Document:

CONSULTING AGREEMENT

CONSULTING AGREEMENT (this “Agreement”), by and between CHINA CABLECOM HOLDINGS LTD., a BVI corporation (the “Company”), and JAMES S. CASSANO (the “Consultant”).

WITNESSETH:

The Company desires to engage the Consultant to render consulting services to it and the Consultant is willing to provide such consulting services to the Company, on the terms and conditions herein provided.

In order to effect the foregoing, the parties hereto wish to enter into a consulting agreement on the terms and conditions set forth below. Accordingly, in consideration of the premises and the respective covenants and agreements of the parties herein contained, and intending to be legally bound hereby, the parties hereto agree as follows:

1. Engagement. The Company hereby agrees to engage the Consultant to provide consulting services to the Company pursuant to the terms and conditions of this Agreement and the Consultant hereby agrees to provide such services to the Company.

2. Term.

(a) The term of this Agreement shall commence upon the consummation of the “Business Combination” (as defined in the Agreement and Plan of Merger dated as of October __, 2007, by and among Jaguar Acquisition Corporation, China Cablecom Ltd. and Clive Ng) and, unless sooner terminated pursuant to paragraph (b) of this Section 2, shall terminate on the third anniversary thereof (the “Term”).

(b) The Company and the Consultant may agree to terminate this Agreement at any time in writing. In addition, the Company may terminate this Agreement unilaterally and without the Consultant’s consent if the Company reasonably determines that the actions or inactions of the Consultant in the performance of (or failure to perform) his duties under this Agreement are negligent, constitute willful misconduct or are materially injurious to the business affairs of the Company.

(c) Upon the termination of this Agreement pursuant to paragraph (b) of this Section 2, neither the Company nor the Consultant shall have any liability or obligation to the other, except for (i) the obligation of the Company to pay the Consultant any due and payable consulting fee pursuant to Section 5 for his consulting services rendered to the Company prior to the termination of this Agreement, (ii) the obligation of the Company to reimburse expenses incurred by the Consultant during the Term pursuant to Section 6 and (iii) the restrictive covenant obligation of the Consultant pursuant to Section 7, all of which shall survive such termination.

3. Consulting Services. During the Term, the Consultant shall provide such consulting services to the Company as the Company shall agree upon mutually with the

 

 

Consultant, including but not limited to those set forth on Exhibit A hereto (which Exhibit may be amended in writing as agreed to by the Company and the Consultant).

4. Nature of Relationship. The Consultant shall perform his consulting services hereunder in the capacity of an independent contractor and not as an employee of the Company. Any provision to the contrary in this Agreement notwithstanding, the Consultant shall have no power or authority to execute or otherwise enter into any agreement on behalf of, or in any way to bind, the Company. The Consultant shall not be considered as being employed by the Company for any purpose, including without limitation, with respect to employee benefits generally applicable to the Company’s employees. The Company shall carry no workers’ compensation insurance or health or accident insurance for the Consultant. The Company shall pay no amounts on account of the Consultant for purposes of Social Security,
unemployment insurance or federal or state withholding taxes and the Company shall not provide any other contributions or benefits for the Consultant which might be expected in the context of an employer-employee relationship.

5. Compensation. The Company shall pay the Consultant a monthly consulting fee equal to Ten Thousand Dollars ($10,000.00) with each such monthly payment being payable on the first business day of the Company in each month during the Term. 

6. Expenses. During the term of this Agreement, the Company shall, upon receipt from the Consultant of appropriate documentation consistent with the Company’s regular corporate policies regarding expense reimbursement, reimburse the Consultant for his ordinary and customary expenses incurred in performing his consulting services hereunder, including expenses for non-commutation travel, all in accordance with the Company’s regular corporate policies regarding expense reimbursement; provided, however, that if the Consultant is to incur extraordinary expenses, the Company shall not reimburse such expenses unless the Consultant obtains the
Company’s consent thereto prior to incurring such expenses.

7. Restrictive Covenant.

(a) Reasonable Covenant. It is expressly understood by and between the Company and the Consultant that the covenant contained in this Section 7 is an essential element of this Agreement and that, but for the agreement by the Consultant to comply with the below covenant and thereby not to diminish the value of the organization and goodwill of the Company or any affiliate or subsidiary of the Company, including relations with their employees, clients, customers and accounts, the Company would not enter into this Agreement. The Consultant agrees that the below covenant is reasonable and proper.

(b) Nondisclosure of Confidential Information. The Consultant shall keep secret and confidential and shall not disclose to any third party in any fashion or for any purpose whatsoever, any information regarding this Agreement, or any other information regarding the Company or its affiliates or subsidiaries which is not available to the general public, and/or not generally known outside the Company or any such affiliate or subsidiary, to which he has or shall have had access at any time during the course of his consulting engagement with the Company, including, without limitation, any information relating to the Company’s (and its affiliates’ or subsidiaries’):

 

 

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(i) business, operations, plans, strategies, prospects or objectives;

(ii) products, technologies, processes, specifications, research and development operations and plans;

(iii) customers and customer lists;

(iv) distribution, sales, service, support and marketing practices and operations;

(v) financial condition and results of operations;

(vi) operational strengths and weaknesses; and

(vii) personnel and compensation policies and procedures.

Notwithstanding the foregoing provisions of this Section 7, the Consultant may discuss this Agreement with the members of his immediate family and with his personal legal and tax advisors and may disclose the existence of his consulting relationship with the Company to any third party.

(c) Specific Performance. Without intending to limit the remedies available to the Company or its affiliates or subsidiaries, the Consultant hereby agrees that damages at law would be an insufficient remedy to the Company or its affiliates or subsidiaries in the event that the Consultant violates any of the provisions of Section 7(b), and that, in addition to money damages, the Company or its affiliates or subsidiaries may apply for and, upon the requisite showing, have injunctive relief in any court of competent jurisdiction to restrain the breach or threatened breach of or otherwise to specifically enforce the covenant contained in Section 7(b).

8. Non-Assignability. Except with the written consent of both parties, neither the Consultant nor the Company shall have any right to anticipate, alienate, sell, assign, transfer, pledge, encumber or otherwise dispose of any right, interest, benefit or payment under this Agreement and any attempted anticipation, alienation, sale, assignment, transfer, pledge, encumbrance or other disposition of any of such rights, interest, benefits or payments contrary to the provisions hereof shall be null and void and without effect. All rights, interests, benefits and payments under this Agreement shall, to the maximum extent permitted by law, be exempt from the claims of any creditor or other person prior to the actual receipt thereof by the person entitled to receive the same hereunder. Notwithstanding anything
to the contrary contained in this Section 8, the Consultant’s rights to receive payments hereunder may be transferred by will or the laws of descent and distribution.

9. Parties Bound. The rights and obligations of the Company under this Agreement shall inure to the benefit of and shall be binding upon its affiliates, subsidiaries, successors and assigns.

10. Notice. For the purposes of this Agreement, notices, demands and all other communications provided for herein shall be in writing and shall be deemed to have been duly

 

 

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given when delivered or (unless otherwise specified) mailed by United States certified or registered mail, return receipt requested, postage prepaid, addressed as follows:

If to the Consultant:

James S. Cassano

Jaguar Capital Partners

161 Washington Street Suite 1050

Conshohocken, PA 19428

If to the Company:

China Cablecom Holdings Ltd.

Clive Ng, Chairman

17 State Street Suite 1600

New York, NY 10004

or to such other address as either party may have furnished to the other in writing in accordance herewith except that notices of change of address shall be effective solely upon their receipt.

11. Severability. If any provision of this Agreement (or part hereof) shall be held to be invalid or unenforceable under applicable law, the invalidity or unenforceability thereof shall not affect the validity or enforceability of the remaining provisions hereof and each such other provision (or the remainder of such provision) shall, to the full extent consistent with applicable law, continue in full force and effect.

12. Books and Records. The Consultant hereby agrees that all books and records relating in any manner to the business of the Company or that of its affiliates or subsidiaries, and all other files, books and records and other materials owned by the Company or its affiliates or subsidiaries or used by them in connection with the conduct of their businesses, whether prepared by the Consultant or otherwise coming into the Consultant’s possession, shall be the exclusive property of the Company or its affiliates or subsidiaries regardless of which party prepared the original material, books or records. All such books, records and other materials shall be returned immediately to the Company or its affiliates or subsidiaries upon the termination of the Consultant’s services hereunder.

13. Successors. Notwithstanding anything to the contrary contained in Section 8, this Agreement cannot be assigned by the Company or its affiliates or subsidiaries except that it shall be binding automatically on any successors and assigns of all or substantially all of the business and/or assets of the Company (whether direct or indirect, by purchase, merger, consolidation or otherwise). This Agreement and all rights of the Consultant hereunder shall inure to the benefit of and be enforceable by the Consultant’s personal or legal representatives.

14. Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed by applicable BVI law.

15. Amendments. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by the Consultant and such officer of the Company as may be specifically designated for such purpose by the Company. No waiver by either party hereto at any time of any breach by the other party

 

 

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hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not set forth expressly in this Agreement.

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

17. Entire Agreement. This Agreement sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes all prior agreements, promises, covenants, arrangements, communications, representations and/or warranties, whether oral or written, by any officer, employee or representative of any party hereto. The parties hereto hereby acknowledge that no agreement or representation, oral or otherwise, express or implied, with respect to the subject matter hereof has been made by either party which is not set forth expressly in this Agreement.

18. Hold Harmless. The Company hereby agrees to hold harmless the Consultant from any liability arising out of the Consultant’s performance under this Agreement to the fullest extent permitted by law for a director or officer of the Company, except to the extent of the Consultant’s negligence or willful misconduct.

19. Survival. The obligations of the parties hereto contained in Sections 7 and 18 shall survive the termination of this Agreement.

IN WITNESS WHEREOF, the parties have executed this Agreement to be effective as of the Effective Date set forth in Section 2(a) hereof.

 

	
                         
 	
                         
 	
                        CHINA CABLECOM HOLDINGS LTD.
 	
                         
 	
                         
 
	
                          
 	
                         
 	
                        By: 
 	
                          
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                        Name: 
 	
                         
 	
                        Date
 
	
                         
 	
                         
 	
                         
 	
                        Title: 
 	
                         
 	
                         
 

 

	
                         
 	
                         
 	
                        JAMES S. CASSANO
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                        Date
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 

 

 

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EXHIBIT A

Consulting Services

The Consultant shall assist the Company’s management, Board of Directors and Board committees in regard to the Company’s (i) financial reporting, (ii) SEC filings (iii) coordination with its auditors, (iv) governance issues and (vi) any other activities for which his assistance is reasonably requested by the Company’s management, Board of Directors or any Board committee. In addition, the Consultant shall attend all Company Board of Director meetings as an observer.Exhibit 10.1

Fourth Amendment Agreement

 

 

Exhibit 10.1

FOURTH AMENDMENT AGREEMENT

THIS FOURTH AMENDMENT AGREEMENT (this “Amendment”), dated as of September 6, 2007, is among RENAISSANCERE HOLDINGS LTD. (the “Borrower”), the Lenders listed on the signature pages hereto, DEUTSCHE BANK AG NEW YORK BRANCH, as LC Issuer and BANK OF AMERICA, NATIONAL ASSOCIATION, as Administrative Agent for the Lenders.

WITNESSETH:

WHEREAS, the parties hereto are parties to that certain Second Amended and Restated Credit Agreement dated as of August 6, 2004 (as amended and supplemented to date, the “Credit Agreement”);

WHEREAS, the parties hereto wish to amend the Credit Agreement as hereinafter set forth;

NOW, THEREFORE, the parties hereto, in consideration of the premises and the mutual agreements herein contained, hereby agree as follows:

Section 1. Credit Agreement Definitions. Capitalized terms used herein that are defined in the Credit Agreement shall have the same meanings when used herein unless otherwise defined herein.

Section 2. Amendments To Credit Agreement. Effective on (and subject to the occurrence of) the Fourth Amendment Effective Date (as defined below), the Credit Agreement shall be amended as follows:

(a) Section 1 of the Credit Agreement is amended by adding the following definitions in the proper alphabetical order:  

“Letter of Credit Sublimit” means $150,000,000. The Letter of Credit Sublimit is part of, and not in addition to, the Commitments.

“Non-Insurance Sub L/C Sublimit” means $50,000,000. The Non-Insurance Sub L/C Sublimit is part of, and not in addition to, the Letter of Credit Sublimit and the Commitments.

(b) Section 2.1(b) of the Credit Agreement is amended in its entirety to read as follows:  

“(b) the LC Issuer agrees to issue letters of credit in accordance with Article III (the “Letters of Credit”), from time to time on any Business Day during the period from the Amendment Effective Date to the Commitment Termination Date and, as more fully set forth in Section 3.2, each Lender agrees to purchase a Risk Participation in such Letter of Credit, provided that (x) the aggregate LC Obligations shall not at any time exceed the lesser of (i) the Letter of Credit Sublimit or (ii) an amount equal to (A) the aggregate amount of the Commitments minus (B) the aggregate amount of all outstanding

 

 

Loans and (y) Letters of Credit issued for the account of Subsidiaries which are not Insurance Subsidiaries shall not exceed the Non-Insurance Sub L/C Sublimit.”

(c) Section 3.1 of the Credit Agreement is amended in its entirety to read as follows:  

“The Borrower shall give notice to the LC Issuer and the Administrative Agent of the proposed issuance of each Letter of Credit on a Business Day which is at least three Business Days prior to the proposed date of issuance of such Letter of Credit. Each such notice shall be accompanied by a Letter of Credit Application, duly executed by the Borrower and in all respects satisfactory to the LC Issuer, together with such other documentation as the LC Issuer may reasonably request in support thereof, it being understood that each Letter of Credit Application shall specify, among other things, (a) the name of the account party which, subject to Section 5.8, shall be (i) the Borrower, (ii) an Insurance Subsidiary designated by the Borrower, or, subject to the Non-Insurance Sub L/C
Sublimit, a Subsidiary which is not an Insurance Subsidiary, (b) the purpose for which such Letter of Credit will be issued, (c) the date on which the proposed Letter of Credit is to be issued, (d) the amount of the Letter of Credit, (e) the expiration date of such Letter of Credit (which shall not be later than five Business Days prior to the Commitment Termination Date) and (f) whether such Letter of Credit is to be transferable in whole or in part. Subject to Section 2.1 and the satisfaction of the conditions precedent set forth in Article IX, the LC Issuer shall issue such Letter of Credit on the requested issuance date. The Borrower shall only be entitled to request Letters of Credit denominated in Dollars and issued solely for the purposes described in Section 5.8. In the event the Borrower requests that a Letter of Credit be issued for the account of one of its Subsidiaries as permitted hereunder, the Borrower shall be liable for all Obligations under such Letter of Credit as if it had been issued for the account of the Borrower itself.”

(d) The second sentence of Section 5.8 of the Credit Agreement is amended in its entirety to read as follows: 

“Letters of Credit issued hereunder will be used solely to (a) secure the obligations of the Borrower’s Insurance Subsidiaries, (b) subject to the Non Insurance Sub L/C Sublimit, to secure the obligations of a Subsidiary of the Borrower other than an Insurance Subsidiary, or (c) upon receipt of an opinion of Bermuda counsel satisfactory to the Administrative Agent in its sole discretion, to secure the obligations of the Borrower in providing synthetic cover of catastrophe risks through one or more Catastrophe Bonds (other than Catastrophe Bonds described in clause (b) of the definition thereof).”

(e) Schedules 5.1, 5.2, 5.3, 5.4, 5.11, 5.13, 5.14, 5.15 and 7.7 to the Credit Agreement are deleted and Schedules 5.1, 5.2, 5.3, 5.4, 5.11, 5.13, 5.14, 5.15 and 7.7 attached hereto are substituted therefor.

Section 3. Representation and Warranties. In order to induce the Lenders, the LC Issuer and the Administrative Agent to execute and deliver this Amendment, the Borrower

 

 

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hereby represents and warrants to the Lenders, the LC Issuer and to the Administrative Agent that after giving effect to the amendments in Section 2 hereof:

(a) no Default or Event of Default has occurred and is continuing or will result from the execution and delivery or effectiveness of this Amendment; and

(b) the representations and warranties of the Borrower contained in Article 5 (other than Section 5.4) of the Credit Agreement, as updated by the revised Schedules to the Credit Agreement attached hereto and replacing the existing schedules in their entirety, are true and correct in all material respects as of the date hereof, with the same effect as though made on and as of such date (except where such representation or warranty speaks as of a specified date).

Section 4. Conditions to Effectiveness. The amendments set forth in Section 2 hereof shall become effective on the date (the “Fourth Amendment Effective Date”) when the Administrative Agent shall have received four counterparts of this Amendment executed by the Borrower, the Administrative Agent and the Required Lenders.

Section 5. Reaffirmation of Loan Documents. From and after the date hereof, each reference to the Credit Agreement that appears in any other Loan Document shall be deemed to be a reference to the Credit Agreement as amended hereby. As amended hereby, the Credit Agreement is hereby reaffirmed, approved and confirmed in every respect and shall remain in full force and effect.

Section 6. Counterparts; Effectiveness. This Amendment may be executed by the parties hereto in any number of counterparts and by the different parties on separate counterparts and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same agreement.

Section 7. Governing Law; Entire Agreement. This Amendment shall be deemed a contract made under and governed by the laws of the State of New York. This agreement constitutes the entire understanding among the parties hereto with respect to the subject matter hereof and supersedes any prior agreements with respect thereto.

Section 8. Loan Document. This Amendment is a Loan Document.

 

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized as of the date and year first above written.

 

 

	
                         
 	
                         
 	
                        RENAISSANCERE HOLDINGS LTD.
 
	
                          
 	
                         
 	
                        By: 
 	
                        
 /s/ Fred R. Donner
 
	
                         
 	
                         
 	
                        Title:
 	
                        Executive Vice President and CFO
 

 

	
                         
 	
                         
 	
                        BANK OF AMERICA, NATIONAL
 ASSOCIATION, as Administrative Agent and
 Lender
 
	
                          
 	
                         
 	
                        By: 
 	
                        
 /s/ Debra Basler
 
	
                         
 	
                         
 	
                        Title:
 	
                        Senior Vice President
 

 

	
                         
 	
                         
 	
                        THE BANK OF N.T. BUTTERFIELD & SON
 LIMITED.
 
	
                          
 	
                         
 	
                        By: 
 	
                        
 /s/ Illegible
 
	
                         
 	
                         
 	
                        Title:
 	
                        Vice President
 

 

	
                         
 	
                         
 	
                        THE BANK OF NEW YORK
 
	
                          
 	
                         
 	
                        By: 
 	
                        
 /s/ Michael Pensari
 
	
                         
 	
                         
 	
                        Title:
 	
                        Vice President
 

 

	
                         
 	
                         
 	
                        BARCLAYS BANK PLC
 
	
                          
 	
                         
 	
                        By: 
 	
                        

         
 
	
                         
 	
                         
 	
                        Title:
 	
                         
 

 

 

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                        CITIBANK, N.A.
 
	
                          
 	
                         
 	
                        By: 
 	
                        
 /s/ Illegible
 
	
                         
 	
                         
 	
                        Title:
 	
                        Managing Director
 

 

	
                         
 	
                         
 	
                        DEUTSCHE BANK AG NEW YORK
 BRANCH, as LC Issuer and Lender
 
	
                          
 	
                         
 	
                        By: 
 	
                        
 /s/ Michael Campites
 
	
                         
 	
                         
 	
                        Title:
 	
                        Vice President
 

 

	 
	 
	By: 
	 /s/ Richard Herder

	 
	 
	Title:
	
            Managing Director

 

	
                         
 	
                         
 	
                        HSBC BANK USA, NATIONAL ASSOCIATION
 
	
                          
 	
                         
 	
                        By: 
 	
                          
 
	
                         
 	
                         
 	
                        Title:
 	
                         
 

 

	
                         
 	
                         
 	
                        KEYBANK NATIONAL ASSOCIATION
 
	
                          
 	
                         
 	
                        By: 
 	
                        
 /s/ Mary K. Young
 
	
                         
 	
                         
 	
                        Title:
 	
                        Senior Vice President
 

 

	
                         
 	
                         
 	
                        MELLON BANK, N.A.
 
	
                          
 	
                         
 	
                        By: 
 	
                        
 /s/ Michael Pensari
 
	
                         
 	
                         
 	
                        Title:
 	
                        Authorized Officer
 

 

 

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                        UBS LOAN FINANCE LLC
 
	
                          
 	
                         
 	
                        By: 
 	
                        
 /s/ Mary E. Evans
 
	
                         
 	
                         
 	
                        Title:
 	
                        Associate Director
 

 

	
                         
 	
                         
 	
                        By: 
 	
                        /s/ Irja R. Orsa
 
	
                         
 	
                         
 	
                        Title:
 	
                        Associate Director
 

 

	
                         
 	
                         
 	
                        WACHOVIA BANK, NATIONAL ASSOCIATION
 
	
                          
 	
                         
 	
                        By: 
 	
                        
 /s/ Ronald J. Fry
 
	
                         
 	
                         
 	
                        Title:
 	
                        Vice President
 

 

 

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