Document:

Employment Agreement (Karen Padovese)

 Exhibit 10.15 
 EMPLOYMENT AGREEMENT 
 This EMPLOYMENT AGREEMENT (this “Agreement”) is dated
as of August 2, 2005, by and between HFF&L (U.S.) Holdings, Inc., a Delaware corporation (the “Employer”), and Karen Padovese (the “Employee”). 
 WHEREAS, pursuant to that certain Stock Purchase Agreement, dated as of August 2, 2005 (as in effect from time to time, the “Purchase
Agreement”), by and among United States Fidelity and Guaranty Company, a Maryland property and casualty insurance company (the “Seller”), the Employer and certain other parties that are signatories thereto, the Employer has
agreed to purchase from the Seller, and the Seller has agreed to sell to the Employer, all of the outstanding shares of capital stock of certain insurance companies owned by the Seller (the “CATRisk Companies”); 
 WHEREAS, the Employee is currently employed as an executive officer by The Travelers Indemnity Company, an affiliate of the Seller (“St.
Paul”), and serves as the chief executive officer of the business and operations of the CATRisk Companies; 
 WHEREAS, the
Employer wishes to employ the Employee as an executive officer of the Employer effective upon the Commencement Date (as hereinafter defined), and the Employee wishes to work as an executive officer of the Employer effective upon the Commencement
Date; and 
 WHEREAS, the Employer and the Employee wish to enter into this Agreement on the terms and conditions set forth below.

 NOW, THEREFORE, it is hereby agreed as follows: 
 1. EMPLOYMENT. Effective upon the Commencement Date, the Employer agrees to employ the Employee, and the Employee agrees to accept such employment, upon the terms and subject to the conditions
hereinafter set forth. For purposes of this Agreement, the term “Commencement Date” shall mean the Closing Date (as defined in the Purchase Agreement); provided, that the following conditions (the
“Conditions”) shall have been satisfied: (a) as of the Closing Date, the Executive shall remain in good health (as determined in good faith by the Board (as hereinafter defined)) and employed by St. Paul on a full-time basis
and in substantially the same capacity and with the same responsibilities and duties as the Employee has with St. Paul on the date hereof; and (b) as of the Closing Date, no De Facto Cause Event (as defined below) shall have occurred. If either
(A) the Purchase Agreement shall have terminated prior to the Closing Date for any reason whatsoever or (B) the Closing Date shall have occurred, but one or both of the Conditions shall have not been satisfied and the Employer shall have
provided written notice to the Employee on or prior to the Closing Date of its election to terminate this Agreement, then this Agreement shall terminate and be of no further force or effect, the Commencement Date shall she deemed not to have
occurred, and there shall be no liability or obligation hereunder on the part of the Employer or the Employee. A “De Facto Cause Event” shall have occurred if during the period from the date of this Agreement
through (and including) the Closing Date (the “Interim Period”) the Board acting in good faith shall have determined that there shall have occurred any act, event or condition that would constitute (or 

  

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with notice or lapse of time or both would constitute) grounds for termination of the Employee’s employment for Cause under Section 6 hereof
(assuming that “St. Paul” is “the Employer” referred to in Section 6 hereof and in any other Section of this Agreement referred to in Section 6 hereof and making such other changes to Section 6 hereof as are
appropriate to reflect that the Employee is an employee of St. Paul during the Interim Period, provided that, for the avoidance of doubt, the Board of the Employer (not St. Paul) shall make any determination as to whether the grounds for a De
Facto Cause Event have occurred). 
 2. DUTIES. Effective upon the Commencement Date, the Employee shall be employed as the
Chief Operating Officer of the Employer. In such capacity, the Employee shall have such executive responsibilities and duties as are assigned by the Employer’s Board of Directors (the “Board”) and are consistent with such
position. 
 3. TERM. Unless earlier terminated pursuant to Section 6, the initial term of employment of the Employee
hereunder shall commence on the Commencement Date and shall continue until the fifth (5th) anniversary of the Commencement Date (the “Initial Term”), and shall be automatically renewed for additional one (1) year
terms thereafter unless terminated by either party by written notice to the other given at least thirty (30) days prior to the expiration of the then current term. 
 4. COMPENSATION AND BENEFITS. In consideration for the services of the Employee hereunder, the Employer shall compensate the Employee as follows: 
 (a) Base Salary. Commencing on the Commencement Date until the termination of the Employee’s employment hereunder, the Employer shall
pay the Employee, in accordance with the Employer’s payroll practices, a base salary (the “Base Salary”). The Base Salary will be paid at an annual rate of $250,000. The Base Salary will be reviewed by the Board annually
and may be increased from time to time at the sole discretion of the Board. 
 (b) Bonus. The Employee shall be entitled to
receive a performance based bonus equal to the Pro Rated Bonus Amount (as defined below) with respect to the fiscal year of the Employer ending December 31, 2005. The Employee shall be entitled to receive an annual performance based bonus
targeted at $150,000 with respect to each fiscal year of the Employer ending after December 31, 2005. The bonus criteria for each fiscal year (i) will be determined by the Board in its sole discretion, and (ii) will be based on the
achievement of individual performance criteria and on the achievement by the Employer of elements of its business plan. The performance based bonus for any fiscal year, if earned for such fiscal year, shall be payable to the Employee on or about
May 15 of the following fiscal year. On or about May 15, 2006, the Employer shall pay to the Employee an amount (if any) equal to the accrued and unpaid bonus amount contained in the books and records of the CATRisk Companies in respect of
the portion of 2005 ending on the Commencement Date. As used herein, (i) the term “Pro Rata Fraction” means a fraction, the numerator of which is the number of days between the Commencement Date and
December 31, 2005, and the denominator of which is 365 and (ii) the term “Pro Rated Bonus Amount” means an amount equal to (A) the $150,000, multiplied by (B) the Pro Rata
Fraction. 
  

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 (c) Vacation. Employee will be entitled to arrangements for paid time off, including
vacation and sick leave, in accordance with the Employer’s policies and practices which, as to the Employee, shall be consistent with the polices applicable to the Employee in his capacity as an employee of St. Paul as of the date of this
Agreement. Any vacation shall be taken at the reasonable and mutual convenience of the Employer and the Employee. 
 (d)
Insurance. Accident, disability, life and health insurance for the Employee shall be provided by the Employer under group accident, disability, life and health insurance plans maintained by the Employer for its full-time, salaried
employees as such employment benefits may be modified from time to time by the Board for all full-time, salaried employees. The amount and extent of such accident, disability, life and health insurance coverage shall be subject to the discretion of
the Board. 
 (e) Equity Arrangements. On the Commencement Date, the Employee shall purchase and receive the equity and
convertible securities or other rights described on Exhibit A hereto (the “Equity Arrangements”). It is contemplated that the issuer of the equity and convertible securities or other rights will be a foreign
holding company formed to indirectly own all of the stock of the CATRisk Companies (“Holdings”). The Employer and the Employee will work together to finalize the definitive documents incorporating the terms set forth on
Exhibit A hereto and governing the Equity Arrangements as soon as reasonably practicable following the date of this Agreement. 
 5. EXPENSES. The Employer shall reimburse the Employee for all reasonable expenses of types authorized by the Employer and incurred by the Employee in the performance of her duties hereunder. The Employee shall comply with
such budget limitations and approval, reporting and documentation requirements with respect to expenses as the Employer may establish from time to time. 
 6. TERMINATION. The Employee’s employment hereunder shall commence on the Commencement Date and continue until the expiration of the Initial Term, and any extension of such term pursuant to
Section 3, except that the employment of the Employee hereunder shall earlier terminate: 
 (a) Death or Disability. Upon
the death of the Employee during the term of her employment hereunder or, subject to applicable law, at the option of the Employer, in the event of the Employee’s disability, upon thirty (30) days written notice. The Employee shall be
deemed disabled if the Board (in its sole discretion) determines that the Employee is disabled by reason of any medically determinable physical or mental impairment in a manner which seriously interferes with his ability to perform his
responsibilities under this Agreement. 
 (b) For Cause. For “Cause” immediately upon written notice by the Employer
to the Employee. For purposes of this Agreement, a termination shall be for Cause if the Board shall determine in good faith that any one or more of the following has occurred: 
 (i) the Employee shall have committed an act of fraud, embezzlement, misappropriation or breach of fiduciary duty against the Employer or any of its
subsidiaries (collectively, the “Companies”), including, but not limited to, the offer, payment, solicitation or acceptance of any unlawful bribe or kickback with respect to the business of any of the Companies; or 
  

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 (ii) the Employee shall have been convicted by a court of competent jurisdiction of, or pleaded guilty or
nolo contendere to, any felony or any crime involving moral turpitude; or 
 (iii) the Employee shall have breached in any material respects
any one or more of the covenants, terms and provisions of Section 7 or 8 hereof; or 
 (iv) the Employee shall have breached in any
material respects any one or more of the provisions of this Agreement (excluding Section 7 or 8 hereof) or any one or more of the provisions of the members agreement to be entered into by and among Holdings and certain of its management
members, and, in each case, such breach shall have continued for a period of ten (10) days after written notice to the Employee specifying such breach in reasonable detail; or 
 (v) the Employee shall have refused, within ten (10) days after explicit written notice, to obey any lawful resolution of or direction by the Board
that is reasonable and consistent with his duties under this Agreement; or 
 (vi) the Employee shall have been chronically absent from work
(excluding vacations, disabilities or other illnesses or leaves of absence approved by the Board) and shall have failed, within ten (10) days after explicit written notice, to devote her full time and best efforts to the performance of her
duties to the Employer; or 
 (vii) the Employee shall have engaged in the unlawful use (including being under the influence) or possession of
illegal drugs or shall have possessed illegal, unpermitted or unregistered weapons, in each case on the premises of any of the Companies or any of their affiliates; or 
 (viii) any De Facto Cause Event shall have occurred; or 
 (ix) during the Interim Period, the Employee shall
have repeatedly threatened to terminate her employment with the Employer or shall have notified St. Paul or the Employer in writing of her intention to terminate her employment, on or after the Closing Date. 
 (c) Resignation or Termination Without Cause. At any time, upon written notice by either the Employer or the Employee to the other party
hereto. 
 (d) Resignation For Good Reason. The Employee may terminate her employment for “Good Reason” upon thirty
(30) days prior written notice to the Employer specifying in reasonable detail the basis for such termination. For purposes of this Agreement, the term “Good Reason” shall mean the occurrence of any of the events or conditions
described in subparagraphs (A) or (C) below without the Employee’s consent and the Employer’s failure to correct such event(s) or condition(s) after written notice from the Employee and a reasonable opportunity to cure, provided
that such written notice is given by the Employee within ninety (90) days of the occurrence of the applicable event or condition: 
 (A)
a material reduction in the Employees’ title or duties from those set forth in this Agreement; or 
  

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 (B) a reduction by the Employer in the Employee’s Base Salary or bonus opportunities; or 

(C) the relocation of the Employer’s chief executive office to a location outside a thirty-five (35) mile radius of Fairfield, California,
other than for regulatory compliance reasons determined in the sole discretion of the Board. The parties understand that the duties of the Employee hereunder may require a considerable amount of travel and work by the Employee at other offices of
the Companies and their affiliates and that such travel or work shall not constitute grounds for “Good Reason” hereunder. 
 (e)
Rights and Remedies on Termination. 
 (i) if the Employee’s employment is terminated pursuant to Section 6(a) or
Section 6(b) or by the Employee for Good Reason pursuant to Section 6(d), by the Employee pursuant to Section 6(c) or pursuant to Section 3 in connection with the expiration of the Initial Term or any subsequent term hereunder
then the Employee (or her estate, as applicable) shall be entitled to receive her Base Salary through the date of termination or expiration. 
 (ii) If the Employee’s employment hereunder is terminated by the Employer pursuant to Section 6(c), then the Employee shall be entitled to receive as severance pay, (A) payment of Base Salary in effect at the time of such
termination (the “Termination Date”), in accordance with the Employer’s then current payroll practices for a twelve (12) month period following the Termination Date (the “Severance Period”) and (B) a
payment equal to the target bonus amount set forth in Section 4(b) hereof for the fiscal year in which the Termination Date occurs, such payment to be payable on or about April 30 of the fiscal year following the Termination Date. Anything
to the contrary notwithstanding, the Employee’s right to receive any of the foregoing payments in this Section 6(e)(ii) is expressly conditioned upon receipt by the Employer within twenty-one (21) days following the Termination Date
of a written release executed by the Employee, in the form of Exhibit B hereto, and the expiration of the revocation period described therein without such release having been revoked. In the event that the Employee (x) breaches any of
the covenants, terms or provisions of Section 7 or Section 8 hereof or (y) engages in any Competitive Activity (as defined below) as described in Section 9 hereof, without limiting any other rights that the Employer may have, the
Employer’s obligation to make payments under this Section 6(e)(ii) shall immediately terminate. 
 (iii) Except as otherwise set
forth in this Section 6(e), the Employee shall not be entitled to any severance, bonus or other compensation after termination other than payment of any expense reimbursements under Section 5 hereof for expenses incurred in the performance
of her duties after the Commencement Date and prior to termination or benefits or compensation to which the Employee is entitled pursuant to applicable law (e.g. COBRA). 
  

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 7. INVENTIONS; ASSIGNMENT. All rights to discoveries, inventions, improvements and
innovations (including all data and records pertaining thereto) related to the business of any of the Companies as conducted at the time of the discovery, invention, improvement or innovation, whether or not patentable, copyrightable or reduced to
writing, that the Employee may discover, invent or originate during the term of her employment hereunder, and for a period of six (6) months thereafter, either alone or with others and whether or not during working hours or by the use of the
facilities of any of the Companies or any of their affiliates (“Inventions”), shall be the exclusive property of the Employer and/or the other Companies. The Employee shall promptly disclose all Inventions to the Employer, shall
execute at the request of the Employer any assignments or other documents the Employer may reasonably deem necessary to protect or perfect the Companies’ rights therein, and shall assist the Employer, at the Employer’s expense, in
obtaining, defending and enforcing the Companies’ rights therein. The Employee hereby appoints the Employer as his attorney-in-fact to execute on his behalf any assignments or other documents reasonably deemed necessary by the Employer to
protect or perfect its rights to any Inventions. 
 The Employee hereby acknowledges and confirms that she understands that this assignment
of Inventions is limited by California Labor Code Section 2870, which provides: 
 “(a) Any provision in an employment agreement
which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the
employer’s equipment, supplies, facilities, or trade secret information except for those inventions that either: 
 (1) Relate at the
time of conception or reduction to practice of the invention to the employer’s business, or actual or demonstrably anticipated research or development of the employer; or 
 (2) Result from any work performed by the employee for the employer. 
 (b) To the extent a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned under subdivision (a), the provision is against the
public policy of this state and is unenforceable.” 
 Nothing in this Agreement is intended to expand the scope of protection provided the Employee by
Sections 2870 through 2872 of the California Labor Code. 
 8. CONFIDENTIAL INFORMATION; NON-INTERFERENCE. 
 (a) The Employee recognizes and acknowledges that certain assets of the Companies and their respective affiliates, including, without limitation,
information regarding customers, pricing policies, methods of operation, proprietary computer programs, sales, profits, costs, markets, key personnel, technical processes, and trade secrets (hereinafter called “Confidential
Information”) are valuable, special, and unique assets of the Companies and their respective 

  

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affiliates. The Employee shall not, during or after his term of employment, use or disclose any Confidential Information to any person, firm, corporation,
association or any other entity, for any reason or purpose whatsoever, directly or indirectly, except as may be required pursuant to his employment hereunder or as required by law, unless and until such Confidential Information becomes publicly
available other than as a consequence of the breach by the Employee of her confidentiality obligations hereunder. In the event of the termination of her employment, whether voluntary or involuntary and whether by the Employer or the Employee, the
Employee shall deliver to the Employer all documents and data pertaining to the Confidential Information and shall not take with him any documents or data of any kind or any reproductions (in whole or in part) or extracts of any items relating to
any Confidential Information. 
 (b) The Employee further recognizes and acknowledges that the pursuit of the activities forbidden by this
subsection (b) would necessarily involve the use and disclosure of Confidential Information in breach of the Employee’s obligations under this Section 8. To protect against such use, disclosure and breach, and in consideration of the
employment under this Agreement, the Employee agrees that for a period of twelve (12) months after termination of employment for any reason, the Employee will not directly or indirectly (including, without limitation, as an employee, consultant
or advisor of another business organization or person), (i) solicit, induce, or influence any employee (including any person the Employee actually knows was offered employment by one of the Companies), consultant, agent, broker or independent
contractor of any of the Companies to terminate his or her employment or relationship or change an existing commercial relationship with any of the Companies or to work for any other business organization or person; (ii) solicit (other than on
behalf of any of the Companies), divert, or attempt to divert, the business, or change the existing commercial relationship, of any client, customer, policyholder or vendor of any of the Companies or (iii) engage in the non-admitted homeowners
insurance business with or through Hull & Company, Inc. in any jurisdiction in the United States. 
 9.
NON-COMPETITION. If the Employee engages in any Competitive Activity during the Severance Period, the Employee’s right to receive any remaining severance payments under clause (A) or (B) of Section 6(e)(ii) hereof
shall immediately terminate. The Employee shall be deemed to be engaged in a “Competitive Activity” if she anywhere within the United States engages, directly or indirectly, alone or as a shareholder (other than as a holder of less
than one percent (1%) of the common stock of any publicly traded corporation), partner, officer, director, employee, consultant or advisor, or otherwise in any way participates in or becomes associated with, any other business organization that
is engaged or becomes engaged in the personal lines earthquake insurance business in California or the homeowners insurance business in any State that any of the Companies is conducting homeowners insurance business at the time of the
Employee’s termination or has notified the Employee that it proposes to conduct homeowners insurance business and for which any of the Companies have, prior to the time of such termination, expended substantial resources. 
 10. GENERAL. 
 (a)
Notices. All notices and other communications hereunder shall be in writing or by written telecommunication, and shall be deemed to have been duly given if delivered personally or if mailed by certified mail, return receipt requested,
postage prepaid or sent by 

  

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written telecommunication, to the relevant address set forth below, or to such other address as the recipient of such notice or communication shall have
specified to the other party hereto in accordance with this Section 10(a): 
 If to the Employer, to: 
 c/o Friedman Fleischer & Lowe LLC 
 One Maritime Plaza 
 Suite 1000 
 San Francisco, CA 94111 
 Attention: David Lowe 
 Fax: (415) 402-2111 
 and 
 c/o
Hellman & Friedman LLC 
 One Maritime Plaza, 12th Floor 
 San Francisco, CA 94111 
 Attention: David R. Tunnell 
       Arrie R. Park Fax:
(415) 788-0176 
 With a copy to: 
 Bingham McCutchen LLP 
 399 Park Avenue 
 New York, NY 10022 
 Attention: Neil W. Townsend, Esq. 
 Fax: (212) 752-5378 
 and 
 Weil, Gotshal & Manges LLP 
 100 Federal Street, 34th Floor 
 Boston, MA 02110 
 Attention: James Westra, Esq. 
 Fax: (617) 772-8333 
 If to the Employee, to: 
 Karen Padovese 
 28 Montevideo Way 
 San Rafael, CA 94903 
 Any such notice shall be effective (i) if delivered personally, when received, (ii) if sent by overnight courier, when receipted for,
(iii) if mailed, five (5) days after being mailed as described above, and (iv) if sent by written telecommunication, when dispatched. 
  

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 (b) Equitable Remedies. The Employee acknowledges and agrees that upon any breach by the
Employee of her obligations under Sections 7 and/or 8 hereof, the Employer will have no adequate remedy at law, and accordingly will be entitled to specific performance and other appropriate injunctive and equitable relief. 
 (c) Severability. If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect under any law, the
validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired. 
 (d)
Waivers. No delay or omission by either party hereto in exercising any right, power or privilege hereunder shall impair such right, power or privilege, nor shall any single or partial exercise or any such right, power or privilege
preclude any further exercise thereof or the exercise of any other right, power or privilege. 
 (e) Withholding. All amounts
payable by the Employer to the Employee hereunder (including, but not limited to, Base Salary, bonus payments (if any) and severance payments (if any)) shall be reduced prior to the delivery of such payment to the Employee by an amount sufficient to
satisfy any applicable federal, state, local or other withholding tax requirements. 
 (f) Counterparts. This Agreement may be
executed in multiple counterparts (including by facsimile), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 (g) Assigns. This Agreement shall be binding upon and inure to the benefit of the heirs and successors of each of the parties hereto.

 (h) Key Man Life Insurance. The Employee acknowledges that the Employer may elect to purchase key man life insurance
covering the life of the Employee. The Employee agrees to provide to the Employer all such assistance as the Employer may reasonably request in obtaining and maintaining such insurance. 
 (i) Entire Agreement. This Agreement contains the entire understanding of the parties, supersedes all prior agreements and understandings
relating to the subject matter hereof and shall not be amended except by a written instrument hereafter signed by each of the parties hereto. 
 (j) Governing Law. This Agreement and the performance hereof shall be construed and governed in accordance with the laws of the State of California, without reference to applicable principles of conflicts of law that would
mandate the application of the laws of another jurisdiction. 
 [Remainder of Page Intentionally Left Blank.] 
  

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 IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties hereto have caused this
Employment Agreement to be duly executed as of the date and year first above written. 
  

			
	HFF&L HOLDINGS (U.S.), INC.
		
	By:	 	 /s/ David Lowe

	Name:	 	David Lowe
	Title:	 	President
	
	 /s/ Karen Padovese

	Karen Padovese

  

 10Management Equity Incentive Plan

Table of Contents

 Exhibit 10.16 
 GEOVERA HOLDINGS, INC. 
 MANAGEMENT EQUITY INCENTIVE PLAN 
  
  
 Effective
as of November 1, 2005 
  
  
  

Table of Contents

 
TABLE OF CONTENTS 
  

					
	 1.
	  	 Purpose; Summary
	  	1
			
	 2.
	  	 Administration
	  	1
			
	 3.
	  	 Participants
	  	2
			
	 4.
	  	 Amounts Due In Respect of Management Shares
	  	2
			
	 5.
	  	 Vesting and Forfeiture of Management Shares
	  	4
			
	 6.
	  	 Nature of Rights
	  	4
			
	 7.
	  	 Limitation on Rights and Effects of Plan Maintenance
	  	5
			
	 8.
	  	 Modifications of the Plan
	  	5
			
	 9.
	  	 Definitions
	  	5
			
	 10.
	  	 Miscellaneous
	  	6

Table of Contents

 GEOVERA HOLDINGS, INC. 
 MANAGEMENT EQUITY INCENTIVE PLAN 
  

	1.	Purpose; Summary 

 GeoVera Holdings, Inc., a
corporation established under the laws of the State of Delaware (“U.S. Holdings”), has established this Management Equity Incentive Plan (the “Plan”) to provide recipients of awards granted under the Plan with
additional compensation, measured by distributions made in respect of the ordinary shares of U.S. Holdings’ ultimate owner, HFF&L (Cayman) Holdings, Ltd., a Cayman Islands exempted company (“Cayman Holdings”). 

U.S. Holdings was incorporated under the name HFF&L (U.S.) Holdings, Inc. and changed its name on November 2, 2005 to GeoVera Holdings, Inc.
Cayman Holdings was formed under the name HFF&L (Cayman) Holdings, Ltd. and changed its name on December     , 2005 to GeoVera Insurance Group, Ltd. 
 In summary, and subject to the specific terms set out below, under the Plan an eligible individual may be awarded one or more units, called
“Management Shares.” Each Management Share will entitle the holder to cash bonuses based on the aggregate dividends on ordinary shares of Cayman Holdings, generally as and when such distributions are made or the Management Share
vests, if later. Management Shares vest at the rate of twenty-five percent (25%) per annum for this purpose. Regardless of the extent vested, each Management Share will also entitle the holder to a cash bonus based on any gains realized by
holders of ordinary shares in Cayman Holdings on any sale of Cayman Holdings by its owners. Management Shares, whether vested or unvested, expire on any termination of employment. 
 Terms frequently used in the Plan appear with initial capital letters and, where they are defined, including in Section 9 below, in italics. Nothing
contained in the Plan is intended to or shall have the effect of transferring ownership of any actual equity interest in U.S. Holdings, Cayman Holdings or any of their Affiliates. It is intended instead that the Plan shall constitute solely an
unfunded bonus plan maintained for the purpose of providing additional compensation to Participants in the Plan. The Plan is not intended to constitute a deferred compensation plan within the meaning of Section 409A of the Internal Revenue Code
of 1986, as amended, however, and shall be interpreted and administered consistent with such intent. 
  

	2.	Administration 

 The Plan shall be administered by
the Board of Directors of U.S. Holdings (the “Board”). Subject to the terms of the Plan, the Board shall have the authority, exercisable in its sole and absolute discretion, to make all determinations required under the Plan,
including without limitation, the persons to whom Management Shares shall be granted, the value of ordinary shares of Cayman Holdings, and the timing and amount of payments, if any, to be made under the Plan. The Board shall have the authority,
exercisable in its sole and absolute discretion, to interpret and construe the terms and conditions of the Plan, prescribe, amend and rescind rules and regulations pursuant to the Plan, make all other determinations necessary or advisable for
administering the Plan (including but not limited to those where it is specifically referred to), and correct any defect, supply any omission or reconcile any inconsistency in the Plan in such manner and to such extent as it shall consider advisable
to effectuate the purpose of the Plan. All such determinations by the Board shall be final and binding on all persons absent manifest error. No member of the Board shall be liable for any action or determination made in good faith in respect of the
Plan. 
 The Board may appoint or designate a committee to administer the Plan in whole or in part. In the event that the Board appoints or
designates a committee to administer the Plan in any respect, to the extent of such delegation, reference in this Plan to the Board (including in the preceding paragraph of this Section) shall be deemed to refer to such committee. Any such committee
shall also have the right, at its discretion, to delegate any and all of its powers under the Plan to any other person. 

Table of Contents

	3.	Participants 

 3.1. Eligibility and Grants.
At any time and from time to time, the Board may designate any of the employees or directors of, or consultants or affiliated individuals to, U.S. Holdings or an Affiliate as the holder of Management Shares under the Plan. Any such designation shall
be in such form as the Board may determine, subject to the following: 
 (a) The designation shall be made by written notice
to the person so designated (each such person, a “Participant”). 
 (b) The designation shall specify the
number of Management Shares awarded to the Participant and the date of the award (the “Grant Date”). 
 (c)
The designation shall specify an amount per Management Share (the Base Value” of such Management Shares) for calculation purposes which shall be established case by case by the Board in its sole discretion. 
 (d) The designation shall be accompanied by a copy of the Plan (if not previously provided to such individual). 
 Any individual may be designated on more than one occasion as the recipient of Management Shares, in which case as provided in (c) above one or more of such
individual’s Management Shares may have a different Base Value associated with them. 
 3.2. Maximum Number of Management Shares.
The number of Management Shares outstanding at any time will not exceed 3,200,000 (without regard to any differences in the Base Value associated with each Management Share), the equivalent of seven and 22/100 per cent (7.25%) of the
authorized and outstanding Ordinary Shares of Cayman Holdings at November 1, 2005 (the “Effective Date”). U.S. Holdings shall not be required to award all of such Management Shares as of the Effective Date nor as of any later
date. Management Shares which are forfeited pursuant to the provisions of Section 5 may be awarded again in the discretion of the Board. 
 3.3. Adjustments for Corporate Events Affecting Ordinary Shares. In the event the Ordinary Shares shall be subdivided or combined into a greater or smaller number of shares, Cayman Holdings shall pay any stock dividend or make any
other issuance of shares of capital stock in respect of Ordinary Shares or, upon a merger, consolidation, reorganization, split-up, combination, or recapitalization or the like of Cayman Holdings, the Ordinary Shares or other capital stock shall be
exchanged for other securities of Cayman Holdings or of another corporation or entity, all references under this Agreement to Ordinary Shares shall be appropriately adjusted or revised to reflect such capital transaction. In addition, after any such
transaction the Board shall adjust the number of Management Shares, both held by any Participant and available for issuance, and the Base Value of outstanding Management Shares, as it deems appropriate and equitable to ensure each Participant’s
rights in Management Shares are neither enlarged nor materially diminished as a result of the transaction. 
  

	4.	Amounts Due In Respect of Management Shares 

 4.1.
Dividend Bonuses. 
 (a) Amount. On any distribution of cash dividends on Ordinary Shares, each holder of
Management Shares shall be entitled to a cash bonus in respect of each such Management Share equal to 
 (i) the aggregate
amount of the cash dividends then paid on all of the Ordinary Shares, divided by 
 (ii) the sum of (x) the aggregate
number of then outstanding Ordinary Shares and (y) the aggregate number of then outstanding Management Shares. 
 (b) Timing of Payment. Dividend bonuses described this Section 4.1 will
be paid promptly following the date specified in (i) below or, if applicable, in (ii) or (iii) below, but in any event not later than the 15th day of 

  

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the third month following the calendar year in which the applicable date, determined under (i), (ii) or (iii) below as the case may be, occurs:

 (i) the date the cash dividend distribution on Ordinary Shares giving rise to the dividend bonus is paid; 
 (ii) if the Value of an Ordinary Share immediately prior to the date the cash dividend distribution on Ordinary Shares giving rise to the
dividend bonus is paid is less than the Base Value of the Management Share in respect of which the dividend bonus becomes due, then subject to (iii) below the last day of the first following calendar quarter end on which the Value of an
Ordinary Share equals or exceeds the Base Value of the relevant Management Share; and 
 (iii) if the Management Share in
respect of which the dividend bonus becomes due is not vested on the date payment would otherwise be made under (i) or if applicable (ii) above, then the date on which such Management Share vests (determined under Section 5 below).

 Where payment of a cash bonus in respect of a Management Share only becomes due after the date specified in (i) because of (ii) or
(iii) above, the holder of the relevant Management Share will forfeit any right to eventual payment of such bonus in the event of his or her Termination of Service prior to the date described in (ii) or (iii), whichever is applicable, but
if the relevant Management Share is not forfeited prior to such time, will be entitled to payment of the cash bonus at the specified time with Interest from the date of the relevant cash dividend distribution on Ordinary Shares. 
 4.2. Disposition Bonus. On any Sale of Cayman Holdings, each then holder of a Management Share shall be entitled to a cash bonus in respect of
such Management Share equal to the excess, if any, of 
 (a)(i) the aggregate Proceeds realized by or distributable to holders
of Ordinary Shares as a consequence of the Sale of Cayman Holdings, divided by 
 (ii) the sum of (A) the aggregate
number of then outstanding Ordinary Shares and (B) the aggregate number of then outstanding Management Shares, over 
 (b) the Base Value of such Management Share. 
 For this purpose, Proceeds realized by or
distributable to holders of Ordinary Shares which are subject to risks or contingencies, such as amounts in the form of securities not immediately marketable, subject to indemnity obligations, contingent upon future earnings, or reserved for
satisfaction of potential expenses or liabilities, shall not be taken into account until such time, if ever, as realized or distributable in cash or marketable securities, and Proceeds in the form of marketable securities shall be taken into account
at their respective market values. Such cash bonus shall be paid promptly but in any event not later than the 15th
day of the third month following the calendar year of the Sale of Cayman Holdings (or at the same time as any deferred Proceeds are realized or distributed, in the case of Proceeds subject to risks or contingencies). Interest shall not be due on any
deferred payments attributable to deferred Proceeds. 
 4.3. Limitation on Payments. Notwithstanding any provision in the Plan to the
contrary, U.S. Holdings shall not be required to make any payment to a Participant if the making of such payment would (A) result in a default or event of default under, or otherwise violate or be prohibited by, any loan or credit agreement or
any similar agreement to which U.S. Holdings, or any of its subsidiaries or Affiliates, is a party if any material harm to U.S. Holdings and its Affiliates, taken as a whole, would be likely to result or (B) be prohibited under applicable law.
Payment of amounts deferred pursuant to this Section shall be made as soon as possible thereafter consistent with the foregoing, with Interest. 
 4.4. Payments After Death. In the event of the Participant’s death, any amounts otherwise due the Participant shall be paid to the Participant’s Beneficiary or Beneficiaries in such proportions as the Participant shall have
designated. In the event that a Participant fails to designate a Beneficiary, or that no designated Beneficiary survives the Participant, any payment shall be made to the Participant’s estate. 
  

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 4.5. Tax Withholdings & Offsets. All payments hereunder shall be net of any applicable
federal, state, local or other withholding tax requirements. To the extent any such withholding becomes applicable prior to actual payment (e.g., FICA taxes), U.S. Holdings and its Affiliates shall be and are hereby authorized to withhold
such amounts from any other amounts of compensation then otherwise payable to the Participant. At the election of U.S. Holdings, amounts payable hereunder may also be reduced to the extent of any indebtedness of the Participant to U.S. Holdings or
any Affiliate thereof outstanding on the date such amount becomes due. 
  

	5.	Vesting and Forfeiture of Management Shares 

 5.1.
Vesting Generally. Unless otherwise determined by the Board at the grant of any Management Shares or thereafter, each Participant shall vest in his or her Management Shares for dividend bonus purposes as follows: 
  

			
	 Anniversary Of Grant Date
	 	 Increment of Shares
Vesting

	1st Anniversary	 	25%
	2nd Anniversary	 	25%
	3rd Anniversary	 	25%
	4th Anniversary	 	25%

 5.2. Vesting on Sale. All outstanding Management Shares shall be fully vested on any Sale
of Cayman Holdings. However, any Participant failing to reasonably cooperate in any transaction or transactions giving rise to a Sale of Cayman Holdings shall forfeit all Management Shares then held by him or her immediately prior to the resulting
Sale of Cayman Holdings without any further action being required. For the avoidance of doubt, no sale bonuses shall be due to a Participant under Section 4.2 upon forfeiture of his or her Management Shares due to the failure to cooperate. For
this purpose, “cooperate” means the Participant’s good faith participation in the negotiation and effectuation of any transaction or transactions culminating in or constituting the Sale of Cayman Holdings, including signing any
non-competition, confidentiality or employment agreements in any transaction on terms and conditions generally consistent with the terms and conditions of the Participant’s employment by U.S. Holdings and its Affiliates. 
 5.3. Effect of Termination of Service. Immediately on a Participant’s Termination of Service, and without any further action being required,
each Management Share then held by him or her shall expire and be forfeited, regardless of the extent otherwise vested under Section 5.1. No holder of Management Shares shall be entitled to any subsequent payments in respect of Management
Shares which have been forfeited on account of a Termination of Service, including but not limited to deferred distributions described in Section 4.1, but excluding payments deferred as a result of Sections 4.2 (pertaining to deferred bonuses
attributable the delayed receipt of Proceeds in a Sale of Cayman Holdings) and 4.3 (pertaining to deferred bonuses attributable potential violations of credit agreements or applicable law). 
  

	6.	Nature of Rights 

 The Plan is not and shall not be
funded. Any amounts payable in respect of Management Shares shall be paid solely out of U.S. Holdings’ general assets. U.S. Holdings shall not by any form of trust, escrow or otherwise reserve or set aside from the reach of its general
creditors funds for the payment of its obligations hereunder. 
 Except as provided in Section 4.5 of the Plan and to the extent
required by law, a Participant’s benefit or payment under the Plan, and those of his or her Beneficiary in the event of Participant’s death, shall not be subject in any manner to attachment or other legal process for the debts of such
Participant or Beneficiary, and any such benefit or payment shall not be subject to any anticipation, alienation, sale, transfer, assignment or encumbrance. Subject to the foregoing, the provisions of this Plan shall be binding upon and inure to the
benefit of a Participant, his or her heirs, executors, administrators or assigns, and upon U.S. Holdings and its successors or assigns. 
  

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	7.	Limitation on Rights and Effects of Plan Maintenance 

 7.1. No Special Employment or Other Rights. Under no circumstances does this Plan or any award of Management Shares granted hereunder represent capital stock of U.S. Holdings or any Affiliate, nor does this Plan provide for the
issuance of securities of U.S. Holdings or any Affiliate, or options, warrants or rights to purchase securities of U.S. Holdings, any Affiliates or any other persons. No Participant shall have any of the rights or privileges of a partner or
stockholder of Cayman Holdings, U.S. Holdings, any Affiliate or any other issuer on account of the holding of any Management Shares. Nothing contained in the Plan or in any Certificate issued hereunder shall confer upon any Participant any right
with respect to the continuation of his or her employment or other association with U.S. Holdings (or any Affiliate), or interfere in any way with the right of U.S. Holdings (or any Affiliate), subject to the terms of any separate employment or
consulting agreement or provision of law or corporate articles or by-laws to the contrary, at any time to terminate such employment or consulting agreement or to increase or decrease the compensation of the Participant from the rate in existence at
the time of the grant of any Management Shares. 
 7.2. Nonexclusivity of the Plan; Effect on Other Compensation. Neither the adoption
and maintenance of the Plan nor any action taken or omitted to be taken under its terms shall be construed as creating any limitations on the power of U.S. Holdings to adopt such other incentive arrangements as it may deem desirable and such
arrangements may be either applicable generally or only in specific cases. 
 7.3. Exclusive Investment Discretion. Neither the
adoption and maintenance of the Plan nor any action taken or omitted to be taken under its terms shall be construed as creating any limitations on the power and authority of Cayman Holdings, U.S. Holdings and their Affiliates to manage the affairs
of themselves as they in their sole and absolute discretion deem appropriate, including but not limited to whether to enter into any transaction or transactions which might constitute a Sale of Cayman Holdings. All decisions required in connection
with the business or affairs of Cayman Holdings and U.S. Holdings shall be made by their respective boards of directors or other governing bodies and their respective officers, in their sole and absolute discretion, and may be made without reference
or regard to any consequence under the Plan. 
  

	8.	Modifications of the Plan 

 8.1. Amendment.
The Board may at any time make such modifications of the Plan as it shall deem advisable. Except for amendments which the Board reasonably believes necessary or appropriate to avoid adverse tax consequences to Participants, no amendment of the Plan
may, without the consent of the Participant to whom any Management Shares shall theretofore have been granted, adversely affect the rights of such Participant with respect to such Management Shares. No amendment, waiver, change, modification,
consent or discharge shall be effected in connection with the Plan except by an instrument in writing made or approved by the Board. 
 8.2.
Termination. The Board may terminate this Plan at any time. This Plan shall automatically terminate upon any Sale of Cayman Holdings. Upon termination of this Plan, any then outstanding Management Shares shall automatically and without need
of any action terminate and be of no further force and effect except to the extent and for the period required to compute any bonuses due Participants on account of cash dividend distributions, or a Sale of Cayman Holdings, on or prior to the date
of Plan termination. 
  

	9.	Definitions 

 9.1. In General. As used in
this Plan the following terms shall have the following meanings: 
 (a) “Affiliate” means any person or
entity controlling, controlled by, or under common control with another person or entity (and, where not otherwise specified, such other person or entity shall mean U.S. Holdings), provided, however, that no owner of Cayman Holdings shall be
an Affiliate for Plan purposes. For this purpose control shall be based on having an over ten percent (10%) ownership interest. 
  

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 (b) “Interest” means a rate of interest equal to the yield of U.S.
Holdings’ operating subsidiaries on cash and investments from time to time, compounded annually. 
 (c) “Ordinary
Shares” means ordinary shares, par value $0.001 per share, of Cayman Holdings. 
 (d) “Proceeds”
means any and all cash, securities and other amounts realized or realizable by the holders of Ordinary Shares in connection with any Sale of Cayman Holdings, including any such amounts subject to risks or contingencies, such as amounts in the form
of securities not immediately marketable, subject to indemnity obligations, contingent upon future earnings, or reserved for satisfaction of potential expenses or liabilities. 
 (e) “Sale of Cayman Holdings” means any of the following events: (i) the acquisition of Cayman Holdings by another
person by means of any transaction or series of related transactions (including, without limitation, any reorganization, merger, scheme of arrangement, consolidation, recapitalization or other similar transaction) in which the Cayman Holding’s
members of record immediately prior to such acquisition will, immediately after such acquisition (by virtue of securities issued as consideration for the Cayman Holdings’s acquisition or otherwise) fail to hold at least fifty percent
(50%) of the voting power of the resulting or surviving corporation or other surviving entity, as applicable, following such acquisition, and (ii) the sale of all or substantially all of Cayman Holdings’ and its Affiliates’
assets, taken as a whole. 
 (f) “Termination of Service” means ceasing to be employed or otherwise
associated or affiliated with U.S. Holdings and all of its Affiliates for any or no reason whatsoever (including by reason of death, permanent disability or disaffiliation of any Affiliate with U.S. Holdings). 
 (g) “Value of an Ordinary Share” means the enterprise value of Cayman Holdings determined as a whole and as a going
concern, taking into account the value of any interest it has in any other entities and whether funded with debt or equity, as established taking into consideration recent transactions in the equity of comparable enterprises and such other factors
or information as may be relevant, divided the number of outstanding Ordinary Shares at the relevant time. 
 9.2. Cross-References.
The following terms have the respective meanings assigned them in the Sections of the Plan identified below: 
  

			
	 Term
	  	Section
	 Base Value
	  	3.1(c)
	 Board
	  	2
	 Cayman Holdings
	  	1
	 Effective Date
	  	3.2
	 Grant Date
	  	3.1(b)
	 Management Shares
	  	1
	 Participant
	  	3.1(a)
	 Plan
	  	1
	 U.S. Holdings
	  	1

  

	10.	Miscellaneous 

 10.1. Governing Law. The Plan
and actions taken hereunder shall be governed, interpreted and enforced in accordance with the laws of the State of New York, without regard to the conflict of laws principles thereof. 
 10.2. Entire Understanding. This Plan set forth the entire understanding between U.S. Holdings and the Participants with respect to the matters
referred to herein and supersede all prior representations, commitments, understandings or agreements. 
 11.4. Interpretation. The
headings contained in the Plan are for reference only and shall not in any way affect its meaning or interpretation. Whenever used herein, the singular number shall include the plural, the 

  

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plural shall include the singular, and the use of any gender shall include both genders, unless the context requires otherwise. If any provision of the Plan
shall be held or deemed to be, or shall in fact be, invalid, inoperative or unenforceable as applied to any particular case in any jurisdiction or jurisdictions, or in all jurisdictions or in all cases, because of the conflicting of any provision
with any constitution or statute or rule of public policy or for any other reason, such circumstances shall not have the effect of rendering the provision or provisions in question invalid, inoperative or unenforceable in any other jurisdiction or
in any other case or circumstance or of rendering any other provision or provisions herein contained invalid, inoperative or unenforceable to the extent that such other provisions are not themselves actually in conflict with any such constitution,
statute or rule of public policy, but the Plan shall be reformed and construed in any such jurisdiction or case as if such invalid, inoperative or unenforceable provision had never been contained herein and such provision reformed so that it would
be valid, operative and enforceable to the maximum extent permitted in such jurisdiction or in such case. 
 11.5. Jury and Punitive
Damages Waiver; Limitation on Actions. EACH PARTICIPANT, FOR HIMSELF OR HERSELF AND ALL OTHER PERSONS CLAIMING ANY INTEREST HEREUNDER THROUGH SUCH PARTICIPANT, EXPRESSLY WAIVES ANY AND ALL RIGHTS THAT HE, SHE OR THEY MAY HAVE 
 (a) TO HAVE ANY DISPUTE ARISING UNDER THE PLAN TRIED BEFORE OR DETERMINED BY A JURY, 
 (b) TO CLAIM OR RECOVER PUNITIVE DAMAGES IN ANY DISPUTE ARISING UNDER THE PLAN, AND 
 (c) TO CLAIM OR RECOVER ANY AMOUNT IN ANY DISPUTE ARISING UNDER THE PLAN UNLESS PROCEEDINGS ARE INITIATED BY THE COMPLAINING PARTY WITHIN
ONE (1) YEAR FROM THE LATER OF THE ACCRUAL OF THE CAUSE OF ACTION OR THE DATE ON WHICH THE CAUSE OF ACTION SHOULD REASONABLY HAVE BEEN DISCOVERED. 
 [End of Document] 
  

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