Document:

Exhibit 10.1

Exhibit 10.1

SECURITIES PURCHASE AGREEMENT

This Securities Purchase Agreement (this “Agreement”), dated as of August 4, 2010, is
entered into by and between Helios & Matheson North America, Inc., a Delaware corporation (the
“Company”), and Helios and Matheson Inc., a Delaware corporation (the “Purchaser”).

WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to
Section 4(2) of the Securities Act and Rule 506 promulgated thereunder, or, alternatively,
Regulation S promulgated thereunder, the board of directors of the Company has authorized the sale
and issuance to the Purchaser of $2,000,000 of Common Stock, for a price per share equal to the
greater of book or market value determined in accordance with Nasdaq rules on the date of this
Agreement, subject to the terms and conditions of this Agreement (the “Offering”).

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for
other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the Company and the Purchaser agree as follows:

ARTICLE I.

DEFINITIONS

1.1 Definitions. In addition to the terms defined elsewhere in this Agreement, the
following terms have the meanings indicated in this Section 1.1:

“Affiliate” means any Person that, directly or indirectly through one or more
intermediaries, controls or is controlled by or is under common control with a Person, as
such terms are used in and construed under Rule 144 under the Securities Act.

“Business Day” means any day except Saturday, Sunday, any day which shall be a
federal legal holiday in the United States or any day on which banking institutions in the
State of New York are authorized or required by law or other governmental action to close or
any day that the Common Stock is not traded on the NASDAQ Stock Market.

“Closing” means the closing of the purchase and sale of the Securities pursuant
to Section 2.1.

“Closing Date” means the Business Day when this Agreement has been executed and
delivered by the Company and the Purchaser, and all conditions precedent to (i) the
Purchaser’s obligations to pay the Subscription Amount and (ii) the Company’s obligations to
deliver the Securities have been satisfied or waived; provided that the Closing Date shall
be no later than August 6, 2010, unless otherwise agreed by the Company.

“Commission” means the United States Securities and Exchange Commission.

“Common Stock” means the common stock of the Company, $0.01 par value per
share, and any other class of securities into which such securities may hereafter be
reclassified or changed into.

 

 

 

“Offering” has the meaning set forth in the recitals hereof.

“Person” means an individual or corporation, partnership, trust, incorporated
or unincorporated association, joint venture, limited liability company, joint stock
company, government (or an agency or subdivision thereof) or other entity of any kind.

“Registration Statement” means a registration statement filed with the
Commission covering the resale of the Securities.

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the
Securities Act, as such Rule may be amended from time to time, or any similar rule or
regulation hereafter adopted by the Commission having substantially the same effect as such
Rule.

“Securities” means the number of shares of Common Stock to be purchased by
Purchaser pursuant to this Agreement, determined by dividing the Subscription Amount by the
greater of $0.73 and the closing bid price per share of the Common Stock on the date
preceding the date of this Agreement, as obtained from Nasdaq.

“Securities Act” means the Securities Act of 1933, as amended, and the rules
and regulations promulgated hereunder.

“Subscription Amount” means the amount of United States Dollars, in immediately
available funds, set forth on the Purchaser’s signature page hereto.

ARTICLE II.

PURCHASE AND SALE

2.1 Closing. On the Closing Date, upon the terms and subject to the conditions set
forth herein, the Company agrees to sell and the Purchaser agrees to purchase the Securities. The
Closing shall occur upon satisfaction of the deliveries and conditions set forth in Sections 2.2
and 2.3.

2.2 Deliveries.

(a) On the Closing Date, the Company shall deliver or cause to be delivered to the
Purchaser the following:

(i) this Agreement duly executed by the Company;
and

(ii) a certificate issued in the name of the Purchaser representing the
Securities, or, if acceptable to the Purchaser for the purpose of the Closing, a
copy of such certificate provided by the Company’s stock transfer agent; provided,
however, the Purchaser may waive such condition and allow the Company to have such
certificate prepared and delivered to the Purchaser as soon as
commercially practicable following the Closing.

 

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(b) On the Closing Date, the Purchaser shall deliver or cause to be delivered to the
Company the following:

(i) this Agreement duly executed by the Purchaser;
and

(ii) the Subscription Amount by wire transfer to the Company.

2.3 Closing Conditions.

(a) The obligations of the Company hereunder in connection with the Closing are subject
to the following conditions being met:

(i) the accuracy in all material respects when made and on the Closing Date of
the representations and warranties of the Purchaser contained herein; and

(ii) the delivery by the Purchaser of the items set forth in Section 2.2(b) of
this Agreement.

(b) The obligations of the Purchaser hereunder in connection with the Closing are
subject to the following conditions being met:

(i) the accuracy in all material respects when made and on the Closing Date of
the representations and warranties of the Company contained herein;

(ii) the delivery by the Company of the items set forth in Section 2.2(a) of
this Agreement; and

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

3.1 Representations and Warranties of the Company. The Company hereby represents and
warrants as of the date hereof and as of the Closing Date to the Purchaser as follows:

(a) Organization and Qualification. The Company is an entity duly
incorporated, validly existing and in good standing under the laws of the State of Delaware,
USA, with the requisite power and authority to own and use its properties and assets and to
carry on its business as currently conducted.

(b) Authorization; Enforcement. The Company has the requisite corporate power
and authority to enter into and to consummate the transactions contemplated by this
Agreement and otherwise to carry out its obligations hereunder. The execution and delivery
of this Agreement by the Company and the consummation by it of the transaction contemplated
hereby have been duly authorized by the Company’s board of
directors and no further action is required by the Company’s board of directors or its
stockholders in connection herewith.

 

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(c) Issuance of the Securities. The Securities are duly authorized and, when
issued and paid for in accordance with this Agreement, will be duly and validly issued,
fully paid and non-assessable.

3.2 Representations and Warranties of the Purchaser. The Purchaser hereby represents
and warrants as of the date hereof and as of the Closing Date to the Company as follows:

(a) Organization; Authority. The Purchaser is an entity duly organized,
validly existing and in good standing under the laws of India with full right and corporate
or partnership power and authority to enter into and consummate the transaction contemplated
by this Agreement. The execution, delivery and performance by the Purchaser of the
transaction contemplated by this Agreement have been duly authorized by all necessary
corporate or similar action on the part of the Purchaser.

(b) Own Account. The Purchaser understands that the Securities are “restricted
securities” and have not been registered under the Securities Act or any applicable U.S.
state securities law and is acquiring the Securities as principal for its own account and
not with a view to or for distributing or reselling such Securities or any part thereof in
violation of the Securities Act or any applicable U.S. state securities law, has no present
intention of distributing any of such Securities in violation of the Securities Act or any
applicable state securities law and has no direct or indirect arrangement or understandings
with any other persons to distribute or regarding the distribution of such Securities in
violation of the Securities Act or any applicable U.S. state securities law (this
representation and warranty not limiting the Purchaser’s right to sell or otherwise transfer
the Securities in compliance with applicable U.S. Federal and state securities laws).

(c) Purchaser Status. At the time the Purchaser was offered the Securities, it
was, and at the date hereof it is, an “accredited investor” as defined in Rule 501 under the
Securities Act.

(d) Experience of the Purchaser. The Purchaser, either alone or together with
its representatives, has such knowledge, sophistication and experience in business and
financial matters as to be capable of evaluating the merits and risks of the prospective
investment in the Securities and has so evaluated the merits and risks of such investment.
The Purchaser is able to bear the economic risk of an investment in the Securities.

(e) General Solicitation. The Purchaser is not purchasing the Securities as a
result of any advertisement, article, notice or other communication regarding the Securities
published in any newspaper, magazine or similar media or broadcast over television or radio
or presented at any seminar or any other general solicitation or general advertisement.

 

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(f) Access to Company Information. The Purchaser acknowledges that it has been
afforded access and the opportunity to obtain all financial and other information concerning
the Company that the Purchaser desires (including the opportunity to meet with the Company’s
executive officers, either in person or telephonically). The Purchaser has reviewed copies
of the Company’s periodic and current reports filed with the Commission since January 1,
2008 and is familiar with the contents thereof, including, without limitation, the risk
factors contained in the Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2009, and there is no further information about the Company that the Purchaser
desires in determining whether to acquire the Securities.

(g) No Broker’s Fees. The Company shall not be obligated to pay any commission,
brokerage fee, or finder’s fee based on any alleged agreement or understanding between the
Purchaser and a third person in respect of the transactions contemplated hereby.

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

4.1 Transfer Restrictions.

(a) The Securities may only be disposed of in compliance with U.S. state and Federal
securities laws. In connection with any transfer of Securities, the Company or its stock
transfer agent may require the transferor thereof to provide to the Company an opinion of
counsel selected by the transferor and reasonably acceptable to the Company, the form and
substance of which opinion shall be reasonably satisfactory to the Company, to the effect
that such transfer does not require registration of such transferred Securities under the
Securities Act.

(b) The Purchaser agrees to the imprinting, so long as is required by this Section 4.1,
of a legend on any of the Securities in substantially the following form:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED WITH THE SECURITIES
AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM,
OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND
IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF
COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY
ACCEPTABLE TO THE COMPANY.

 

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(c) The Purchaser agrees that the removal of the restrictive legend from certificates
representing Securities as set forth in this Section 4.1 is predicated upon the Company’s
reliance that the Purchaser will sell any Securities pursuant to either the registration
requirements of the Securities Act, including any applicable prospectus delivery
requirements, or an exemption therefrom, and that if Securities are sold pursuant to a
Registration Statement, they will be sold in compliance with the plan of distribution set
forth therein.

ARTICLE V.

MISCELLANEOUS

5.1 Entire Agreement. This Agreement contains the entire understanding of the parties
with respect to the subject matter hereof and supersedes all prior agreements and understandings,
oral or written, with respect to such matters, which the parties acknowledge have been merged into
this Agreement.

5.2 Notices. Any and all notices or other communications or deliveries required or
permitted to be provided hereunder shall be in writing and shall be deemed given and effective on
the earliest of (a) the date of transmission, if such notice or communication is delivered via
facsimile at the facsimile number set forth on the signature pages attached hereto prior to 5:30
p.m. (New York City time) on a Business Day, (b) the next Business Day after the date of
transmission, if such notice or communication is delivered via facsimile at the facsimile number
set forth on the signature pages attached hereto on a day that is not a Business Day or later than
5:30 p.m. (New York City time) on any Business Day, (c) the 2nd Business Day following
the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (d) upon
actual receipt by the party to whom such notice is required to be given. The address for such
notices and communications shall be as set forth on the signature pages attached hereto.

5.3 Amendments; Waivers. Except as otherwise set forth herein, any provision of this
Agreement may be waived, modified, supplemented or amended in a written instrument signed by the
Company and the Purchaser. No waiver of any default with respect to any provision, condition or
requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver
of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor
shall any delay or omission of any party to exercise any right hereunder in any manner impair the
exercise of any such right.

5.4 Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the parties and their successors and permitted assigns. Neither the Company nor the
Purchaser may assign this Agreement or any rights or obligations hereunder without the prior
written consent of the other (other than by operation of law).

5.5 No Third-Party Beneficiaries. This Agreement is intended for the benefit of the
parties hereto and their respective successors and permitted assigns and is not for the benefit of,
nor may any provision hereof be enforced by, any other Person.

 

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5.6 Governing Law. All questions concerning the construction, validity, enforcement
and interpretation of this Agreement shall be governed by and construed and enforced in accordance
with the internal laws of the State of Delaware, without regard to the principles of conflicts of
law thereof. Each party agrees that all legal proceedings concerning the interpretations,
enforcement and defense of the transactions contemplated by this Agreement (whether brought against
a party hereto or its respective affiliates, directors, officers, shareholders, employees or
agents) shall be commenced exclusively in the state or Federal courts sitting in the City of New
York, New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state
and Federal courts sitting in the City of New York for the adjudication of any dispute hereunder or
in connection herewith or with the transaction contemplated hereby or discussed herein, and hereby
irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it
is not personally subject to the jurisdiction of any such court, that such suit, action or
proceeding is improper or is an inconvenient venue for such proceeding. The parties hereby waive
all rights to a trial by jury. If either party shall commence an action or proceeding to enforce
any provisions of this Agreement, then the prevailing party in such action or proceeding shall be
reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses
incurred with the investigation, preparation and prosecution of such action or proceeding.

5.7 Survival. The representations and, warranties, shall survive the Closing and the
delivery, of the Securities, for the applicable statue of limitations.

5.8 Execution. This Agreement may be executed in two or more counterparts, all of
which when taken together shall be considered one and the same agreement and shall become effective
when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature
is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such
signature shall create a valid and binding obligation of the party executing (or on whose behalf
such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature
page were an original thereof.

5.9 Severability. If any term, provision, covenant or restriction of this Agreement is
held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in
full force and effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their commercially reasonable efforts to find and employ an alternative means to
achieve the same or substantially the same result as that contemplated by such term, provision,
covenant or restriction. It is hereby stipulated and declared to be the intention of the parties
that they would have executed the remaining terms, provisions, covenants and restrictions without
including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

5.10 Construction. The parties agree that each of them and/or their respective counsel
has reviewed and had an opportunity to revise this Agreement and, therefore, the normal rule of
construction to the effect that any ambiguities are to be resolved against the drafting party shall
not be employed in the interpretation of this Agreement or any amendments hereto.

(Signature Pages Follow)

 

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IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be
duly executed by their respective authorized signatories as of the date first indicated above.

	 	 	 	 	 	 	 
	HELIOS & MATHESON NORTH AMERICA, INC.,

	 	 	 	Address for Notice:
	 	 
	a Delaware corporation

	 	 	 	 
	 	 
	 

	 	 	 	200 Park Avenue South    	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	New York, New York 10003	 	 
	 

	 	 	 	Attention: Chief Executive Officer	 	 
	 

	 	 	 	Fax 212-979-2517	 	 

	 	 	 	 	 
	By:

	 	/s/ Salvatore M. Quadrino
 

Name: Salvatore M. Quadrino
	 	 
	 

	 	Title: Chief Financial Officer	 	 

With a copy to (which shall not constitute notice):

Kevin Friedmann, Esq.

Richardson & Patel, LLP

Fax: (917) 591-6898

Email: kfriedmann@richardsonpatel.com

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

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[HM INC. SIGNATURE PAGE TO HMNA SECURITIES PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the undersigned has caused this Securities Purchase Agreement to be duly
executed by its authorized signatory as of the date first indicated above.

Name of Purchaser: Helios and Matheson Inc., a Delaware corporation

Signature of Authorized Signatory of Purchaser: /s/ Murali Krishna Gadiyaram

Name of Authorized Signatory: Murali Krishna Gadiyaram

Title of Authorized Signatory: Director

Email Address of Authorized Signatory: murali@heliosmatheson.com

Facsimile Number of Purchaser: 510-217-3857

Address for Notice of Purchaser: 1220 N. Market Street, Suite 806

Wilmington,
New Castle, Delaware 19801

Subscription Amount: $2,000,000

 

9exv10w1

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RESTRICTED STOCK UNIT AGREEMENT

     Under the W. R. Berkley Corporation 2003 Stock Incentive Plan

     THIS AGREEMENT, dated as of                     , 20___, by and between W. R. BERKLEY CORPORATION, a
Delaware corporation (the “Company”), and                                                              (the “Grantee”).

W I T N E S S E T H:

     WHEREAS, the Grantee is an employee of the Company or subsidiary thereof (an “Employee”), and
the Company wishes to grant the Grantee a notional interest in shares of the Company’s common
stock, par value $0.20 per share (the “Stock”), in the form of restricted stock units subject to
certain restrictions and on the terms and conditions set forth herein; and

     WHEREAS, through the grant of these restricted stock units, the Company hopes to incentivise
and retain the services of Grantee and encourage stock ownership by Grantee in order to give
Grantee a proprietary interest in the Company’s success and align Grantee’s interest with those of
the stockholders of the Company; and

     WHEREAS, the Restricted Stock Units awarded Grantee hereunder vest after five years, however
the issuance of the Stock after vesting is deferred until ninety 90 days following Grantee’s
separation from service (as such term is used in Section 409A of the Internal Revenue Code of 1986,
as amended (the “Code”)).

     WHEREAS, the Company and Grantee recognize that if Grantee engages in certain activities
during or, in certain instances, following the termination of Grantee’s employment with the Company
(the “Competitive Actions” or “Misconduct” as defined in Section 3 below), Grantee’s interests are
no longer aligned with the interests of the Company and Grantee will no longer be entitled to
retain certain benefits of the grants made herein.

     NOW, THEREFORE, in consideration of the covenants and agreements herein contained, the parties
hereto hereby agree as follows:

     SECTION 1. Grant of Restricted Stock Units. As of the date hereof, subject to the
terms and conditions of this Agreement and the W. R. Berkley Corporation 2003 Stock Incentive Plan
(the “Plan”), the Company hereby grants to the Grantee ___restricted stock units (the
restricted stock units granted hereunder are hereafter referred to as the “Restricted Stock
Units”). Each Restricted Stock Unit shall represent the right to receive one share of Stock
subject to the terms and conditions set forth herein. Capitalized terms not defined herein shall
have the meaning ascribed to them in the Plan. This award of Restricted Stock Units shall be
administered by the Compensation Committee (the “Committee”) of the Board of Directors of the
Company (the “Board”).

     SECTION 2. Non-Transferability. Except as specifically consented to by the Committee,
the Grantee may not sell, transfer, pledge, or otherwise encumber or dispose of the

 

 

Restricted Stock Units other than by will, the laws of descent and distribution, or as
otherwise provided for in the Plan.

     SECTION 3. Vesting; Forfeiture.

     (a) The Restricted Stock Units granted hereunder shall vest (subject to forfeiture, as set
forth in Section 3(d) below) on the fifth anniversary of the date hereof, provided the Grantee has
remained an Employee from the date hereof through such fifth anniversary. In the event that
Grantee’s employment with the Company is terminated on account of death or Disability (as defined
below), a pro-rata portion of the Restricted Stock Units shall vest (subject to forfeiture, as set
forth in Section 3(d) below) immediately upon such termination. The number of Restricted Stock
Units that will vest upon termination on account of death or Disability shall be the total number
of Restricted Stock Units granted hereunder multiplied by a fraction, the numerator of which is the
number of days the Grantee served as an Employee from the date of this Agreement to the date of
such termination and the denominator of which is one thousand eight hundred twenty five (1,825).
Notwithstanding the vesting schedule set forth above, the Committee shall have absolute discretion
to accelerate the vesting (subject to forfeiture, as set forth in Section 3(d) below) of the
Restricted Stock Units at any time and for any reason, including without limitation retirement.
The earlier of the date the Restricted Stock Units vest on account of (i) death or Disability, (ii)
the fifth anniversary of the date hereof if Grantee has remained an Employee or (iii) upon the
Committee’s determination to accelerate vesting shall hereinafter be referred to as the “Vesting
Date”.

     (b) In the event that Grantee’s employment with the Company is terminated for any reason, all
unvested Restricted Stock Units (except for those that vest immediately upon termination) shall be
forfeited, and the Grantee shall have no further rights with respect to such Restricted Stock
Units.

     (c) For purposes of this Agreement, the Grantee’s employment will be deemed to have terminated
on account of a Disability if such termination was on account of the total and permanent disability
of the Grantee, as determined by the Committee in its sole discretion.

     (d) The Restricted Stock Units granted hereunder shall be subject to the following forfeiture
and recapture provisions as provided below:

	A.	 	In the event that the Committee determines that the Grantee, prior to the Vesting Date during
Grantee’s employment, has engaged in a Competitive Action or enters into, or has entered into,
an agreement (written, oral or otherwise) to engage in a Competitive Action or has engaged in
Misconduct, all of the unvested Restricted Stock Units granted hereunder shall be immediately
forfeited, and the Grantee shall have no further rights with respect to such Restricted Stock
Units.
	 
	B.	 	In the event that the Committee determines that the Grantee, (1) on or after the Vesting Date
during Grantee’s employment or for a period of one year following Grantee’s termination of
employment for any reason, has engaged in a Competitive Action or has entered into an
agreement (written, oral or otherwise) to engage in a Competitive Action, or (2) on or after
the Vesting Date, has engaged in Misconduct, or prior to the Vesting Date Grantee has

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	 	 	engaged in Misconduct that is not discovered or acted upon by the Company until on or after the
Vesting Date, (x) the Grantee shall forfeit all shares of Stock not yet delivered to Grantee
with respect to the Restricted Stock Units and all rights to future payment of Dividend
Equivalents (as defined below), and (y) the Grantee shall pay to the Company, upon
demand by the Company, an amount equal to (i) the value, as of the Settlement Date (as defined
below), of the number of shares of Stock delivered to the Grantee with respect to the Restricted
Stock Units, (ii) all amounts paid to the Grantee on or at any time prior to the Settlement Date
in respect of Dividend Equivalents, and (iii) the value of all dividends, if any, paid to the
Grantee in respect of the shares of Stock delivered to the Grantee on the Settlement Date. The
Grantee may satisfy the payment obligation to the Company of the portion due under (i) above by
returning the shares delivered to the Grantee on the Settlement Date, provided that any amounts
due under (ii) and (iii) above must be remitted to the Company in addition to the return of the
shares.
	 
	C.	 	Grantee acknowledges that engaging in (1) a Competitive Action during the Noncompete Period
within the geographic areas set forth in Section 3(e) below or (2) Misconduct is contrary to
the interests of the Company and would result in irreparable injuries to the Company and would
cause loss in an amount that cannot be readily quantified. Grantee acknowledges that
retaining the amounts required to be paid to the Company pursuant to this Section 3(d) once
Grantee has (x) chosen to engage in or to agree to engage in a Competitive Action or (y)
engaged in Misconduct is contrary to the interests of the Company. The amounts forfeited or
paid to the Company hereunder do not and are not intended to constitute actual or liquidated
damages. Any action or inaction by the Company with respect to enforcing the forfeiture or
recapture provisions set forth herein shall not reduce, eliminate or in any way affect the
Company’s right to enforce the forfeiture or recapture provisions in any other agreement with
Grantee.
	 
	D.	 	The term “Noncompete Period” as used herein shall mean the period beginning on the date
hereof and ending one year following Grantee’s termination of employment for any reason.
	 
	E.	 	Furthermore, if the Grantee engages in Misconduct, then the Company shall be entitled to, and
reserves the right to, pursue any other legal or equitable remedies in addition to the right
to receive forfeitures and/or payments pursuant to this Section 3(d).

     (e) For purposes of this Agreement, the Grantee has engaged in a “Competitive Action” if,
either directly or indirectly, and whether as an employee, consultant, independent contractor,
partner, joint venturer or otherwise, the Grantee (i) who was last employed by W. R. Berkley
Corporation, engages in or directs any business activities, in or directed into any geographical
area where the Company is engaged in business, which are competitive with any business activities
conducted by the Company in such geographical area, (ii) who was last employed by a subsidiary of
the Company, engages in or directs any business activities, in or directed into any geographical
area where such subsidiary is engaged in business or outside of any such geographical area, in
either case, which are competitive with any business activities conducted by such subsidiary in
such geographical area, (iii) on behalf of any person or entity engaged in business activities
competitive with the business activities of the Company, solicits or induces, or in any manner
attempts to solicit or induce, any person employed by, or as an agent of, the Company to terminate
such person’s employment or agency relationship, as the

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case may be, with the Company, (iv) diverts, or attempts to divert, any person, concern or
entity from doing business with the Company or attempts to induce any such person, concern or
entity to cease being a customer of the Company or (v) makes use of, or attempts to make use of,
the Company’s property or proprietary information, other than in the course of the performance of
services to the Company or at the direction of the Company. The determination as to whether the
Grantee has engaged in a Competitive Action shall be made by the Committee in its sole and absolute
discretion. The Committee has sole and absolute discretion to determine whether, notwithstanding
its determination that Grantee has engaged in a Competitive Action, recapture or forfeiture as
provided herein shall not occur. The Committee’s exercise or nonexercise of such discretion with
respect to any particular event or occurrence by or with respect to the Grantee or any other
recipient of restricted stock units shall not in any way reduce or eliminate the authority of the
Committee to (i) determine that any event or occurrence by or with respect to the Grantee
constitutes engaging in a Competitive Action or (ii) determine the related Competitive Action date.

     (f) For purposes of this Agreement, the Grantee has engaged in “Misconduct” if the Grantee,
during Grantee’s employment with the Company, has engaged in an act which would, in the judgment of
the Committee, constitute fraud that could be punishable as a crime or embezzlement against either
the Company or one of its subsidiaries. The determination as to whether the Grantee has engaged in
Misconduct shall be made by the Committee in its sole and absolute discretion. The Committee has
sole and absolute discretion to determine whether, notwithstanding its determination that Grantee
has engaged in Misconduct, recapture or forfeiture as provided herein shall not occur. The
Committee’s exercise or nonexercise of such discretion with respect to any particular event or
occurrence by or with respect to the Grantee or any other recipient of restricted stock units shall
not in any way reduce or eliminate the authority of the Committee to (i) determine that any event
or occurrence by or with respect to the Grantee constitutes an act of Misconduct or (ii) determine
the related Misconduct date.

     (g) During the Noncompete Period the Grantee shall not (i) on behalf of any person or entity
engaged in business activities competitive with the business activities of the Company, solicit or
induce, or in any manner attempt to solicit or induce, any person employed by, or as an agent of,
the Company to terminate such person’s employment or agency relationship, as the case may be, with
the Company, (ii) divert, or attempt to divert, any person, concern or entity from doing business
with the Company or attempt to induce any such person, concern or entity to cease being a customer
of the Company or (iii) make use of, or attempt to make use of, the Company’s property or
proprietary information, other than in the course of the performance of services to the Company or
at the direction of the Company. If in the event of a violation of this Section 3(g), then the
Company shall be entitled to, and reserves the right to, pursue any legal or equitable remedies,
including, but not limited to, the recovery of monetary damages resulting from such action set
forth in this Section 3(g) and injunctive relief, in addition to the right to receive forfeitures
and/or payments pursuant to Section 3(d).

     (h) The Grantee hereby agrees to notify the Company within ten (10) days of commencing any
employment or other service provider relationship with any company or business during the
Noncompete Period, specifying in reasonable detail (i) the name of such company or business and the
line of business in which it is engaged, and (ii) the Grantee’s position or title and the types of
services to be rendered by the Grantee in such position or title.

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The Grantee hereby acknowledges that this notice requirement is reasonable and necessary for
the Company to enforce the provisions of Sections 3(d) and 3(g) hereof. Furthermore, if the
Grantee fails to so notify the Company, the Grantee shall be required to repay (at the Committee’s
sole discretion) to the Company the amounts described in Section 3(d) hereof as if the Grantee had
engaged in a Competitive Action during the Noncompete Period, unless the Grantee can provide
dispositive evidence, which shall be determined in the Committee’s sole discretion, that a
Competitive Action did not occur.

     SECTION 4. Delivery and Possession of Share Certificates. Ninety (90) days following
the Grantee’s “separation from service” (for purposes of Section 409A of the Code) for any reason,
including death or Disability, (the “Settlement Date”), provided the Grantee has not engaged in, or
entered into an agreement (written, oral or otherwise) to engage in, a Competitive Action or has
not engaged in Misconduct, the Company shall deliver to the Grantee (or the Grantee’s estate in the
event of death) a certificate or certificates representing the number of shares of Stock equal to
the number of vested Restricted Stock Units (if any) as of the date of such separation from service
and Grantee shall take possession thereof; provided, however, that if the Grantee is a “specified
employee” pursuant to Section 409A(a)(2)(B)(i) of the Code, distribution of shares of Stock shall
be delayed for such period of time as may be necessary to satisfy Section 409A(a)(2)(B)(i) of the
Code (generally six months), and on the earliest date on which such distribution can be made
following such delay without violating the requirements of Section 409A(a)(2)(B)(i) of the Code,
the Company shall deliver to the Grantee a certificate or certificates representing the number of
shares of Stock equal to the number of such vested Restricted Stock Units. A delay shall not be
required to the extent the Grantee terminates employment on account of death or Disability,
provided that in the event of a Disability the Grantee is “disabled” within the meaning of Section
409A(a)(2)(C) of the Code, in which case the Restricted Stock Units shall be settled ninety (90)
days following the occurrence of such death or Disability. Notwithstanding anything herein to the
contrary, in the event of a Change of Control, the Restricted Stock Units shall immediately become
fully vested and no longer subject to forfeiture and, provided the event that constitutes a Change
of Control also constitutes a change in the ownership or effective control of the Company or in the
ownership of a substantial portion of the assets of the Company within the meaning of Section
409A(a)(2)(A)(v) of the Code and the regulations promulgated thereunder, the Company shall
immediately deliver to the Grantee (or the Grantee’s estate in the event of death) a certificate or
certificates representing the number of shares of Stock equal to the number of vested Restricted
Stock Units.

     SECTION 5. Dividends and Dividend Equivalents. No dividends or dividend equivalents
shall accrue or be paid with respect to any outstanding unvested Restricted Stock Units. On the
second Tuesday of each January, April, July and October (each, a “Dividend Equivalent Payment
Date”) occurring during the period commencing on the Vesting Date and ending on the Settlement
Date, the Grantee shall be paid an amount in cash, with respect to each vested Restricted Stock
Unit then outstanding and held by such Grantee, equal to the aggregate cash dividends paid by the
Company in respect of one share of Stock (the “Dividend Equivalent”) following the immediately
prior Dividend Equivalent Payment Date, or with respect to the first Dividend Equivalent Payment
Date only, on or following the Vesting Date; provided, however, that with respect to the first
Dividend Equivalent Payment Date, no Dividend Equivalents shall be paid to the Grantee in respect
of any cash dividends declared or paid by the Company prior to such Vesting Date. To the extent a
cash dividend is paid by the Company on

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or prior to the Settlement Date but the Dividend Equivalent Payment Date relating thereto
would not occur prior to the Settlement Date, the Dividend Equivalents relating thereto shall be
paid to the Grantee on the Settlement Date. The Grantee’s right to future payments of Dividend
Equivalents shall be subject to forfeiture to the same extent that the corresponding Restricted
Stock Units are subject to forfeiture pursuant to Section 3.

     SECTION 6. Rights of Stockholder. Neither Grantee nor any transferee will have any
rights as a stockholder with respect to any share covered by this Agreement until the Grantee or
transferee becomes the holder of record of such shares.

     SECTION 7. Company; Grantee.

     (a) The term “Company” as used in Section 3 or otherwise in this Agreement with reference to
the Grantee’s employment shall include the Company and its subsidiaries. The term “subsidiary” as
used in this Agreement shall mean any subsidiary of the Company within the meaning of Section
424(f) of the Code.

     (b) Whenever the word “Grantee” is used in any provision of this Agreement under circumstances
where the provision should logically be construed to apply to the executors, the administrators, or
the person or persons to whom the Restricted Stock Units may be transferred by will or by the laws
of descent and distribution, the word “Grantee” shall be deemed to include such person or persons.

     SECTION 8. Compliance with Law. Notwithstanding any of the provisions hereof, the
Grantee hereby agrees and the Company will not be obligated to issue or transfer shares to Grantee
hereunder, if the issuance or transfer of such shares will constitute a violation by the Grantee or
the Company of any provision of any law or regulation of any governmental authority. Any
determination in this connection by the Committee will be final, binding and conclusive. The
Company shall in no event be obliged to register any securities pursuant to the Securities Act or
to take any other affirmative action in order to cause the issuance or transfer of shares acquired
pursuant to this Agreement to comply with any law or regulation of any governmental authority. The
terms with respect to any deferral of the Restricted Stock Units are subject to change and
amendment to comply with any applicable laws or regulations, including Section 409A of the Code.

     SECTION 9. Notice. Every notice or other communication relating to this Agreement
shall be in writing, and shall be mailed to or delivered to the party for whom it is intended at
such address as may from time to time be designated by it in a notice mailed or delivered to the
other party as herein provided, provided that, unless and until some other address be so
designated, all notices or communications by the Grantee to the Company shall be mailed or
delivered to the Company at its principal executive office, and all notices or communications by
the Company to the Grantee may be given to the Grantee personally or may be mailed to Grantee at
the Grantee’s last known address, as reflected in the Company’s records.

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     SECTION 10. Changes in Capital Structure. The existence of this Agreement will not
affect in any way the right or power of the Company or its stockholders to make or authorize any of
the following:

     (a) any adjustments, recapitalization, reorganizations or other changes in the Company’s
capital structure or its business;

     (b) any merger or consolidation of the Company;

     (c) any issue of stock or of options, warrants or rights to purchase stock or of bonds,
debentures, preferred to prior preference stocks ahead of or affecting the Stock or the rights
thereof or convertible into or exchangeable for Stock;

     (d) the dissolution or liquidation of the Company;

     (e) any sale or transfer of all or any part of its assets or business; or

     (f) any other corporate act or proceeding.

     SECTION 11. Other Share Issues. Except as expressly provided in the Plan, the issue
by the Company of shares of stock of any class, or securities convertible into or exchangeable for
shares of stock of any class, for cash, property or services, either upon direct sale or upon the
exercise of options, rights or warrants, or upon conversion of shares or obligations of the Company
convertible into such shares or other securities will not affect, and no adjustment by reason
thereof will be made with respect to, the number of shares subject to this Agreement.

     SECTION 12. Withholding. At the time of vesting and/or settlement of the Restricted
Stock Units, as appropriate, the Committee shall require the Grantee to pay to the Company an
amount sufficient to pay all federal, state and local withholding taxes applicable (including FICA
taxes upon vesting), in the Committee’s judgment, to the vesting or settlement of the Restricted
Stock Units, and the Grantee’s right to vesting and/or settlement, as appropriate, shall be
contingent upon such payment. Such payment to the Company may be effected through (a) payment by
the recipient to the Company of the aggregate withholding taxes in cash or cash equivalents; (b) at
the discretion of the Committee, the Company’s withholding from the number of shares of Stock that
would otherwise be delivered to the Grantee upon settlement of the Restricted Stock Units, a number
of shares of Stock with an aggregate fair market value on the date of settlement (as determined by
the Committee) equal to the aggregate amount of withholding taxes; or (c) at the discretion of the
Committee, any combination of these two methods.

     SECTION 13. Grantee’s Tax Considerations. The tax impact of the award hereunder can
be quite complex and will vary with each Grantee. It is recommended that each Grantee review such
Grantee’s own tax situation and consult their tax advisor.

     SECTION 14. Waiver of Right To Trial by Jury. BOTH PARTIES HEREBY WAIVE AND RELEASE
ANY CLAIM UNDER STATE OR FEDERAL LAW THEY MAY HAVE HAD TO A JURY TRIAL IN CONNECTION WITH CLAIMS
ARISING UNDER OR

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RELATING TO THIS AGREEMENT OR ANY ACTIONS TAKEN OR DETERMINATIONS MADE HEREUNDER.

     SECTION 15. No Right to Continued Service. This Agreement does not confer upon the
Grantee any right to continue as an Employee of the Company, nor shall it interfere in any way with
the right of the Company to terminate Grantee’s employment at any time for any reason.

     SECTION 16. Binding Effect. This Agreement shall be binding upon the heirs,
executors, administrators and successors of the parties hereto.

     SECTION 17. The Plan. The terms and provisions of the Plan are incorporated herein by
reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the
Plan shall govern. The Grantee hereby acknowledges that he has received a copy of the Plan and
understands and agrees to the terms thereof. This Agreement, together with the Plan, constitutes
the entire agreement by and between the parties hereto with respect to the subject matter hereof,
and this Agreement and the Plan supersede all prior agreements, correspondence and understandings
and all prior and contemporaneous oral agreements and understandings, among the parties hereto with
regard to the subject matter hereof.

     SECTION 18. Governing Law. This Agreement shall be construed and interpreted in
accordance with the laws of the State of Delaware, without regard to the principles of conflicts of
law thereof. Grantee hereby irrevocably consents to the exclusive personal jurisdiction of the
federal and State courts of the State of Delaware for the resolution of any disputes arising out
of, or relating to, this Agreement. In any action arising under or relating to this Agreement, the
court shall not have the authority to, and shall not, conduct a de novo review of any determination
made by the Committee or the Company but is instead authorized to determine solely whether the
determination was the result of fraud or bad faith under Delaware law.

     SECTION 19. Severability. The invalidity or unenforceability of any provision or
provisions of this Agreement shall not affect the validity or enforceability of any other provision
or provisions of this Agreement, which shall remain in full force and effect. If any provision of
this Agreement is held to be invalid, void or unenforceable in any jurisdiction, any court so
holding shall substitute a valid, enforceable provision that preserves, to the maximum lawful
extent, the terms and intent of such provisions of this Agreement. If any of the provisions of, or
covenants contained in, this Agreement are hereafter construed to be invalid or unenforceable in
any jurisdiction, the same shall not affect the remainder of the provisions or the enforceability
thereof in any other jurisdiction, which shall be given full effect, without regard to the
invalidity or unenforceability in such other jurisdiction. Any such holding shall affect such
provision of this Agreement, solely as to that jurisdiction, without rendering that or any other
provisions of this Agreement invalid, illegal or unenforceable in any other jurisdiction. If any
covenant should be deemed invalid, illegal or unenforceable because its scope is considered
excessive, such covenant will be modified so that the scope of the covenant is reduced only to the
minimum extent necessary to render the modified covenant valid, legal and enforceable.

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     SECTION 20. Signature in Counterparts. This Agreement may be signed in counterparts,
each of which shall be an original, with the same effect as if the signatures thereto and hereto
were upon the same instrument.

*  *  *

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

	 	 	 	 	 	 	 

	 	 	W. R. BERKLEY CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	Grantee	 	 
	 
	 	 	 	 	 	 
	 	 	Address of Grantee:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 

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