Document:

f8k012814ex10i_intelligent.htm

Exhibit 10.1

 

 

INTELLIGENT LIVING, INC.

ADVISORY BOARD AGREEMENT

 

This ADVISORY BOARD AGREEMENT (this “Agreement”) is made as of January 5, 2014 (the “Effective Date”) by and between Intelligent Living, Inc., a Nevada corporation (the “Company”), and Tom Bollich (“Consultant”).

 

RECITALS

 

The Company desires to retain Consultant as a member of its Advisory Board, and Consultant is willing to serve on the Company’s Advisory Board pursuant to the terms of this Agreement.

 

NOW, THEREFORE, Consultant and the Company agree as follows:

 

1.           Description of Services. The Company hereby retains Consultant as a member of its Advisory Board. Consultant hereby agrees to act in such capacity and to assist the Company as both parties may, from time to time, see fit (collectively, the “Services”). The Consultant will make himself available to all senior management members of the Company on an as-needed basis, up to 8 hours per month of advice and counsel on user interface, interaction design, and visual design. The Consultant agrees to use reasonable efforts to attend all Advisory Board meetings.

 

2.           Term. This Agreement will become effective as of the Effective Date and will continue for a period no less than 24 months or until terminated. Either party may terminate this Agreement, for any reason or no reason, upon thirty (30) days written notice to the other party. Notwithstanding the foregoing, Company may terminate this Agreement immediately upon providing written notice to Consultant if Consultant materially breaches this Agreement.

 

3.           Compensation.

 

(a)           Equity Incentive. The Company agrees to recommend to the Company’s Board of Directors that the Company grant Consultant Fifteen Million (15,000,000) shares of the Company’s common stock (the “Shares”). All of the Consultant’s rights, entitlements and obligations with respect to the Shares will be determined in accordance with the terms of the related Stock Option or Restricted Stock Purchase Agreement attached hereto as Exhibit A (the “Stock Agreement”). The Shares will vest according to the schedule and terms included as part of the Stock Agreement.

 

  

ILIV Advisory Board Agreement.1

  

4.           Expenses. The Company will reimburse Consultant for any reasonable pre- approved expenses incurred by Consultant in the course of rendering the Services. Requests for reimbursement will be in a form acceptable to the Company and will include appropriate documentation substantiating the expenses.

 

5.           Relationship of Parties.

 

(a)           Independent Contractor. Consultant is an independent contractor and is not an agent or employee of, and has no authority to bind, the Company by contract or otherwise.

 

(b)           Employment Taxes and Benefits. Consultant will report as self-employment income all compensation received by Consultant pursuant to this Agreement. Consultant will indemnify the Company and hold it harmless from and against all claims, damages, losses and expenses, including reasonable fees and expenses of attorneys and other professionals, relating to any obligation imposed by law on the Company to pay any withholding taxes, social security, unemployment or disability insurance, or similar items in connection with compensation received by Consultant pursuant to this Agreement. Consultant will not be entitled to receive any vacation or illness payments, or to participate in any plans, arrangements, or distributions by the Company pertaining to any bonus, stock option, profit sharing, insurance or similar benefits for the Company’s employees.

 

6.           Disclosure of Inventions. Consultant will use his or her best efforts to disclose in confidence to the Company all designs, discoveries, inventions, products, computer software programs, improvements, developments, drawings, notes, documents, information, documentation, original works of authorship, formulas, processes, compositions of matter, databases, mask works and trade secrets, techniques, know-how, algorithms, technical and business plans, specifications, hardware, circuits, databases, user interfaces, and other materials or innovations of any kind that Consultant may make, conceive, develop or reduce to practice, either alone or jointly with others, in connection with performing Services or that result from or are related to such Services whether or not they are eligible for patent, copyright, mask work, trade secret, trademark or other legal protection (the “Inventions”).

 

7.           Work for Hire; Assignment of Inventions. Consultant acknowledges and agrees that any copyrightable works prepared by Consultant within the scope of the performance of the Services are “works for hire” under the Copyright Act and that the Company will be considered the author and owner of such copyrightable works. Consultant agrees that all Inventions will be the sole and exclusive property of the Company and are hereby irrevocably assigned by Consultant to the Company. Consultant hereby irrevocably transfers and assigns to the Company (i) all worldwide patents, patent applications, copyrights, mask works, trade secrets, and other intellectual property rights, including but not limited to rights in databases, in any Inventions, along with any registrations of or applications to register such rights; and (ii) any and all “Moral Rights” (as defined below) that Consultant may have in or with respect to any Inventions. Consultant also hereby forever waives and agrees never to assert any and all Moral Rights Consultant may have in or with respect to any Inventions, even after termination of Consultant’s work on behalf of the Company. “Moral Rights” mean any rights to claim authorship of or credit on Inventions, to object to or prevent the modification or destruction of any Inventions, or to withdraw from circulation or control the publication or distribution of any Inventions, and any similar right, existing under judicial or statutory law of any country or subdivision thereof in the world, or under any treaty, regardless of whether or not such right is denominated or generally referred to as a “moral right.”

 

  

ILIV Advisory Board Agreement.2

  

 

8.           Related Rights. To the extent that Consultant owns or controls (presently or in the future) any patent rights, copyright rights, mask work rights, trade secret rights, or any other intellectual property or proprietary rights (collectively, “Related Rights”) and he uses such Related Rights in the scope of performing the Services, discloses them to the Company or incorporates them into any Company product or service, Consultant hereby grants to the Company a non-exclusive, royalty-free, irrevocable, worldwide license to make, have made, use, offer to sell, sell, import, copy, modify, create derivative works based upon, distribute, sublicense, display, perform and transmit any products, software, hardware, methods or materials of any kind that are covered by such Related Rights, to the extent necessary to enable the Company to exercise all of the rights assigned to the Company under this Agreement.

 

9.           Assistance. Consultant agrees to assist and cooperate with the Company in all respects to obtain and enforce patents, copyrights, mask work rights, trade secret rights and other legal protections for the Company’s Inventions in any and all countries. Consultant will execute any documents that the Company may reasonably request and take such further acts reasonably requested by the Company to enable the Company to acquire, transfer, maintain, perfect and enforce such patents, copyrights, mask work rights, trade secrets and other legal protections for the Inventions. Consultant’s obligations under this paragraph will continue beyond the termination of the consultancy with the Company, provided that the Company will compensate Consultant at a reasonable rate after such termination for time or expenses actually spent by Consultant at the Company’s request on such assistance. Consultant appoints the Secretary of the Company as his attorney-in-fact to execute documents on his behalf for this purpose.

 

10.         Proprietary Information. Consultant understands that Consultant’s service relationship with the Company creates a relationship of confidence and trust with respect to any information of a confidential or secret nature that may be disclosed to Consultant by the Company or a third party that relates to the business of the Company or to the business of any parent, subsidiary, affiliate, customer or supplier of the Company or any other party with whom the Company agrees to hold information of such party in confidence (the “Proprietary Information”). Such Proprietary Information includes, but is not limited to, Inventions, marketing plans, product plans, business strategies, financial information, forecasts, personnel information, customer lists and data, and domain names. Proprietary Information will not include information which: (i) is now, or hereafter becomes, through no act or failure to act on the part of Consultant, generally known or available to the public; (ii) was acquired by Consultant before receiving such information from Company and without restriction as to use or disclosure; (iii) is rightfully furnished to Consultant by a third party without restriction as to use or disclosure; or (iv) is independently developed by Consultant without use or access to the Proprietary Information.

 

  

ILIV Advisory Board Agreement.3

  

 

11.         Confidentiality. At all times, both during Consultant’s engagement and after its termination, Consultant will keep and hold all such Proprietary Information in strict confidence and trust. Consultant will not use or disclose any Proprietary Information without the prior written consent of the Company, except as may be necessary to perform Consultant’s duties as a consultant for the Company for the benefit of the Company. Upon termination of this Agreement, Consultant will promptly deliver to the Company all documents and materials of any nature pertaining to Consultant’s work with the Company or the Proprietary Information. Consultant will not take or retain any documents or materials or copies thereof containing any Proprietary Information upon the termination of this Agreement.

 

12.         Covenants.

 

(a)           Competitive Activities. Consultant will not during the term of this Agreement, directly or indirectly, in any individual or representative capacity, engage or participate in, provide services to, or assist in any manner, any business or third party that is competitive with the types and kind of business being conducted by the Company. The business of the Company is providing an online marketplace where consumers can request local services, obtain price quotes from service providers, and schedule jobs online.

 

(b)           No Breach of Prior or Current Agreement. Consultant represents that in executing this Agreement, performing the Services, and complying with the terms of this Agreement, he or she will not breach any (i) invention assignment, proprietary information, confidentiality, employment, noncompetition, or other agreement with any current or former employer or other party or (ii) formal or informal policies, rules, or regulations of any current or former employer or other party. Consultant represents that Consultant has no pre-existing obligations or commitments (and will not assume or otherwise undertake any obligations or commitments) that would hinder Consultant’s performance of its obligations under this Agreement. If Consultant is employed by a university, college, or other educational institution, Consultant shall notify such educational institution of the execution of this Agreement and seek its approval of the terms herein. Consultant shall notify the Company promptly upon receipt of notice from the educational institution, or upon otherwise becoming aware, that it will not approve the Consultant’s performance under this Agreement.

 

(c)           Third Party Resources. The Services performed hereunder will not be conducted on time that is required to be devoted to any third party. Consultant will not use the funding, resources, employees, equipment, computers, software programs, supplies, or facilities of any third party to perform the Services and shall not perform the Services in any manner that would give any third party rights to the product of such work. If Consultant is employed by a university, college, or other educational institution, Consultant will not allow any students of such institution to perform, or assist him with performing, the Services. Consultant will not bring to the Company or use in the performance of his or her duties for the Company any documents, materials, information or intangibles of a current or former employer or third party that are not generally available to the public or have not been legally transferred to the Company. Consultant will not disclose to the Company any information that the Consultant is obligated to keep secret pursuant to an existing confidentiality agreement with a third party.

 

(d)           Infringement. During Consultant’s performance of the Services, Consultant will not knowingly take any action which would infringe, misappropriate or violate any patent rights, copyright rights, mask work rights, trade secret rights or any other intellectual property or proprietary rights of a third party;

 

  

ILIV Advisory Board Agreement.4

  

 

(e)           Injury to Person or Property. Consultant will act responsibly at all times and use his best efforts to not take any action or perform any Services which would result in: (i) any bodily injury, sickness, disease or death; or (ii) any injury or destruction to tangible or intangible property (including computer programs and data) or any loss of use resulting therefrom.

 

(f)           Compliance with Laws. Consultant will use his best efforts not to violate any statute, ordinance, rules or regulations of the U.S. and other countries, including all relevant export laws and regulations of the U.S. and other governments.

 

13.         Limitation of Liability. IN NO EVENT SHALL THE COMPANY BE LIABLE FOR ANY SPECIAL, INCIDENTAL, INDIRECT OR CONSEQUENTIAL DAMAGES OF ANY KIND IN CONNECTION WITH THIS AGREEMENT, EVEN IF THE COMPANY HAS BEEN INFORMED IN ADVANCE OF THE POSSIBILITY OF SUCH DAMAGES.

 

14.         Notification. Consultant hereby authorizes the Company to notify Consultant’s actual or future employers or other third parties who utilize Consultant’s services as a contractor of the terms of this Agreement and Consultant’s responsibilities hereunder.

 

15.         Non-Solicitation of Employees/Consultants. During the term of this Agreement and for a period of one (1) year thereafter, Consultant will not directly or indirectly solicit away employees or consultants of the Company for Consultant’s own benefit or for the benefit of any other person or entity.

 

16.         Non-Solicitation of Suppliers/Customers. During the term of this Agreement and after the termination of this relationship, Consultant will not directly or indirectly solicit or take away suppliers or customers of the Company if the identity of the supplier or customer or information about the supplier or customer relationship is a trade secret or is otherwise deemed confidential information within the meaning of California law.

 

17.         Survival of Obligations. The provisions of Sections 5(b), 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, and 18 will survive any expiration or termination of this Agreement.

 

18.         General Provisions.

 

(a)           Injunctive Relief. Consultant understands that in the event of a breach or threatened breach of this Agreement by Consultant, the Company may suffer irreparable harm and will therefore be entitled to injunctive relief to enforce this Agreement.

 

(b)           Governing Law; Severability. This Agreement will be governed by and construed in accordance with the laws of the State of California, without giving effect to its laws pertaining to conflict of laws. If any provision of this Agreement is determined by any court or arbitrator of competent jurisdiction to be invalid, illegal or unenforceable in any respect, such provision will be enforced to the maximum extent possible given the intent of the parties hereto. If such clause or provision cannot be so enforced, such provision shall be stricken from this Agreement and the remainder of this Agreement shall be enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent not enforceable) never been contained in this Agreement.

 

  

ILIV Advisory Board Agreement.5

  

 

(c)           Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered will be deemed an original, and all of which together shall constitute one and the same agreement.

 

(d)           Titles and Headings. The titles, captions and headings of this Agreement are included for ease of reference only and will be disregarded in interpreting or construing this Agreement. Unless otherwise specifically stated, all references herein to “sections” and “exhibits” will mean “sections” and “exhibits” to this Agreement.

 

(e)           Entire Agreement. This Agreement and the documents referred to herein constitute the entire agreement and understanding of the parties with respect to the subject matter of this Agreement, and supersede all prior understandings and agreements, whether oral or written, between or among the parties hereto with respect to the specific subject matter hereof.

 

(f)           Amendment and Waivers. This Agreement may be amended only by a written agreement executed by each of the parties hereto. No amendment of or waiver of, or modification of any obligation under this Agreement will be enforceable unless set forth in a writing signed by the party against which enforcement is sought. Any amendment effected in accordance with this section will be binding upon all parties hereto and each of their respective successors and assigns. No delay or failure to require performance of any provision of this Agreement shall constitute a waiver of that provision as to that or any other instance. No waiver granted under this Agreement as to any one provision herein shall constitute a subsequent waiver of such provision or of any other provision herein, nor shall it constitute the waiver of any performance other than the actual performance specifically waived.

 

(g)          Successors and Assigns; Assignment. Except as otherwise provided in this Agreement, this Agreement, and the rights and obligations of the parties hereunder, will be binding upon and inure to the benefit of their respective successors, assigns, heirs, executors, administrators and legal representatives. The Company may assign any of its rights and obligations under this Agreement. No other party to this Agreement may assign, whether voluntarily or by operation of law, any of its rights and obligations under this Agreement, except with the prior written consent of the Company.

 

(h)         Further Assurances. The parties agree to execute such further documents and instruments and to take such further actions as may be reasonably necessary to carry out the purposes and intent of this Agreement.

 

  

ILIV Advisory Board Agreement.6

  

 

(i)           No Duty to Employ or Continue Services. Consultant understands that this Agreement does not constitute a contract of employment or obligate the Company to utilize Consultant’s services for any stated period of time. Consultant understands that Consultant’s relationship with the Company can be terminated for any reason or for no reason at any time by either the Company or Consultant with ten (10) days’ written notice, or immediately by Company for Consultant’s material breach of this Agreement. Consultant acknowledges that any statements or representations to the contrary are ineffective, unless put into a writing signed by the Company.

 

(j)           Notices. Any notice required or permitted hereunder will be given in writing and will be deemed effectively given as follows: (a) upon personal delivery; (b) three days after deposit in the United States mail by certified or registered mail (return receipt requested); (c) one business day after its deposit with any return receipt express courier (prepaid); or (d) one business day after transmission by telecopier, addressed to the other party at its address (or facsimile number, in the case of transmission by telecopier) as shown below its signature to this Agreement, or to such other address as such party may designate in writing from time to time to the other party.

 

This Agreement shall be effective as of the first day Consultant performs Services for the Company, which is January 5, 2014.

 

[Remainder of Page Intentionally Left Blank]

 

  

ILIV Advisory Board Agreement.7

  

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

 

	 	 	 	 	 	 
	
By:

	
/s/ L. Joshua Eikov

	 	 	
/s/ Tom Bollioh

	 
	 	 	 	 	
(Signature)

	 

 

	
Name:

	
L. Joshua Eikov

	 	
Name:

	Tom Bollioh	 

 

	
Title:

	CSO/Board Member	 	
 

	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

 

 

[SIGNATURE PAGE TO ADVISORY BOARD CONSULTING AGREEMENT

 

ILIV Advisory Board AgreementAXS-2013.12.31-EX-10.23

Exhibit 10.23 

AXIS CAPITAL HOLDINGS LIMITED
2007 LONG-TERM EQUITY COMPENSATION PLAN
Employee Restricted Stock Unit Agreement (Performance Vesting / 100% Stock Settled)
You (the “Participant”) have been granted an award of Restricted Stock Units (the “Award”) with a value based on ordinary shares, par value $0.0125 per share (“Shares”), of AXIS Capital Holdings Limited, a Bermuda company (the “Company”), pursuant to the AXIS Capital Holdings Limited 2007 Long-Term Equity Compensation Plan (the “Plan”).  The date of grant of the Award (the “Award Date”) and the base number of Restricted Stock Units subject to the Award (the “Target Number”) are as set forth in your restricted stock unit account maintained on the Morgan Stanley Benefit Access website or such other website as may be designated by the Committee (“Benefit Access”).  The actual number of Shares that you will be eligible to earn with respect to this Award (referred to herein as the “Award Units”), subject to meeting the applicable service and performance vesting requirements, will equal the Target Number multiplied by the applicable “Performance Multiplier” (as defined in Exhibit A hereto).  This Award constitutes an unfunded and unsecured promise of the Company to deliver (or cause to be delivered to you) on the terms and conditions set forth herein the number of Shares corresponding to the earned Award Units.
By your acceptance of the grant of the Award on Benefit Access, you agree that the Award is granted under and governed by the terms and conditions of the Plan and this Restricted Stock Unit Agreement (the “Agreement”).
1.    GRANT OF RESTRICTED STOCK UNITS.
(a)    Award.  On the terms and conditions set forth in this Agreement, the Company hereby grants to the Participant on the Award Date the Award.
(b)    Plan and Defined Terms.  The Award is granted pursuant to the Plan, a copy of which the Participant acknowledges having received.  The terms and provisions of the Plan are incorporated into this Agreement by this reference.  All capitalized terms that are used in this Agreement and not otherwise defined herein shall have the meanings ascribed to them in the Plan.
2.    PERIOD OF RESTRICTION.
(i)     The Restricted Stock Units subject to the Award shall be restricted during the period (the “Period of Restriction”) commencing on the Award Date and expiring on the first to occur of:
(a)    The normal scheduled vesting of the Award Units.  The Award Units shall vest in a single installment on the third anniversary of the Grant Date;

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(b)    The Participant’s death or Disability; or
(c)    The date of the Participant’s termination without Cause or termination for Good Reason, in each case, within 24 months following a Change in Control.
(d)    Definitions.  As used herein, the following terms shall have the meanings set forth below:
(1)    “Cause” shall have the meaning set forth in the Participant’s employment agreement with the Company, if any, or in the absence of an employment agreement definition shall mean (A) any act or omission which constitutes a material breach by the Participant of the terms of his or her employment, (B) the Participant’s conviction of a felony or commission of any act which would rise to the level of a felony, (C) the Participant’s conviction or commission of a lesser crime or offense that adversely impacts or potentially could impact upon the business or reputation of the Company and/or affiliates and subsidiaries in a material way, (D) the Participant’s willful violation of specific lawful directives of the Company, (E) the Participant’s commission of a dishonest or wrongful act involving fraud, misrepresentation, or moral turpitude causing damage or potential damage to the Company and/or its affiliates and subsidiaries, (F) the Participant’s willful failure to perform a substantial part of the Participant’s duties or (G) the Participant’s breach of fiduciary duty.
(2)    “Disability” shall mean the Participant’s permanent disability which constitutes a disability within the meaning of Section 409A(a)(2)(C) of the Code.
(3)    “Good Reason” shall have the meaning set forth in the Participant’s employment agreement with the Company, if any, or in the absence of an employment agreement definition shall mean (A) the scope of the Participant’s position, authority or duties with the Company is materially adversely changed, (B) the Participant’s compensation is not paid or is materially reduced or there is a material adverse change in the Participant’s employee benefits or (C) the Participant is required by the Company to relocate to a place more than 50 miles from the Participant’s current place of employment; provided that, in each case, “Good Reason” shall not exist unless the Participant provides the Company with written notice of the Participant’s intent to terminate employment as a result of such event, providing the specific reasons therefore, and the Company does not make the necessary corrections within thirty days of receipt of the Participant’s written notice, following which the Participant may terminate his or her employment for “Good Reason” within the ten days following expiration of such thirty day notice period.
(ii)    Absent subsequent Committee action, the Award Units will not automatically vest upon the Participant’s Retirement. 
(iii)     Notwithstanding the foregoing, to the extent that the Participant is party to an employment agreement with the Company that provides for vesting of the Participant’s restricted stock units on an accelerated or otherwise more favorable basis as compared to the terms set 

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forth in this Section 2, then the Award Units shall vest pursuant to the terms set forth in such employment agreement.
3.    ISSUANCE OF AWARD UNITS.
Subject to the Participant’s continued employment with the Company during the Period of Restriction, the Company shall deliver to the Participant promptly following the close of the Period of Restriction with respect to the number of Award Units earned as determined in accordance with Exhibit A hereto 100% of the Shares underlying such Award Units as of the date of close of the Period of Restriction, with such Share delivery fully satisfying the Company’s obligations to the Participant with respect to such corresponding Award Units.  In the event that the Participant’s employment terminates for any reason prior to close of the Period of Restriction (except as described in Section 2(i)(b) or Section 2(i)(c)), the Award will immediately terminate and the Company will have no further obligation or liability to the Participant.  Subject to Section 4, the Participant will have no rights as a shareholder of the Company with respect to the Shares underlying the Award Units until such time as the Shares underlying the Award Units are actually delivered to the Participant.
4.    RESTRICTIONS, VOTING RIGHTS AND DIVIDEND EQUIVALENTS. 
(a)    Restrictions.  The Award may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated at any time.
(b)    Voting Rights.  Prior to the delivery of Shares underlying the Award Units pursuant to this Agreement, the Participant shall not be entitled to exercise any voting rights with respect to the Award Units and, except as provided in Section 4(c), shall not be entitled to receive dividends or other distributions with respect to the Award Units. 
(c)    Dividend Equivalents.  Dividend equivalents may be paid to the Participant with respect to the Award Units during the Period of Restriction as determined from time to time by the Committee.  Any dividend equivalents paid with respect to the Award Units during the Period of Restriction will be held by the Company, or a depository appointed by the Committee, for the Participant's account, and interest may be paid on the amount of cash dividend equivalents held at a rate and subject to such terms as may be determined by the Committee.  All cash or share dividend equivalents so held, and any interest so paid, shall be payable at the same time as the delivery of Shares are made with respect to the Award Units as set forth in Section 3 and shall be forfeited and shall not be paid in the event the Award is terminated as set forth in Section 3.
(d)    Leaves of Absence.      For any purpose under this Agreement, employment shall be deemed to continue while the Participant is on a bona fide leave of absence, if such leave was approved by the Company in writing and if continued crediting of employment for such purpose is expressly required by the terms of such leave or by applicable law (as determined by the Company).
5.    RESTRICTIONS ON TRANSFER.

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(a)    Transfer Restrictions.  Regardless of whether the offering and sale of Units under the Plan have been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or otherwise, the Company, in its sole discretion, may impose restrictions upon the sale, pledge or other transfer of the Shares deliverable in respect of the Award Units (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Company's Bye-Laws, the Securities Act, the U.S. Securities Exchange Act of 1934, as amended, the securities laws of any country or state or any other applicable law, rule or regulation.
(b)    Legends.  All certificates evidencing Shares issued in respect of Award Units under this Agreement shall bear such restrictive legends as are required or deemed advisable by the Company under the provisions of any applicable law, rule or regulation (including to reflect any restrictions to which you may be subject under any applicable securities laws).  If, in the opinion of the Company and its counsel, any legend placed on a stock certificate representing Shares issued under this Agreement is no longer required, the holder of such certificate shall be entitled to exchange such certificate for a certificate representing the same number of Shares but without such legend.
6.    MISCELLANEOUS PROVISIONS.
(a)    Bye-Laws.  All Shares acquired pursuant to this Agreement shall be subject to any applicable restrictions contained in the Company's Bye-Laws.
(b)    No Retention Rights.  Nothing in this Agreement or in the Plan shall confer upon the Participant any right to continue employment for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company or any Affiliate employing or retaining the Participant or of the Participant, which rights are hereby expressly reserved by each, to terminate his or her employment at any time and for any reason, with or without Cause.
(c)    Notice.  Any notice required by the terms of this Agreement shall be given in writing and shall be deemed effective upon delivery by hand, upon delivery by reputable express courier or, if the recipient is located in the United States, upon deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid.  Notice shall be addressed to the Company at its principal executive office and to the Participant at the address that he or she most recently provided in writing to the Company.
(d)    Choice of Law.  This Agreement shall be governed by, and construed in accordance with, the laws of Bermuda.
(e)    Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

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(f)    Modification or Amendment.  This Agreement may be amended or modified by the Committee; provided that any amendment or modification that would adversely affect the Participant’s rights with respect to the Award must be made by written agreement executed by the parties hereto; and provided, that the adjustments permitted pursuant to Sections 4(b) and 7(c) of the Plan may be made without such written agreement. 
(g)    Severability.  In the event any provision of this Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions of this Agreement, and this Agreement shall be construed and enforced as if such illegal or invalid provision had not been included.
(h)    Compliance with Code Section 409A.  Notwithstanding anything herein to the contrary, (i) if at the time of the Participant’s termination of employment with the Company and its Affiliates the Participant is a “specified employee” as defined in Section 409A of the Code and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to the Participant) until the date that is six months and one day following the Participant’s termination of employment with the Company and its Affiliates (or the earliest date as is permitted under Section 409A of the Code) and (ii) if any other payments or other benefits due to the Participant hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Committee, that does not cause such an accelerated or additional tax.  The Company shall use commercially reasonable efforts to implement the provisions of this Section 6(h) in good faith; provided that neither the Company, the Committee nor any of the Company’s employees, directors or representatives shall have any liability to the Participant with respect to this Section 6(h).
(i)    Recoupment Policy.  The Award is subject in all respects to the Company’s Executive Compensation Recoupment Policy, as the same may be amended from time to time, or any successor policy thereto.

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Exhibit A
Performance Metrics for Determining the Number of Earned Award Units
	
		
	DBVPS Percentile
	Performance Multiplier

	100%
	200%

	90% - 99.99%
	175%

	80% - 89.99%
	150%

	70% - 79.99%
	125%

	60% - 69.99%
	100%

	50% - 59.99%
	80%

	40% - 49.99%
	60%

	30% - 39.99%
	40%

	20% - 29.99%
	20%

	Less than 20%
	10%

For purposes of this Exhibit A, the following terms shall have the following meanings:
“DBVPS” shall mean diluted book value per share, as determined for purposes of the relevant company’s financial reporting purposes.
“DBVPS Percentile” shall mean the Company’s percentile rank among its Peer Group in terms of DBVPS growth during the Performance Period (rounded to the nearest hundredth of a percent), as determined by the Committee in good faith.
“Peer Group” shall mean the peer group of companies identified by the Committee in the Company’s annual proxy statement filed with the U.S. Securities and Exchange Commissions during the same calendar year in which the Award Date occurs.
“Performance Multiplier” shall mean the applicable multiplier as determined in accordance with the table above based on the achieved DBVPS Percentile; provided, however, that in the event that the Period of Restriction terminates prior to the end of the Performance Period due to an event described in Sections 2(i)(b) or 2(i)(c) of the Agreement, then the Performance Multiplier shall automatically be deemed to equal 100%.
“Performance Period” shall mean the period commencing on September 30 of the calendar year preceding the year in which the Award Date occurs and ending on the third anniversary of such date.

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