Document:

Exhibit 10.2

  

   

  

   

  

  
    

      

      W. R. BERKLEY CORPORATION 

      DEFERRED COMPENSATION PLAN FOR DIRECTORS

    WHEREAS, W. R. Berkley Corporation, a corporation duly organized and existing under the laws of the State of Delaware (the “Company”),

      currently maintains and sponsors the W. R. Berkley Corporation Deferred Compensation Plan for Directors (the “Plan”), a nonqualified defined contribution plan intended to satisfy the
      requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), pursuant to which each member of the Company’s Board of Directors (the “Board”) is entitled to defer the payment of all or a portion of the retainer and/or meeting fees otherwise payable to such person for serving on the Board; and

    WHEREAS, Section 16 of the Plan provides that the Plan may be amended by the Board at any time and for any reason; provided, however, that in no event shall any amendment adversely
      affect the rights of any participant to the benefit accrued under the Plan prior to such amendment without the written consent of such participant; and

    WHEREAS, the Company now desires to amend the Plan to discontinue all future elective deferrals of retainer and/or meeting fees otherwise payable to such persons then serving on the
      Board and prohibit any additional directors from becoming eligible to participate in the Plan.

    NOW, THEREFORE, pursuant to the authority reserved to the Company, the Plan is hereby amended as follows, effective as of December 31, 2020:

    1. Section 2 of
        the Plan is hereby amended by adding the following sentence at the end of such section:

    Notwithstanding any provision of the Plan to the contrary (including but not limited to the foregoing provisions of this Section 2), any member of the Board who has not satisfied
      the participation requirements of this Section 2 and become a Participant on or before December 31, 2020 shall not qualify as a Participant at any time thereafter.

    2. Section 3 of
        the Plan is hereby amended by adding the following paragraph at the end of such section:

    Notwithstanding any provision of the Plan to the contrary (including but not limited to the foregoing provisions of this Section 3), effective for calendar years commencing after
      December 31, 2020, no additional deferrals of retainer and/or meeting fees otherwise payable to any member of the Board shall be permitted by any Participant and any deferral election in respect of any calendar year commencing on or after January 1,
      2021 is void and of no effect.  The provisions of this paragraph are intended to limit participation in the Plan to those eligible Board members who have satisfied the requirements of Section 2 on or before December 31, 2020 and to freeze each
      Participant’s Deferred Compensation Account as of such date (adjusted for any future earnings on such account as provided in Section 6 hereof), and this paragraph shall be interpreted and administered to accomplish this result to the extent of any
      Plan provision to the contrary.

    
      
        

    

    IN WITNESS WHEREOF, this Amendment to the Plan is hereby executed on behalf of the Company as of the 11th day of December, 2020.

  

  

  
    	 	
            W. R. BERKLEY CORPORATION

          
	 	 
	 	 
	 	
            By:

          	
            /s/ Philip S. Welt                              

              

          
	 	 	
            Name:  Philip S. Welt

          
	 	 	
            Title:    Executive Vice President-

                         General Counsel and SecretaryExhibit 10.1

 

THIS
PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION
OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO
THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.  

 

PROMISSORY NOTE

 

	Principal Amount:  Up to $500,000	
        Dated as of December
        16, 2020

        New York, New York

 

Galileo
Acquisition Corp., a Cayman Islands company (the “Maker”), promises to pay to the order of Galileo Founders
Holdings, L.P. or its registered assigns or successors in interest (the “Payee”),
or order, the principal sum of up to Five Hundred Thousand Dollars ($500,000) in lawful money of the United States of America,
on the terms and conditions described below. All payments on this Note (unless the full principal is converted pursuant to Section
15 below) shall be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such
account as the Payee may from time to time designate by written notice in accordance with the provisions of this Note.

 

1.            Principal. The
principal balance of this Note shall be payable by the Maker on the date on which Maker consummates its initial business combination
(the “Business Combination”) (the “Maturity Date”). The principal balance may be prepaid
at any time, at the election of the Maker, without premium or penalty. Under no circumstances shall any individual, including
but not limited to any officer, director, employee or shareholder of the Maker, be obligated personally for any obligations or
liabilities of the Maker hereunder.

 

2.            Interest. No
interest shall accrue on the unpaid principal balance of this Note.

 

3.            Drawdown
Requests.  The principal of this Note may be drawn down from time to time prior to the Maturity Date, upon written request
from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to be drawn down,
and must not be an amount less than Ten Thousand Dollars ($10,000) unless agreed upon by Maker and Payee. Payee shall fund each
Drawdown Request no later than five (5) business days after receipt of a Drawdown Request; provided, however, that the maximum
amount of drawdowns collectively under this Note is Five Hundred Thousand Dollars ($500,000). Once an amount is drawn down under
this Note, it shall not be available for future Drawdown Requests even if prepaid. No fees, payments or other amounts shall be
due to Payee in connection with, or as a result of, any Drawdown Request by Maker.

 

4.            Application
of Payments. Notwithstanding any provision to the contrary, all payments shall be applied first to payment in full of
any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorney’s
fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note.

 

5.            Events
of Default. The following shall constitute an event of default (“Event of Default”):

 

(a)           Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business
days of the Maturity Date.

 

(b)          Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or
the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts
become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

(c)           Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker
in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering
the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period
of 60 consecutive days.

 

     

     

    

  

6.            Remedies.

 

(a)           Upon
the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note
to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder,
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding. 

 

(b)           Upon
the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note, and all other
sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action
on the part of Payee.

 

7.            Waivers. Maker
and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest,
and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under
the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property,
real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution,
or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any
real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon, may
be sold upon any such writ in whole or in part in any order desired by Payee.

 

8.            Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other
party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted
by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors,
or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

9.            Notices. All
notices, statements or other documents which are required or contemplated by this Note shall be made in writing and delivered:
(i) personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently
provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other
communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business
day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery
to an overnight courier service or five (5) days after mailing if sent by mail.

 

10.          Construction. THIS
NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

11.          Severability. Any
provision contained in this Note 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.

 

12.          Trust
Waiver.  Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest
or claim of any kind (“Claim”) in or to any distribution of or from the trust account established in connection
with the Maker’s initial public offering (the “IPO”), and hereby agrees not to seek recourse, reimbursement,
payment or satisfaction for any Claim against the trust account for any reason whatsoever; provided, however, that upon the consummation
of the Business Combination, Maker shall repay the principal balance of this Note out of the proceeds released to Maker from the
trust account after payment to holders of the Public Shares in accordance with Section 4 hereof. The foregoing shall bind any permitted
assignee or transferee of this Note.

  

13.          Amendment;
Waiver.  Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent
of the Maker and the Payee.

 

     

     

    

 

14.          Assignment.
No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of
law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required
consent shall be void.

 

15.          Conversion.

 

(a) Notwithstanding
anything contained in this Note to the contrary, at Payee’s option, at any time prior to payment in full of the principal
balance of this Note, Payee may elect to convert up to Five Hundred Thousand Dollars ($500,000.00) of the unpaid principal balance
of this Note into that number of warrants, each warrant exercisable for one ordinary share of the Maker upon the consummation of
an initial business combination (the “Conversion Warrants”), equal to: (x) the portion of the principal
amount of this Note being converted pursuant to this Section 15, divided by (y) $1.00, rounded up to the nearest whole number of
warrants. The Conversion Warrants shall be identical to the warrants issued by the Maker to the Payee in a private placement upon
consummation of the IPO. The Conversion Warrants and their underlying securities, and any other equity security of Maker issued
or issuable with respect to the foregoing by way of a share dividend or share split or in connection with a combination of shares,
recapitalization, amalgamation, consolidation or reorganization, shall be entitled to the registration rights set forth in Section
16 hereof.

 

(b) Upon any complete
or partial conversion of the principal amount of this Note, (i) such principal amount shall be so converted and such converted
portion of this Note shall become fully paid and satisfied, (ii) Payee shall surrender and deliver this Note, duly endorsed, to
Maker or such other address which Maker shall designate against delivery of the Conversion Warrants, (iii) Maker shall promptly
deliver a new duly executed Note to Payee in the principal amount that remains outstanding, if any, after any such conversion and
(iv) in exchange for all or any portion of the surrendered Note, Maker shall, at the direction of Payee, deliver to Payee (or its
members or their respective affiliates) (Payee or such other persons, the “Holders”) the Conversion Warrants,
which shall bear such legends as are required, in the opinion of counsel to Maker or by any other agreement between Maker and Payee
and applicable state and federal securities laws.

 

(c) The Holders shall
pay any and all issue and other taxes that may be payable with respect to any issue or delivery of the Conversion Warrants upon
conversion of this Note pursuant hereto; provided, however, that the Holders shall not be obligated to pay any transfer taxes resulting
from any transfer requested by the Holders in connection with any such conversion.

 

(d) The Conversion
Warrants shall not be issued upon conversion of this Note unless such issuance and such conversion comply with all applicable provisions
of law.

 

16.               
Registration Rights.

 

(a) Reference is made
to that certain Registration Rights Agreement between Maker and the parties thereto, dated as of October 17, 2019 (the “Registration
Rights Agreement”). All capitalized terms used in this Section 16 shall have the same meanings ascribed to them in the
Registration Rights Agreement.

 

(b) The Holders shall
be entitled to one Demand Registration with respect to the Conversion Warrants, which shall be subject to the same provisions as
set forth in Section 2.1 of the Registration Rights Agreement.

 

(c) The Holders shall
also be entitled to include the Conversion Warrants and their underlying securities in Piggyback Registrations, which shall be
subject to the same provisions as set forth in Section 2.2 of the Registration Rights Agreement; provided, however, that in the
event that an underwriter advises Maker that the Maximum Number of Securities has been exceeded with respect to a Piggyback Registration,
the Holders shall not have any priority for inclusion in such Piggyback Registration.

 

(d) Except as set forth
above, the Holders and Maker, as applicable, shall have all of the same rights, duties and obligations set forth in the Registration
Rights Agreement.

 

 

[Signature
page follows]

 

     

     

    

 

IN WITNESS WHEREOF,
Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year
first above written.

 

	 	GALILEO ACQUISITION CORP.
	 	 	 
	 	By:  	 /s/ Luca Giacometti	 
	 	 	Name: Luca Giacometti
	 	 	Title: Chief Executive Officer 

 

 

 

[Signature Page to Sponsor Working Capital
Note]

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