Document:

Exhibit 10.26b

AMENDMENT NO. 2 TO THE STOCK AND ASSET PURCHASE AGREEMENT

 

AMENDMENT NO. 2, dated December 14, 2010 (this “Amendment”), to the STOCK AND ASSET PURCHASE AGREEMENT (the “Purchase Agreement”), dated as of October 27, 2009, by and among Selective Insurance Group, Inc., a New Jersey corporation (the “Seller”), Selective HR Solutions, LLC, a Florida limited liability company formerly known as Selective HR Solutions, Inc. and a wholly-owned Subsidiary of the Seller (the “Company”), Selective HR Solutions II, Inc., a Georgia corporation and a wholly-owned Subsidiary of the Company (“SHRS-II”), Selective HR Solutions III, Inc., a Florida corporation and a wholly-owned Subsidiary of the Company (“SHRS-III”), Selective HR Solutions IV, Inc., a Maryland corporation and a wholly-owned Subsidiary of the Company (“SHRS-IV”), Selective HR Solutions V, Inc., a Florida corporation and a wholly-owned Subsidiary of the Company (“SHRS-V”), Selective HR Solutions VI, Inc., a Florida corporation and wholly-owned Subsidiary of the Company
(“SHRS-VI”), Selective HR Solutions VII, Inc., a Florida corporation and a wholly-owned Subsidiary of the Company (“SHRS-VII”), Selective HR Solutions VIII, Inc., a Florida corporation and a wholly-owned Subsidiary of the Company (“SHRS-VIII”), Selective HR Solutions IX, Inc., a Florida corporation and a wholly-owned Subsidiary of the Company (“SHRS-IX”), Selective HR Solutions X, Inc., a Florida corporation and a wholly-owned Subsidiary of the Company (“SHRS-X”), Selective HR Solutions XI, Inc., a Florida
corporation and a wholly-owned Subsidiary of the Company (“SHRS-XI”), Selective HR Solutions XII, Inc., a Florida corporation and a wholly-owned Subsidiary of the Company (“SHRS-XII”), Selective HR Services, LLC, a limited liability company organized under the laws of the Commonwealth of Pennsylvania and a wholly-owned Subsidiary of the Company (“SHRS-LLC”), and AlphaStaff Group, Inc., a Florida corporation (the “Purchaser”), AlphaStaff, Inc., a Florida corporation and a wholly-owned Subsidiary of the Purchaser (“Alpha”), AlphaStaff Holdings, Inc., a Florida corporation and an indirect, wholly-owned Subsidiary of the Purchaser (“Holdings”), Alpha NYPEO, Inc., a Florida corporation and an indirect, wholly-owned Subsidiary of the Purchaser (“Alpha-NY”), AlphaStaff Systems V, Inc., a Florida corporation and an indirect, wholly-owned Subsidiary of the Purchaser (“Systems-V”), AlphaStaff 2, Inc., a Florida corporation and an indirect, wholly-owned Subsidiary of the Purchaser (“Alpha-2”), and AlphaStaff 3, Inc., a Florida corporation and an indirect Subsidiary of the
Purchaser ("Alpha-3").

 

RECITALS

 

WHEREAS, capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Purchase Agreement; and

 

WHEREAS, the parties to the Purchase Agreement have determined that it is advisable to amend the Purchase Agreement; and

 

WHEREAS, Section 11.07 of the Purchase Agreement provides that the Purchase Agreement may be amended by execution of a written instrument executed by the Seller and the Purchaser.

 

  

  

  

NOW, THEREFORE, in consideration of the foregoing premises, and the agreements, covenants, representations and warranties contained in the Purchase Agreement and herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged and accepted, the parties, intending to be legally bound, hereby agree as follows:

 

1.            Section 5.09(a) of the Purchase Agreement is hereby amended by adding the following text at the end thereof:

 

“The rights of first refusal of the Seller and its insurance Subsidiaries, as set forth in the preceding sentence, shall not apply to workers' compensation coverage that is placed in any State or Commonwealth of the United States other than New York, New Jersey, Massachusetts, Wisconsin and Minnesota.”

 

2.            Section 5.09(d) of the Purchase Agreement is hereby amended by adding the following text at the end thereof:

 

“The obligations of the Seller and its insurance Subsidiaries, as set forth in the preceding sentence, shall not apply to workers' compensation coverage that is placed in any State or Commonwealth of the United States other than New York, New Jersey, Massachusetts, Wisconsin and Minnesota.”

 

3.            Except as specifically amended hereby, the terms and provisions of the Purchase Agreement, as previously amended by that certain Amendment No. 1 thereto, dated December 23, 2009 ("Amendment No. 1"), shall continue and remain in full force and effect and the valid and binding obligation of the parties thereto in accordance with its terms.  All references in the Purchase Agreement (and in any other agreements, documents and instruments entered into in connection therewith) to the “Purchase Agreement” shall be deemed for all purposes to refer to the Purchase
Agreement, as amended by Amendment No. 1 and this Amendment.

 

4.            This Amendment may be executed and delivered (including by facsimile or other electronic transmission) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement.

 

5.            This Amendment shall be governed by, and construed in accordance with, the laws of the State of Florida applicable to contracts executed in and to be performed in that State.

 

[SIGNATURE PAGE FOLLOWS]

 

  

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IN WITNESS WHEREOF, the Seller and the Purchaser have caused this Amendment to be executed as of the date first written above by their respective officers thereunto duly authorized.

 

	  	
SELLER

	  
	  	  	  
	  	
SELECTIVE INSURANCE GROUP, INC.

	  
	  	  	  	  
	  	
By:

	
Dale A. Thatcher

	  
	  	  	
Name:  Dale A. Thatcher

	  
	  	  	
Title:  Executive Vice President and

	  
	  	  	
  Chief Financial Officer

	  
	  	  	  	  
	  	
PURCHASER, on behalf of itself and each of its

Affiliates who were party to the Purchase

Agreement

	  
	  	  	  	  
	  	
ALPHASTAFF GROUP, INC.

	  
	  	  	  	  
	  	
By:

	
Alex Pisani

	  
	  	  	
Name:  Alex F. Pisani

	  
	  	  	
Title:  General CounselExhibit 10.27a

 

SELECTIVE INSURANCE GROUP, INC.

NON-EMPLOYEE DIRECTORS’ DEFERRED COMPENSATION PLAN

AMENDMENT NO. 1

THIS AMENDMENT No. 1 is made by Selective Insurance Group, Inc. (the “Company”) to the Selective Insurance Group, Inc. Non-Employee Directors’ Deferred Compensation Plan (the “Plan”).

 

WITNESSETH:

WHEREAS, the Company established the Plan, effective as of May 1, 2010, to permit non-employee directors of the Company to elect from year to year: (i) to receive their annual retainer in the form of cash or Company stock; and/or (ii) to defer receipt of all or a portion of their compensation received as a non-employee director, whether payable in cash or Company stock; and

 

WHEREAS, the Company wishes to amend the Plan, effective with respect to director compensation earned in periods commencing on or after January 1, 2011, to change the definition of “Director Payment Date,” to specify the date on which deferred director compensation amounts will be credited to a participant’s notional account, to formalize the accelerated payment of all unpaid deferred compensation amounts upon a participant’s death, and to reflect certain provisions of Section 409A of the Internal Revenue Code of 1986, as amended; and

 

WHEREAS, the Company may amend the Plan at any time in writing pursuant to Section 12(a) thereof;

NOW, THEREFORE, the Company hereby amends the Plan as set forth below, effective with respect to director compensation earned in periods commencing on or after January 1, 2011.

  

  

  

1.            Section 2(l) is hereby deleted in its entirety and replaced with the following:

(l)           “Director Payment Date” shall mean the date in each calendar quarter that is the second business day following the release of the Company’s financial results for the previous quarter or year, as applicable

2.            Section 2 is amended by adding a new paragraph (q) thereto as follows, and by relettering all subsequent paragraphs of Section 2:

 

(q)           “Specified Employee” shall mean a “specified employee,” as defined in Code Section 409A(a)(2)(B)(i) and Treasury Regulations Section 1.409A-1(i), of the Company.  The determination of whether a Participant is a Specified Employee shall be made by the Administrator from time to time.

3.            Section 3(b) is hereby amended by deleting the last sentence thereof and replacing it with the following:

 

Except to the extent the Non-Employee Director has elected to defer receipt of any portion of the Annual Retainer to be paid in Company Stock, such shares of Common Stock shall be issued to the Non-Employee Director on or before the earlier of the 90th day following the applicable Director Payment Date and the last day of the calendar year in which the Director Payment Date falls.

4.            Section 3(c) is hereby amended by deleting the last sentence thereof and replacing it with the following:

 

Except to the extent the Non-Employee Director has elected to defer receipt of any portion of the Annual Retainer to be paid in cash, such cash shall be paid to the Non-Employee Director on or before the earlier of the 90th day following the applicable Director Payment Date and the last day of the calendar year in which the Director Payment Date falls.

5.            Section 4 is hereby amended by adding a new paragraph (d) thereto as follows:

 

(d)           Acceleration of Payment Upon Death.  Notwithstanding anything in this Section 4 or in Sections 5 and 6 to the contrary, with respect to Director Compensation earned on or after January 1, 2011, upon the death of a Participant at any time, all shares of Company Stock and cash, if any, deferred by the Participant under the Plan, plus any cash dividend equivalents and accrued interest, shall be issued or paid to the Participant’s Beneficiary on the sixtieth (60th) day following the Participant’s death.

 

  

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6.             Section 8 is hereby deleted in its entirety and replaced with the following:

 

An Account shall be established on the books and records of the Company for each Participant who elects to defer the receipt of shares of Company Stock and/or cash under the Plan.  All shares of Company Stock and cash deferred by a Participant shall be credited to the Participant’s Account as of the date on which such Company Stock or cash would have been issued or paid to the Non-Employee Director absent an election to defer.

7.            Section 12(e) is amended by adding the following text to the end thereof:

 

Notwithstanding anything in this Plan to the contrary, except where a Participant incurs a Separation from Service by reason of death, no distribution of a Participant’s Account shall be made upon the Participant’s Separation from Service if he is a Specified Employee as of the date of his Separation from Service until the first business day of the seventh month after the date of the Specified Employee’s Separation from Service (or, if earlier, upon the date of his death).  On such date, any amounts that would otherwise have been paid to the Participant during the period between the Participant’s Separation from Service and such date shall be aggregated and, after adjustment
pursuant to Section 9 for dividend equivalents and notional interest during the period of the delay, shall be paid in full to the Participant, and any succeeding payments shall continue as scheduled.

IN WITNESS WHEREOF, this Amendment No. 1 is hereby executed on this 10th day of December, 2010.

 

	  	
SELECTIVE INSURANCE GROUP, INC.

	  
	  	  	  	  
	  	
By: 

	
/s/ Michael H. Lanza

	  
	  	  	
Name:  Michael H. Lanza

	  
	  	  	
Title:  Executive Vice President and General Counsel

	  

 

  

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