Document:

exv10w2

EXHIBIT 10.2

AMENDMENT TO EMPLOYMENT AGREEMENT

     This Amendment to Employment Agreement is hereby entered into as of June 1, 2010 by and among
Cedar Shopping Centers, Inc., a Maryland corporation (the “Corporation”), Cedar Shopping Centers
Partnership, L.P., a Delaware limited partnership (the “Partnership”) and Thomas B. Richey (the
“Executive”).

W I T N E S S E T H:

     WHEREAS, the Corporation, the Partnership and the Executive entered into that certain
Employment Agreement dated as of November 1, 2003, as presently in effect (the “Employment
Agreement”); and

     WHEREAS, the Board of Directors of the Corporation (on the Corporation’s own behalf, and as
the sole general partner of the Partnership) approved the modification to certain provisions of the
Employment Agreement;

     NOW THEREFORE, intending to be legally bound the parties hereto agree as follows:

     1. Section 2.1 of the Employment Agreement is hereby amended to read in its entirety as
follows:

     “2.1 The term of employment shall end October 31, 2011, unless sooner terminated as
provided in this Agreement.”

 

 

     IN WITNESS WHEREOF, the parties have executed this Amendment to Employment Agreement as of the
date first above written.

	 	 	 	 	 
	 	CEDAR SHOPPING CENTERS, INC.

 	 
	 	By:  	/s/ LEO S. ULLMAN
 	 
	 	 	Leo S. Ullman, President 	 
	 	 	 	 
	 
	 	CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.

 	 
	 	By:  	Cedar Shopping Centers, Inc.
 	 
	 	 	 
	 	By:  	/s/ LEO S. ULLMAN
 	 
	 	 	Leo S. Ullman, President 	 
	 	 	 
	 	/s/ THOMAS B. RICHEY
 	 
	 	Thomas B. Richey 	 
	 	 	 
	 

2exv10w3

EXHIBIT 10.3

AMENDMENT TO EMPLOYMENT AGREEMENT

     This Amendment to Employment Agreement is hereby entered into as of June 1, 2010 by and among
Cedar Shopping Centers, Inc., a Maryland corporation (the “Corporation”), Cedar Shopping Centers
Partnership, L.P., a Delaware limited partnership (the “Partnership”) and Brenda J. Walker (the
“Executive”).

W I T N E S S E T H:

     WHEREAS, the Corporation, the Partnership and the Executive entered into that certain
Employment Agreement dated as of November 1, 2003, as presently in effect (the “Employment
Agreement”); and

     WHEREAS, the Board of Directors of the Corporation (on the Corporation’s own behalf, and as
the sole general partner of the Partnership) approved a modification to the Employment Agreement;

     NOW THEREFORE, intending to be legally bound the parties hereto agree as follows:

     1. Section 2.1 of the Employment Agreement is hereby amended to read in its entirety as
follows:

     “2.1 The term of employment shall end October 31, 2011, unless sooner terminated as
provided in this Agreement.”

 

 

     IN WITNESS WHEREOF, the parties have executed this Amendment to Employment Agreement as of the
date first above written.

	 	 	 	 	 
	 	CEDAR SHOPPING CENTERS, INC.

 	 
	 	By:  	/s/ LEO S. ULLMAN
 	 
	 	 	Leo S. Ullman, President 	 
	 	 	 	 
	 
	 	CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.

 	 
	 	By:  	Cedar Shopping Centers, Inc.
 	 
	 
	 	 	 
	 	By:  	/s/ LEO S. ULLMAN
 	 
	 	 	Leo S. Ullman, President 	 
	 	 	 	 
	 	 	 
	 	 	 	/s/ BRENDA J. WALKER
 	 
	 	 	 	Brenda J. Walker 	 
	 	 	 
	 

2exv10w4

EXHIBIT 10.4

AMENDMENT TO EMPLOYMENT AGREEMENT

     This Amendment to Employment Agreement is hereby entered into as of June 1, 2010 by and among
Cedar Shopping Centers, Inc., a Maryland corporation (the “Corporation”), Cedar Shopping Centers
Partnership, L.P., a Delaware limited partnership (the “Partnership”) and Frank C. Ullman (the
“Executive”).

W I T N E S S E T H:

     WHEREAS, the Corporation, the Partnership and the Executive entered into that certain
Employment Agreement dated as of September 18, 2008, as presently in effect (the “Employment
Agreement”); and

     WHEREAS, the Board of Directors of the Corporation (on the Corporation’s own behalf, and as
the sole general partner of the Partnership) approved a modification to the Employment Agreement;

     NOW THEREFORE, intending to be legally bound the parties hereto agree as follows:

     1. Section 2.1 of the Employment Agreement is hereby amended to read in its entirety as
follows:

     “2.1 The term of employment shall end October 31, 2011, unless sooner terminated as
provided in this Agreement.”

 

 

     IN WITNESS WHEREOF, the parties have executed this Amendment to Employment Agreement as of the
date first above written.

	 	 	 	 	 
	 	CEDAR SHOPPING CENTERS, INC.

 	 
	 	By:  	/s/ LEO S. ULLMAN
 	 
	 	 	Leo S. Ullman, President 	 
	 	 	 	 
	 
	 	CEDAR SHOPPING CENTERS PARTNERSHIP, L.P.

 	 
	 	By:  	Cedar Shopping Centers, Inc.
 	 
	 	 	 
	 	By 	/s/ LEO S. ULLMAN
 	 
	 	 	Leo S. Ullman, President 	 
	 	 	 
	 	 	 	/s/ FRANK C. ULLMAN
 	 
	 	 	 	Frank C. Ullman 	 
	 	 	 
	 

2Exhibit 10.1

Exhibit 10.1

DATED 17th January 2002

(1) NAVIGATORS UNDERWRITING AGENCY LIMITED

and

(2) STEPHEN COWARD

SERVICE AGREEMENT

(CONSORTIUM UNDERWRITER)

 

 

 

THIS AGREEMENT is made on                 2001

BETWEEN:

	(1)	 	NAVIGATORS UNDERWRITING AGENCY LIMITED (Reg No 1380715) whose
registered office is at Room 974, Lloyd’s, One Lime Street, London EC3M 7HA (“the
Company”); and

	(2)	 	STEPHEN COWARD of 3 Watercress Close, Stevenage, Herts., SG2 9TN (“the
Executive”).

	1.	 	DEFINITIONS

	1.1	 	In this Agreement the following expressions have the following meanings:-

	 	 	 	 	 
	 	 	Expression	 	Meaning
	 
	 	 	 	 
	 

	 	“the Board”
	 	the Board of Directors of the Company
from time to time;
	 
	 	 	 	 
	 

	 	“Subsidiary”
	 	any subsidiary for the time being of
the Company (for which purpose the
expression “subsidiary” has the
meaning ascribed to it by Section 736
of the Companies Act 1985 as amended);
	 
	 	 	 	 
	 

	 	“the Commencement Date”
	 	the date of this Agreement; and
	 
	 	 	 	 
	 

	 	“the Syndicates”
	 	all or any of Syndicates 552, 1023 and
1221 at Lloyd’s as from time to time
constituted.

	2.	 	PREVIOUS AGREEMENTS

This Agreement contains the entire and only agreement, and will govern the
relationship, between the parties from the Commencement Date, in substitution for all
previous agreements and arrangements (whether written, oral or implied) between the
parties relating to the service of the Executive, all of which agreements and
arrangements are deemed to have been brought to an end by mutual consent with effect
from the Commencement Date. The Executive and the Company acknowledge that, in entering
into this Agreement, neither has relied on any representation or undertaking by the
other, whether oral or in writing, except as expressly incorporated in this Agreement.

 

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	3.	 	APPOINTMENT, TERM AND NOTICE

	3.1	 	The Company will employ the Executive, and the Executive will serve the Company, as
Engineering Underwriter. The duties of the Executive include membership of the Boards and
Committees and the responsibilities as set out in Schedule I, as amended by the Board from
time to time.

	 
	3.2	 	Subject to Clauses 3.3 and 15, the Executive’s employment will continue unless and until:

	 	3.2.1	 	the Executive gives to the Company three’ advance notice of termination in
writing, such notice to expire at any time; or

	 	3.2.2	 	the Company gives to the Executive three month’s advance notice of
termination in writing, such notice to expire at any time.

	3.3	 	The Company reserves the right (but is not, in any case, obliged) to make a payment in lieu
of notice, or for any unexpired period of notice. This right applies whether notice is given
by the Company or by the Executive. Any payment in lieu will consist solely of a sum
equivalent to the Executive’s salary (at the rate applicable to the date notice is given) and
the cash equivalent of any entitlement to benefits for the notice period, or any unexpired
period of notice, and will be subject to such deductions for tax and national insurance as the
Company is required to make.

	3.4	 	Notwithstanding the provisions of Clause 3.2, the Executive’s employment will automatically
end on the last day of the month in which the Executive reaches the age of 60.

	3.5	 	The Executive’s continuous employment with the Company for the purposes of the Employment
Rights Act 1996 began on 7th January 2002.

	4.	 	DUTIES

	4.1	 	The Executive agrees to carry out such duties and functions, hold such offices, exercise
such powers and comply with such instructions in connection with the business of the Company,
and any Subsidiary, as are compatible with the position described in clause 3.1, as the Board
shall determine from time to time. The Executive’s duties may be amended from time to time by
the Board, and he may be required to undertake additional or other duties compatible with
such position as necessary to meet the needs of the Company’s business and the business of
the Subsidiaries.

 

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	4.2	 	During the Executive’s employment, he will (except when prevented from doing so by
illness, accident or holiday, as provided below) devote the whole of his time, attention and
skill during normal working hours, and at such other times as his duties may require, to the
affairs of the Company, and any Subsidiary; and he will use his best endeavours to promote
the interests of the Company and of the Subsidiaries, provided that (without prejudice to
Clause 5) the Board may at any time require him to cease performing and exercising specific
duties, functions or powers and holding such offices (or any of them) to the extent that
this does not derogate from his position.

	4.3	 	The Executive’s normal hours of work are from 9.30am to 5.30pm, Monday to Friday, inclusive.
From time to time the Executive may be required to work such additional hours as may be
reasonably required to carry out his duties properly and effectively. The Executive agrees
that he may, from time to time, be required to work for more than an average of 48 hours per
week. The Executive is not entitled to any overtime payment or time off in lieu of any
additional hours.

	4.4	 	The Executive is encouraged to take responsibility for his own training and development. He
may, however, be required to participate from time to time in the training, development
and appraisal schemes operated within the Company. The Executive may also be
required by the Company to undertake such additional internal or external study as the Company
reasonably requires or to complete continuing professional education training courses in
compliance with Lloyd’s regulations (if applicable).

	4.5	 	The Executive shall at all times promptly give to the Board (in writing if so requested) all
such information, explanations and assistance as the Board may require in connection with the
business or affairs of the Company, any of the Subsidiaries, or the Syndicates and the
Executive’s employment under this Agreement.

	4.6	 	The Executive will at all times comply with the requirements of the Lloyd’s Model Code (Price
Sensitive Information Bye law: No 19 of 1995) (“the Model Code”) in force for the time being.
A copy of the Model Code can be obtained from the Company’s Compliance Officer. In cases of
doubt, the Executive must seek guidance from the Company’s Compliance Officer. Even where
a proposed dealing is permitted by the Model  Code, it must not be carried out if it would
breach Part V of the Criminal Justice Act 1993. The Executive must at all times observe Part
V of the Criminal Justice Act 1993 and any legislation or regulations which amend or replace
it in the future (“insider trading legislation”). Without prejudice to any of the provisions
of Clause 15.1, if the Executive is
charged with an offence under Part V of the Criminal Justice Act 1993 or if the Company has
reasonable grounds for believing that he has or had infringed the Model Code, he may be
suspended from his employment until the outcome of such proceedings is known or the
investigation of the suspected infringement is
completed.

 

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	4.7	 	Except with the written consent of the Board, given in advance, the Executive agrees that he
will not during his employment be directly or indirectly engaged, concerned or interested
(whether as principal, servant or agent) in any other trade, business or occupation whatsoever
(whether alone, or on the Executive’s own behalf, or on behalf of or in association with any
other person) apart from the business of the Company and the Subsidiaries: provided that
nothing contained in this Agreement shall preclude the Executive from being interested, for
investment purposes only, as a member or debenture holder or as a beneficial owner of any
stock, shares or debentures (a) in the Company or any of the Subsidiaries or (b) in any other
company, provided that such stock, shares or debentures are (i) in a company which does not
conduct any insurance-related business and does not supply goods or services to or otherwise
deal with the Company or its Subsidiaries or (ii) listed or dealt in on a recognised stock
exchange and, in either case, do not represent more than four percent of the total share or
loan capital from time to time in issue in such company.

	5.	 	JOINT APPOINTMENTS

The Company is entitled, at any time, to appoint any person or persons to act jointly with the
Executive in order that such person or persons will jointly with the Executive discharge the
Executive’s duties and functions under this Agreement.

	6.	 	PLACE OF WORK

	6.1	 	The Executive shall perform his duties at offices of the Company in the City of London and at
Lloyd’s. His usual place of work is Suite 974, Lloyd’s, 1 Lime Street, London EC3M 7HA. The
Executive may, however, be required to work at other locations including the Underwriting
Room. Furthermore, the Company is entitled to require the Executive to travel overseas on
business from time to time to carry out his duties.

	6.2	 	The Company operates a no smoking policy throughout its offices.

	7.	 	REMUNERATION

	7.1	 	By way of remuneration for the Executive’s services under this Agreement, he will:-

	 	7.1.1	 	be paid by the Company a salary of £115,385 per year, with effect from the
Commencement Date, which salary will accrue from day to day, and which will be payable
in arrears by equal monthly instalments on the last day of each month by direct credit
transfer to the Executive’s bank or building society account;

 

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	 	7.1.2	 	be entitled to participate in any Incentive Plan implemented by the Company
from time to time; and

	7.2	 	The Executive’s salary will be subject to review by the Company. Any change will be effective
on and from 1 July each year during the Executive’s employment. Any increase of the
Executive’s salary will be a matter to be decided at the Company’s absolute discretion.

	8.	 	EXPENSES

The Executive will be reimbursed all amounts reasonably and properly expended by him in the
performance of his duties under this Agreement on hotel, travelling, entertainment and other
similar items, subject to the Executive complying with the Company’s guidelines and regulations
relating to expenses as issued from time to time, and subject to production to the Company of all
relevant vouchers and other information requested by the Company in respect of such expenses.

	9.	 	PENSION AND OTHER BENEFITS

	9.1.1	 	The Executive is entitled to become a member of the Mander, Thomas & Cooper pension scheme
(“the Scheme”) subject to and upon the rules of the Scheme from time to time in effect. Full
particulars of the Scheme can be obtained from the Finance Director.

	9.1.2	 	There is no contracting out certificate in force in respect of the Executive’s employment
under the provisions of the Pension Schemes Act 1993.

	9.2	 	The Executive shall be entitled to become a member of the private medical scheme and the
permanent health insurance (“PHI”) scheme which the Company has arranged for its employees
and details of which are available from the Company Secretary. If either scheme is varied or
discontinued the Company shall, insofar as is reasonable and practicable, arrange such private
medical and PHI cover for the Executive (whether through one or more collective schemes or
not) as may provide cover reasonably equivalent to that provided under the existing scheme.

	9.3	 	At the Board’s absolute discretion, a Christmas bonus may be declared and paid in December in
addition to the Executive’s normal monthly salary.

 

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	10.	 	HOLIDAYS

	10.1	 	In addition to normal public holidays the Executive shall be entitled to twenty-five working
days’ paid holiday, to be taken at such time or times as may be approved in advance by the
Board. Reasonable advance notice of intention to take holiday must be given to the Managing
Director. The Executive will be paid his normal basic pay during such holidays. Not more
than ten consecutive days’ holiday may be taken at any one time unless prior written
permission is given by the Managing Director. Except in exceptional circumstances, no
holiday (other than public holidays) may be taken between 1 December and 31 January.

	10.2	 	For the purposes of this Clause the expression “holiday year” means the period from 1 January
to 31 December in each year.

	10.3	 	The Executive’s entitlement to paid holiday in the holiday year in which his employment ends
will be pro rated for each completed calendar month in that year, rounded up to the nearest
half day. No such entitlement to holiday pay will arise if the Executive ends his employment
without the Company’s written consent before the expiry of notice given by the Executive under
Clause 3.2 or without giving notice.

	10.4	 	At the end of the Executive’s employment, if the Executive has taken more or less than his
holiday entitlement in that year, a proportionate adjustment will be made by way of addition
to or deduction from (as appropriate) his final gross pay, calculated on a pro rata basis by
reference to the number of days’ holiday in respect of which such adjustment is made. If,
however, the Company ends the Executive’s employment in accordance with Clause 15.1, the
Company will, in no circumstances, be liable to make any payment to the Executive in respect
of holiday entitlement which has not been taken by the Executive during the employment.

	10.5	 	Unless required by the Company, holidays may not normally be taken as part of a period of
notice.

	11.	 	CONFLICT OF INTEREST

The Executive agrees that he will not:

	11.1	 	during his employment, introduce to any other person, firm, company, organisation or
business, business of any kind with which the Company, any of its Subsidiaries or the
Syndicates are able to deal; and

 

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	11.2	 	have any financial interest in, or derive any financial or other benefit from,
contracts or transactions with any third party entered into by the Company, any of its
Subsidiaries or the Syndicates, without first disclosing such interest or benefit to the
Board and obtaining its written approval to his having such an interest or benefit.

	12.	 	RESTRICTIVE COVENANTS

	12.1	 	In this Clause and in Clauses 13 and 15 the following expressions have the following meanings:-

	 	 	 	 	 	 
	 	Expression	 	Meaning
	 	 
	 	 	 	 
	 	“the Company’s Business” all and any commercial activities of the Company and any Subsidiary:-
	 	 
	 	 	 	 
	 	 

	 	(a)
	 	with which the Executive shall have been
concerned or involved to any material extent at
any time during his employment by the Company
and which the Company or any
Subsidiary, as the case may be, shall carry on
with a view to profit; or
	 	 
	 	 	 	 
	 	 

	 	(b)
	 	which the Company or any Subsidiary shall, at
the Termination Date, have determined to carry
on with a view to profit in the immediate or
foreseeable future and in relation to which
the Executive shall, at the Termination Date,
possess any Confidential Information;
	 	 
	 	 	 	 
	 	“Confidential Information”

	 	 	 	all and any Corporate Information,
Marketing Information, Technical Information
and other information (whether or not
recorded in documentary form or on computer
disk or tape) to which the Company and any
Subsidiary attaches an equivalent level of
confidentiality to any third party:-

	 	 	 	 	 	 
	 	 

	 	(a)
	 	which the Executive shall
acquire at any time during his
employment by the Company but which
does not form part of the Executive’s
own stock in trade; and

 

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	(b)	which is not readily
ascertainable to persons not connected
with the Company or any Subsidiary either
at all or without a significant
expenditure of labour, skill or money;
	 	 
	 	 	 	 
	 	“Corporate Information”	 	all and any information (whether or not
recorded in documentary form or on computer disk or
tape) relating to the business methods, business plans,
management systems, finances or maturing new business
opportunities of the Company, any Subsidiary or the
Syndicates;
	 	 
	 	 	 	 
	 	“directly or indirectly”	 	without prejudice to the generality of the
expression, means by virtue of:-
	 	 
	 	 	 	 
	 	 

	 	(a)
	 	the
holding of any position as director, officer,
employee, consultant, partner, principal or agent;
	 	 
	 	 	 	 
	 	 

	 	(b)
	 	the
direct or indirect control or ownership
(whether jointly or alone) of any shares (or
any voting rights attached to them) or
debentures save for the ownership for
investment purposes only of not more than 4% of the
issued ordinary shares of any company whose shares
are listed on any recognised Investment Exchange (as
defined in Section 207 of the Financial Services
Act 1986); or
	 	 
	 	 	 	 
	 	 

	 	(c)
	 	the
direct or indirect provision of any financial
assistance;

 

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	“Employee”	 	any person who is or was, at any time during
the period of twelve months ending on the Termination
Date:
	 
	 	 	 	 
	 

	 	(a)
	 	employed or engaged by the Company or
any Subsidiary in the Company’s Business
or the Syndicates’ Business at
a remuneration (excluding profit
commission) exceeding £30,000 or such higher sum
as may from time to time be notified in
writing by the Company to the Executive; and
	 
	 	 	 	 
	 

	 	(b)
	 	with
whom the Executive had personally worked
in relation to the Company’s Business or
the Syndicates’ Business.
	 
	 	 	 	 
	“Marketing Information”	 	all and any information (whether or not
recorded in documentary form or on computer disk or
tape) relating to the marketing of the Syndicates’
Business or the Company’s Business including, without
limitation, market share and pricing statistics,
marketing surveys and plans, sales techniques,
advertising and promotional material, the requirements
in relation to the Syndicates’ Business and all
confidential aspects of the business relationship with
the Capital Providers participating in the Syndicates
and brokers placing business with the Syndicates;
	 
	 	 	 	 
	“Capital Provider”	 	any current provider of capital to the Syndicate;
	 
	 	 	 	 
	“the Restricted Period”	 	the period of three months from the
Termination Date provided that, if the Company exercises
its right to place the Executive on “garden leave” in
accordance with Clause 15.3, unless the Company notifies
the Executive in writing to the contrary before the
Termination Date, such six month period shall be reduced
by such period as is equal to the period of “garden
leave”;

 

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	       “the Syndicates’ Business”	 	all and any commercial activities of the
Syndicates:-
	 
	 	 	 	 
	 

	 	(a)
	 	with which the Executive shall have been
concerned or involved to any material extent at
any time during his employment by the
Company and which the Syndicates shall carry
on with a view to profit; or
	 
	 	 	 	 
	 

	 	(b)
	 	which the Syndicates shall, at the Termination
Date, have determined to carry on with a view
to profit in the immediate or foreseeable
future and in relation to which the
Executive shall, at the Termination
Date, possess any Confidential Information; and
	 
	 	 	 	 
	       “the Termination Date”	 	the date on which the Executive’s
employment with the Company actually ends.

	12.2	 	The Executive acknowledges that:-

12.2.1 the Company, its Subsidiaries and the Syndicates possess a valuable
body of Confidential Information;

12.2.2 the Company and its Subsidiaries will give him access to Confidential
Information in order that he may carry out the duties of his employment;

12.2.3 the duties of his employment include, without limitation, a duty of trust
and confidence and a duty to act at all times in the best interests of the
Company, the Subsidiaries and of the Names participating in the Syndicates;

12.2.4 the Company requires all its active underwriters, deputy underwriters
and class underwriters to accept restrictions which are similar to those
set out in this Clause and Clause 13 for the legitimate protection of the
Company’s Business and the Syndicates’ Business; and

 

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12.2.5 that the disclosure of any Confidential Information to any actual or
potential competitor of the Company, the Subsidiaries or the Syndicates
would place the Company, the Subsidiaries or the Syndicates (as the case may
be) at a serious competitive disadvantage and would cause serious damage to
the Company’s Business and the Syndicates’ Business.

	12.3	 	The Executive shall not at any time during the Restricted Period:-

12.3.1 in relation to any business which is in any way in competition with the Company’s
Business or the Syndicates’ Business:-

	 	12.3.1.1	 	induce, or seek to induce, any Capital Provider who participated in
the Syndicates at the Termination Date to reduce or withdraw the
capacity provided by him to the Syndicate;

	 
	 	12.3.1.2	 	induce, or seek to induce, any Capital Provider to reduce or
withdraw the capacity provided to the Syndicates at the Termination
Date;

	 
	 	12.3.1.3	 	cause any Capital Provider who participated in the Syndicates at
the Termination Date to transfer all or any of such capacity to
another syndicate at Lloyd’s;

	 
	 	12.3.1.4	 	induce, or seek to induce, any broker or other intermediary who
shall, at any time in the period of twelve months ending on the
Termination Date, have placed business with the Syndicates, and with
whom the Executive shall have had dealings, to cease placing business
with the Syndicates, to reduce the amount of business placed by it with
the Syndicates or to vary the terms upon which is deals with the
Syndicates;

	 
	 	12.3.1.5	 	underwrite any risk which shall have been
underwritten by the Syndicates at any time in the period of twelve
months ending on the Termination Date unless the Syndicates’
Underwriter has already written a line on or declined the
risk concerned.

	 	12.3.2	 	entice away, or endeavour to entice away, from the
Company, or knowingly employ or procure or assist any third
party to employ, any Employee.

 

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	12.4	 	The Executive shall not at any time after the Termination Date represent himself, or
permit himself to be held out by any person, firm or company, as being in any way connected
with or interested in the Company’s Business or the Syndicates’ Business.

	12.5	 	Whilst the restrictions referred to in this Clause 12 (on which the Executive has had an
opportunity to take independent legal advice as the Executive now acknowledges) are regarded
by the parties as fair and reasonable restrictions to be imposed on the Executive, it is
declared that the wording of this Clause 12 is severable and so much of the same as a court of
competent jurisdiction may regard as unreasonable shall (so far as the same is possible) be
deleted.

	12.6	 	If the Executive breaches any of the provisions in this Clause 12, the Company shall, by
notice in writing to him, be entitled to extend the period during which the provisions of
Clause 12 which have been breached apply by an equivalent period to that during which the
breach or breaches shall have continued, such additional period to commence on the date upon
which the period would have otherwise expired. The Executive agrees that if the Company so
extends the period of any of the restrictive covenants this shall not prejudice the right of
the Company to apply to the courts for injunctive relief in order to compel the Executive to
comply with the provisions of this Agreement and/or damages, as the case may be.

	12.7	 	If, after his employment ends, the Executive applies for or is offered a new employment,
appointment or engagement, he will, before entering into any such contract in respect thereof,
bring the terms of this Clause and Clauses 3, 4 and 13 to the attention of any person
proposing, directly or indirectly, to employ, appoint or engage him.

	13.	 	CONFIDENTIALITY

	13.1	 	Without prejudice to Clause 13.2 or 13.4 and subject to Clause 13.2, the Executive agrees
that he will not, during his employment by the Company:-

13.1.1 sell, or seek to sell, to anyone information acquired by him in the course
of his employment;

13.1.2 obtain, or seek to obtain, any financial advantage, direct or indirect, from
disclosure of such information;

13.1.3 directly or indirectly receive (other than as agent for the Company or any
of the Subsidiaries) or retain any discount, rebate, fee, gratuity or
commission connected, directly or indirectly, with his duties and services
as an employee of the Company (except any gift or gifts with a value in
aggregate in any one year of not more than £100 or favour of any kind); or

 

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13.1.4 discuss with any journalist or reporter or any other representative
of the media any matter relating to the affairs of the Company, its
Subsidiaries, or the Syndicates, nor respond to any enquiries from any
journalist or reporter or any other representative of the media in relation
to any matter relating to the affairs of the Company, its Subsidiaries, or
the Syndicates without first obtaining the written consent of the Chairman
of the Board and the Executive shall comply with all conditions to which
such consent may be subject.

	13.2	 	The Executive agrees that he will not, either during his employment or after its end (without
limit in point of time), for his own purposes or for any purposes (other than those of the
Company and its Subsidiaries) for whatever reason and in whatever manner use or divulge or
communicate, or permit the use, divulgence or communication, to any person, firm, company or
organisation (except to those officials of the Company or any Subsidiaries whose province it
is to know the same) any Confidential Information acquired or discovered by the Executive in
the course of his employment.

	13.3	 	The restrictions contained in this Clause (other than Clause 13.1.3) shall not apply to:-

13.3.1 any disclosure authorised by the Board or required in the ordinary and
proper course of the Executive’s employment, or as required by the order of
a court of competent jurisdiction, or an appropriate regulatory authority,
or otherwise required by law; or

13.3.2 any information which the Executive can demonstrate was known to him
before his employment by the Company began, or which is in the public
domain otherwise than as a result of a breach by the Executive of this
Clause.

	13.4	 	The provisions of this Clause 13 are without prejudice to the duties and obligations of the
Executive implied into this Agreement at common law.

	14.	 	INCAPACITY

	14.1	 	If the Executive is prevented by illness (including mental illness) or injury, from
attending properly to his duties, he shall, to the extent that he is not disabled from so
doing, arrange that the Company is notified promptly of his disability, or any enforced
absence from work, and from time to time, of the expected period of his disability and the
expected date on which he will be able to return to work. The Executive shall complete a
self-certification sickness form on his return to work and in respect of periods of absence
of seven days or more he shall comply, as far as he can, with the Company’s requirement for
an appropriate medical certificate for each week’s absence.

 

14

 

	14.2	 	The Company shall be entitled to require that the Executive submits to medical
examination at any stage of absence or if the Board reasonably believes that the Executive
may be suffering from a medical condition which materially interferes with the proper
discharge of his duties and if the Executive will not take voluntary absence from work.

	14.3	 	The Company is required to pay Statutory Sick Pay (“SSP”) for absence due to personal
sickness or injury where absence is continuous for four working days or more, provided that
the Executive has complied with the notification rules set out in Clause 14.1. The Executive’s
“Qualifying Days” for the purposes of SSP are Monday to Friday. For the first 130 working
days in aggregate (or, where the period under any PHI scheme operated by the Company after
which the Executive would be entitled to receive PHI benefits exceeds or is less than 130
working days, for such longer or shorter period) of absence due to sickness or injury during
any calendar year the Company will pay the Executive an amount equal to the relevant
proportion of his annual base salary, less SSP, provided he has complied with the notification
requirements set out above.

	15.	 	TERMINATION

	15.1	 	The Company is entitled to end the Executive’s employment with immediate effect by summary
notice in writing in any of the following events (notwithstanding that the Company may have
allowed any time to elapse or on a former occasion may have waived its rights under this
Clause):-

15.1.1 if the Executive commits any material or continued or repeated serious
breach of any part of this Agreement, or the Executive’s obligations under
it (and in the case of a continued or repeated serious breach having been
warned and having refused or failed to remedy any such breach);

15.1.2 if the Executive, in the performance of his duties under this Agreement
or otherwise, commits any act of serious misconduct or serious incompetence
or serious negligence or shall do or omit to do any other act which is
seriously prejudicial to the interests of the Company, any Subsidiary or
the Syndicates;

15.1.3 if the Executive materially prejudices, or by his act or omission is likely,
in the reasonable opinion of the Board, to prejudice materially, the
interests or reputation of the Executive, the Company, any of its
Subsidiaries or the Syndicates (including but not limited to any situation
where the Company has reasonable grounds for believing that the Executive
has breached insider trading legislation or the Model Code as defined in
Clause 4.6);

 

15

 

	 	15.1.4	 	 if the Executive is convicted of any criminal offence involving dishonesty
or violence (other than an offence which does not, in the opinion of the Board,
affect his position under this Agreement);

	 	15.1.5	 	 if the Executive becomes bankrupt or enters into, or makes, any
arrangement or composition with, or for the benefit of, his creditors generally;

	 	15.1.6	 	 if the Executive becomes of unsound mind;

	 	15.1.7 	 	if the Executive becomes incapacitated from performing all or any of his
duties under this Agreement by illness, injury or otherwise for a period
exceeding (in total) twenty six weeks (or such longer period as the Company may
agree) in any period of twelve months from performing all or any of his duties
under this Agreement provided that the Company agrees not to exercise its rights
under this clause if to do so would deprive the Executive of benefits under the
PHI scheme referred to in Clause 9.2.2;

	 	15.1.9	 	 if the Executive is barred from the “Underwriting Room” or removed from
being an underwriting member with immediate effect;

	 	15.1.10 	 	if the Executive is disqualified, suspended (after due enquiry), struck off, or any
other similar action is taken against him by Lloyds; or

	 	15.1.11	 	If the Executive knowingly fails to apply for registration as required under the
Personal Registration System at Lloyd’s for the function which he is, under this
Agreement, appointed to perform, or if he knowingly and falsely holds himself out as
being so registered, or if any such registration is withdrawn.

	15.2	 	Without prejudice to Clause 4.1:-

	 	15.2.1	 	after notice of termination has been given by either party in accordance
with Clause 3; or

	 	15.2.2	 	if the Executive seeks, or endeavours or indicates an intention, to resign
as a director of the Company or any Subsidiary or to terminate his employment in
breach of this Agreement;

PROVIDED THAT the Executive continues to be paid and receives his full contractual benefits
under this Agreement until his employment ends in accordance with the terms of this
Agreement, the Board may, in its absolute discretion, without breaking the terms of this
Agreement or giving rise to any claim against the Company:-

 

16

 

	 	(i)	 	exclude the Executive from the premises of the Company and/or any Subsidiary;

	 	(ii)	 	require the Executive to carry out specified duties, which, insofar as is
practicable in all the circumstances, shall be compatible with his position as
described in Clause 3.1 for the Company and/or any Subsidiaries at premises other than
those referred to in Clause 6 or to carry out no duties;

	 	(iii)	 	announce to employees, Names, Members’ Agents, Lloyd’s Advisers and Lloyd’s
that the Executive has been given notice of termination or has resigned (as the case
may be);

	 	(iv)	 	without prejudice to Clause 4, instruct the Executive not to communicate orally
or in writing with Names participating in the Syndicates, Members’ Agents or Lloyd’s
Advisers whose Names participate in the Syndicates or employees, agents or
representatives of the Company or any Subsidiary until his employment has ended.

	15.3	 	Notwithstanding Clause 15.2, should the circumstances referred to in Clause 15.2.1 and 15.2.2
arise, the Board may consent to any reasonable request by the Executive to carry out work or
to take up an employment or engagement which will not contravene the provisions of Clause 12
(such consent not to be unreasonably withheld). If such consent is given, the Executive’s
contract will end on the date of such consent and the Executive shall receive payment but
subject to Clause 16 up to such date, but shall be entitled to no further payment under this
Agreement PROVIDED ALWAYS THAT in the event of such termination the Executive will be bound by
the terms of Clauses 12 and 13.

	15.4	 	Before and (at the Company’s expense, including reasonable fees for attendance in connection
with legal proceedings or steps taken in connection therewith) after the end of the his
employment, the Executive shall provide the Company and/or any Subsidiary with reasonable
assistance in any proceedings or possible proceedings in which the Company and/or any
Subsidiary is or may be a party PROVIDED ALWAYS THAT the Executive shall only be required to
give assistance regarding matters of which he has knowledge and/or experience.

	16.	 	DEDUCTIONS

The Executive authorises the Company to deduct from his remuneration (which, for the purposes of
this Clause, includes salary (whether in lieu of notice or otherwise), bonus, holiday pay and sick
pay) all debts owed by the Executive to the Company, or any Group Company, including (without
limitation) the balance outstanding of any loans (including interest where appropriate) advanced
by the Company to the Executive and all or any deductions in respect of tax or national insurance.

 

17

 

	17.	 	SALE OR RECONSTRUCTION OF THE COMPANY

The Executive agrees that he will have no claim against the Company, or any Subsidiary in respect
of the end (by operation of law or otherwise) of his employment under this Agreement on or in
connection with the sale of the whole or a substantial part of the business or undertaking of the
Company or any Subsidiary, or on or in connection with the sale of the Company or any Subsidiary,
or on or by reason of the liquidation of the Company or any Subsidiary for the purpose of
amalgamation or reconstruction (whether or not by reason of insolvency) provided he is offered
employment on no less favourable terms than those contained in this Agreement (except as to the
identity of the employer) with any person, firm, company or organisation which acquires the Company
or any Subsidiary, or which acquires the whole or a substantial part of the undertaking or business
of the Company, or any such Subsidiary as a result of such sale or of such amalgamation or
reconstruction.

	18.	 	DELIVERY OF DOCUMENTS

When the Executive’s employment ends, for whatever reason, (or earlier if requested), the
Executive will forthwith deliver up to the Company originals and copies of all statistics,
documents, accounts, records and papers, computer disks and printouts and all other property of
any kind which may be in the Executive’s possession or control and which belong to or relate in
any way to the business of the Company or any Group Company; and he agrees that he will not take
or retain copies of such documents.

	19.	 	RIGHTS FOLLOWING TERMINATION

The ending of the Executive’s employment (however arising and notwithstanding the fact that such
termination may be held to be illegal or improper) will not affect such of the provisions of this
Agreement as expressly or impliedly operate or have effect after such termination, and will not
prejudice any right or action already accrued to either party in respect of any breach of any
terms of this Agreement by the other party.

	20.	 	DISCIPLINARY AND GRIEVANCE PROCEDURES

	20.1	 	The Company has a Disciplinary Procedure which is set out in Schedule II. The Disciplinary
Procedure does not form part of the Executive’s contract of
employment.

	20.2	 	If the Executive has a grievance in relation to his employment or is dissatisfied with any
disciplinary decision against him, the Executive should raise the matter with the Managing
Director. If the problem is not satisfactorily resolved the Executive may request an interview
with the Chairman of the Company, who decision shall be final.

 

18

 

	21.	 	COLLECTIVE AGREEMENTS

There are no collective agreements which, directly or indirectly, affect the terms and conditions
of the Executive’s employment.

	22.	 	NOTICES

Any notice given under this Agreement shall be deemed well served if, when addressed to the
Company, it is left at its registered office or sent by first class recorded delivery post
addressed to the Company at its registered office; or if, when addressed to the Executive, it is
served personally or sent by first class recorded delivery post addressed to the Executive at his
usual or last known place of residence in England. In case of service by post, the day of service
shall be forty eight hours after posting.

 

19

 

	 	 	 	 	 	 	 	 	 
	EXECUTED as a Deed by

	 	 	)	 	 	 	 	 
	NAVIGATORS UNDERWRITING

AGENCY LIMITED

	 	 	)	 	 	 	 	 
	 

	 	 	)	 	 	 	 	 
	acting by a director

	 	 	)	 	 	 	 	 
	and its secretary

	 	 	)	 	 	/s/ [ILLEGIBLE] 	 	 
	 

	 	 	 	 	 	 

Director
	 	 
	 
	 
	 	 	 	 	 	/s/ Jacqui Hedges  	 	 
	 

	 	 	 	 	 	 

Secretary
	 	 

SIGNED as a Deed by the )

Executive in the presence of:-    ) /s/  Stephen R. Coward

Witness:  A. S. Edwards F.C.I.I.

Signature:   /s/  A. S. Edwards        

Address:  30 CARLTON  RD 
                ROMFORD 

                RM2 5NN

 

20

 

SCHEDULE I

Responsibilities & Functions

Underwriter:

	 	 	 	 	 
	Syndicate/s:

	 	1221
	UW Sector Responsibilities

	 	Consortium Underwriter

 

21

 

SCHEDULE II

DISCIPLINARY RULES AND PROCEDURES

	(a)	 	It is the policy of the Company to trust its staff to conduct themselves honestly and with
personal and professional integrity. The disciplinary procedures are therefore concerned only
with matters that affect the Company’s operation and reputation and well-being of its staff.
The objectives of these procedures are:

	 	(i)	 	to maintain harmonious working relationships in an atmosphere of trust and mutual
respect; and

	 	(ii)	 	to preserve the highest possible standard of service to those with whom we conduct
business, particularly by minimising interruption of work; and

	 	(iii)	 	to restore working relationships, where a breach of discipline has occurred, by
ensuring a thorough examination of the situation and fair and prompt action so that
misunderstandings do not become disputes.

	(b)	 	This disciplinary procedure provides for warnings to be given for failure to meet the
Company’s standards of job performance, conduct (whether during working hours or not) and
attendance, for breach of company policies or procedures and for breach of any of the terms
and conditions of employment. The procedure is not contractually binding but applies to all
employees and employees should familiarise themselves with its provisions.

	 	1.	 	In the first instance, the employee’s Manager will establish the facts surrounding
a complaint or alleged offence and if necessary take into account the statements of any
available witnesses.

	 	2.	 	If he considers it is not necessary to resort to the formal warning procedure, he
will discuss the matter with the employee suggesting areas of improvement. These
discussions will, insofar as possible, be in private.

	 	3.	 	If he considers that it is necessary to invoke the formal warning procedure, he
will inform the employee of this. The following procedure will then apply. Depending on
the seriousness of the complaint, the procedure may be invoked at any level including
summary dismissal.

	 	3.1	 	In the case of minor misconduct, or unsatisfactory performance, including but not
limited to breaches of discipline relating to time keeping or attendance, poor job
performance, failure to comply with instructions or a minor breach of any of the terms
and conditions of employment (altogether referred to as “misconduct”) the employee will
be given a formal oral warning, and a note of the warning will be placed on his personal
file.

 

22

 

	 	3.2	 	In the case of serious misconduct or further misconduct, the employee will be given a
written warning setting out the nature of the misconduct, and if appropriate specifying any
improvement required of him and over what period.

	 	3.3	 	In the case of further misconduct, or if he fails to improve his performance, or if the
misconduct, whilst falling short of gross misconduct, is serious enough to warrant only one
written warning, he will be given a final written warning. Any further misconduct will
normally lead to dismissal.

	 	3.4	 	In the case of gross misconduct, or if previous stages of the warning procedure have been
exhausted, he will normally be dismissed.

	 	4.	 	The following are non-exhaustive examples of the sort of matters which would normally amount
to gross misconduct:

	 	•	 	failure to comply with a written instruction from a director of the Company;

	 
	 	•	 	misappropriation or unauthorised use of Company property;

	 
	 	•	 	physical violence;

	 
	 	•	 	intoxication or frivolous behaviour which interrupts work;

	 
	 	•	 	breach of an employee’s duty under the Health and Safety at Work Act 1974;

	 
	 	•	 	unauthorised use of confidential information obtained in the course of employment;

	 
	 	•	 	the Company having reasonable grounds for believing that the employee has breached the
Lloyd’s Model Code for Dealings in Securities by Certain Members of the Lloyd’s
Community;

	 
	 	•	 	falsification of records;

	 
	 	•	 	conduct which violates common decency;

	 
	 	•	 	being charged with a criminal offence relevant to the employee’s employment generally,
or under Part V of the Criminal Justice Act 1993.

 

23

 

	 	5.	 	In all cases before any disciplinary action (including warnings) is taken, the employee
will be interviewed, informed of the allegations made against him and given an opportunity to
state his case. He may be accompanied by a colleague of his choice. If he is dissatisfied with
the outcome of any stage of the above procedure including dismissal, he may appeal in writing
to the Company Secretary within 5 working days of any disciplinary action having been taken.
The decision of the Board of Directors on any such appeal will be final.

 

24

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