Document:

Exhibit 10.3

Exhibit 10.3

CORPORATE GUARANTY AGREEMENT

State of Georgia

County of Fulton

In consideration of the sum of One Dollar ($1.00) and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged by the undersigned, and to induce
Presidential Financial Corporation (hereinafter referred to as “Lender”) to extend credit to
TeamStaff Government Solutions, Inc. d/b/a TeamStaff Government Solutions; d/b/a TeamStaff Govt
Solutions (hereinafter referred to as “Borrower”) and/or to renew or extend, in whole or in part,
loans or discounts already contracted for by Borrower, and/or from time to time to make loans to
Borrower and/or enter into with Borrower any agreement with regard to the assignment and/or
financing of accounts, which extensions, renewals, and other financial accommodations to Borrower
will be of direct financial benefit to the undersigned, the undersigned, jointly and severally, do
hereby unconditionally guarantee to Lender and to its endorsers, transferees, successors and
assigns, of either this Guaranty or any of the Obligations (as hereinafter defined) secured hereby,
the due and punctual payment in full of all principal of and interest and premium, if any, on, and
all other amounts in respect of all Obligations of Borrower to Lender of any and every kind or
character, according to their respective terms, and do agree that if such Obligations, or any of
them, are not timely performed or paid by Borrower, the undersigned will immediately perform and/or
pay such Obligations according to respective terms.

The “Obligations” covered by this Guaranty include all obligations of Borrower to Lender now
existing or hereafter coming into existence, including, but not limited to, all obligations of
Borrower to Lender arising under or pertaining to: any agreement regarding accounts receivable; any
security device; any promissory note; any loan, advance, over-advance, and/or account; any and all
other indebtedness and obligations of Borrower to Lender however evidenced or arising; and any
renewals or extensions, in whole or in part, of any of the obligations heretofore described,
together with all damages, losses, costs, interest, charges, expenses and liabilities of every
kind, nature and description suffered or incurred by Lender, arising in any manner out of or in a
way connected with, or growing out of said Obligations of Borrower to Lender. This is a continuing
guaranty and shall remain in force until a written notice revoking it has been received by the
Lender via USPS Certified mail to the following address: 3460 Preston Ridge Road, Suite 550,
Alpharetta, GA 30005, but such revocation shall not release the undersigned from liability for any
and all Obligations of the principal then in existence, or from any renewals or extensions thereof,
in whole or in part, and whether such renewals are made before or after such revocation.

The undersigned hereby consents and agrees that Lender may at any time, either with or without
consideration, surrender any property or other security of any kind or nature whatsoever held by it
or by any person, firm or corporation on its behalf or for its account securing any of the
Obligations covered by this Guaranty, or substitute any collateral so held by it for other
collateral of like kind or of any kind without notice to or further consent from the undersigned
and such surrender or substitution shall not in any way affect the liability of the undersigned
hereunder. The undersigned shall not be discharged from their obligations and undertakings
hereunder in the event Lender releases or agrees not to sue any person against whom the undersigned
has, to the knowledge of Lender, a right of recourse or in the event Lender agrees to suspend its
rights to enforce any promissory note(s) signed by Borrower, or any guaranty given by any other
person, or any of Lender’s rights in the collateral given by Borrower to secure the loans made by
Lender. Lender shall be under no duty to exercise all or any rights and remedies given by any note
or agreement signed by Borrower, nor given by any other guaranty given to Lender to secure
Borrower’s indebtedness to Lender, as a condition or requirement of enforcing this Guaranty.

The undersigned hereby waives any right to direct apportionment of payments provided for in
O.C.G.A. Section 13-4-42. The undersigned further consents and agrees that Lender shall have the
right to apportion said payments at its election and in its sole discretion. The undersigned waive
any further notice of election by Lender.

The undersigned waives notice of: the creation of any of the Obligations, notice of nonpayment
or default by Borrower under any of the Obligations or under any agreement now or hereafter
existing between Borrower and Lender; notice of presentment, demand, dishonor, or protest; notice
of acceptance of this Guaranty or of the creation or extension or renewal of any Obligations of
Borrower to which this Guaranty relates; and any other notices whatsoever; and agrees that no
modification of any of the Obligations, and that no waiver, extension, renewal, indulgence,
settlement, compromise or failure to exercise due diligence in collection, for any period or
periods whether or not longer than the original period, nor any surrender, substitution or release
of any other person directly or indirectly liable for any of the Obligations, or of any collateral
security given by Borrower, shall release the undersigned from any of the indebtedness then accrued
or thereafter to accrue under this Guaranty or any part thereof. In the event any claim hereunder
is collected by law or through an attorney-at-law, the undersigned shall be liable to Lender for
the lesser of (a) actual fees and expenses or (b) fifteen percent (15%) of the principal and
interest owed hereunder at the time of commencement of collection activities or the maximum amount
permitted by law then in effect.

 

 

 

The undersigned hereby waive and relinquish any right of contribution, reimbursement,
recourse, indemnity, subrogation and any other ‘claim,’ as that term is defined in Title 11 of the
United States Code (hereinafter referred to as the ‘Bankruptcy Code’), which the undersigned might
now have or hereafter acquire, against Borrower or Borrower’s estate, which arise from the
existence or performance of the Obligations of the undersigned under this Guaranty. In the event
that the Borrower files a petition under the Bankruptcy Code or is the subject of an involuntary
petition filed under the Bankruptcy Code, then the Obligations covered by this Guaranty shall
include all Obligations of the Debtor, Debtor-in-Possession, or a trustee in bankruptcy to the
Lender. The Obligations of the undersigned shall not be considered fully paid, performed, and
discharged unless and until all payments by Borrower to Lender are no longer subject to any right
of any person (including, without limitation, any Debtor, Debtor-in-Possession or any trustee in
bankruptcy) to set aside such payments, or to seek to recoup the amount of such payments or any
part thereof. Without limiting the generality of the foregoing, the above-referenced right shall
include, but is not limited to, any right to recover preferences avoidable under the Bankruptcy
Code. If any such payments by the Borrower to the Lender are set aside, in whole or in part, or
are settled by Lender (the terms and conditions of any such settlement to be determined in Lender’s
absolute discretion), then to the extent of such settlement, the undersigned shall indemnify and be
liable for the full amount Lender so pays together with costs, interest, attorneys’ fees and any
and all expenses which Lender pays or incurs in connection therewith.

The undersigned agrees that no act or omission on the part of Lender shall in any way affect
or impair this Guaranty. The undersigned hereby waives the right to require the holder of the
Obligations guaranteed to take action against the principal as provided for in O.C.G.A. Section
10-7-24.

This Guaranty is made subject to all terms, conditions, agreements, or stipulations contained
in the agreements, instruments and other documents evidencing the Obligations hereby guaranteed,
which are hereby expressly incorporated herein, and the undersigned agrees that the terms,
conditions and provisions of any agreements, instruments or other documents which may be executed
by Borrower to evidence such Obligations in the future shall simultaneously with their execution,
become a part of this Guaranty.

The undersigned waives and renounces each for himself and family any and all homestead or
exemption rights either of them may have under or by virtue of the constitution or laws of Georgia,
any other state, or the United States, against the liabilities and Obligations hereby created, and
do hereby, jointly and severally, transfer, convey and assign to Lender or holder hereof a
sufficient amount of any homestead or exemption that may be allowed to the undersigned, or any of
them, including such homestead or exemption as may be set apart in bankruptcy to pay this
obligation in full, with all costs of collection; and each of the undersigned hereby directs the
trustee in bankruptcy having possession of such homestead or exemption to deliver to Lender a
sufficient amount of property or money so set apart as exempt to pay the obligation hereby created.

Where the Obligations of Borrower hereby guaranteed is an obligation of a corporation, this
Guaranty is to cover all Obligations to Lender purporting to be made in behalf of Borrower by an
officer or agent of Borrower without regard to the actual authority of such officer or agent. The
term “Corporation” or Borrower shall include associations of all kinds and all purported
corporations whether correctly and legally natural persons. This agreement binds any natural
person’s heirs, administrators and executors, and where a corporation, its successors and assigns.
Where signed by more than one person, the singular term ‘undersigned’ shall include the plural, and
their obligation shall be joint and several.

The undersigned agrees that this Guaranty shall be governed by and construed and enforced
according to the laws of the State of Georgia. Wherever possible each provision of the Guaranty
shall be interpreted in such manner as to be effective and valid under applicable law, but if any
provision of this Guaranty shall be prohibited by or invalid under applicable law, such provision
shall be effective to the extent of such prohibition or invalidity, without invalidating the
remainder of such provisions or the remaining provisions of the Guaranty. The undersigned
irrevocably consents that any legal action or proceeding against it under, arising out of, or in
any manner related to this agreement may be brought in any court in Fulton County, Georgia. The
undersigned, by the execution and delivery of this agreement, expressly and irrevocably assents to
and submits to the personal jurisdiction of such court in any such action or proceeding. The
undersigned hereby expressly and irrevocably waives any claim or defense in any such action or
proceeding based on any alleged lack of jurisdiction and proper venue or forum non conveniens or
any similar defense.

 

 

 

IN WITNESS WHEREOF, the undersigned, has caused this Guaranty to be signed and sealed this
twenty-ninth day of July,
2010 at Atlanta, Georgia.

	 	 	 	 	 
	 	TeamStaff Inc.

 	 
	 	By:  	/s/ Zachary C. Parker
 	 
	 	 	CEO 	 

ACCEPTANCE

The foregoing guaranty is accepted in Alpharetta, Georgia, this 29th day of July, 2010.

	 	 	 	 	 
	 	PRESIDENTIAL FINANCIAL CORPORATION

 	 
	 	By:  	/s/ Yung Simmons
 	 
	 	 	Assistant Vice PresidentExhibit 10.1

Exhibit 10.1

Execution Version

EMPLOYMENT AGREEMENT

This EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of this
26th day of July 2010, by and between United Maritime Group, LLC (the “Company”),
and Jason Grant (the “Employee”).

W I T N E S S E T H:

WHEREAS, the Company desires to employ Employee and to enter into this Agreement embodying the
terms of such employment, and Employee desires to enter into this Agreement and to accept such
employment, subject to the terms and provisions of this Agreement.

NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein and for
other good and valuable consideration, the receipt and sufficiency of which are mutually
acknowledged, the Company and Employee hereby agree as follows:

Section 1. Definitions.

(a) “Accrued Obligations” shall mean (i) all accrued but unpaid Base Salary through
the date of termination of Employee’s employment, (ii) any unpaid or unreimbursed expenses incurred
in accordance with Section 7 below, and (iii) any benefits provided under the Company’s employee
benefit plans or under applicable law upon a termination of employment, including payment in lieu
of any accrued but unused vacation time.

(b) “Annual Bonus” shall have the meaning set forth in Section 4(b) below.

(c) “Base Salary” shall mean the salary provided for in Section 4(a) below or any
increased salary granted to Employee pursuant to Section 4(a).

(d) “Board” shall mean the Board of Directors of the Parent.

(e) “Cause” shall mean (i) Employee’s act(s) of gross negligence or willful misconduct
in the course of Employee’s employment hereunder that is or could reasonably be expected to be
materially injurious to the Company or any other member of the Company Group, (ii) willful failure
or refusal by Employee to perform in any material respect his duties or responsibilities, not
measured by economic performance, (iii) misappropriation by Employee of any assets or business
opportunities of the Company or any other member of the Company Group, (iv) embezzlement or fraud
committed by Employee, or at his direction, (v) Employee’s conviction of, indictment for, or
pleading “guilty” or “no contest” to, (x) a felony or (y) any other criminal charge that has, or
could be reasonably expected to have, an adverse impact on the performance of Employee’s duties to
the Company or any other member of the Company Group or otherwise result in material injury to the
reputation or business of the Company or any other member of the Company Group, (vi) any material
violation of the written policies of the Company, including, but not limited to those relating to
sexual harassment, business conduct or otherwise set forth in the manuals or statements of policy
of the Company, or (vii) Employee’s material breach of Section 3(b) hereof or a breach of any of
the restrictive covenants contained in Section 9 hereof; provided, however, that in order to
terminate the Executive for “Cause” as
defined in clause (i), (ii) or (vi) above, the Company must first provide Employee with written
notice of the alleged conduct and an opportunity of at least fifteen (15) days to cure, with the
Employee then failing to cure.

 

 

 

(f) “Code” shall mean the Internal Revenue Code of 1986, as amended.

(g) “Commencement Date” shall mean the date Employee commences employment with the
Company, which shall be mutually agreed by the parties hereto and be in no event later than July 1,
2010.

(h) “Company” shall have the meaning set forth in the preamble hereto.

(i) “Company Group” shall mean the Parent together with all
Subsidiaries.

(j) “Compensation Committee” shall mean the committee of the Board designated to
make compensation decisions relating to senior executive officers of the Company Group. Prior to
any time that such a committee has been designated, the Board shall be deemed the Compensation
Committee for purposes of this Agreement.

(k) “Competitive Activities” shall mean any business activities in which the
Company or any other member of the Company Group engages (or has committed plans to engage) during
the Term of Employment.

(l) “Confidential Information” shall mean confidential or proprietary trade
secrets, client lists, client identities and information, information regarding service providers,
investment methodologies, marketing data or plans, sales plans, management organization
information, operating policies or manuals, business plans or operations or techniques, financial
records or data, or other financial, commercial, business or technical information (i) relating to
the Company or any other member of the Company Group, or (ii) that the Company or any other member
of the Company Group may receive belonging to suppliers, customers or others who do business with
the Company or any other member of the Company Group, but shall exclude any information that is in
the public domain or hereafter enters the public domain, in each case without the breach by
Employee of Section 9(a) below.

(m) “Developments” shall have the meaning set forth in Section 9(e)
below.

(n) “Disability” shall mean any physical or mental disability or infirmity that
prevents the performance of Employee’s duties for a period of (i) ninety (90) consecutive days or
(ii) one hundred twenty (120) non-consecutive days during any twelve (12) month period. Any
question as to the existence, extent or potentiality of Employee’s Disability upon which Employee
and the Company cannot agree shall be determined by a qualified, independent physician selected by
the Company and approved by Employee (which approval shall not be unreasonably withheld). The
determination of any such physician shall be final and conclusive for all purposes of this
Agreement.

(o) “Employee” shall have the meaning set forth in the preamble hereto.

 

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(p) “Good Reason” shall mean, without Employee’s consent, (i) a material
diminution in Employee’s title, duties or responsibilities, (ii) the relocation of Employee’s
principal place of employment (as set forth in Section 3(c) hereof) more than fifty (50) miles from
its current location, (iii) the failure of the Company to pay any compensation owing to the
Employee pursuant to Section 4 when such compensation is due, or (iv) the Company’s failure to
obtain the full assumption of this Agreement by a successor entity following a sale of all or
substantially all of the Company’s assets. Notwithstanding the foregoing, during the Term of
Employment, in the event that the Board reasonably believes that Employee may have engaged in
conduct that could constitute Cause hereunder, the Board may, in its sole and absolute discretion,
suspend Employee from performing his duties hereunder, and any such suspension shall in no event
constitute an event pursuant to which Employee may terminate employment with Good Reason; provided,
that no such suspension shall alter the Company’s obligations under this Agreement including,
without limitation, the obligation to pay Base Salary and provide all employee benefits during such
period of suspension. Any such suspension shall end after thirty (30) days except with the written
consent of the Employee, which may be renewed from time to time.

(q) “Interfering Activities” shall mean (i) encouraging, soliciting, or
inducing, or in any manner attempting to encourage, solicit, or induce, any individual employed by,
or individual or entity providing consulting services to, the Company or any other member of the
Company Group to terminate such employment or consulting services; provided, that the foregoing
shall not be violated by general advertising not targeted at employees or consultants of the
Company or any other member of the Company Group; (ii) hiring any individual who was employed by
the Company or any other member of the Company Group within the six (6) month period prior to the
date of such hiring; or (iii) encouraging, soliciting or inducing, or in any manner attempting to
encourage, solicit or induce any customer, supplier, licensee or other business relation of the
Company or any other member of the Company Group to cease doing business with or materially reduce
the amount of business conducted with the Company or any other member of the Company Group, or in
any way interfere with the relationship between any such customer, supplier, licensee or business
relation and the Company or any other member of the Company Group.

(r) “LLC Agreement” shall mean the Parent’s Limited Liability Company Agreement,
dated as of December 4, 2007, as amended, amended and restated, modified or supplemented from time
to time.

(s) “Parent” shall mean GS Maritime Holding LLC, a Delaware limited
liability company and ultimate parent of the Company.

(t) “Person” shall mean any individual, corporation, partnership, limited
liability company, joint venture, association, joint-stock company, trust (charitable or
non-charitable), unincorporated organization or other form of business entity.

(u) “Restricted Area” shall mean any State of the United States of America or
any other jurisdiction in which the Company or any other member of the Company Group engages (or
has committed plans to engage) in business during the Term of Employment.

 

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(v) “Restricted Period” shall mean the period commencing on the date hereof and
extending to the twenty-four (24) month anniversary of Employee’s termination of employment for any
reason.

(w) “Severance Term” shall mean the twenty-four (24) month period following
Employee’s termination by the Company without Cause (other than by reason of death or Disability),
by Employee for Good Reason, or following the expiration of the Term of Employment.

(x) “Subsidiary” shall mean any entity in which the Parent holds, directly or
indirectly, fifty percent (50%) or more of the total value or voting power.

(y) “Term of Employment” shall mean the period specified in Section 2
below.

Section 2. Acceptance and Term of Employment.

The Company agrees to employ Employee and Employee agrees to serve the Company on the terms
and conditions set forth herein. The Term of Employment shall commence on the Commencement Date and
shall continue until the five (5) year anniversary of the Commencement Date, unless terminated
earlier as provided in Section 8 hereof.

Section 3. Position, Duties and Responsibilities; Place of Performance.

(a) During the Term of Employment, Employee shall be employed and serve as the Executive Vice
President and Chief Financial Officer of the Company (together with such other position or
positions consistent with Employee’s title as the Board shall specify from time to time) and shall
have such duties typically associated with such title. Employee also agrees to serve as an officer
and/or director of any parent or subsidiary of the Company, in each case without additional
compensation. As of the Commencement Date, the parties hereto acknowledge that the Employee is not
a U.S. citizen, and as a result, in no event shall he hold any position which by applicable law is
required to be held by a U.S. citizen unless and until he becomes a U.S. citizen.

(b) Employee shall devote his full business time, attention, and skill to the performance of
his duties under this Agreement and shall not engage in any other business or occupation during the
Term of Employment, including, without limitation, any activity that (x) conflicts with the
interests of the Company or any other member of the Company Group, (y) interferes with the proper
and efficient performance of his duties for the Company, or
(z) interferes with the exercise of his judgment in the Company’s best interests. Notwithstanding
the foregoing, nothing herein shall preclude Employee from (i) serving, with the prior written
consent of the Board, as a member of the board of directors or advisory board (or their equivalents
in the case of a non-corporate entity) of non-competing businesses and charitable organizations,
(ii) engaging in charitable activities and community affairs, and (iii) managing his personal
investments and affairs; provided, however, that Employee shall notify the Company in writing prior
to participating in any of the activities set out in clauses (i), (ii) and (iii) (or as of the date
hereof with respect to such activities in which Employee is already participating), and Employee’s
participation in such activities shall be limited by Employee so as not to materially
interfere, individually or in the aggregate, with the performance of his duties and
responsibilities hereunder. In the event the Company believes such activities are interfering with
his duties and responsibilities and provided Employee has properly notified the Company of his
participation in such activities as provided above, the Company shall send Employee a written
notice specifying such activities, and Employee shall have thirty (30) days to limit such
activities so as to comply with the proviso in the preceding sentence.

 

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(c) Employee’s principal place of employment shall be in Tampa, Florida, although
Employee understands and agrees that he may be required to travel from time to time for business
reasons.

Section 4. Compensation. During the Term of Employment, Employee shall be entitled to
the following compensation:

(a) Base Salary. Employee shall be paid an annualized Base Salary, payable in
accordance with the regular payroll practices of the Company, of not less than $350,000. Employee’s
Base Salary shall be reviewed each year by the Board or the Compensation Committee, which may
increase (but not decrease) Employee’s Base Salary.

(b) Annual Bonus. Employee shall be eligible for an annual incentive bonus award
determined by the Board in consultation with the Chief Executive Officer in respect of each fiscal
year during the Term of Employment (the “Annual Bonus”). The target Annual Bonus range for
each fiscal year shall be from 60% to 120% of Base Salary, with the actual Annual Bonus, if any,
payable being based upon the level of achievement of annual Company and individual performance
objectives for such fiscal year, as determined by the Board or the Compensation Committee after
meeting with the Chief Executive Officer and communicated to Employee. Notwithstanding such, the
Annual Bonus in respect of the Company’s fiscal years ending
December 31, 2010 and 2011, shall in no
event be less than $175,000 per year, with the such minimum Annual Bonus amount payable in respect
of the 2010 fiscal year being pro rated to reflect the partial year of employment. Further, to the
extent that the sum of the Annual Bonus actually paid in respect of fiscal year 2010 (the
“Prorated Bonus Amount”) is less than $175,000, the Annual Bonus for the fiscal year ending
December 31, 2012 shall in no event be less than the difference between $175,000 and the Prorated
Bonus Amount. The Annual Bonus shall be paid to Employee at the same time as annual bonuses are
generally payable to other senior executives of the Company, subject to Employee’s continued
employment with the Company through the applicable payment date.

(c) Parachute Payment. In the event that any payment or benefit received or to be
received by Employee in connection with the termination of his employment (whether pursuant to the
terms of this Agreement or any other plan, arrangement, or agreement with the Company or any person
affiliated with the Company (collectively, the “Parachute Payments”)) would not be
deductible (in whole or in part) by the Company, an affiliate, or other person making such payment
or providing such benefit, as a result of Section 280G of the Code, then the Parachute Payments
shall be reduced until no portion of the Parachute Payments is not deductible; provided, however,
that in the event the Employee is financially better off on a net, after-tax basis, after receiving
his Parachute Payments in full and paying the excise tax payable pursuant to Section 4999 of the
Code with respect to the “excess parachute payment” (as defined
in Section 280G of the Code), then the Parachute Payments shall not be reduced. Notwithstanding the
foregoing, nothing in this Agreement shall prohibit Employee and the Company from agreeing to a
waiver of all or a portion of the Parachute Payments to which Employee would otherwise be entitled
in connection with the Company’s attempting to exempt such arrangements from Code Section 280G
consistent with Code Section 280G(b)(5)(A)(ii) and the Treasury Regulations promulgated thereunder.

 

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(d) Parent Equity.

(i) As soon as practical following the Commencement Date, Employee shall be
required to purchase at least $300,000 worth of Class A Units (as defined in the LLC
Agreement). Such purchase shall be subject to the execution of certain documentation
delivered to Employee prior to the closing date of such purchase, including, without
limitation, a joinder or similar agreement causing Employee to become subject to the terms
and conditions of the LLC Agreement.

(ii) As soon as practical following the Commencement Date, Employee shall be
granted 2,250 Profits Units (as defined in the LLC Agreement), one-half of which will be
subject to time based vesting and one-half of which shall be subject to performance based
vesting, and which shall be evidenced by, and subject to a Profit Unit Grant Agreement,
substantially in the form attached hereto as Exhibit A (the “Grant
Agreement”).

(iii) In addition to the Class A Units and Profits Units described above, on the
Commencement Date, Employee shall be granted a phantom interest (the “Phantom
Interest”), which shall represent the notional right in 1,300 Class A Units. The Phantom
Interest shall initially be unvested, and shall vest on the earlier to occur of a Change in
Control (as defined in the Grant Agreement) or an IPO (as defined in the LLC Agreement) (in
either case, a “Liquidity Event”), subject to Employee’s continuous employment with
the Company through the date of such applicable event. The Phantom Interest shall settle in
cash or in Class A Units (or such other equity that the Class A Units may convert into), as
may be determined by the Board at the time of settlement, as soon as practical following a
Liquidity Event, but in no event later than the date that is
21/2 months following the last day
of the fiscal year in which the Liquidity Event occurred; provided, however, that settlement
of the Phantom Interest in Class A Units (or such other equity that the Class A Units may
convert into) shall be limited such that the Permitted Percentage (as defined in the LLC
Agreement) shall not be exceeded.

Section 5. Employee Benefits.

During the Term of Employment, Employee shall be entitled to participate in health, insurance,
retirement and other benefits provided to other senior executives of the Company. Employee shall
also be entitled to the same number of holidays, sick days and other benefits as are generally
allowed to senior executives of the Company in accordance with the Company’s policies as in effect
from time to time, and shall be entitled to four (4) weeks paid vacation per year, to be taken in
accordance with the Company’s vacation policy as in effect from time to time.

 

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Section 6. Key-Man Insurance.

At any time during the Term of Employment, the Company shall have the right to insure the life
of Employee for the sole benefit of the Company, in such amounts, and with such terms, as it may
determine. All premiums payable thereon shall be the obligation of the Company. Employee shall have
no interest in any such policy, but agrees to cooperate with the Company in taking out such
insurance by submitting to physical examinations, supplying all information required by the
insurance company, and executing all necessary documents, provided that no financial obligation is
imposed on Employee by any such documents.

Section 7. Reimbursement of Business and Relocation Expenses.

(a) Employee is authorized to incur reasonable business expenses in carrying out his duties
and responsibilities under this Agreement and the Company shall promptly reimburse him for all such
reasonable business expenses incurred in connection with carrying out the business of the Company,
subject to documentation in accordance with the Company’s policy, as in effect from time to time.

(b) In connection with the relocation of Employee’s principal residence, the Company will
reimburse Employee for Employee’s qualified, documented relocation expenses. To the extent the
reimbursement provided under this Section 7(b) are considered income and increase Employee’s income
tax liability, the Company shall pay Employee a tax reimbursement payment in an amount such that,
after deduction for all income taxes payable with respect to such tax reimbursement benefit, the
amount retained by Employee will be equal to the amount of such increased income tax liability;
provided, that in no event shall the aggregate amount of relocation expenses reimbursed by the
Company, inclusive of any related tax reimbursement, exceed $150,000. Such expenses will be
reimbursed in accordance with the Company’s regular reimbursement policies, and any related tax
reimbursement shall be made no later than the last day of the calendar year next following the
calendar year in which Employee remits to the applicable taxing authority such taxes being
reimbursed.

(c) The Company shall pay up to $5,000 of reasonable legal expenses incurred by Employee
in connection with the preparation of the Agreement.

Section 8. Termination of Employment.

(a) General. The Term of Employment shall terminate earlier than as provided in
Section 2 above upon the earliest to occur of (i) Employee’s death, (ii) a termination by reason of
a Disability, (iii) a termination by the Company with or without Cause, and (iv) a termination by
Employee with or without Good Reason. Upon any termination of Employee’s employment for any reason,
except as may otherwise be requested by the Company in writing and agreed upon in writing by
Employee, Employee shall resign from any and all directorships, committee memberships or any other
positions Employee holds with the Company or any other member of the Company Group. Notwithstanding
anything herein to the contrary, the payment (or commencement of a series of payments) hereunder of
any nonqualified deferred compensation (within the meaning of Section 409A of the Code), the
timing of which is based on the occurrence of Employee’s termination of employment, shall be
payable to Employee by
treating any reference to Employee on the schedule set forth in this Section 8 as if Employee had
undergone such Employee’s termination of employment as meaning Employee’s “separation from service”
as that phrase is defined in Treas. Reg. Section 1.409A-1(h). For purposes of clarity, to the
extent a payment is exempt from the requirements of Code Section 409A because such payment
qualified as a “short-term deferral” (because such amount
is required to be paid no later than
21/2
months after the Company’s fiscal year during which Employee’s right to such payment first became
vested, as provided in Treas. Reg. Section 1.409A-1(b)(4)), the preceding sentence shall not be
applicable.

 

7

 

(b) Termination due to Death or Disability. Employee’s employment shall
terminate automatically upon his death. The Company may terminate Employee’s employment
immediately upon the occurrence of a Disability, such termination to be effective upon
Employee’s receipt of written notice of such termination. In the event Employee’s employment
is terminated due to his death or Disability, Employee or his estate or his beneficiaries, as
the
case may be, shall be entitled to:

(i) The Accrued Obligations; and

(ii) Any unpaid Annual Bonus in respect to any completed fiscal year which has
ended prior to the date of such termination, which amount shall be paid at such time annual
bonuses are paid to other senior executives of the Company, but in no event later than one
day prior to the date that is 21/2 months following the last day of the fiscal year in which
such termination occurred.

Following such termination of Employee’s employment by the reason of death or Disability,
except as set forth in this Section 8(b), Employee shall have no further rights to any
compensation or any other benefits under this Agreement.

(c) Termination by the Company for Cause. The Company may terminate Employee’s
employment at any time for Cause, effective upon Employee’s receipt of written notice of such
termination. In the event the Company terminates Employee’s employment for Cause, he shall be
entitled only to the Accrued Obligations. Following such termination of Employee’s employment for
Cause, except as set forth in this Section 8(c), Employee shall have no further rights to any
compensation or any other benefits under this Agreement.

(d) Termination by the Company without Cause. The Company may terminate Employee’s
employment at any time without Cause, effective upon Employee’s receipt of written notice of such
termination. In the event Employee’s employment is terminated by the Company without Cause (other
than due to death or Disability), Employee shall be entitled to:

(i) The Accrued Obligations;

(ii) Any unpaid Annual Bonus in respect to any completed fiscal year which has
ended prior to the date of such termination, which amount shall be paid at such time annual
bonuses are paid to other senior executives of the Company, but in no event later than one
day prior to the date that is 21/2 months following the last day of the fiscal year in which
such termination occurred;

 

8

 

(iii) Annual Bonus for the fiscal year of termination, to the extent applicable
performance conditions are achieved for such fiscal year, such amount to be paid in a lump
sum at the same time the Annual Bonus would otherwise have been paid pursuant to Section
4(b) above had such termination not occurred, but in no event later than one day prior to
the date that is 21/2 months following the last day of the fiscal year in which such
termination occurred;

(iv) Continuation of payment of Base Salary during the Severance Term, payable in
accordance with the Company’s regular payroll practices, it being agreed that each
installment of Base Salary payable hereunder shall be deemed to be a separate payment for
purposes of Section 409A of the Code; and

(v) Continuation, during the Severance Term, of the medical benefits provided to
Employee and his covered dependants under the Company’s health plans in effect as of the date
of such termination, it being understood and agreed that Employee shall be required to pay
the cost of such medical benefits at the same rate as other former employees pay for such
coverage pursuant to their exercise of rights to continuation coverage consistent with Code
Section 4980B (“COBRA Coverage”) or such other rights to continuation of health
coverage similar to COBRA Coverage; provided, however, that during the Severance Term, the
Company shall reimburse Employee for such costs of coverage by paying an amount sufficient so
that Employee’s net, after-tax costs of such continuation coverage will be the same as
Employee’s net, after-tax costs immediately prior to Employee’s termination of employment.
Notwithstanding the foregoing, the Company’s obligation to provide such reimbursements shall
terminate prior to the expiration of the Severance Term in the event that Employee becomes
eligible to receive any such or substantially similar benefits while employed by or providing
service to, in any capacity, any other business or entity during the Severance Term.

Notwithstanding the foregoing, the Severance Term shall expire, the payments and benefits described
in clauses (ii), (iii), (iv), and (v) above shall immediately terminate, and the Company shall have
no further obligations to Employee with respect thereto, in the event that Employee breaches any
provision of Section 9 hereof. Following such termination of Employee’s employment by the Company
without Cause, except as set forth in this Section 8(d), Employee shall have no further rights to
any compensation or any other benefits under this Agreement.

(e) Termination by Employee with Good Reason. Employee may terminate his
employment with Good Reason by providing the Company thirty (30) days’ written notice setting forth
in reasonable specificity the event that constitutes Good Reason, which written notice, to be
effective, must be provided to the Company within sixty (60) days of the occurrence of such event.
During such thirty (30) day notice period, the Company shall have a cure right (if curable), and if
not cured within such period, Employee’s termination will be effective upon the expiration of such
cure period, and Employee shall be entitled to the same payments and benefits as provided in
Section 8(d) above for a termination by the Company without Cause, subject to the same conditions
on payment and benefits as described in Section 8(d) above. Following such termination of
Employee’s employment by Employee with Good Reason, except as set forth in this Section 8(e),
Employee shall have no further rights to any compensation or any other benefits under this
Agreement.

 

9

 

(f) Termination by Employee without Good Reason. Employee may terminate his employment
without Good Reason by providing the Company thirty (30) days’ written notice of such termination.
In the event of a termination of employment by Employee under this Section 8(f), Employee shall be
entitled only to the Accrued Obligations. In the event of termination of Employee’s employment
under this Section 8(f), the Company may, in its sole and absolute discretion, by written notice
accelerate such date of termination and still have it treated as a termination without Good Reason.
Following such termination of Employee’s employment by Employee without Good Reason, except as set
forth in this Section 8(f), Employee shall have no further rights to any compensation or any other
benefits under this Agreement.

(g) Expiration of the Term of Employment. To the extent Employee’s employment has not
terminated earlier as set forth in Section 8(a) hereof, Employee’s employment shall terminate upon
the expiration of the Term of Employment. Upon termination of Employee’s employment due to the
expiration of the Term of Employment, the Employee shall be entitled to:

(i) The Accrued Obligations;

(ii) Any unpaid Annual Bonus in respect to any completed fiscal year which has
ended prior to the date of expiration of the Term of Employment, which amount shall be paid
at such time annual bonuses are paid to other senior executives of the Company, but in no
event later than one day prior to the date that is 21/2 months following the last day of the
fiscal year in which such termination occurred;

(iii) Annual Bonus for the fiscal year of termination, to the extent applicable
performance conditions are achieved for such fiscal year, such amount to be paid in a lump
sum at the same time the Annual Bonus would otherwise have been paid pursuant to Section 4(b)
above had such termination not occurred, but in no event later than one day prior to the date
that is 21/2 months following the last day of the fiscal year in which such termination
occurred;

(iv) Continuation of payment of Base Salary during the Severance Term, payable in
accordance with the Company’s regular payroll practices, it being agreed that each
installment of Base Salary payable hereunder shall be deemed to be a separate payment for
purposes of Section 409A of the Code; and

(v) Continuation, during the Severance Term, of the medical benefits provided to
Employee and his covered dependants under the Company’s health plans in effect as of the date
of such termination, it being understood and agreed that Employee shall be required to pay
the cost of such medical benefits at the same rate as other former employees pay for such
coverage pursuant to their exercise of rights to continuation coverage consistent with Code
Section 4980B (“COBRA Coverage”) or such other rights to continuation of health
coverage similar to COBRA Coverage; provided, however, that during the Severance Term, the
Company shall reimburse Employee for such costs of coverage by paying an amount sufficient so
that Employee’s net, after-tax costs of such continuation coverage will be the same as
Employee’s net, after-tax costs immediately
prior to Employee’s termination of employment. Notwithstanding the foregoing, the Company’s
obligation to provide such reimbursements shall terminate prior to the expiration of the
Severance Term in the event that Employee becomes eligible to receive any such or similar
benefits while employed by or providing service to, in any capacity, any other business or
entity during the Severance Term.

 

10

 

Notwithstanding the foregoing, the Severance Term shall expire, the payments and benefits described
in clauses (ii), (iii), (iv), and (v) above shall immediately terminate, and the Company shall have
no further obligations to Employee with respect thereto, in the event that Employee breaches any
provision of Section 9 hereof. Except as otherwise set forth below in this Section 8(g), Employee
shall have no further rights to any compensation or any other benefits under this Agreement.

(h) Release. Notwithstanding any provision herein to the contrary, the payment
of any amount or provision of any benefit pursuant to subsection (b), (d), or (e) of this Section 8
(other than the Accrued Obligations) (collectively, the “Severance Benefits”) shall be
conditioned upon Employee’s execution, delivery to the Company, and non-revocation of a customary
general release in favor of the Company Group in a form substantially similar to Exhibit B
(and the expiration of any revocation period contained in such release) within sixty (60) days
following the date of Employee’s termination of employment hereunder. If Employee fails to execute
the release in such a timely manner so as to permit any revocation period to expire prior to the
end of such sixty (60) day period, or timely revokes his acceptance of such release following its
execution, Employee shall not be entitled to any of the Severance Benefits. Further, to the extent
that any of the Severance Benefits constitutes “nonqualified deferred compensation” for purposes of
Section 409A of the Code, any payment of any amount or provision of any benefit otherwise scheduled
to occur prior to the sixtieth (60th) day following the date of Employee’s termination
of employment hereunder, but for the condition on executing the release as set forth herein, shall
not be made until the first regularly scheduled payroll date following such sixtieth
(60th) day, after which any remaining Severance Benefits shall thereafter be provided to
Employee according to the applicable schedule set forth herein. For the avoidance of doubt, in the
event of a termination due to Employee’s death or Disability, Employee’s obligations herein to
execute and not revoke the release may be satisfied on his behalf by his estate or a person having
legal power of attorney over his affairs.

Section 9. Restrictive Covenants. Employee acknowledges and agrees that the agreements
and covenants contained in this Section 9 are (i) reasonable and valid in geographical and temporal
scope and in all other respects, and (ii) essential to protect the value of the business and assets
of the Company Group.

(a) Confidential Information. At any time during and after the end of the
Term of Employment, without the prior written consent of the Board, except to the extent
required by an order of a court having jurisdiction or under subpoena from an appropriate
government agency, in which event, Employee shall use his best efforts to consult with the
Board prior to responding to any such order or subpoena, and except as required in the
performance of his duties hereunder, Employee shall not disclose to or use for the benefit of
himself or any third party any Confidential Information.

 

11

 

(b) Non-Competition. Employee covenants and agrees that during the Restricted Period,
Employee shall not, directly or indirectly, individually or jointly, own any interest in, operate,
join, control or participate as a partner, director, principal, officer, or agent of, enter into
the employment of, act as a consultant to, or perform any services for any Person (other than the
Company or any other member of the Company Group), that engages in any Competitive Activities
within the Restricted Area. Notwithstanding anything herein to the contrary, this Section 9(b)
shall not prevent Employee from acquiring as an investment securities representing not more than
three percent (3%) of the outstanding voting securities of any publicly-held corporation.

(c) Non-Solicitation; Non-interference. During the Restricted Period, Employee shall
not, directly or indirectly, for his own account or for the account of any other Person, engage in
Interfering Activities.

(d) Return of Documents. In the event of the termination of Employee’s employment for
any reason, Employee shall deliver to the Company all of (i) the property of the Company and any
other member of the Company Group and (ii) the documents and data of any nature and in whatever
medium of the Company and any other member of the Company Group, and he shall not take with him any
such property, documents or data or any reproduction thereof, or any documents containing or
pertaining to any Confidential Information.

(e) Works for Hire. Employee agrees that the Company shall own all right, title and
interest throughout the world in and to any and all inventions, original works of authorship,
developments, concepts, know-how, improvements or trade secrets, whether or not patentable or
registrable under copyright or similar laws, which Employee may solely or jointly conceive or
develop or reduce to practice, or cause to be conceived or developed or reduced to practice during
the Term of Employment, whether or not during regular working hours, provided they either (i)
relate at the time of conception or development to the actual or demonstrably proposed business or
research and development activities of any member of the Company Group; (ii) result from or relate
to any work performed for the Company or any member of the Company Group; or (iii) are developed
through the use of Confidential Information and/or Company resources or in consultation with any
personnel of the Company or any other member of the Company Group (collectively referred to as
“Developments”). Employee hereby assigns all right, title and interest in and to any and
all of these Developments to the Company. Employee agrees to assist the Company, at the Company’s
expense, to further evidence, record and perfect such assignments, and to perfect, obtain,
maintain, enforce, and defend any rights specified to be so owned or assigned. Employee hereby
irrevocably designates and appoints the Company and its agents as attorneys-in-fact to act for and
on Employee’s behalf to execute and file any document and to do all other lawfully permitted acts
to further the purposes of the foregoing with the same legal force and effect as if executed by
Employee. In addition, and not in contravention of any of the foregoing, Employee acknowledges that
all original works of authorship which are made by him (solely or jointly with others) within the
scope of employment and which are protectable by copyright are “works made for hire,” as that term
is defined in the United States Copyright Act (17 U.S.C. Sec. 101). To the extent allowed by law,
this includes all rights of paternity, integrity, disclosure and withdrawal and any other rights
that may be known as or referred to as “moral rights.” To the extent Employee retains any such
moral rights under applicable law, Employee hereby waives such moral rights and consents to any
action
consistent with the terms of this Agreement with respect to such moral rights, in each case, to the
full extent of such applicable law. Employee will confirm any such waivers and consents from time
to time as requested by the Company.

 

12

 

(f) Blue Pencil. If any court of competent jurisdiction shall at any time deem
the duration or the geographic scope of any of the provisions of this Section 9 unenforceable, the
other provisions of this Section 9 shall nevertheless stand and the duration and/or geographic
scope set forth herein shall be deemed to be the longest period and/or greatest size permissible by
law under the circumstances, and the parties hereto agree that such court shall reduce the time
period and/or geographic scope to permissible duration or size.

Section 10. Injunctive Relief.

Without limiting the remedies available to the Company, Employee acknowledges that a breach of
any of the covenants contained in Section 9 hereof may result in material irreparable injury to the
Company Group for which there is no adequate remedy at law, that it will not be possible to measure
damages for such injuries precisely and that, in the event of such a breach or threat thereof, the
Company (or any other member of the Company Group) shall be entitled to obtain a temporary
restraining order and/or a preliminary or permanent injunction, without the necessity of proving
irreparable harm or injury as a result of such breach or threatened breach of Section 9 hereof,
restraining Employee from engaging in activities prohibited by Section 9 hereof or such other
relief as may be required specifically to enforce any of the covenants in Section 9 hereof.
Notwithstanding any other provision to the contrary, the Restricted Period shall be tolled during
any period of violation of any of the covenants in Section 9(b) or (c) hereof and during any other
period required for litigation during which the Company (or any other member of the Company Group)
seeks to enforce such covenants against Employee if it is ultimately determined that Employee was
in breach of such covenants.

Section 11. Representations and Warranties of Employee.

Employee represents and warrants to the Company that he is entering into this Agreement
voluntarily and that his employment hereunder and compliance with the terms and conditions hereof
will not conflict with or result in the breach by him of any agreement to which he is a party or by
which he may be bound.

Section 12.
Taxes.

The Company may withhold from any payments made under this Agreement all applicable taxes,
including but not limited to income, employment and social insurance taxes, as shall be required by
law. Employee acknowledges and represents that the Company has not provided any tax advice to him
in connection with this Agreement and that he has been advised by the Company to seek tax advice
from his own tax advisors regarding this Agreement and payments that may be made to him pursuant to
this Agreement, including specifically, the application of the provisions of Section 409A of the
Code to such payments.

 

13

 

Section 13. Mitigation and Setoff.

Employee shall not be required to mitigate the amount of any payment provided for pursuant to
this Agreement by seeking other employment or otherwise. The Company’s obligation to pay Employee
the amounts provided and to make arrangements provided for hereunder shall not be subject to
setoff, counterclaim or recoupment of amounts owed by Employee to the Company or the Company Group.

Section 14. Additional Section 409A Provisions.

(a) Notwithstanding any provision in this Agreement to the contrary, any payment otherwise
required to be made hereunder to the Employee at any date as a result of the termination of
Employee’s employment (other than any payment made in reliance upon Treas. Reg. Section
1.409A-1(b)(9) (Separation Pay Plans) or Treas. Reg. Section 1.409A-1(b)(4) (Short-Term Deferrals))
shall be delayed for such period of time as may be necessary to meet the requirements of Section
409A(a)(2)(B)(i) of the Code. On the earliest date on which such payments can be made without
violating the requirements of Section 409A(a)(2)(B)(i) of the Code, there shall be paid to the
Employee, in a single cash lump sum, an amount equal to the aggregate amount of all payments
delayed pursuant to the preceding sentence. No payment due under this Agreement shall be delayed or
deferred to a date that would violate Section 409A of the Code.

(b) Each payment in a series of payments hereunder shall be deemed to be a separate payment
for purposes of Section 409A of the Code.

(c) To the extent that any right to reimbursement of expenses or payment of any benefit
in-kind under this Agreement constitutes nonqualified deferred compensation (within the meaning of
Section 409A of the Code), (i) any such expense reimbursement shall be made by the Company no later
than the last day of the taxable year following the taxable year in which such expense was incurred
by Employee, (ii) the right to reimbursement or in-kind benefits shall not be subject to
liquidation or exchange for another benefit, and (iii) the amount of expenses eligible for
reimbursement or in-kind benefits provided during any taxable year shall not affect the expenses
eligible for reimbursement or in-kind benefits to be provided in any other taxable year; provided,
that the foregoing clause shall not be violated with regard to expenses reimbursed under any
arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a
limit related to the period the arrangement is in effect.

(d) While the payments and benefits provided hereunder are intended to be structured in a
manner to avoid the implication of any penalty taxes under Section 409A of the Code, in no event
whatsoever shall the Parent or any of its affiliates (including, without limitation, the Company)
be liable for any additional tax, interest, or penalties that may be imposed on Employee as a
result of Section 409A of the Code or any damages for failing to comply with Section 409A of the
Code (other than for withholding obligations or other obligations applicable to employers, if any,
under Section 409A of the Code).

 

14

 

Section 15. Successors and Assigns; No Third-Party Beneficiaries; Indemnification.

(a) The Company. This Agreement shall inure to the benefit of the Company and its
respective successors and assigns. Neither this Agreement nor any of the rights, obligations or
interests arising hereunder may be assigned by the Company without Employee’s prior written consent
(which shall not be unreasonably withheld, delayed or conditioned), to a person or entity other
than an affiliate or parent entity of the Company, or their respective successors or assigns;
provided, however, that, in the event of the merger, consolidation, transfer or sale of all or
substantially all of the assets of the Company with or to any other individual or entity, this
Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such
successor and such successor shall discharge and perform all the promises, covenants, duties and
obligations of the Company hereunder, it being agreed that in such circumstances, the consent of
Employee shall not be required in connection therewith.

(b) Employee. Employee’s rights and obligations under this Agreement shall not be
transferable by Employee by assignment or otherwise, without the prior written consent of the
Company; provided, however, that if Employee shall die, all amounts then payable to Employee
hereunder shall be paid in accordance with the terms of this Agreement to Employee’s devisee,
legatee or other designee or, if there be no such designee, to Employee’s estate.

(c) No Third-Party Beneficiaries. Except as otherwise set forth in Section 8(b) or
Section 15(b) hereof, nothing expressed or referred to in this Agreement will be construed to give
any person or entity other than the Company, the other members of the Company Group and Employee
any legal or equitable right, remedy or claim under or with respect to this Agreement or any
provision of this Agreement.

(d) Indemnification. To the fullest extent permitted by law, the Company shall
indemnify Employee (including the advancement of expenses) for any judgments, fines, amounts paid
in settlement, and reasonable expenses, including attorneys’ fees, incurred by Employee in
connection with the defense of any lawsuit or other claim to which he is made a party by reason of
being an officer or employee of the Company, provided that any settlement, consent to judgment or
similar action taken by Employee without the prior written consent of the Company in respect of any
such lawsuit or other claim shall not be subject to indemnification hereunder. During the Term of
Employment and for at least six (6) years thereafter, the Company shall make reasonable best
efforts to maintain customary director and officer liability insurance covering Employee for acts
and omissions during the Term of Employment, which coverage shall include Severable Side A and
Difference in Conditions.

Section 16. Waiver and Amendments.

Any waiver, alteration, amendment or modification of any of the terms of this Agreement shall
be valid only if made in writing and signed by each of the parties hereto; provided, however, that
any such waiver, alteration, amendment or modification is consented to on the Company’s behalf by
the Board. No waiver by either of the parties hereto of their rights hereunder shall be deemed to
constitute a waiver with respect to any subsequent occurrences or
transactions hereunder unless such waiver specifically states that it is to be construed as a
continuing waiver.

 

15

 

Section 17. Severability.

If any covenants or such other provisions of this Agreement are found to be invalid or
unenforceable by a final determination of a court of competent jurisdiction: (a) the remaining
terms and provisions hereof shall be unimpaired, and (b) the invalid or unenforceable term or
provision hereof shall be deemed replaced by a term or provision that is valid and enforceable and
that comes closest to expressing the intention of the invalid or unenforceable term or provision
hereof.

Section 18. Governing Law and Jurisdiction.

This Agreement is governed by and is to be construed under the laws of the State of New York,
without regard to conflict of laws rules. Any dispute or claim arising out of or relating to this
Agreement or claim of breach hereof (other than claims for injunctive relief, which shall be
governed by Section 10 hereof) shall be brought exclusively in the Federal court in the State of
New York. By execution of the Agreement, the parties hereto, and their respective affiliates,
consent to the exclusive jurisdiction of such court, and waive any right to challenge jurisdiction
or venue in such court with regard to any suit, action, or proceeding under or in connection with
the Agreement. Each party to this Agreement also hereby waives any right to trial by jury in
connection with any suit, action or proceeding under or in connection with this Agreement.

Section 19. Notices.

(a) 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 Employee 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 Employee may be
given to Employee personally or may be mailed to Employee at Employee’s last known address, as
reflected in the Company’s records.

(b) Any notice so addressed shall be deemed to be given: (i) if delivered by hand, on the date
of such delivery; (ii) if mailed by courier or by overnight mail, on the first business day
following the date of such mailing; or (iii) if mailed by registered or certified mail, on the
third business day after the date of such mailing.

Section 20. Section Headings.

The headings of the sections and subsections of this Agreement are inserted for convenience
only and shall not be deemed to constitute a part thereof, affect the meaning or interpretation of
this Agreement or of any term or provision hereof.

 

16

 

Section 21. Entire Agreement.

This Agreement, together with any exhibits attached hereto, constitute the entire
understanding and agreement of the parties hereto regarding the employment of Employee. This
Agreement supersedes all prior negotiations, discussions, correspondence, communications,
understandings and agreements between the parties relating to the subject matter of this Agreement.

Section 22. Survival of Operative Sections.

Upon any termination of Employee’s employment, the provisions of Section 8 through Section 23
of this Agreement (together with any related definitions set forth in Section 1 hereof) shall
survive to the extent necessary to give effect to the provisions thereof.

Section 23. Counterparts.

This Agreement may be executed in two or more counterparts, each of which shall be deemed
to be an original but all of which together shall constitute one and the same instrument. The
execution of this Agreement may be by actual or facsimile signature.

* * *

[Signatures to appear on the following page]

 

17

 

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above
written.

	 	 	 	 	 	 	 
	 	 	UNITED MARITIME GROUP, LLC	 	 
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Sal Litrico	 	 
	 

	 	 	 	Title: CEO	 	 
	 
	 	 	 	 	 	 
	 	 	EMPLOYEE	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Jason Grant	 	 
	 	 	 	 	 
	 	 	Jason Grant	 	 

 

18

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