Document:

ex10_4.htm

STOCK OPTION AGREEMENT, made as of the 12th day of August, 2014, between KINGSTONE COMPANIES, INC., a Delaware corporation (the “Company”), and BARRY B. GOLDSTEIN (the “Optionee”).

___________________

WHEREAS, simultaneously herewith, the Company and the Optionee are entering into Amendment No. 5, dated as of the date hereof, to the Employment Agreement, dated October 16, 2007, between the Company and the Optionee (the “Employment Agreement”);

WHEREAS, the Company desires to provide to the Optionee an additional incentive to promote the success of the Company; and

WHEREAS, capitalized terms used but not defined herein shall have the respective meanings ascribed thereto in the Employment Agreement.

NOW, THEREFORE, in consideration of the foregoing, the Company hereby grants to the Optionee the right and option to purchase shares of Common Stock of the Company under and pursuant to the terms and conditions of the Company’s 2014 Equity Participation Plan (the “Plan”) and upon and subject to the following terms and conditions:

1. GRANT OF OPTION.  The Company hereby grants to the Optionee the right and option (the “Option”) to purchase up to Fifty Thousand (50,000) shares of Common Stock of the Company (the “Option Shares”) during the period commencing on August 12, 2017 and terminating at 5:00 P.M. on August 12, 2019.

2. NATURE OF OPTION.  The Option is not intended to meet the requirements of Section 422 of the Internal Revenue Code of 1986, as amended, relating to “incentive stock options”.

3. EXERCISE PRICE.  The exercise price of each of the Option Shares shall be Six Dollars and Seventy-Three Cents ($6.73) (the “Exercise Price”).  The Company shall pay all original issue or transfer taxes on the exercise of the Option.

4. EXERCISE OF OPTION.  The Option shall be exercised in accordance with the provisions of the Plan.  Pursuant to Section 13 of the Plan, the Optionee shall have the right to exercise the Option, in whole or in part, by having the Company reduce the number of Option Shares otherwise issuable by a number of shares having a fair market value (as defined in the Plan) equal to the Exercise Price of the Option being exercised.  As soon as practicable after the receipt of notice of exercise and payment of the Exercise Price as provided for in the Plan, the Company shall tender to the Optionee a certificate issued in the Optionee’s name evidencing the number of Option Shares covered thereby.

  

  

  

5. TRANSFERABILITY.  The Option shall not be transferable other than by will or the laws of descent and distribution and, during the Optionee’s lifetime, shall not be exercisable by any person other than the Optionee.

6. TERMINATION OF EMPLOYMENT.  (a)  In the event, during the Term and within eighteen (18) months subsequent to a Change of Control, the Optionee’s employment is terminated by the Company other than for Cause or by the Optionee for Good Reason, then, in the event the Option has not yet vested as of the termination date in accordance with Paragraph 1 hereof, it shall become immediately exercisable and shall remain exercisable until the first anniversary of the termination date notwithstanding such termination of employment.

(b)           In the event, during the Term, the Optionee’s employment is terminated by the Company other than for Cause or by the Optionee for Good Reason (whether subsequent to a Change of Control or otherwise), then, in the event the Option has vested as of the termination date in accordance with Paragraph 1 hereof, it shall remain exercisable until the first anniversary of the termination date notwithstanding such termination of employment.

7. SHAREHOLDER APPROVAL.  Notwithstanding anything herein to the contrary, the exercisability of the Option is subject to the approval of the Plan by the shareholders of the Company as provided for therein (“Shareholder Approval”).  In the event Shareholder Approval is not obtained within one year of the date hereof, the Option shall become null and void.

8. INCORPORATION BY REFERENCE.  The terms and conditions of the Plan are hereby incorporated by reference and made a part hereof.

9. NOTICES.  Any notice or other communication given hereunder shall be deemed sufficient if in writing and hand delivered or sent by registered or certified mail, return receipt requested, addressed to the Company, 15 Joys Lane, Kingston, New York 12401, Attention: Chief Financial Officer and to the Optionee at the address indicated below.  Notices shall be deemed to have been given on the date of hand delivery or mailing, except notices of change of address, which shall be deemed to have been given when received.

10. BINDING EFFECT.  This Stock Option Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective legal representatives, successors and assigns.

11. ENTIRE AGREEMENT.  This Stock Option Agreement, together with the Plan, contains the entire understanding of the parties hereto with respect to the subject matter hereof and may be modified only by an instrument executed by the party sought to be charged.

12. GOVERNING LAW.  This Stock Option Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, excluding choice of law rules thereof.

  

2

  

13. EXECUTION IN COUNTERPARTS. This Stock Option Agreement may be executed in counterparts, each of which shall be deemed to be an original, but both of which together shall constitute one and the same instrument.

14. FACSIMILE AND EMAIL SIGNATURES.  Signatures hereon which are transmitted via facsimile or email shall be deemed original signatures.

15. INTERPRETATION; HEADINGS.  The provisions of this Stock Option Agreement shall be interpreted in a reasonable manner to give effect to the intent of the parties hereto.  The headings and captions under sections and paragraphs of this Stock Option Agreement are for convenience of reference only and do not in any way modify, interpret or construe the intent of the parties or affect any of the provisions of this Stock Option Agreement.

[Remainder of page intentionally left blank.  Signature page follows.]

 

 

  

3

  

IN WITNESS WHEREOF, the parties have executed this Stock Option Agreement as of the day and year first above written.

KINGSTONE COMPANIES, INC.

By:_________________________________

      Victor Brodsky

      Chief Financial Officer

____________________________________

Signature of Optionee

Barry B. Goldstein                                                           

Name of Optionee

__________________________________

Address of Optioneeex-10.30

 LOAN AGREEMENT
 April 17, 2014
 

 Poly Shield Technologies Inc.  (the “Lender”) of 888 S Andrews Ave, Suite 201, Fort Lauderdale, Florida 33316, advanced US$50,000 (the “Principal Sum”) to New World Technologies Group Inc. (the “Borrower”) of 888 S Andrews Ave, Suite 201, Fort Lauderdale, Florida 33316,.  The Lender advanced the funds on April 17, 2014.
 The Borrower agrees to repay the Principal Sum on demand, together with interest calculated and compounded monthly at the rate of 6% per year (the “Interest”) from April 17, 2014.  The Borrower is liable for repayment for the Principal Sum and accrued Interest and any costs that the Lender incurs in trying to collect the Principal Sum and the Interest.
 The Borrower will evidence the debt and its repayment of the Principal Sum and the Interest with a promissory note in the attached form.
 LENDER
 BORROWER
 Poly Shield Technologies Inc.  
 New World Technologies Group Inc.
 Per:
 Per:
 

 

 /s/ Brad Eckenweiler
 /s/ Kevin Sieveres_________________
 Authorized Signatory
 Authorized Signatory 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 PROMISSORY NOTE
 

 	 	
	 Principal Amount:  US$50,000 
	 April 17, 2014

 

 

 FOR VALUE RECEIVED New World Technologies Group Inc., (the “Borrower”) promises to pay on demand to the order of Poly Shield Technologies Inc. (the “Lender”) the sum of $50,000 lawful money of United States of America (the “Principal Sum”) together with interest on the Principal Sum from April 17, 2014 (“Effective Date”) both before and after maturity, default and judgment at the Interest Rate as defined below.
 

 For the purposes of this promissory note, Interest Rate means 6 per cent per year.  Interest at the Interest Rate must be calculated and compounded monthly not in advance from and including the Effective Date (for an effective rate of 6.168% per annum calculated monthly), and is payable together with the Principal Sum when the Principal Sum is repaid.
 

 The Borrower may repay the Principal Sum and the Interest in whole or in part at any time.
 

 The Borrower waives presentment, protest, notice of protest and notice of dishonour of this promissory note.
 

 

 

 

 BORROWER
 New World Technologies Group Inc.
 

 Per:
 

 /s/ Kevin Sieveres_________________
 

 Authorized signatoryex-10.31

 LOAN AGREEMENT
 May 22, 2014
 

 Poly Shield Technologies Inc.  (the “Lender”) of 888 S Andrews Ave, Suite 201, Fort Lauderdale, Florida 33316, advanced US$50,000 (the “Principal Sum”) to New World Technologies Group Inc. (the “Borrower”) of 888 S Andrews Ave, Suite 201, Fort Lauderdale, Florida 33316,.  The Lender advanced the funds on May 22, 2014.
 The Borrower agrees to repay the Principal Sum on demand, together with interest calculated and compounded monthly at the rate of 6% per year (the “Interest”) from May 22, 2014.  The Borrower is liable for repayment for the Principal Sum and accrued Interest and any costs that the Lender incurs in trying to collect the Principal Sum and the Interest.
 The Borrower will evidence the debt and its repayment of the Principal Sum and the Interest with a promissory note in the attached form.
 LENDER
 BORROWER
 Poly Shield Technologies Inc.  
 New World Technologies Group Inc.
 Per:
 Per:
 

 

 /s/ Rasmus Norling
 /s/ Kevin Sieveres_________________
 Authorized Signatory
 Authorized Signatory 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 PROMISSORY NOTE
 

 	 	
	 Principal Amount:  US$50,000 
	 May 22, 2014

 

 

 FOR VALUE RECEIVED New World Technologies Group Inc., (the “Borrower”) promises to pay on demand to the order of Poly Shield Technologies Inc. (the “Lender”) the sum of $50,000 lawful money of United States of America (the “Principal Sum”) together with interest on the Principal Sum from May 22, 2014 (“Effective Date”) both before and after maturity, default and judgment at the Interest Rate as defined below.
 

 For the purposes of this promissory note, Interest Rate means 6 per cent per year.  Interest at the Interest Rate must be calculated and compounded monthly not in advance from and including the Effective Date (for an effective rate of 6.168% per annum calculated monthly), and is payable together with the Principal Sum when the Principal Sum is repaid.
 

 The Borrower may repay the Principal Sum and the Interest in whole or in part at any time.
 

 The Borrower waives presentment, protest, notice of protest and notice of dishonour of this promissory note.
 

 

 

 

 BORROWER
 New World Technologies Group Inc.
 

 Per:
 

 /s/ Kevin Sieveres_________________
 

 Authorized signatory

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00234-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00234-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00234-of-00352.parquet"}]]