Document:

Endorsement No. 1 Excess of Loss Retrocession Contract

 

 
  

 EXHIBIT 10.51 
 ENDORSEMENT NO. 1 
 to the 

EXCESS OF LOSS RETROCESSION CONTRACT 
 (hereinafter called the “Contract”) 
 EFFECTIVE: JUNE 1, 2012

 issued to 
 CLADDAUGH CASUALTY INSURANCE COMPANY, LTD. 
 BERMUDA 

(hereinafter called the “Reinsured”) 
 by 
 MOKSHA RE SPC LTD. 

(hereinafter called, with other participants, the “Reinsurers”) 
 Effective June 1, 2013, the Contract has been amended as follows: 
 ARTICLE 1
– BUSINESS COVERED shall now read as follows: 
 By this Contract the Reinsurer agrees to reimburse the Reinsured for
the Ultimate Net Loss arising from Loss Occurrences commencing during the Term of this Contract in respect of the Reinsured’s liability under the provisions of the Homeowners Choice Property & Casualty Insurance Company Catastrophe
Excess of Loss and Catastrophe Aggregate Excess of Loss Reinsurance Contracts effective June 1, 2012 and June 1, 2013 (hereinafter referred to as the “Original Contracts”) as follows: 

 

	 	a.	For the contract year effective June 1, 2012: 

  

	 	i.	100% of the Catastrophe Excess of Loss Reinsurance Contract 

  

	 	ii.	100% of the Catastrophe Aggregate Excess of Loss Reinsurance Contract 

  

	 	b.	For the contract year effective June 1, 2013: 

  

	 	i.	70.1299% of the Catastrophe Excess of Loss Reinsurance Contract 

  

	 	ii.	75% of the Catastrophe Aggregate Excess of Loss Reinsurance Contract 

 The liability of the Reinsurer shall follow that of the Reinsured in every case and shall be subject in all respects to all the general and specific stipulations, clauses, waivers, extensions,
modifications and endorsements of the Original Contracts subject to the exclusions set forth in the Exclusions Article, and the other terms and conditions of this Contract as set forth herein. 

  
  

			
	ARP-CLD-02-RTC-001-12	  	Endorsement No. 1 – MKS
	  
 DOC: June 18, 2012
	  	

 

 
  

 PARAGRAPH (1) OF ARTICLE 2 – TERM shall now read as follows: 

This Contract shall become effective at 12:01 a.m., Local Standard Time June 1, 2012, with respect to the Ultimate Net Loss arising
from Loss Occurrences payable by the Reinsured under the provisions of the Original Contracts, and shall remain in force until 12:01 a.m., Local Standard Time, June 1, 2014. “Local Standard Time” as used herein shall mean local
standard time at the location where the Loss Occurrence commences. 
 Notwithstanding the above, this Contract may be extended
for additional twelve month periods if mutually agreed to by the Reinsured and Reinsurer. 
 ARTICLE 6 – REINSURANCE PREMIUM shall
now read as follows: 
 For the contract year effective June 1, 2012, the Reinsured shall pay the Reinsurer an annual
deposit premium of $4,032,500. The annual deposit premium shall follow the payment schedule of the Original Contracts. 
 For the
contract year effective June 1, 2013, the Reinsured shall pay the Reinsurer an annual deposit premium of $4,253,738. The annual deposit premium shall follow the payment schedule of the Original Contracts. If this Contract is terminated, no
deposit premium shall be due after the effective date of termination. 
 PARAGRAPH (1) OF ARTICLE 7 – CONTINGENT COMMISSION
shall now read as follows: 
 For the contract year effective June 1, 2012, no contingent commission will be paid by the
Reinsurer to the Reinsured. 
 For the contract year effective June 1, 2013, the Reinsurer shall pay the Reinsured a
contingent commission equal to 50% of the net profit, if any, accruing to the Reinsurer during the contract year effective June 1, 2013 based on the combined premiums, losses, and expenses. 

PARAGRAPH (2) OF ARTICLE 7 – CONTINGENT COMMISSION shall now read as follows: 

The Reinsurer’s net profit for the contract year effective June 1, 2013 shall be calculated in accordance with the following
formula, it being understood that a positive balance equals net profit and a negative balance equals net loss: 
  

	 	a.	Premiums Earned during the contract year effective June 1, 2013 plus $1,380,250; less 

 

	 	b.	Expenses incurred by the Reinsurer equal to 62.611% of Premiums Earned during the contract year effective June 1, 2013; less 

 

	 	c.	Loss Incurred during the contract year effective June 1, 2013. 

  
  

			
	ARP-CLD-02-RTC-001-12	  	Endorsement No. 1 – MKS
	  
 DOC: June 18, 2012
	  	

 

 
  

 PARAGRAPH (3) OF ARTICLE 7 – CONTINGENT COMMISSION shall now read as follows:

 For the contract year effective June 1, 2013, the Reinsured shall calculate the Reinsurer’s net profit as of
May 31, 2014. Within 30 days after the calculation, the Reinsured shall report the results to the Reinsurer. Such calculation shall be based on cumulative transactions hereunder from June 1, 2013 through the date of calculation. As
respects such calculation, any contingent commission shown to be due the Reinsured shall be paid by the Reinsurer as promptly as possible after receipt and verification of the Reinsured’s report. 

All other Terms and Conditions remain unchanged. 
 Signed in                     , on this      day of
            , 20     
 MOKSHA RE SPC LTD.

  

			
	BY:	 	  

		
	TITLE:	 	  

 Signed in
                    , on this      day of             ,
20     
 CLADDAUGH CASUALTY INSURANCE COMPANY, LTD. 

BERMUDA 
  

			
	BY:	 	  

		
	TITLE:	 	  

  
  

			
	ARP-CLD-02-RTC-001-12	  	Endorsement No. 1 – MKS
	  
 DOC: June 18, 2012EX-10.3

 Exhibit 10.3 
 August 7, 2013 
 sTec, Inc. 
 3001 Daimler Street 
 Santa Ana, CA 92705 
 Ladies and Gentlemen: 
 Reference is made to the Severance and Change in Control Agreement
(Amended and Restated as of March 11, 2013), by and between sTec, Inc. (the “Company”) and the undersigned (the “Severance Agreement”) and that certain Agreement and Plan of Merger dated June 23, 2013, by and among the
Company, Western Digital Corporation and Lodi Ventures, Inc. (the “Merger Agreement”). 
 This letter memorializes our agreement
clarifying certain terms of the Severance Agreement as they relate to the transactions contemplated by the Merger Agreement. The parties hereto agree and acknowledge that the transactions contemplated by the Merger Agreement constitute a Change in
Control (as defined in the Severance Agreement) for purposes of the Severance Agreement, and that the termination of the undersigned’s employment with the Company in connection with the transactions contemplated by the Merger Agreement
constitutes a Termination without Cause (as defined in the Severance Agreement) and will trigger all of the benefits and payments due to the undersigned under the Severance Agreement. 
 In connection therewith, all cash payments due under the Severance Agreement will be paid in one lump sum immediately prior to the Effective Time (as defined in the Merger Agreement) and all outstanding
equity awards held by the undersigned will become fully vested and immediately exercisable immediately prior to the Effective Time to the extent not already vested. The undersigned shall also be entitled to all accrued and unpaid vacation and other
benefits through the date of the termination of his employment with the Company. 
 In addition, the parties agree to revise and amend the
General Release and Waiver (“Release”) which is required to be effective for the undersigned to be entitled to receive the payments under the Severance Agreement described in the immediately preceding paragraph, to clarify that nothing in
the Release shall waive, release or discharge: (i) the Company from its obligations under the Severance Agreement, (ii) any rights the undersigned may have as a shareholder under the Merger Agreement or to receive any of the Merger
Consideration thereunder, and (iii) any rights the undersigned may have to indemnification under the articles and bylaws of the Company, any rights the undersigned may have under Section 6.11 of the Merger Agreement and any rights the
undersigned may have under the undersigned’s indemnification agreement with the Company. 
 This letter shall terminate and be of no
further force or effect ab initio (including without limitation the revisions and amendments to the Release set forth herein) in the event that the Merger Agreement is terminated in accordance with its terms. 

 Except as otherwise amended or clarified as provided in this letter agreement or as the Release is to be
amended as provided in this letter agreement, the terms of the Severance Agreement remain in full force and effect and the undersigned shall be entitled to the benefits provided for thereunder. 

Please confirm your agreement with the provisions of this letter. 

Sincerely, 
 /s/ Raymond D. Cook 
 Raymond D. Cook 

AGREED TO AND ACKNOWLEDGED 
 sTec, Inc.

			
		
	By:	 	/s/ Kevin C. Daly
	Name:	 	Kevin C. Daly, Ph.D.
	Title:	 	Chairman of the Board

  
  

 

  
 2EX-10.4

 Exhibit 10.4 
 August 7, 2013 
 sTec, Inc. 
 3001 Daimler Street 
 Santa Ana, CA 92705 
 Ladies and Gentlemen: 
 Reference is made to the Severance and Change in Control Agreement
(Amended and Restated as of March 11, 2013), by and between sTec, Inc. (the “Company”) and the undersigned (the “Severance Agreement”) and that certain Agreement and Plan of Merger dated June 23, 2013, by and among the
Company, Western Digital Corporation and Lodi Ventures, Inc. (the “Merger Agreement”). 
 This letter memorializes our agreement
clarifying certain terms of the Severance Agreement as they relate to the transactions contemplated by the Merger Agreement. The parties hereto agree and acknowledge that the transactions contemplated by the Merger Agreement constitute a Change in
Control (as defined in the Severance Agreement) for purposes of the Severance Agreement, and that the termination of the undersigned’s employment with the Company in connection with the transactions contemplated by the Merger Agreement
constitutes a Termination without Cause (as defined in the Severance Agreement) and will trigger all of the benefits and payments due to the undersigned under the Severance Agreement. 
 In connection therewith, all cash payments due under the Severance Agreement will be paid in one lump sum immediately prior to the Effective Time (as defined in the Merger Agreement) and all outstanding
equity awards held by the undersigned will become fully vested and immediately exercisable immediately prior to the Effective Time to the extent not already vested. The undersigned shall also be entitled to all accrued and unpaid vacation and other
benefits through the date of the termination of his employment with the Company. 
 In addition, the parties agree to revise and amend the
General Release and Waiver (“Release”) which is required to be effective for the undersigned to be entitled to receive the payments under the Severance Agreement described in the immediately preceding paragraph, to clarify that nothing in
the Release shall waive, release or discharge: (i) the Company from its obligations under the Severance Agreement, (ii) any rights the undersigned may have as a shareholder under the Merger Agreement or to receive any of the Merger
Consideration thereunder, and (iii) any rights the undersigned may have to indemnification under the articles and bylaws of the Company, any rights the undersigned may have under Section 6.11 of the Merger Agreement and any rights the
undersigned may have under the undersigned’s indemnification agreement with the Company. 
 This letter shall terminate and be of no
further force or effect ab initio (including without limitation the revisions and amendments to the Release set forth herein) in the event that the Merger Agreement is terminated in accordance with its terms. 

 Except as otherwise amended or clarified as provided in this letter agreement or as the Release is to be
amended as provided in this letter agreement, the terms of the Severance Agreement remain in full force and effect and the undersigned shall be entitled to the benefits provided for thereunder. 

Please confirm your agreement with the provisions of this letter. 

Sincerely, 
 /s/ Robert M. Saman 
 Robert M. Saman 

AGREED TO AND ACKNOWLEDGED 
 sTec, Inc.

			
		
	By:	 	/s/ Kevin C. Daly
	Name:	 	Kevin C. Daly, Ph.D.
	Title:	 	Chairman of the Board

  
  

 

  
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