Document:

EXHIBIT 10.22

 

Description of Director
Compensation

 

All non-employee directors receive shares of CIBER Common Stock valued
at approximately $2,500 for each Board and Annual Meeting attended and are paid a $7,500 semi-annual retainer.  The Chairman of the Audit Committee of the
Board receives twice this retainer amount due to the additional time needed to
fulfill this responsibility.  All
directors are reimbursed for expenses incurred to attend meetings.  The retainer was increased to its current
annual level and a meeting fee of $1,000 per committee meeting attended was
implemented in August 2003.  Non-employee
directors received stock options for serving on the Board under the
CIBER, Inc. 2004 Incentive Plan (the “Plan”) approved by the Company’s
stockholders at the April 27, 2004 Annual Meeting.  Employee directors receive no additional
compensation for serving on the Board.

 

The Plan provides that options for the Company’s Common Stock are
authorized for issuance to non-employee directors under the Plan.  The Plan is administered by the Board.  The Plan provides for an initial grant of
options to purchase 20,000 shares of Common Stock to each non-employee director
when that director takes office.  Each
option granted vests in equal annual installments over two years and expires
ten years from the date of grant.  In
addition, after each year of service, each non-employee director receives the
grant of an option to purchase 5,000 shares of Common Stock; such options vest
fully one year after the date of grant. 
The Plan also authorizes the Board, in its discretion, to adopt awards
for director service on Board committees. 
This provision was added in light of new requirements imposed by the
Sarbanes-Oxley Act and the NYSE, which have increased the obligations of
members of certain committees—especially the Audit Committee.EXHIBIT 10.23

 

Description of Employment Agreements with Named Executive Officers

 

The Company has entered into
employment agreements with each of the Named Executive Officers.  Each officer’s agreement has a term of one
year and is renewable annually.  Each
employment agreement provides that an officer’s compensation will include a
base and a bonus.  The base salary and
bonus structure of the Chief Executive Officer, the Chief Operating Officer,
and the Chief Financial Officer are determined by the Compensation Committee of
the Board of Directors.  The base salary
and bonus structure of the remaining officers are determined by the Chief
Operating Officer, in consultation with the Chief Executive Officer.  In the event that an officer’s employment is
terminated upon a change in control of the Company, upon death or disability of
the officer or without cause, the officer will be entitled to a severance
payment of up to three times his annual compensation, which varies based upon
the cause of termination and officer position. 
Officers are also entitled to receive continuation of medical, dental
and disability benefits for up to 18 months following termination, which
varies based upon the officer’s position.BP - x1-54072 - Harleysville Group - Exhibit (10)(R)

EXHIBIT (10)(R)

SECOND AMENDMENT TO LEASE AGREEMENT

THIS SECOND AMENDMENT TO AGREEMENT OF LEASE (hereinafter “Second Amendment”) made as of this 1st day of January AD 2005 between Harleysville, Ltd., a Pennsylvania limited partnership (hereinafter “Lessor”), and Harleysville Mutual Insurance Company, a Pennsylvania insurance corporation doing business at 355 Maple Avenue, Harleysville, PA 19438 (hereinafter “Lessee”).

WITNESSETH:

WHEREAS, Lessor and Lessee entered into a Lease Agreement dated as of January 1, 1995, for all that certain parcel of land, together with buildings and improvements erected thereon as set forth in Exhibit “A” to the Lease, which was amended by an Amendment to Lease Agreement dated as of January 1, 2000 (collectively “Lease”); and

WHEREAS, Lessor and Lessee desire to amend the Lease with regard its term and the amount of base rent to be paid.

NOW, THEREFORE, the parties hereto, for the mutual promises hereinafter contained, intending to be legally bound, do hereby agree as follows:

1.         Section 2 of the Lease shall be deleted in its entirety and the following substituted in its place:

“The term of this Lease shall be for a period of five (5) years commencing on January 1, 2005 and ending on December 31, 2009.”

2.         The first sentence of Section 3(a) of the Lease shall be deleted in its entirety and the following shall be inserted in its place:

1

3.         “The base rent is Seventeen Dollars and Ninety-eight Cents ($17.98) per square foot of office space per year.”

4.         The first sentence of Section 3(b) of the Lease shall be deleted in its entirety and the following shall be inserted in its place:

“Lessee agrees to pay additional rent, the amount of which shall be equal to the cost of any additions, improvements or renovations, fully amortized over the life of the same, at an annual interest rate of ten per cent (10%).”

5.         All terms, conditions, and provisions of the Lease are hereby ratified and confirmed, excepted as amended herein.

IN WITNESS WHEREOF, the Lessor and the Lessee have set their hands and seals the day and year first above written.

	 	 	 	Lessor: HARLEYSVILLE, LTD.

	 	 	 	BY: HARLEYSVILLE GROUP INC., General Partner

	 	 	 	 
	Attest:

	/s/ Robert A. Kauffman

Robert A. Kauffman

Senior Vice President, 

Secretary & General Counsel

	BY:  

	/s/ Bruce J. Magee

Bruce J. Magee

Senior Vice President, CFO, and Assistant Secretary

	 	 	 	 
	 	 	 	BY: HARLEYSVILLE PREFERRED INSURANCE COMPANY, Limited Partner

	 	 	 	 
	Attest:

	 /s/ Robert A. Kauffman

Robert A. Kauffman

Secretary

	BY: 

	/s/ Roger J. Beekley

Roger J. Beekley

Vice President

	 	 	 	 
	 	 	 	Lessee:

HARLEYSVILLE MUTUAL INSURANCE COMPANY

	 	 	 	 
	Attest: 

	/s/ Robert A. Kauffman

Robert A. Kauffman

Senior Vice President,

Secretary & General Counsel

	BY: 

	/s/ Mark R. Cummins

Mark R. Cummins

Executive Vice President,

Chief Investment Officer & Treasurer

2BP - x1-54072 - Harleysville Group - Exhibit (10)(V)

EXHIBIT (10)(V)

THIRD AMENDMENT TO LOAN AGREEMENT

THIS THIRD AMENDMENT TO LOAN AGREEMENT (the “Amendment”) dated this 1st day of March, 2005, effective as of March 19, 2005, by and between HARLEYSVILLE GROUP INC., a corporation organized and existing under the laws of the State of Delaware with an address of 355 Maple Avenue, Harleysville, PA 19438 (the “Borrower”), and HARLEYSVILLE MUTUAL INSURANCE COMPANY, an insurance company organized and existing under the laws of the Commonwealth of Pennsylvania, with an address of 355 Maple Avenue, Harleysville, PA 19438 (the “Lender”):

WITNESSETH:

WHEREAS, The Borrower and the Lender entered into a Loan Agreement (the “Agreement”) dated March 19, 1991 whereby the Borrower borrowed the sum of $18,500,000 (the “Loan”) from the Lender for the purpose of acquiring the shares of stock of Phoenix General Insurance Company and its subsidiaries, and the principal amount of the loan remains unpaid and outstanding; and

WHEREAS, The Borrower and the Lender entered into the Second Amendment to Loan Agreement dated March 4, 1998, effective as of March 19, 1998, whereby the Loan Agreement was extended for an additional seven (7) years at an interest rate of LIBOR plus sixty-five one-hundredths (0.65%) per cent with all other terms and conditions of the Loan Agreement remaining the same; and

WHEREAS, The Borrower and the Lender desire to extend the Loan Agreement an additional seven (7) years at an interest rate of LIBOR plus forty-five one-hundredths (0.45%) per cent with all other terms and conditions of the Loan Agreement remaining the same; and

WHEREAS, Section 8.03 of the Agreement provides, inter alia, that the Borrower and the Lender may enter into a written agreement amending, modifying or supplementing the Agreement.

NOW, THEREFORE, In consideration of the premises and the mutual covenants and conditions herein contained, and intending to be legally bound hereby, the parties hereto agree as follows:

1.

The definition of “Maturity Date” in Section 1.01 of Article I of the Agreement shall be deleted, and the following shall be substituted in its place:

“’Maturity Date’ shall mean the earlier to occur of March 18, 2012 or the date on which the Lender makes a demand for payment of the Note in full .”

-1-

2.

The last sentence of Section 2.01(b) of Article II of the Agreement shall be deleted, and the following shall be substituted in its place:

“The rate of interest shall be equal to LIBOR, as established by the LIBOR interest period selected by the Borrower plus forty-five one-hundredths (0.45%) per cent.”

3.

The last line of Section 2.06 of Article II of the Agreement shall be deleted and the following shall be substituted in its place:

“...then current LIBOR plus forty-five one-hundredths (0.45%) per cent.”

4.

Exhibit A-1 which amended Exhibit A referred to in Section 2.03 of Article II of the Agreement shall be deleted and Exhibit A-2, copy of which is attached hereto and made a part hereof, shall be substituted in its place.

5.

Exhibit B-1 referred to in Section 3.11 of Article III of the Agreement shall be deleted and Exhibit B-2, which is attached hereto and made a part hereof, shall be substituted in its place.

6.

All other terms, conditions, and provisions of the Agreement are hereby ratified and confirmed by the Borrower and the Lender and remain in full force and effect, except as herein modified, amended, and changed.

IN WITNESS WHEREOF, The parties hereto, by their duly authorized officers, have executed and delivered this Third Amendment to Loan Agreement on the date first above written, effective as of the date stated herein.

HARLEYSVILLE MUTUAL INSURANCE COMPANY

BY: 

/s/ Mark R. Cummis

Mark R. Cummins

Senior Vice President, Chief Investment 

Officer and Treasurer

HARLEYSVILLE GROUP INC.

BY: 

/s/ Bruce J. Magee

Bruce J. Magee

Senior Vice President &

Chief Financial Officer

-2-

Exhibit A-2

AMENDMENT TO PROMISSORY NOTE

By the Third Amendment to Loan Agreement dated as of March 19, 1991 as amended by the Second Amendment to Loan Agreement dated March 4, 1998, by and between HARLEYSVILLE GROUP INC. and HARLEYSVILLE MUTUAL INSURANCE COMPANY, certain modifications, amendments and changes were made, as set forth therein. As a result of those modifications, amendments and changes, the Promissory Note dated March 19, 1991, as amended on March 4, 1998, effective as of March 19, 1998, is now amended, as follows:

1.

The Maturity Date has been extended from March 18, 2005 to March 18, 2012.

2.

The interest rate has been changed from LIBOR plus sixty-five one-hundredths (0.65%) per cent to LIBOR plus forty-five one-hundredths (.45%) per cent.

Dated: March 1, 2005

HARLEYSVILLE GROUP INC.

Attest:

By:

/s/ Bruce J. Magee

/s/ Robert A. Kauffman

Bruce J. Magee

Robert A. Kauffman

Senior Vice President &

Secretary

Chief Financial Officer

Exhibit B-2

HARLEYSVILLE GROUP INC. SUBSIDIARIES

	

NAME OF SUBSIDIARY

	 	

STATE OF DOMICILE

	 	PERCENTAGE

OWNED BY

HARLEYSVILLE GROUP INC.

	 	     

	 	     

	 
	Carlton Holding Corporation

	 	New York

	 	100%

	Harleysville Asset Management 

	 	Pennsylvania

	 	100%

	Harleysville-Atlantic Insurance Company

	 	Georgia

	 	100%

	Harleysville Insurance Company

	 	Minnesota

	 	100%

	Harleysville Insurance Company of New Jersey

	 	New Jersey

	 	100%

	Harleysville Insurance Company of New York

	 	New York

	 	100%

	Harleysville Insurance Company of Ohio

	 	Ohio

	 	100%

	Harleysville Lake States Insurance Company

	 	Michigan

	 	100%

	Harleysville Preferred Insurance Company

	 	Pennsylvania

	 	100%

	Harleysville Worcester Insurance Company

	 	Massachusetts

	 	100%

	Insurance Management Resources LP

	 	Pennsylvania

	 	100%

	Mid-America Insurance Company

	 	Pennsylvania

	 	100%

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