SEC Info  
    Home      Search      My Interests      Help      Sign In      Please Sign In

Argo Group International Holdings, Ltd. – ‘10-K’ for 12/31/20 – ‘EX-10.13’

On:  Friday, 3/12/21, at 7:18pm ET   ·   As of:  3/15/21   ·   For:  12/31/20   ·   Accession #:  1628280-21-4668   ·   File #:  1-15259

Previous ‘10-K’:  ‘10-K’ on 2/28/20 for 12/31/19   ·   Next:  ‘10-K’ on 3/16/22 for 12/31/21   ·   Latest:  ‘10-K’ on 3/19/24 for 12/31/23   ·   21 References:   

Find Words in Filings emoji
 
  in    Show  and   Hints

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/15/21  Argo Group Int’l Holdings, Ltd.   10-K       12/31/20  162:57M                                    Workiva Inc Wde… FA01/FA

Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Argo Group International Holdings, Ltd. Form 10-K   HTML   4.85M 
                - December 31, 2020                                              
 2: EX-4.5      Description of Securities-Section 12 of the         HTML     99K 
                Securities Exchange Act of 1934                                  
 4: EX-10.12    Restricted Stock Agreement                          HTML     54K 
 5: EX-10.13    Form of Incentive Award Agreement                   HTML     77K 
 3: EX-10.6     Executive Severance Plan                            HTML    111K 
 6: EX-21       Subsidiaries of Argo Group International Holdings,  HTML     55K 
                Ltd.                                                             
 7: EX-23       Consent of Independent Registered Public            HTML     47K 
                Accounting Firm                                                  
 8: EX-31.1     Certification of the Chief Executive Officer        HTML     50K 
 9: EX-31.2     Certification of the Chief Financial Officer        HTML     50K 
10: EX-32.1     Certification of CEO Section 906                    HTML     47K 
11: EX-32.2     Certification of CFO Section 906                    HTML     47K 
18: R1          Cover                                               HTML    117K 
19: R2          Consolidated Balance Sheets                         HTML    156K 
20: R3          Consolidated Balance Sheets (Parenthetical)         HTML     76K 
21: R4          Consolidated Statements of Income (Loss)            HTML    147K 
22: R5          Consolidated Statements of Comprehensive Income     HTML    100K 
                (Loss)                                                           
23: R6          Consolidated Statements of Shareholders' Equity     HTML    143K 
24: R7          Consolidated Statements of Shareholders' Equity     HTML     53K 
                (Parenthetical)                                                  
25: R8          Consolidated Statements of Cash Flows               HTML    165K 
26: R9          Business and Significant Accounting Policies        HTML    128K 
27: R10         Accounting Changes and Error Corrections            HTML    737K 
28: R11         Recent Acquisitions, Disposals & Other              HTML     54K 
                Transactions                                                     
29: R12         Investments                                         HTML    425K 
30: R13         Allowance for Credit Losses                         HTML     64K 
31: R14         Leases                                              HTML     74K 
32: R15         Reinsurance                                         HTML     69K 
33: R16         Reserves for Losses and Loss Adjustment Expenses    HTML   1.23M 
34: R17         Run-off Lines                                       HTML     99K 
35: R18         Long-term Debt                                      HTML    176K 
36: R19         Disclosures about Fair Value of Financial           HTML    102K 
                Instruments                                                      
37: R20         Shareholders' Equity                                HTML     59K 
38: R21         Accumulated Other Comprehensive Income (Loss)       HTML     80K 
39: R22         Net (Loss) Income Per Common Share                  HTML     66K 
40: R23         Share-based Compensation                            HTML     70K 
41: R24         Underwriting, Acquisition and Insurance Expenses &  HTML     61K 
                Other Corporate Expenses                                         
42: R25         Income Taxes                                        HTML    189K 
43: R26         Pension Benefits and Savings Plans                  HTML     52K 
44: R27         Commitments and Contingencies                       HTML     48K 
45: R28         Segment Information                                 HTML    125K 
46: R29         Statutory Accounting Principles                     HTML     71K 
47: R30         Insurance Assessments                               HTML     48K 
48: R31         Transactions with Related Parties                   HTML     49K 
49: R32         Senior Unsecured Fixed Rate Notes                   HTML    517K 
50: R33         Schedule II Condensed Financial Information of      HTML    137K 
                Registrant                                                       
51: R34         Schedule III Supplemental Insurance Information     HTML    129K 
52: R35         Schedule V Valuation and Qualifying Accounts        HTML     71K 
53: R36         Schedule VI Supplemental Information for            HTML     77K 
                Property-Casualty Insurance Companies                            
54: R37         Business and Significant Accounting Policies        HTML    143K 
                (Policies)                                                       
55: R38         Business and Significant Accounting Policies        HTML     76K 
                (Tables)                                                         
56: R39         Revisions of Previously Issued Financial            HTML    735K 
                Statements (Tables)                                              
57: R40         Investments (Tables)                                HTML    430K 
58: R41         Allowance for Credit Losses (Tables)                HTML     66K 
59: R42         Leases (Tables)                                     HTML     76K 
60: R43         Reinsurance (Tables)                                HTML     65K 
61: R44         Reserves for Losses and Loss Adjustment Expenses    HTML   1.20M 
                (Tables)                                                         
62: R45         Run-off Lines (Tables)                              HTML    103K 
63: R46         Long-term Debt (Tables)                             HTML    166K 
64: R47         Disclosures about Fair Value of Financial           HTML     95K 
                Instruments (Tables)                                             
65: R48         Accumulated Other Comprehensive Income (Loss)       HTML     82K 
                (Tables)                                                         
66: R49         Net (Loss) Income Per Common Share (Tables)         HTML     64K 
67: R50         Share-based Compensation (Tables)                   HTML     64K 
68: R51         Underwriting, Acquisition and Insurance Expenses &  HTML     59K 
                Other Corporate Expenses (Tables)                                
69: R52         Income Taxes (Tables)                               HTML    190K 
70: R53         Segment Information (Tables)                        HTML    127K 
71: R54         Statutory Accounting Principles (Tables)            HTML     64K 
72: R55         Senior Unsecured Fixed Rate Notes (Tables)          HTML    520K 
73: R56         Business and Significant Accounting Policies -      HTML    158K 
                Additional Information (Detail)                                  
74: R57         Business and Significant Accounting Policies -      HTML     57K 
                Intangible Assets and Accumulated Amortization                   
                (Detail)                                                         
75: R58         Business and Significant Accounting Policies -      HTML     62K 
                Schedule of Interest Paid (Detail)                               
76: R59         Revisions of Previously Issued Financial            HTML    165K 
                Statements - Adjusted Consolidated Balance Sheet                 
                (Details)                                                        
77: R60         Revisions of Previously Issued Financial            HTML    172K 
                Statements - Adjusted Condensed Consolidating                    
                Statement of Income (Loss) (Details)                             
78: R61         Recent Acquisitions, Disposals & Other              HTML     57K 
                Transactions - Acquisitions (Details)                            
79: R62         Recent Acquisitions, Disposals & Other              HTML     57K 
                Transactions - Sale of Business Unit (Details)                   
80: R63         Investments - Additional Information (Detail)       HTML     64K 
81: R64         Investments - Schedule of Amortized Cost, Gross     HTML     90K 
                Unrealized Gains, Gross Unrealized Losses and Fair               
                Value of Investments (Detail)                                    
82: R65         Investments - Schedule of Amortized Cost and Fair   HTML     81K 
                Values of Fixed Maturity Investments, by                         
                Contractual Maturity (Detail)                                    
83: R66         Investments - Schedule of Carrying Value and        HTML     65K 
                Unfunded Investment Commitments of Other Invested                
                Assets Portfolio (Detail)                                        
84: R67         Investments - Schedule of Aging of Unrealized       HTML     96K 
                Losses on Company's Investments in Fixed                         
                Maturities, Equity Securities and Other                          
                Investments (Detail)                                             
85: R68         Investments - Allowance for Credit Losses (Detail)  HTML     76K 
86: R69         Investments - Schedule of Investment Income and     HTML     61K 
                Expenses (Detail)                                                
87: R70         Investments - Schedule of Company's Gross Realized  HTML     84K 
                Investment Gains (Losses) (Detail)                               
88: R71         Investments - Schedule of Changes in Unrealized     HTML     58K 
                Appreciation (Depreciation) (Detail)                             
89: R72         Investments - Schedule of Fair Value of Foreign     HTML     55K 
                Currency Exchange Forward Contracts (Detail)                     
90: R73         Investments - Schedule of Realized Gains and        HTML     61K 
                Losses of Investment on Foreign Currency Exchange                
                Forward Contracts (Detail)                                       
91: R74         Investments - Components of Restricted Assets       HTML     56K 
                (Detail)                                                         
92: R75         Investments - Financial Assets Measured at Fair     HTML    150K 
                Value on Recurring Basis (Detail)                                
93: R76         Investments - Schedule of Reconciliation of         HTML     88K 
                Beginning and Ending Balances for Investments                    
                Categorized as Level 3 (Detail)                                  
94: R77         Allowance for Credit Losses - Premium Receivables   HTML     77K 
                (Details)                                                        
95: R78         Allowance for Credit Losses - Reinsurance           HTML     72K 
                Recoverables (Details)                                           
96: R79         Leases - Additional Information (Details)           HTML     58K 
97: R80         Leases - Components of Leases (Details)             HTML     54K 
98: R81         Leases - Lease Cost (Details)                       HTML     58K 
99: R82         Leases - Lease Maturity (Details)                   HTML     67K 
100: R83         Reinsurance - Additional Information (Detail)       HTML     56K  
101: R84         Reinsurance - Schedule of Reinsurance Premium       HTML     71K  
                (Detail)                                                         
102: R85         Reserves for Losses and Loss Adjustment Expenses -  HTML     80K  
                Reserves for Losses and Loss Adjustment Expenses                 
                (Detail)                                                         
103: R86         Reserves for Losses and Loss Adjustment Expenses -  HTML     56K  
                Impact from (Favorable) Unfavorable Development of               
                Prior Accident Years' Loss and LAE Reserves on                   
                Each Reporting Segment (Detail)                                  
104: R87         Reserves for Losses and Loss Adjustment Expenses -  HTML     61K  
                Additional Information (Detail)                                  
105: R88         Reserves for Losses and Loss Adjustment Expenses -  HTML    504K  
                Summary of Information about Incurred and                        
                Cumulative Paid Losses and Allocated Loss                        
                Adjustment Expenses, Net of Reinsurance (Detail)                 
106: R89         Reserves for Losses and Loss Adjustment Expenses -  HTML     95K  
                Summary of Reconciliation of Net Incurred and Paid               
                Development to Liability for Unpaid Losses and LAE               
                in Consolidated Balance Sheets (Detail)                          
107: R90         Reserves for Losses and Loss Adjustment Expenses -  HTML    112K  
                Schedule of Supplementary Unaudited Information                  
                About Annual Percentage Payout of Incurred Losses                
                and ALAE, Net of Reinsurance (Detail)                            
108: R91         Reserves for Losses and Loss Adjustment Expenses -  HTML     64K  
                Schedule of Information About Discounted                         
                Liabilities For Unpaid Losses and LAE (Detail)                   
109: R92         Run-off Lines - Gross Reserves for Run-Off Lines    HTML     63K  
                (Detail)                                                         
110: R93         Run-off Lines - Total Gross Reserves for Asbestos   HTML     75K  
                Exposure (Detail)                                                
111: R94         Run-off Lines - Underwriting Losses for Run-Off     HTML     63K  
                Lines (Detail)                                                   
112: R95         Long-term Debt - Additional Information (Detail)    HTML    115K  
113: R96         Long-term Debt - Schedule of Junior Subordinated    HTML     98K  
                Debentures (Detail)                                              
114: R97         Long-term Debt - Schedule of Maybrooke Junior       HTML     58K  
                Subordinated Debentures (Detail)                                 
115: R98         Long-term Debt- Schedule of Terms and Principal     HTML     52K  
                Amounts of Other Indebtedness (Detail)                           
116: R99         Long-term Debt - Schedule of Floating Rate Loan     HTML     74K  
                Stock, Notes Outstanding (Detail)                                
117: R100        Long-term Debt - Schedule of Long-term Debt         HTML     74K  
                Maturity (Details)                                               
118: R101        Disclosures about Fair Value of Financial           HTML     66K  
                Instruments (Detail)                                             
119: R102        Disclosures about Fair Value of Financial           HTML     84K  
                Instruments - Summary of Fair Values Measured on                 
                Recurring Basis (Details)                                        
120: R103        Shareholders' Equity - Additional Information       HTML    110K  
                (Detail)                                                         
121: R104        Accumulated Other Comprehensive Income (Loss) -     HTML     82K  
                Changes in Accumulated Other Comprehensive Income                
                (Loss) (Detail)                                                  
122: R105        Accumulated Other Comprehensive Income (Loss) -     HTML     55K  
                Amounts Reclassified from Accumulated Other                      
                Comprehensive Income (Loss) (Detail)                             
123: R106        Net (Loss) Income Per Common Share - Net (Loss)     HTML     90K  
                Income Per Common Share on Basic and Diluted Basis               
                (Detail)                                                         
124: R107        Net (Loss) Income Per Common Share - Additional     HTML     50K  
                Information (Detail)                                             
125: R108        Share-based Compensation - Additional Information   HTML    101K  
                (Detail)                                                         
126: R109        Share-based Compensation - Summary of Restricted    HTML     70K  
                Share Activity (Detail)                                          
127: R110        Share-based Compensation - Summary of               HTML     64K  
                Stock-Settled SARs Activity (Detail)                             
128: R111        Underwriting, Acquisition and Insurance Expenses &  HTML     65K  
                Other Corporate Expenses (Detail)                                
129: R112        Income Taxes - Income Tax (Benefit) Provision       HTML     80K  
                Expense (Detail)                                                 
130: R113        Income Taxes - Schedule of Pre-Tax Income (Loss)    HTML    100K  
                and Effective Income Tax Rates (Detail)                          
131: R114        Income Taxes - Reconciliation of Difference         HTML     77K  
                Between Provision for Income Taxes and Expected                  
                Tax Provision at Weighted Average Tax Rate                       
                (Detail)                                                         
132: R115        Income Taxes - Schedule of Net Deferred Tax         HTML    105K  
                Liability Comprises Tax Effect Related to Assets                 
                and Liabilities (Detail)                                         
133: R116        Income Taxes - Additional Information (Detail)      HTML     59K  
134: R117        Income Taxes - Schedule of Net Operating Loss       HTML     57K  
                Carryforwards Amounts by Jurisdiction and Year of                
                Expiration (Detail)                                              
135: R118        Income Taxes - Schedule of Unrecognized Tax         HTML     62K  
                Benefits (Details)                                               
136: R119        Pension Benefits and Savings Plans (Detail)         HTML     60K  
137: R120        Commitments and Contingencies - Additional          HTML     50K  
                Information (Detail)                                             
138: R121        Segment Information - Additional Information        HTML     66K  
                (Detail)                                                         
139: R122        Segment Information - Revenue and Income (Loss)     HTML    107K  
                Before Income Taxes for Each Segment (Detail)                    
140: R123        Segment Information - Schedule of Earned Premiums   HTML     63K  
                by Geographic Location (Detail)                                  
141: R124        Segment Information - Identifiable Assets (Detail)  HTML     63K  
142: R125        Segment Information - Schedule of Goodwill and      HTML     55K  
                Intangible Assets Net of Accumulated Amortization                
                (Detail)                                                         
143: R126        Statutory Accounting Principles - Statutory         HTML     53K  
                Capital and Surplus for Principal Operating                      
                Subsidiaries (Detail)                                            
144: R127        Statutory Accounting Principles - Statutory Net     HTML     53K  
                Income (Loss) for Principal Operating Subsidiaries               
                (Detail)                                                         
145: R128        Statutory Accounting Principles - Additional        HTML     65K  
                Information (Detail)                                             
146: R129        Insurance Assessments (Detail)                      HTML     47K  
147: R130        Transactions with Related Parties Transactions      HTML     53K  
                with Related Parties (Detail)                                    
148: R131        Senior Unsecured Fixed Rate Notes - Additional      HTML     55K  
                Information (Detail)                                             
149: R132        Senior Unsecured Fixed Rate Notes - Schedule Of     HTML     52K  
                Unamortized Debt Issuance Costs Deducted From                    
                Carrying Value Of Debt Liability (Detail)                        
150: R133        Senior Unsecured Fixed Rate Notes - Condensed       HTML    218K  
                Consolidating Balance Sheet (Detail)                             
151: R134        Senior Unsecured Fixed Rate Notes - Condensed       HTML    198K  
                Consolidating Statement of Income (Loss) (Detail)                
152: R135        Senior Unsecured Fixed Rate Notes - Condensed       HTML    166K  
                Consolidating Statement of Cash Flows (Detail)                   
153: R136        Schedule II Condensed Financial Information of      HTML    109K  
                Registrant - Schedule of Balance Sheets (Detail)                 
154: R137        Schedule II Condensed Financial Information of      HTML    104K  
                Registrant - Schedule of Statements of Income                    
                (Detail)                                                         
155: R138        Schedule II Condensed Financial Information of      HTML    154K  
                Registrant - Schedule of Statements of Cash Flows                
                (Detail)                                                         
156: R139        Schedule III Supplemental Insurance Information     HTML    106K  
                (Detail)                                                         
157: R140        Schedule V Valuation and Qualifying Accounts        HTML     58K  
                (Detail)                                                         
158: R141        Schedule VI Supplemental Information for            HTML     75K  
                Property-Casualty Insurance Companies (Detail)                   
160: XML         IDEA XML File -- Filing Summary                      XML    312K  
17: XML         XBRL Instance -- argo-20201231_htm                   XML  15.59M 
159: EXCEL       IDEA Workbook of Financial Reports                  XLSX    288K  
13: EX-101.CAL  XBRL Calculations -- argo-20201231_cal               XML    567K 
14: EX-101.DEF  XBRL Definitions -- argo-20201231_def                XML   1.82M 
15: EX-101.LAB  XBRL Labels -- argo-20201231_lab                     XML   3.31M 
16: EX-101.PRE  XBRL Presentations -- argo-20201231_pre              XML   2.46M 
12: EX-101.SCH  XBRL Schema -- argo-20201231                         XSD    373K 
161: JSON        XBRL Instance as JSON Data -- MetaLinks              770±  1.21M  
162: ZIP         XBRL Zipped Folder -- 0001628280-21-004668-xbrl      Zip   1.30M  


‘EX-10.13’   —   Form of Incentive Award Agreement


This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]



 C: 
  ex101312312020  
-1- INCENTIVE AWARD AGREEMENT This Incentive Award Agreement (this “Agreement”) is made as of %%OPTION_DATE,’MONTH DD, YYYY’%-%, between ARGO GROUP INTERNATIONAL HOLDINGS, LTD. (the “Company”), and %%FIRST_NAME%-% %%MIDDLE_NAME%-% %%LAST_NAME%-% (the “Participant”). R E C I T A L S A. The Company's 2019 Omnibus Incentive Plan (as amended from time to time, the “Plan”) provides for the granting of Restricted Stock Awards and Other Cash-Based Awards (“Cash Awards” and, collectively with Restricted Stock Awards, “LTI Awards”) by the Company. B. Pursuant to the Plan, the administration of the Plan has been delegated to the Human Resources Committee of the Board of Directors of the Company (the “Committee”). C. Pursuant to the Plan, the Committee has determined that it is in the best interest of the Company and its stockholders to grant this LTI Award to Participant with the target value specified below as an inducement to remain in the employ of the Company or accept employment with the Company and as an incentive for increased effort during such service and the Committee has approved the execution of this Agreement. D. Capitalized terms not defined herein shall have the meanings specified in the Plan. A G R E E M E N T NOW, THEREFORE, the parties hereto agree as follows: A. Restricted Stock Award 1. The Company hereby grants Participant a Restricted Stock Award having a target value of %%TOTAL_SHARES_GRANTED,'999,999,999'%-% shares of Common Stock (the “Shares”), subject to the achievement of the performance goals and thresholds set forth in Exhibit A hereto, if any. The target amount may be adjusted upwards or downwards based on the criteria set forth in Exhibit A to determine the final earned amount of the Restricted Stock Award (the “Earned Shares”). In the event the Restricted Stock Award is not subject to any performance criteria (other than Participant’s continued service), the Earned Shares will be the target number of Shares set forth above. 2. Participant shall not be deemed vested in the Earned Shares (if any) and shall not have any of the rights or privileges of a stockholder of the Company in respect of the Earned Shares until such Shares become vested as hereinafter provided (“Vested Shares”). The Earned Shares shall become Vested Shares according to the following schedule, provided that on each indicated vesting date Participant remains an employee of the Company or a Subsidiary: Exhibit 10.13


 
-2- Vest Date Shares Vesting In the event that Participant ceases for any reason (other than as indicated in Section C.1. and Section C.2. below) to be an employee of the Company or any Subsidiary prior to an indicated vesting date, then the portion of any Earned Shares which has not theretofore become vested shall automatically be forfeited and returned to the Company. Subject to Section A.4. below, as promptly as practicable after the Earned Shares become Vested Shares, the Company shall issue certificates representing such Shares (or register such Shares via book entry). 3. Notwithstanding anything in this Agreement to the contrary, the Company shall have the right to repurchase Earned Shares from Participant by providing written notice to Participant not less than ten (10) days prior to the date on which such Shares would otherwise become Vested Shares. The purchase price shall be paid in cash in an amount equal to the Fair Market Value of the Earned Shares to be repurchased on the date that such Shares would otherwise become Vested Shares. 4. No Vested Shares shall be issued or delivered unless and until there shall have been full compliance with all applicable requirements of the United States Securities Act of 1933, all applicable listing requirements of any national securities exchange on which shares of the same class are then listed and any other requirements of law or of any regulatory bodies having jurisdiction over such issuance and delivery. B. Cash Award 1. The Company hereby grants a Cash Award to Participant having a target value of %%GRANT_USER_DEFINED_FIELD_1%-%, subject to the achievement of the performance goals and thresholds set forth in Exhibit A hereto, if any. The target value may be adjusted upwards or downwards based on the criteria set forth in Exhibit A to determine the final earned amount of the Cash Award (the “Earned Cash Value”). In the event the Cash Award is not subject to any performance criteria (other than Participant’s continued service), the Earned Cash Value will be the target value set forth above. 2. Participant shall not be deemed vested in the Earned Cash Value until it has vested as hereinafter provided (the “Vested Cash Award”). The Earned Cash Value shall become a Vested Cash Award according to the following schedule, provided that on each indicated Vesting Date Participant remains an employee of the Company or a Subsidiary: Vest Date Cash Vesting


 
-3- The Vested Cash Award shall be paid by the Company in cash (in the same currency as Participant’s payroll) as promptly as practicable following the applicable vesting date and in no event later than March 15th of the year following the year in which such vesting occurs. In the event that Participant ceases for any reason (other than as indicated in Section C.1. and Section C.2. below) to be an employee of the Company or any Subsidiary prior to an indicated vesting date, then the portion of the Earned Cash Value which has not theretofore become vested shall automatically be forfeited and returned to the Company. C. Additional LTI Award Terms and Conditions 1. Change in Control. Notwithstanding the vesting schedule set forth in Section A.2. and Section B.2. above, the following treatment shall apply in the event of a Change in Control. a. Determination of Earned Shares and Earned Cash Value following Change in Control. If a Change in Control occurs prior to half-way through the performance period, the performance goals set forth in Exhibit A, if any, shall be deemed to have been satisfied at the target level. If the Change in Control occurs on or after half-way through the performance period, the Earned Shares and Earned Cash Value shall be based on the projected level of performance through the end of the performance period, as determined by the Committee prior to the date of the Change in Control taking into account performance through the date of such determination; provided, that if the Committee determines that the projected level of performance is not determinable (or, in the event, the applicable LTI Award is not subject to performance goal(s)), the Earned Shares and Earned Cash Value shall be their respective target values. b. Settlement of LTI Award if Not Assumed. In the event of a Change in Control pursuant to which the LTI Award is not effectively assumed or continued by the surviving or acquiring corporation in such Change in Control (as determined by the Committee, with appropriate adjustments to the number and kind of shares relating to the Restricted Stock Award and otherwise preserves the value of the LTI Award and other material terms and conditions related thereto), the Earned Shares and Earned Cash Value determined in accordance with Section C.1. a. shall vest as of the date of the Change in Control and shall be settled in cash (based on the Change in Control transaction price) within 70 days following the Change in Control. c. Settlement of LTI Award if Assumed. In the event of a Change in Control pursuant to which the LTI Award is effectively assumed or continued by the surviving or acquiring corporation in such Change in Control (as determined by the Committee, with appropriate adjustments to the number and kind of shares relating to the Restricted Stock Award and otherwise preserves the value of the LTI Award and other material terms and conditions related thereto), the Earned Shares and Earned Cash Value determined in accordance with Section C.1. a. hereof shall remain outstanding and continue to vest as of each applicable vesting date, subject to Participant’s continued employment with the Company or an Affiliate as of such vesting date; provided, that if the Company terminates Participant’s employment without Cause or, if applicable, Participant resigns for Good Reason (as defined in Participant’s employment agreement or in a severance plan in which Participant is eligible to participate) within 24 months following such Change in Control, the Earned Shares and Earned Cash Value determined in accordance with Section C.1. a. hereof shall vest and shall be settled within 70 days following Participant’s termination of employment. If, following a Change in Control, Participant experiences a termination of employment other than


 
-4- as set forth in this Section C.2. below, the unvested portion of the LTI Award shall be immediately forfeited by Participant and cancelled by the Company. 2. Death and Disability; Termination for Cause. Notwithstanding the vesting provisions set forth in Section A.2. and Section B.2 above, in the event that Participant’s termination of employment is due to death or Disability then (x) the target Restricted Stock Award and Cash Award shall become immediately vested if such termination occurs before the first scheduled vesting date and (y) any unpaid Earned Shares and Earned Cash Value shall become immediately vested if such termination occurs after the first scheduled vesting date. In addition, for purposes of Section A.2. and Section B.2, the employment of Participant shall be deemed to continue during any leave of absence which has been authorized by the Company, unless the Committee makes a different or contrary determination. In the event Participant’s employment is terminated for Cause, the outstanding LTI award shall be immediately forfeited by Participant and cancelled by the Company. 3. Taxes. If the Company shall be required to withhold, collect or account to any tax or other authority for any federal, state, local or foreign income tax, employment tax, social or national insurance, payroll tax, contributions, payment on account obligations or other tax-related amounts (“Taxes”) in connection with the vesting of the LTI Award, it shall be a condition to such vesting that Participant pays or makes provision satisfactory to the Company for payment of all such Taxes. Participant authorizes the Company or its agents, at their discretion, to satisfy the obligations with regard to all Taxes by withholding from any wages or other cash compensation paid to Participant by the Company. The Company shall have the right, without Participant's prior approval or direction, to satisfy such withholding tax by withholding all or any part of the Earned Cash Value or the Shares that would otherwise become Vested Shares, with any Shares so withheld to be valued at the fair market value of the Common Share on the date of such withholding. Any Shares withheld to satisfy this obligation will not exceed the maximum statutory withholding requirement. Participant, with the consent of the Company, may satisfy such withholding tax (i) in cash or certified or cashier's check payable to the order of the Company, or (ii) by having the Company withhold Shares that would otherwise become Vested Shares, with any Shares so withheld to be valued at the fair market value of the Share on the date of such withholding, or any combination thereof. Notwithstanding any other provision of this Agreement and regardless of any action the Company takes with respect to any or all Taxes, Participant acknowledges that the ultimate liability for all Taxes is and remains his or her responsibility and may exceed the amount actually withheld by the Company. Participant further acknowledges that the Company (i) makes no representations or undertakings regarding the treatment of any Taxes in connection with any aspect of this Agreement, including the grant or vesting of the LTI Award; and (ii) does not commit to, and is under no obligation to, structure the terms of the grant or any aspect of this Agreement to reduce or eliminate Participant’s liability for Taxes or achieve any particular tax result. Further, if Participant is subject to taxation in more than one jurisdiction between the date of this Agreement and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the Company (or former employer, as applicable) may be required to withhold or account for Taxes in more than one jurisdiction.


 
-5- 4. LTI Award Non-transferable. The LTI Award and the rights and privileges pertaining thereto, shall not be transferred, assigned, pledged or hypothecated in any way, whether by operation of the law or otherwise, except by will or the laws of descent and distribution; provided, that the foregoing restriction on transfer shall cease to apply as and to the extent that the Shares become Vested Shares. Upon any attempt so to transfer, assign, pledge, hypothecate or otherwise dispose of the LTI Award contrary to the provisions hereof, this Agreement and all rights and privileges contained herein shall immediately become null and void and of no further force or effect. Neither Participant nor any other person legally entitled to the benefits hereof shall be entitled to any of the rights or privileges of a stockholder of the Company in respect of any Shares unless and until a certificate or certificates representing such Shares shall have been actually issued and delivered. 5. Certain Equitable Adjustments. If the outstanding shares of Common Stock of the Company are increased, decreased, changed into, or exchanged for a different number or kind of shares or securities of the Company through reorganization, recapitalization, reclassification, stock dividend, spin off, stock split or reverse stock split, or other similar transaction, an appropriate and proportionate adjustment (to be conclusively determined by the Committee) shall be made in the number and kind of shares subject to the Restricted Stock Award and, if appropriate, the performance goals under this Agreement. 6. Dissolution and Liquidation. Upon the dissolution or liquidation of the Company, or upon a reorganization, merger or consolidation of the Company with one or more corporations as a result of which the Company is not the surviving corporation, or upon the sale of substantially all the assets or more than 80% of the then outstanding stock of the Company to another corporation, this Agreement shall terminate (except to the extent the LTI Award has vested, including, without limitation giving effect to the Change in Control acceleration provisions of Section C.1. hereof) unless express written provision be made in connection with such transaction for (i) the assumption of this Agreement or the substitution therefore of a new LTI Award, with such adjustments to be conclusively determined by the Committee; (ii) the continuance of the Plan by such successor corporation in which event this Agreement shall remain in full effect under the terms so provided; or (iii) the payment in cash in complete satisfaction of the LTI Award evidenced by this Agreement. All determinations under this Section C.6. shall be made by the Committee, whose determination as to what adjustments shall be made, and the extent thereof shall be final, binding and conclusive. 7. Confidential Information. a. The Company shall disclose to Participant, or place Participant in a position to have access to or develop, trade secrets or confidential information of the Company or its Affiliates (as defined below); and/or shall entrust Participant with business opportunities of the Company or its Affiliates; and/or shall place Participant in a position to develop business good will on behalf of the Company or its Affiliates. b. Participant acknowledges that during his employment with the Company he occupies a position of trust and confidence and agrees that he shall treat as confidential and shall not, without prior written authorization from the Company, directly or indirectly, disclose or make known to any person or use for his own benefit or gain, the methods, process or manner of


 
-6- accomplishing the business undertaken by the Company or its Affiliates, or any non-public information, plans, formulas, products, trade secrets, marketing or merchandising strategies, or confidential material or information and instructions, technical or otherwise, issued or published for the sole use of the Company, or information which is disclosed to Participant or in any acquired by him during his employment with the Company, or any information concerning the present or future business, processes, or methods of operation of the Company or its Affiliates, or concerning improvement, inventions or know how relating to the same or any part thereof, it being the intent of the Company, with which intent Participant hereby agrees, to restrict him from disseminating or using for his own benefit any information belonging directly or indirectly to the Company which is unpublished and not readily available to the general public (collectively, “Confidential Information”). c. The confidentiality obligations set forth in (a) and (b) of this Section 7 shall apply during Participant’s employment by the Company and indefinitely thereafter. Nothing in this Agreement prevents Participant from providing, without prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations, and for purpose of clarity Participant is not prohibited from providing information voluntarily to the United States Securities and Exchange Commission pursuant to Section 21F of the Exchange Act. d. All information, ideas, concepts, improvements, discoveries, and inventions, whether patentable or not, that are conceived, made, developed or acquired by Participant, individually or in conjunction with others, during Participant’s employment with the Company (whether during business hours or otherwise and whether on the premises of the Company or an Affiliate or otherwise) that relate to the business, products or services of the Company or any Affiliate shall be disclosed to the Board and are and shall be the sole and exclusive property of the Company or such Affiliate. Moreover, all documents, drawings, memoranda, notes, records, files, correspondence, manuals, models, specifications, computer programs, e-mail, voice mail, electronic data bases, maps and all other writings and materials of any type embodying any such information, ideas, concepts, improvements, discoveries and inventions are and shall be the sole and exclusive property of the Company. Upon termination of Participant’s employment for any reason, Participant promptly shall deliver the same, and all copies thereof, to the Company. e. If, during Participant’s employment by the Company, Participant creates any work of authorship fixed in any tangible medium of expression that is the subject matter of copyright (such as video tapes, written presentations, or acquisitions, computer programs, e-mail, voice mail, electronic data bases, drawings, maps, architectural renditions, models, manuals, brochures or the like) relating to the Company’s business, products or services, whether such work is created solely by Participant or jointly with others (whether during business hours or otherwise and whether on the Company’s premises or otherwise), the Company shall be deemed the author of such work if the work is prepared by Participant in the scope of Participant’s employment. 8. Non-Solicitation. a. For the purposes of this Section, the following words have the following meanings:


 
-7- i. ”Affiliate” means, with respect to any individual or a corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or political subdivision thereof) or other entity of any kind (each a “person”), any other person that directly or indirectly controls or is controlled by or under common control with such person. For the purposes of this definition, “control” when used with respect to any person, means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such person, whether through the ownership of voting securities, by contract or otherwise; and the terms of “affiliated”, “controlling” and “controlled” have meanings correlated to the foregoing. ii. ”Company Services” means any services (including but not limited to technical and product support, technical advice, underwriting and customer services) supplied by the Company or its Affiliates in the specialty property and/or casualty insurance business. iii. ”Confidential Information” has the meaning ascribed thereto in Section 7. iv. ”Customer” means any person or firm or company or other organization whatsoever to whom or which the Company supplied Company Services during the Restricted Period and with whom or which, during the Restricted Period: (x) Participant had material personal dealings pursuant to his employment, or (y) any employee who was under the direct or indirect supervision of Participant had material personal dealings pursuant to his or her employment. v. ”Prospective Customer” means any person or firm or company or other organization whatsoever with whom or which the Company or its Affiliates shall have had negotiations or material discussions regarding the possible distribution, sale or supply of Company Services during the Restricted Period and with whom or which during such period: (x) Participant shall have had material personal dealings pursuant to his employment, or (y) any employee who was under the direct or indirect supervision of Participant shall have had material personal dealings pursuant to his or her employment, or (z) Participant was directly responsible in a client management capacity on behalf of the Company. vi. ”Restricted Employee” means any person who on the date of Participant’s termination of employment by the Company was at the level of director, manager, underwriter or salesperson with whom Participant had material contact or dealings in the course of his employment during the Restricted Period; vii. ”Restricted Period” means the period of twelve months ending on the last day of Participant’s employment with the Company or, in the event that no duties were assigned to Participant, the twelve months immediately preceding the last day on which Participant carried out any duties for the Company. viii. ”Restricted Services” means Company Services or any services of the same or of a similar kind with which Participant was materially involved during the Restricted Period. b. Participant recognizes that, while performing his duties for the Company, he will have access to and come into contact with trade secrets and Confidential Information belonging


 
-8- to the Company and its Affiliates and will obtain personal knowledge of and influence over its or their customers and/or employees. Participant therefore agrees that the restrictions set out in this Section 8 are reasonable and necessary to protect the legitimate business interests of the Company and its Affiliates both during and after the termination of his employment. c. Participant hereby undertakes with the Company that he shall not during his employment with the Company and for the period of twelve months after he ceases to be employed by the Company for any reason, whether the termination is by the Company, by Participant, due to Disability, without the prior written consent of the Company, whether by himself, through his employers or employees or agents or otherwise, howsoever and whether on his own behalf or on behalf of any other person, firm, company or other organization directly or indirectly: i. in competition with the Company, solicit business from or endeavor to entice away or canvass any Customer or Prospective Customer if such solicitation or canvassing is in respect of Restricted Services; ii. solicit or induce or endeavor to solicit or induce any Restricted Employee to cease working for or providing services to the Company, or hire any Restricted Employee. d. This Section 8 shall be for the benefit of the Company and each of its Affiliates and the Company reserves the right to assign the benefit of such provisions to any of its Affiliates, in addition such provisions also apply as though there were substituted for references to the Company references to each of its Affiliates in relation to which Participant has in the course of his duties for the Company or by reason of rendering services to or holding office in such Affiliate: (x) acquired knowledge of its trade secrets or Confidential Information; or (y) had material personal dealings with its Customers or Prospective Customers; or (z) supervised directly or indirectly employees having material personal dealings with its Customers or Prospective Customers but so that references in this Section 8 to the Company shall for this purpose be deemed to be replaced by references to the relevant Affiliate. The obligations undertaken by Participant pursuant to this Section 8 shall, with respect to each Affiliate of the Company, constitute a separate and distinct covenant and the invalidity or unenforceability of any such covenant shall not affect the validity or enforceability of the covenants in favor of any other Affiliate or the Company. e. The periods for which the restrictions in Section 8.c. apply shall be reduced by any period that Participant was not assigned any duties immediately before the cessation of Participant’s employment with the Company. f. While the restrictions in this Section 8 (on which Participant has had the opportunity to take independent advice, as Participant hereby acknowledges) are considered by the parties to be reasonable in all the circumstances, it is agreed that if any such restrictions, by themselves, or taken together, shall be adjudged to go beyond what is reasonable in all the circumstances for the protection of the legitimate interests of the Company or its Affiliates but would be adjudged reasonable if part or parts of the wording thereof were deleted, the relevant


 
-9- restriction or restrictions shall apply with such deletion(s) as may be necessary to make it or them valid and effective. 9. Plan Controls. The LTI Award granted hereby is subject to, and the Company and Participant agree to be bound by, all of the terms and conditions of the Company's 2019 Omnibus Incentive Plan, as the same shall be amended from time to time in accordance with the terms thereof, but no such amendment shall adversely affect in any material respect Participant's rights under this grant without the prior written consent of Participant. The terms of the Plan are incorporated into and form part of this Agreement. 10. Miscellaneous. a. No Representations or Warranties. Neither the Company nor the Committee or any of their representatives or agents has made any representations or warranties to Participant with respect to the income tax or other consequences of the transactions contemplated by this Agreement, and Participant is in no manner relying on the Company, the Committee or any of their representatives or agents for an assessment of such tax or other consequences. b. No Employment Guarantee. Nothing in this Agreement nor in the Plan nor in the making of the Award shall confer on Participant any right to or guarantee of continued employment with the Company or any of its subsidiaries or in any way limit the right of the Company or any of its subsidiaries to terminate the employment of Participant at any time. c. Relationship with Employment. Participant’s rights and obligations under the terms of employment with the Company shall not be affected by this Agreement. The value of any benefit Participant realizes through the LTI Award shall not be taken into account in determining any pension or similar entitlements. Participant shall have no right to compensation or damages on account of any loss in respect of the LTI Award where this loss arises (or is claimed to arise), in whole or in part, from: (i) termination of office or employment with; or (ii) notice to terminate office or employment given by or to the Company. This exclusion of liability shall apply however termination of employment, or the giving of notice, is caused, and however compensation or damages are claimed. d. Clawback of Proceeds. The LTI Award is subject to the clawback provisions in Section 15.21 of the Plan. e. Successors. This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company and any person or persons who shall, upon the death of the Holder, acquire any rights hereunder in accordance with this Agreement or the Plan. f. Data Protection. Participant consents to the collection, holding, processing and transfer of personal data by the Company and any of its Subsidiaries for all purposes connected with this Agreement, including (i) the holding and maintenance of details of the grant; (ii) the transfer of personal data to the trustee of an employee benefit trust, the Company's registrars or brokers, any administrator of the Company’s share incentive arrangements or any other relevant professional advisers or service providers to the Company or any of its Subsidiaries that is or was Participant’s employer; (iii) the transfer of personal data to a prospective buyer of the Company or of any of its Subsidiaries or business unit that employs Participant, and the prospective buyer's


 
-10- professional advisers, provided that those persons irrevocably agree to use the personal data only in connection with the proposed transaction and in accordance with the data protection principles set out in the Data Protection Act 1998 (or any successor thereto); and (iv) the transfer of personal data under Section 10.f.ii or Section 10.f.iii to a person who is resident in a country or territory outside the European Economic Area that may not provide equivalent statutory protections for personal data. g. Necessary Acts. Participant and the Company hereby agree to perform any further acts and to execute and deliver any documents which may be reasonably necessary to carry out the provisions of this Agreement. h. Binding Effect; Applicable Law. This Agreement shall bind and inure to the benefit of the Company and its successors and assigns, and Participant and any heir, legatee, or legal representative of Participant. This Agreement shall be interpreted under and governed by and constructed in accordance with the laws of the State of Texas. i. Administration. The authority to manage and control the operation and administration of the Award Agreement shall be vested in the Committee, and the Committee shall have all powers with respect to the Award Agreement as it has with respect to the Plan. Any interpretation of the Agreement by the Committee and any decision made by it with respect to the Award Agreement are final and binding.


 
-11- Exhibit A The performance goals referenced in this Agreement are [located within the employee's Year End Review in Workday. To view these, select the Performance worklet in Workday, and Select 'Reviews'. Argo intends for LTI-eligible employees and their manager to mark mutually- agreed goal(s) as 'LTI Performance triggers' in support of the company's incentive compensation program.as outlined below]; [as provided under separate cover via the LTI memo and summarized below:]


 

3 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/19/24  Argo Group Int’l Holdings, Inc.   10-K       12/31/23  164:45M                                    Workiva Inc Wde… FA01/FA
 3/06/23  Argo Group Int’l Holdings, Ltd.   10-K       12/31/22  164:33M                                    Workiva Inc Wde… FA01/FA
 3/16/22  Argo Group Int’l Holdings, Ltd.   10-K       12/31/21  153:35M                                    Workiva Inc Wde… FA01/FA


18 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/08/21  Argo Group Int’l Holdings, Ltd.   8-K:5,7,9   2/08/21   13:379K                                   Donnelley … Solutions/FA
 8/06/20  Argo Group Int’l Holdings, Ltd.   10-Q        6/30/20  101:20M                                    Workiva Inc Wde… FA01/FA
 7/09/20  Argo Group Int’l Holdings, Ltd.   8-K:3,5,8,9 7/07/20   18:890K                                   Donnelley … Solutions/FA
 4/20/20  Argo Group Int’l Holdings, Ltd.   8-K:5,9     4/16/20   12:527K                                   Donnelley … Solutions/FA
 2/28/20  Argo Group Int’l Holdings, Ltd.   10-K       12/31/19  159:42M                                    Workiva Inc Wde… FA01/FA
 1/02/20  Argo Group Int’l Holdings, Ltd.   8-K:1,5,8,912/31/19   13:334K                                   Donnelley … Solutions/FA
 6/25/19  Argo Group Int’l Holdings, Ltd.   S-8         6/25/19    4:245K                                   Donnelley … Solutions/FA
 4/29/19  Argo Group Int’l Holdings, Ltd.   8-K:5,9     4/26/19    3:197K                                   Donnelley … Solutions/FA
 1/04/19  Argo Group Int’l Holdings, Ltd.   8-K:5,9     1/01/19    2:161K                                   Donnelley … Solutions/FA
11/06/18  Argo Group Int’l Holdings, Ltd.   10-Q        9/30/18   97:18M                                    Workiva Inc Wde… FA01/FA
 5/05/16  Argo Group Int’l Holdings, Ltd.   10-Q        3/31/16  106:25M                                    ActiveDisclosure/FA
 2/27/15  Argo Group Int’l Holdings, Ltd.   10-K       12/31/14  170:63M                                    ActiveDisclosure/FA
 5/08/14  Argo Group Int’l Holdings, Ltd.   10-Q        3/31/14  104:11M                                    Donnelley … Solutions/FA
 3/07/14  Argo Group Int’l Holdings, Ltd.   DEF 14A     5/06/14    1:1.6M                                   Donnelley … Solutions/FA
 9/21/12  Argo Group Int’l Holdings, Ltd.   8-A12B                 2:115K                                   Donnelley … Solutions/FA
 9/18/12  Argo Group Int’l Holdings, Ltd.   S-3ASR      9/18/12   13:2.5M                                   Donnelley … Solutions/FA
 8/08/07  Argo Group Int’l Holdings, Ltd.   8-K:2,3,4,5 8/06/07    6:865K                                   Donnelley … Solutions/FA
11/12/02  Argo Group Int’l Holdings, Ltd.   10-Q        9/30/02    7:201K                                   Bowne & C… Smartedgar/FA
Top
Filing Submission 0001628280-21-004668   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Copyright © 2024 Fran Finnegan & Company LLC – All Rights Reserved.
AboutPrivacyRedactionsHelp — Tue., May 14, 6:26:33.2pm ET