of a Change in Control, death or Disability, the date that the
Committee shall have certified the performance results governing this Share Unit Award, but in all
events prior to the March 15 of the calendar year following the year in which the Last Day occurs.
In the event that the Common Shares were not traded on an Exchange during any period or portion
thereof used in the determination of a Performance Multiplier hereunder, the Board of Directors of
the Company shall determine in good faith such Performance Multiplier in whatever manner it
considers appropriate.

(b) Fractional Shares. No fractional Common Share shall be issued upon the payment of
this Share Unit Award. Any such fractional Common Share to which the Participant would otherwise
be entitled hereunder shall be rounded up to one Common Share, which shall be included in the
payment of Common Shares to the Participant in respect of the Share Units.

(c) Dividend Equivalent Rights. Dividend equivalent rights shall be deemed to
accumulate on the Share Units under this Share Unit Award from the Date of Grant. Accordingly,
upon the payment of Common Shares to the Participant in respect of the Share Units in accordance
with this Section 4, the Participant shall receive a payment in cash equal to the dividends that
would have been paid on such Common Shares if they had been outstanding since the Date of Grant.

(d) Withholding. The payment in respect of the Share Units shall be made to the
Participant after deduction of applicable withholding taxes in the amount determined by the
Company, which shall be withheld at the applicable supplemental wage withholding rate, or such
other rate as determined by the Company, provided that such amount shall not exceed the
Participant’s estimated federal, state and local tax obligation with respect to payment in respect
of the Share Units. In lieu of the foregoing, the Company may allow the Participant to pay the
applicable withholding taxes to the Company in such other form as approved by the Company.

Section 5. Restrictions on Transfer. No portion of the Share Units may be
sold, assigned, transferred, encumbered, hypothecated or pledged by the Participant, other than to
the Company as a result of forfeiture of the Share Units as provided herein.

Section 6. Limitation of Rights. The Participant shall not have any
privileges of a shareholder of the Company with respect to the Share Units. Nothing in this Award
Agreement shall confer upon the Participant any right to continue as an employee of the Company or
any subsidiary or to interfere in any way with any right of the Company to terminate the
Participant’s employment at any time.

Section 7. Restrictive Covenants. The effectiveness of this Award Agreement
is conditioned upon the Participant honoring the following restrictive covenants (the “Restrictive
Covenants”). These Restrictive Covenants are not intended to amend or supersede the terms of any
noncompetition or other restrictive covenant agreed to between the Company and the Participant or
to which the Participant is subject.

(a) Nondisclosure of Confidential Information. The Participant acknowledges that
during the course of the Participant’s employment with the Company and/or its subsidiaries
(collectively, the “Companies”) the Participant has had or will have access to and knowledge of
certain information that the Companies consider confidential, and that the release of such
information to unauthorized persons would be extremely detrimental to the Companies. As a
consequence, the Participant hereby agrees and acknowledges that the Participant owes a duty to the
Companies not to disclose, and agrees that without the prior written consent of the Company, at any
time following the date hereof, either during or after the Participant’s employment with any of the
Companies, the Participant will not communicate, publish or disclose, to any person anywhere or
use, any Confidential Information (as hereinafter defined), except as may be necessary or
appropriate to conduct the Participant’s duties to the Companies (provided the Participant is
acting in good faith and in the best interests of the Companies) or as may be required by law or
judicial process. The Participant will use best efforts at all times to hold in confidence and to
safeguard any Confidential Information from falling into the hands of any unauthorized person. The
Participant will return to the Companies all Confidential Information in the Participant’s
possession or under the Participant’s control whenever any of the Companies shall so request, and
in any event will promptly return all such Confidential Information if the Participant’s
relationship with the Companies is terminated for any or no reason and will not retain any copies
thereof. For purposes hereof, the term “Confidential Information” shall mean any information used
by or belonging or relating to the Companies that is not known generally to the industry in which
the Companies are, or may be, engaged and which the Companies maintain on a confidential basis,
including, without limitation, any and all trade secrets and proprietary information, information
relating to the business and services, any employee information, customer lists and records,
business processes, procedures or standards, know-how, manuals, business strategies, records,
financial information, in each case, whether or not reduced to writing or stored electronically, as
well as any information that the Companies advise the Participant should be treated as
confidential.

(b) Non-Solicitation and Non-Hire of Employees. The Participant agrees that for a
period beginning on the date hereof and ending 12 months following the date of the Participant’s
termination of employment with the Companies for any reason, the Participant shall not, on the
Participant’s own behalf or on behalf of any other person or entity, without the prior written
consent of the Company, directly or indirectly, solicit, hire or cause to be solicited or hired by
an enterprise with which Participant may ultimately become associated, or participate in or promote
the solicitation of, interfere with, attempt to influence or otherwise affect the employment of,
any employee of the Companies whose annual compensation exceeds $100,000.

(c) Representation of Participant. Upon the acceptance by the Participant of the
Common Shares paid in respect of the Share Units, the Participant shall be deemed to represent that
the Participant has not engaged in nor has any intention of engaging in any action that would
constitute a violation of the Restrictive Covenants or any Non-Compete Covenant.

(d) Injunctive Relief. The Participant acknowledges and agrees that the Restrictive
Covenant provisions of this Section 7 are reasonable and necessary for the successful operation of
the Companies. The Participant further acknowledges that if the Participant breaches any provision
of the Restrictive Covenants, the Companies will suffer irreparable injury. It is therefore agreed
that the Company shall have the right to enjoin any such breach or threatened breach, without
posting any bond, if so ordered by a court of competent jurisdiction. The existence of this right
to injunctive and other equitable relief shall not limit any other rights or remedies that the
Company may have at law or in equity including, without limitation, the right to monetary,
compensatory and punitive damages. In addition to any means at law or equity available to the
Company to enforce the Restrictive Covenants, the Company shall retain any rights it may have under
this Award Agreement for a breach of the Restrictive Covenants including, without limitation, the
right to cancel this Share Unit Award and, in the event of a breach of Section 7(b) or any
Non-Compete Covenant, the right to require the Participant to return to the Company any or all of
the Common Shares (and cash reflecting dividend equivalent rights) paid to the Participant in
respect of the Share Units, in such manner and on such terms and conditions as may be required by
the Company. If any provision of this Section 7 is determined by a court of competent jurisdiction
to be not enforceable in the manner set forth herein, the Participant and the Company agree that it
is the intention of the parties that such provision should be enforceable to the maximum extent
possible under applicable law. If any provision of this Section 7 is held to be invalid or
unenforceable, such invalidity or unenforceability shall not affect the validity or enforceability
of any other provision of this Section 7.

Section 8. Changes in Capitalization. This Share Unit Award shall be subject
to the provisions of the Plan relating to adjustments for changes in corporate capitalization.

Section 9. Notices. Any notice hereunder by the Participant shall be given to
the Company in writing and such notice shall be deemed duly given only upon receipt thereof by the
Secretary of the Company. Any notice hereunder by the Company shall be given to the Participant in
writing and such notice shall be deemed duly given only upon receipt thereof at such address as the
Participant may have on file with the Company.

Section 10. Construction. This Award Agreement and the Share Unit Award
evidenced hereby are granted by the Company pursuant to the Plan and are in all respects subject to
the terms and conditions of the Plan. The Participant hereby acknowledges that a copy of the Plan
has been delivered to the Participant and the Participant accepts the Share Units hereunder subject
to all terms and provisions of the Plan, which are incorporated herein by reference. In the event
of a conflict or ambiguity between any term or provision contained herein and a term or provision
of the Plan, then the Plan shall govern and prevail. The construction of and decisions under the
Plan and this Award Agreement are vested in the Committee, whose determinations shall be final,
conclusive and binding upon the Participant.

Section 11. Governing Law. This Award Agreement and the Share Unit Award
evidenced hereby shall be governed by, and construed in accordance with, the laws of the State of
New York, excluding the choice of law rules thereof.

Section 12. Counterparts. This Award Agreement may be executed in
counterparts, each of which shall be deemed to be an original but all of which together shall
constitute one and the same instrument.

Section 13. Binding Effect. This Award Agreement shall be binding upon and
inure to the benefit of the legatees, distributees, and personal representatives of the Participant
and the successors of the Company.

Section 14. Entire Agreement. This Award Agreement and the Plan constitute
the entire agreement between the parties with respect to the subject matter hereof and thereof,
merging any and all prior agreements.

[SIGNATURES ON FOLLOWING PAGE]

1

IN WITNESS WHEREOF, the Company and the Participant have executed this Award Agreement
effective as of the date first above written.

PLATINUM UNDERWRITERS HOLDINGS, LTD.

By: 
                                                      
    

Name:

Title:

PARTICIPANT

By:
 
                                                      
    

Name:

2Unassociated Document

EXHIBIT 10.10

 

Irrevocable Proxy

The undersigned holder (the "Holder") of 3,132,932 shares of common stock (the "Shares") of Pharma-Bio Serv, Inc., a Delaware corporation (the "Company"), solely in its capacity as a holder of securities of the Company, hereby irrevocably appoints Elizabeth Plaza, as the sole and exclusive attorney and proxy of the Holder, with full power of substitution and resubstitution, to vote and exercise all voting, consent and similar rights with respect to all of the Holder's Shares, until the Expiration Date (as defined below), on the terms and conditions specified below.  On the Certification Date (as defined below), any and all prior proxies given by the Holder with respect to any of the Holder's Shares are hereby revoked and the Holder agrees not to grant any subsequent proxies with respect to any of the Holder's Shares until after the Expiration Date.

 

This Irrevocable Proxy is irrevocable, is coupled with an interest sufficient in law to support an irrevocable power made for the benefit of third parties.

 

The term of this Irrevocable Proxy shall commence on the date (the "Certification Date") the Company obtains a National Minority Supplier Development Council Minority-Controlled Certification with respect to 2011 ("Certification") and shall terminate on the "Expiration Date".  As used herein, the term "Expiration Date" shall mean the first anniversary date of the Certification Date unless the Certification expires sooner in which event the Expiration Date shall be the date the Certification expires.

 

The attorney and proxy named above is hereby authorized and empowered by the Holder, at any time prior to the Expiration Date, to act as the Holder's attorney and proxy to vote the Holder's Shares, and to exercise all voting, consent and similar rights of the Holder with respect to the Holder's Shares (including, without limitation, the power to execute and deliver written consents) at every annual, special or adjourned meeting of stockholders of the Company and in every written consent in lieu of such meeting.

 

Any obligation hereunder of the Holder shall be binding upon the successors and assigns of the Holder.  This Irrevocable Proxy shall terminate, and be of no further force or effect, automatically upon the Expiration Date.

 

IN WITNESS WHEREOF, the undersigned Holder has caused this Irrevocable Proxy to be executed as of July 30, 2011.

 

	 	Holder:	 
	 	 	 	 
	 	Name:  Venturetek LP	 
	 	 	 	 
	
 

	
By: 

	/s/ David Selengut	 
	 	 	Name: David Selengut	 
	 	 	Title:  Managing Member Taurus Max LLC, GP

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