Document:

EX-10.39 AGREEMENT BETWEEN VERIDIEN & LEXXEC & KEN

 

Exhibit 10.39

Essential Terms of Agreement

Veridien Corporation (“VRDE”)

and

Lexxec Corporation (“LEXXEC”)

and

Kenneth C. Cancellara (“KCC”)

Effective April 1, 2007:

	ii.	 	LEXXEC will provide consulting services to VRDE and will provide KCC as the executive
to fulfill said obligations.

	iii.	 	KCC will assume title and responsibilities of Executive Chairman of VRDE and will
become a Director of VRDE.

	 	3.	 	LEXXEC and KCC will, in conjunction with CEO, formulate strategic direction of VRDE.
	 
	 	4.	 	LEXXEC will cause and KCC will use KCC’s experience, expertise and legal skills to
assume carriage, in conjunction with CEO, of Regulatory filings, negotiations of corporate
agreements, and establishing strategic mandates for VRDE.
	 
	 	5.	 	LEXXEC and KCC will assume direct carriage of a new pharmaceutical entity (Santius
LifeSciences) in which VRDE will have a 49.9% initial ownership interest, leading
potentially to a full ownership interest, at VRDE’s option according to a prescribed
schedule and terms.
	 
	 	6.	 	LEXXEC will cause KCC to devote substantially all of his business efforts and time to
VRDE and the new pharmaceutical entity.
	 
	 	7.	 	LEXXEC shall have an initial three-year agreement with VRDE (the “Initial Term”), with
automatic one-year renewals unless terminated by either party, six months prior to the end
of the Initial Term and each successive one-year term, incorporating the terms herein, and
setting out the following compensation structure:

	(i)	 	Base compensation of US $175,000 per year
	 
	(ii)	 	Annual Bonus of 3% of revenues of VRDE over $ 5.833 million
	 
	(iii)	 	Annual Bonus shall be capped at the lesser of (a) 10% of EBITA (where EBITA
calculation takes into account the Base compensation and Annual Bonus payments), and (b) US
$825,000
	 
	(iv)	 	Cash payment of Base compensation and Annual Bonus will be contingent on VRDE having
sufficient working capital and cash available to make said payments; if cash payment is not
available then Base compensation and Annual Bonus shall be accrued and may be at the option
of LEXXEC (a) taken in cash when cash/working capital is available in VRDE; or (b) taken in
stock at market price; or (c) applied as payment towards exercise price of options.

 

 

Page 2

	8.	 	KCC shall be awarded, for the Initial Term, 2.5 million common share options per year

	 	•	 	All expire April 1, 2012
	 
	 	•	 	Exercise price year 1 options = $0.06
	 
	 	•	 	Exercise price year 2 & 3 options = $0.10
	 
	 	•	 	Year 1 options vest April 1, 2007
	 
	 	•	 	Year 2 options vest December 31, 2008
	 
	 	•	 	Year 3 options vest December 31, 2009
	 
	 	•	 	Future vesting for all options is contingent on KCC continuing to act as an
Officer of VRDE

	9.	 	After the Initial Term, either party may terminate the relationship by providing to the
other six months notice. In the case of termination initiated by VRDE, for any reason
except for cause, VRDE shall have the option of allowing LEXXEC and KCC to continue in
their usual functions during the period of notice, or provide to LEXXEC a compensation
payment equal to six months.

	10.	 	In the event LEXXEC and KCC have initiated the termination of this agrement during or
after the Initial Term, LEXXEC and KCC shall agree not to directly compete in VRDE’s
businesses as of the date of such termination for a period of one year. In the event VRDE
has initiated such termination, (other than for cause) following the Intial Term, LEXXEC
and KCC shall not be subject to any non-competition restrictions. Furthermore, this
non-competition restriction shall not apply to the pharmaceutical business of Santius
LifeSciences, unless VRDE shall have acquired 100% ownership of Santius LifeSciences as of
the date of LEXXEC and KCC’s termination.

	11.	 	These terms may be encapsulated in a further Agreement, but in any event, this
Agreement will be binding on and enforceable by, the parties.

THE PARTIES HEREBY AGREE TO the terms herein. VRDE warrants that this agreement has been reviewed
and been approved by VRDE’s Board of Directors.

SIGNED AT THE CITY OF TORONTO, THIS 8th DAY OF MAY, 2007.

	 	 	 
	VERIDIEN CORPORATION
	 	 
	 
	 	 
	Per: /s/ Sheldon C. Fenton

	 	/s/ Kenneth C. Cancellara
	 

	 	Kenneth C. Cancellara, Q.C.
	 
	 	 
	Per: /s/ Russell Van Zandt
	 	 
	 

	 	LEXXEC CORPORATION
	 
	 	 
	 

	 	Per: /s/ Kenneth CancellaraEX-10.40 AGREEMENT BETWEEN VERIDIEN & RESERVE INVE

 

Exhibit 10.40

Essential Terms of Agreement

Veridien Corporation (“VRDE”)

and

Reserve Investments Corporation (or its assigns) (“RI”)

and

Sheldon C. Fenton (“SCF”)

Effective April 1, 2007:

	iv.	 	RI will provide consulting services to VRDE and will provide SCF as the executive to
fulfill said obligations.

	v.	 	SCF will continue with title and responsibilities of President and Chief Executive
Officer of VRDE and will continue as a Director of VRDE.

	3.	 	RI shall have an initial three-year agreement with VRDE (the “Initial Term”), with
automatic one-year renewals unless terminated by either party, six months prior to the end
of the Initial Term and each successive one-year term, incorporating the terms herein, and
setting out the following compensation structure:

	(v)	 	Base compensation of US $175,000 per year
	 
	(vi)	 	Annual Bonus of 3% of revenues of VRDE over $ 5.833 million
	 
	(vii)	 	Annual Bonus shall be capped at the lesser of (a) 10% of EBITA (where EBITA
calculation takes into account the Base compensation and Annual Bonus payments), and (b) US
$825,000
	 
	(viii)	 	Cash payment of Base compensation and Annual Bonus will be contingent on VRDE having
sufficient working capital and cash available to make said payments; if cash payment is not
available then Base compensation and Annual Bonus shall be accrued and may be at the option
of RI (a) taken in cash when cash/working capital is available in VRDE; or (b) taken in
stock at market price; or (c) applied as payment towards exercise price of options.

	4.	 	SCF shall be awarded, for the Initial Term, 2.5 million common share options per year

	 	•	 	All expire April 1, 2012
	 
	 	•	 	Exercise price year 1 options = $0.06
	 
	 	•	 	Exercise price year 2 & 3 options = $0.10
	 
	 	•	 	Year 1 options vest April 1, 2007
	 
	 	•	 	Year 2 options vest December 31, 2008
	 
	 	•	 	Year 3 options vest December 31, 2009
	 
	 	•	 	Future vesting for all options is contingent on SCF continuing to act as an
Officer of VRDE

 

 

Page 2

	5.	 	After the Initial Term, either party may terminate the relationship by providing to the other
six months notice. In the case of termination initiated by VRDE, for any reason except for
cause, VRDE shall have the option of allowing RI & SCF to continue in their usual functions
during the period of notice, or provide to RI a compensation payment equal to six months.

	6.	 	In the event RI and SCF have initiated the termination of this agreement during or after the
Initial Term, RI & SCF shall agree not to directly compete in VRDE’s businesses as of the date
of such termination for a period of one year. In the event VRDE has initiated such
termination following the Intial Term, RI & SCF shall not be subject to any non-competition
restrictions.

	7.	 	These terms may be encapsulated in further agreements, but in any event, this Agreement will
be binding on and enforceable by, the parties.

THE PARTIES HEREBY AGREE TO the terms herein. VRDE warrants that this agreement has been reviewed
and been approved by VRDE’s Board of Directors.

SIGNED AT THE CITY OF TORONTO, THIS 8th DAY OF MAY, 2007.

	 	 	 
	VERIDIEN CORPORATION

	 	RESERVE INVESTMENTS CORPORATION
	 
	 	 
	Per: /s/ Russell Van Zandt

	 	Per: /s/ Sheldon C. Fenton
	 
	 	 
	Per: /s/ Rene A. Gareau

	 	/s/ Sheldon C. Fenton
	 

	 	Sheldon C. FentonEX-10.1

 

Exhibit 10.1

AMENDMENT TO

EMPLOYMENT AGREEMENT

     This Amendment to Employment Agreement, entered into as of this 9th day of January, 2007, is
made effective January 1, 2007 and amends that certain Employment Agreement by and between NYMAGIC,
INC., a New York corporation (together with its successors and assigns, the “Company”) and A.
George Kallop (the “Executive”), entered into as of the 17th day of April 2006, and made
effective October 1, 2005.

     1. Section 3 is hereby amended to read as follows:

          “3. Base Salary.

     The Executive shall be paid an annualized salary, payable in accordance with the regular
payroll practices of the Company, of not less than $450,000, subject to review for increase at the
discretion of the Compensation Committee (the “Committee”) of the Board (“Base Salary”).”

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

	 	 	 	 	 	 
	 	 	NYMAGIC, INC.
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Paul J. Hart
	 

	 	 	 	 
	 

	 	Name:
	 	Paul J. Hart
	 

	 	Title:
	 	Senior Vice President
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	THE EXECUTIVE
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	/s/ A. George Kallop
	 	 	 
	 	 	A. George KallopEX-10.2

 

Exhibit 10.2

NYMAGIC, INC.

2004 AMENDED AND RESTATED LONG-TERM INCENTIVE PLAN

AWARD AGREEMENT

     THIS AGREEMENT, made as of this 9th day of January, 2007 by and between NYMAGIC, INC. (the
“Company”), having its principal place of business in 919 Third Avenue, 10th Floor, New
York, NY 10022

     and

     A. George Kallop (the “Grantee”), the President and Chief Executive Officer of the Company.

WITNESSETH THAT:

     WHEREAS, the Grantee is now employed by the Company (the “Company” when used herein with
reference to employment of the Grantee, shall include any Affiliate of the Company as defined in
the Plan) as President and Chief Executive Officer pursuant to an Employment Agreement (the
“Employment Agreement”) between the Grantee and the Company entered into on April 17, 2006, and
amended effective January 1, 2007;

     WHEREAS, the Company has adopted the NYMAGIC, INC. 2004 Amended and Restated Long-Term
Incentive (the “Plan”) under which the Company may grant to key employees awards of Restricted
Shares as defined in the Plan, providing the Grantee with shares of common stock, par value $1 per
share, of the Company (the “Shares”) subject to restrictions set forth in the Plan and in this
Award Agreement; and

     WHEREAS, the Company desires to grant to the Grantee an award of Restricted Shares pursuant to
the resolution of the Board of Directors of the Company adopted on December 6, 2006;

     NOW THEREFORE, in consideration of the covenants and agreements herein contained and intending
to be legally bound, the parties hereto hereby agree with each other as follows:

     1. Grant. Subject to the terms and conditions set forth herein and to the terms of
the Plan, and in order to provide an incentive for the Grantee, as a key employee, to work for the
long-range success of the Company, the Company hereby awards to the Grantee 8,000 Restricted
Shares, subject to adjustment as provided in the Plan.

     2. Vesting. The Shares underlying the Restricted Shares awarded to the Grantee under
this Award Agreement shall vest on December 31, 2007 if the Grantee is, and has been, since the
date of this Agreement employed by the Company on that date. If the Grantee’s employment with the
Company terminates prior to December 31, 2007, the Shares underlying the Restricted Shares awarded
to the Grantee under this Award Agreement shall be forfeited unless otherwise provided in
accordance with the terms of the Employment Agreement.

     3. Issuance. The Shares underlying the Restricted Shares subject to this Award
Agreement will be issued in accordance with the terms of the Plan.

 

     4. Binding Effect. Except as otherwise provided in this Award Agreement or in
the Plan, every covenant, term, and provision of this Award Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors, transferees, and
assigns.

     5. No Additional Rights. In no event shall the award of the Restricted Shares
hereunder or the acceptance of this Award Agreement by the Grantee give or be deemed to give the
Grantee any right to continued retention as an independent contractor, service provider, or
employee by the Company or any affiliate of the Company.

     6. Severability. If any part or parts of this Award Agreement or the Plan shall be
held illegal or unenforceable by any court or administrative body of competent jurisdiction, such
determination shall not affect the remaining provisions of this Award Agreement or the Plan which
shall remain in full force and effect.

     7. Governing Law. This Award Agreement shall be governed by and construed in
accordance with the laws of the state of New York, without regard to the conflicts of law
principles thereof.

     8. Counterparts. This Award Agreement may be executed in one or more counterparts,
each of which shall be deemed an original and all of which together shall be considered one and the
same agreement. 

     9. Taxes. By signing this Award Agreement, the Grantee acknowledges that he shall be
solely responsible for the satisfaction of any taxes that may arise with respect to the Restricted
Shares, and that the Company shall have no obligation whatsoever to pay such taxes.

[SIGNATURE PAGE FOLLOWS]

2

 

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

	 	 	 	 	 	 
	 	 	COMPANY:
	 
	 	 	 	 
	 	 	NYMAGIC, INC.
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Paul J . Hart
	 

	 	 	 	 
	 

	 	Name:
	 	Paul J. Hart
	 

	 	 	 	 
	 

	 	Title:
	 	Senior Vice President
	 

	 	 	 	 

The undersigned hereby accepts the terms of this Award Agreement and the Plan.

	 	 	 	 	 	 
	 	 	GRANTEE:
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:
	 	/s/ A. George Kallop
	 

	 	 	 	 
	 

	 	Name:
	 	A. George Kallop
	 

	 	 	 	 
	 

	 	Title:
	 	President, Chief Executive Officer

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