Document:

EXHIBIT 10.10

 

September 25, 2012

 

Douglas Raucy

16404 Brieva DE Avila

Tampa, FL 33613-1064

 

Dear Doug,

 

It is with great pleasure that we extend
to you this offer to join the team as an employee of Kingsway America Inc. (the “Company”).

 

The following is a summary of the terms
of the offer, which is contingent upon satisfactory completion of several pre-employment requirements listed below. It is our understanding
that you are not subject to any non-competition contract or any other agreement that would otherwise restrict your employment opportunities.
Should this not be the case, please let us know immediately.

 

		·	Your position will be President and Chief
Executive Officer of Maison Holdings LLC, Maison Insurance Company and Maison Managers LLC beginning on Monday, October 1, 2012.

 

		·	Your base pay will be $10,769.23 bi-weekly
($280,000 annualized). Your salary will be reviewed annually and increased appropriately to reflect your contributions to the Company.

 

		·	You will be eligible for a signing bonus
of $20,000, payable on the payroll following your one month anniversary.

 

		·	You will be eligible for a bonus payment
of $50,000, contingent upon successful completion of agreed upon objectives, including the successful launch of Maison Insurance
Company. If attained, this bonus payment will be paid on the payroll following the completion of these objectives, as determined
by Company’s management.

 

		·	You will be eligible to participate in other bonus and/or stock option
incentive programs of the Company, if any, based on the terms of that program.

  

		·	You will be included in all benefit programs
available to full time employees of Kingsway America Inc.

 

		·	The Company is committed to providing
its employees with a safe and drug-free environment and therefore, all employment offers are contingent upon successful completion
of a pre-employment drug screen. Failure to schedule and complete may result in the possible rescission of your employment offer.

 

		·	Your employment is also contingent upon
the successful completion of a background check which does not reveal any item in your past that (in the sole opinion of the Company)
would prevent you from being successful at your job.

 

		·	While it is our sincere hope that our
working relationship will be a long and fulfilling one, we remind you that Kingsway America Inc. is an At Will employer. As such,
the Company does not offer employment on a fixed-term basis. Your employment will be “At Will”, meaning that you will
not have a contract for a specific duration. Either you or the Company can terminate the employment relationship at any time for
any nondiscriminatory reason, with or without cause. 

 

    	 

    	 

    

 

	 		EXHIBIT 10.10

 

By signing this offer letter, you agree
and acknowledge that (i) you have not relied, and are not relying, on any oral or written statements, promises or representations
made by any employee, agent, or representative of the Company that are not expressly set forth in this letter, and (ii) you are
not bound by any agreement or obligation (including any confidentiality, non-competition or non-solicitation covenants or agreements)
that would restrict you from performing the functions of your position to the best of your ability.

 

We are delighted that you have entertained
this opportunity and will be very pleased to have you join the Company and participate in its anticipated success. Please acknowledge
your understanding of the foregoing by signing and dating below and returning this letter to Leeann Repta by Monday, October 1,
2012. Please do not hesitate to contact her directly at 847-700-8059 with any questions.

 

Sincerely,

 

KINGSWAY AMERICA INC.

 

 

	By:  	/s/ Larry G. Swets, Jr.	 	 
	Larry G. Swets, Jr.	 	 

 

 

	By:  	/s/ Leeann Repta	 	 
	Leeann Repta	 	 

 

 

I have carefully read and understand and
acknowledge all the terms of this letter and accept employment with the Company on those terms. I understand that this is an employment-at-will
relationship. I understand that this letter is the sole component of this offer of employment.

 

 

	/s/ Douglas Raucy	 	 
	Douglas Raucy	 	 

 

 

Dated: 9/27/2012AMENDMENT

TO

EXECUTIVE EMPLOYMENT AGREEMENT

 

This AMENDMENT TO EXECUTIVE
EMPLOYMENT AGREEMENT (this “Amendment”) dated as of January 28, 2014, is by and between MGT Capital Investments,
Inc. (the “Company”), and Robert B. Ladd (the “Executive”).

 

WHEREAS, the Company
and the Executive are party to that certain Executive Employment Agreement, dated as of November 19, 2012 (the “Employment
Agreement”);

 

WHEREAS the Employment
Agreement may be amended by a writing signed by the Company and the Executive pursuant to Section 8.1 of the Employment Agreement;

 

WHEREAS, the Company
and the Executive desire to amend the Employment Agreement as set forth below:

 

NOW, THEREFORE, in consideration of the foregoing
and the mutual promises of the parties, and other good and valuable consideration, the undersigned agree as follows:

 

1.          The
Employment Agreement shall be amended as follows:

 

		a.	The first sentence and the third sentence of Section 1.2 of the Employment Agreement (Employment Term) is hereby amended to
replace the words “November 30, 2014” with “November 30, 2015.”

 

2.          Except
as herein provided, the terms of the Employment Agreement shall remain in full force and effect.

 

3.          Capitalized
terms used but not defined herein shall have the meaning ascribed to such terms in the Employment Agreement.

 

4.          This
Amendment may be executed in counterparts (including by facsimile or pdf signature pages or other means of electronic transmission)
each of which shall be deemed an original but all of which together will constitute one and the same instrument.

 

5.          Should
any provision of this Amendment be declared illegal, invalid or unenforceable in any jurisdiction, then such provision shall
be deemed to be severable from this Amendment as to such jurisdiction (but, to the extent permitted by law, not elsewhere) and
in any event such illegality, invalidity or unenforceability shall not affect the remainder hereof.

 

 

[Signature Page to Follow]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

	 	MGT CAPITAL INVESTMENTS, INC.
	 	 
	 	By:	/s/ Robert P. Traversa
	 	 	Name: Robert P. Traversa
	 	 	Title:   Treasurer and CFO

 

	 	/s/ Robert B. Ladd
	 	Robert B. Ladd

 

[Signature Page to Amendment to Executive
Employment Agreement (Ladd)]AMENDMENT

TO

EXECUTIVE EMPLOYMENT AGREEMENT

 

This AMENDMENT TO EXECUTIVE
EMPLOYMENT AGREEMENT (this “Amendment”) dated as of January 28, 2014, is by and between MGT Capital Investments,
Inc. (the “Company”), and Robert P. Traversa (the “Executive”).

 

WHEREAS, the Company
and the Executive are party to that certain Executive Employment Agreement, dated as of November 19, 2012 (the “Employment
Agreement”);

 

WHEREAS the Employment
Agreement may be amended by a writing signed by the Company and the Executive pursuant to Section 8.1 of the Employment Agreement;

 

WHEREAS, the Company
and the Executive desire to amend the Employment Agreement as set forth below:

 

NOW, THEREFORE, in consideration of the foregoing
and the mutual promises of the parties, and other good and valuable consideration, the undersigned agree as follows:

 

1.          The
Employment Agreement shall be amended as follows:

 

		a.	The first sentence and the third sentence of Section 1.2 of the Employment Agreement (Employment Term) is hereby amended to
replace the words “November 30, 2014” with “November 30, 2015.”

 

2.          Except
as herein provided, the terms of the Employment Agreement shall remain in full force and effect.

 

3.          Capitalized
terms used but not defined herein shall have the meaning ascribed to such terms in the Employment Agreement.

 

4.          This
Amendment may be executed in counterparts (including by facsimile or pdf signature pages or other means of electronic transmission)
each of which shall be deemed an original but all of which together will constitute one and the same instrument.

 

5.          Should
any provision of this Amendment be declared illegal, invalid or unenforceable in any jurisdiction, then such provision shall
be deemed to be severable from this Amendment as to such jurisdiction (but, to the extent permitted by law, not elsewhere) and
in any event such illegality, invalidity or unenforceability shall not affect the remainder hereof.

 

[Signature Page to Follow]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

	 	MGT CAPITAL INVESTMENTS, INC.
	 	 
	 	By:	/s/ Robert B. Ladd
	 	 	Name: Robert B. Ladd
	 	 	Title:   President and CEO

 

	 	/s/ Robert P. Traversa
	 	Robert P. Traversa

 

[Signature Page to Amendment to Executive
Employment Agreement (Traversa)]January 28, 2014

 

Jeremy Avin

24 Emerald Drive

Morganville, NJ 07751

 

		Re:	Change in Control Letter Agreement

 

Dear Jeremy:

 

MGT Capital Investments, Inc. (the “Company”)
desires, for its continued success, to have the benefit of experienced management personnel. The Board of Directors of the Company
therefore believes that it is in the best interests of the organization that, in the event of any prospective Change in Control
(as defined below) of the Company, you be reasonably secure in your employment and position with the Company. In addition, in the
event of a Change in Control, the Board of Directors also wants to enable you to exercise independent judgment as to the best interests
of the Company and its stockholders without the distraction of any personal uncertainties or risks regarding your continued employment
with the Company. In consideration of the foregoing, we are offering you the additional benefits outlined below:

 

Change of Control Benefits.

 

If, within twelve (12) months following
the consummation of the Change in Control, you are either terminated by the Company without Cause (as defined below) or you voluntarily
terminate your employment with the Company for “Good Reason” (as defined below), and provided you execute a general
release in a form provided by the Company at the time of termination, you will be entitled to receive the following benefits from
the Company:

 

		(i)	Severance. You will be entitled to receive a severance payment in an amount equal to twelve
(12) months of your then-current base salary in effect as of the date of such termination (less applicable withholding) (the
“Severance Payment”). The Severance Payment shall be paid in a cash lump sum within ten (10) days of the date
of termination.

 

		(ii)	Continuation of Benefits. The Company will pay for the continuation of your healthcare benefits
in effect at the time of the termination (including medical, dental and vision) pursuant to COBRA for a twelve-month period following
the date of termination.

 

		(iii)	Acceleration of Vesting. Any future grant to you of shares of restricted common stock of
the Company or options to purchase shares of Common Stock will include the appropriate language providing that any unvested shares
of restricted stock or options outstanding at the time you are terminated by the Company without Cause or voluntarily terminate
your employment with the Company for “Good Reason” as the result of a Change in Control will become fully vested and,
in the case of options, exercisable pursuant to the terms and conditions of the applicable incentive grant agreement.

 

The Company shall deduct and withhold from
any amounts payable to you hereunder any amounts required to be deducted or withheld by the Company under the provisions of any
applicable federal, state or local statute, law, regulation, ordinance or order (including, without limitation, any applicable
excise tax pursuant to Section 4999 of the Code).

 

    	 

    	 

    

 

Definitions:

 

		(i)	“Cause” means termination of your employment as a result of your: (a) performance
of any act or failure to perform any act in bad faith and to the detriment of the Company; (b) dishonesty, intentional misconduct
or material breach of any agreement with the Company; or (c) commission of a crime involving dishonesty, breach of trust, or physical
or emotional harm to any person.

 

		(ii)	A“Change of Control” shall be deemed to have occurred if:

 

		a.	there shall be consummated (A) any consolidation or merger of the Company in which the Company
is not the continuing or surviving corporation or pursuant to which shares of the Company’s common stock, par value $0.001
(the “Common Stock”) would be converted into cash, securities or other property, other than a merger of the
Company in which the holders of the Company’s Common Stock immediately prior to the merger have substantially the same proportionate
ownership of common stock of the surviving corporation immediately after the merger, or (B) any sale, lease, exchange or other
transfer (in one transaction or a series of related transactions) of all or substantially all the assets of the Company,

 

		b.	the stockholders of the Company shall approve any plan or proposal for the liquidation or dissolution
of the Company,

 

		c.	any person (as such term is used in Sections 13(d) and
14(d)(2) of the Securities Exchange Act of 1934 (the “Exchange Act”)), other than the Company or any executive
benefit plan sponsored by the Company, or such person on the date hereof is a 20% or more beneficial owner, shall become the beneficial
owner (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company representing 20% or more of the combined
voting power of the Company’s then outstanding securities ordinarily (and apart from rights accruing in special circumstances)
having the right to vote in the election of directors, as a result of a tender or exchange offer, open market purchases, privately
negotiated purchases or otherwise, or

 

		d.	at any time during a period of two consecutive years, individuals
who at the beginning of such period, constituted the Board of Directors of the Company shall cease for any reason to constitute
at least a majority thereof, unless the election or the nomination for election by the Company’s stockholders of each new
director during such two-year period was approved by a vote of at least two-thirds of the directors then still in office, who
were directors at the beginning of such two-year period.

 

Notwithstanding the foregoing,
a transaction shall not constitute a Change in Control if: (i) its sole purpose is to change the state of the Company’s
incorporation; (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions
by the persons who held the Company’s securities immediately before such transaction; or (iii) following the consummation
of the transaction or series of related transactions, members of the Board of Directors of the Company prior to such transaction
constitute a majority of the members of the Board of Directors of the continuing or surviving entity.

    	 

    	 

    

 

		(iii)	“Good Reason.” For purposes of this Letter Agreement, “Good Reason”
shall mean any of the following (without your prior written consent):

 

		a.	Any material breach by the Company of any provision of this Letter Agreement, including any material
reduction by the Company of your duties or responsibilities (except in connection with the termination of your employment by the
Company for Cause or by you other than for Good Reason);

 

		b.	A reduction by the Company in your base salary;

 

		c.	The failure by the Company to obtain the specific assumption of this Letter Agreement by any successor
or assign of the Company;

 

		d.	Moving the principal offices of the Company to a location outside of the New York Metro Area; or

 

		e.	Upon a Change of Control of the Company.

 

Miscellaneous.

 

The rights and obligations of the parties
hereunder shall be governed by and interpreted, construed and enforced in accordance with the laws of the State of New York without
regard to its or any other jurisdiction’s conflict of laws principles. None of your rights or benefits, or obligations or
duties of the Company to you, may be assigned or transferred by you without the consent of the Company. Any provision herein may
be modified, terminated or waived only by a written agreement executed by the party against whom enforcement is sought. If any
provision of this Letter Agreement shall be held invalid, the remainder of this Letter Agreement shall not be affected thereby.
Each party shall execute and deliver all instruments and documents and take all actions as may be reasonably required or appropriate
to carry out the purposes of this Letter Agreement. This Letter Agreement may be executed in any number of counterparts, each of
which shall be deemed an original but all together of which shall constitute one and the same instrument. This Letter Agreement
constitutes the full and entire understanding and agreement between the parties with regard to the subject matter hereof and supersedes
any outstanding agreements pertaining to the subject matter hereof.

 

Please acknowledge your receipt of this
Letter Agreement and your agreement to its terms and conditions by signing and dating this Letter Agreement within seven days of
receipt and return an executed copy to Robert Traversa, MGT Capital Investments, Inc., 500 Mamaroneck Avenue, Suite 204, Harrison,
NY 10528.

 

    	 

    	 

    

 

Sincerely,

 

	MGT Capital Investments, Inc.	 
	 	 
	By:	/s/ Robert B. Ladd	 
	 	Name: Robert B. Ladd	 
	 	Title: President and CEO	 
	 	 
	Acknowledged, agreed and accepted by:	 
	 	 
	/s/ Jeremy Avin	 
	Jeremy Avin	 

 

Date: 1/28/2014

 

[Signature Page to Change of Control Letter
(Avin)]

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