Document:

EXHIBIT
10.10

 

PROPERTY
LEASE

 

	1.	PARTIES:
The parties to this lease are:

 

	 	Tenant
    I.E.T., Inc
	 	 
	 	Landlord
    ___Ray C. Luna

 

	2.	LEASED
PREMISES:

 

A.
Landlord leases to Tenant the following described real property, known as the “leased premises” along with all its
improvements located at 202 N. Oak St., Pearsall, Frio County, Texas 78061.

 

B.
If Paragraph 2A(1) applies:

 

1.
“Property” means the real property, building, or complex in which the leased premises are located inclusive or any
common areas, drives, parking areas, and walks; and

 

2.
The parties agree that the rentable area of the leased premises may not equal the actual or useable area within the leased premises
and may include an allocation of common areas in the Property.

 

	3.	TERM:

 

A.
Term: The term of this lease is 24 months commencing on February 1, 2016 (Commencement Date) and ending on February 1,
2018 (Expiration Date).

 

	4.	RENT
AND EXPENSES:

 

A.
Base Monthly Rent: On or before the first day of each month during this lease Tenant will pay Landlord base monthly rent
in the amount of $2,500.00.

 

B.
First Full Month’s Rent: The first full base monthly rent is due on or before February 10, 2016.

 

C.
Place of Payment Tenant will remit all amounts due to Landlord under this lease to the following person at the place stated
or to such other person or place as Landlord may later designate

 

	 	Ray
    C. Luna
	 	P.O.
    Box 1203
	 	_____Pearsall,
    TX 78061______________________

 

D.
Method of Payment Tenant must pay all rent timely without demand, deduction, or offset, except as permitted by law or this
lease if Tenant fails to timely pay any amounts due under this lease or if any check of the Tenant is returned to Landlord by
the institution on which it was drawn Landlord after providing written notice to Tenant may require Tenant to pay subsequent amounts
that become due under this lease in certified funds. This paragraph does not limit Landlord from seeking other remedies under
this lease for Tenant’s failure to make timely payments with good funds.

 

E.
Late Charges If Landlord does not actually receive a rent payment at the designated place of payment within 5 days
after the date it is due. Tenant will pay Landlord a late charge equal to 5% of the amount due. In this paragraph, the mailbox
is not the agent for receipt for Landlord. The late charge is a cost associated with the collection of rent and Landlord’s
acceptance of a late charge does not waive Landlord’s right to exercise remedies.

 

F.
Returned Checks: Tenant will pay $45.00 for each check Tenant tenders to Landlord which is returned by the institution
on which it is drawn for any reason plus any late charges until Landlord receives payment

 

	5.	SECURITY
                                         DEPOSIT:

 

A.
Upon execution of this lease, Tenant will pay $1,500.00 to Landlord as a security deposit

 

B.
Landlord may apply the security deposit to any amounts owed by Tenant under this lease. If Landlord applies any part of the security
deposit during any time this lease is in effect to amounts owed by Tenant. Tenant must, within 10 days after receipt of notice
from Landlord, restore the security deposit to the amount stated.

 

    	 	 	 

     

    

 

	6.	TAXES:
Landlord will pay all real property ad valorem taxes assessed against the leased premises.

 

	7.	UTILITIES:

 

A.
The party designated below will pay for the following utility charges to the leased premises and any connection charges for the
utilities

 

	 	 	N/A	 	Landlord	 	Tenant
	1. Water	 	____	 	___X___	 	_______
	2. Sewer	 	____	 	___X___	 	_______
	3. Electric	 	____	 	_______	 	___X___
	4. Gas	 	 	 	_______	 	___X___
	5. Telephone	 	 	 	_______	 	___X___
	6. Trash	 	____	 	_______	 	___X___
	7. Cable	 	____	 	_______	 	___X___

 

B.
The party responsible for the charges under paragraph 7A will pay the charges directly to the utility service provider. The responsible
party may select the utility service provider except that if Tenant selects the provider, any access or alterations to the Property
or leased premises necessary for the utilities may be made only with Landlord’s prior consent, which Landlord will not unreasonably
withhold. If Landlord incurs any liability for utility or connection charges for which Tenant is responsible to pay and Landlord
pays such amount. Tenant will immediately upon written notice from Landlord reimburse Landlord such amount.

 

	8.	MAINTENANCE
AND REPAIRS:

 

A.
Cleaning: Tenant must keep the leased premises clean and sanitary and promptly dispose of all garbage in appropriate receptacles
“Tenant” will provide at there expense janitorial services to the leased premises that are customary and ordinary
for the property type. Tenant will maintain any grease trap on the Property which Tenant uses, including but not limited to periodically
emptying and cleaning, as well as making any modification to the grease trap that may be necessary to comply with any applicable
law....No HAZMAT Materials

 

B.
Repairs of Conditions Caused by a Party: Each party must promptly repair a condition in need of repair that is caused either
intentionally or negligently, by that party or that party’s guests, patrons, invitees, contractors, or permitted subtenants.

 

C.
Repair and Maintenance Responsibility: Except as otherwise provided by this Paragraph, the party designated below, at its
expense, is responsible to maintain and repair the following specified items in the leased premises (if any). The specified items
must be maintained in clean and good operable condition. If a governmental regulation or order requires a modification to any
of the specified items the party designated to maintain the item must complete and pay the expense of the modification the specified
items include and relate only to real property in the leased premises Tenant is responsible for the repair and maintenance of
its personal property

 

	1.	Foundation,
    exterior walls, roof, and other structural components	L
	2.	Glass
    and Windows	 T
	3.	Fire
    protection equipment and fire sprinkler system	T
	4.	Exterior
    & overhead doors, including closure device, molding, locks and hardware	T
	5.	Grounds
    maintenance, including landscaping and irrigation system	T
	6.	Interior
    doors, including closure devices, frames, molding, locks and hardware	T
	7.	Parking
    areas and Walks	L
	8.	Plumbing
    systems, drainage systems, electrical systems, and mechanical systems, including, but not limited to the HVAC system	L
	9.	Ballast
    and lamp replacement	T
	10.	Heating,
    Ventilation and Air Conditioning (HVAC) systems	L
	11.	Signs
    and Lighting	 
	 	(a)
    Pylon	T
	 	(b)
    Facia	T
	 	(c)
    Monument	T
	 	(d)
    Door/Suite	T
	12.	Extermination
    and pest control, excluding wood-destroying Insect’s	T
	13.	Fences
    and Gates (Unpreventable Damage Only)	 L
	14.	Storage
    yards and storage buildings	T
	15.	Wood-destroying
    insect treatment and repairs	N/A
	16.	Cranes
    and related systems	T
	17.	All
    other items and systems	T
	 	***
    T= Tenant; L=Landlord	 

 

    	 	 2	 

     

    

 

D.
Repair Persons: Repairs must be completed by trained, qualified, and insured               
repair persons.

 

E.
HVAC Service Contract: If Tenant maintains the HVAC system under Paragraph 8C 10 Tenant is not required to maintain at
its expense, a regularly scheduled maintenance and service contract for the HVAC system. The maintenance and service contracts
must be purchased from a HVAC maintenance company that regularly provides such contracts to similar properties. If Tenant fails
to maintain a required HVAC maintenance and service contract in effect at all times during this lease Landlord may do so and charge
Tenant the expense of such maintenance and service contract of exercise Landlord’s remedies.

 

F.
Common Area Landlord will maintain any common area in the Property in a manner as Landlord determines to be in the best
interest of the Property, Landlord will maintain any elevator and signs in the common are. Landlord may change the size, dimension
and location of any common areas provided that such change does not materially impair Tenant’s use and access to the leased
premises, Tenant has the non-exclusive license to use the common areas in compliance with Landlord’s rules and restrictions.
Tenant may not solicit any business in the common areas or interfere with any other person’s right to use the common areas.
This area does not apply if Paragraph 2A (2) applies

 

G.
Notice of Repairs Tenant must promptly notify Landlord of any item that is in need or repair that is Landlord’s responsibility
to repair.

 

H.
Failure to Repair Landlord must make a repair for which Landlord is responsible within a reasonable period of time after
Tenant provides Landlord written notice of the needed repair. If Tenant fails to repair or maintain an item for which Tenant is
responsible within 10 days after Landlord provides Tenant written notice of the needed repair or maintenance. Landlord may (1)
repair or maintain the item, without liability for any damage or loss to Tenant and Tenant must immediately reimburse Landlord
for the cost to repair or maintain, or (2) exercise Landlord’s remedies.

 

	9.	PROPERTY
INSURANCE: Landlord and Tenant shall each be responsible to maintain appropriate insurance for their respective interests
in the Premises and Property located on the Premises.

 

	10.	LIABILITY
INSURANCE: Tenant shall maintain public liability insurance in total aggregate sum of at least $1,000,000.00. Tenant shall
deliver appropriate evidence to Landlord as proof that adequate insurance is in force. Landlord shall have the right to require
that the Landlord receive notice of any termination of such insurance policies.

 

11.
AGREEMENT OF PARTIES:

 

A.
Entire Agreement: This lease contains the entire agreement between Landlord and Tenant and may not be changed except by
written agreement.

 

B.
Binding Effect: This lease is binding upon and inures to the benefit of the parties and their respective heirs, executors,
administrators, successors, and permitted assigns.

 

C.
Joint and Several: All Tenants are jointly and severally liable for all provisions of this lease. Any act or notice to,
or refund to, or signature of, any one or more of the Tenants regarding any term of this lease, its renewal, or its termination
is binding on all Tenants.

 

D.
Controlling Law: The laws of the State of Texas govern the interpretation, performance, and enforcement of this lease

 

    	 	 3	 

     

    

 

E.
Severable Clauses: If any clause in this lease is found invalid or unenforceable by a court of law, the remainder of this
lease will not be affected and all other provisions of this lease will remain valid and enforceable.

 

F.
Waiver: Landlord’s delay, waiver, or non-enforcement of acceleration, contractual or statutory lien, rental due date,
or any other right will not be deemed a waiver of any other or subsequent breach by Tenant or any other term in lease.

 

G.
Quiet Enjoyment: Provided that Tenant is not in default of this lease, Landlord covenants that Tenant will enjoy possession
and use of the leased premises free from material interference.

 

H.
Force Majeure: If Landlord’s performance of a term in this lease is delayed by strike, lock-out, shortage of material,
governmental restriction, riot, flood, or nay cause outside Landlord’s control, the time for Landlord’s performance
will be abated until after the delay.

 

I.
Time: Time is of the essence. The parties require strict compliance with the times for performance.

 

EXECUTED
effective 28th day of January, 2016.

 

	 	LANDLORD:	 	 	 
	 	 	 	 	 
	 	 	RAY C. LUNA RENTAL PROPERTIES	 
	 	 	A Texas limited liability company	 
	 	 	 	 	 
	 	 	By:	/s/
    Ray C. Luna	 
	 	 	 	Ray
    C. Luna, Member	 
	 	 	 	 	 
	 	TENANT:	 	 	 
	 	 	I.E.T., Inc.	 
	 	 	A Nevada corporation	 
	 	 	 	 	 
	 	 	By:	/s/
    Thomas S. Gifford	 
	 	 	Name:	Thomas
    S. Gifford	 
	 	 	Title:	EVP
    & CFO	 

 

    	 	 4Exhibit

		

			

		

		
			Exhibit 10.1
		

		
			24 March 2016
		

		
			 
		

		
			Mr. Robert A. Stuchbery
		

		
			President- International Operations
		

		
			The Hanover Insurance Group, Inc.
		

		
			Deputy Chairman and Director
		

		
			Chaucer Syndicates Limited
		

		
			Plantation Place
30 Fenchurch Street
London, United Kingdom
EC3M 3AD
		

		
			 
		

		
			Dear Bob:
		

		
			At the outset, I would like to thank you personally, and on behalf of the entire Hanover organization, for your years of service and immeasurable contribution to Chaucer’s success.  Due in no small measure to your expertise and experience, Chaucer has become one of the finest organizations in the Lloyd’s marketplace and a significant contributor to The Hanover’s success.  While we are confident that the Chaucer organization will continue to thrive, your leadership will be missed.
		

		
			You have advised us of your desire to retire from Chaucer and The Hanover later this year, and the purpose of this letter is to set forth matters relating to this request.
		

		
			You have agreed to continue in your current role until 31 May 2016 (the “Separation Date”).  During this time, you will continue to mentor and advise Mr. Johan Slabbert and other Chaucer executives; facilitate a smooth transition of leadership and industry and regulatory relationships; carry forth the duties and responsibilities inherent as a director of Chaucer and Deputy Chairman; provide advice and assistance to the organization with respect to cross-selling and other international initiatives; and perform such other duties as may be required from time to time.  You will continue to report to me (or my successor) until the Separation Date.  Both parties have agreed to waive any further notice of termination or pay in lieu of notice.  Save as detailed in this letter, your Service Agreement dated  01 January 2016, which supersedes any prior agreements, will be unaffected and will remain in force until the Separation Date, at which time it will terminate and be of no further force or effect except with respect to provisions which by their respective terms apply post-termination.  
		

		
			You will be paid all salary and contractual benefits which accrue up to and including the Separation Date.  In particular, I have recommended to The Hanover’s Compensation Committee (the “Compensation Committee”), and the Compensation Committee has agreed, that we will not withhold payment of the second one-half of the 2015 incentive compensation payment under the 2015 Chaucer Annual Bonus Scheme until January 2017, as is the customary practice, or the payment of a bonus award associated with the U.K. Motor business, which also otherwise would not be paid until January 2017.  All of these amounts will be paid to you in April 2016.
		

		 

		

			

		

 

		

			24 March 2016

		

		

			Page 2 of 3

		

		

			 

		

		
			In recognition of the fact that your responsibilities have and will taper down further over the following months, a liberal leave policy will apply.  Holiday entitlements shall apply against such leave days and assuming that you manage your schedule to allow you to meet your responsibilities appropriately, no deductions shall be made for leave days taken in excess of your accrued holiday entitlement.  
		

		
			Notwithstanding any provision in the applicable grant agreements or your Service Agreement regarding being under notice of termination by either party:
		

			
	
			
				 -
			

			
	
			
			you will be paid a 2015 performance bonus under the 2015 Chaucer Annual Bonus Scheme in an amount equal to £543,569, 100% of such award to be paid on the same date as such portion is payable to other participants in the scheme (as opposed to the standard practice of paying one-half in April and the balance in January of the following year);

			
	
			
				 -
			

			
	
			
			 you will be paid an additional discretionary bonus award associated with the sale of the U.K. Motor business in an amount equal to £68,724, such amount to be paid on the same date as the payment date for the 2015 performance bonus as provided above (as opposed to paying the amount thereof  in January 2017, as will be the approach for all other recipients);

			
	
			
				 -
			

			
	
			
			on or as soon as reasonably practicable following the Separation Date, you will be paid your 2015 long-term incentive award in the amount of £113,000;

			
	
			
				 -
			

			
	
			
			your restricted stock unit awards granted on February 19, 2014 vested and were paid in accordance with their respective terms in February 2016; and

			
	
			
				 -
			

			
	
			
			you also were paid in January 2016 the remaining 50% of your bonus under the 2014 Chaucer Annual Bonus Scheme. 

		
			You agree that, notwithstanding the termination of your employment, clauses 16.6 and 16.8 (principally relating to confidential information and return of company property) and 17 (principally relating to non-solicitation of Chaucer employees, customers and others and non-interference with Chaucer business) of your Service Agreement, as well as the confidential information, non-solicitation and non-interference provisions of the various equity and other long-term grant agreements you received from The Hanover which by their terms apply post-termination,  shall remain in full force and effect in accordance with their respective terms (confidentiality covenants and agreements are referred to as the “Confidentiality Covenants”; such other covenants and agreements are referred to as the “Non-waivable Covenants”; and, the period commencing on the Separation Date and extending to the one-year anniversary thereof is referred to as the “Restricted Period”). 
		

		
			We understand and appreciate that you may well remain active in one capacity or another in the London insurance market.  We know that you would not want to harm Chaucer or The Hanover in any way; accordingly, you have agreed that during the Restricted Period, you will not take any action, assume any executive position or act in any executive capacity, which is directly or indirectly competitive with Chaucer or The Hanover or their respective affiliates (the “Limited Post-Employment  Restriction”).  However, we also would like to find common ground to permit you to remain active within Lloyd’s and the industry if you so desire.  To that end and for the avoidance of doubt, we confirm that you may (i) accept a non-executive director position with any Lloyd’s managing agency or broker, or non-Lloyd’s insurance-related business, provided that your responsibilities and activities are confined to those traditionally associated with those of a non-
		

		 

 

		

			24 March 2016

		

		

			Page 3 of 3

		

		

			 

		

		executive director;  or (ii) serve in a capacity with the Lloyd’s Market Association, the London Market Group, or with similar associations, provided that you are serving in a capacity on behalf of the industry or of such association, and not on behalf, or as a representative of, a syndicate, managing agency, agent or broker, or a particular company or group of companies, and provided further, that in any case, you comply with the Confidentiality Covenants and, during the Restricted Period, with the Non-waivable Covenants.  In addition, if, during the Restricted Period, you decide that you wish to be involved in an executive  or executive consulting  position of any sort which is related to Lloyd’s or the insurance industry, we will act in good faith and will consider waiving, in whole or in part, the Limited Post-Employment Restriction to the extent we believe that neither Chaucer nor The Hanover will be unfairly impacted or embarrassed and provided you confirm that you will continue to comply with the Confidentiality Covenants and, during the remainder of the Restricted Period, with the Non-waivable Covenants.  You have confirmed that during the Restricted Period, you would give Chaucer and The Hanover reasonable courtesy notice before accepting any position related to the insurance industry.
		

		
			You have advised us that you have consulted with expert counsel in connection with your planned separation from Chaucer and The Hanover, any rights you otherwise would have under your Service Agreement, law or this letter agreement, including with respect to the confirmations set forth in the paragraph immediately below.  We encourage such prudence since it is in our mutual interest that all parties understand their respective rights and responsibilities.  With this in mind and upon presentation of an invoice from your solicitors, will be pleased to pay any related invoices, up to a maximum of £2,000 plus VAT, or in the alternative, reimburse you directly, in either case as you instruct us.
		

		
			You have confirmed to us and agree that, except for the sums and benefits referred to in this letter and rights under your pension scheme, no other sums or benefits whatsoever are due to you and that you are not aware of any claim, statutory or otherwise, that you may have against Chaucer, The Hanover or any of their respective affiliates.
		

		
			Once again, thank you for helping to build a tremendous institution and for your continued service to Chaucer and The Hanover.
		

		
			Yours sincerely
		

		
			/s/ Frederick H. Eppinger
		

		
			Frederick H. Eppinger
		

		
			President and  Chief Executive Officer
		

		
			The Hanover Insurance Group, Inc.
		

		
			 
		

		
			Agreed and accepted:
		

		
			 
		

		
			 
		

		
			Signed:/s/ Robert A. Stuchbery__________Dated: _March 29, 2016______
		

		
			Robert A. Stuchbery

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}]]