Document:

EX-10.1

Exhibit 10.1

SEPARATION AGREEMENT AND RELEASE OF ALL CLAIMS

          This Separation Agreement and Release of All Claims is entered into between AMB Property
Corporation, its affiliates and subsidiaries (collectively, the “Company”) and John T. Roberts, Jr.
(“Executive”). The purpose of this Agreement is to arrange a severance of Executive’s employment
with Company on a basis that is satisfactory both to the Company and to the Executive.

          1. Effective March 1, 2010, Executive’s employment with the Company will end as a result of
his retirement from Company. Until that time, Executive will be paid his current rate of pay. The
retirement by Executive of his employment shall not affect any benefits or entitlements due
Executive under this Agreement. Executive’s residence is in California, and Executive presently
works in California. On March 1, 2010, the Company will pay Executive all accrued salary, and all
accrued and unused vacation earned through March 1, 2010, subject to standard payroll deductions
and withholdings. Executive is entitled to these payments regardless of whether or not he signs
this Agreement.

          2. Both Executive and Company are entering into this Agreement as a way of concluding the
employment relationship between them and of settling voluntarily any dispute or potential dispute
that Executive has or might have with Company as of the date this Agreement is signed.

          3. In return for Executive agreeing to this Agreement, Company agrees to provide Executive the
following, subject to paragraph 11 of this Agreement.

               (a) Salary. Subject to paragraph 1 of this Agreement, Company will continue to pay
Executive’s base salary through the Termination Date.

               (b) 2009 Bonus. Company will pay to Executive in cash, less all applicable
deductions, his 2009 bonus in accordance with Company’s current compensation policies.

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Company will pay Executive this bonus at the same time Company pays other employees their
bonuses with respect to 2009 performance.

               (c) 2010 Long Term Incentive Award. Company will pay to Executive his 2010 long term
incentive award in cash, less all applicable deductions, in accordance with Company’s current
compensation policies. Company will pay Executive this long term incentive award at the same time
Company pays other employees their bonuses with respect to 2009 performance.

               (d) Benefits. Executive is eligible to participate in the Company’s Executive Retiree
Benefit program.

               (e) Unvested Restricted Stock / Stock Options. Upon the later of (1) March 1, 2010, or
(2) the termination of the seven-day revocation period set forth in paragraph 11 of this Agreement,
Executive shall be entitled to the:

	 	•	 	Vesting of all shares of restricted stock from grant numbers 1659, 2069, 2539 and 3472
(34,486 shares) that are scheduled to vest on January 1, 2011, on February 1, 2011, on
February 1, 2012 and on February 1, 2013. After such Effective Date, such shares shall be
freely transferable.
	 
	 	•	 	Vesting of 1,373 shares of restricted stock from grant number 3393 that are scheduled to
vest on February 1, 2011 and 228 shares from grant number 3393 that are scheduled to vest
on February 1, 2012. After such Effective Date, such shares shall be freely transferable.
	 
	 	•	 	Vesting of all stock option grants from award 3009 that are scheduled to vest on
February 1, 2011 and on February 1, 2012 (52,410 shares subject to stock options). Such
options shall be immediately exercisable for the term of the award.

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          4. Effective as of January 1, 2010, Executive will resign his positions as the President of
AMB Capital Partners, LLC, President of AMB Property Corporation and as an officer and/or director
of any affiliates or subsidiaries thereof. The resignation by Executive of his officer titles and
responsibilities shall not affect any benefits or entitlements due Executive under this Agreement.

          5. Through and including March 1, 2011, Executive shall not, without the prior written consent
of the Company, become employed by, or retained as a consultant of, or provide services for
compensation of any kind in any capacity, to any Competitive Entity (as hereafter defined). As
used herein, the term “Competitive Entity” shall mean a public or private business that focuses
primarily on the ownership, development or operation of distribution, warehouse, air cargo or
logistic-oriented properties.

          6. Through and including March 1, 2012, Executive shall not, without the prior written consent
of the Company, directly or indirectly, solicit any person who is or was employed by Company as of
March 1, 2010. Notwithstanding the foregoing, (i) Executive shall not be considered to have
violated this paragraph 6 if a subsequent employer of Executive engages in any activity prohibited
by this paragraph 6 without Executive’s participation, and (ii) Executive shall not be prohibited
in engaging in an activity otherwise prohibited by this paragraph with respect to any employee
whose employment with the Company has been terminated prior to Executive engaging in any such
activity.

          7. Except in connection with any proceedings between Executive and Company pursuant to
paragraph 18 of this Agreement, Executive agrees that he will not make any disparaging comments
concerning Company or its operations, or his employment with and/or departure from Company to any
individual or entity. Except in connection with any proceedings between Executive and Company
pursuant to paragraph 18 of this Agreement, Company agrees that neither it nor any of its executive
officers or directors will make, and Company agrees that it

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shall use its reasonable efforts to prevent all of its other officers and employees from
making, directly or through inference, orally or in writing, any disparaging comments concerning
Executive or his employment with and/or departure from Company to any individual or entity.

          8. In return for the foregoing payments and benefits set forth in paragraph 3, but without in
any manner impairing Executive’s right to seek indemnification from Company as described in
paragraph 22 of this Agreement, Executive, for himself and his spouse, heirs, executors,
representatives and assigns, forever releases Company and Company’s officers, directors, managers,
employees, agents and representatives from any and all claims, actions, and causes of action which
Employee has or might have concerning his employment with Company or the termination of employment,
up to the date of the signing of this Agreement. All such claims are forever barred by this
Agreement and without regard as to whether those claims are based upon any alleged breach of
contract or covenant of good faith and fair dealing; any alleged employment discrimination or other
unlawful discriminatory acts, including claims under Title VII, the California Fair Employment and
Housing Act, the Americans with Disabilities Act, the California Labor Code, the Family and Medical
Leave Act, the Employee Retirement Income Security Act and the Age Discrimination in Employment
Act; any alleged tortious act resulting in physical injury, emotional distress, or damage to
reputation or other damages; or any other claim or cause of action as of the date of the signing of
this Agreement (with the sole exclusions to any claims for vested ERISA benefits, workers’
compensation claims and any claims for unemployment insurance). Nothing in this Agreement shall
prohibit Executive from filing a charge, including a challenge to the validity of this Agreement,
with the Equal Employment Opportunity Commission (“EEOC”) or participating in any investigation or
proceeding conducted by the EEOC.

          9. Executive agrees that the payments and benefits set forth in paragraph 3 shall constitute
the entire amount of monetary consideration provided to him under this Agreement

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and that he will not seek any further compensation for any other claimed damages, costs or
attorneys fees in connection with the matters encompassed by this Agreement.

          10. Executive acknowledges that California Civil Code Section 1542 provides as follows:

A general release does not extend to claims which the creditor does not know or suspect
exist in his favor at the time of executing the release, which if known by him must have
materially affected his settlement with the debtor.

          Being fully informed of this provision of the California Civil Code, Executive waives any
rights under such code section, and acknowledges that this Agreement extends to all claims that
Executive has or might have against Company, whether known or unknown.

          11. Executive understands that:

	 	(a)	 	He has twenty-one days in which to consider signing this
Agreement;
	 
	 	(b)	 	He has carefully read and fully understands all of the terms of
this Agreement;
	 
	 	(c)	 	He is, through this Agreement, releasing Company from any and
all claims he may have against it;
	 
	 	(d)	 	He knowingly and voluntarily agrees to all of the terms set
forth in this Agreement;
	 
	 	(e)	 	He knowingly and voluntarily intends to be legally bound by
this Agreement;
	 
	 	(f)	 	He was advised and hereby is advised in writing to consult with
an attorney of his choice prior to signing this Agreement;
	 
	 	(g)	 	He understands that rights or claims under the Age
Discrimination in Employment Act of 1967 that may arise after the date this
Agreement is signed are not waived; and
	 
	 	(h)	 	He has a full seven days following the signing of this
Agreement to revoke it and he has been and hereby is advised in writing that
this Agreement will not become effective or enforceable until that seven-day
revocation period has expired and Executive has not revoked the Agreement.

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          12. This Agreement is in full satisfaction of disputed claims and by entering into this
Agreement, Company is in no way admitting liability of any sort. This Agreement, therefore, does
not constitute an admission of liability of any kind.

          13. Executive has had access to non-public confidential, proprietary and/or trade secret
information relating to Company’s business which was acquired or disclosed to Executive during the
course of his employment with Company (“Confidential Information”). Such Confidential Information
may include, but is not limited to, business strategies, financial reports, litigation matters,
computer programs and software, customer information, business plans and operations, and other
information and records which are owned by Company and are regularly used in the operation of its
business. Prior to and at all times after March 1, 2010, Executive shall not, directly or
indirectly, disclose or make available to any third party any Confidential Information, except to
the extent required by law or necessary for legitimate law enforcement or compliance purposes. In
such a situation, Executive shall promptly notify Company in writing of his intended disclosure(s),
and will not disclose such Confidential Information until Company has had a reasonable amount of
time to prevent such disclosure(s). “Confidential Information” does not include any information
that (a) is or becomes generally available to the public other than as a result of disclosure or
actions by any party hereto in violation of this Agreement, (b) is or becomes available to any
party hereto on a non-confidential basis from a source (other than any other party hereto) which
such party reasonably believes is not prohibited from disclosing such information to such party by
a contractual legal or fiduciary obligation to such other party hereto or (c) was in such party’s
possession prior to the date of this Agreement and was obtained on a non-confidential basis from a
source (other than any other party hereto) that such party reasonably believes was not prohibited
by a contractual, legal or fiduciary obligation to such other party hereto from disclosing such
information to such party. Notwithstanding the above, Executive is not prohibited from using
information which is generally known and used in the real

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estate industry by persons with training and experience comparable to Executive, which is
common knowledge in the real estate industry or otherwise legally in the public domain.

          14. Should any provision of this Agreement be determined by any court or arbitrator to be
wholly or partially illegal, invalid or unenforceable, the legality, validity and enforceability of
the remaining provisions shall not be affected, and said illegal, unenforceable or invalid
provisions shall be deemed not to be a part of the terms or conditions of this Agreement.

          15. The parties agree that this Agreement contains their complete and final agreement and that
there are no representations, statements, or agreements which have not been included within this
Agreement. Notwithstanding any thing to the contrary in this Agreement, as of the Termination
Date, this Agreement supersedes in its entirety that certain Amended and Restated Change in Control
and Noncompetition Agreement entered into between Company and Executive dated as of September 27,
2007.

          16. The parties acknowledge that in signing this Agreement, they do not rely upon and have not
relied upon any representation or statement made by any of the parties or their agents with respect
to the subject matter, basis or effect of this Agreement, other than those specifically stated in
this Agreement.

          17. This Agreement shall be binding upon the parties and upon their heirs, administrators,
representatives, executors and assigns. Executive expressly warrants that he has not transferred
to any person or entity any rights, causes of action or claims released in this Agreement.

          18. The parties agree that any dispute regarding the application and interpretation or alleged
breach of this Agreement shall be subject to final and binding arbitration before a neutral
arbitrator referred by the Judicial Arbitration and Mediation Service (“JAMS”). That arbitrator
shall be selected by the parties from the list of proposed arbitrators referred by JAMS. The

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arbitrator shall have the right, but not the obligation, to grant costs and attorneys fees to
the losing party to the arbitration.

          19. This Agreement may be executed in counterparts, and each counterpart shall have the same
force and effect as an original and shall constitute an effective binding agreement on the part of
each of the undersigned. For purposes of promoting timely compliance under this Agreement,
facsimile transmission of executed documents shall be deemed sufficient evidence of execution to
warrant commensurate performance. The fully executed original(s) shall nevertheless be delivered
by mail or by hand.

          20. California law shall govern the validity and interpretation of this Agreement.

          21. For purposes of this Agreement, the parties warrant that they respectively have the
authority to sign this Agreement on behalf of Executive and Company. Executive has signed this
Agreement in San Francisco, California.

          22. Nothing contained in this Agreement shall impair or affect any of Executive’s rights to
indemnification afforded or provided to Executive under Company’s organizational documents, or by
law, or directors’ and officers’ insurance or otherwise, including, without limitation California
Labor Code Section 2802, or otherwise, relating in any manner to matters arising out of or relating
to Executive’s employment with Company or Executive discharging his duties on behalf of Company,
the parties expressly acknowledging and agreeing that all such rights shall survive both execution
of this Agreement and March 1, 2010.

	 	 	 	 	 	 	 
	Date: September 18, 2009	 	/s/ John T. Roberts, Jr.	 	 
	 	 	 	 	 
	 	 	JOHN T. ROBERTS, JR.	 	 
	 
	 	 	 	 	 	 
	Date: September 18, 2009	 	AMB PROPERTY CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Nancy Hemmenway
 

	 	 

8Exhibit 10.1

Exhibit 10.1

SEPARATION, RELEASE AND CONSULTANCY AGREEMENT

This Separation, Release and Consultancy Agreement (this “Agreement”),
dated September 10, 2009 (the “Effective Date”), is entered into by MARK W.
BLACKMAN, whose address is 80 Deepwood Road, Darien, CT 06820 (“Blackman”)
and NYMAGIC, INC. (the “Company”).

RECITAL

WHEREAS, Blackman and the Company desire to reach a mutual
understanding and acceptance of the terms and conditions related to
Blackman’s separation from employment with the Company.

AGREEMENT

NOW, THEREFORE, in consideration of the mutual promises and covenants
herein contained, it is hereby agreed as follows:

1. Blackman acknowledges that his last day of employment with the
Company and any of its affiliates was August 11, 2009 (“Separation Date”)
and that he was paid his normal salary and received normal benefits through
such date. Within five days after the Effective Date (assuming no revocation
has taken place), Blackman shall be paid any accrued but unused personal and
vacation days for calendar year 2009 , including any carry over vacation
days from 2008. In addition, the Company will pay reasonable business
expenses incurred by Blackman prior to the Separation Date. Since Blackman
no longer has access to his Outlook Account, the Company agrees to assist in
the preparation of such expense report.

2. Blackman agrees to be a consultant for the Company and its
affiliates for a period beginning on the Effective Date and ending on
December 31, 2010 (the “Termination Date”). In consideration of Blackman’s
acceptance of this Agreement, Blackman, or, in the event of Blackman’s
incapacity or death, his estate, heirs, designee(s), successors, or assigns,
shall receive from the Company (assuming no revocation has taken place)
$50,000 for his services in 2009, and $100,000 in 2010, with such fees to be
paid bi-monthly. The Company shall also reimburse Blackman (assuming no
revocation has taken place) for any reasonable and necessary out-of-pocket
fees and expenses he incurs in connection with his duties as a consultant;
such reimbursements shall be made in accordance with company policies and
procedures and shall be made not later than March 15 of the calendar year
following the calendar year in which they were incurred. In addition,
Blackman shall be entitled (assuming no revocation has taken place) to the
vesting of restricted shares of the Company’s common stock previously
awarded to him in accordance with the terms of the agreement pursuant to
which they were granted. Blackman acknowledges and agrees that he would not
receive the payments and benefits set forth in this Paragraph 2, except for
his execution of this Separation, Release and Consultancy Agreement and the
fulfillment of the promises contained herein.

 

 

 

The payments and vesting under this Paragraph 2 shall cease
immediately upon a material breach by Blackman of this Agreement.

3. Blackman’s duties as a consultant for the Company, during the
period from the Effective Date until the Termination Date, shall be:

(a) With respect to program management agreements:

(i) to provide advice on the Company’s ARC Aviation Program, only at the
express request of Tim McAndrew; and,

(ii) to provide advice on the Company’s NTA Trucking Program, only at the
express request of Ed Skoch.

(b) With respect to litigation support:

(i) to provide information and support in connection with threatened,
pending or future investigations, arbitrations or litigation related to
matters arising prior to the Separation Date, including giving depositions
and appearing for live interviews and proceedings, only at the express
request of Paul Hart at such times and places as Mr. Hart shall designate.

(c) With respect to reinsurance:

(i) to provide advice on reinsurance renewals and matters related to
previous underwriting business, only at the express request of George
Kallop.

The consulting services to be provided by Blackman pursuant to
this Agreement shall in so far as is practicable be performed during
regular business hours of the Company during the Company’s customary
work week, Monday through Friday, with the Company providing Blackman
reasonable notice of the tasks which the Company will request Blackman
to perform. Blackman’s duties as a consultant with respect to the
above mentioned program management agreements shall terminate as to
each of them, when a program management agreement is signed for the
applicable program or the negotiations for the Company’s entry into the
program have terminated. All such consulting services provided in
connection with program management agreements shall be conducted
exclusively by telephone and email as determined by Messrs. McAndrew
and Skoch. Blackman’s consultancy with respect to litigation support
and reinsurance shall terminate at the direction of Messrs. Hart and
Kallop, respectively. Except as provided for in this Paragraph 3,
Blackman shall not initiate contact with any employee of the Company to
discuss any Company business.

4. The Company will pay Blackman an amount equivalent to the
contribution the Company would have made on his behalf to the Company’s
Profit Sharing Plan & Trust had he been employed with the Company on
December 31, 2009, pro rated on the basis of his 2009 salary up to the
Separation Date, which payment shall be made at the time the Company makes
its 2009 contribution to the Profit Sharing Plan and Trust. In addition,
beginning on the Separation Date, the Company, at its expense, shall provide
Blackman with coverage under the Company’s health care plans in which
Blackman is entitled to participate as an outside director of the Company,
which coverage shall be equivalent to the coverage provided to the Company’s
full time employees. Blackman shall be entitled to all benefits and
reimbursements available to outside directors under the Company’s then
existing policies and procedures, including without limitation the award of
options to purchase 10,000 shares of the Company’s common stock. In
connection with his position as a director of the Company Blackman
acknowledges that discussions held and matters considered by the board of
directors and its committees in the performance of their duties are
confidential, and Blackman represents that they will be treated by him as
such, and that he will not discuss them with any non-board member, except an
attorney retained by Blackman to provide legal advice and who has agreed to
keep such information confidential. Blackman further acknowledges that a
breach of this duty of confidentiality by any director could result in the
removal of such director from the Company’s board of directors.

 

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5. Blackman acknowledges that the Company is authorized to open
business mail addressed to him in the employment capacity which he held
through the Separation Date. All other mail addressed to Blackman shall be
directed to him at his residence or office address or elsewhere, as directed
by Blackman.

6. Blackman shall continue to be entitled to any rights to
indemnification under the Company’s or its affiliates’ directors and
officers liability insurance, Articles of Incorporation and Bylaws until the
Termination Date as if Blackman had continued to be an actively employed
senior executive of the Company for that purpose, and thereafter with
respect to claims relating to the period prior to the Termination Date.

7. For and in consideration of the payments and benefits to be made
pursuant to Paragraphs 2 and 4 of this Agreement, Blackman for himself, his
heirs, executors, administrators and assigns (the “Blackman Releasors”),
hereby unconditionally releases, discharges and acquits the Company, its
subsidiaries, parents, affiliates, vendors and consultants, and each of
them, and their respective officers, directors, shareholders, partners,
employees, agents, and affiliates, and each of them (hereinafter
collectively referred to as “Company Releasees”) from any and all debts,
agreements, promises, liabilities, claims, damages, actions, causes of
action, or demands of any kind or nature including without limitation all
claims arising out of or in connection with his separation from employment
with the Company including wrongful discharge, breach of contract,
intentional infliction of emotional distress, breach of alleged implied
covenant of good faith and fair dealing, invasion of privacy, defamation,
and age or sex discrimination, or discrimination based on any other ground,
or any alleged violation of: Title VII of the Civil Rights Act of 1964, as
amended; The Civil Rights Act of 1866, 1964 and 1991; Sections 1981 through
1988 of Title 42 of the United States Code, as amended; The Employee
Retirement Income Security Act of 1974, as amended (except as to claims
pertaining to vested benefits under employee benefit plans maintained by the
Company Releasees); The Immigration Reform and Control Act, as amended; The
Americans with Disabilities Act of 1990, as amended; The Age Discrimination
in Employment Act of 1967, (including the Older Workers Benefit Protection
Act) as amended; The Workers Adjustment and Retraining Notification Act, as
amended; The Occupational Safety and Health Act, as amended; the Fair Labor
Standards Act; the Equal Pay Act; the Family and Medical Leave Act; the
National Labor Relations Act; The New York State and New York City Human
Rights Act, as amended; The New York Executive Law, as amended; The New York
City Administrative Code, as amended; The New York Civil Rights Act, as
amended; The New York Equal Pay Law, as amended; The New York Whistleblower
Law, as amended; The New York Labor Law, as amended; The New York Legal
Activities Law,
as amended; The New York Workers’ Compensation Law, as amended; The New York
occupational safety and health laws, as amended; The New York Minimum Wage
Law, as amended; any other federal, state or local civil or human rights law
or any other local, state or federal law, regulation or ordinance; any
public policy, contract, tort, or common law; or any allegation for costs,
fees, or other expenses including attorneys’ fees incurred in these matters,
that the Blackman Releasors had, now have or may have against the Company
Releasees, whether known or unknown, for, upon, or by reason of, any matter,
action or omission, whatsoever occurring up to the date of this Agreement,
other than (i) the consideration described in Paragraphs 2 and 4 above,
along with reasonable attorney’s fees and costs if Blackman sues the Company
and is successful, (ii) any rights to benefits under the terms of employee
benefit plans maintained by the Company or its affiliates, (iii) rights to
indemnification under the Company’s directors and officers liability
insurance, Articles of Incorporation and Bylaws and (iv) any rights or
claims as to which a release is prohibited by law.

 

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This release does not cover future claims (if any) for (1) any
vested benefits under Section 502(a)(1)(B) of The Employee Retirement
Income Security Act of 1974, as amended, to which Blackman may be
entitled under the terms of the Profit Sharing Plan and Trust of Mutual
Marine, Inc. and Related Companies or the Mutual Marine Office, Inc.
401(k) Plan; (2) breach of the terms of this Agreement; and (3)
indemnification and reasonable defense costs in accordance with the
Company’s applicable by-laws if a claim is made against Blackman for
the period when he was an employee of the Company. The parties agree
that, notwithstanding anything herein to the contrary, (1) Blackman is
not eligible to receive any Company contribution under the Profit
Sharing Plan & Trust or 401(k) Plan with respect to any plan year
ending after December 31, 2008; and (2) this Agreement bars any such
claim.

8. It is understood and agreed that the release set forth in the
preceding paragraph is intended as and shall be deemed to be a full and
complete release of any and all claims that the Blackman Releasors may have
against the Company Releasees arising out of any occurrence arising before
the date of this Agreement and said release is intended to cover and does
cover any and all future damages not now known to the Blackman Releasors or
which may later develop or be discovered, including all causes of action
therefor and arising out of or in connection with any occurrence arising
before the date of this Agreement. The parties understand and expressly
agree that this Agreement extends to all claims prior to the date of this
Agreement of every nature and kind whatsoever, known or unknown, suspected
or unsuspected, past or present.

9. Blackman acknowledges that he will have knowledge of certain trade
secrets of the Company and its affiliates including information concerning
the businesses, operations, future plans, methodologies, and customers of
the Company and its affiliates. Blackman shall hold in a fiduciary capacity
for the benefit of the Company and its affiliates all secret or confidential
information, knowledge or data relating to the Company and its affiliates
and their respective businesses, which shall have been obtained by Blackman
during Blackman’s employment or as a result of his consultancy hereunder.
Information, knowledge or data that has become public knowledge shall not be
considered to be secret or confidential unless such public knowledge arises
out of the acts of Blackman or representatives of Blackman that are in
violation of this Agreement. Blackman shall not, without the prior written
consent of the Company or as may otherwise be required by law
or legal process (provided the Company has been given notice of any
opportunity to challenge or limit the scope of disclosure purportedly so
required), allow others to use to their personal advantage, communicate or
divulge any such information, knowledge or data provided to Blackman during
Blackman’s employment or during his consultancy hereunder to anyone other
than the Company and its affiliates and those designated by it or to an
attorney retained by Blackman to provide legal advice with respect to this
Paragraph 9 and who has agreed to keep such information confidential.

 

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10. Blackman will not, (i) while acting as a consultant hereunder for
the Company, and (ii) in the event that Blackman’s consultancy arrangement
hereunder is terminated, for a period until the Termination Date (without
the written consent of the Company); directly or indirectly, own, manage,
operate, control or participate in the ownership, management, operation or
control of, or be connected as an officer, employee, partner, director,
member, consultant or otherwise with, or have any financial interest in, any
business that engages in any business that competes with any business
actively conducted by the Company and its affiliates; provided, however,
that ownership, for personal investment purposes only, of less than 5% of
the voting stock of any publicly held corporation shall not constitute a
violation hereof.

11. While acting as a consultant hereunder for the Company and, after
termination of the consultancy arrangement hereunder, for the period until
the Termination Date, Blackman shall not, directly or indirectly, on behalf
of himself or any other person, solicit for employment (other than for the
Company or any of its affiliates) any person known by Blackman to be
employed at the time by the Company or any of its affiliates.

12. While acting as a consultant hereunder for the Company, Blackman
shall comply with the Company’s Code of Ethics for Senior Executive and
Financial Officers, a copy of which is attached to this Agreement.

13. Blackman acknowledges and agrees that as a condition for payment of
the consideration set forth in Paragraphs 2 and 4 of this Agreement, he
shall not make any statements, which a reasonable person would consider to
be false, disparaging or derogatory to any individual, media outlet,
industry group, financial institution or current or former employee, vendor,
consultant, client or customer of the Company’s regarding the Company or any
of its directors, officers, employees, agents or representatives, or about
the Company’s business affairs and financial condition The foregoing shall
in no way been deemed to restrict or limit Blackman’s right to convey facts
and opinions to other directors of the Company and its subsidiaries in his
fiduciary capacity as a director. The Company agrees not to make any
statement to any person or entity, which a reasonable person would consider
to be false, disparaging or derogatory regarding Blackman.

14. Upon the expiration of the revocation period set forth in
Paragraph 26 of this Agreement, the Company will issue a press release the
form and substance of which is set forth below, announcing that Blackman
has been retained as a consultant to the Company.

“George Kallop, CEO, today announced that NYMAGIC has entered into
a consulting agreement with Mark Blackman extending through
December 31, 2010. The Company recently announced the resignation
of Mark Blackman, its former Chief Underwriting Officer, who after
thirty-two years with the Company
left to pursue other interests. The consulting agreement is
intended to facilitate a smooth transition of leadership within the
Company’s underwriting unit. On behalf of the Company, Mr. Kallop
expressed gratitude to Mr. Blackman for helping NYMAGIC evolve into
a multi-line specialty insurer. Mr. Blackman thanked management
and the board for the opportunity to assist in this process and
stated that Tim McAndrew and Ed Skoch are excellent successors who,
along with Glenn Yanoff, head of the Company’s MMO Agencies unit,
will oversee the future growth of the Company’s underwriting
business.”

 

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15. By signing and returning this Agreement, Blackman acknowledges that
Blackman:

(a) has carefully read and fully understands the terms of this
Agreement;

(b) is entering into this Agreement voluntarily and knowing that
he is releasing claims that he has or believes he may have against the
Company, including without limitation any rights Blackman may have
under the Age Discrimination in Employment Act of 1967 including but
not limited to the Older Worker Benefit Protection Act);

(c) has hereby been advised by this Agreement that he has the
right to consult with an attorney of his choosing prior to signing this
Agreement; and.

(d) is giving this release of claims in return for consideration
to which he, or in the event of his death or incapacity, his designated
appointee(s), heirs, successors, or assigns, otherwise would not have
been entitled.

16. Blackman acknowledges and agrees that any breach of the restrictive
covenants contained in Paragraphs 9, 10, and 11 (collectively referred to as
the “Restrictive Covenants”) will result in irreparable injury to the
Company. The Company would not have agreed to the terms and the provisions
of this Agreement but for the Restrictive Covenants. Blackman agrees that,
in the event of such a violation or threatened violation, in addition to any
remedies at law, the Company shall be entitled to seek equitable relief in
the form of specific performance, temporary restraining order, temporary or
permanent injunction or any other equitable remedy which may then be
available.

17. This Agreement sets forth the entire agreement between the parties
regarding Blackman’s separation from the Company and regarding Blackman’s
services to the Company as a consultant in the period beginning on the
Effective Date and ending on the Termination Date, supersedes any prior
written, oral or implied agreement between the parties hereto regarding the
subject matter hereof, and may only be amended by a written agreement signed
by the parties hereto.

18. Neither the content nor the execution of this Agreement shall
constitute or be construed as any implied or actual admission by the Company
of any liability to or of the validity of any claim by Blackman that he is
entitled to additional compensation or a continuation of consultancy
arrangement hereunder or that the Company engaged in any wrongdoing.

19. Blackman hereby represents and agrees that in entering into this
Agreement, he has relied solely upon his own judgment, belief and knowledge
and his own legal and
other professional advisors and that no statement made by or on behalf of
the Company has in any way influenced him in such regard.

 

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20. Blackman hereby represents and warrants to the Company that
Blackman has not assigned any claim he may or might have against the Company
to any third party. Blackman affirms that he has not filed, caused to be
filed, or presently is a party to any claim, complaint, or action against
the Company in any forum or form. Blackman further affirms that he has been
paid all compensation, wages, bonuses, commissions, and/or benefits to which
he may be entitled, except as provided in this Agreement. Blackman further
affirms that he has no known workplace injuries or occupational diseases and
has been provided and/or has not been denied any leave requested under the
Family and Medical Leave Act.

21. Each party shall pay its own attorneys’ fees, costs and expenses
related to this Agreement.

22. This Agreement shall be governed and conformed in accordance with
the laws of the state of New York without regard to its conflict of laws
provision. In the event Blackman or the Company breaches any provision of
this Agreement, Blackman and the Company affirm that either of them may
institute an action to enforce specifically any term or terms of this
Agreement. The prevailing party of such enforcement action shall be entitled
to seek to recover reasonable costs and attorneys’ fees.

23. It is agreed by each of the parties hereto that they have read the
above and fully understand the terms of this Agreement which they
voluntarily execute in good faith and deem to be a full and equitable
settlement of this matter.

24. The provisions of this Agreement are severable. If any court
determines that any provision of this Agreement, including, without
limitation, any of the Restrictive Covenants, or any part thereof, is
unenforceable because of the duration, geographical scope of such provision,
or such other reason as determined by a court, as the case may be, then said
provision or provisions shall be reduced/modified so that such unenforceable
provision becomes enforceable and, in its reduced/modified form, such
provision shall be enforced.

25. Blackman may review and consider this Agreement for a period of up
to twenty-one (21) days from the date of submission to Blackman of the
signature form of this Agreement, September 10, 2009 Blackman agrees and
understands that Blackman’s failure to execute this Agreement and to return
this signed document on or before twenty-one (21) days after the date of
submission to Blackman of the signature form of this Agreement will release
the Company from any obligation to enter into this Agreement.

26. Blackman may revoke this Agreement for a period of seven (7)
calendar days following the day he executes this Agreement. Any revocation
within this period must be submitted, in writing, to the Company and state,
“I hereby revoke my acceptance of our Separation, Release and Consultancy
Agreement.” The revocation must be personally delivered to Paul J. Hart,
the Company’s general counsel or his designee, or mailed to Mr. Hart at
Mutual Marine Office, 919 Third Avenue, New York, New York, 10022 and
postmarked within seven (7) calendar days of execution of this Agreement.
This Agreement shall not become effective or enforceable until the
revocation period has
expired. If the last day of the revocation period is a Saturday, Sunday, or
legal holiday in the state in which Blackman was employed at the time of his
last day of employment, then the revocation period shall not expire until
the next following day which is not a Saturday, Sunday, or legal holiday.

 

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27. As a consultant, Blackman shall be an independent contractor and
not an employee of the Company; however, Blackman’s status as a non-employee
director of the Company shall continue as reflected in Section 4 hereof with
all of the related benefits, including, but not limited to, health care
coverage and expense reimbursement, as an outside director.

28. The provisions of Paragraphs 1, 6, 7, 8, 9, 10, 11 and 13 of this
Agreement shall remain in full force and effect notwithstanding the
termination of Blackman’s consultancy arrangement hereunder, but the
survival of Paragraphs 7 and 8 of this Agreement shall not affect any claims
arising out of any occurrence arising after the execution of this Agreement
by Blackman and the Company.

29. The payments and benefits to which Blackman is entitled pursuant to
Paragraphs 2 and 4 of this Agreement shall be guaranteed through the
Termination Date by the Company, except in the event of Blackman’s material
breach of this Agreement.

30. This Agreement may be executed in any number of counterparts, each
of which shall be deemed an original of this Agreement and all of which
together shall constitute one and the same instrument.

BLACKMAN HAS BEEN ADVISED THAT HE HAS UP TO TWENTY-ONE (21) CALENDAR DAYS TO
REVIEW THIS SEPARATION, RELEASE AND CONSULTANCY AGREEMENT AND HAS BEEN
ADVISED IN WRITING TO CONSULT WITH AN ATTORNEY PRIOR TO EXECUTION OF
THIS SEPARATION, RELEASE AND CONSULTANCY AGREEMENT.

BLACKMAN UNDERSTANDS THAT HE HAS SEVEN (7) DAYS AFTER THE EXECUTION OF THIS
SEPARATION, RELEASE AND CONSULTANCY AGREEMENT TO REVOKE IT, AND THAT
THIS SEPARATION, RELEASE AND CONSULTANCY AGREEMENT SHALL NOT BECOME
EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED.

BLACKMAN AGREES THAT ANY MODIFICATIONS, MATERIAL OR OTHERWISE, MADE TO THIS
SEPARATION, RELEASE AND CONSULTANCY AGREEMENT DO NOT RESTART OR AFFECT
IN ANY MANNER THE ORIGINAL TWENTY-ONE (21) CALENDAR DAY CONSIDERATION
PERIOD.

HAVING ELECTED TO EXECUTE THIS SEPARATION, RELEASE AND CONSULTANCY
AGREEMENT, TO FULFILL THE PROMISES AND TO RECEIVE THE SUMS AND BENEFITS
IN PARAGRAPHS 2 AND 4 ABOVE, BLACKMAN FREELY AND KNOWINGLY, AND AFTER
DUE CONSIDERATION, ENTERS INTO THIS SEPARATION, RELEASE AND CONSULTANCY
AGREEMENT INTENDING TO WAIVE, SETTLE AND
RELEASE ALL CLAIMS HE HAS OR MIGHT HAVE AGAINST THE COMPANY.

 

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IN WITNESS WHEREOF, the parties hereto knowingly and
voluntarily executed this Separation, Release and Consultancy Agreement
as of the date set forth above:

	 	 	 	 	 	 	 
	/s/ Mark W. Blackman	 	 
	 	 	 
	MARK W. BLACKMAN	 	 
	 
	 	 	 	 	 	 
	NYMAGIC, INC.	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ A. George Kallop	 	 
	 	 	 	 	 
	 

	 	Name:
	 	A. George Kallop	 	 
	 

	 	Title:
	 	President and Chief Executive Officer	 	 

 

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