Document:

Exhibit
10.2

 

CIPHERLOC
CORPORATION

 

INDEPENDENT
CONTRACTOR AGREEMENT

 

This
Independent Contractor Agreement (the “Agreement”) is entered into by and between Cipherloc Corporation, a Delaware
corporation (the “Company”), and Sammy Davis DrPH (“Consultant”) and is effective as of July 1,
2022 (the “Effective Date”).

 

1.
Consulting Relationship. During the term of this Agreement set forth in Section 4, Consultant will provide consulting services
(the “Services”) to the Company as described on Exhibit A attached to this Agreement. Consultant represents
that Consultant has the qualifications, the experience and the ability to properly perform the Services. Consultant shall use Consultant’s
best efforts to perform the Services such that the results are satisfactory to the Company.

 

2.
Fees. As consideration for the Services to be provided by Consultant and other obligations, the Company shall pay to Consultant
the amounts specified in Exhibit B attached to this Agreement on the terms provided therein. While performing the Services
for the Company the Consultant shall adhere to the same standards of conduct as is expected from Company employees.

 

3.
Expenses. Consultant shall not be authorized to incur on behalf of the Company any expenses without the prior consent of
the Company’s Chief Executive Officer. As a condition to receipt of reimbursement, Consultant shall be required to submit to the
Company reasonable evidence that the amount involved was expended and related to Services provided under this Agreement.

 

4.
Term, Renewal, and Termination. Consultant shall serve as a consultant to the Company for a period commencing on the date
hereof and terminating on December 31, 2022 (the “Term”). The Agreement shall automatically renew for six (6) month
periods until either the Company or the Consultant provides a written notice ten (10) days in advance of the next renewal date.

 

5.
Independent Contractor. Consultant’s relationship with the Company will be that of an independent contractor and
not that of an employee.

 

(a)
Method of Provision of Services: Consultant shall be solely responsible for determining the method, details and means of
performing the Services. Consultant may employ the services of such employees, and with the prior written consent of Company such subcontractors,
as Consultant deems necessary to perform the Services required by this Agreement (the “Assistants”). Such Assistants
are not the employees of the Company and Consultant shall be wholly responsible for the professional performance of the Services by his
Assistants and compensation of such Assistants, such that the results are satisfactory to the Company. Consultant shall expressly advise
the Assistants of the terms of this Agreement and the Confidentiality Agreement (as defined below).

 

    	-1-

    	 

    

 

(b)
No Authority to Bind Company. Neither Consultant, nor any partner, agent, Assistant or employee of Consultant, has authority
to enter into contracts that bind the Company or create obligations on the part of the Company without the prior written authorization
of the Company.

 

(c)
No Benefits. Consultant acknowledges and agrees that Consultant and the Assistants will not be eligible for any Company
employee benefits and, to the extent Consultant or any Assistants otherwise would be eligible for any Company employee benefits but for
the express terms of this Agreement, Consultant (on behalf of himself and any Assistants) hereby expressly declines to participate in
such Company employee benefits.

 

(d)
Withholding; Indemnification. Consultant shall have full responsibility for applicable withholding taxes for all compensation
paid to Consultant under this Agreement, and for compliance with all applicable labor and employment requirements with respect to Consultant’s
self-employment and Consultant’s partners, agents and employees, including state worker’s compensation insurance coverage
requirements and any US immigration visa requirements. Consultant shall provide Company with a completed and signed most current version
of IRS form W-9, which shall be attached to this Agreement as Exhibit C. Consultant understands and agrees that the Company shall,
when required, issue Consultant a Form 1099. Consultant agrees to indemnify, defend and hold the Company harmless from any liability
for, or assessment of, any claims or penalties with respect to such withholding taxes, labor or employment requirements, including any
liability for, or assessment of, withholding taxes imposed on the Company by the relevant taxing authorities with respect to any compensation
paid to Consultant or Consultant’s partners, agents or employees.

 

6.
Supervision of Consultant’s Services. All of the Services to be performed by Consultant, including but not limited
to the Services, will be as agreed between Consultant and the Company’s Chief Executive Officer.

 

7.
Consulting or Other Services for Competitors. Consultant represents and warrants that Consultant does not presently perform
or intend to perform, during the term of the Agreement, consulting or other services for, or engage in or intend to engage in an employment
relationship with, companies whose businesses or proposed businesses in any way involve products or services which would be competitive
with the Company’s products or services, or those products or services proposed or in development by the Company during the term
of the Agreement. If, however, Consultant decides to do so, Consultant agrees that, in advance of accepting such work, Consultant will
promptly notify the Company in writing, specifying the organization with which Consultant proposes to consult, provide services, or become
employed by and to provide information sufficient to allow the Company to determine if such work would conflict with the terms of this
Agreement. If the Company determines that such work conflicts with the terms of this Agreement, the Company reserves the right to terminate
this Agreement immediately.

 

8.
[Intentionally omitted]

 

    	-2-

    	 

    

 

9.
Conflicts with this Agreement. Consultant represents and warrants that neither Consultant nor any of Consultant’s
partners, employees or agents is under any pre-existing obligation in conflict or in any way inconsistent with the provisions of this
Agreement. Consultant represents and warrants that Consultant’s performance of all the terms of this Agreement will not breach
any agreement to keep in confidence proprietary information acquired by Consultant in confidence or in trust prior to commencement of
this Agreement. Consultant warrants that Consultant has the right to disclose and/or use all ideas, processes, techniques and other information,
if any, which Consultant has gained from third parties, and which Consultant discloses to the Company or uses in the course of performance
of this Agreement, without liability to such third parties. Notwithstanding the foregoing, Consultant agrees that Consultant shall not
bundle with or incorporate into any deliveries provided to the Company herewith any third party products, ideas, processes, or other
techniques, without the express, written prior approval of the Company. Consultant represents and warrants that Consultant has not granted
and will not grant any rights or licenses to any intellectual property or technology that would conflict with Consultant’s obligations
under this Agreement. Consultant will not knowingly infringe upon any copyright, patent, trade secret or other property right of any
former client, employer or third party in the performance of the Services required by this Agreement. In addition, Consultant represents
and warrants that he has not been barred or suspended by the Securities and Exchange Commission, any federal and/or state regulatory
agency or any self-regulatory body.

 

10.
Miscellaneous.

 

(a)
Amendments and Waivers. Any term of this Agreement may be amended or waived only with the written consent of the parties.
Consultant may not assign or delegate its rights or obligations under this Agreement without the prior written consent of Company.

 

(b)
Sole Agreement. This Agreement, including the Exhibits hereto, constitutes the sole agreement of the parties and supersedes
all oral negotiations and prior writings with respect to the subject matter hereof.

 

(c)
Notices. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon receipt,
when delivered personally or by courier, overnight delivery service or confirmed facsimile, 48 hours after being deposited in the regular
mail as certified or registered mail (airmail if sent internationally) with postage prepaid, if such notice is addressed to the party
to be notified at such party’s address or facsimile number as set forth below, or as subsequently modified by written notice.

 

(d)
Governing Law and Venue. The validity, interpretation, construction and performance of this Agreement shall be governed
by the laws of the State of Texas, without giving effect to the principles of conflict of laws. Any legal suit, action or proceeding
arising out of or relating to this Agreement shall be commenced in a federal court in the Western District of Texas or in state court
in the County of Travis, Texas, and each party hereto irrevocably submits to the exclusive jurisdiction and venue of any such court in
any such suit, action or proceeding.

 

    	-3-

    	 

    

 

(e)
Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties
agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement
for such provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of the Agreement shall be interpreted
as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms.

 

(f)
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which
together will constitute one and the same instrument.

 

(g)
Advice of Counsel. EACH PARTY ACKNOWLEDGES THAT, IN EXECUTING THIS AGREEMENT, SUCH PARTY HAS HAD THE OPPORTUNITY TO SEEK
THE ADVICE OF INDEPENDENT LEGAL COUNSEL AND HAS READ AND UNDERSTOOD ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT. THIS AGREEMENT
SHALL NOT BE CONSTRUED AGAINST ANY PARTY BY REASON OF THE DRAFTING OR PREPARATION HEREOF.

 

[Signature
Page Follows]

 

    	-4-

    	 

    

 

The
parties have executed this Agreement as of the Effective Date.

 

	 	CIPHERLOC
    CORPORATION
	 	 	 
	 	By:	 
	 	Title:	Chief
    Financial Officer

 

	 	Sammy
    Davis DrPH
	 	 
	 	 
	 	Signature
	 	 	 
	 	Address:	 
	 	 	 
	 	Phone:	 
	 	Email:	 

 

Signature
Page

 

    	 

     

    

 

EXHIBIT
A

 

DESCRIPTION
OF CONSULTING SERVICES

 

Consultant
agrees to serve as a consultant and strategic advisor to management and/or the board of directors, and to perform such services as reasonably
requested by management and/or the board of directors from time to time during the Term of the Agreement with respect to the Company’s
strategic initiatives, business and marketing plans and initiatives, management and advisory and other key personnel staffing recommendations,
regulatory initiatives, financing plans, new product initiatives, licensing and/or other material agreements or ventures, and other key
matters and plans relating to the Company’s current and proposed business activities. 

 

Exhibit
A - Consulting Services

 

    	 

     

    

 

EXHIBIT
B

 

COMPENSATION

 

For
Services rendered by Consultant under this Agreement, the Consultant shall be paid:

 

	●	Stock
    - 100,000 shares vesting immediately upon execution of this Agreement
	 	 
	●	Retainer
    - Two $10,000 installments paid in cash by September 30, 2022 and December 31, 2022.
	 	 
	●	Commissions
    - An amount equal to two percent (2%) of first year revenue under any agreement with a hospital or other medical care provider referred
    to the Company by the Consultant with which the Company has no prior relationship or contact (“Leads”)
	 	 
	●	Commissions
    will be earned by the Consultant on revenue generated by the Company from contracts executed with Leads after the termination of
    the Agreement.

 

Exhibit
B – Compensation 

 

    	 

     

    

 

EXHIBIT
C

 

FORM
W-9

 

On
file with the company.

 

Exhibit
C – Form W-9Document

Exhibit 10.1 

[Enstar Group Limited Letterhead]

EXECUTION VERSION

July 6, 2022

Paul J. O’Shea
Enstar Group Limited
Windsor Place, 3rd Floor
22 Queen Street
Hamilton HM JX
Bermuda

Dear Paul:

After almost three highly successful and transformative decades, you have expressed your intent to retire on March 1, 2023, which is the end of the term of your current Amended and Restated Employment Agreement with Enstar Group Limited (the “Company”), dated as of January 21, 2020 (the “Employment Agreement”).  On behalf of myself, the entire Board of Directors and the management team, we would like to acknowledge your exemplary service and thank you for everything you have meant, and continue to mean, to the Company.  We are pleased that you intend to continue to serve as a director of the Company following your retirement and accept re-nomination and re-election to the Board of Directors at the annual general meeting of shareholders in 2023.

Reference is made to the Employment Agreement, and initially capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Employment Agreement.  This letter agreement (this “Agreement”) sets forth the terms pursuant to which you and the Company have agreed to operate in light of your intended retirement.

In consideration of the premises and the mutual covenants and agreements contained herein, and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows:

1.Retirement on March 1, 2023. Executive agrees to continue his employment with Company in his role as President until March 1, 2023 (the “Retirement Date”), at which time he will retire from employment. 
 
2.No Changes to Compensation during Remainder of Employment.  Executive’s compensation and benefits will remain in place until the Retirement Date and shall include the following:  

(i)Continuation of base salary at the annual rate of $1.5 million; 

(ii)Continued eligibility for an annual incentive cash bonus for the year ended December 31, 2022, in accordance with the terms and conditions of the Company’s 2022-2024 Annual Incentive Program and subject to the conditions established by the Human Resources and Compensation Committee (the “Annual Incentive Plan”), to be paid not later than the Retirement Date.  

(iii)No changes in the vesting schedule or any other terms of Executive’s issued and outstanding Restricted Stock Unit and Performance Stock Unit awards, which shall continue in full force and effect and are expected to vest on January 21, 2023 and March 1, 2023, respectively.  

(iv)Continued eligibility for all other employee benefits applicable to Executive at the time of this letter agreement, which includes those specified in Sections 3.3 (Employee Benefits), 3.4 (Vacation), 3.5 (Expense Reimbursement), and 4 (Termination of Employment).  

3.Post-Retirement Medical and Dental Coverage. Executive and his spouse (as such term is defined in the Enstar Limited health care program documents in effect from time to time) shall be entitled to receive comprehensive medical and dental coverage on the same terms as provided generally to employees of the Company in Bermuda throughout retirement with no termination date, with ongoing coverage provided for his spouse in the event of his death.

4.Eligibility for Non-Employee Director Compensation starting March 2, 2023.  Beginning of March 2, 2023, in connection with the end of his employment and the continuation as a Board member in a non-employee capacity, Executive will be eligible to participate in any and all compensation programs offered to the non-employee directors of the Company.  Currently, this includes a cash retainer and restricted equity retainer, and eligibility for the Non-Employee Director Deferred Compensation and Ordinary Share Plan, but all non-employee director compensation 
P.O. Box HM 2267, Windsor Place, 3rd floor, 22 Queen Street, Hamilton HM JX, Bermuda
Tel: (441) 292-3645    Fax: (441) 296-0895

Page 2 of 6

arrangements are subject to change from time to time in the sole discretion of the Company’s Board of Directors.

5.Other Directorships on behalf of the Company.  If the Company requests that Executive continue in his role as a director representative with respect to the Company’s investments in Core Specialty Insurance Holdings, Inc. or Northshore Holdings Limited (and subsidiaries), or accept a role as a director representative on other investments or subsidiaries, the Company and Executive will agree on an appropriate fee for these services.

6.IT and Administrative Support.  The Company shall provide Executive with a computer and other reasonable IT equipment and ongoing technical support for the greater of: (i) the end of his service to the Company as a director, director representative or otherwise (“Director Service”) and (ii) 24 months from the Retirement Date.  Executive will continue to have access to Company administrative support staff for the greater of: (i) the Director Service and (ii) 12 months from the Retirement Date.

7.Release. As a condition precedent to receiving any of the payments contemplated by this Agreement for consulting services, Executive shall execute and deliver to the Company the General Release attached hereto as Exhibit A (the “Release”) on the Retirement Date. If Executive fails to deliver such Release on such date, Executive will not be entitled to any compensation or benefits under this Agreement other than pursuant to Section 5 (Other) of this Agreement.

8.Additional Acknowledgments.

a.EXECUTIVE ACKNOWLEDGES THAT HE HAS READ THIS LETTER AGREEMENT IN ITS ENTIRETY AND UNDERSTANDS ALL OF ITS TERMS AND THAT HE KNOWINGLY AND VOLUNTARILY ASSENTS TO ALL OF THE TERMS AND CONDITIONS CONTAINED HEREIN, INCLUDING WITHOUT LIMITATION, THE WAIVERS AND RELEASE CONTEMPLATED HEREBY, AND THAT HIS WAIVER OF RIGHTS OR CLAIMS ARISING UNDER ANY STATUTE, LAW OR REGULATION IS IN WRITING AND IS UNDERSTOOD BY HIM AND THAT EXECUTIVE HAS NO PHYSICAL OR MENTAL IMPAIRMENT OF ANY KIND THAT HAS INTERFERED WITH EXECUTIVE’S ABILITY TO READ AND UNDERSTAND THE MEANING OF THIS AGREEMENT OR ITS TERMS, AND THAT EXECUTIVE IS NOT ACTING UNDER THE INFLUENCE OF ANY MEDICATION OR MIND-ALTERING CHEMICAL OF ANY TYPE IN ENTERING INTO THIS AGREEMENT; AND

b.EXECUTIVE ACKNOWLEDGES THAT THE COMPANY EXPRESSLY ADVISED HIM TO CONSULT WITH AN ATTORNEY OF HIS CHOOSING PRIOR TO EXECUTING THIS AGREEMENT AND THE WAIVER AND RELEASE CONTEMPLATED HEREBY.

9.Choice of Law; Contract Interpretation.

a.This Agreement shall be construed in accordance with and governed by the laws of the Island of Bermuda, without regard to principles of conflict of laws.

b.Executive agrees that the language of all parts of this Agreement shall be construed as a whole, and according to its fair meaning, and not strictly for or against Executive or the Company.

10.Counterparts.  This Amendment may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. Facsimile or PDF signatures shall be deemed as effective as originals.

11.Assignment; Benefit. This Agreement shall not be assignable by Executive, and shall be assignable by the Company only to a person or entity which may become a successor in interest (by purchase of assets or stock, or by merger, or otherwise) to the Company in the business or substantially all of the business presently operated by it.  Subject to the foregoing, this Agreement and the rights and obligations set forth herein shall inure to the benefit of, and be binding upon, the parties hereto and each of their respective permitted successors, assigns, heirs, executors and administrators.

12.Complete Agreement. This Agreement, together with the Employment Agreement and the Release, is complete and is the only agreement of the parties relating to the matters addressed herein and supersedes any and all prior promises or agreements made by, to or between the parties, whether written or oral, with respect thereto. This Agreement shall be deemed to amend the 

Page 3 of 6

Employment Agreement in all respects contemplated hereby, and the Employment Agreement shall otherwise remain unchanged.
[Signature page follows]

Page 4 of 6

IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date set forth above.

ENSTAR GROUP LIMITED

By: /s/ Dominic Silvester        
     Name:  Dominic Silvester
     Title: Chief Executive Officer

/s/ Paul J. O’Shea        
Paul J. O’Shea

Page 5 of 6

Exhibit A
GENERAL RELEASE

This GENERAL RELEASE (this “Release”) is made and entered into by and between Enstar Group Limited (the “Company”) and Paul O’Shea (“Executive”) as of March 1, 2023.

BACKGROUND

WHEREAS, Executive and the Company are currently parties to that certain Amended and Restated Employment Agreement dated as of January 21, 2020 (the “Employment Agreement”), as amended by that certain Letter Agreement dated as of June 30, 2022 (the “Letter Agreement”);

WHEREAS, on the date hereof, the term of Executive’s employment under the Employment Agreement is ending due to Executive’s retirement; and

WHEREAS, the execution of this Release is a condition precedent to Executive receiving the consideration set forth in the Letter Agreement.

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein, and other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows:

TERMS
1.Release.

a)By countersigning and delivering to the Company this Release, and in consideration of the payments and other benefits provided in the Letter Agreement, Executive hereby releases and discharges the Company, its present and former parent corporations, its now or hereafter existing predecessors, joint ventures, partners, affiliates, subsidiaries, successors, assigns and otherwise related entities, and the respective incumbent and former shareholders, officers, directors, members, managers, employees, consultants, agents, representatives, fiduciaries of such entities and their respective successors and assigns and their respective benefit plans (the Company, together with the persons listed in this sentence being referred to collectively as the “Released Entities and Persons” and each a “Released Entity or Person”), from any and all claims, liabilities, demands or causes of action of whatever nature, known or unknown, inchoate or otherwise, whether based in contract (written, oral, express, implied or otherwise), any statute, regulation or other law (including common law) or in equity, that Executive has ever had or could have had as of the date of this Release, including, without limitation, any claim arising out of or in any way connected with or related to Executive’s employment by the Company or any of its affiliates and/or the Agreement to the Employment Agreement, which includes the following:

i.any claim for additional pay, notice pay, severance pay, benefits, incentives, awards, options, restricted stock awards, stock appreciation rights, retention payments, commissions and/or bonuses, including under the Employment Agreement, any benefit plan maintained by the Company or its affiliates, or any equity incentive plan maintained by the Company or its affiliates;

ii.any claim regarding bias, age, sex, religion, religious creed, citizenship, color, race, ancestry, national origin, veteran, familial or marital status, sexual orientation or preference, genetic predisposition or carrier status, physical or mental disability or past or present history of the same or any other form of discrimination, including, without limitation, any rights or claims under any Bermudian or other law, regulation or ordinance; and/or

iii.any claim for: (A) harassment or retaliation; (B) intentional or negligent infliction of emotional harm, defamation, or any other tort; (C) fraud or conversion; and (D) mental, physical or other personal injuries, or pain and suffering.

If any claim is not subject to release, to the extent permitted by law, Executive waives any right or ability to be a class or collective action representative or to otherwise participate in any putative or certified class, collective or multi-party action or proceeding based on such a claim in which the Company or any other Released Entity or Person is a party.

b)Should any provision of this Release be declared illegal or unenforceable by any court of competent jurisdiction and cannot be modified to be enforceable, excluding the general release language, such provision shall immediately become null and void, leaving the remainder of this 

Page 6 of 6

Release in full force and effect. At the Company’s request, Executive agrees to execute and deliver to the Company a revised release which will effectuate his intention to release the Released Entities and Persons unconditionally, as set forth in accordance with this Release, to the maximum extent permitted by law.

c)Notwithstanding the foregoing, the release contained herein shall not apply to any right or claim that may arise after March 1, 2023, or to the Company’s obligations under the Letter Agreement.

d)The release of claims contained herein shall not waive any rights Executive may have been granted under the certificate of incorporation or bylaws of the Company or any of its affiliates, the Employment Agreement or any other policy relating to indemnification rights covering Executive’s actions on behalf of the Company or any of its affiliates in the scope of and during the course of Executive’s employment by the Company, including any insurance policies covering such actions.

2.Choice of Law; Contract Interpretation.

a)This Agreement shall be construed in accordance with and governed by the laws of the Island of Bermuda, without regard to principles of conflict of laws.

b)Executive agrees that the language of all parts of this Agreement shall be construed as a whole, and according to its fair meaning, and not strictly for or against Executive or the Company.

c)As used in this Agreement, the term “affiliate” of any person or entity shall mean any other person or entity that, directly or indirectly through one or more intermediaries, is in control of, is controlled by, or is under common control with, such first person or entity. For purposes of this definition, “control” of an entity shall mean the power, directly or indirectly, either to (i) vote 10% or more of the securities having ordinary voting power for the election of directors (or persons performing similar functions) of such entity or (ii) direct or cause the direction of the management and policies of such entity, whether by contract or otherwise.

IN WITNESS WHEREOF, the parties have duly executed this Release as of the dates set forth below.

ENSTAR GROUP LIMITED

By: ____________________                            _______________________
Name:                                                        Paul J. O’Shea
Title:    

Date: March 1, 2023                                    Date: March 1, 2023

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