Document:

Exhibit 10.2

Exhibit 10.2

ORIGINAL

EMPLOYMENT AGREEMENT

EMPLOYMENT AGREEMENT (“Agreement”)
 entered into and effective as of this 1st day of March,
1999, by and between SOMERSET MARINE, INC. (“Employer”), a New York corporation with its principal
place of business in New York, New York and Michael L. Civisca (the “Executive”).

RECITALS

WHEREAS, Employer desires to retain and employ the services of Executive as Vice President
of Employer; and

WHEREAS, Executive has been employed by Employer for 11 years; and

WHEREAS, the parties hereto wish to provide herein for the terms and conditions of Executive’s
continued employment and to secure for Employer the benefits of Executive’s continued contributions
by reason of Executive’s experience, skills and knowledge pertaining to Employer’s business, and to
increase Executive’s salary in exchange for Executive making a long term commitment to Employer.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein,
Employer and Executive agree as follows:

SECTION 1. EMPLOYMENT.

(a) Position. Employer
 hereby employs Executive and Executive hereby accepts such
employment for the provision of executive services on behalf of Employer as
Vice President. Executive agrees to serve in such capacity with the duties set forth in  Section
1(b) for a term beginning on March 1, 1999, and ending on December 31, 2001, unless renewed
pursuant to Section. 1(c)  hereof, or terminated pursuant to Section 6.

(b) Duties. Executive’s duties
 and responsibilities shall be those consistent with and
appropriate to the position of Vice President, as may be established and directed from time to time,
by the Board of Directors. Executive shall devote his full time and attention to his duties and
responsibilities as Vice President, which he will carry out to the best of his abilities. Executive
shall treat his position with Employer as his exclusive occupation and  employment, refraiming from
engaging in all other active business activities, except as may be approved by Employer’s Board of
Directors.

(c) This Agreement may be renewed by the Employer by sending notice to Executive at least 180
days prior to the end of the term sat forth in Section 1(a), and the Executive delivering written
acceptance to Employer within 10 days of receipt of such notice.

 

 

 

SECTION 2. COMPENSATION.

(a) Allocation of Base
 Annual Salary. Employer shall pay to Executive during the term of this Agreement a base annual salary of no less than $150,000. Such base annual salary may be
changed upon annual review by the Board of Directors or its Compensation Committee. Such annual
review shall occur prior to the end of February each year beginning in the year 2000 for the
express purpose of considering increments. All compensation payments shall be paid in accordance
with Employer’s regular payroll schedule and practice, and shall be subject to all applicable
withholding. It is specifically agreed by Executive that $30,000 of the aforesaid base salary is
allocated to the Covenant Not to Compete contained in Section 5. Executive further acknowledges
that absent the Covenant Not to Compete contained in Section 5, Employer would not agree to the
aforesaid base salary, and would only agree to a reduced base salary.

(b) Bonuses. Executive shall be eligible to participate in and receive periodic
bonuses under Employer’s current Bonus Payment Plan. In addition, Employer, in its sole discretion, may elect to pay to Executive such periodic bonuses as it deems appropriate.

(c) Business Expenses. Upon presentation of appropriate documentation, Employer shall
reimburse Executive for expenses reasonably incurred in the course of his employment, in accordance
with policies established by Employer.

SECTION 3. BENEFITS

In addition to the compensation specified in Section 2, Employer shall provide Executive with
the following fringe benefits:

(a) Executive Benefits. In addition to any other benefits provided in this Section 3,
Executive shall be entitled to those fringe benefits to which all other employees of Employer are
entitled during employment. Nothing in this Agreement shall require the Employer to establish,
maintain or continue any of the fringe benefits already in existence or hereafter adopted for
employees of Employer and nothing in this Agreement shall restrict the right of the Employer to
amend, modify or terminate such fringe benefit programs.

(b) Vacation. Executive shall be entitled to twenty two (22) days of compensated
vacation time in each year of this Agreement.

(c) Professional Meetings. Executive shall be entitled to attend professional meetings
and to attend to such outside professional duties in the insurance industry as may be appropriate
and commensurate with his  position hereunder.

(d) Professional Dues. Employer agrees to pay the applicable dues to professional
associations and societies of which Executive is a member.

 

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(e) Insurance. Employer shall provide insurance coverage (so long as all other
Employees of Employer are provided with such coverage) as follows:

	 	1.	 	Employer shall provide life insurance coverage for Executive in accordance with
Employer’s policy in an amount of $150,000, payable to the beneficiary or beneficiaries
of his choice.

	 	2.	 	Employer shall provide comprehensive health, major medical and long-term disability
insurance for Executive and his family in accordance with Employer’s group insurance
plan.

	 	3.	 	Employer shall provide travel accident insurance covering Executive in
accordance with Employer’s standard policy.

SECTION 4. CONFIDENTIALITY

While employed under this Agreement or at any time thereafter, Executive agrees that he will
not, directly or indirectly (other than in the performance of the services under this Agreement),
make or cause to be made any disclosure, copy or other use not authorized by Employer of any
confidential information pertaining to Employer or any of its affiliates acquired during the course
of his employment by Employer, unless such information is or becomes otherwise generally available
to the public. For purposes of this Agreement, the term “confidential information” means any
business and financial information of any nature not generally known to the public at large
regarding the business and operations of Employer or any of its affiliates.

SECTION 5. COVENANT NOT TO COMPETE

(a) Covenant.  During the period of his employment (including the period of any
post-employment benefits and payments, but not extending such period by the duration of any pension
benefit payments) and for a period of one (1) year thereafter, Executive shall not, without the
prior written consent of Employer, directly or indirectly, for any reason;

	 	1.	 	Engage in, assist or have any interest in, including, without limitation, as a
principal, consultant, employee, owner, shareholder, director, officer, partner, member,
advisor, agent, or financier, any entity which is or which is about to become engaged in
any activity which is in competition with Employer or its affiliates anywhere where
Employer or its affiliates does or is about to do business; provided, however, that this
subsection shall not prohibit the ownership of securities constituting more than five
(5%) percent of the outstanding securities of a  publicly traded company;

	 	2.	 	Solicit any of Employer’s or its affiliates’ clients or customers except on
Employer’s behalf, or direct any current or prospective customer to anyone other than
Employer for the services which Employer provides;

	 	3.	 	Provide any services for any of Employer’s or its affiliates’ clients or customers
except on  Employer’s behalf;

 

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	 	4.	 	Directly or indirectly influence any of Employer’s or its affiliates’ employees to
terminate his or her employment with Employer or its affiliates or accept employment with
any of Employer’s or its affiliates’ competitors; or

	 	5.	 	Interfere with any of Employer’s or its affiliates’ business relationships,
including, without limitation, those with customers, clients, consultants, attorneys, and
other agents, whether or not evidenced by written or oral agreement.

(b) Officer’s Acknowledgments. With respect to the restrictions contained in this
covenant, Executive acknowledges the following:

	 	1.	 	These restrictions are required to reasonably protect the legitimate business
interests of Employer.  Executive understands that such covenant is an essential element
of this Agreement and Employer would not have entered into this Agreement, and increased
Executive’s base salary without it being included.

	 	2.	 	These restrictions are reasonable in scope and limitation in light of the business
interests of Employer. However, should any provision of this covenant be determined to be
invalid, illegal, or otherwise unenforceable to its full extent, or if any such
restriction is found by a court of competent jurisdiction to be unreasonable under
applicable law, then the restriction shall be enforced to the maximum extent permitted by
law, and the parties hereto hereby consent and agree that such scope of protection, time,
or geographic area (or any one of them, as the case may be) shall be considered amended
in whatever manner deemed appropriate by such court and may be judicially modified
accordingly in any proceeding brought to enforce such restriction.

	 	3.	 	The validity, legality and enforceability of other restrictions shall not be
affected by any judicial modification.

	 	4.	 	The geographic scope of this covenant encompasses those places where Employer is
doing the business of insurance, and is actively writing and soliciting such business.
Attached as Appendix I to this Agreement is a listing of those areas in which Employer is
presently doing business and which areas define the geographic scope of the covenant not
to compete, Appendix I is hereby incorporated by reference and made a part of this
Agreement, Appendix I may be amended by Employer, from time to time, by notice to
Executive, so as to update Appendix I.

	 	5.	 	Violation or attempted violation of any provision of this covenant by the
Executive will cause Employer to suffer irreparable harm and Employer’s remedies at law
will be inadequate. Executive understands that Employer will be entitled to injunctive
relief in the event of any violation of this covenant, and Officer hereby waives any
objection to Employer’s assertion that Employer has been irreparably harmed by such
violation.

 

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(c) Enforcement. In the event of any such violation or attempted violation, Employer
shall be entitled to a temporary restraining order, temporary or permanent injunctions,
specific performance, and other equitable relief, without any showing of irreparable harm or damage
or the posting of any bond or other security, in addition to any other rights or remedies which
then may be available to Employer.

(d) Effect of Termination. Notwithstanding any other provision of this Agreement, the
covenant not to compete set forth in this Section shall extend 12 months beyond the termination of
this Agreement.

(e) Assignment. Notwithstanding any other provisions of this Agreement, Employer may
assign this covenant not to compete to any purchaser, successor, or other party who may acquire any
interest in the business of Employer.

(f) Extension of Covenant. The duration of this covenant shall be extended by the
length of time of any litigation relating to the enforcement of this non-compete covenant.

SECTION 6. TERMINATION

Executive’s employment hereunder shall terminate as follows:

	(a)	 	Termination Notice. Either party may terminate Executive’s employment, with or
without cause, upon thirty (30) days written notice to the other party. Executive and Employer
may agree that Executive may cease work after notice has been given but before the expiration
of thirty (30) days in which case the effective date of the termination of Executive’s
employment shall be the date on which Executive ceases performing duties on behalf of Employer.

	(b)	 	Death or Disability. Executive’s employment shall terminate without notice upon
Executive’s date of death or disability as that term is defined herein. For purposes of this
subsection, disability shall mean a period of six (6) consecutive months or an
aggregate of eight (8) months in any twelve (12) consecutive month period during which
Executive is disabled from performing his duties and responsibilities hereunder by reason of
any illness, accident, injury or other health or medical condition of any kind.

	(c)	 	With Cause. Employer may terminate this Agreement, without advance notice, upon a
breach by Executive, for insubordination or disloyalty, for failure to follow the legal
directives of the Board of Directors, or upon the conviction of Executive of any felony or of
any criminal act in the course of, or pertaining to, Executive’s employment hereunder. Such
termination by Employer shall constitute a termination with cause.

	(d)	 	Change of Control; Change of Executive’s Duties. In the event of a “change of
control” of Employer, as such term is hereinafter defined, or a “change of Executive’s duties”
as such term is also hereinafter defined, Executive may, but shall not be required to, elect
to terminate his employment hereunder and treat the termination of such employment as a
termination by Employer without cause. Any such election must be made within one (1) year from
the date of occurrence of the events giving rise to either a change of control of Employer or
a change of Executive’s duties. In such event, Executive shall provide to Employer the thirty
(30) day notice referred to in subsection (a) above, indicating his election to treat such
termination of employment as a termination by Employer without cause.

 

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For purposes of this Agreement, a “change of control” of Employer shall be deemed to have occurred
in the event of the occurrence of any of the following: (i) the sale of 50% or more of the common
stock, or the assets, of The Navigators Group, Inc., to parties unaffiliated with Terence N. Deeks,
in a transaction or series of transactions occurring within a one year period; (ii) a merger of
Employer with any other entity, such that the other entity or any of its parents or affiliates have
the right to control the business operations of Employer or, as a  result of such a   merger, Employer
is not the surviving or continuing business entity.

For purposes of this Agreement, a change of Executive’s duties shall be deemed to have
occurred in the event of the Executive’s duties and responsibilities are  materially reduced and a
significant portion of his  duties and responsibilities arc assigned to one or more other employees
of Employer.

	(e)	 	Without Cause. Except as  set forth in subsections (b) and (c) above, the
termination of Executive’s employment by Employer shall constitute a termination without
cause.

SECTION 7. EFFECT OF TERMINATION: SEVERANCE BENEFITS

	(a)	 	Termination Benefits For Termination Without Cause. If Employer terminates the
employment of Executive without cause, Executive shall be entitled to receive from
Employer;

	1.	 	An amount equal to one year’s base salary, as in effect for the twelve (12) month period
immediately preceding the effective date of such termination of employment.

	2.	 	Executive shall be entitled to continued comprehensive health and major medical insurance
coverage, at Employer’s cost, under  Employer’s group insurance plan, COBRA if necessary, for
a period of six (6) months after the effective date of such termination  of employment.
Thereafter, to the extent eligible, Executive may continue such coverage, at his own cost,
under COBRA.

	3.	 	During the period that  termination benefits are paid under this Agreement, Executive shall not
be required to perform any duties for Employer or report to the Employer offices.

	4.	 	Employer shall pay to Executive the termination benefit referred to in Section (a)(1) above
by either paying such sum in installments on Employer’s regular payroll dates for the one-year period in question, or, alternatively, with the Executive’s prior written consent, to
prepay such benefits in a single lump-sum amount, actuarially reduced by reason of such
prepayment. In the event that Employer pays such sum in installments on its regular payroll
dates, as aforesaid, and only in such event, if Executive shall accept full-time employment
during the period in which such payments are being made, then Executive shall, within  ten
(10) days of accepting such employment, advise Employer of such fact, indicating the name and
address of his new Employer and the amount of his salary. If Executive’s salary at his new
place of employment is equal to or greater than his last salary at Employer, the payment by
Employer of the termination benefit and the providing to Executive of continued comprehensive
healthcare and major medical benefits under Employer’s plan and at its expense shall terminate
upon the commencement of Executive’s new employment. If Executive’s salary in his new
position is less than his last salary at Employer, Employer’s

 

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continuing installment payments to Executive shall be reduced so as to pay to Executive the
difference between his salary rate at his new place of employment and his last salary rate
at Employer. Employer’s continuation of comprehensive healthcare and major medical benefits
shall also terminate at the commencement of Executive’s new employment, unless he is not
receiving comparable healthcare insurance benefits under his new Employer’s insurance plan.

	(b)	 	No Benefits for With Cause Termination.  Upon termination of this
Agreement by Employer with cause, under the provisions of Section 6(c), or the
termination of this Agreement by reason of Executive’s death or disability under Section
6(b) (provided that Employer has a disability insurance policy in force for the benefit
of Employee at such time as Employee claims disability), Employer shall not be obligated
to pay to Executive (or his estate or representative in the event of his death) any
termination benefits and Employer’s obligations hereunder shall terminate with the
effective date of the termination of the Executive’s employment. However, Executive’s
obligations and covenants under Sections 4 and 5 shall continue in full force and effect
and shall survive the termination of Executive’s employment.

SECTION 8. MISCELLANEOUS

	(a)	 	Sole Agreement; Amendment. This Agreement constitutes the entire agreement
of the parties, supersedes all prior agreements and understandings, and may be amended
only by a written agreement executed by both of the parties hereto.

	(b)	 	Severability. The invalidity or unenforceability of any particular
provision of this contract shall not affect its other provisions, and this Agreement
shall be construed in all respects as  if such invalid or unenforceable provision had been
omitted.

	(c)	 	Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of each of the parties hereto, their successors and assigns, administrators,
executors, legatees, and representatives, including, without limitation, any corporation
into which Employer may be merged or by which it may be acquired.

	(d)	 	Forum. This Agreement shall be construed and enforced under and in
accordance with the internal laws of the State of New York.

	(e)	 	Counsel. Each of the parties have read  this Agreement and execute it
after having an opportunity to consult with counsel.

	(f)	 	Notices. Any and all notices required to be given under this Agreement shall be
given by, and be deemed given when, (i) delivered by personal delivery; (ii) deposited in U.S.
first-class mail, postage prepaid; or (iii) sent by telecopy with confirmation of receipt and
by first class mail, postage prepaid, addressed as follows:

			
	 	If to Employer:    	Somerset Marine, Inc.
 123
William Street
 New York,  NY 10038 

Attention: Terence N. Deeks

Fax: 212-346-6820

 

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	If to Executive:	 	Michael L. Civisca

12 Trotters Trail 
New City, NY 10956

or such other address as a party may designate in writing to the other party.

SIGNATURES

IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date first
set forth above.

	 	 	 	 	 	 	 
	SOMERSET MARINE, INC.	 	 	 	EXECUTIVE:
	 
	 	 	 	 	 	 
	By:

	 	 /s/  Terence N. Deeks
	 	 	 	/s/ Michael L. Civisca 
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	Date: March 1, 1999	 	 	 	Date: March 2, 1999

 

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AMENDMENT TO EMPLOYMENT AGREEMENT

AMENDMENT TO EMPLOYMENT AGREEMENT (the “Amendment”), effective as of January 1, 2002, by
and between NAVIGATORS MANAGEMENT COMPANY, INC. (“Employer”) and MICHAEL L. CIVISCA
(“Executive”).

RECITALS

WHEREAS, Executive and Employer (f/k/a Somerset Marine, Inc.) entered into an Employment
Agreement, effective as of March 1, 1999 (the “Employment Agreement”); and

WHEREAS, the parties wish to renew and extend the Employment Agreement, as modified by
this Amendment.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained
herein, Employer and Executive agree as follows:

1. Term. The Employment Agreement is amended to provide that Executive’s
employment will continue through December 31, 2002 and will continue for additional one-year
periods, unless either party elects to terminate the employment relationship by written notice
to the other party at least sixty (60) days prior to December 31, 2002 or prior to the
expiration of any subsequent one-year period.

2. Position. Sections 1(a) and (b) of the Employment Agreement are amended so as
to provide that Executive’s position with the Employer shall be Senior Vice President.

3. Base Annual Salary. Section 2(a) of the Employment Agreement is amended to
reflect Executive’s current base salary of $172,500 and Executive shall be paid a base salary
of no less than $172,500 during the term of his employment.

 

 

 

4. Car Allowance. Section 3 of the Employment Agreement is amended to add a new
subsection (f) entitled “Car Allowance” to reflect the current car allowance provided to Executive.

5. Covenant Not To Complete. Section 5(a)(1) of the Employment Agreement is amended so
as to provide that the restrictions set forth in Subsection (a)(1) of Section 5 of the Employment
Agreement shall apply only to the states in the eastern United States, as set forth in Schedule A
to this Amendment.

6. Continuing Effectiveness of Employment Agreement. Except as expressly modified by
the provisions of this Amendment, all of the terms of the Employment Agreement shall continue in
full force and effect.

	 
	IN WITNESS WHEREOF, the parties have executed this Amendment effective as of January 1, 2002.

	 	 	 	 	 	 	 
	NAVIGATORS MANAGEMENT
COMPANY, INC.	 	 	 	EXECUTIVE:
	 
	 	 	 	 	 	 
	By:

	 	/s/ Stanley A. Galanski
	 	 	 	/s/ Michael L. Civisca
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	Dated: June 10, 2002	 	 	 	Dated: January 20, 2002

 

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SCHEDULE A

States which are subject to the restrictions set forth in the Covenant Not To Compete (Section
5(a)(1):

Connecticut

Delaware

Florida

Georgia

Maine

Maryland

Massachusetts

New Hampshire

New Jersey

New York

North Carolina

Pennsylvania

Rhode Island

South Carolina

Vermont

Virginia

 

 

 

AMENDMENT TO EMPLOYMENT AGREEMENT

AMENDMENT TO EMPLOYMENT AGREEMENT (the “Amendment”), effective as of January 1, 2003, by and
between NAVIGATORS MANAGEMENT COMPANY, INC. (“Employer”) and MICHAEL L. CIVISCA (“Executive”).

RECITALS

WHEREAS, Executive and Employer (f/k/a Somerset Marine, Inc.) entered into an Employment
Agreement, effective as of March 1, 1999 (the “Employment Agreement”); and

WHEREAS, the parties wish to renew and extend the Employment Agreement, as modified by
this Amendment.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein,
Employer and Executive agree as follows:

1. Term. The Employment Agreement is amended to provide that Executive’s employment
will continue through December 31, 2003 and will continue for additional one-year periods, unless
either party elects to terminate the employment relationship by written notice to the other party
at least sixty (60) days prior to December 31, 2003 or prior to the expiration of any subsequent
one-year period.

2. Position. Sections 1(a) and (b) of the Employment Agreement are amended so as to
provide that Executive’s position with the Employer shall be President of the Marine and Energy
Division.

3. Base Annual Salary. Section 2(a) of the Employment Agreement is amended to reflect
Executive’s current base salary of $200,000 and Executive shall be paid a base salary of no less
than $200,000 during the term of his employment.

 

 

 

4. Car Allowance. Section 3 of the Employment Agreement is amended to add a new
subsection (f) entitled “Car Allowance” to reflect the current car allowance provided to Executive.

5. Covenant Not To Complete. Section 5(a)(1) of the Employment Agreement is amended so
as to provide that the restrictions set forth in Subsection (a)(1) of Section 5 of the Employment
Agreement shall apply only to the states in the eastern United States, as set forth in Schedule A
to this Amendment.

6. Continuing Effectiveness of Employment Agreement. Except as expressly modified by
the provisions of this Amendment, all of the terms of the Employment Agreement shall continue in
full force and effect.

IN WITNESS WHEREOF, the parties have executed this Amendment effective as of January 1, 2003.

	 	 	 	 	 	 	 
	NAVIGATORS MANAGEMENT
COMPANY, INC.	 	 	 	EXECUTIVE:
	 
	 	 	 	 	 	 
	By:

	 	/s/ Stanley A. Galanski
 

	 	 
	 	/s/ Michael L. Civisca
 

	 

	 	STANLEY A. GALANSKI
	 	 	 	MICHAEL L. CIVISCA
	 
	 	 	 	 	 	 
	Dated: December 4, 2002	 	 	 	Dated: 12/16/02

 

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SCHEDULE A

States which are subject to the restrictions set forth in the Covenant Not To Compete (Section 5(a)(1):

Connecticut

Delaware

Florida

Georgia

Maine

Maryland

Massachusetts

New Hampshire

New Jersey

New York

North Carolina

Pennsylvania

Rhode Island

South Carolina

Vermont

VirginiaExhibit 10.3

Exhibit 10.3

Paul Hennessy

508 West Melrose Street

Apr 5C

Chicago

IL 60657

Wednesday 17th September 2008

Dear Paul

Further to your recent interviews, I am delighted to offer you the position of President of
Navigators Holdings (UK) Ltd, based at Navigators London Office. You will report to Stan Galanski,
President and CEO of The Navigators Group, Inc.

The terms and conditions of your employment are as follows:

Salary

Your annual salary will be £175,000 paid monthly in arrears, normally on the 25th of
each month, by direct transfer to your bank/building society account. Your salary will be reviewed
annually, with effect from the 1st March 2009. A salary review does not, however, guarantee that
any increase to salary will be implemented as any increases to salary are entirely at the
employer’s discretion.

Bonus Scheme

You will participate in the annual incentive compensation program of The Navigators Group, Inc.
beginning with the 2009 year. Your target bonus for the 2009 calendar year will be 85% of your
base salary, with a potential to earn up to 127.5%. Your actual bonus payment will be based on a
combination of personal, business unit and corporate results.

Long Term Incentive

You will be awarded a stock grant consisting of 4,000 shares of restricted common stock in The
Navigators Group, Inc. This stock will vest 25% annually over a four year period, with the first
25% vesting twelve months from the commencement of your employment. Navigators’ stock has enjoyed
substantial growth over the past five years and is intended as a long term incentive for profitable
underwriting results.

You will be eligible for future stock grant awards in accordance with Navigators’ compensation
practices.

Hours of Work

Your normal working hours will be 35 per week, 09.30 to 17.30 Monday to Friday inclusive, with a
one hour lunch break. However, you are expected to work, without additional pay, additional hours
in accordance with the needs and requirements of the employer.

Holiday Entitlement

You will be entitled to 25 days paid holiday in every year 1st January to
31st December, to be taken at such time, or times, as may be approved by your department
manager.

If your employment commences or terminates part way through a holiday year, your entitlement will
be calculated on a pro rata basis. You will not be entitled to carry forward any accrued holiday
entitlement from one holiday year to the next. Pay in lieu of holidays not taken, will not be made
on termination of employment.

 

 

 

Absence from Work

If you are unable to attend the work place for any reason, you must inform your department manager
by 09.30 on the first day of absence. In notifying the Company you should indicate the reason for
your absence and the likely duration. A Doctor’s certificate is required after seven days of
absence.

Pension and Medical Cover

The Company operates a defined contributions pension scheme. The Employer’s contribution to the
scheme is currently 15%.

The scheme includes life cover and permanent health cover. Further details will be provided when
you commence employment.

Insurance Cover

You will be entitled to enrol into our private medical scheme. Cover is extended to your dependents
and includes worldwide travel insurance.

Employee Share Scheme

You will be entitled to participate in the Group’s employee share purchase scheme.

Season Ticket Loan

An interest free season ticket loan is offered by the Company.

Notice

Twelve months’ notice of termination is required by both employer and employee.

If you wish to accept our offer of employment, please confirm your acceptance by signing and
returning one copy of this letter to me.

May I take this opportunity to congratulate you on your appointment and we look forward to your
joining the team at Navigators.

Yours sincerely

Jacqui Hedges

Compliance & HR Director

I accept the terms and conditions detailed above and can begin employment on

17th September 2008

/s/ Paul Hennessy                     Paul Hennessy

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