Document:

EX 10.10

    EXHIBIT
      10.10

    

    EMPLOYMENT
      AGREEMENT

    

    THIS
      EMPLOYMENT AGREEMENT
      dated as
      of December 1, 2005 (the “Effective Date”), by and between AmTrust North
      America, 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, 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
      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 be appointed as an officer to
      serve in such position at the pleasure of the Board of Directors, reporting
      on a
      day-to-day basis directly to the president of Company and the president of
      the
      Company’s parent corporation, AmTrust Financial Services, Inc. (“AFS”). If
      elected, Executive shall serve as a member of the Board of Directors of the
      Company or such of its affiliates to which he may be elected, in each case,
      without additional compensation.

    

    2.    Employment
      Period.
      For a
      period commencing on the Effective Date hereof and ending on May 31, 2008 (the
      “Employment Period”), the Company hereby employ Executive in the capacities
      herein set forth. Executive agrees, pursuant to the terms hereof, to serve
      in
      such

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    capacities
      for the Employment Period. This Agreement shall renew for successive one year
      periods unless one of the parties provides written notice to the other not
      less
      than ninety days prior to end of the Employment Period or any successive
      Employment Period that the party will not renew the Agreement.

    

    3.    Compensation
      and Benefits.

    

    (a)    Salary.
      The Company, collectively, shall pay Executive a salary at the rate of One
      Hundred Seventy-Five Thousand Dollars ($175,000) per annum through December
      31,
      2005 and Two Hundred Twenty Five Thousand Dollars ($225,000) per annum effective
      January 1, 2006 (“Salary”), payable in accordance with the Company’ normal
      payroll process. Executive shall be entitled to a salary review annually
      commencing on the second 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.

    

    (b)    Annual
      Bonus. Executive shall receive an annual bonus in an amount comparable to the
      other senior executives of Company.
      Provided that AFS has met the targets set forth in its business plan for the
      subject annual period, the annual bonus payable to Executive shall be no less
      than thirty percent (30%) of Executive’s then current Salary. The Annual Bonus
      for each year shall be paid within sixty (60) days after the completion and
      issuance of AFS’s consolidated financial statements for the prior 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)    Special
      Bonus. It is understood and agreed that AFS intends to adopt a 2005 Incentive
      Stock Plan (the “Plan”). Upon such adoption and based upon a proposed
      capitalization of thirty million issued and outstanding shares of common stock,
      Executive shall be granted an incentive stock option to purchase under the
      Plan
      300,000 shares of AFS common stock, subject to the terms and conditions of
      the
      Plan. The number of shares covered by the option shall be adjusted upward or
      downward, as the case may be, to an amount equal to one percent of the issued
      and outstanding shares of common stock if the number of said shares is greater
      or lesser than thirty million. In the event that AFS, during the term of the
      option, does not have a liquidity event, such as an initial public offering,
      a
      sale of in excess of twenty percent (20%) of its outstanding shares to persons
      currently not affiliated with AFS or a merger or sale of AFS to a non-affiliated
      third party, exercise of the option, in whole or in part, shall be deferred
      indefinitely unless and until such event occurs.

    

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

    

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

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    
      	
            	(i)	
              three
                weeks (3) 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
                Board of Directors. Unused vacation time shall not be carried over
                to any
                subsequent calendar year; 

            

    

    

    
      	 	
              (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 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 two (2) months
      or
      for a total period of three (3) 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”). Executive shall be entitled to receive his Salary and any
      unreimbursed expenses to 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.

    

    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 earned to the date of his death and any unreimbursed
      expenses.

    

    
      	 	
              7.

            	
              Termination. 

            

    

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

     

    The
      Company may discharge Executive for Cause at any time. Cause for discharge
      shall
      include (i) a material breach of this Agreement by Executive, but only if such
      breach is not cured within thirty (30) days following written notice by the
      Company to Executive of such breach, assuming such breach may be cured; (ii)
      Executive is convicted of any act or course of conduct involving moral
      turpitude; or (iii) Executive engages in any willful act or willful course
      of
      conduct constituting an abuse of office or authority which significantly
      adversely affects the business or reputation of the Company. No act, failure
      to
      act or course of conduct on Executive’s part shall be considered “willful”
unless done, or omitted to be done, by him not in good faith and without
      reasonable belief that his action, omission or course of conduct was in the
      best
      interest of 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’ 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
      breach of a confidentiality agreement with any of 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. 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 reserve 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.    Restrictive
      Covenant.

    

    (a)    Prohibited
      Activities.
      Executive agrees that he shall not (unless he has received the prior written
      consent of the Company), during the period beginning on the date of termination
      of employment and during the term of this Agreement and ending three (3) years
      thereafter (the “Restriction Period”), directly or indirectly, for any reason,
      for his own account or on behalf of or together with any other person or
      firm:

    

    
      	 	
              (i)

            	
              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,
                except in the States of South Dakota, North Dakota and Wyoming; 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;

            

    

    

    
      	 	
              (ii)

            	
              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;

            

    

    

    
      	 	
              (iii)

            	
              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 

            

    

    

    
      	 	
              (iv)

            	
              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.

            

    

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    (b)    Damages.
      Because
      of (i) the difficulty of measuring economic losses to the Company as a result
      of
      any breach by Executive of the covenants in Sections 9(a), and (ii) the
      immediate and irreparable damage which could be caused to the Company for which
      they would have no other adequate remedy, Executive agrees that the Company
      may
      enforce the provisions of Paragraph 9(a) by injunction and restraining order
      against Executive if he breaches any of said provisions, without necessity
      of
      providing a bond or other security.

    

    (c) Reasonable
      Restraint.
      The
      parties hereto agree that Sections 9(a) and 9(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.

    

    10.    Ownership
      of Inventions.
      Executive shall promptly disclose in writing to the Board of Directors all
      inventions, discoveries, and improvements conceived, devised, created, or
      developed by Executive in connection with his employment (collectively,
“Invention”), and Executive shall transfer and assign to the Company all right,
      title and interest in and to any such Invention, including any and all domestic
      and foreign patent rights, domestic and foreign copyright rights therein, and
      any renewal thereof. Such disclosure is to be made promptly after the conception
      of each Invention, and each Invention is to become and remain the property
      of
      the Company, whether or not patent or copyright applications are filed thereon
      by the Company. Upon request of the Company, Executive shall execute from time
      to time during or after the termination of employment such further instruments
      including, without limitation, applications for patents and copyrights and
      assignments thereof as may be deemed necessary or desirable by the Company
      to
      effectuate the provisions of this Section.

    

    11.    Construction.
      If the
      provisions of paragraph 9 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 13 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.

    

    12.    Damages
      and Jurisdiction.
      Executive agrees that violation of or threatened violation of any of paragraphs
      8, 9 or 10 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 or 10 hereof, and such compensatory
      damages as shall be awarded. Further, in the event of a violation of the
      provisions of paragraph 9, the Restriction Period referred to therein shall
      be
      extended for a period of time equal to the period that any violation
      occurred.

    

    13.    Jurisdiction
      and Venue.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New York. The Company and Executive hereby each

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

    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.

    

    14.    Indemnification.
      To the
      fullest extent permitted by, and subject to, the Company’ Certificates 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.

    

    15.    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.

    

    16.    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.

    

    17.    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.

    

    18.    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.

     

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

    

    (b)    If
      Executive should die while any amount would still be payable to him under this
      Agreement if he had continued to live, all such amounts, unless otherwise
      provided herein, shall be paid in accordance with the terms of this Agreement
      to
      Executive’s estate or legal representative.

    

    (c)    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.

    

    (d)    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
      North America, Inc.

    59
      Maiden
      Lane, 6th
      Floor

    New
      York,
      New York 10038

    Attention:
      Barry D. Zyskind

    

    If
      to
      Executive

    

    Ronald
      E.
      Pipoly, Jr.

    6571
      Deer
      Haven Drive

    Concord,
      Ohio 44077

    

    (e)    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.

    

    19.    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.

     

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

    

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

    

    
      
        	AMTRUST
                NORTH AMERICA, INC.	 	 
	 	 	 
	 	 	 
	
                By:______________________________________

              	
              	     
	
                Barry
                  D. Zyskind

              	 	
                Ronald
                  E. Pipoly, Jr.

              

      

    

     

     

    
      
         

      

        -9-EX 10.11

    EXHIBIT
      10.11

    

    EMPLOYMENT
      AGREEMENT

    

    THIS
      EMPLOYMENT AGREEMENT
      dated as
      of June 1, 2005 (the “Effective Date”), by and between AmTrust North America,
      Inc., 59 Maiden Lane, 6th
      Floor,
      New York, New York, a Delaware corporation (the “Company”) and Michael J. Saxon,
      an individual residing at 514 Brookstone Court, Copley, Ohio 44321
      (“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
      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 be appointed President to serve
      in
      such position at the pleasure of the Board of Directors, reporting on a
      day-to-day basis directly to the president of Company’s parent corporation,
      AmTrust Financial Services, Inc. (“AFS”). If elected, Executive shall serve as a
      member of the Board of Directors of the Company or such of its affiliates to
      which he may be elected, in each case, without additional
      compensation.

    

    2.    Employment
      Period.
      For a
      period commencing on the Effective Date hereof and ending on May 31, 2008 (the
      “Employment Period”), the Company hereby employ Executive in the capacities
      herein set forth. Executive agrees, pursuant to the terms hereof, to serve
      in
      such

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    capacities
      for the Employment Period. This Agreement shall renew for successive one year
      periods unless one of the parties provides written notice of not less than
      ninety days prior to the end of the Employment Period or any successive
      Employment Period that the party will not renew the Agreement.

    

    3.    Compensation
      and Benefits.

    

    (a)    Salary.
      The Company, collectively, shall pay Executive a salary at the rate of Two
      Hundred Fifty Thousand Dollars ($250,000) per annum through December 31, 2005
      and Three Hundred Twenty-Five Thousand Dollars ($325,000) per annum effective
      January 1, 2006 (“Salary”), payable in accordance with the Company’ normal
      payroll process. Executive shall be entitled to a salary review annually
      commencing on the second 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.

    

    (b)    Profit
      Bonus. Executive shall receive an annual bonus equal to one percent (1%) of
      the
      profit, as defined herein, of AFS during the Employment Period or any successive
      Employment Period (the “Profit Bonus”). Effective as of the Calendar year ending
      December 31, 2006, the Profit Bonus shall not exceed Executive’s then current
      Salary. For
      purposes of computing the Profit Bonus, profits shall mean AFS’ after tax net
      income, excluding extraordinary income and all income of AmTrust Pacific
      Limited, as determined by AFS’s independent public accountants whose
      determination thereof shall be final, binding and conclusive. The Profit Bonus
      for each year shall be paid within sixty (60) days after the completion and
      issuance of AFS’s consolidated financial statements for the prior calendar year.
      The Profit Bonus shall be payable only if Executive is employed by the Company
      on the date that the bonus is payable.

    

    (c)    Special
      Bonus. It is understood and agreed that AFS intends to adopt a 2005 Incentive
      Stock Plan (the “Plan”). Upon such adoption and based upon a proposed
      capitalization of thirty million issued and outstanding shares of common stock,
      Executive shall be granted an incentive stock option to purchase under the
      Plan
      300,000 shares of AFS common stock, subject to the terms and conditions of
      the
      Plan. The number of shares covered by the option shall be adjusted upward or
      downward, as the case may be, to an amount equal to one percent of the issued
      and outstanding shares of common stock if the number of said shares is greater
      or lesser than thirty million. In the event that AFS, during the term of the
      option, does not have a liquidity event, such as an initial public offering,
      a
      sale of in excess of twenty percent (20%) of its outstanding shares to persons
      currently not affiliated with AFS or a merger or sale of AFS to a non-affiliated
      third party, exercise of the option, in whole or in part, shall be deferred
      indefinitely unless and until such event occurs.

    

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

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

     

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

    

    
      	 	
              (i)

            	
              three
                weeks (3) 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
                Board of Directors. Unused vacation time shall not be carried over
                to any
                subsequent calendar year; 

            

    

    

    
      	 	
              (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 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 two (2) months
      or
      for a total period of three (3) 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”). Executive shall be entitled to receive his Salary and any
      unreimbursed expenses to the Disability Termination Date and for a period of
      the
      three months thereafter. 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.

    

    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 earned to the date of his death and for a period of three
      months thereafter and any unreimbursed expenses.

     

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    

    
      	 	
              7.

            	Termination. 

    

     

    The
      Company may discharge Executive for Cause at any time. Cause for discharge
      shall
      include (i) a material breach of this Agreement by Executive, but only if such
      breach is not cured within thirty (30) days following written notice by the
      Company to Executive of such breach, assuming such breach may be cured; (ii)
      Executive is convicted of any act or course of conduct involving moral
      turpitude; or (iii) Executive engages in any willful act or willful course
      of
      conduct constituting an abuse of office or authority which significantly
      adversely affects the business or reputation of the Company. No act, failure
      to
      act or course of conduct on Executive’s part shall be considered “willful”
unless done, or omitted to be done, by him not in good faith and without
      reasonable belief that his action, omission or course of conduct was in the
      best
      interest of 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’ 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
      breach of a confidentiality agreement with any of 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. 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 reserve 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.

    

    9.    Restrictive
      Covenant.

    

    (a)    Prohibited
      Activities.
      Executive agrees that he shall not (unless he has received the prior written
      consent of the Company), during the period beginning on the date of termination
      of employment and during the term of this Agreement and ending three (3) years
      thereafter (the “Restriction Period”), directly or indirectly, for any reason,
      for his own account or on behalf of or together
      with any other person or firm:

     

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    

    
      	 	
              (i)

            	
              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
                except in the states of North Dakota, South Dakota and Wyoming; 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;

            

    

    

    
      	 	
              (ii)

            	
              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;

            

    

    

    
      	 	
              (iii)

            	
              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 

            

    

    

    
      	 	
              (iv)

            	
              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.

            

    

    

    (b)    Damages.
      Because
      of (i) the difficulty of measuring economic losses to the Company as a result
      of
      any breach by Executive of the covenants in Sections 9(a), and (ii) the
      immediate and irreparable damage which could be caused to the Company for which
      they would have no other adequate remedy, Executive agrees that the Company
      may
      enforce the provisions of Paragraph 9(a) by injunction and restraining order
      against Executive if he breaches any of said provisions, without necessity
      of
      providing a bond or other security.

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

     

    (c)    Reasonable
      Restraint.
      The
      parties hereto agree that Sections 9(a) and 9(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.

    

    10.    Ownership
      of Inventions.
      Executive shall promptly disclose in writing to the Board of Directors all
      inventions, discoveries, and improvements conceived, devised, created, or
      developed by Executive in connection with his employment (collectively,
“Invention”), and Executive shall transfer and assign to the Company all right,
      title and interest in and to any such Invention, including any and all domestic
      and foreign patent rights, domestic and foreign copyright rights therein, and
      any renewal thereof. Such disclosure is to be made promptly after the conception
      of each Invention, and each Invention is to become and remain the property
      of
      the Company, whether or not patent or copyright applications are filed thereon
      by the Company. Upon request of the Company, Executive shall execute from time
      to time during or after the termination of employment such further instruments
      including, without limitation, applications for patents and copyrights and
      assignments thereof as may be deemed necessary or desirable by the Company
      to
      effectuate the provisions of this Section.

    

    11.    Construction.
      If the
      provisions of paragraph 9 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 13 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.

    

    12.    Damages
      and Jurisdiction.
      Executive agrees that violation of or threatened violation of any of paragraphs
      8, 9 or 10 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 or 10 hereof, and such compensatory
      damages as shall be awarded. Further, in the event of a violation of the
      provisions of paragraph 9, the Restriction Period referred to therein shall
      be
      extended for a period of time equal to the period that any violation
      occurred.

    

    13.    Jurisdiction
      and Venue.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New York. 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

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

    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.

    

    14.    Indemnification.
      To the
      fullest extent permitted by, and subject to, the Company’ Certificates 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.

    

    15.    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.

    

    16.    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.

    

    17.    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.

    

    18.    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.

     

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

    

    (b)    If
      Executive should die while any amount would still be payable to him under this
      Agreement
      if he had continued to live, all such amounts, unless otherwise provided herein,
      shall be paid in accordance with the terms of this Agreement to Executive’s
      estate or legal representative.

    

    (c)    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.

    

    (d)    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
      North America, Inc.

    59
      Maiden
      Lane, 6th
      Floor

    New
      York,
      New York 10038

    Attention:
      Barry D. Zyskind

    

    If
      to
      Executive

    

    Michael
      J. Saxon

    514
      Brookstone Court

    Copley,
      Ohio 44321

    

    (e)    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.

    

    19.    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.

    

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

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

     

     

    
      	AMTRUST
              NORTH AMERICA, INC.	 	 
	 	 	 
	 	 	 
	By:__________________________________	
            	     
	
              Barry
                D. Zyskind

            	 	
              Michael
                J. Saxon

            

    

     

     

     

    
      
         

      

        -9-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]