Document:

Termination Agreement

   
 EXHIBIT 10.2
 TERMINATION AGREEMENT
          THIS TERMINATION AGREEMENT (the “Agreement”) is made and entered into as of the 8th day of August, 2002 by and between MARK D. THOMAS, an individual resident of the State of Georgia (“Thomas”), and ABC BANCORP, a Georgia corporation (“ABC”).
 W I T N E S S E T H:
          WHEREAS, ABC and Thomas entered into that certain Executive Employment Agreement dated as of July 12, 1999 (the “Employment
Agreement”); and 
          WHEREAS, effective as of the date hereof, ABC and Thomas each desire to (a) formally terminate the
Employment Agreement in its entirety, and (b) finally, fully and irrevocably settle any disputes, differences, disagreements, uncertainties, claims, charges or complaints which ABC and Thomas may have or claim between them and give their mutual and
general releases of any and all of their respective claims in the manner and subject to the conditions set forth herein; 
          NOW, THEREFORE, in consideration of the premises and mutual covenants and agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties hereto, it is hereby agreed as
follows:
          1.       Cancellation of the Employment Agreement;
Resignations.

	 	         (a)      Notwithstanding any of the terms and conditions of the Employment Agreement to the contrary with respect to the
termination thereof, ABC and Thomas hereby terminate the Employment Agreement, effective as of the date of this Agreement. ABC and Thomas agree that neither ABC nor Thomas shall have or possess any rights against or obligations to the other party to
the Employment Agreement with respect to any of the representations, warranties, covenants and agreements set forth therein. To the extent the terms and conditions of this Agreement alter or vary the terms and conditions of the Employment Agreement,
ABC and Thomas agree that the terms and conditions of this Agreement shall be deemed to have modified, amended and superseded the terms and conditions of the Employment Agreement, notwithstanding any terms or conditions therein to the contrary. ABC
and Thomas further agree that ABC’s and Thomas’ obligations to each other as set forth in this Agreement shall be the only obligations of ABC and Thomas, and neither party hereto shall have any further duties or obligations to the other
party hereto other than as set forth herein.

	 	         (b)      Effective as of the date hereof, Thomas hereby resigns (i) as an officer of ABC and each of ABC’s subsidiaries,
and (ii) from the Boards of Directors of ABC and each of ABC’s subsidiaries on which Thomas served prior to the date hereof.

          2.       Salary and Benefits Continuation. Notwithstanding the termination of the Employment Agreement as set forth in Section 1 hereof, and in
addition to the mutual covenants,
   
 

  agreements and releases granted herein, ABC agrees to (a) pay to Thomas cash in the aggregate amount of $95,833.33, less all taxes and applicable withholdings required under federal, state
and local laws, at regular intervals in accordance with ABC’s normal payroll practices now or hereafter in effect between the date hereof and December 31, 2002, (ii) pay to Thomas cash in the amount of $134,166.67, less all taxes and applicable
withholdings required under federal, state and local laws, on or before January 15, 2003, and (iii) issue to Thomas 2,000 shares of ABC’s common stock, par value $1.00 per share, on or before January 31, 2003 and otherwise in accordance with
the terms of the restricted stock grant previously made to Thomas pursuant to ABC’s Omnibus Stock Ownership and Long Term Incentive Plan. Except as otherwise provided in this Section 2, after the date hereof, ABC will no longer provide to
Thomas or his dependents any medical, hospitalization, dental or vision insurance or any employee, retirement or other compensation benefits under any of ABC’s employee benefits plans or otherwise as provided in Section 5 of the Employment
Agreement, and Thomas shall not be entitled to any raises or increases in the amount of compensation set forth in this Section 2. The parties hereto acknowledge and agree that this Agreement does not in any way constitute a release or surrender by
Thomas of the vested balance of his account as a participant in ABC’s 401(k) Profit Sharing Plan, and such vested balance will be held in Thomas’ name by ABC or the administrator of such plans in accordance with applicable law and the
terms of such plans until ABC or such administrator receives instructions with respect to the disposition thereof.
          3.       Release by Thomas. As a material inducement to ABC to enter into this Agreement and to provide Thomas with the benefits set forth in Section
2 hereof, Thomas hereby irrevocably and unconditionally releases, waives, acquits, withdraws, retracts, forever discharges and covenants not to sue on, any and all claims, manner of actions, causes of action, whether at law or in equity, suits,
judgments, debts, liens, contracts, agreements, promises, liabilities, demands, damages, losses, costs, expenses or disputes (including, without limitation, attorneys’ fees and costs), known or unknown, fixed or contingent (collectively,
“Claims”), which Thomas now has, owns or holds, or claims to have, own or hold, or which Thomas at any time heretofore had, owned or held, or claimed to have, own or hold, or which Thomas can, shall or may have, own, hold or claim
hereafter, directly or indirectly, individually or in any capacity, against ABC or, to the extent applicable, any and all of the ABC’s present or former affiliates, subsidiaries, predecessors, successors and assigns, as the case may be, as well
as its present or former owners, shareholders, members, investors, lenders, agents, independent contractors, directors, officers, partners, employees, associates, representatives, consultants, attorneys and insurers, by reason of any act, omission,
matter, cause, conduct, claim, event or thing whatsoever, from the beginning of time to, and including, the date of the execution of this Agreement, including, without limitation, any act, omission, matter, cause, conduct, claim, event or thing
arising out of or relating in any way to the Employment Agreement or Thomas’ employment with ABC or services to ABC or any of its subsidiaries as a director; provided, however, that nothing in this Agreement shall be construed as a release by Thomas of his right to assert any breach by ABC of any of the terms or conditions of this Agreement.
          4.       Release by ABC. As a material inducement to Thomas to enter into
this Agreement, ABC hereby irrevocably and unconditionally releases, waives, acquits, withdraws, retracts, forever discharges and covenants not to sue on, any and all Claims which ABC now has, owns or holds, or claims to have, own or hold, or which
ABC at any time heretofore had, owned
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  or held, or claimed to have, own or hold, or which ABC can, shall or may have, own, hold or claim hereafter, directly or indirectly, individually or in any capacity, against Thomas or, to
the extent applicable, any and all of Thomas’ heirs, personal representatives, administrators, affiliates, predecessors, successors and assigns, as well as his present or former agents, representatives, consultants, attorneys and insurers,
arising out of any act, omission, matter, cause, conduct, claim, event or thing whatsoever, from the beginning of time to, and including, the date of the execution of this Agreement, including, without limitation, any act, omission, matter, cause,
conduct, claim, event or thing arising out of or relating in any way to the Employment Agreement or Thomas’ employment with ABC or services to ABC or any of its subsidiaries as a director; provided, however, that nothing in this Agreement shall be construed as a release by ABC of its right to assert a breach by Thomas of any of the terms or conditions of this Agreement.
          5.       Restrictive Covenants. As a further material inducement to ABC to
enter into this Agreement and to provide Thomas with the benefits set forth in Section 2 hereof, Thomas covenants and agrees with ABC as follows:

	 	         (a)      For a period of two (2) years after the date hereof, Thomas shall not divulge or furnish any confidential information
of ABC acquired by him while employed by ABC to any person, firm or corporation, other than to ABC or its subsidiaries or upon its or their written request, or use any such confidential information (which shall at all times remain the property of
ABC) directly or indirectly for Thomas’ own benefit or for the benefit of any person, firm or corporation other than ABC. For purposes hereof, the term “confidential information” shall mean ABC’s and its subsidiaries’
non-public, confidential or proprietary information, including, without limitation, any and all tangible and intangible information, whether oral, in writing or in any other medium, whether developed by Thomas or furnished to Thomas by third parties
at the direction of ABC, concerning the policies, plans, procedures or customers of ABC or its subsidiaries or the business, financial condition, operations, assets, liabilities and contingencies of ABC or its subsidiaries.

	 	         (b)      Thomas hereby agrees that he will not directly or indirectly disclose to anyone, or use or otherwise exploit for his
own benefit or for the benefit of anyone other than ABC and its subsidiaries any trade secrets (as defined in §10-1-761 of the Official Code of Georgia Annotated) of ABC or any of its subsidiaries for as long as they remain trade
secrets.

	 	         (c)      For a period of two (2) years after the date hereof, Thomas shall not, directly or indirectly, use any of ABC’s
confidential information or trade secrets to provide Banking Business (as hereinafter defined) to, or solicit the Banking Business of, any customer of ABC or any of its subsidiaries, or assist any actual or potential competitor of ABC or any of its
subsidiaries to provide Banking Business to, or solicit the Banking Business of, any such customer using such confidential information or trade secrets.

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	 	          (d)    For a period of two (2) years after the date hereof, Thomas shall not, directly or indirectly, as principal, agent or trustee, or
through the agency of any corporation, partnership, trade association, agent or agency, engage in any business or venture which competes with the Banking Business within a 50-mile radius of any office or branch office location of ABC or any of its
subsidiaries as of the date hereof.

	 	         (e)      If Thomas subsequently (i) uses ABC’s confidential information or trade secrets to provide Banking Business to, or
solicit the Banking Business of, any customer of ABC or any of its subsidiaries, or assists any actual or potential competitor of ABC or any of its subsidiaries to provide Banking Business to, or solicit the Banking Business of, any such customer
using such confidential information or trade secrets, or (ii) engages, directly or indirectly, as principal, agent, or trustee, or through the agency of any corporation, partnership, trade association, agent or agency, in any business or venture
which competes with the Banking Business within a 50-mile radius of any office or branch office location of ABC or any of its subsidiaries as of the date hereof, then ABC may immediately terminate any compensation provided to Thomas herein.

	 	         (f)      The term “Banking Business” shall mean the business of operating a financial institution or bank holding
company, including the provision of retail, commercial, trust, mortgage and investment banking products and services and the management of companies that provide such products and services, as conducted by ABC and its subsidiaries during
Thomas’ employment by ABC.

	 	         (g)      Thomas shall immediately turn over to ABC all business correspondence, letters, papers, reports, customer lists,
financial statements, credit reports or other confidential information or documents of ABC or its affiliates in the possession or control of Thomas, all of which writings are and will continue to be the sole and exclusive property of ABC or its
affiliates, as the case may be.

 Thomas acknowledges that irreparable loss and injury would result to ABC upon the breach of any of the covenants contained in this Section 5 and that damages
arising out of such breach would be difficult to ascertain. Thomas hereby agrees that, in addition to all other remedies provided at law or in equity, ABC may petition and obtain from a court of law or equity, without the necessity of proving actual
damages and without posting any bond or other security, both temporary and permanent injunctive relief to prevent a breach by Thomas of any covenant contained in this Section 5, and shall be entitled to an equitable accounting of all earnings,
profits and other benefits arising out of any such breach. In the event that the provisions of this Section 5 should ever be deemed to exceed the time, geographic or any other limitations permitted by applicable law, then such provisions shall be
deemed reformed to the maximum extent permitted thereby.
          6.       No
Disparagement. Each party hereto covenants and agrees that such party will not, directly or indirectly, either in writing or by any other medium, make any disparaging, derogatory or negative
statement, comment or remark about the other party hereto or, to the extent applicable, such party’s officers, directors, employees, shareholders, investors, lenders, agents, independent contractors, associates, representatives, consultants,
attorneys and family
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  members; provided, however, that this Section 6 shall not be construed to require any person or
entity to provide other than truthful testimony when compelled to testify. 
          7.       Confidentiality of this Agreement. The parties hereto agree and acknowledge that the nature, terms, conditions and substance of this Agreement are strictly confidential and shall be kept confidential by the parties
hereto and all of their agents, representatives, employees, attorneys and spouses, as the case may be, from and after the date hereof and shall not be disclosed at any time to any other person or entity whomsoever without the prior written consent
of the parties to this Agreement, except (a) as necessary in the course of preparing and filing appropriate tax returns or dealing with federal or state taxing authorities; (b) in the performance of personal or business financial planning; or (c) as
necessary in connection with any party hereto obtaining advice from counsel. In addition, any term hereof may be disclosed during any lawsuit or other proceeding brought to enforce the terms of this Agreement or as required pursuant to legal
subpoena or court order. It is expressly understood, however, that it is each party’s intent to strictly enforce the terms of this confidentiality provision and that each such party intends to exercise all of such party’s rights to the
maximum extent provided by the law if there is a breach of this or any other provision of this Agreement. The parties hereto further agree that upon the receipt of a subpoena or other legal request for information contained in or regarding the
nature, terms, conditions or substance of this Agreement by any party hereto, such party shall promptly notify the other party hereto in writing of such request, if such notice is permitted by law, and shall give such other party hereto the
opportunity to object to the disclosure of such information before responding to any such request. 
          8.       No Admission; No Further Uses. The parties hereto agree and acknowledge that this Agreement is the result of a compromise and shall never at
any time or for any purpose be construed as an admission by either party to this Agreement of any wrongdoing or any liability or responsibility to the other party to this Agreement (or to any other person), and each of the parties to this Agreement
specifically and vigorously disclaims any wrongdoing or any liability or responsibility to the other party to this Agreement (or to any other person). This Agreement shall not be used in any legal proceeding or for any purpose except to enforce the
provisions hereof. All negotiations, proceedings and statements made in connection herewith shall be made without prejudice to any party hereto and shall not be deemed or construed to be admissions by any party of any act, omission, matter or
proposition.
          9.       No Additional Reliance. The parties
hereto agree and acknowledge that, in executing this Agreement, they did not rely upon and have not relied upon any representations or statements not expressly a part hereof that have been made by the other party to this Agreement or by the agents,
representatives or attorneys of the other party hereto with regard to the subject matter, basis or effect hereof.
          10.      No Assignments. Each of the parties hereto represents that such party has not heretofore assigned or transferred, or purported to assign or
transfer, to any person or entity, any claim or any portion thereof or interest therein, and agrees to indemnify, defend and hold the other party hereto harmless from any and all claims based on or arising out of any such assignment or transfer, or
purported assignment or transfer, of any Claims or any portion thereof or interest therein.
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           11.      Further Assurances. Each party
hereto covenants and agrees, without the necessity of any further consideration, to execute and deliver any and all such further documents and take any and all such other actions as may be necessary to appropriate to carry out the intent and
purposes of this Agreement and to consummate the transactions contemplated hereby.
          12.      Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and upon their respective heirs, personal representatives, administrators, successors and assigns, as the case may
be. 
          13.      Governing Law. This Agreement shall be governed by,
construed and enforced in accordance with the laws of the State of Georgia, without giving effect to any principles of conflicts of laws.
          14.      Specific Performance; Attorneys’ Fees. This Agreement may be specifically enforced, and injunctive relief may be granted to prevent a breach
of this Agreement since there is no adequate remedy at law. Each party hereto shall be entitled to an award of its reasonable costs and expenses, including, without limitation, attorneys’ fees, in any successful proceeding brought hereunder
against one or more of the parties hereto.
          15.      Severability.
Should any part, term or provision of this Agreement be declared or determined by any court to be illegal, invalid or otherwise unenforceable, the legality, validity and enforceability of the remaining parts, terms or provisions hereof shall be
deemed not to be affected, and this Agreement shall be interpreted and enforced as if such illegal, invalid or unenforceable part, term or provision, to the extent possible, is not contained herein.
          16.      Construction. As used in this Agreement, the masculine shall include
the feminine or neuter gender, and the singular shall include the plural, whenever the context so indicates or requires.
          17.      No Release from Future Actions or Inactions. Nothing contained herein shall be construed as a release by either of the parties hereto of, or an
agreement by either of the parties hereto not to sue on, any claims, manner of actions, causes of action, whether at law or in equity, suits, judgments, debts, liens, contracts, agreements, promises, liabilities, demands, damages, losses, costs,
expenses or disputes (including attorneys’ fees and costs) arising out of any act, omission, matter, cause, conduct, claim, event or thing whatsoever which may occur from the date of the execution hereof to the end of time.
          18.      Entire Agreement. This Agreement sets forth the complete and exclusive
statement of the terms of the agreement between the parties hereto and fully supersedes any and all prior agreements or understandings between the parties hereto pertaining to the subject matter hereof.
          19.      Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be an original, and all of which together shall be deemed to be one and the same Agreement. Executed counterparts may be delivered via facsimile transmission.
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           20.      Participation in Negotiations.
EACH OF THE UNDERSIGNED PARTIES ACKNOWLEDGES AND AGREES THAT SUCH PARTY HAS PARTICIPATED IN THE NEGOTIATION OF AND CAREFULLY READ EACH OF THE TERMS AND PROVISIONS OF THIS TERMINATION AGREEMENT AND UNDERSTANDS ITS CONTENTS, AND THAT SUCH PARTY
EXECUTED THIS TERMINATION AGREEMENT AS SUCH PARTY’S OWN FREE ACT AND DEED.
 [Signatures Next Page]
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           IN WITNESS WHEREOF, Thomas has executed and delivered this Agreement, and ABC has caused this Agreement to be
executed and delivered by its duly authorized officer, all as of the date and year first written above.

		 	 	 
	
	 	 	
/s/ MARK D. THOMAS
				

	 	 	 	MARK D. THOMAS

		 	ABC BANCORP
	
	 	By: 	
/s/ KENNETH J. HUNNICUTT
				

	 	 	 	Kenneth J. Hunnicutt,
Chief Executive Officer

 8Employment Agreement -Mark Bridges

 EXHIBIT 10(a) 
  
 DATED SEPTEMBER 1, 2002 
  
 OVERSEAS PARTNERS LTD. 
  
 and 
  
 MARK BRIDGES

  
 
 
 AMENDED EMPLOYMENT AGREEMENT

  
 

 

  
 THIS AMENDED EMPLOYMENT AGREEMENT is made the 1st day of September 2002 
  
 BETWEEN: 
  
 OVERSEAS PARTNERS LTD. whose registered office is
situated at Cumberland House, 1 Victoria Street, Hamilton HM GX, Bermuda (the “Company”); and 
  
 MARK
BRIDGES of “Windward”, 48 North Shore Road, Flatts (the “Executive”). 
  
 WHEREBY IT IS AGREED as
follows: 
  
 1.      Definitions and Interpretations 
  
 In addition to the words and expressions hereinbefore defined the following words and expressions shall have the meanings hereinafter
ascribed to them; 
  
 “Associated Company” means any company which is from time to time a subsidiary or a
holding company (as those expressions are defined by Section 86 of the Companies Act 1981) of the Company. 
  
 “Board” means the Board of Directors from time to time of the Company. 
  
 “Cause” means (a) an act or acts of personal dishonesty taken by the Executive and intended to result in the material personal enrichment of the Executive at the expense of the Company and its Associated Companies,
excluding for this purpose any isolated, insubstantial or inadvertent action not taken in bad faith which is remedied by the Executive in a reasonable period of time after receipt of reasonably prompt written notice thereof from the Company, (b)
repeated violations by the Executive of his obligations under this Agreement which are demonstrably willful and deliberate and which are not remedied in a reasonable period of time by the Executive after receipt of reasonably prompt written notice
thereof from the Company, or, (c) the Executive’s conviction of a felony involving moral turpitude. 
  
 “Change in Control” means (a) the change in control of the Company through the acquisition (whether by purchase, transfer, merger, renunciation or otherwise) of any interest in any shares, if, upon completion of such
acquisition the third party, together with persons acting in concert with the third party, would hold more than fifty percent of the Common Share Capital of the Company or (b) the sale or disposal of all or substantially all of the Company’s
reinsurance operations (for example, sale of OPRe or a loss portfolio transfer of more than 80% of OPRe’s reinsurance liabilities. 
  
 “Commencement Date” means the 15th day of April, 2002. 
  
 “Common Share
Capital” means all the Common Shares of the Company in issue from time to time. 

 
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 “Compensation Committee” means the Compensation Committee of the Board.

  
 “Employment” means the employment of the Executive with the Company pursuant to this Agreement.

  
 “Good Reason” means (a) the sale or other disposition by the Company of all or substantially all of its
reinsurance operations, (b) a Change in Control, (c) repeated violations by the Company of its obligations under this Agreement which are demonstrably willful and deliberate and which are not remedied in a reasonable period of time by the Company
after receipt of reasonably prompt written notice thereof from the Executive, (d) without the Executive’s consent, the Company reduces the Executive’s current base salary, reduces the Executive’s then current target total annual
compensation, reduces the Executive’s housing allowance, or reduces any of the benefits provided to the Executive under paragraphs 4(e) or (f) of this Agreement, (e) a diminution in the Executive’s duties or responsibilities or the
assignment of the Executive of any duties inconsistent in any adverse respect with the Executive’s then current duties and responsibilities or, (f) the Work Permit of the Executive is terminated by the Government of Bermuda. 

 
 “Scheduled Termination Date” means April 14, 2005. 
  
 “Termination Date” means the date on which the Employment with the Company ceases either for reason of the conclusion of the fixed term of the Employment or for
reason of the termination of the Employment in accordance with the provisions of this Agreement. 
  
 2.      Term of Appointment 
  

	 	(a)
	 
	The Company hereby appoints the Executive and the Executive hereby agrees to act as President and Chief Executive Officer of the Company and all subsidiaries,
with the exception of OP Re for which the Executive will act as Chairman of the Board of Directors and Chief Financial Officer, for an initial Term of Appointment of a period of three (3) years unless this Agreement is: (i) sooner terminated in
accordance with paragraph 5 below, or (ii) extended as provided in paragraph 2(b) below. Thus, unless otherwise extended, this Agreement shall terminate effective as of the Scheduled Termination Date. 
 

	

	 	(b)
	 
	Commencing on the third anniversary of the Commencement Date and on each annual anniversary of such date, (each a “Renewal Date”), this Agreement, and
the Term of Appointment herein granted, shall be automatically extended so as to terminate on the first annual anniversary of each Renewal Date, unless either the Company or the Executive shall give the other written notice, not less than 60 days
prior to any Renewal Date, of the election not to so extend this Agreement, in which case this Agreement shall terminate on such Renewal Date. 
 

 
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 3.      Powers and Duties 
  
 During the period of Employment under this Agreement the Executive: 
  

	 	(a)
	 
	shall report to the Board and shall exercise such powers and perform such duties as President and Chief Executive Officer as may from time to time be vested in
or assigned to him by the Board and shall comply with all reasonable directions from time to time given to him by the Board and with all rules and regulations from time to time laid down by the Company concerning its employees as the Board may from
time to time determine. 
 

	

	 	(b)
	 
	shall devote his full attention and business time to the business and affairs of the Company, provided, however, that nothing in this Agreement shall preclude
the Executive from engaging in activities involving professional, educational, charitable, religious and community organizations, managing his personal investments, and serving on the board of directors of such companies and organizations as agreed
to from time to time by the Board, to the extent that the foregoing do not materially inhibit the performance of the Executive’s duties under this Agreement or conflict in any material way with the business and affairs of the Company.

 

	

	 	(c)
	 
	use his best efforts to perform faithfully and efficiently, and to discharge the dealings and responsibilities assumed by him under this Agreement.

 

  
 4.      Remuneration and Benefits 
  
 The Executive shall be paid by way of remuneration a salary and bonus and such other benefits (if any) as the Compensation Committee may
from time to time determine as follows: 
  

	 	(a)
	 
	The Executive shall be paid by way of remuneration for his services during the Employment hereunder: (i) a base salary at the rate of $29,166.67 per month and
(ii) such bonuses or additional remuneration (if any) as the Board, through its Compensation Committee, may from time to time determine in accordance with the “Overseas Partners Ltd. Incentive Plan” based upon a target award of 100% of
annual base salary, a minimum award of 50% of annual base salary, and a maximum award of 150% of annual base salary (using the Executive’s annual base salary in effect at the end of the calendar year to which the bonus relates), in each case
determined by the performance of the Company and the Executive as adjudged solely by the Compensation Committee. The Compensation Committee shall review the Executive’s base salary and potential bonus award, on an annual basis to determine, in
its sole discretion, if and to what extent an increase in base salary and/or the awarding of a bonus or additional remuneration is warranted. The annual review will be completed by March 1 of each year. 
 

	

  

 
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 Such salary shall be paid by equal monthly installments in arrears on the 25th
day of every month and shall accrue from day to day. 
  

	 	(b)
	 
	The Executive shall be entitled to a Retention & Incentive bonus, payable as of the earliest of (i) April 15, 2005, (ii) a Change of Control, (iii) the
Executive’s termination without Cause or (iv) the Executive’s termination of employment for Good Reason. The Target Bonus shall be $2.5 million, and the amount of the bonus payable hereunder shall be adjusted in accordance with the
provisions of the Company’s Retention and Incentive Award Plan, subject to a guaranteed minimum bonus of $1.67 million. Such bonus shall not be paid if the Executive’s employment is terminated for Cause or the Executive terminates
employment without Good Reason. 
 

  

	 	(c)
	 
	In addition to public holidays the Executive will be entitled to thirty (30) days vacation in every calendar year. Unless and until his Employment under this
Agreement terminates under any provision herein, salary will continue to be payable during vacations. Vacation days not taken in any calendar year may be carried forward at the sole discretion of the Compensation Committee. 

  

	 	(d)
	 
	Subject to production, if requested, of medical certificates satisfactory to the Company, salary will not cease to be payable by reason only of the
Executive’s incapacity to work due to sickness or accident (unless and until his Employment under the Agreement shall be terminated under any provision herein) but the Company may reduce salary during incapacity by an amount equal to the
benefit (excluding any lump sum benefit) which the Executive would be entitled to claim during such incapacity under any sickness or accident insurance policy paid for entirely by the Company (whether or not such benefit is claimed by the
Executive). 
 

  

	 	(e)
	 
	The Executive shall be entitled to participate in the OPL Bermuda Pension Plan. 
 

  

	 	(f)
	 
	The Executive is entitled to all other benefits outlined in the Overseas Partners Ltd./Overseas Partners Re Ltd. Company Handbook, which are not specifically
identified in this Agreement. 
 

  

	 	(g)
	 
	The Company shall, during the continuance of the Employment of the Executive (including any period of notice) pay a housing allowance of $12,500 per month
(retroactive to January 1, 2002) to defray the Executive’s housing cost here in Bermuda. Such amount shall increase by $500 per month on each subsequent January 1. Payments shall be on the 25th day of each month, in arrears for the month in
question. 
 

 
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 5.      Termination of Employment 
  

	 	(a)
	 
	The Employment may be terminated at any time: (i) by the Company with or without Cause, (ii) by the Executive with or without Good Reason or (iii) due to the
death or total and permanent disability of the Executive in accordance with the applicable long-term policies of the Company in which the Executive participates. 
 

  

	 	(b)
	 
	In the event that the Executive wishes to resign from the Company without Good Reason, the Executive shall provide the Company with three (3) months’
advance written notice and, in such case, the Company may terminate the Executives employment prior to the end of such three (3) month period provided that the Company makes the payments to the Executive described in paragraph (e) below. A
termination of the Employment by the Company as provided in the preceding sentence shall not be deemed a termination without Cause or give the Executive grounds to terminate his employment for Good Reason for purposes of paragraph (c) below.

 

  

	 	(c)
	 
	In the event that the Employment is terminated either (i) because it is not extended by the Company pursuant to paragraph 2(b) upon the expiration of the
initial Term of Appointment, (ii) following a Change of Control, or (iii) pursuant to paragraph (a) above (A) by the Company without Cause or (B) by the Executive with Good Reason, the Executive shall be entitled to receive, in addition to accrued
salary and benefits (including a pro-rata calculation of earned vacation days) payable to the Executive through the Termination Date, the following payments, each of which shall be paid in a lump sum within 14 business days from the Termination
Date: (x) an amount equal to the Executive’s bonus entitlement (as determined in paragraph 4(a)), based upon the target level set by the Company for the year in which the Executive’s termination occurs and pro-rated for the period from
January 1 of the year in which the termination occurs to the Termination Date, (y) an amount equal to the product of 24 (or, if greater, the number of months remaining through the Scheduled Termination Date) times the Executive’s monthly base
salary (as determined in paragraph 4(a)), and (z) an amount equal to the product of 2 (or, if greater, a fraction equal to the number of months remaining through the Scheduled Termination Date divided by 12) times the Executive’s bonus
entitlement (as determined in paragraph 4(a)), based upon the target level set by the Company for the year in which the Executive’s termination occurs. In addition, in the event of a termination of Employment described in this paragraph 5(c),
the Executive shall receive continuation of his monthly housing allowance (as that amount is determined in paragraph 4(g) above) and his medical benefits (as that amount is determined pursuant to paragraph 4(f) above) for 24 months; provided,
however that such continued payment of the Executive’s monthly housing allowance and medical benefits shall cease if the Executive obtains full-time employment or leaves Bermuda. 
 

	

  

 
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 The Company’s obligation to make the payments in this paragraph 5(c) shall
be conditioned on the Executive’s execution of a General Release Agreement in accordance with the Company’s customary practice. 
  

	 	(d)
	 
	In the event of the termination of the Employment for one of the reasons described in paragraph (c) above, all outstanding grants of restricted stock, stock
options and stock appreciation rights previously granted to the Executive by the Company will automatically become fully vested as of the date of such termination, notwithstanding anything to the contrary contained in the terms or provisions of the
Company’s Incentive Compensation Plan. 
 

  

	 	(e)
	 
	In the event that the Employment is terminated pursuant to paragraph (a) above: (i) by the Company for Cause or (ii) by the Executive without Good Reason; the
Executive shall be entitled to receive only his accrued salary and benefits (including a pro-rata calculation of earned vacation days) payable through the Termination Date or otherwise payable under plans maintained by the Company in accordance with
their terms and nothing else. In addition, in the event that the Executive terminates his Employment with the Company without Good Reason in accordance with paragraph 5(b) of this Agreement, the Company shall be required (even if the Company
subsequently elects to terminate the Employment of the Executive prior to the effective date of his termination in accordance with paragraph 5(b) of this Agreement) to continue to provide the Executive with his salary and benefits until the earlier
of the effective date of his termination and the end of the Term of Appointment. 
 

  
 6.      Non-Competition 
  
 The Executive shall not during the
continuance of the Employment (unless otherwise agreed in writing by the Company) undertake any other business or profession or be or become an executive or agent of any other company, firm or person or assist or have any financial interest in any
other business or profession, if such business or profession is in competition with the business of the Company or any Associated Company but nothing in this paragraph shall preclude the Executive from holding or acquiring less than 5% of the voting
shares or other equity securities of any other company which are listed or dealt in on any recognized stock exchange by way of bona fide investment. 
  
 7.      Non-Solicitation 
  
 The Executive covenants with the
Company that he shall not during the continuance of the Employment or for a period of two (2) years after the Termination Date on his own behalf or on the behalf of any other person, firm or company directly or indirectly endeavor to entice away
from the Company any person who is then employed by the Company and was so employed by the Company during the continuance of the Employment. 

 
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 8.      Confidential Information 
  
 The Executive shall not, either during the continuance of his Employment hereunder and up to two years after the termination of the
Agreement, use to the detriment or prejudice of the Company, except in the proper course of his duties, divulge to any person any trade secret or any other information of a confidential nature concerning the business or affairs of the Company which
may have come to his knowledge during the Employment. 
  
 9.      Board Information 

 
 The Executive shall at all times promptly give to the Board (in writing if so requested) all such information and explanations
as they may require in connection with matters relating to his Employment hereunder or with the business of the Company. 
  
 10.    Return of Papers etc. 
  
 The Executive shall promptly upon the
request of the Board following his termination of Employment deliver up to the Company all lists of clients or customers, correspondence and all other documents, papers and records which may have been prepared by him or have come into his possession
in the course of his Employment, and the Executive shall not be entitled to and shall not retain any copies thereof. Title and copyright therein shall vest in the Company. This paragraph 10 shall survive the Executive’s termination of
employment. 
  
 11.    Misrepresentation 
  
 The Executive shall not at any time after the termination of his Employment hereunder wrongfully represent himself as being employed by or connected with the Company or any
Associated Company. 
  
 12.    Notices 
  
 Any notice in writing to be served hereunder shall be given personally to the Executive or to the Secretary of the Company (as the case may be) or shall be couriered or
posted by registered mail to the Company (for the attention of its Secretary) at its registered office for the time being or to the Executive either at his address given above or at his last known address. Any such notice sent by post shall be
deemed served three days after it is posted and in proving such service it shall be sufficient to prove that the notice was properly addressed and put in the post or couriered. 
  
 13.    Indemnity and Insurance 
  
 The
Company hereby agrees to indemnify and hold the Executive harmless for any acts or omissions arising out of the course and scope of his Employment with the Company to the fullest extent permitted by applicable law. 
  

 
 8 

 14.    Other Agreements 
  
 The Executive acknowledges and warrants that there are no agreements or arrangements whether written, oral or implied between the Company and the Executive relating to the Employment of the Executive
other than those expressly set out in the Agreement and that he is not entering into the Agreement in reliance on any representation not expressly set out herein, provided that any Restricted Stock Agreement entered into between the Executive and
the Company shall not be affected by this Agreement. This Amended Employment Agreement shall supersede any prior written or oral employment agreements between the Executive and the Company, including without limitation the Employment Agreement dated
as of December 20, 2001. 
  
 15.    Successors and Assigns 
  

The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of its business or
assets to expressly assume this Agreement and agree to perform under this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. In addition, the Company may assign
this Agreement (and all of its rights and obligations hereunder) to any of its wholly-owned subsidiaries. As used in this Agreement, the term “Company” shall mean any successor or subsidiary that assumes and agrees to perform this
Agreement or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law. 
  
 16.    Governing Law 
  
 The Agreement shall be governed by and construed
under Bermuda law and each of the parties hereto submits to the jurisdiction of the Bermuda Courts as regards any claim or matter arising under the Agreement. 
  
 17.    Expenses 
  
 The Company will reimburse the Executive for
legal fees and expenses incurred in connection with the negotiation, execution and delivery of this Amended Employment Agreement for an amount up to $5,000. In addition, the Company shall reimburse the Executive in accordance with its
customary practices for any legal fees and expenses in connection with the negotiations, execution and delivery of a General Release Agreement in accordance Section 5(c). 

 
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 IN WITNESS WHEREOF the parties hereto have set their hands and seals the date first above written.

  
 
	 SIGNED by
 	 	 )    /S/    ROBERT CLANIN
 
	 on behalf of the Company
 	 	 )    /S/    D. SCOTT DAVIS
 
	 in the presence of:-
 	 	  
	 
	 SIGNED by the Executive-
 	 	 )    /S/    MARK R. BRIDGES
 
	 in the presence of:-
 	 	 )    /S/    CYRIL RANCE
 

 
  

 
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