Document:

exv10w1

    Exhibit 10.1

 

    Berggruen
    Acquisition Holdings Ltd.

    1114 Avenue of the Americas

    New York, New York 10036

 

    and

 

    Marlin
    Equities II, LLC

    555 Theodore Fremd Avenue

    Suite B-302

    Rye, New York 10580

 

    Liberty Acquisition Holdings Corp.

    1114 Avenue of the Americas, 41st Floor

    New York, New York 10036

 

    Date:
    May 7, 2010
    

 

		
	
    RE:  
	
    Securities
    Surrender Agreement

 

    Gentlemen:

 

    Reference is made to the Business Combination Agreement, dated
    as of March 5, 2010, as amended by Amendment Nos. 1, 2 and
    3 thereto (the “Business Combination
    Agreement”), by and among Liberty Acquisition Holdings
    Corp. (“Liberty”), Liberty Acquisition Holdings
    Virginia, Inc. and Promotora de Informaciones, S.A.
    (“Prisa”). Unless otherwise defined herein,
    capitalized terms are used herein as defined in the Business
    Combination Agreement.

 

    Pursuant to Section 9.19 of the Business Combination
    Agreement, Liberty has agreed to acquire from the Sponsors an
    aggregate of 3,000,000 shares of Liberty Common Stock for
    an aggregate purchase price of $300 and, pursuant to
    Section 10.3(g) of the Business Combination Agreement, it
    is a condition precedent to the obligations of Prisa that
    Liberty shall have completed such acquisition. To that end, each
    Sponsor hereby agrees to sell to Liberty, and Liberty agrees to
    purchase, an aggregate of 1,500,000 shares of Liberty
    Common Stock for a total purchase price to each Sponsor of $150.
    Such sale and purchase shall take place immediately prior to the
    Reincorporation Effective Time (and in all events after the vote
    at the Liberty Stockholder Meeting).

 

    Each of the parties hereto agrees that Prisa is intended to be,
    and shall be, a third party beneficiary under this letter
    agreement and shall be entitled to directly enforce
    Liberty’s rights hereunder.

 

    The obligations of the parties hereunder shall terminate if the
    Business Combination Agreement shall be terminated for any
    reason (other than the failure of the condition specified in
    Section 10.3(g) of the Business Combination Agreement).

 

    -signature page to follow-

    

    1

 

    Please acknowledge your agreement with the foregoing by
    executing this letter in the space provided below.

 

    Yours faithfully,

 

    Berggruen Acquisition Holdings Ltd.

 

			
	 	    By: 
	
    /s/  Jared
    Bluestein

    Name:     Jared Bluestein

			
	 	    Title: 
	
    Secretary

 

    Marlin Equities II, LLC

 

			
	 	    By: 
	
    /s/  Martin
    Franklin

    Name:     Martin Franklin

			
	 	    Title: 
	
    Authorized Signatory

 

    Acknowledged and Agreed:

 

    Liberty Acquisition Holdings Corp.

 

		
	    By: 	
    /s/  Jared
    Bluestein

    Name:     Jared Bluestein

		
	    Title: 	
    Secretary

    

    2exv10w2

Exhibit 10.2

Liberty Acquisition Holdings Corp.

1114 Avenue of the Americas

41st Floor

New York, New York 10036

May 7, 2010

Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013

Barclays Capital Inc.

745 Seventh Ave

New York, NY 10019

Re: Deferred Discount Reduction

Ladies and Gentlemen:

     Reference is made to the following agreements:

	 	(i)	 	the Underwriting Agreement, dated as of December 6, 2007 (the “Underwriting
Agreement”), between Liberty Acquisition Holdings Corp. (the “Company”) and
Citigroup Global Markets Inc. (“Citi”), as Representative on behalf of the several
underwriters named in Schedule I thereto (the “Underwriters”);
	 
	 	(ii)	 	the Business Combination Agreement, dated as of March 5, 2010 (as amended, the
“Business Combination Agreement”), between the Company and Promotora de
Informaciones, S.A.; and
	 
	 	(iii)	 	the proposed Securities Surrender Agreement (the “Surrender Agreement”), dated
on or about the date hereof, among the Company, Berggruen Holdings and Marlin Equities.

     Capitalized terms used but not defined herein shall have the meaning set forth in the
Underwriting Agreement.

     As you are aware, pursuant to the Surrender Agreement, the Company has agreed to acquire from
the Sponsors an aggregate of 3,000,000 shares of the Company’s Common Stock (such acquisition being
referred to herein as the “Acquisition”) for an aggregate purchase price of $300, effective
immediately prior to the closing of the transactions contemplated by the Business Combination
Agreement. In light of the foregoing, and notwithstanding anything set forth in the Underwriting
Agreement, and subject to the consummation of the Acquisition at the purchase price set forth
herein, each of the Underwriters agrees that in the event that the Deferred Discount becomes
payable from the Trust Account upon the Company’s consummation of the transactions contemplated by
the Business Combination Agreement, such aggregate Deferred Discount shall be reduced by $3,000,000
to $24,427,500.

          Each of the undersigned represents and warrants that the undersigned are the only parties
entitled to a portion of the Deferred Discount and thereby are the parties authorized to agree to
the aforementioned reduction to the Deferred Discount. Each of the undersigned acknowledges that
the undersigned are making the foregoing amendment in consideration of efforts that are being
expended by the Company in pursuing a Business Combination and further acknowledges that the
Company is

 

 

pursuing the structuring of such Business Combination in reliance on this letter. This letter
shall be null and void if the Acquisition is not consummated in accordance with the terms and
provisions of the Surrender Agreement. This letter sets forth the entire agreement with respect to
the Deferred Discount and may only be amended by a writing signed by the Company and the
Underwriters.

[Signature Page to Follow]

2

 

	 	 	 	 	 	 	 

	 	 	LIBERTY ACQUISITION HOLDINGS CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	

 

	 	 
	 

	 	Title:
	 		 	 

[Signature Page to Deferred Discount Amendment Letter]

 

 

Agreed to and Acknowledged:

CITIGROUP GLOBAL MARKETS INC.

	 	 	 	 	 

	By: 

Name:

	 	

 

	 	 
	Title:

	 		 	 
	 
	 	 	 	 
	BARCLAYS CAPITAL INC. (as successor to Lehman Brothers)
	 
	 	 	 	 
	By: 

Name:

	 	

 

	 	 
	Title:

	 		 	 
	 

	 	 

	 	 

[Signature Page to Deferred Discount Amendment Letter]exv10w1

Exhibit 10.1

ALLIED WORLD ASSURANCE COMPANY HOLDINGS, LTD

SECOND AMENDED AND RESTATED

LONG-TERM INCENTIVE PLAN

          1. Purpose.

          The purpose of the Plan is to attract, retain and motivate Key Employees in order to promote
the long-term growth and profitability of the Company. The Plan provides long-term incentives,
contingent upon meeting Performance Goals, to Key Employees who make substantial contributions to
the Company Group.

          2. Definitions.

          (a) “Board” shall mean the Board of Directors of the Company.

          (b) “Committee” shall mean the Compensation Committee of the Board; provided, however,
if at any time during the term of the Plan the Compensation Committee is not comprised of any
members, the full Board shall be deemed to be the Committee hereunder until such time that the
Compensation Committee of the Board has at least one member.

          (c) “Common Shares” shall mean the common shares of the Company, and such other
securities as may be substituted for Common Shares pursuant to Section 6 hereof.

          (d) “Company” shall mean Allied World Assurance Company Holdings, Ltd, a Bermuda
corporation.

          (e) “Company Group” shall mean the Company, together with its subsidiaries.

          (f) “Disability” shall mean, in the absence of any employment agreement between a Key
Employee and the Company otherwise defining Disability, any physical or mental disability or
infirmity that prevents the performance of a Key Employee’s employment 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 a Key
Employee’s Disability upon which the Key Employee and the Company cannot agree shall be determined
by a qualified, independent physician selected by the Company and approved by the Key Employee
(which approval shall not be unreasonably withheld). In the event there is an employment agreement
between a Key Employee and the Company defining Disability, “Disability” shall have the meaning
provided in such agreement.

          (g) “Fair Market Value” means, with respect to a Common Share on any day, the fair
market value as determined in accordance with a valuation methodology approved by the Committee and
consistent with the requirements of Section 409A of the U.S. Internal Revenue Code of 1986, as
amended, or if there is a public market for the shares on such date, (i) the methodology as
determined by the Committee in its sole and absolute discretion, or (ii) if the Committee has not
set forth a pricing methodology, the closing price of the Common Shares on such stock exchange on
which the shares are principally trading on the date in question, or, if there were no sales on such date, on the closest
preceding date on which there were sales of shares.

 

 

          (h) “Key Employee” shall mean any employee of the Company Group selected by the
Committee for participation in the Plan.

          (i) “LTIP Award” shall mean, with respect to any Key Employee and as to any
Performance Period, the number of Common Shares equal to such Key Employee’s Target LTIP Award
multiplied by the Performance Period Percentage for such Performance Period.

          (j) “Performance Criteria” shall mean one or more of the following performance
metrics: (i) consolidated earnings before or after taxes (including earnings before interest,
taxes, depreciation and amortization); (ii) net income; (iii) operating income; (iv) earnings per
share; (v) book value per share; (vi) return on shareholders’ equity; (vii) return on investment;
(viii) stock price; (ix) improvements in capital structure; (x) revenue or sales; and (xi) total
return to shareholders.

          (k) “Performance Goals” shall mean, with respect to a Performance Period, the
attainment of the Selected Performance Criteria over such Performance Period.

          (l) “Performance Period” shall mean, with respect to an LTIP Award, the three (3)
consecutive fiscal year period to which the LTIP Award relates, or such other period as determined
by the Committee in its sole discretion.

          (m) “Performance Period Percentage” shall mean, unless otherwise determined by the
Committee, for any Performance Period, a percentage determined as a function of percentage
achievement of the Performance Goals applicable to such Performance Period, as follows:

	 	 	 	 	 
	Percentage Achievement of Performance Goals	 	Performance Period Percentage	 
	Less than 80%
	 	 	0	%
	80%
	 	 	50	%
	100%
	 	 	100	%
	120% or greater
	 	 	150	%

To the extent the percentage achievement of Performance Goals falls between any level set forth on
the table above, the Performance Period Percentage shall be the Performance Period Percentage for
the percentage achievement level immediately below that actually obtained plus 2.50% for each whole
percentage achievement in excess of such stated level (e.g., at 90% achievement of Performance
Goals, the Performance Period Percentage will equal 50% plus 25%, or 75%).

          (n) “Plan” shall mean the Company’s Second Amended and Restated Long-Term Incentive
Plan.

          (o) “Securities Act” means the Securities Act of 1933, as amended from time to time,
including rules thereunder and successor provisions and rules thereto.

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          (p) “Selected Performance Criteria” shall mean, with respect to a Performance Period,
the Performance Criteria that is selected to measure the performance of the Company over such
Performance Period.

          (q) “Target LTIP Award” shall mean, as to a Key Employee, the number of Common Shares,
as determined by the Committee in its sole discretion, which would be issuable to such Key Employee
upon 100% achievement of applicable Performance Goals.

          3. Common Shares Available Under the Plan.

          (a) Number of Common Shares Available for Delivery. Subject to adjustment as provided
in Section 6 hereof, the total number of Common Shares reserved and available for delivery in
connection with LTIP Awards under the Plan shall be 2,000,000. Common Shares delivered under the
Plan shall consist of authorized and unissued shares or previously issued Common Shares reacquired
by the Company on the open market or by private purchase.

          (b) Share Counting Rules. The Committee may adopt reasonable counting procedures to
ensure appropriate counting. To the extent that an LTIP Award expires or is canceled, forfeited,
or otherwise terminated or concluded (including via cash settlement) without a delivery to the Key
Employee of the full number of shares to which the LTIP Award related, the undelivered shares will
again be available for grant. Common Shares withheld in payment of taxes relating to an LTIP Award
and shares equal to the number surrendered in payment of any taxes relating to an LTIP Award shall
be deemed to constitute shares not delivered to the Key Employee and shall be deemed to again be
available for LTIP Awards under the Plan.

          4. LTIP Awards.

          (a) Grant of Awards. With respect to each Performance Period, the Committee shall
communicate to each Key Employee the Target LTIP Award applicable to such Performance Period.

          (b) Determination of Performance Percentage. As soon as practicable following the end
of a Performance Period, the Committee shall determine the Performance Period Percentage applicable
to such Performance Period. The determination of the Committee of the Performance Period
Percentage shall be final, binding and conclusive for all purposes under the Plan and on all Key
Employees.

          (c) Time and Form of Payment. LTIP Awards in respect of any Performance Period shall
be settled in Common Shares, cash (based on the Fair Market Value of the Common Shares underlying
your LTIP Award, determined as of the date on which the Performance Period Percentage is determined
by the Committee, pursuant to subsection (b) above), or any combination thereof, as determined by
the Committee in its sole discretion, as soon as practicable following the Committee’s
determination of the Performance Period Percentage as described in subsection (b) above. Except as
provided for in subsection (d) below, or unless otherwise determined by the Committee, no Key
Employee shall receive an LTIP Award unless employed by the Company Group on the settlement date of
such LTIP Award.

- 3 -

 

          (d) Termination of Employment due to Death or Disability. In the event that a Key
Employee’s employment is terminated due to his death or Disability at any time prior to the end of
a Performance Period, the Key Employee or his estate or his beneficiaries, as the case may be,
shall be entitled to (i) 25% of the Target LTIP Award, if such termination occurs during the first
(1st) fiscal year of the Performance Period, (ii) 50% of the Target LTIP Award, if such
termination occurs during the second (2nd) fiscal year of the Performance Period, or
(iii) 75% of the Target LTIP Award, if such termination occurs during the third (3rd)
fiscal year of the Performance Period. The Target LTIP Award payable under this subsection (d)
shall be settled in Common Shares and cash, as applicable, or any combination thereof, as
determined by the Committee in its sole discretion, as soon as practicable following the Key
Employee’s termination of employment due to death or Disability, as the case may be, but in no
event later than March 15 of the fiscal year immediately following the year in which such
termination occurred.

          (e) Transferability of LTIP Awards. An LTIP Award shall not be transferable except by
will or by the laws of descent and distribution.

          5. Administration.

          (a) The Plan shall be administered by the Committee. The Committee shall have the authority
in its sole discretion, subject to and not inconsistent with the express provisions of the Plan, to
administer the Plan and to exercise all the powers and authorities either specifically granted to
it under the Plan or necessary or advisable in the administration of the Plan, including, without
limitation, the authority to grant LTIP Awards; to determine the persons to whom and the time or
times at which LTIP Awards shall be granted; to determine the terms, conditions, restrictions and
performance criteria relating to any LTIP Awards; to make adjustments in the Performance Goals in
response to changes in applicable laws, regulations, accounting principles, or for any other reason
which the Committee determines, in its sole discretion and acting in good faith, otherwise warrants
equitable adjustment; to construe and interpret the Plan; to prescribe, amend and rescind rules and
regulations relating to the Plan; and to make all other determinations deemed necessary or
advisable for the administration of the Plan.

          (b) All decisions, determinations and interpretations of the Committee shall be final and
binding on all persons, including the Company, the Key Employee (or any person claiming any rights
under the Plan from or through any Key Employee) and any shareholder.

          (c) No member of the Committee shall be liable for any action taken or determination made in
good faith with respect to the Plan or any LTIP Award granted hereunder.

          6. Adjustment for Recapitalization.

          The aggregate number of Common Shares which may be granted or purchased pursuant to LTIP
Awards granted hereunder, the number of Common Shares covered by each outstanding LTIP Award, and
the price per share thereof in each such LTIP Award shall be equitably and proportionally adjusted
or substituted, as determined by the Committee in good faith and in its sole discretion, as to the
number, price or kind of a Common Share or other consideration subject to such LTIP Awards or as otherwise
determined by the Committee in good faith to be fair

- 4 -

 

and equitable (i) in the event of changes in the outstanding Common Shares or in the
capital structure of the Company by reason of share dividends, share splits, reverse share splits,
recapitalizations, reorganizations, mergers, consolidations, combinations, exchanges, or other
relevant changes in capitalization occurring after the date of grant of any such LTIP Award; (ii)
in the event of any change in applicable laws or any change in circumstances which results in or
would result in any substantial dilution or enlargement of the rights granted to, or available for,
Key Employees participating in the Plan; or (iii) for any other reason which the Committee
determines, in its sole discretion and acting in good faith, to otherwise warrant equitable
adjustment.

          7. General Provisions.

          (a) Compliance with Legal Requirements. The Plan, the granting of LTIP Awards and the
other obligations of the Company under the Plan shall be subject to all applicable federal and
state laws, rules and regulations, and to such approvals by any regulatory or governmental agency
as may be required.

          (b) Compliance with Laws. The obligation of the Company to settle LTIP Awards in
Common Shares and/or cash shall be subject to all applicable laws, rules and regulations, and to
such approvals by governmental agencies as may be required. Notwithstanding any terms or
conditions of any LTIP Award to the contrary, the Company shall be under no obligation to offer to
sell or to sell and shall be prohibited from offering to sell or selling any Common Shares pursuant
to an LTIP Award unless such shares have been properly registered for sale pursuant to the
Securities Act with the Securities and Exchange Commission or unless the Company has received an
opinion of counsel, satisfactory to the Company, that such shares may be offered or sold without
such registration pursuant to an available exemption therefrom and the terms and conditions of such
exemption have been fully complied with. The Company shall be under no obligation to register for
sale or resale under the Securities Act any of the Common Shares to be offered or sold under the
Plan or any Common Shares issued upon exercise or settlement of LTIP Awards. If the Common Shares
offered for sale or sold under the Plan are offered or sold pursuant to an exemption from
registration under the Securities Act, the Company may restrict the transfer of such shares and may
legend the stock certificates representing such shares in such manner as it deems advisable to
ensure the availability of any such exemption.

          (c) No Right to Continued Employment. Nothing in the Plan shall confer upon any Key
Employee the right to continue in the employ of the Company Group or to be entitled to any
remuneration or benefits not set forth in the Plan or to interfere with or limit in any way the
right of any member of the Company Group to terminate such Key Employee’s employment.

          (d) Rights and Privileges as a Shareholder. Except as otherwise specifically provided
in the Plan, no person shall be entitled to the rights and privileges of Common Share ownership in
respect of Common Shares which are subject to LTIP Awards hereunder until such shares have been
issued to that person.

- 5 -

 

          (e) Withholding Obligations. The settlement of any LTIP Award shall be subject to
withholding for all federal, state and local income and other taxes of any kind required or
permitted to be withheld in connection with such settlement. The Committee, in its discretion, may
permit Common Shares to be used to satisfy tax withholding requirements and such shares shall be
valued at their Fair Market Value as of the settlement date of the LTIP Award; provided, however,
that the aggregate Fair Market Value of the number of Common Shares that may be used to satisfy tax
withholding requirements may not exceed the minimum statutory required withholding amount with
respect to such LTIP Award.

          (f) Amendment and Termination of the Plan. Subject to Section 7(a) hereof, the Board
may at any time and from time to time alter, amend, suspend or terminate the Plan in whole or in
part. No LTIP Awards may be granted under the Plan while the Plan is suspended or after it is
terminated.

          (g) Key Employee Rights. Nothing in the Plan shall give any Key Employee any claim to
be granted any LTIP Award under the Plan, and there is no obligation for uniformity of treatment
among Key Employees.

          (h) Funding. No provision of the Plan shall require the Company, for the purpose of
satisfying any obligations under the Plan, to purchase assets or place any assets in a trust or
other entity to which contributions are made or otherwise to segregate any assets, nor shall the
Company maintain separate bank accounts, books, records or other evidence of the existence of a
segregated or separately maintained or administered fund for such purposes. Key Employees shall
have no rights under the Plan other than as unsecured general creditors of the Company, except that
insofar as they may have become entitled to payment of additional compensation by performance of
services, they shall have the same rights as other employees under general law.

          (i) Titles and Headings. The titles and headings of the sections in the Plan are for
convenience of reference only, and in the event of any conflict, the text of the Plan, rather than
such titles or headings, shall control.

          (j) Governing Law. The Plan and the rights of all persons claiming hereunder shall be
construed and determined in accordance with the laws of the State of New York without giving effect
to the choice of law principles thereof.

          (k) Effective Date. The Plan shall first be effective with respect to the 2006 fiscal
year.

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