Document:

EXHIBIT
      10.20

    

    MASTER
      RESTRUCTURING AGREEMENT

    

    This
      Master Restructuring Agreement is made as of this 10th day of July, 2008 by
      and
      among ADUROMED INDUSTRIES, INC. (formerly General Devices, Inc., “ADRM”),
      ADUROMED CORPORATION (“Aduromed”), SHERLEIGH ASSOCIATES INC. DEFINED BENEFIT
      PENSION PLAN (“Sherleigh”), PEQUOT CAPITAL MANAGEMENT, INC. (“Pequot”), on
      behalf of PEQUOT SCOUT FUND, L.P., PEQUOT MARINER MASTER FUND, L.P., PEQUOT
      NAVIGATOR OFFSHORE FUND, INC., PEQUOT DIVERSIFIED MASTER FUND, LTD., and PREMIUM
      SERIES PCC LIMITED CELL 33 (collectively, the “Pequot Funds”), HELLER CAPITAL
      INVESTMENTS (“Heller”) and the individuals and entities listed on Schedule A
      attached hereto identified as the “Polak/Lazar Secured Parties” (the Polak/Lazar
      Secured Parties together with Heller are collectively referred to herein as
      the
“Bridge Loan Holders”).

    

    WHEREAS,
      the Pequot Funds and Sherleigh (together the “Preferred Holders”) are holders of
      6,263,702 shares of Series A Preferred Stock, par value $0.0001 per share (the
      ‘‘Series A Preferred’’) and 15,780,160 shares of Series B Preferred stock, par
      value $0.0001 per share both of which Series Preferred are immediately
      convertible into shares of Common Stock of ADRM, par value $0.0001 per share
      (“Common Stock”) (the “Series B Preferred’’, and together with the Series A
      Preferred, the “Preferred Stock”);

    

    WHEREAS,
      the terms of the Series A Preferred are set forth in a Certificate Of
      Designations Of Series A Preferred Stock filed January 23, 2006 with the
      Secretary of State of the State of Delaware (the “Series A Designations”) and
      the terms of the Series B Preferred are set forth in a Certificate Of
      Designations Of Series B Preferred Stock filed January 23, 2006 with the
      Secretary of State of the State of Delaware (the “Series B Designations”, and
      together with the Series A Designations, the “Preferred Series
      Designations”);

    

    WHEREAS,
      the Preferred Holders are holders of Warrants issued in connection with the
      issuance of the Series A Preferred entitling the holder(s) to purchase 6,263,699
      shares of the Common Stock at a price of $0.37883 per share of Common Stock
      through October 4, 2010 (the ‘‘Series A Preferred Warrants’’) and Warrants
      issued in connection with the issuance of the Series B Preferred entitling
      the
      holder(s) to purchase 15,780,160 shares of Common Stock at a price of $0.37883
      per share of Common Stock through January 23, 2011 (the ‘‘Series B Preferred
      Warrants’’, and together with the Series A Preferred Warrants, the “Preferred
      Warrants”); 

    

    WHEREAS,
      in connection with the issuance of the Preferred Stock and the Preferred
      Warrants, Aduromed, ADRM and the Preferred Holders entered into an Amended
      and
      Restated Stockholders Agreement, dated as of January 23, 2006 (the “Stockholders
      Agreement”); 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    WHEREAS,
      in connection with the issuance of the Preferred Stock and the Preferred
      Warrants, Aduromed, ADRM and the Preferred Holders entered into an Amended
      and
      Restated Registration Rights Agreement, dated as of January 23, 2006 (the
“Preferred Registration Agreement”);

    

    WHEREAS,
      the Bridge Loan Holders are currently holding $1,275,000 deemed principal amount
      in secured notes of ADRM (the “Bridge Notes”);

    

    WHEREAS,
      in connection with the original issuance of the Bridge Notes, Aduromed, ADRM
      and
      the Bridge Loan Holders entered into Loan
      and
      Security Agreement, dated as of June 27, 2007 (the “Security Agreement”), a
      Subsidiary Guarantee, dated as of June 27, 2007 (the “Guarantee”) and Common
      Stock Purchase Warrants for the purchase of 2,550,000 shares of Common Stock
      at
      an original exercise price of $0.38 per share (the “Original Bridge Warrants”,
      and together with the Bridge
      Notes, the Security
      Agreement, the Guarantee and the Extension Bridge Warrants (as defined below),
      the “Bridge Loan Documents”);

    

    WHEREAS,
      pursuant to a Loan Extension Agreement, dated as of December 27, 2007, by and
      among the Bridge Loan Holders, Aduromed and ADRM (the “Extension Agreement”),
      the Bridge Loan Holders agreed to extend the maturity date of their Bridge
      Notes
      to June 30, 2008;

    

    WHEREAS,
      pursuant to the Extension Agreement, the Bridge Loan Holders were given
      additional Common Stock Purchase Warrants for the purchase of 2,450,000 shares
      of Common Stock (the “Extension Bridge Warrants”, and together with the Original
      Bridge Warrants, the “Bridge Warrants”); 

    

    WHEREAS,
      Joseph Esposito and certain other individuals (collectively, “Esposito”) are
      willing to align themselves with the ADRM management team and are willing to
      invest at least $500,000 into ADRM and Aduromed and use their best efforts
      to
      cause additional investors to invest an additional $500,000 into ADRM and
      Aduromed as part of a new business plan going forward (Esposito and such
      additional investors are hereinafter referred to as the “New Management
      Investors”);

    

    WHEREAS,
      the Pequot Funds are willing to invest $1,300,000 into ADRM and Aduromed as
      part
      of a new business plan going forward (the “New Pequot Investment”);

    

    WHEREAS,
      Sherleigh is willing to invest $700,000 into ADRM and Aduromed as part of a
      new
      business plan going forward (the “New Sherleigh Investment”);

    

    WHEREAS,
      Heller is willing to invest $250,000 into ADRM and Aduromed as part of a new
      business plan going forward (the “New Heller Investment”) 

    

    WHEREAS,
      certain other parties may be willing to invest up to $1,000,000 into ADRM and
      Aduromed as part of a new business plan going forward (such parties are
      hereinafter referred to as the “New Investors”); and

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    WHEREAS,
      the Preferred Holders and the Bridge Loan Holders wish to restructure their
      respective investments in ADRM in a manner which provides ADRM with the
      opportunity to execute its business plan and attract additional investors into
      ADRM going forward; 

    

    NOW,
      THEREFORE, in consideration of the agreements herein contained and for other
      good and valuable consideration, the receipt and sufficiency of which is hereby
      acknowledged, the parties hereto hereby agree as follows:

    

    1.
      Effective
      Time.
      The
“Effective Time” as used herein shall mean as of 12:00 noon Eastern Standard
      Time on July 30, 2008 or such other time and date as is mutually agreed by
      the
      parties hereto. All transactions contemplated hereby to be consummated as of
      the
      Effective Time shall be deemed to happen contemporaneously. 

    

    2.
      The
      Sherleigh Preferred Stock.
      Sherleigh hereby agrees that as of the Effective Time all outstanding shares
      of
      Preferred Stock held by Sheleigh shall convert automatically and without further
      action on its part into 20,000,081 shares of Common Stock. The Preferred Holders
      and ADRM further agree that any and all amendments to the Preferred Series
      Designations necessary to effectuate the conversion contemplated in the previous
      sentence are hereby made. ADRM hereby agrees to take any and all necessary
      or
      appropriate actions to issue and register pursuant to the Securities Act of
      1933
      the Common Stock contemplated to be issued pursuant to such aforementioned
      conversion such
      that
      such shares of Common Stock may be offered and resold from time to time, and
      to
      take any and all necessary or appropriate actions to keep in effect any and
      all
      registration statements covering the shares of Common Stock to be issued upon
      conversion of the Preferred Stock.

    

    3.
      The
      Pequot Preferred Stock; Accumulated Dividends and Liquidated
      Damages.
      Pequot
      and the Pequot Funds hereby agree that as of the Effective Time all 14,171,054
      outstanding shares of Preferred Stock held by the Pequot Funds shall be
      surrendered to ADRM and from and after the Effective Time such shares of
      Preferred Stock shall no longer be deemed to be outstanding. The Preferred
      Holders and ADRM further agree that any and all amendments to the Preferred
      Series Designations necessary to effectuate the action contemplated in the
      previous sentence are hereby made. The parties hereto further agree that as
      of
      the Effective Time (i) accumulated dividends payable on the Preferred Stock
      held
      by the Pequot Funds as of June 30, 2008 in the amount of $690,436 and (ii)
      liquidated damages in the amount of $387,000 payable to the Pequot Funds by
      ADRM
      pursuant to Section 1.1 of the Preferred Registration Agreement, shall each
      be
      forfeited and shall no longer be due and payable.

    

    4.
      The
      Preferred Warrants.
      The
      parties hereto hereby agree that as of the Effective Time the Preferred Warrants
      shall be amended such that (i) they collectively represent the right to purchase
      55,999,998 shares of Common Stock at an exercise price of $0.025 per share,
      of
      which Pequot Funds will hold warrants for the purchase of 36,000,001 shares
      of
      Common Stock and Sherleigh will hold warrants for the purchase of 19,999,997
      shares of Common Stock and (ii) Section 5 of each of the Preferred Warrants
      shall be deleted and of no further force and effect. ADRM
      hereby agrees to take any and all necessary or appropriate actions to issue
      and
      register pursuant to the Securities Act of 1933 the Common Stock issuable upon
      exercise
      of the
      Preferred Warrants such
      that
      such shares of Common Stock may be offered and resold from time to time, and
      to
      take any and all necessary or appropriate actions to keep in effect any and
      all
      registration statements covering the shares of Common Stock issuable upon
      exercise of the Preferred Warrants. 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    5.
      Sherleigh Preferred
      Stock Accumulated Dividends.
      The
      parties hereto hereby agree that as of the Effective Time accumulated dividends
      payable on the Preferred Stock held by Sherleigh as of June 30, 2008 in the
      amount of $383,576 shall be converted automatically and without further action
      on their part into 15,343,040 shares of Common Stock. From and after June 30,
      2008 no further dividends shall accrue or be payable on the Preferred Stock.
      As
      additional consideration for converting such accrued dividends, Sherleigh will
      receive new warrants to purchase 15,343,040 shares of Common Stock at an
      exercise price of $0.025 per share. Such warrants shall contain equivalent
      terms
      to the new warrants contemplated to be issued in Sections 13 through 16 hereof.
      ADRM hereby agrees to take any and all necessary or appropriate actions to
      issue
      and register pursuant to the Securities Act of 1933 the Common Stock
      contemplated to be issued pursuant to such aforementioned conversion
or
      issuable upon exercise of the aforementioned warrants such that such shares
      of
      Common Stock may be offered and resold from time to time, and to take any and
      all necessary or appropriate actions to keep in effect any and all registration
      statements covering the shares of Common Stock to be issued upon such conversion
      or issuable upon exercise of such warrants.

    

    6.
      Sherleigh Preferred
      Stock Liquidated Damages.
      The
      parties hereto hereby agree that as of the Effective Time the liquidated damages
      in the amount of $215,000 payable to Sherleigh by ADRM pursuant to Section
      1.1
      of the Preferred Registration Agreement shall be converted automatically and
      without further action on their part into 8,600,000 shares of Common Stock.
      As
      additional consideration for converting such liquidated damages, Sherleigh
      will
      receive new warrants to purchase 8,600,000 shares of Common Stock at an exercise
      price of $0.025 per share. Such warrants shall contain equivalent terms to
      the
      new warrants contemplated to be issued in Sections 13 through 16 hereof. ADRM
      hereby agrees to take any and all necessary or appropriate actions to issue
      and
      register pursuant to the Securities Act of 1933 the Common Stock contemplated
      to
      be issued pursuant to such aforementioned conversion or
      issuable upon exercise of the aforementioned warrants such that such shares
      of
      Common Stock may be offered and resold from time to time, and to take any and
      all necessary or appropriate actions to keep in effect any and all registration
      statements covering the shares of Common Stock to be issued upon such conversion
      or issuable upon exercise of such warrants.

    

    7.
      The
      Stockholders Agreement.
      Aduromed, ADRM and the Preferred Holders hereby agree that as of the Effective
      Time the Stockholders Agreement shall be terminated and of no further force
      and
      effect. 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    8.
      Preferred
      Stand Still Agreement.
      The
      Preferred Holders agree to stand still and not exercise rights contained in
      the
      Preferred Series Designations until the Effective Time.

    

    9.
      Bridge
      Notes.
      The
      Bridge Loan Holders, ADRM and Aduromed hereby agree that as of the Effective
      Time the Bridge Notes in the principal amount of $1,275,000 shall convert
      automatically and without further action on their part into 93,750,000 shares
      of
      Common Stock. From and after June 30, 2008 no further principal or interest
      shall accrue or be payable on such Bridge Notes. ADRM hereby agrees to take
      any
      and all necessary or appropriate actions to issue and register pursuant to
      the
      Securities Act of 1933 the Common Stock contemplated to be issued pursuant
      to
      such aforementioned conversion. The parties hereto further agree that Heller
      and
      the Polak/Lazar Secured Parties may, prior to the Effective Time, transfer
      Bridge Notes among themselves on such terms as they shall agree, but that any
      such transfers shall not effect the principal amount of Bridge Notes outstanding
      or the resulting number of shares of Common Stock resulting from such conversion
      as set forth above. Heller and the Polak/Lazar Secured Parties shall advise
      ADRM
      prior to the Effective Time as to the respective principal amounts of Bridge
      Notes held by them as of the Effective Time. 

    

    10.
      The
      Bridge Warrants.
      The
      parties hereto hereby agree that as of the Effective Time the Bridge Warrants
      shall be amended such that (i) they collectively represent the right to purchase
      93,750,000 shares of Common Stock at an exercise price of $0.025 per share,
      such
      warrants to be issued to Heller and the Polak/Lazar Secured Parties pro rata
      according the respective principal amount of Bridge Notes that each such party
      holds as of the Effective Time. As of the Effective Time Section 3(b) of each
      of
      the Bridge Warrants shall be deleted and of no further force and
      effect.

    

    11.
      The
      Bridge Loan Documents.
      Aduromed, ADRM and the Bridge Loan Holders hereby agree that as of the Effective
      Time each of the Bridge Loan Documents shall be terminated and of no further
      force and effect. The Bridge Loan Holders hereby agree to take any and all
      actions necessary or appropriate to terminate the security interest created
      by
      the Bridge Loan Documents.

    

    12.
      Bridge
      Loan Extension And Stand Still Agreement.
      The
      Bridge Loan Holders agree to extend the maturity date of the Bridge Notes until
      the Effective Time. The Bridge Loan Holders further agree to stand still and
      not
      exercise rights contained in the Bridge Notes until the Effective
      Time.

    

    13.
      New
      Management Investors Financing.
      Esposito agrees to invest at least $250,000 and cause the other New Management
      Investors to invest up to an additional $750,000 into ADRM in two traunches,
      with the closing of traunch 1 to occur on July 10, 2008 and the closing of
      traunch 2 to occur as soon as possible but no later than the Effective Time.
      It
      is understood that said best efforts may not result in an additional funding
      being secured and as such Esposito is not responsible for the additional funding
      contemplated should this situation arise. The parties hereto hereby agree that
      the terms of any financing by New Management Investors shall (i) be for
      80,000,000 shares of Common Stock for $1,000,000 invested, and (ii) include
      warrants to purchase Common Stock at an exercise price of $0.025 per share
      at a
      ratio of 1:1 with the shares of Common Stock issued in such financing. Such
      warrants shall have anti-dilution protection equivalent to the Preferred
      Warrants and the Bridge Warrants as amended after the Effective Time, and shall
      otherwise include equivalent terms as the Preferred Warrants and the Bridge
      Warrants and such financing shall be evidenced by normal and customary documents
      for public company common stock financings. The actual shares will be calculated
      based upon the total money raised by New Management Investors.
      Esposito
      shall
      fund traunch 1 in the amounts as are set forth opposite their names on Schedule
      B attached hereto by wire transferring funds into a bank account provided by
      ADRM. In connection with the closing of traunch 1 ADRM shall issue to Esposito
      Common Stock certificates for the number of shares and shall issue common stock
      purchase warrants for the number of shares as are set forth next to their names
      on Schedule B. ADRM
      hereby agrees to take any and all necessary or appropriate actions to issue
      and
      register pursuant to the Securities Act of 1933 the Common Stock contemplated
      to
      be issued pursuant to the New Management Investment (including, without
      limitation, shares issuable upon exercise of the warrants) such that such shares
      of Common Stock may be offered and resold from time to time, and to take any
      and
      all necessary or appropriate actions to keep in effect any and all registration
      statements covering such shares of Common Stock.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    14.
      New
      Pequot Investment.
      Pequot
      agrees to invest at $1,300,000 into ADRM in two traunches, with the closing
      of
      traunch 1 to occur on July 10, 2008 and the closing of traunch 2 to occur as
      soon as possible but no later than the Effective Time. The parties hereto hereby
      agree that the terms of the New Pequot Investment shall (i) be for a total
      of
      131,097,456 shares of Common Stock, and (ii) include warrants to purchase
      95,097,455 be
      in
      form and substance reasonably acceptable to Pequot, shall
      shares
      of Common Stock at an exercise price of $0.025 per share. Such warrants shall
      have anti-dilution protection equivalent to the Preferred Warrants and the
      Bridge Warrants as amended after the Effective Time, and shall otherwise include
      equivalent terms as the Preferred Warrants and the Bridge Warrants and such
      financing shall be evidenced by normal and customary documents for public
      company common stock financings. The Pequot Funds shall fund traunch 1 in the
      amounts as are set forth opposite their names on Schedule B attached hereto
      by
      wire transferring funds into a bank account provided by ADRM. In connection
      with
      the closing of traunch 1 ADRM shall issue to the Pequot Funds Common Stock
      certificates for the number of shares and shall issue common stock purchase
      warrants for the number of shares as are set forth next to their names on
      Schedule B. ADRM
      hereby agrees to take any and all necessary or appropriate actions to issue
      and
      register pursuant to the Securities Act of 1933 the Common Stock contemplated
      to
      be issued pursuant to the New Pequot Investment (including, without limitation,
      shares issuable upon exercise of the warrants) such that such shares of Common
      Stock may be offered and resold from time to time, and to take any and all
      necessary or appropriate actions to keep in effect any and all registration
      statements covering such shares of Common Stock.

    

    15.
      New
      Sherleigh Investment.
      Sherleigh agrees to invest $700,000 into ADRM in two traunches, with the closing
      of traunch 1 to occur on July 10, 2008 and the closing of traunch 2 to occur
      as
      soon as possible but no later than the Effective Time. The parties hereto hereby
      agree that the terms of such New Sherleigh Investment shall (i) be for a total
      of 28,000,000 shares of Common Stock, and (ii) include warrants to purchase
      Common Stock at an exercise price of $0.025 per share at a ratio of 1:1 with
      the
      shares of Common Stock issued in such financing. Such warrants shall
be
      in
      form and substance reasonably acceptable to Sherleigh, shall
      have
      anti-dilution protection equivalent to the Preferred Warrants and the Bridge
      Warrants as amended after the Effective Time, and shall otherwise include
      equivalent terms as the Preferred Warrants and the Bridge Warrants and such
      financing shall be evidenced by normal and customary documents for public
      company common stock financings. Sherleigh shall fund traunch 1 in the amount
      as
      is set forth opposite its name on Schedule B attached hereto by wire
      transferring funds into a bank account provided by ADRM. In connection with
      the
      closing of traunch 1 ADRM shall issue to Sherleigh Common Stock certificates
      for
      the number of shares and shall issue common stock purchase warrants for the
      number of shares as are set forth next to its name on Schedule B. ADRM
      hereby agrees to take any and all necessary or appropriate actions to issue
      and
      register pursuant to the Securities Act of 1933 the Common Stock contemplated
      to
      be issued pursuant to the New Sherleigh Investment (including, without
      limitation, shares issuable upon exercise of the warrants) such that such shares
      of Common Stock may be offered and resold from time to time, and to take any
      and
      all necessary or appropriate actions to keep in effect any and all registration
      statements covering such shares of Common Stock.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    16.
      New
      Heller Investment.
      Heller
      agrees to invest $250,000 into ADRM in two traunches, with the closing of
      traunch 1 to occur on July 10, 2008 and the closing of traunch 2 to occur as
      soon as possible but no later than the Effective Time. The parties hereto hereby
      agree that the terms of such New Sherleigh Investment shall (i) be for a total
      of 10,000,000 shares of Common Stock, and (ii) include warrants to purchase
      Common Stock at an exercise price of $0.025 per share at a ratio of 1:1 with
      the
      shares of Common Stock issued in such financing. Such warrants shall
be
      in
      form and substance reasonably acceptable to Heller, shall
      have
      anti-dilution protection equivalent to the Preferred Warrants and the Bridge
      Warrants as amended after the Effective Time, and shall otherwise include
      equivalent terms as the Preferred Warrants and the Bridge Warrants and such
      financing shall be evidenced by normal and customary documents for public
      company common stock financings. Sherleigh shall fund traunch 1 in the amount
      as
      is set forth opposite its name on Schedule B attached hereto by wire
      transferring funds into a bank account provided by ADRM. In connection with
      the
      closing of traunch 1 ADRM shall issue to Heller Common Stock certificates for
      the number of shares and shall issue common stock purchase warrants for the
      number of shares as are set forth next to its name on Schedule B. ADRM
      hereby agrees to take any and all necessary or appropriate actions to issue
      and
      register pursuant to the Securities Act of 1933 the Common Stock contemplated
      to
      be issued pursuant to the New Heller Investment (including, without limitation,
      shares issuable upon exercise of the warrants) such that such shares of Common
      Stock may be offered and resold from time to time, and to take any and all
      necessary or appropriate actions to keep in effect any and all registration
      statements covering such shares of Common Stock.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    17.
      New
      Investor Investment.
      New
      Investors may invest up to $1,000,000 into ADRM with the closing to occur as
      soon as possible but no later than the Effective Time. The parties hereto hereby
      agree that the terms of such New Investor Investment shall (i) be for Common
      Stock at a deemed valuation of $0.025 per share, and (ii) include warrants
      to
      purchase Common Stock at an exercise price of $0.025 per share at a ratio of
      1:1
      with the shares of Common Stock issued in such financing. Such warrants shall
      be
      in
      form and substance reasonably acceptable to the New Investors, shall
      have
      anti-dilution protection equivalent to the Preferred Warrants and the Bridge
      Warrants as amended after the Effective Time, and shall otherwise include
      equivalent terms as the Preferred Warrants and the Bridge Warrants and such
      financing shall be evidenced by normal and customary documents for public
      company common stock financings. ADRM
      hereby agrees to take any and all necessary or appropriate actions to issue
      and
      register pursuant to the Securities Act of 1933 the Common Stock contemplated
      to
      be issued pursuant to the New Investor Investment (including, without
      limitation, shares issuable upon exercise of the warrants) such that such shares
      of Common Stock may be offered and resold from time to time, and to take any
      and
      all necessary or appropriate actions to keep in effect any and all registration
      statements covering such shares of Common Stock. 

    

    18.
      ADRM
      Board of Directors.
      The
      parties hereto agree that from and after the Effective Time (i) Pequot shall
      have the right to have two (2) designees elected to the ADRM Board of Directors,
      (ii) Sherleigh shall have the right to have two (2) designees elected to the
      ADRM Board of Directors, (iii) Heller shall have the right to have one (1)
      designee elected to the ADRM Board of Directors and to have one (1) designee
      attend all ADRM Board of Directors meetings as an observer, (iv) the Polak/Lazar
      Secured Parties shall have the right to have one (1) designee attend all ADRM
      Board of Directors meetings as an observer and
      (v)
      the ADRM Board of Directors shall consist of nine (9) members. Each of the
      parties hereto agree to vote its shares of capital stock of ADRM to give effect
      to the provisions of this Section 18.

    

    19.
      Miscellaneous.

    

    (a) Amendments
      in Writing.
      None of
      the terms or provisions of this Agreement may be waived, amended, supplemented
      or otherwise modified except in writing by the parties hereto.

     

    

    (b) Successor
      and Assigns.
      This
      Agreement shall be binding upon the successors and assigns of each party hereto
      and shall inure to the benefit of each party hereto and their respective
      successors and assigns.

     

    (c) Counterparts.
      This
      Agreement may be executed by one or more of the parties hereto on any number
      of
      separate counterparts (including by telecopy), and all of said counterparts
      taken together shall be deemed to constitute one and the same instrument.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (d) Severability.
      Any
      provision of this Agreement which is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining
      provisions hereof, and any such prohibition or unenforceability in any
      jurisdiction shall not invalidate or render unenforceable such provision in
      any
      other jurisdiction. 

    

    (e) Governing
      Law.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Agreement shall be governed by and construed and enforced in accordance
      with the internal laws of the State of New York, without regard to the
      principles of conflicts of law thereof. 

    

      
        	 	
                (f)

              	
                Further
                  Assurance. The parties hereto agree to execute and deliver such
                  further
                  agreements, documents and instruments and take all such other actions
                  as
                  may reasonably be required to carry out the transactions contemplated
                  hereby and to evidence the fulfillment of the agreements herein
                  contained.

              
	 	 	 
	 	
                (g)

              	
                Conditions
                  to Consummation of Transactions. The consummation of each of the
                  transactions contemplated herein by each of Sherleigh, the Pequot
                  Funds
                  and the Bridge Loan Holders is subject to the following conditions:
                  (i)
                  delivery by ADRM of the shares of Common Stock and/or warrants
                  required to
                  be issued by ADRM; (ii) the continued truthfulness of the representations
                  and warranties of ADRM and Aduromed contained herein; (iii) each
                  agreement
                  of each of the other parties to be performed pursuant to the terms
                  hereof
                  or contemplated herein shall have been duly performed; and (iv)
                  none of
                  the other parties hereto shall be in breach of any of the agreements
                  or
                  covenants contained herein.

              

      

    

    

    19.
      Representations and Additional Covenants of ADRM and Aduromed. Each of ADRM
      and
      Aduromed hereby represents, warrants and covenants with and to the other parties
      hereto, as follows:

     

    (a) Each
      of
      ADRM and Aduromed has the power and authority to enter into and to consummate
      the transactions contemplated herein and otherwise to carry out its obligations
      hereunder.

     

    (b) The
      execution, delivery and performance of this Master Restructuring Agreement
      by
      each of ADRM and Aduromed (i) has been duly authorized by all necessary
      corporate action on the part of ADRM and Aduromed (other than the Authorized
      Share Increase (as defined below)); (ii) will not violate any requirement of
      law
      or contractual obligation of ADRM or Aduromed; and (iii) will not result in,
      or
      require, the creation or imposition of any lien on any of its properties or
      revenues.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c) This
      Master Restructuring Agreement has been duly executed and delivered by each
      of
      ADRM and Aduromed and constitutes the legal, valid and binding obligations
      of
      each of ADRM and Aduromed, enforceable against such party in accordance with
      its
      terms.

     

    (d) ADRM
      hereby agrees to increase the number of its authorized shares of Common Stock
      (the “Authorized Share Increase”) by the Effective Date such that there is
      sufficient number of authorized and unreserved shares of Common Stock to allow
      ADRM to issue all of the share of Common Stock to be issued by it hereunder,
      including, without limitation, shares of Common Stock issuable upon exercise
      of
      the warrants issued hereby. Following such Authorized Share Increase, ADRM
      shall
      reserve and keep available out of its authorized and unissued Common Stock
      such
      number of shares of Common Stock as shall from time to time be sufficient to
      issue shares of Common Stock hereunder, including, without limitation, shares
      of
      Common Stock issuable upon exercise of the warrants issued hereby.

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    IN
      WITNESS WHEREOF, the parties hereto have caused this Master
      Restructuring
      Agreement to be duly executed on the day and year first above
      written.

    

      
        	
                ADUROMED
                  INDUSTRIES, INC., a
                  Delaware corporation

              
	 	 
	 	 
	
                By:

              	
                /s/
                  Damien R. Tanaka

              
	 	
                Name:
                  Damien R. Tanaka

                Title:
                  President & Chief Executive Officer

              
	 	 
	
                Address
                  for Notice:

                3
                  Trowbridge Drive

                Bethel,
                  CT 06801

              
	 	 
	 	 
	
                ADUROMED
                  CORPORATION, a
                  Delaware corporation

              
	 	 
	 	 
	
                By:

              	
                /s/
                  Damien R. Tanaka

                Name:
                  Damien R. Tanaka

                Title:
                  President & Chief Executive Officer

              
	 	 
	
                Address
                  for Notice:

                3
                  Trowbridge Drive

                Bethel,
                  CT 06801

              
	 	 

      

    

    
 

    
      	
              PEQUOT
                SCOUT FUND, L.P.

              PEQUOT
                MARINER MASTER FUND, L.P.

              PEQUOT
                NAVIGATOR OFFSHORE FUND, INC.

              PEQUOT
                DIVERSIFIED MASTER FUND, LTD.

              PREMIUM
                SERIES PCC LIMITED CELL 33,
                each by and through

               

              PEQUOT
                CAPITAL MANAGEMENT, INC.,
                as Investment Advisor

               

               

              BY:
                /s/
                Carlos Rodrigues

              Name:
                Carlos Rodrigues

              Title:
                Chief Financial Officer

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    SHERLEIGH
      ASSOCIATES INC. DEFINED BENEFIT PENSION PLAN

    

    

    BY:
      /s/
      Jack Silver

    Name:
      Jack Silver

    Title:
      Trustee

    

    

    /s/
      Joseph Esposito

    Joseph
      Esposito

    

    HELLER
      CAPITAL INVESTMENTS

    

    

    BY:
      /s/
      Ronald I. Heller

    Name:
      Ronald I. Heller

    Title:
      CIO

    

    RL
      CAPITAL PARTNERS L.P.

    

    

    BY:
      /s/
      Ronald M. Lazar

    Name:
      Ronald M. Lazar

    Title:
      Managing Partner

    

    DOMACO
      VENTURE CAPITAL FUND

    

    

    BY:
      /s/
      Jack Polak

    Name:
      Jack Polak

    Title:
      General Partner

    

    EQUITY
      INTEREST INC.

    

    

    BY:
      /s/
      Jack Polak

    Name:
      Jack Polak

    Title:
      

    

    

    /s/
      Ronald M. Lazar

    IRA
      FBO Ronald M. Lazar, Pershing LLC as Custodian

    

    

    /s/
      Anthony G. Polak

    Anthony
      G. Polak

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    /s/
      Frederick B. Polak

    Frederick
      B. Polak "S"

    

    

    Jack
      Polak

    Jack
      Polak Trustee,  Catharina Polak Trustee,  Catharina Polak 1
      Trustee

    

    

    

    /s/
      Maura Kelly

    Maura
      Kelly

    

    

    /s/
      Sandra Shapiro

    Robert
      Shapiro and Sandra Shapiro jt ten

    

    

    /s/
      John Gross

    John
      Gross

    

    

    /s/
      Suellyn Tornay

    Suellyn
      Tornay

    

    

    

    /s/
      Marc Engelbert

    Marc
      Engelbert

    

    

    

    /s/
      Barbara Scharf

    Barbara
      Scharf

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    SCHEDULE
      A

    

    Polak/Lazar
      Secured Parties

    

    RL
      Capital Partners L.P. 

    IRA
      FBO
      Ronald M. Lazar, Pershing LLC as Custodian

    Anthony
      G. Polak

    Domaco
      Venture Capital Fund

    Equity
      Interest Inc.

    Frederick
      B. Polak "S"

    Jack
      Polak Trustee,  Catharina Polak Trustee,  Catharina Polak 1
      Trustee

    Maura
      Kelly

    Robert
      Shapiro and Sandra Shapiro jt ten

    John
      Gross

    Suellyn
      Tornay

    Marc
      Engelbert

    Barbara
      Scharf

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      B

    

    
      	
               

               

               

               

              New
                Management Investor

            	 	
               

              Amount
                of Traunch 1
                Investment

            	
               

            	
               

               

              Number
                of Shares of Common Stock to be Issued in Traunch
                1

            	
               

            	
              Number
                of Shares of Common Stock Subject to Common Stock Purchase Warrants
                to be
                Issued
                in Traunch 1

            	 
	
              E4
                LLC/Joseph Esposito

            	 	
              $

            	
              35,000

            	 	 	
              
              

              2,800,000

            	 	 	
              
              

              2,800,000

            	 

    

    

    
      	
               

               

               

               

               

              New
                Investor

            	 	
               

               

               

               

              Amount
                of Traunch 1
                Investment

            	
               

            	
               

               

              Number
                of Shares of Common Stock to be Issued in Traunch
                1

            	
               

            	
              Number
                of Shares of Common Stock Subject to Common Stock Purchase Warrants
                to be
                Issued
                in Traunch 1

            	 
	
              Sherleigh
                Defined Benefit Plan

            	 	
              
              

              $

            	
              
              

              98,000

            	 	 	
              
              

              3,920,000

            	 	 	
              
              

              3,920,000

            	 
	
              Ronald
                I. Heller IRA

            	 	
              
              

              $

            	
              
              

              35,000

            	 	 	
              
              

              1,400,000

            	 	 	
              
              

              1,400,000

            	 
	
              Pequot
                Scout Fund L.P.

            	 	
              
              

              $

            	
              
              

              121,440.71

            	 	 	
              
              

              12,246,591

            	 	 	
              
              

              8,883,617

            	 
	
              Pequot
                Navigator Offshore Fund, Inc.

            	 	
              
              

              $

            	
              
              

              28,985.36

            	 	 	
              
              

              2,923,005

            	 	 	
              
              

              2,120,334

            	 
	
              Pequot
                Mariner Master Fund, L.P.

            	 	
              
              

              $

            	
              
              

              31,573.93

            	 	 	
              
              

              3,184,048

            	 	 	
              
              

              2,309,693

            	 

    

    

    ADRM
      wire transfer instructions

    

    Bank
      of
      America - Trumbull Center Branch 

    955
      White
      Plains Road, Trumbull, CT. 06611

    Phone
      #
      203-268-6252 

    

    ABA
      Number: 026009593

    Routing
      Number:  011900571

    Account
      Number: 94209
      76270 

    Account
      Name: Automated
      Process DBA Aduromed CorporationEXHIBIT
10.1

    

    EMPLOYMENT
AGREEMENT

    

    THIS EMPLOYMENT AGREEMENT
dated as of March 1, 2010 (the “Effective Date”), by and between AmTrust
Financial Services, Inc., 59 Maiden Lane, 6th Floor,
New York, New York, a Delaware corporation (the “Company”) and Ronald E. Pipoly,
Jr., an individual residing at 6571 Deer Haven Drive, Concord, Ohio 44077
(“Executive”).

    

    WITNESSETH

    

    WHEREAS, The Company and
Executive desire to enter into this Employment Agreement (the “Agreement”) in
order to set forth the terms and conditions of Executive’s employment, intending
to supersede any prior employment agreement, written or oral, whether with the
Company or other affiliates.

    

    NOW, THEREFORE, in
consideration of the mutual covenants and promises contained herein and other
good and valuable consideration, receipt of which is acknowledged, the parties
hereto agree as follows:

    

    1.           Duties and
Responsibilities.  The duties and responsibilities of Executive
shall be those of a senior executive of the Company as the same shall be
assigned to him, from time to time, by the Board of Directors of the
Company.  Executive recognizes that, during the period of his
employment hereunder, he owes an undivided duty of loyalty to the Company (for
avoidance of doubt, in this section and throughout this Agreement, “Company”
includes all subsidiaries and affiliates of Company and all entities under
common control with Company) and agrees to devote all of his business time and
attention to the performance of his duties and responsibilities and to use his
best efforts to promote and develop the business of the
Company.  Subject to the approval of the Board of Directors, which
shall not be unreasonably withheld, Executive shall be entitled to serve on
corporate, civic, and/or charitable boards or committees and to otherwise
reasonably participate as a member in community, civic, or similar organizations
and the pursuit of personal investments which do not present any material
conflicts of interest with the Company.

    

    It is the
intention of the Company that Executive shall continue to serve as Chief
Financial Officer at the pleasure of the Board of Directors, reporting on a
day-to-day basis directly to the Chief Executive Officer of the
Company.  If elected, Executive shall serve as a member of the Board
of Directors of the Company or its affiliates to which he may be elected, in
each case, without additional compensation.  Executive also shall
serve, without additional compensation, as an officer of such affiliates of the
Company as he may be appointed.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    2.           Employment
Period.  For a period commencing on the Effective Date hereof
and ending on February 28, 2013 (the “Initial Employment Period”), the Company
hereby employs Executive in the capacities herein set
forth.  Executive agrees, pursuant to the terms hereof, to serve in
such capacities for the Initial Employment Period.  This Agreement
shall renew for successive one year periods (“Successive Employment Periods”)
unless one of the parties provides written notice to the other more than ninety
days prior to end of the Initial Employment Period or any Successive Employment
Period that the party will not renew the Agreement. The Initial Employment
Period and any Successive Employment Period(s) shall hereinafter be referred to
as the “Employment Period.”

    

    3.           Compensation and
Benefits.

    

    (a)          Salary.  The
Company shall pay Executive a salary at the rate of Five Hundred Thousand
Dollars ($500,000) per annum (“Salary”), payable in accordance with the
Company’s normal payroll process.  Executive shall be entitled to a
salary review annually commencing on the first anniversary of the Effective Date
of this Agreement.  Such salary review shall be based entirely on
merit and any salary adjustments shall be determined by the Board of Directors
of the Company solely at its discretion.  Hereinafter, “Salary” shall
mean Salary as adjusted herein.

    

    (b)          Annual
Bonus.

    

    (i) As of the end of each calendar year
within the Employment Period, Executive shall receive an annual bonus in an
amount comparable to the other senior executive officers of the Company. The
annual bonus payable to Executive shall not exceed three times Executive’s then
current Salary.  The annual bonus payable pursuant to this Section
3(b) shall be paid in cash or stock options, restricted stock, restricted stock
units or other form of equity (collectively, “Equity”) as determined by the
Board of Directors, in its sole discretion, provided, however, that no less than
one-third of the annual bonus shall be payable in Equity.

    

    (ii)           The
annual bonus for each year shall be paid within sixty (60) days after the
completion and issuance of the Company’s consolidated financial statements for
the subject calendar year.  The annual bonus shall be payable only if
Executive is employed by the Company on the date that the bonus is
payable.

    

    (c)          Executive
may also receive other bonus payments determined at the sole discretion of the
Board of Directors (“Discretionary Bonus”).

    

    (d)          All
amounts payable to Executive hereunder shall be subject to all required
withholding by the Company.

    

    (e)          Executive
shall also be entitled to the following benefits:

    

    
      	
               
      

            	
              (i)

            	
              four
      weeks (4) weeks of paid vacation for each twelve (12) months of the
      Employment, or such greater period as may be approved from time to time by
      the Board of Directors.  Unused vacation time shall not be
      carried over to any subsequent calendar
year;

            

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              (ii)

            	
              paid
      holidays and any and all other work-related leave (whether sick leave or
      otherwise) as provided to the Company’ other executive employees;
      and

            

    

    

    
      	
               
      

            	
              (iii)

            	
              participation
      in such employee benefit plans to which senior executive employees of the
      Company, their dependents and beneficiaries generally are entitled during
      the Employment Period and, including, without limitation, health
      insurance, disability and life insurance, retirement plans and other
      present or successor plans and practices of Company for which executive
      employees, their dependents and beneficiaries are
  eligible.

            

    

    

    4.           Reimbursement of
Expenses.  The Company recognizes that Executive, in performing
Executive’s functions, duties and responsibilities under this Agreement, may be
required to spend sums of money in connection with those functions, duties and
responsibilities for the benefit of the Company and, accordingly, shall
reimburse Executive for travel and other out-of-pocket expenses reasonably and
necessarily incurred in the performance of his functions, duties and
responsibilities hereunder upon submission of written statements and/or bills in
accordance with the regular procedures of the Company in effect from time to
time.

    

    5.           Disability.  In
the event that Executive shall be unable to perform because of illness or
incapacity, physical or mental, all the functions, duties and responsibilities
to be performed by him hereunder for a consecutive period of three (3) months or
for a total period of four (4) months during any consecutive twelve (12) month
period, the Company may terminate this Agreement effective on or after the
expiration of such period (the “Disability Period”) upon five (5) business days’
written notice to Executive specifying the termination date (the “Disability
Termination Date”).  Disability under this paragraph shall be determined by
a physician who shall be selected by the Company and approved by
Executive.  Such approval shall not be unreasonably withheld or
delayed, and a physician shall be deemed to be approved unless he or she is
disapproved in writing by Executive within ten (10) days after his or her name
is submitted.  The Company may obtain disability income insurance for
the benefit of Executive in such amounts as the Company may
determine.  Executive shall be entitled to receive his Salary payable
for the remainder of the Employment Period or one year, whichever is greater, at
the rate in effect immediately before such termination and any reimbursement of
expenses due him through the date of termination, except that Salary shall be
offset by the amount of any long term disability benefits the Company may have
elected to provide for him.  The Company’s right to terminate
Executive’s employment for disability is subject to the requirements of the
Family Medical Leave Act, the Americans with Disabilities Act and applicable
state law.

    

    6.           Death.  In
the event of the death of Executive during the Employment Period, this Agreement
and the employment of Executive hereunder shall terminate on the date of death
of Executive.  Executive’s heirs or legal representatives shall be
entitled to receive his Salary payable for the remainder of the Employment
Period or one year, whichever is greater, at the rate in effect immediately
before such termination and any reimbursement of expenses due him through the
date of termination.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              7.

            	
              Termination.

            

    

    

    The
Company may discharge Executive for Cause at any time.  “Cause”
shall include:  (i) Executive’s habitual or gross negligence in the
performance of Executive’s duties and responsibilities with the Company,
including a failure by Executive to perform such duties and responsibilities,
provided such performance or neglect is not corrected (assuming it is
correctable) by Executive within twenty (20) business days after receipt of
written notice from the Company; (ii) any material breach by Executive of this
Agreement or any other agreement with the Company or any of its affiliates to
which Executive is a party, provided such performance or neglect is not
corrected (assuming a reasonable person would believe it is correctable) by
Executive within twenty (20) business days after receipt of written notice from
the Company; (iii) Executive’s breach of a fiduciary duty to the Company or
failure to act in the best interests of the Company; (iv) the arrest (following
an investigation of the facts which results in a determination by the Company of
the Executive’s culpability) of, conviction of, or admission by, Executive of a
felony or crime involving moral turpitude, whether or not committed in the
course of performing services for the Company; (v) the commission by Executive
of any acts of moral turpitude, including the commission by Executive of
embezzlement, theft or any other fraudulent act; or (vi) Executive’s violation
of the Company’s policies, provided such violation is not corrected (assuming a
reasonable person would believe it is correctable) by Executive within twenty
(20) business days after receipt of written notice from the
Company.  Any written notice by the Company to Executive pursuant to
this paragraph 7 shall set forth, in reasonable detail, the facts and
circumstances claimed to constitute the Cause.  If Executive is
discharged for Cause, the Company, without any limitations on any remedies it
may have at law or equity, shall have no liability for salary or any other
compensation and benefits to Executive after the date of such
discharge.

    

    8.           Non-Disclosure of
Confidential Information.  “Confidential Information” means all
information known by Executive about the Company’s business plans, present or
prospective customers, vendors, products, processes, services or activities,
including the costing and pricing of such services or activities, employees,
agents and representatives.  Confidential Information does not include
information generally known, other than through the breach of a confidentiality
agreement with the Company, in the industry in which the Company engages or may
engage.  Executive will not, while this Agreement is in effect or
after its termination, directly or indirectly, use or disclose any Confidential
Information, except in the performance of Executive’s duties for the Company, or
to other persons as directed by the Board of Directors.  Executive
will use reasonable efforts to prevent unauthorized use or disclosure of
Confidential Information and will take any and all actions reasonably deemed
necessary or appropriate by the Company from time to time in its sole discretion
to ensure the continued confidentiality and protection of the Confidential
Information. Executive will notify the Company promptly and in writing of any
circumstances of which Executive has knowledge relating to any possession or use
of any Confidential Information by any Person other than those authorized by the
terms of this Agreement.  “Person” means any natural person,
corporation, general partnership, limited partnership, limited liability company
or partnership, proprietorship, other business organization, trust, union,
association or governmental or regulatory entities, department, agency or
authority.  Upon termination of employment with the Company, Executive
will deliver to the Company all writings relating to or containing Confidential
Information, including, without limitation, notes, memoranda, letters, drawings,
diagrams, and printouts, including any tapes, discs or other forms of recorded
information.  If Executive violates any provision of this Section
while this Agreement is in effect or after termination, the Company specifically
reserves the right, in appropriate circumstances, to seek full indemnification
from Executive should the Company suffer any monetary damages or incur any legal
liability to any person as a result of the disclosure or use of Confidential
Information by Executive in violation of this Section.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    9.           Return of Corporate
Property.  Executive acknowledges and agrees that all notes,
records, reports, sketches, plans, unpublished memoranda or other documents,
whether in paper, electronic or other form (and all copies thereof), held by
Executive concerning any information relating to the business of the Company,
whether confidential or not, are the property of the
Company.  Executive will deliver to the Company at the termination or
expiration of the Employment Period, and at any other time the Company may
request, all equipment, files, property, memoranda, notes, plans, records,
reports, computer tapes, printouts and software and other documents and data
(and all electronic, paper or other copies thereof) belonging to the Company
which includes, but is not limited to, any materials that contain, embody or
relate to Confidential Information, Work Product (as defined in Section 10
below) or the business of the Company, which he may then possess or have under
his control.

    

    10.           Intellectual Property
Rights.  Executive acknowledges and agrees that all inventions,
technology, processes, innovations, ideas, improvements, developments, methods,
designs, analyses, trademarks, service marks, and other indicia of origin,
writings, audiovisual works, concepts, drawings, reports and all similar,
related, or derivative information or works (whether or not patentable or
subject to copyright), including but not limited to all patents, copyrights,
copyright registrations, trademarks, and trademark registrations in and to any
of the foregoing, along with the right to practice, employ, exploit, use,
develop, reproduce, copy, distribute copies, publish, license, or create works
derivative of any of the foregoing, and the right to choose not to do or permit
any of the aforementioned actions, which relate to the Company’s actual or
anticipated business, research and development or existing or future products or
services and which are conceived, developed or made by Executive prior to or
while employed by the Company (collectively, the “Work Product”) belong to the
Company.  All Work Product created by Executive while employed by the
Company will be considered “work made for hire,” and as such, the Company is the
sole owner of all rights, title, and interests therein.   All
other rights to any new Work Product and all rights to any existing Work
Product, including but not limited to all of Executive’s rights to any
copyrights or copyright registrations related thereto, are conveyed, assigned
and transferred to the Company pursuant to this Agreement.  Executive
will promptly disclose and deliver such Work Product to the Company and, at the
Company’s expense, perform all actions reasonably requested by the Company
(whether during or after the Employment Period) to establish, confirm and
protect such ownership (including, without limitation, the execution of
assignments, copyright registrations, consents, licenses, powers of attorney and
other instruments).

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    11.          Restrictive
Covenant.

    

    (a)          Prohibited
Activities.  Executive agrees that he shall not (unless he has
received the prior written consent of the Company), during the term of this
Agreement and for a period of one year following the date of termination (the
“Non-Compete Period”), directly or indirectly, for any reason, for his own
account or on behalf of or together with any other person or firm engage in any
capacity or as an owner or co-owner of or investor in, whether as an independent
contractor, consultant or advisor, or as a representative of any kind, in any
business selling any products or providing any services in competition with the
Company based on the lines of business being written by the Company as of the
termination of this Agreement; provided, however, that Executive may own not
more than five percent (5%) of the outstanding securities of any class of any
corporation engaged in any such business, if such securities are listed on a
national securities exchange or regularly traded in the over-the-counter market
by a member of a national securities association.

    

    (b)          Executive
further agrees that he shall not (unless he has received the prior written
consent of the Company), during the term of this agreement and for a period of
three years following the date of termination (the “Non-Solicitation
Period”):

    

    
      	
               
      

            	
              (i)

            	
              hire
      or solicit for employment or call, directly or indirectly, through any
      person or firm, on any person who is at that time (or at any time during
      the one year prior thereto) employed by or representing the Company with
      the purpose or intent of attracting that person from the employ of the
      Company;

            

    

    

    
      	
               
      

            	
              (ii)

            	
              call
      on, solicit or perform services for, directly or indirectly through any
      person or firm, any person or firm that at that time is, or at any time
      within one year prior to that time was, a customer of the Company or any
      prospective customer that had or, to the knowledge of Executive, was about
      to receive a business proposal from the Company, for the purpose of
      soliciting or selling any product or service in competition with the
      Company; or

            

    

    

    
      	
               
      

            	
              (iii)

            	
              call,
      directly or indirectly through any person or firm, on any entity which has
      been called on by the Company in connection with a possible acquisition by
      the Company with the knowledge of that entity’s status as such an
      acquisition candidate, for the purpose of acquiring that entity or
      arranging the acquisition of that entity by any person or firm other than
      the Company.

            

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    (c)           Reasonable
Restraint.  The parties hereto agree that Sections 11(a) and
11(b) impose a reasonable restraint on Executive in light of the activities and
business of the Company on the date hereof and the current business plans of the
Company.

    

    12.           Construction.  If
the provisions of paragraph 11 should be deemed unenforceable, invalid, or
overbroad in whole or in part for any reason, then any court of competent
jurisdiction designated in accordance with paragraph 14 is hereby authorized,
requested, and instructed to reform such paragraph to provide for the maximum
competitive restraint upon Executive’s activities (in time, product, geographic
area and customer or employee solicitation) which shall then be legal and
valid.

    

    13.           Injunctive Relief;
Damages.  Executive
agrees that violation of or threatened violation of any of paragraphs 8, 9, 10
or 11 would cause irreparable injury to the Company for which any remedy at law
would be inadequate, and the Company shall be entitled in any court of law or
equity of competent jurisdiction to preliminary, permanent and other injunctive
relief against any breach or threatened breach of the provisions contained in
any of said paragraphs 8, 9, 10 or 11 hereof, and such compensatory damages as
shall be awarded.  Further, in the event of a violation of the
provisions of paragraph 11, the Non-Compete and Non-Solicitation Periods
referred to therein shall be extended for a period of time equal to the period
that any violation occurred.

    

    14.           Jurisdiction and
Venue.  The Company and Executive hereby each consents to the
exclusive jurisdiction of the Supreme Court of the State of New York or the
United States District Court for the Southern District of New York with respect
to any dispute arising under the terms of this Agreement and further consents
that any process or notice of motion therewith may be served by certified or
registered mail or personal service, within or without the State of New York,
provided a reasonable time for appearance is allowed.  Each party
acknowledges and agrees that any controversy which may arise under this
Agreement is likely to involve complicated and difficult issues, and therefore
each party hereby irrevocably and unconditionally waives any right such party
may have to a trial by jury in respect or any litigation directly or indirectly
arising out of or relating to this agreement, or the breach, termination or
validity of this Agreement, or the transactions contemplated by this
Agreement.

    

    15.           Indemnification.  To
the fullest extent permitted by, and subject to, the Company’s Certificate of
Incorporation and By-laws, the Company shall indemnify and hold harmless
Executive against any losses, damages or expenses (including reasonable
attorney’s fees) incurred by him or on his behalf in connection with any
threatened or pending action, suit or proceeding in which he is or becomes a
party by virtue of his employment by the Company or any affiliates or by reason
of his having served as an officer or director of the Company or any other
corporation at the express request of the Company, or by reason of any action
alleged to have been taken or omitted in such capacity.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

    16.          Severability.  If
any provision of this Agreement is held to be invalid, illegal, or
unenforceable, that determination will not affect the enforceability of any
other provision of this Agreement, and the remaining provisions of this
Agreement will be valid and enforceable according to their terms.

    

    17.          Successors to
Company.  Except as otherwise provided herein, this Agreement
shall be binding upon and inure to the benefit of Executive and the Company and
any successor or assign of the Company, including, without limitation, any
corporation acquiring, directly or indirectly, all or substantially all of the
assets of the Company, whether by merger, consolidation, sale or otherwise (and
such successor shall thereafter be deemed embraced within the term “Company” for
the purposes of this Agreement), but shall not otherwise be assignable by the
Company.  The services to be provided by Executive hereunder may not
be delegated nor may Executive assign any of his rights hereunder.

    

    18.          No
Restrictions.  Executive represents and warrants that as of the
date of this Agreement Executive is not subject to any contractual obligations
or other restrictions, including, but not limited to, any covenant not to
compete, that could interfere in any way with his employment
hereunder.

    

    19.          Miscellaneous.

    

    (a)          This
Agreement constitutes the entire understanding of the parties with respect to
the subject hereof, may be modified only in writing, is governed by laws of New
York, without giving effect to the principles of conflict of laws thereof, and
will be binding and inure to the benefit of Executive and Executive’s personal
representatives, and the Company, their successors and assigns.

    

    (b)          The
failure of any of the parties hereto to enforce any provision hereof on any
occasion shall not be deemed to be a waiver of any provision or succeeding
breach of such provision or any other provision.

    

    (c)          All
notices under this Agreement shall be given by registered or certified mail,
return receipt requested, directed to parties at the following addresses or to
such other addresses as the parties may designate in writing:

    

    If to the Company:

    

    AmTrust Financial Services,
Inc.

    59 Maiden Lane, 6th
Floor

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    New York, New York 10038

    Attention: Barry D.
Zyskind

    

    If to Executive

    

    Ronald E. Pipoly, Jr.

    6571 Deer Have Drive

    Concord, Ohio 44077

    

    (d)          In
furtherance and not in limitation of the foregoing, this Agreement supersedes
any employment agreement between the Company and Executive, written or oral, and
any such agreement hereby is terminated and is no longer binding on either
party.

    

    20.         Key Man Insurance
Authorization.  At any time during the term of this Agreement,
the Company will have the right (but not the obligation) to insure the life of
Executive for the sole benefit of the Company and to determine the amount of
insurance and type of policy.  The Company will be required to pay all
premiums due on such policies.  Executive will cooperate with the
Company in taking out the insurance by submitting to physical examination, by
supplying all information required by the insurance company, and by executing
all necessary documents.  Executive, however, will incur no financial
obligation by executing any required document, and will have no interest in any
such policy.

    

    21.         Counterparts.  This
Agreement may be executed in one or more counterparts, all of which shall be
deemed to be duplicate originals.

    

    AMTRUST
FINANCIAL SERVICES, INC.

    

    
      
        	
                By:

              	
                /s/ Barry
      D. Zyskind  

              	 
      	
                      
                  /s/
      Ronald E. Pipoly, Jr.

                

              
	
              	
                Barry
      D. Zyskind  

              	 
      	
                Ronald
      E. Pipoly, Jr.

              

      

    

    
      
         

      

      
        9

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