Document:

ptp20140630_exhibit10-2.htm

Exhibit 10.2

 

May 14, 2014

Via Federal Express

Platinum Underwriters Bermuda, Ltd.

Platinum Underwriters Holdings, Ltd.

Waterloo House

100 Pitts Bay Road

Pembroke HM08 Bermuda

	Attention:	Mr. Mark Pickering
	  	
Mr. Allan Decleir

 

	
Re:

	
Investment Management Agreement dated as of May 12, 2005 by and between Hyperion Capital Management, Inc. and Platinum Underwriters Bermuda, Ltd. and Investment Management Agreement dated as of September 22, 2008 by and between Platinum Underwriters Holdings, Ltd. and Hyperion Brookfield Asset Management, Inc. (collectively, the “Investment Management Agreements”)

Dear Gentlemen:

As we have previously informed you, via e-mail on March 27, 2014, and, subsequently, in a call on April 2, 2014 and by letter dated April 11, 2014, Conning, Inc., an investment adviser registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940 with its principal office located at One Financial Plaza, Hartford, CT 06103 (“Conning”), has agreed to purchase certain assets of the core fixed income insurance business of Brookfield Investment Management Inc. (“BIM”) and employ your same portfolio management team (collectively, the “acquisition”). The acquisition is expected to close in the second quarter of 2014.

 

The acquisition will provide complete continuity in the management and servicing of your portfolio. The entire investment team, led by Joe Syage and Dom Bonanno, will join Conning and have ongoing responsibility for your account. Your portfolio managers will continue to be located in Manhattan and will operate from a newly formed investment office, which Conning expects to open in Q2 2014. The team is excited by the opportunity to operate and grow their business as part of a leading, insurance-focused platform and to offer their clients specialist capabilities across asset management, investment accounting, insurance research and risk management.

 

In connection with the acquisition, we are seeking your consent to the assignment of your Investment Management Agreements (the “Assignment”) from BIM to Conning. The Assignment itself will not alter the terms and conditions of your agreements. If you wish to consent to the Assignment, please notify us by May 30, 2014 by countersigning this letter and the enclosed copy and returning the copy to Jon Tyras, our General Counsel. Equally important, if you do not wish to consent to the Assignment, please also notify us by May 30, 2014. You may use the enclosed FedEx envelope for either purpose.

 

Our team looks forward to continuing our relationship and we thank you for your continued trust and confidence. If you have any questions, please contact Joe Syage at (212) 549-8446.

 

 

Sincerely,

Brookfield Investment Management Inc.

/s/ Joseph G. Syage

Joseph G. Syage

Managing Director and Portfolio Manager

 

 

/s/ Jonathan C. Tyras

Jonathan C. Tyras

Managing Director, Chief Financial Officer and General Counsel

 

  

- 1 -

  

The undersigned have received and reviewed the letter (the “Consent Letter”) from Brookfield Investment Management Inc. (“BIM”) describing the transaction whereby Conning, Inc. (“Conning”) will purchase certain assets of BIM’s core fixed income insurance business (the “Acquisition”).

 

The undersigned do hereby consent to the assignment of that certain Investment Management Agreement dated as of May 12, 2005 by and between Hyperion Capital Management, Inc. and Platinum Underwriters Bermuda, Ltd. and that certain Investment Management Agreement dated as of September 22, 2008 by and between Platinum Underwriters Holdings, Ltd. and Hyperion Brookfield Asset Management, Inc. (collectively, the “Agreements”) to Conning and agree that as a result of such assignment, effective as of the closing of the Acquisition (“Closing”), Conning shall substitute and replace BIM, in all respects, as a party to the Agreements. The undersigned agree and acknowledge that (a) as of and after the Closing, BIM shall, as a result of this assignment, be released from and have no further duties or obligations under or pursuant to the Agreements accruing or arising as of and after the Closing, and (b) Conning shall not have any duties or obligations under or pursuant to the Agreements for any period accruing or arising prior to the Closing.

Platinum Underwriters Bermuda, Ltd.

 

By: /s/ Gavin P. Collery           

Name: Gavin P. Collery

Title: SVP - Chief Financial Officer

Date: May 16, 2014           

 

Platinum Underwriters Holdings, Ltd.

By: /s/ Allan Decleir          

Name: Allan Decleir

Title: EVP - Chief Financial Officer

Date: May 16, 2014          

cc: Conning, Inc.

      Mr. Michael Price

      Mr. Jim Maher

 

 

 

- 2 -ptp20140630_exhibit10-3.htm

Exhibit 10.3

 

May 28, 2014

Via Federal Express

Platinum Underwriters Reinsurance, Inc.

140 Broadway

Suite 4200

New York, New York 10005

Attention: General Counsel

	
Re:

	
Investment Management Agreement, dated as of May 12, 2005, by and between Hyperion Capital Management, Inc. and Platinum Underwriters Reinsurance, Inc. (as amended from time to time, the “Investment Management Agreement”)

Dear Gentlemen:

As we have previously informed you, via e-mail on March 27, 2014, and, subsequently, in a call on April 2, 2014, Conning, Inc., an investment adviser registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940 with its principal office located at One Financial Plaza, Hartford, CT 06103 (“Conning”), has agreed to purchase certain assets of the core fixed income insurance business of Brookfield Investment Management Inc. (“BIM”) and employ your same portfolio management team (collectively, the “acquisition”). The acquisition is expected to close in the second quarter of 2014.

 

The acquisition will provide complete continuity in the management and servicing of your portfolio. The entire investment team, led by Joe Syage and Dom Bonanno, will join Conning and have ongoing responsibility for your account. Your portfolio managers will continue to be located in Manhattan and will operate from a newly formed investment office, which Conning expects to open in Q2 2014. The team is excited by the opportunity to operate and grow their business as part of a leading, insurance-focused platform and to offer their clients specialist capabilities across asset management, investment accounting, insurance research and risk management.

 

In connection with the acquisition, we are seeking your consent to the assignment of your Investment Management Agreements (the “Assignment”) from BIM to Conning. The Assignment itself will not alter the terms and conditions of your agreements. If you wish to consent to the Assignment, please notify us by June 6, 2014 by countersigning this letter and the enclosed copy and returning the copy to Jon Tyras, our General Counsel. Equally important, if you do not wish to consent to the Assignment, please also notify us by June 6, 2014. You may use the enclosed FedEx envelope for either purpose.

 

Our team looks forward to continuing our relationship and we thank you for your continued trust and confidence. If you have any questions, please contact Joe Syage at (212) 549-8446.

 

 

Sincerely,

Brookfield Investment Management Inc.

/s/ Joseph G. Syage

Joseph G. Syage

Managing Director and Portfolio Manager

 

/s/ Jonathan C. Tyras

Jonathan C. Tyras

Managing Director, Chief Financial Officer and General Counsel

 

  

- 1 -

  

The undersigned has received and reviewed the letter (the “Consent Letter”) from Brookfield Investment Management Inc. (“BIM”) describing the transaction whereby Conning, Inc. (“Conning”) will purchase certain assets of BIM’s core fixed income insurance business (the “Acquisition”).

 

The undersigned does hereby consent to the assignment of that certain Investment Management Agreement, dated as of May 12, 2005, by and between Hyperion Capital Management, Inc. and Platinum Underwriters Reinsurance, Inc. (as amended from time to time, the “Agreement”) to Conning and agree that as a result of such assignment, effective as of the closing of the Acquisition (“Closing”), Conning shall substitute and replace BIM, in all respects, as a party to the Agreements. The undersigned agree and acknowledge that (a) as of and after the Closing, BIM shall, as a result of this assignment, be released from and have no further duties or obligations under or pursuant to the Agreements accruing or arising as of and after the Closing, and (b) Conning shall not have any duties or obligations under or pursuant to the Agreements for any period accruing or arising prior to the Closing.

Platinum Underwriters Reinsurance, Inc.

By: /s/ H. Elizabeth Mitchell          

Name: H. Elizabeth Mitchell

Title: President and CEO

Date: May 29, 2014          

cc: Conning, Inc.

      Mr. Jim Maher

      Mr. Michael Price

      Mr. Mark Pickering

      Mr. Allan Decleir

 

 

- 2 -ANGI 2014.6.30 - 10Q EXHIBIT 10.01

Exhibit 10.01 
Amended Incentive Stock Option Grant Agreement under the 
Amended and Restated Omnibus Incentive Plan - Executive Officer

ANGIE'S LIST, INC.
INCENTIVE STOCK OPTION AGREEMENT

This Incentive Stock Option Agreement (this "Agreement") is entered into as of the Grant Date specified below, by and between _______________ (the "Optionee") and Angie's List, Inc., a Delaware corporation (the "Corporation").
In consideration of the premises, the Corporation and the Optionee agree as follows:
		
	1.
	Option: Basic Terms.

		
	A.
	Defined Terms and Rules of Construction.  Except as otherwise defined herein, capitalized terms shall have the meaning specified by the Angie's List, Inc. Amended and Restated Omnibus Incentive Plan, as may be amended, restated or modified from time to time (the "Plan"), and the rules of construction specified in the Plan shall apply to this Agreement as well.

		
	B.
	Grant of Option.  The Corporation hereby grants the Optionee the right to purchase up to _______ Shares upon the terms and conditions set forth below (the "Stock Option").

		
	C.
	Grant Date.  The date of the grant of the Stock Option is ________ __, ____ (the "Grant Date").

		
	D.
	Type of Option.  The Stock Option is an Incentive Stock Option.

		
	E.
	Subject to Plan.  The Stock Option is subject to the terms and conditions of the Plan.  By signing this Agreement, the Optionee acknowledges that the Corporation has provided him or her with a copy of the Plan.  The terms of the Plan are hereby incorporated herein by reference.

		
	F.
	Vesting of Option.  

		
	a.
	Subject to accelerated vesting upon a Change of Control as set forth below, the Stock Option shall only become vested and therefore exercisable as provided in the following vesting schedule:

Vested Percentage

25%    1st anniversary of the Grant Date

25%    2nd anniversary of the Grant Date

25%    3rd anniversary of the Grant Date

25%    4th anniversary of the Grant Date

		
	b.
	Upon vesting pursuant to the foregoing schedule, the vested portion of the Stock Option shall be fully exercisable at any time prior to the Expiration Date (as defined below).  The Optionee's interest in the Stock Option, to the extent it is not exercised prior to the Expiration Date, shall be forfeited.  The Optionee shall have no further rights under the Plan with respect to a Stock Option (or portion thereof) to the extent the Stock Option (or portion thereof) has been forfeited.

1

		
	c.
	In the event of a Change in Control and Optionee’s Termination of Service occurs within 12 months without Cause (other than for death or Disability) or by the Optionee for Good Reason (as defined below), the vesting of the Stock Option, and the time during which the Stock Option may be exercised, shall be accelerated automatically and shall be fully exercisable and all restrictions thereon shall lapse at least ten (10) days prior to the closing of the transaction causing the Change in Control (and the Stock Option shall terminate if not exercised prior to the closing of such). For purposes hereof, the term “Good Reason” shall mean one or more of the following conditions arising without your consent: (i) a material diminution in your base compensation; or (ii) a material diminution in your authority, duties, or responsibilities. To be entitled to terminate your employment for Good Reason, you must (i) provide written notice to the Company of the event or change you consider constitutes “Good Reason” within 30 calendar days following its occurrence, (ii) provide the Company with a period of at least 30 calendar days to cure the event or change, and (iii) if the Good Reason persists following the cure period, actually resign by written resignation letter within 90 calendar days following the event or change.

		
	G.
	Expiration Date.  Unless earlier terminated pursuant to the terms and provisions of the Plan or this Agreement, the Stock Option with respect to Shares shall expire on the 10th anniversary of the Grant Date; provided, however, that if the Optionee is a 10% stockholder of the Corporation, the Stock Option with respect to the Shares shall expire on the 5th anniversary of the Grant Date (the "Expiration Date").

		
	H.
	Purchase Price.  The purchase price for each Share subject to the Stock Option shall be ___________________ ($____) (the "Exercise Price").

		
	2.
	Incentive Stock Option Treatment.  The Stock Option is intended to qualify as an Incentive Stock Option.  The Optionee acknowledges that the Stock Option will be treated as an Incentive Stock Option only to the extent that the requirements of Code Section 422 are satisfied.  To satisfy these requirements, the Optionee may not dispose of Shares acquired pursuant to the Stock Option until the later of (i) two (2) years after the Grant Date or (ii) one (1) year after exercise of the Option.  In addition, to the extent that the Stock Option is exercised more than three (3) months after the Optionee's Termination of Service (12 months in the case of Termination of Service due to Disability), the Stock Option will not be treated as an Incentive Stock Option and will be treated as a Non-Qualified Stock Option.  

Notwithstanding the foregoing, the Stock Option shall be exercisable in any calendar year only to the extent that the Fair Market Value (determined at the date the Stock Option is granted) of the Shares with respect to which the Stock Option is exercisable for the first time during the calendar year does not exceed $100,000 (the “Limitation Amount”).  Incentive Stock Options granted to the Optionee under the Plan and all other plans of the Corporation shall be aggregated for purposes of determining whether the Limitation Amount has been exceeded.  If Incentive Stock Options that first become exercisable in a calendar year exceed the Limitation Amount, the excess Stock Options will be treated as Non-Qualified Stock Options to the extent permitted by laws.

		
	3.
	Method of Exercise.  The Stock Option shall be exercisable by the Optionee pursuant to the method specified by the Committee which, unless otherwise specified, shall be electronically via the Plan’s brokerage website which has been or will be made available promptly to the Optionee after the date hereof via electronic communication (the "Exercise Notice").  The Exercise Notice must state the number of Shares for which the Stock Option is being exercised.  The Exercise Notice must be signed by the Optionee and must be accompanied by payment of the Exercise Price plus payment of any applicable withholding tax.  The Stock Option shall be deemed to be exercised upon receipt by the Corporation of the Exercise Notice accompanied by the Exercise Price and payment of any applicable withholding tax.

		
	4.
	Method of Payment.  Payment of the Exercise Price shall be by any of the following methods, at the election of the Optionee: (a) cash; (b) check; (c) with the consent of the Committee, surrendered Shares issuable upon the exercise of the Stock Option having a Fair Market Value on the date of exercise equal to the aggregate Exercise Price of the Stock Option or exercised portion thereof; or (d) such other method or combination of methods as approved by the Committee.

2

		
	5.
	Restrictions on Exercise.  If the issuance of Shares upon exercise of the Stock Option, or the method of payment for such Shares, would constitute a violation of any applicable federal or state securities or other law or regulation, then the Stock Option may not be exercised.  The Corporation may require the Optionee to make any representation and warranty to the Corporation as may be required by any applicable law or regulation before allowing the Stock Option to be exercised.

		
	6.
	Non-Transferability.  Neither the Stock Option nor any portion thereof shall be transferred, sold, pledged, assigned, hypothecated, or disposed of in any manner by the Optionee other than by will or the laws of descent and distribution to the extent hereinafter set forth.  The Stock Option may be exercised during the Optionee's lifetime only by the Optionee hereof or, upon the Optionee's legal incapacity to act on his or her own behalf, by the Optionee's conservator or other lawful representative.  The Stock Option shall be null and void and without effect upon any attempted assignment or transfer, except as hereinabove provided, including without limitation, any purported assignment, whether voluntary or by operation of law, pledge, hypothecation, or other disposition contrary to the provisions hereof, or levy of execution, attachment, trustee process or similar process, whether legal or equitable, upon the Stock Option. 

 
		
	7.
	Adjustments.  If an event described in Section 3(c) of the Plan occurs, the number of Shares subject to the Stock Option and the Exercise Price shall be appropriately adjusted by the Committee in the manner set forth in Section 3(c) of the Plan.

		
	8.
	Early Expiration Upon Termination of Service. As set forth in Section 13 of the Plan, in the event of your Termination of Service for any reason, except as a result of Change in Control, any portion of the Stock Option that is unvested (or otherwise unexercisable or for which restrictions have not lapsed) as of the Termination Date shall terminate and be forfeited as of the Termination Date and (i) if your Termination of Service is for Cause, the portion of the Stock Option that has previously vested (and is otherwise exercisable) as of the Termination Date shall terminate and be forfeited as of the date and time you are terminated; (ii) if the Termination of Service is a result of your death or Disability, the portion of the Stock Option that has previously vested (and is otherwise exercisable) as of the Termination Date shall terminate and be forfeited on the date that is one (1) year after the Termination Date, but in no event after the Expiration Date; and (iii) if your Termination of Service is other than due to death, disability or for Cause, the portion of the Stock Option that has previously vested (and is otherwise exercisable) as of the Termination Date shall terminate and be forfeited on the date that is three (3) months after the Termination Date, but in no event after the Expiration Date.

		
	9.
	Indemnification.  The Optionee agrees to hold the Corporation and its officers, directors, and controlling persons (as defined in the Securities Act of 1933, as amended (the "Securities Act")), and any persons affiliated with any of them or with the issuance of the Stock Option subject to this Agreement, harmless from all expenses, liabilities, and damages (including reasonable attorneys' fees) (i) deriving from a disposition of the Stock Option or Shares acquired pursuant to the Stock Option in a manner that violates the Securities Act or of any applicable state securities law or (ii) that may be suffered by any person by reason of any breach of a representation required of the Optionee by this Agreement or the Plan.

		
	10.
	No Agreement of Employment.  Neither the grant of the Stock Option nor this Agreement shall be deemed to create any agreement with, or obligation by, the Corporation to employ or otherwise engage the services of Optionee for any period of time, it being understood that, unless Optionee has an employment, consulting or other agreement with the Corporation that provides otherwise, the Optionee's employment or service with the Corporation may be terminated by the Corporation at any time, with or without cause.

		
	11.
	Notices.  All notices and other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given as follows (a) if to the Corporation, mailed first class, postage prepaid at the principal business address of the Corporation to the attention of the Secretary of the Corporation; or (b) if to Optionee then delivered personally, mailed first class, postage prepaid at the last address of Optionee known to the Corporation at the time the notice or other communication is sent.

3

		
	12.
	Entire Agreement.  This Agreement, including the Plan, contains the entire understanding and agreement between the parties hereto respecting the subject matter hereof, and there are no representations, agreements, arrangements, or understandings, oral or written, between the parties hereto relating to the subject matter of this Agreement that are not fully expressed herein. 

		
	13.
	Governing Law.  The validity, performance, enforcement, interpretation and any other aspect of this Agreement shall be governed by the internal laws of the State of Delaware (to the extent not inconsistent with the applicable provisions of the Code) notwithstanding the choice of law provisions of any jurisdiction.  Optionee hereby consents to the exclusive jurisdiction of the local, state and federal courts, as applicable, within the State of Indiana, and waives any defense of lack of personal jurisdiction or improper venue to a claim brought in such court.

		
	14.
	Counterparts.  This Agreement may be executed in two original or facsimile counterparts, each of which shall be deemed to be an original and both of which, when taken together, shall constitute one instrument.

		
	15.
	Amendment.  This Agreement may not be modified, amended, or waived in any manner except by an instrument in writing signed by both parties to this Agreement.

[Signature Page Follows]

4

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Grant Date.

"CORPORATION"

ANGIE'S LIST, INC.

By:____________________________________
Name:__________________________________
Title:___________________________________
Date:___________________________________

"OPTIONEE"

______________________________
Signature

______________________________
Print Name

______________________________
Street Address

______________________________
City, State, Zip Code

______________________________
Social Security No.

S-1

5

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