Document:

EX-10.1

 

Exhibit 10.1

CONSULTING AGREEMENT

          This Consulting Agreement (this “Agreement’’) is made effective as of
January 1, 2008 and is entered into this 4th day of April 2008 by and between
William D. Shaw, Jr., whose address is 340 Old Church Road, Greenwich, CT 06830
(the “Consultant”) and NYMAGIC, INC., a New York corporation, with its
principal office located at 919 Third Avenue, 10th Floor, New York NY 10022
(the “Company”).

          WHEREAS, the Consultant is a member of the Company’s Board of Directors
and its Vice Chairman;

          WHEREAS, the Company acknowledges Consultant’s skills and experience as an
investment advisor and seasoned executive,

          WHEREAS, the Company desires to engage the Consultant to provide services
beyond those which would be expected of the Vice Chairman of the Board of
Directors to assist the Company in communicating and explaining its investment
strategy to the investor community and in providing it managerial advice and
counsel; and,

          WHEREAS, the Consultant is willing to provide the services the Company
requires on the terms and conditions set forth herein:

          NOW THEREFORE, for valuable consideration, the adequacy of which is hereby
acknowledged, the Consultant and the Company agree as follows:

          1.     Recitals. The foregoing recitals are incorporated herein and
constitute a part of this Agreement.

          2.     Services. The Consultant’s primary role is to ensure that the
Company’s asset management strategy is communicated to and understood by the
investor community. More specifically, from time to time during the term of
this Agreement, the Consultant shall provide the following services to the
Company:

		
	• 	Participate in meetings with rating agencies e.g. A.M.
Best Company, Standard & Poor’s and Fitch Ratings;

	• 	Participate in meetings and answer inquiries from
analysts who cover the Company’s stock;
	• 	Meet with and respond to inquiries from large investors
in the Company’s stock or debt;
	• 	Participate in quarterly earnings calls and other investor calls;
• Participate in the Company’s investor road shows; and,
	• 	Represent the Company at industry conferences, e.g.
those held by Conning Capital, Keefe, Bruyette, Woods, Ferris
Baker Watts and others.

          In addition, the Consultant shall attend the meetings of, and provide
advice and counsel to, the Company’s management committee and to the Company’s
Chairman and President and Chief Executive Officer as requested by them (the
services enumerated above,

 

together with attending the meetings of, and providing advice and counsel to,
the Company’s management committee and its Chairman and President and Chief
Executive Officer, the “Services”).

          The Consultant shall devote as much time to the Services as is reasonably
necessary to achieve the objectives contemplated by this Agreement.

          3.     Compensation. The Company will compensate the Consultant for the
Services by paying him an annualized fee of $100,000 payable in four equal
quarterly payments of $25,000, the first of which shall be on the date hereof,
and thereafter one, each at the end of June, September and December. In
addition, the Company may pay the Consultant a bonus at the discretion of the
Human Resources Committee of the Board of Directors of the Company upon the
recommendation of the Company’s Chairman. The bonus shall have a range of from
$0 to $100,000 and have a target of $50,000.The Company will also reimburse the
Consultant for all reasonable and necessary expenses he incurs in connection
with the Services promptly upon its receipt of invoices therefor.

          4.     Taxes. The Consultant acknowledges that he is self employed, that the
Company will not withhold taxes and that he shall be responsible for the
payment of all taxes, self-employment taxes and income taxes applicable to the
Services.

          5.     Term and Termination. (a) This Agreement shall terminate on December
31, 2008, unless it is extended by mutual agreement, or terminated earlier as
provided for herein.

          (b)  Either party may terminate this Agreement at any time, on thirty (30)
days prior written notice, which notice shall specify the exact date of
termination.

          (c)  The Company may terminate this Agreement at any time in the event the
Consultant ceases to be a member of the Company’s Board of Directors.

          (d)  This Agreement will terminate immediately upon the merger or
consolidation of the Company into another corporation; the sale of all or
substantially all of its assets; its dissolution and/or its liquidation; or,
the death of the Consultant.

          Upon the termination of this Agreement for any reason other than the
merger or consolidation of the Company into another corporation, or the sale of
all or substantially all of its assets, the Consultant shall be entitled to his
pro rata annualized fee through the date of his termination. In the event the
termination of this Agreement results from the merger or consolidation of the
Company into another corporation, or the sale of all or substantially all of
its assets, the Consultant shall be entitled to the entire amount of his
annualized fee, with the then unpaid portion thereof payable upon the
consummation of such merger or sale.

          6.     Independent Contractor Status. Nothing in this Agreement shall be
deemed to create any form of partnership, employer-employee relationship, or
joint venture between the Company and the Consultant.

 

          7.     Indemnification. The to the fullest extent permitted by law, the
Company shall indemnify the Consultant from and against any losses, claims,
damages or liabilities (or actions, including shareholder actions, in respect
thereof) related to or arising out of the Consultant’s engagement hereunder,
and the Company will reimburse the Consultant for all reasonable expenses
(including counsel fees) as they are incurred by him in connection with
investigating, preparing or defending any such action or claim.

          8.     Assignment. This Agreement is personal to the Consultant, and neither
the Company nor the Consultant may assign its rights or delegate its
obligations hereunder without the prior written consent of the other party; nor
shall this Agreement inure to the benefit of the heirs and successors of the
parties hereto.

          9.     Separability. The invalidity or unenforceability, in whole or in part,
of any provision, term or condition hereof shall not affect the validity or
enforceability of the remainder of such provision, term or condition or of any
other provision, term, or condition.

          10.     Governing Law. This Agreement and any disputes arising or resulting
from this Agreement exclusively shall be construed and governed by the laws of
the State of New York without regard to its rules concerning conflicts of laws.
The Consultant expressly acknowledges that he is subject to jurisdiction of the
courts of the State of New York.

          11.     Interpretation. Captions or title sections of this Agreement are for
reference purpose only and do not constitute terms or conditions hereof. The
parties acknowledge that they have thoroughly reviewed this Agreement and
bargained over its terms.

          12.     Entire Agreement. This Agreement constitutes the entire agreement
between the Company and the Consultant relating to the Services.

          13.     Notices. All notices and other communications in connection with this
Agreement shall be in writing and shall be deemed to have been received by a
party when actually received in the case of hand delivery, or two (2) days
after mailing by a nationally recognized overnight carrier, to each party at
the addresses shown below:

	 	 	 	 	 
	If to the Consultant:
	 	If to the Company:
	William D. Shaw, Jr.
	 	NYMAGIC, INC.
	340 Old Church Road
	 	Attn:  Paul J. Hart, Esq.
	Greenwich, CT 06830
	 	919 Third Avenue, 10th Floor
	 
	 	New York, NY 10022

          14.     Counterparts. This Agreement may be executed in multiple
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

	 	 	 	 	 
	 
	 	NYMAGIC, INC.
	 
	 	 
	/s/ William
D. Shaw, Jr.      

William D. Shaw, Jr.
	 	By: /s/Paul J.
Hart      

  Executive Vice PresidentEX-10.3

Exhibit 10.3

LIBERTY LANE ACQUISITION CORP.

One Liberty Lane

Hampton, NH 03842

May [     ], 2008

Liberty Lane Partners LCC

One Liberty Lane

Hampton, NH 03842

Gentlemen:

          This letter will confirm our agreement (the “Agreement”) between Liberty Lane Acquisition
Corp., a Delaware corporation (the “Company”), and Liberty Lane Partners LLC, a Delaware limited
liability company, in connection with the services to be provided by Liberty Lane Partners LLC and
certain of its affiliates, not to include the Company (the “Service Provider”). For the Initial
Term of this Agreement (as defined below) and for such terms as this Agreement may be renewed, the
Service Provider shall:

	 	(i)	 	provide administrative services as required by the Company from
time to time, including the administration of certain of the Company’s
day-to-day activities;
	 
	 	(ii)	 	perform accounting and controller-related services for the
Company, including correspondence with the Company’s auditors;
	 
	 	(iii)	 	make available the services of Messrs. Paul M. Montrone, Paul
M. Meister and Kevin P. Clark and such other of the Service Provider’s
employees as agreed between the Company and the Service Provider from time to
time, provided that the Service Provider shall have no liability to the Company
for the acts and/or omissions of such employees while performing such services
and the Service Provider shall not be regarded as having provided any service
performed by such employees for the Company (including, but not limited to, the
giving of investment advice);
	 
	 	(iv)	 	permit such employees to access the Service Provider’s network
of contacts for the purposes of furthering the Company’s business; and
	 
	 	(v)	 	provide other advice and services necessitated by the ordinary
course of the Company’s business, as the Company may reasonably request from
time to time.

          In exchange therefor, the Company shall pay Service Provider the sum of $10,000 per month.
The initial term of this Agreement shall commence, and the initial payment of $10,000 shall be
paid, immediately following the consummation of the initial public offering (“IPO”) of the
securities of the Company pursuant to a registration statement on Form S-1 (File No. 333-149886)
and shall continue until the earlier of the consummation by the Company of an initial business
combination (as described in the Company’s IPO prospectus) or the distribution of the trust account
(as described in the Company’s IPO prospectus) to the Company’s public

 

 

stockholders (the “Initial Term”). Thereafter, the Company may renew this Agreement for
additional 90-day terms, under the same terms and conditions, by providing written notice of
renewal to Service Provider not less than 30 days prior to the end of the then-current term.

          Service Provider waives any right of set-off or any right, title, interest or claim of any
kind that Service Provider may have in or to any monies held in the trust account for the benefit
of the Company’s public stockholders (as described in the Company’s IPO prospectus) and agrees that
it will not seek recourse against the trust account for any reason whatsoever.

	 	 	 	 	 
	 	Very truly yours,

Liberty Lane Acquisition Corp.

 	 
	 	By:  	 	 
	 	 	Name:  	Kevin P. Clark 	 
	 	 	Title:  	Treasurer 	 
	 

AGREED TO AND ACCEPTED BY:

Liberty Lane Partners LLC

	 	 	 	 	 
	By:

	 	 	 	 
	 

	 	 	 	 
	 

	 	Name: Paul M. Montrone	 	 
	 

	 	Title: Member, Management Committee	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Name: Paul M. Meister	 	 
	 

	 	Title: Member, Management Committee	 	 

[Administrative Services Agreement]

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