Document:

exv10w34

Exhibit 10.34

	 	 	 

	DATE:

	 	March 8, 2010
	 
	 	 
	PARTIES:

	 	Rockwell Medical Technologies, Inc. (the “Company”)
	 

	 	30142 Wixom Road
	 

	 	Wixom, MI 48393 USA
	 
	 	 
	 

	 	RJ Aubrey IR Services LLC (the “Advisor”)
	 

	 	PO Box 2801
	 

	 	Glen Ellyn, IL 60138-2801
	 
	 	 
	RECITALS:
	 	 

WHEREAS, the Company wishes to engage the Advisor to perform certain investor relations services.

WHEREAS, the Advisor declares that Advisor is engaged in an independent business or employed by a
party other than the Company and that the Company is not the Advisor’s sole and only client,
customer or employer.

WHEREAS, the parties hereto wish to enter into this Agreement for their mutual benefit, and further
wish to set forth the terms of such association herein.

AGREEMENTS:

NOW, THEREFORE, in consideration of the foregoing representations and the mutual covenants set
forth herein, and other good and valuable consideration, the receipt and sufficiency of which is
acknowledged, the Company and the Advisor agree as follows:

	1.	 	Services to be Performed. The Company hereby engages the Advisor to advise and
perform services for the Company consisting of investor relationship development for the
Company, liaison to the equity investment community and investor relations support services as
requested by the Company from time to time, including without limitation, message development,
PR coordination and website development and oversight, provision of investment statistical
information, investor monitoring and communications with the investment community, including
but not limited to retail investors, stock brokers, analysts, money managers, institutional
investors, mutual funds, broker-dealers, wire-houses, newspapers, television, and trade
publications. The Company and Advisor acknowledge that: (a) Advisor (through its employee,
Ronald J. Aubrey) is anticipated to devote substantive amounts of time and effort to investor
relations and related support services; (b) The scope of work hereunder does not include tax,
legal, regulatory, accounting or other technical advice; and (c) the Advisor is being retained
solely for the Company’s benefit and not for any third party, including the Company’s
shareholders.
	 
	2.	 	Fees, Terms of Payment and Warrant. The Company agrees as compensation to (a) pay
Advisor a monthly fee of $5,500 in cash or Company check commencing January 1, 2010, and (b)
issue to the Advisor 20,000 cashless Common Stock Purchase Warrants (“Warrants”), for services
rendered in 2010 and commencing January 1, 2010. The terms and conditions of the Warrants
will be set forth in a separate agreement containing the terms and conditions set forth in
this paragraph and such other terms and conditions as are mutually acceptable to the Company
and the Advisor. The Warrants will become earned as follows: (w) 5,000 Warrants upon
execution of this Agreement, (x) 5,000 additional Warrants on April 1, 2010, (y) 5,000
additional Warrants on July 1, 2010, and (z) the remaining 5,000 Warrants on October 1, 2010.
The Warrants, once earned, will become exercisable on March 8, 2011 and will have an exercise
price of $6.14 per share, the closing bid price on March 8, 2010. The Warrants, once earned,
will expire at the close of business on March 8, 2013. If this Agreement is terminated (A) by
the Company due to a material breach of this Agreement by Advisor or (B) by Advisor, any
unearned Warrants at the time of such termination will expire and not become

1

 

	 	 	exercisable. A “material breach” would be either (1) a failure to perform, in a commercially
reasonable manner, the services required under paragraph 1 of this Agreement; or (2) a breach
of any of the representations in paragraph 5 of this Agreement. Once exercisable, Warrants may
be exercised in whole or in part at any time until their expiration by the submission of an
exercise notice in the form to be attached as an exhibit to the Warrant agreement and payment
as provided therein. Determination of compliance with Federal and State securities laws will
be at the sole discretion of the Company. To the extent the shares issuable upon exercise are
not registered prior to issuance, they will bear a legend restricting transfer. The Warrants
will not be transferable, other than to an affiliate (as defined in Rule 405 under the
Securities Act of 1933, as amended) of the Advisor (so long as such affiliate is an “accredited
investor” as defined below and agrees to be bound by the terms and provisions of this Agreement
and the Warrant agreement as if, and to the fullest extent as, the Advisor, and will bear a
legend to that effect). The Company reasonably believes that all information it provides to
Advisor is accurate and complete in all material respects. Company acknowledges that Advisor
shall be entitled to rely on all such information and materials.

	3.	 	Instrumentalities. The Advisor shall supply all equipment, tools, materials and
supplies to accomplish the designated jobs or services set forth in Paragraph 1, except if
approved by the Company.
	 
	4.	 	Expenses. The Company shall not be responsible or liable for any expenses incurred by
the Advisor in performing any jobs or services under this Agreement, except accountable
out-of-pocket expenses of Advisor related to the engagement and approved by the Company.
	 
	5.	 	The Advisor’s Status. This Agreement is not intended to, does not constitute and
shall not be construed as a hiring by either party. The parties hereto are and shall remain
independent contractors. The Advisor retains the sole and exclusive right to control or
direct the manner or means by which the jobs or services described herein are to be performed.
The Company retains only the right to control the results to insure their conformity with that
specified herein.
	 
	 	 	The Advisor shall comply with all federal, state and local laws, and rules and regulations that
are now or may in the future become applicable to the Advisor, its business, equipment and
personnel engaged in accomplishing the jobs or services provided under this Agreement or
arising out of the performance of this Agreement.
	 
	 	 	Advisor represents that Advisor is an “accredited investor” as defined in Rule 501 of
Regulation D promulgated under the Securities Act of 1933 and was not organized for the purpose
of acquiring the Warrants or the underlying shares. Advisor’s financial condition is such that
Advisor is able to bear the risk of holding the Warrants and the shares underlying the Warrants
for an indefinite period of time. Advisor has sufficient knowledge and experience in investing
in companies similar to the Company so as to be able to evaluate the risks and merits of
Advisor’s investment in the Company and has so evaluated the risks and merits of such
investment. Advisor understands that an investment in the Warrants and the shares underlying
the Warrants involves a significant degree of risk, including a risk of total loss of Advisor’s
investment, and understands the risk factors included, or that may be included in the future,
in the Company’s periodic reports filed from time to time with the Securities and Exchange
Commission. Advisor is acquiring the Warrants and the shares underlying the Warrants for
Advisor’s own account for investment and not for resale or with a view to distribution thereof
in violation of the Securities Act of 1933.
	 
	6.	 	Payroll or Employment Taxes. The Advisor will not be treated as an employee for
federal, state or local tax purposes or for any other purpose. No payroll or employment taxes
of any kind shall be withheld or paid with respect to payments to the Advisor, including but
not limited to FICA, FUTA, federal personal income tax, state personal income tax, state
disability insurance tax, and state unemployment insurance tax. The Advisor agrees that
Advisor is responsible for making all filings with and payments to the Internal Revenue
Service and state and local taxing authorities as are appropriate.

2

 

	7.	 	Workers’ Compensation, Unemployment Compensation, Benefits. No workers’ compensation
insurance has been or will be obtained by the Company for the Advisor. The Advisor understands
that Advisor is not entitled to unemployment compensation benefits or any other benefits
normally afforded to any employee of the Company.
	 
	8.	 	Termination. This Agreement will terminate on December 31, 2010 and may be terminated
prior to that date by either party upon 30 days written notice in advance of termination.
Following termination, neither party shall have any continuing liability or obligations
hereunder.
	 
	9.	 	Law Governing Contract. This Agreement and all questions arising in connection with
it shall be governed by the laws of the State of Michigan.
	 
	10.	 	Entire Agreement. This Agreement states the entire Agreement of the parties, and
merges all prior negotiations, agreements and understandings, if any, except for any
confidentiality agreements between the parties. No modification, release, discharge or waiver
of any provision hereof shall be of any force or effect unless made in writing and signed by
the parties hereto. This Agreement shall inure to the benefit of and be binding upon the
parties hereto and their representative laws, personal representatives, successors and
assigns, provided that neither party may assign the Agreement without the other party’s prior
written consent.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date stated on the first
page of this Agreement.

	 	 	 	 	 
	 	“COMPANY”

Rockwell Medical Technologies, Inc.

 	 
	 	By:  	/s/ Robert L. Chioini
 	 
	 	 	Robert L. Chioini 	 
	 	 	Its: Chairman/CEO/President 	 
	 
	 	ADVISOR

RJ AUBREY IR SERVICES LLC

 	 
	 	By:  	/s/ Ronald J. Aubrey
 	 
	 	 	Ronald J. Aubrey 	 
	 	 	Its: President 	 
	 

3EX-10.1

Exhibit 10.1

ASPEN INSURANCE HOLDINGS LIMITED

PERFORMANCE SHARE AWARD AGREEMENT

          THIS AGREEMENT (the “Agreement”), is made effective as of the 11th day of February,
2010 (hereinafter called the “Date of Grant”), between Aspen Insurance Holdings Limited, a Bermuda
corporation (hereinafter called the “Company”), and                                  (hereinafter called the
“Participant”):

RECITALS:

          WHEREAS, the Company has adopted the Aspen Insurance Holdings 2003 Share Incentive Plan, as
amended from time to time (the “Plan”), which Plan is incorporated herein by reference and made a
part of this Agreement. Capitalized terms not otherwise defined herein shall have the same
meanings as in the Plan; and

          WHEREAS, the Committee has determined that it would be in the best interests of the Company
and its shareholders to grant the performance shares provided for herein to the Participant
pursuant to the Plan and the terms set forth herein.

          NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties
agree as follows:

	1.	 	Grant of Performance Shares. The Company hereby awards to the Participant                 
Shares, payment of which is dependent upon the performance of the Company as described in
Section 2 of this Agreement (the “Performance Shares”).
	 
	2.	 	Vesting. The Performance Shares shall vest and become payable only to the extent
that the Return on Equity (calculated as described in Section 2(a) below, the “ROE”) and the
service requirements described below are achieved.

	 	(a)	 	For purposes of this Agreement, “ROE” shall be equal to net income determined
under United States Generally Accepted Accounting Principles (“US GAAP”) after
deduction of the cost of all Awards granted under the Plan as a percentage of weighted
average shareholders’ equity, which shall be determined by the Board based on the
Company’s audited financials under US GAAP.
	 
	 	(b)	 	For purposes of this Agreement, “2010 ROE” shall be equal to the Company’s
actual ROE for the fiscal year ended December 31, 2010 (the “2010 Fiscal Year”).
	 
	 	(c)	 	For purposes of this Agreement, “2011 ROE” shall be equal to the Company’s actual ROE
for the fiscal year ended December 31, 2011 (the “2011 Fiscal Year”).
	 
	 	(d)	 	For purposes of this Agreement, “2012 ROE” shall be equal to the Company’s
actual ROE for the fiscal year ended December 31, 2012 (the “2012 Fiscal Year”).
	 
	 	(e)	 	Subject to the Participant’s continued Employment with the Company (which
Employment shall not include the performance of services under a notice of

 

 

	 	 	 	termination or resignation), a maximum of one-third (1/3) of the Performance Shares awarded
hereunder (the “2010 ROE Award”) shall be eligible for vesting (“Eligible Shares”) upon
the later of (i) the date the Company’s outside auditors complete the audit of the
Company’s financial statements containing the information necessary to compute the
Company’s ROE for the 2010 Fiscal Year or (ii) the date such ROE is approved by the
Board of Directors or an authorized committee thereof, but only to the extent provided
below:

	 	 	 	 	 	 	 
	2010 ROE	 	Percentage of Eligible Shares
	 	< 7	%	 	 	0	%
	 	7	%	 	 	10	%
	 	12	%	 	 	100	%
	 	≥ 22	%	 	 	200	%

Interim percentages to be pro-rated.

	 	 	 	Notwithstanding the foregoing, if the Company’s actual ROE for the 2010 Fiscal Year
is (i) less than 7%, then none of the Performance Shares subject to the 2010 ROE
Award shall be Eligible Shares, (ii) greater than 12% and the average ROE over the
2010 Fiscal Year and the immediately preceding fiscal year is less than 7%, then the
Percentage of Eligible Shares shall be 100%; or (iii) greater than 12% and the
average ROE over the 2010 Fiscal Year and the immediately preceding fiscal year is
7% or greater, then the Percentage of Eligible Shares shall be in accordance with
the table above.
	 
	 	(f)	 	Subject to the Participant’s continued Employment with the Company (which
Employment shall not include the performance of services under a notice of termination
or resignation), a maximum of one-third (1/3) of the Performance Shares awarded
hereunder (the “2011 ROE Award”) shall become Eligible Shares upon the later of (i) the
date the Company’s outside auditors complete the audit of the Company’s financial
statements containing the information necessary to compute the Company’s ROE for the
2011 Fiscal Year or (ii) the date such ROE is approved by the Board of Directors or an
authorized committee thereof, but only to the extent provided below:

	 	 	 	 	 	 	 
	2011 ROE	 	Percentage of Eligible Shares
	 	< 7	%	 	 	0	%
	 	7	%	 	 	10	%
	 	12	%	 	 	100	%
	 	≥ 22	%	 	 	200	%

Interim percentages to be pro-rated.

 

 

	 	 	 	Notwithstanding the foregoing, if the Company’s actual ROE for the 2011 Fiscal Year
is (i) less than 7%, then none of the Performance Shares subject to the 2011 ROE
Award shall be Eligible Shares, (ii) greater than 12% and the average ROE over the
2011 Fiscal Year and the 2010 Fiscal Year is less than 7%, then the Percentage of
Eligible Shares shall be 100%; or (iii) greater than 12% and the average ROE over
the 2011 Fiscal Year and the 2010 Fiscal Year is 7% or greater, then the Percentage
of Eligible Shares shall be in accordance with the table above.
	 
	 	(g)	 	Subject to the Participant’s continued Employment with the Company (which
Employment shall not include the performance of services under a notice of termination
or resignation), a maximum of one-third (1/3) of the Performance Shares awarded
hereunder (the “2012 ROE Award”) shall become Eligible Shares upon the later of (i) the
date the Company’s outside auditors complete the audit of the Company’s financial
statements containing the information necessary to compute the Company’s ROE for the
2012 Fiscal Year or (ii) the date such ROE is approved by the Board of Directors or an
authorized committee thereof, but only to the extent provided below:

	 	 	 	 	 	 	 
	2012 ROE	 	Percentage of Eligible Shares
	 	< 7	%	 	 	0	%
	 	7	%	 	 	10	%
	 	12	%	 	 	100	%
	 	≥ 22	%	 	 	200	%

Interim percentages to be pro-rated.

	 	 	 	Notwithstanding the foregoing, if the Company’s actual ROE for the 2012 Fiscal Year
is (i) less than 7%, then none of the Performance Shares subject to the 2012 ROE
Award shall be Eligible Shares, (ii) greater than 12% and the average ROE over the
2012 Fiscal Year and the 2011 Fiscal Year is less than 7%, then the Percentage of
Eligible Shares shall be 100%; or (iii) greater than 12% and the average ROE over
the 2012 Fiscal Year and the 2011 Fiscal Year is 7% or greater, then the Percentage
of Eligible Shares shall be in accordance with the table above.
	 
	 	(h)	 	Subject to the Participant’s continued Employment with the Company (which
Employment shall not include the performance of services under a notice of termination
or resignation), all Eligible Shares shall become vested upon the later of (i) the date
the Company’s outside auditors complete the audit of the Company’s financial statements
containing the information necessary to compute the Company’s ROE for the 2012 Fiscal
Year or (ii) the date such ROE is approved by the Board of Directors or an authorized
committee thereof.
	 
	 	(i)	 	In connection with any event described in Section 10(a) of the Plan or in the
event of a change in applicable accounting rules, the Committee shall make such
adjustments in the terms of the Performance Shares as it shall determine shall be
necessary to equitably reflect such event in order to prevent dilution or

 

 

	 	 	 	enlargement of the potential benefits of the Performance Shares. The Committee’s
determination as to any such adjustment shall be final.
	 
	 	(j)	 	If the Participant’s Employment with the Company is terminated for any reason,
the Performance Shares shall, to the extent not then vested, be canceled by the Company
without consideration.
	 
	 	(k)	 	Any Performance Shares that do not become Eligible Shares by reason of the
Company’s failure to achieve an ROE as set forth above shall immediately be forfeited
without consideration.
	 
	 	(l)	 	Notwithstanding anything to the contrary contained herein, in the event that
the Participant’s Employment with the Company is terminated (i) due to the
Participant’s death or (ii) by the Company due to the Participant’s Disability, all
Eligible Shares shall vest in full on the date of such termination of Employment. For
the avoidance of doubt, any Performance Shares that have not become Eligible Shares on
or before the date of such termination of Employment shall be forfeited on such date
without consideration. For purposes of this Agreement, “Disability” shall mean the
inability of a Participant to perform in all material respects his or her duties and
responsibilities to the Company, or any Affiliate of the Company, by reason of a
physical or mental disability or infirmity which inability is reasonably expected to be
permanent and has continued (i) for a period of six consecutive months or (ii) such
shorter period as the Committee may determine in good faith. The Disability
determination shall be in the sole discretion of the Committee and a Participant (or
his or her representative) shall furnish the Committee with medical evidence
documenting the Participant’s disability or infirmity, which is reasonably satisfactory
to the Committee.

	3.	 	Payment.

	 	(a)	 	The Company shall deliver to the Participant one Share for each vested
Performance Share. Any fractional share will be rounded down to the nearest whole
Share and the remainder forfeited.
	 
	 	(b)	 	Except as otherwise provided in the Plan, vested Performance Shares shall be
paid to the Participant as soon as practicable after the date such Performance Shares
become vested, but in no event later than the fifteenth (15th) day of the
third (3rd) month following the end of the fiscal year in which the
Performance Shares become vested.
	 
	 	(c)	 	When Performance Shares are paid, the Company shall issue certificates in the
Participant’s name for such. However, the Company shall not be liable to the
Participant for damages relating to any delays in issuing the certificates to him, any
loss of the certificates, or any mistakes or errors in the issuance of the certificates
or in the certificates themselves.

 

 

	4.	 	No Right to Continued Employment. The granting of the Performance Shares evidenced
hereby and this Agreement shall impose no obligation on the Company or any Affiliate to
continue the Employment of the Participant and shall not lessen or affect the Company’s or its
Affiliate’s right to terminate the Employment of such Participant.
	 
	5.	 	Legend on Certificates. The certificates representing the Shares paid in settlement
of Performance Shares shall be subject to such stop transfer orders and other restrictions as
the Committee may deem advisable under the Plan or the rules, regulations, and other
requirements of the U.S. Securities and Exchange Commission, any stock exchange upon which
such Shares are listed, and any applicable laws, and the Committee may cause a legend or
legends to be put on any such certificates to make appropriate reference to such restrictions.
	 
	6.	 	Transferability. The Performance Shares may not be assigned, alienated, pledged,
attached, sold or otherwise transferred or encumbered by the Participant otherwise than by
will or by the laws of descent and distribution, and any such purported assignment,
alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable
against the Company or any Affiliate; provided that the designation of a beneficiary shall not
constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. For
avoidance of doubt, Shares issued to the Participant in payment of vested Performance Shares
pursuant to Section 3 hereof shall not be subject to any of the foregoing transferability
restrictions.
	 
	7.	 	Withholding. The Participant may be required to pay to the Company or any Affiliate
and the Company shall have the right and is hereby authorized to withhold, any applicable
withholding taxes in respect of Performance Shares and to take such other action as may be
necessary in the opinion of the Committee to satisfy all obligations for the payment of such
withholding taxes.
	 
	8.	 	Securities Laws. Upon the acquisition of any Shares pursuant to settlement of
Performance Shares, the Participant will make or enter into such written representations,
warranties and agreements as the Committee may reasonably request in order to comply with
applicable securities laws or with this Agreement.
	 
	9.	 	Bermuda Government Regulations. No Shares shall be issued pursuant to this Agreement
unless and until all relevant licenses, permissions and authorizations required to be granted
by the Government of Bermuda, or by any authority or agency thereof, shall have been duly
received.
	 
	10.	 	Notices. Any notice necessary under this Agreement shall be addressed to the Company
in care of its Secretary at the principal executive office of the Company and to the
Participant at the address appearing in the personnel records of the Company for the
Participant or to either party at such other address as either party hereto may hereafter
designate in writing to the other. Any such notice shall be deemed effective upon receipt
thereof by the addressee.
	 
	11.	 	Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF BERMUDA, without regard to conflicts of laws principles.

 

 

	12.	 	Performance Shares Subject to the Plan. By entering into this Agreement the
Participant agrees and acknowledges that the Participant has received and read a copy of the
Plan. The Performance Shares are subject to the Plan (including without limitation the
arbitration provision), and the terms and provisions of the Plan, as it may be amended from
time to time, are hereby incorporated herein by reference. In the event of a conflict between
any term or provision contained herein and a term or provision of the Plan, the applicable
terms and provisions of the Plan will govern and prevail.
	 
	13.	 	Rights as a Shareholder. The Participant shall have no rights as a shareholder, and
shall not receive dividends, with respect to any Performance Shares until the Performance
Shares have been paid out and Share certificates have been issued to the Participant.
	 
	14.	 	Fiscal Year. If the Company’s fiscal year is changed to other than a calendar year,
the references to calendar year in this Agreement shall be adjusted to appropriately reflect
the change.
	 
	15.	 	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.

	 	 	 	 	 
	 	ASPEN INSURANCE HOLDINGS LIMITED

 	 
	 	By:  	
 	 

	 	 	 	 	 
	AGREED AND ACKNOWLEDGED AS

OF THE DATE FIRST ABOVE WRITTEN:

 	 	 
	
 	 	 
	Participant

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00173-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00173-of-00352.parquet"}]]