Document:

AmendmentNo1toJGressierAgreement

AMENDMENT NO. 1

to

EMPLOYMENT AGREEMENT

dated June 6, 2013

by and between
AXIS Specialty Limited (the “Company”)
and
John Gressier (the “Executive”)

WHEREAS, the Company and the Executive entered into an employment agreement dated as of December 31, 2010 (the “Agreement”);

WHEREAS, the Compensation Committee of the Board of Directors of AXIS Capital Holdings Limited (“Parent”), the Company and the Executive have determined that it is in the best interests of the Company and its shareholders to extend the Executive's service as the Chief Executive Officer of the AXIS Insurance unit of Parent through the period ending December 31, 2016;

WHEREAS, the Executive desires to extend his employment through the period ending December 31, 2016;

WHEREAS, the Company and the Executive desire to amend the Agreement to reflect the extension of the Executive's employment pursuant to the terms and conditions of the Agreement;

NOW, THEREFORE, the Agreement is hereby amended, effective as of the date hereof,  as follows:

		
	1.
	Section 3(a) of the Agreement is hereby modified by deleting the reference to "December 31, 2013" and replacing it with "December 31, 2016" in lieu thereof.

		
	2.
	Section 4(h) of the Agreement is hereby modified by: (i) deleting all references to “2013” therein and replacing such references with “2016”; and (ii) deleting all references to “2014” therein and replacing such references with “2017”.  

		
	3.
	Except as set forth herein, all other terms and conditions of the Agreement (as previously amended) shall remain in full force and effect.

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first written above.
                        	
			
	 
	 
	 

	 
	AXIS Specialty Limited

	 
	 
	 

	 
	 
	 

	 
	By: /s/ Albert A. Benchimol

	 
	Name: Albert A. Benchimol

	 
	Title: Chief Executive

	 
	Officer and President

	 
	 
	 

	 
	 
	 

	 
	John Gressier

	 
	 
	 

	 
	 
	 

	 
	By: /s/ John GressierSETTLEMENT 
AGREEMENT

 

THIS
SETTLEMENT AGREEMENT (the
"Agreement") states
the terms of
a settlement of claims
and disputes
reached among Zhuhai Yuehua Electronics
Co., Ltd. ("Zhuhai")
and Southern Products, Inc. and SigmacUSA,
Inc. (collectively "SNPD"), and Edward
Meadows ("Meadows"). SNPD,
Meadows and Zhuhai
may be referred to
collectively herein as the "Parties" and individually
as a "Party".

 

The
parties stipulate and
agree that all
Settlement Discussions concerning
the terms
and conditions of this
Settlement Term Sheet
are inadmissible evidence
in civil litigation pursuant
to Federal Rules of Civil
Procedure 408, or its
state law equivalent, and may
not be admitted
as evidence in any legal proceeding.
For this purpose,
Settlement Discussions shall be deemed to include
emails concerning settlement, letters concerning
settlement, settlement memoranda, settlement terms sheets,
draft settlement
agreements, any means of telecommunication
concerning settlement matters and
any other settlement
discussions or communications.

 

WHEREAS,
disputes have arisen
concerning certain transactions,
contractual relationships between the
Parties,
and an
array of ancillary
legal issues (Collectively the ("Zhuhai Claims");
and

 

WHEREAS,
Zhuhai has commenced
a civil action
against SNPD and
Meadows and other parties
seeking, inter alia,
payment for product sales in the
Superior Court of the State of California
for the County
of Los Angeles: Zhuhai vs.
NJVS USA Corporation,
et al., Case
No. BC 473921
(referred to
as "the Civil
Case"); and

 

WHEREAS,
SNPD has
filed a Cross-Complaint
against Zhuhai in
the Civil Case seeking,
inter alia
, damages
for Intentional Misrepresentation and Unlawful,
Unfair, and Fraudulent Business Acts;
and

 

WHEREAS,
SNPD is
engaged in discussions
with a private
equity investor interested
in funding
SNPD's  future operations
into the foreseeable
future; and

 

WHEREAS,
the private
equity investor has
expressed an unwillingness
to invest substantial capital
to fund SNPD
because ofthe litigation risk surrounding the Zhuhai claims; and

 

WHEREAS,
SNPD wishes to
pay to Zhuhai
and Zhuhai wishes
to accept in
settlement of all claims
it may have
against SNPD a total
of $425,000 US Dollars (the "Debt"),
without either party admitting any
liability for the same; and

 

WHEREAS,
subject to the
consummation of the
other transactions contemplated
herein, the Parties desire
to effect a
comprehensive and complete compromise in full settlement and mutual
release of all claims that
Zhuhai may have against SNPD and
Meadows, including
the satisfaction of the Zhuhai Claims
and the Dismissal ofthe Civil Case, and
all claims that SNPD may have against
Zhuhai, including
the satisfaction and the Dismissal of the
Cross-Complaint; and

    	 

    	 

    

 

NOW
THEREFORE, in consideration
of payments, releases,
and covenants and agreements
stated herein, the
Parties have reached
certain agreements, the essential terms of which
are as follows:

 

		•	Payment on
Equity Raises.
Contingent upon
SNPD's receipt of
funding from any private
equity investor, SNPD
shall pay Zhuhai:

 

(a)
2.4% of the
first 3 million
of any equity
raised by SigmacUSA

(b)
3.3% of the
next 3 million
of any equity
raised by SigmacUSA

(c)
4.9%
of the next
4 million of
any equity raised
by SigmacUSA

 

Payments
on equity raised
shall be made within
5 business days
from funding directly from
the escrow agent,
and shall continue
until all amounts owed have been
paid in full (either from Equity
raises or Sales (below)). In
the event that the sum of$425,000 is not paid within 1 year of the
date hereof, SNPD and Sigmac (but
not Meadows) shall be deemed
to be in default of
this Agreement.

 

		•	Payment on
Sales. SigmacUSA Inc. shall
pay Zhuhai 0.25%
of its net
collections on a monthly
basis.  Payments on
Sales shall continue
until all amounts owed have been
paid in full (either from
Equity raises or
Sales).

 

		•	Dismissal of
the Civil Case. 
Within five (5)
court days after
execution ofthis Agreement, the
parties shall dismiss
with prejudice their
respective pleadings as against one another
in the Civil Case.

 

		•	Mutual Release
and Covenant Not
to Sue.  The
Parties agree that
each of them
(on behalf of themselves
and their agents,
representatives, employees, heirs, executors,
successors and assigns) releases,
forever discharges and covenants not to sue any
other Party or
Parties (and their respective
agents, representatives, members, affiliates, subsidiaries, employees, attorneys, accountants, professionals, heirs,
executors, administrators, successors and assigns, as the case may be) and
releases every other
Party from any and all
claims actions, causes of action, suits, debts,
damages, demands, judgments, or executions
whatsoever, whether known or unknown, whether under
statute or in contract, tort or otherwise,
and whether in
law or in equity, that any Party
ever had, has now,
or may ever have against any
other Party as of
the date of execution of this Agreement.
This Mutual Release and Covenant Not to Sue
includes, without limitation, any claims for
payment of the Zhuhai Claims or
Debt, any claims and counterclaims which
were asserted in
or could have been asserted in the Civil
Case, all claims
for attorneys' fees and costs
incurred in the Civil Case
or otherwise, and/or any claims,
whether known or unknown, identified in Article 5
below.

    	2

    	 

    

 

 

		•	Release
of Unknown Claims.
 It is
understood by each
Party that there
is a risk that
subsequent to the
execution of this Agreement, a
Party may discover facts different from or in
addition to the facts which
he now knows or believes
to be true with respect to
the subject matter of this Agreement,
or that certain debts, claims, expenses, or liabilities presently known may be or become
greater than a Party
now expects or anticipates.
Each Party intends this
Agreement to apply to all unknown
or unanticipated results,
as well as those known and anticipated,
and it is the intention of each Party
to hereby fully, finally, absolutely, and forever resolve
any and all
claims and disputes which have existed, do
exist, or
may exist relating to the Company or its activities,
assets, liabilities,
or members.

 

		•	Scope.  The
foregoing releases do
not extend to,
nor do the
Parties intend by
this Agreement to settle
or compromise, any
rights or claims:

 

a. That
are based upon
the rights and
obligations established by
this Agreement;

 

b. Against
Edward Wang, NIVS
USA, Inc. or
any other person
or entity controlled by
Edward Wang; or

 

c.
Asserted in Los
Angeles County Superior
Court Case No.
BC 476331,
capitioned Zhuhai
Yue
Hua Electronic
Co., Ltd. v. Silo Digital Corporation,
Inc., et al.

 

		•	Mutual Non-Disparagement.
 The Parties
shall execute an
agreement of mutual non-disparagement
agreeing not, after
the date of
this Agreement,
to disparage or criticize the character,
business operations and
practices, ethics,
or actions of one another. With regard to disputes
and claims the Parties shall be
authorized to state that all such disputes,
claims and rights have
been resolved to their mutual satisfaction.

 

		•	Confidentiality.
The Parties
agree that they
shall execute
a standard agreement
of confidentiality regarding the
terms and agreements reflected in this Agreement.
Notwithstanding this agreement of
confidentiality, the Parties understand and agree that SNPD is a publicly
reporting company and as such will be
required to make certain public disclosures
of the final settlement agreement once signed.

 

		•	Mediation
and Arbitration of
Claims.  The
Parties further agree
that they shall participate
in non-binding
mediation of any claim,
controversy or dispute arising out of
this agreement or of any agreement
executed by the Parties (or either
of them) to give effect to the agreements reflected
in this Agreement.
Such mediation shall be a condition
precedent to any action to enforce
any such agreement. Should such
claim, controversy or dispute not be
resolved through mediation, the Parties
agree exclusively to binding arbitration
of such matter before
a single arbitrator pursuant to the
rules of the
American Arbitration Association (AAA). The
arbitrator shall have the authority to award fees, including
legal fees, and
expenses incurred in
such arbitration to the prevailing party in such arbitration.
Nothing contained in
this Article 8,
however, shall
preclude the
Parties from seeking equitable relief,
where appropriate, in any court of competent
jurisdiction. Any such Mediation or
Arbitration shall be held and follow the
rules of court and laws of the state of
Nevada, in the County of Clark.

    	3

    	 

    

 

 

		•	Miscellaneous.
This Agreement
is intended to
set forth all
essential terms of
a settlement of disputes
between the Parties as stated herein.
It is anticipated that the Parties shall promptly
proceed to the preparation
and execution of such further documents and agreements as are necessary to
give effect to the
terms stated herein and agree to
cooperate in the preparation and
execution of such agreements and documents. The laws
of the State of California shall govern this Agreement. Each
party is represented by counsel,
and has conferred with counsel, concerning the
execution of this Agreement.
The language of this Agreement shall not be presumptively
construed in favor of or against any
of the parties hereto.

 

		•	Governing Law,
Choice of Forum
and Consent to
Jurisdiction.  This Agreement
shall be construed
under the laws
of the State
of California. Notwithstanding the dismissal,
if any, of
Case No. BC 473921,
the Parties jointly request that
the Court retain continuing jurisdiction
over them to enforce this
Agreement pursuant Code of Civil
Procedure section 664.6; however, even in the event of
a default, the Parties have agreed
that Meadows has been
released from all further liability
under these claims and will no longer be a defendant.

 

WHEREFORE, the parties have executed this
Agreement as of the 20th day of May.

 

 

	Zhuhai Yue Hua Electronics Co. Ltd.	Southern Products, Inc.
	/s/ Fang Xian Yue	/s/ Edward Meadows
	
        Fang Xian Yue

        President
	
        Edward Meadows

        Chief Executive Officer & Officer

		SigmacUSA, Inc.
	/s/ Edward Meadows	/s/ Edward Meadows
	Edward Meadows, Individually	
        Edward Meadows

        Chief Executive Officer & Director

    	4

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