Document:

Employment Agreement by and between the Company and Todd Walker

 Exhibit 10.5 
 EXECUTIVE OFFICER EMPLOYMENT AGREEMENT 
 This Employment Agreement is being entered into on the date
or dates hereinbelow written by and between Amerisafe, Inc., a Texas corporation with its principal place of business in DeRidder, Louisiana (the “Company”) and Todd Walker, a competent individual of the lawful age of majority who will
principally render his/her services in DeRidder, Louisiana (the “Employee”), and the parties hereby enter into this Employment Agreement (the “Agreement”) with an Effective Date as designated below. 
 WITNESSETH: 
 WHEREAS, Employee desires to
induce Company to employ him or continue to employ him and Employee desires to engage in or continue to engage in an employment relationship with Company and Company desires to induce Employee to be employed with or to continue his employment with
Company and Company desires to engage in an employment relationship or continue an employment relationship with Employee under the specific terms and conditions as set forth below; 
 NOW, THEREFORE, in exchange for good and valuable consideration, the sufficiency and receipt of which is hereby acknowledged and in exchange for the
mutual covenants and obligations contained in this Agreement, Company and Employee hereby covenant and agree as follows: 
  

	1.	Employment. 

  

	 	(a)	Company hereby agrees to employ Employee, and Employee hereby accepts such employment with Company, for the period set forth in Section 2 hereof, subject to the terms and
conditions hereinafter set forth. 

  

	 	(b)	Employee affirms and represents that he is under no obligation to any former employer or other person or entity which is in any way inconsistent with, or which imposes any
restriction upon, Employee’s employment hereunder with Company, the employment of Employee by Company, or Employee’s undertakings under this Agreement. 

  

	2.	Term of Employment. Unless earlier terminated as provided in this Agreement, the term of Employee’s employment under this Agreement shall be for a period beginning on
March 1, 2008 (the “Effective Date”) and ending on the third anniversary of the Effective Date, March 1, 2011; provided, however, that this Agreement shall automatically renew for successive one year periods, unless either party
shall notify the other in writing not less than thirty (30) days prior to the third anniversary date or any successive anniversary date that such party does not intent to renew this Agreement. Such period, plus any annual renewal periods, or,
if Employee’s employment hereunder is earlier terminated as provided herein and including termination pursuant to Section 9, or such shorter period, is sometimes referred to herein as the “Employment Term”.

  

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	3.	Duties. Employee shall be employed by the Company as a senior executive officer and shall endeavor in good faith to competently perform such duties as inherent in
Employee’s employment or any designated job position or as specified by Company and shall also perform and discharge such other employment duties and responsibilities as the Board of Directors or President of Company shall from time to time
reasonably determine, not inconsistent with Employee’s position as a senior executive officer with Company. Employee shall also comply with any By-Laws of Company, as applicable. Employee shall perform Employee’s duties principally at the
offices of the Company at 2301 Highway 190 West, DeRidder, Louisiana, with such travel to such other locations from time to time as the Board of Directors or President of Company may reasonably request. Except as may otherwise be approved in advance
by the Board of Directors of Company, and except during vacation periods and reasonable periods of absence due to sickness, injury or disability, Employee shall devote Employee’s full time throughout the Employment Term to the services required
of Employee hereunder; provided that the foregoing shall not prohibit Employee from engaging in reasonable charitable, civic and community activities. Employee shall render Employee’s business services exclusively to Company and its
subsidiaries and affiliate entities during the Employment Term and shall use his/her good faith efforts, judgment and energy to improve and advance the business and interests of the Company and its subsidiaries in a manner consistent with the duties
of Employee’s position. Employee shall diligently, prudently, professionally and responsibly perform his duties and shall discharge his employment utilizing his best faith efforts and prudent judgment with a high degree of proficiency and
competency and for the exclusive interest of company. 

  

	4.	General Compliance, Code of Ethics and Conflicts of Interest. 

  

	 	(a)	Employee shall comply with all applicable laws and regulations (federal, state and local) and shall comply with all applicable directives, orders, and regulations of any
governmental agency or regulatory body including federal, state, and local agencies and bodies. Employee shall also comply with all policies and procedures of the Company and directives of the Board of Directors. Employee understands, acknowledges
and agrees that he holds a position of trust and that fiduciary duties and responsibilities may apply under applicable law and that these duties and responsibilities may be continuing in nature, even after separation from employment. Employee agrees
to fully and faithfully perform and discharge all such duties, responsibilities, and obligations. 

  

	 	(b)	Employee has an obligation to act in an ethical manner in dealings with Company, with co-employees, with customers and any third party. In this regard, Employee is required to be
honest, forthright and to not take any action or make statements or engage in any conduct which is unethical, improper, or which could create the appearance of impropriety. In addition, Employee shall not engage in any conduct, take any actions, or
make statements which negatively reflect upon Company or in any way harm or potentially cause harm to the Company’s image, reputation or good will. 

  

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	 	(c)	Employee must also ensure that he does not engage in any conflict of interest. In this regard, Employee shall not engage in any activity or conduct which is contrary to the
exclusive interests of or in conflict with the exclusive interests of Company. All business opportunities presented to Employee during the course and scope of his/her employment or while employed with Company are to be used for the benefit of
Company only. Further, Employee shall not take any position contrary to Company’s interests or inconsistent with Employee’s employment with the Company. 

  

	5.	EEO Compliance. Employee shall not engage in any conduct which constitutes or which may be considered an unlawful employment practice or which violates or could violate any
employment practices, equal employment opportunity, discrimination, or retaliation laws or regulations (federal, state, or local). Employee acknowledges that the Company is an Equal Opportunity Employer and prohibits all forms of unlawful
discrimination in the terms and condition of employment, it prohibits all forms of harassment, including sexual harassment, and it prohibits retaliation against any employee who engages in protected activity. 

  

	6.	Salary and Bonus. 

  

	 	(a)	Salary. As compensation for the services to be performed by the Employee hereunder during the Employment Term, Company shall pay the Employee a base salary at the annual rate
of not less than Two Hundred Thousand and No/100s Dollars ($200,000.00) (said amount, together with any increases thereto as may be determined from time to time by the Compensation Committee of the Board of Directors of Company in its sole
discretion, being hereinafter referred to as “Salary”). Any Salary payable hereunder shall be paid in regular intervals in accordance with Company’s established and regular payroll practices from time to time in effect, but in no
event less than monthly. 

  

	 	(b)	Bonus. Employee shall be eligible to receive bonus compensation from Company for each fiscal year (or portion thereof) occurring during the Employment Term in amounts, if
any, as may be determined by the Compensation Committee of the Board of Directors of Company in its sole discretion on the basis of performance-based criteria or annual incentive plans to be established from time to time by such Committee in its
sole discretion, provided that any such Bonus so awarded shall be paid in the calendar year following the year in which the services for which such Bonus is awarded were performed. 

  

	 	(c)	Withholding and Taxes. The payment of any Salary and Bonus and the payment of any separation pay pursuant to this Agreement, shall be subject to applicable withholding and
payroll taxes, and such other deductions as may be required under the Company’s employee benefit plans. 

  

	7.	Other Benefits. 

 During the Employment Term,
Employee shall: 
  

	 	(a)	be eligible to participate in all employee fringe benefits and pension, retirement or profit sharing plans that may be provided by the Company for its other senior executive
officers in accordance with the provision of any such plans, as the same may be in effect from time to time; 

  

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	 	(b)	be eligible to participate in all medical and health plans or other employee welfare benefit plans that may be provided by the company for its other senior executive officers in
accordance with the provisions of any such plans, as the same be in effect from time to time; 

  

	 	(c)	be entitled to at least 23 vacation/personal days in each calendar year; Employee shall also be entitled to all paid holidays given by Company to its other senior executive
officers; 

  

	 	(d)	be entitled to sick pay and disability benefits in accordance with any Company policy that may be applicable to other senior executive officers from time to time;

  

	 	(e)	be entitled to a car allowance consistent with established Company practices as of the date hereof and which may be in effect from time to time; 

  

	 	(f)	be entitled to accrue earned and unused vacation time and carry such unused time forward from year to year during the Employment Term, provided the amount of accrued and unused time
shall not exceed 200 hours at any time during the term hereof; and 

  

	 	(g)	be entitled to reimbursement for all reasonable and authorized out-of-pocket business expenses incurred by Employee in the performance of Employee’s duties hereunder in
accordance with Company policies and practices that may be applicable to senior executive officers from time to time, provided that such business expenses shall be reimbursed, if at all, not later than the year following that in which such expenses
are incurred, and that the amount of expenses eligible for reimbursement during one taxable year may not affect the amount of expenses eligible for reimbursement in another taxable year. 

  

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	8.	Confidential Information. Employee hereby covenants, agrees and acknowledges as follows: 

  

	 	(a)	Employee has and will have access to and will participate in the development of or be acquainted with confidential and proprietary information and trade secrets that directly or
indirectly relate to the business, prospects, operations and other aspects of the Company and any other present or future subsidiaries and affiliates of Company (collectively with the Company, the “Companies”), including but not limited to
(1) customer lists; the identity, lists or descriptions of new or prospective customers; financial statements; cost reports or other financial information; contract proposals or bidding information, business plans; training and operations
methods and manuals; personnel records; software programs; reports and correspondence; and management systems, policies or procedures, including related forms and manuals; (2) information pertaining to future developments such as future
marketing or acquisition plans or ideas; and (3) all other tangible and intangible property, which are used in the business and operations of the Companies but not made public. The information and trade secrets relating to the business of the
Companies described hereinabove in this paragraph 8(a) are hereinafter referred to collectively as the “Confidential Information”, provided that the term “Confidential Information” shall not include any information (x) that
is or becomes publicly available (other than as a result of violation of this Agreement by the Employee), or (y) that Employee receives or received on a non-confidential basis from a source (other than the Companies or any of their
representatives) that is not prohibited from disclosing such information by a legal, contractual or fiduciary obligation (provided, however that the Employee shall not be deemed to be in violation of this clause 8(a)(y) unless he has actual
knowledge of any such obligation on the party of any such source). “Confidential Information” also includes, but is in no way limited to: financial information, budgets, general plans, business plans, data, trade secrets, computer
software, technical information, research and development, product and service information, processes, insured lists, insured information, renewal and expiration dates, pricing and underwriting information, processes, procedures and standards, sales
information, marketing information, bid information, job or project information, contracts, purchasing information, data processing, formulas, designs, drafts, drawings, systems, specifications, means, techniques, compilations, intellectual
property, inventions, developments and improvements, operational methods, protocols, business strategies, market information, vendor or supplier information, personnel matters and records and matters that are sensitive, business, proprietary, and
confidential information. “Confidential Information” also includes, but is in no way limited to, any other proprietary, confidential, or business information or documentation which is protected by or which is otherwise defined as trade
secrets under any federal or state trade secret laws including, but in no way limited to, Louisiana’s Uniform Trade Secrets Act (La.R.S. 51:1431, et seq.) or other applicable law. 

  

	 	(b)	Employee agrees that he will not use, disclose, communicate, disseminate, or otherwise make known, directly or indirectly, any Confidential Information to any person or entity not
employed by or directly affiliated with Company. Additionally, Employee agrees that he will not use any Confidential Information for the benefit of himself or for the benefit of any other person or entity that is not employed by or affiliated with
Company or in any way that may be directly or indirectly competitive with or detrimental to the interests of Company. 

  

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	 	(c)	In the event that Employee receives an order or subpoena from a court of competent jurisdiction and venue or an order or subpoena from a governmental agency with jurisdiction and
authority, Employee shall, within forty-eight (48) hours of receipt of such order or subpoena, immediately notify, by telephone communication and in writing, Company’s President or General Counsel and Employee shall provide Company’s
President or General Counsel with a copy of any such order or subpoena and Employee shall notify Company’s President or General Counsel of whether or not he intends to comply with the order or subpoena and Employee shall cooperate with Company
in any action it takes in order to protect its rights or to contest or dispute the disclosure of Confidential Information pursuant to such order or subpoena. 

  

	 	(d)	Employee acknowledges and agrees that a remedy at law for any breach or threatened breach of the provisions of this Section 8 would be inadequate and, therefore, agrees that
Company shall be entitled to injunctive relief in addition to any other available rights and remedies in case of any such breach or threatened breach; provided, however, that nothing contained herein shall be construed as prohibiting Company
from pursuing any other rights and remedies available for any such breach or threatened breach. 

  

	 	(e)	Employee agrees that upon termination or separation of Employee’s employment with Company for any reason, Employee shall immediately return to the Company all Confidential
Information in Employee’s possession in whatever form maintained (including, without limitation, computer disks and other electronic and digital media). 

  

	 	(f)	The obligations of the Employee under this Section 8 shall, except as otherwise provided herein, survive the termination of the Employment Term or the termination or separation
of Employee’s employment with Company to the maximum period allowed by applicable law. 

  

	9.	Termination. 

  

	 	9.01	Employee’s employment hereunder shall be terminated upon the occurrence of any of the following: 

  

	 	(a)	death of the Employee (Death); 

  

	 	(b)	Employee’s inability to perform his duties or the essential functions of his/her job, with or without accommodation, on account of disability or incapacity for a period of one
hundred eighty (180) or more days, whether or not consecutive, within any period of twelve (12) consecutive months (Disability); 

  

	 	(c)	Company Termination for Cause (as defined herein); 

  

	 	(d)	Company Termination Without Cause (as defined herein); 

  

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	 	(e)	Employee Termination for Good Cause (as defined herein); or 

  

	 	(f)	Employee Termination Without Good Cause (as defined herein). 

  

	 	9.02	As used in this Agreement, “Company Termination for Cause” shall mean a termination of Employee’s employment by action of the Board of Directors or President of
Company (or their or his/her designee) at any time, including during the Employment Term, based on any one or more of the following: 

  

	 	(a)	The arrest, charge, indictment, guilty plea, nolo contendre/no contest plea, or conviction of any crime designated under any federal, state, or local law as a felon or any
crime involving theft, fraud, embezzlement, securities, drugs, or moral turpitude. 

  

	 	(b)	Any act of dishonesty or moral turpitude that the Board of Directors or President of Company reasonably determines is materially detrimental to the interests or image of Company.

  

	 	(c)	Any act, error, or omission of Employee that is materially detrimental to Company, which causes material damage to or liability of Company or which is likely to or tends to cause
material damage to or liability of Company. 

  

	 	(d)	Breach by Employee of fiduciary duties or the engagement in prohibited conflicts of interest. 

  

	 	(e)	Failure of Employee to follow and comply with reasonable and lawful instructions, orders or directives of the Board of Directors of Company or the President of Company, following
written notice to Employee by the Board of Directors of the alleged failure to comply and a reasonable period in which to cure same. 

  

	 	(f)	Gross neglect or negligence of Employee in the performance of his duties or the willful disregard by Employee of his obligations under this Agreement following written notice to
Employee by the Board of Directors of the alleged gross neglect, negligence, or willful disregard of obligations and a reasonable period in which to cure same. 

  

	 	(g)	Employee’s breach of this Agreement or any provision or term of this Agreement following written notice to Employee by the Board of Directors of the alleged breach and a
reasonable period in which to cure same. 

  

	 	9.03	For purposes of this Agreement, “Employer Termination Without Cause” shall mean a termination of Employee’s employment by Company or Company’s nonrenewal of this
Agreement for any reason or on any grounds other than a “Company Termination for Cause.” 

  

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	 	9.04	For purposes of this Agreement, “Employee Termination Without Good Cause” shall mean a termination or resignation of employment by Employee or Employee’s nonrenewal
of this Agreement for any reason or for any grounds other than an “Employee Termination for Good Cause.” 

  

	 	9.05	For purposes of this Agreement, “Employee Termination for Good Cause” shall mean Employee’s termination of or resignation from Employment or Employee’s
nonrenewal of this Agreement for any one or more of the following reasons: 

  

	 	(a)	Company materially and substantially adversely changes the nature or scope of the authority, powers, functions, responsibilities and duties associated with Employee’s job
position designated or existing as of the Effective Date of this Agreement without the consent of Employee; 

  

	 	(b)	Company’s material and substantial reduction of Employee’s Salary without the consent of Employee unless such reduction is part of a plan or decision of the Board of
Directors that results in a reduction in salary for substantially all of senior executive officers; 

  

	 	(c)	Company’s termination of Employee’s participation in employee benefits provided or existing as of the Effective Date of this Agreement unless such termination of employee
benefits is applicable to all senior executive officers of Company or unless termination is required or directed under the terms and conditions of any applicable benefit plans, summary plan descriptions, insurance policies or applicable law.

  

	 	(d)	Company requires, without Employee’s consent, Employee to have his principal location of work change to any location which is in excess of twenty-five (25) miles from
his/her principal work location existing as of the Effective Date of this Agreement if such change in work location materially increases Employee’s commute from Employee’s residence to Employee’s principal location of work; or

  

	 	(e)	Company’s material and substantial breach of its obligations to Employee pursuant to this Agreement. 

 In order for Employee to terminate or separate employment for purposes of Employee Termination for Good Cause, Employee shall be required to give Company
advance written notice of his intention to terminate or separate employment and such written notice shall describe the reasons constituting Employee Termination for Good Cause. Such written notice must be delivered to the President of Company and
Company shall be given thirty (30) days to cure, correct or otherwise remedy the item or items presented by Employee as constituting Employee Termination for Good Cause. Such notice by Employee to Company shall be given within ninety
(90) days of the occurrence of the event, action or item which Employee asserts constitutes grounds for Employee 

  

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Termination for Good Cause, the failure of which shall constitute a waiver of such grounds for Employee Termination for Cause. If Employee timely notifies
the Company of the occurrence of an event described in paragraphs (a) through (e) above and the Company fails to timely cure such event, Employee shall terminate employment on or before 30 calendar days after the date the Company’s
cure period expires or Employee shall be deemed to have waived the right to have such termination based on such failure to cure be treated as a Employee Termination for Good Cause under this Agreement. 
  

	 	9.06	 In the event that Employee’s employment is terminated at any time by a Company Termination Without Cause or an Employee Termination for Good Cause, for a
twelve month period following the effective date of such termination, Company shall pay monthly (as severance, termination pay, separation pay, contract payout, compensation, or liquidated damages) (i) the monthly Salary that would have
otherwise been payable to the Employee during such period, and (ii) an amount equal to one-twelfth of the average of the three Bonuses most recently awarded under 6(b) and under predecessor agreements (or, if less than three, the average of all
Bonuses awarded under 6(b) and under predecessor agreements). Each such monthly payment shall be treated as a separate payment for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and will be
paid during such period in accordance with the Company’s then existing payroll practices, methods, or pay periods. In addition, in the event that Employee’s employment is terminated at any time by a Company Termination Without Cause or an
Employee Termination for Good Cause, Company will pay or reimburse Employee for a twelve month period following such termination the actual cost of COBRA continuing health coverage premiums, to the extent COBRA is applicable and Employee elects
COBRA continuing health coverage. In this regard, if Employee is eligible for COBRA continuing health benefits and if Employee timely elects COBRA continuing health care coverage, Company will pay and/or reimburse up to a maximum of twelve months of
COBRA continuing health care coverage premiums provided that such COBRA premiums shall be reimbursed, if at all, not later than the year following that in which such premiums are incurred, and that the amount of premiums eligible for reimbursement
during one taxable year may not affect the amount of premiums eligible for reimbursement in another taxable year. It shall be at Company’s option and discretion to either pay the COBRA premiums directly or to reimburse Employee for premiums
that Employee pays for COBRA continuing health coverage. Any premiums or amounts due for COBRA continuing health coverage beyond the twelve month period referenced above shall be at the sole cost and expense of Employee and will not be paid or
reimbursed by Company. The above described obligations of Company (continuation of Salary and Bonus for a twelve month period following and payment of COBRA premiums for a twelve month period following Company Termination Without Cause or Employee
Termination for Good Cause) shall be the exclusive remedies and payment obligations and no other amounts or obligations will be due and owing by Company to Employee. In this regard, Company Termination Without Cause and Employee Termination for

  

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Good Cause may be effectuated at any time during the Employment Term or renewal and the only amounts that Company will be obligated or required to pay are
the amounts calculated according to the formulas set forth above. 

  

	 	9.07	Notwithstanding anything to the contrary expressed or implied herein, except as required by applicable law and except as set forth in Section 9.06 above, Company shall not be
obligated to make any payments to the Employee or on his behalf of whatever kind or nature by reason of the Employee’s cessation of employment (including, without limitation, by reason of a Company Termination for Cause, Employee Termination
Without Good Cause, Death or Disability), other than (i) such amounts, if any, of Employee’s Salary and Bonus as shall be accrued, earned and remained unpaid as of the effective date of employment separation and (ii) such other
amounts, if any, which may be then otherwise payable to the Employee pursuant to the terms of the Company’s benefits plans or pursuant to Section 7 above. 

  

	 	9.08	To the extent that a payment becomes due to Employee under this Agreement by reason of Employee’s termination of employment, the term “termination of employment” will
have the same meaning as “separation from service” under Section 409A of the Code. Notwithstanding anything to the contrary expressed or implied herein, if the Company makes a good faith determination that a payment under the
Agreement (i) constitutes a deferral of compensation for purposes of Section 409A of the Code, (ii) is made to Employee by reason of his separation from service and (iii) at the time such payment would otherwise be made Employee
is a “specified employee” within the meaning of Section 409A of the Code, the payment will be delayed until the first day of the seventh month following the date of such termination of employment to the extent required by
Section 409A of the Code. 

  

	10.	Restrictive Covenants: Non-Competition and Non-Solicitation. 

  

	 	10.01	Introduction. The restrictive covenants set forth in this Agreement prohibiting competition and solicitation shall apply during the “Restricted Period,” as defined
herein, in the “Restricted Area,” as defined herein. Employee acknowledges and understands that one of the principal causes and considerations of Company employing or continuing to employ Employee in a senior executive officer position is
the restrictive covenants to which Employee is obligated under this Agreement. Employee further acknowledges and agrees that he will be granted access to and will be provided confidential, business and proprietary information and trade secrets of
Company and that he will have access to and will be provided confidential information and data to which only senior executive officers have access and that the provision and access of such information constitutes additional consideration in exchange
for the restrictive covenants contained herein. Additionally, Company will be providing to Employee special and unique training opportunities and experience and he will be obtaining knowledge, experience and skills through employment with Company
that may not otherwise be obtained or acquired by Employee. 

  

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	 	10.02	Restricted Period. For purposes of this Agreement, the “Restricted Period” shall mean the Employment Term plus: 

  

	 	(a)	in the event that the employment of the Employee is terminated by a Company Termination Without Cause or Employee Termination For Good Cause, a period of twelve months. As such, the
Restricted Period would be the Employment Term and duration of employment and would extend beyond termination or separation for twelve months; or 

  

	 	(b)	in the event that the employment of the Employee is terminated by Company by a Company Termination For Cause, or by Employee’s Termination Without Good Cause, the Non-Compete
Period shall expire upon the effective date of Employee’s separation of employment; provided, however, in such event, Company shall have the exclusive option and absolute right of extending the Restrictive Period for a period of twelve
months following the effective date of the termination or separation of employment if Company: (1) delivers written notice to the Employee irrevocably exercising such option before employment termination or separation or within 180 days after
employment separation or termination and (2) agrees to pay and does pay the Employee the payments provided for under Section 9.06 of this Agreement for such twelve month period. If Company exercises this option and right and complies with
the requirements for same, the Restrictive Period shall be extended beyond the employment separation effective date for the twelve month period designed and Employee agrees and acknowledges that Employee is bound by such restrictive covenants for
the Restrictive Period. 

  

	 	10.03	Definition of Restricted Area. The term “Restricted Area” shall mean the states, parishes, counties and municipalities designated in Attachment “A” which
is incorporated herein by reference as if copied in extensio. 

  

	 	10.04	Business of the Company. Employee acknowledges and understands that the “business” of Company involves and relates to the underwriting of risks for, the sale of and
the servicing of workers’ compensation insurance, general liability insurance and commercial and business insurance product lines and related services. Employee further acknowledges, agrees and represents that he understands and knows the
business in which Company is engaged and the scope, activities and business pursuits involved in the business of Company. Employee further acknowledges and understands that the noncompetition and nonsolicitation of customer restrictions in this
Agreement prohibit the Employee from engaging, in any capacity or any position, and from conducting any activities or business similar to that of Company or that is competitive with Company and as provided under the specific terms and conditions of
this Agreement. 

  

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	 	10.05	Customers of the Company. For purposes of this Agreement, “customers” shall include, but are not limited to, insured businesses, persons and entities who have or
have had insurance coverage with the Company and insurance agents with whom Company has contracts, agreements, arrangements or any type of business, insurance placement or working relationship. Employee acknowledges and represents that Employee
understands the nature of the Company’s customer relationships and who and what comprises its customers. 

  

	 	10.06	Non-Competition. During the Restricted Period, Employee shall not engage in any of the following activities in the Restricted Area: 

  

	 	(a)	Carry on or engage in his/her own business (as a sole proprietor, corporation, partnership, limited liability company, limited partnership or any other business entity or business
association) in competition with or similar to the business of Company. 

  

	 	(b)	Carry on or engage in a competing business or work similar to or in competition with the business of the Company as an employee, consultant, board member, officer, manager,
representative, contractor, consultant, subcontractor, independent contractor, or agent of any other person or entity or in any capacity with or for any other person or entity. 

  

	 	(c)	Acquire or have an interest in or an option or other right to acquire an interest in any entity or business which is carrying on or engaging in a competing business with Company or
in a business similar to that of the Company. The term “an interest” shall include, without limitation, an interest or right as a partner, shareholder, officer, director, member, general manager, principal, limited partner, owner, trustee,
financier, guarantor, surety, mortgagee and lender. 

  

	 	(d)	Accept or conduct any business or any transactions with any customer or former customer of Company or receive any compensation, remuneration or consideration arising out of, related
to or in any associated with any business arrangement or relationship with any customer or former customer of Company. 

  

	 	10.07	Non-Solicitation. During the Restricted Period, Employee shall not engage in the following activities in the Restricted Area: 

  

	 	(a)	Solicit the customers of Company. 

  

	 	(b)	Solicit the customers or former customers of Employee. 

  

	 	(c)	Accept business from any customer of Company. 

  

	 	(d)	Accept business from any customer or former customer of Employee. 

  

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	 	(e)	Service accounts or business of any customers of Company. 

  

	 	(f)	Service accounts or business of any customers or former customers of Employee. 

  

	 	(g)	Solicit, induce or attempt to induce any employee of the Company to leave the employ of the Company. 

  

	 	10.08	Application. Company and Employee agree that (i) each of the actions described in this Agreement constitute “carrying on and engaging in a business similar to that
of” Company and the “soliciting customers of” Company, as those terms are used in La.R.S. 23:921, and (ii) this Agreement shall have the broadest possible meaning and application as allowed under applicable law. Additionally, any
future amendment to La.R.S. 23:921 or decisions or rulings of any court of competent jurisdiction which would expand the Company’s rights or impose greater restrictions on Employee shall apply and shall be enforceable herein. For purposes of
this Agreement, the term “solicit” includes, but is in no way limited to, any and all direct and indirect solicitation of business (by Employee or through others) and the engagement in communications (through any format or medium) for the
purpose of or which would in any way facilitate or attempt to generate business, services, work or other business activities with the customer and this shall apply regardless of whether the customer initiates the contact with Employee or Employee
(or another person or entity) initiates the contact with the customer. 

  

	 	10.09	 Remedies. In the event of breach or threatened or attempted breach of any provision of this Agreement by Employee, the parties recognize and
acknowledge that such a breach would cause irreparable harm to the Company or that the Company may not have an adequate remedy at law and that the restrictive covenants contained in this Agreement are “obligations not to do” and that the
Company shall not be required to prove irreparable injury in order to obtain injunctive relief in the event of any breach or threatened breach of this Agreement. Employee further agree and acknowledge that if there is any breach or threatened breach
of any one or more of the provisions of this Agreement, the Company may, in addition to any other legal or equitable remedies which may be available to it, (i) obtain a temporary restraining order, preliminary injunction and permanent
injunction to enjoin or restrain Employee from the breach or threatened breach of any such provision or provisions without the necessity of posting a bond and (ii) require Employee to account for and pay over to Company all compensation,
profits, moneys, accruals, increments, remuneration or any other benefits derived or received by Employee as a result of any transactions or actions constituting a breach of any provision of this Agreement. Company shall also be entitled to recover
any damages, attorney’s fees and costs incurred by it in any legal action or to obtain specific performance of or to enforce this Agreement or to remedy any breach of this Agreement. All such remedies in favor of the Company shall be cumulative
and shall not be exclusive. In the event that the 

  

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Company takes any legal action to enforce this Agreement or to remedy any breach of this Agreement, the Company shall be entitled to recover and the Employee
shall be liable for all attorney’s fees, court costs and expenses incurred by the Company in any such action. 

  

	 	10.10	Company Designation. As used in this Section 10, “Company” includes Amerisafe, Inc., American Interstate Insurance Company, Silver Oak Casualty, Inc., American
Interstate Insurance Company of Texas, Amerisafe General Agency, Inc. and any and all predecessor entities, successor entities, affiliate entities, parent companies, assigns and subsidiaries. The parties acknowledge and agree that the restrictive
covenants in this Section 10 enure to the benefit of and operate for the interest of all of the above-mentioned companies and affiliates and said entities are expressly designated as third party beneficiaries of this Section 10 and the
restrictive covenants and obligations imposed on Employee. 

  

	 	10.11	Construction Reformation and Severability. It is understood and agreed that, should any portion of any clause or paragraph of this Section 10 be deemed too broad to
permit enforcement to its full extent, or should any portion of any clause or paragraph of this Section 10 be deemed unreasonable, invalid or unenforceable, then said clause or paragraph shall be reformed and enforced to the maximum extent
permitted by law. Additionally, if any of the provisions of this Section 10 are ever found by a court of competent jurisdiction to exceed the maximum enforceable (i) periods of time, (ii) geographic areas of restriction,
(iii) scope of noncompetition or nonsolicitation or (iv) description of the Company’s business or customers, or for any other reason, then such unenforceable element(s) of this Section 10 shall be reformed and reduced to the
maximum periods of time, geographic areas of restriction, scope of noncompetition or nonsolicitation or description of the Company’s business that is permitted by law. In this regard, any unenforceable, unreasonable or overly broad provision
shall be reformed or severed so as to permit enforcement to the fullest extent permitted by law and reformation and severability shall apply. 

  

	 	10.12	 Reasonableness. Employee acknowledges, represents and agrees that the restrictive covenants in this Section 10 are reasonable in nature, scope, time and
territory and in the terms and conditions set forth herein. Employee acknowledges, represents and agrees that the Company has expended substantial cost in training Employee and that the Company has provided him with access to valuable information
and has pro vided him with valuable experience. In addition, Employee acknowledges, represents and agrees that the Company has placed Employee in contact with its customers, and has made Employee part of its business plans. Employee further
acknowledges, represents and agrees that Employee would not have obtained such training, experience, contacts and information from other sources without the employment relationship with the Company. Employee further acknowledges, represents and
agrees that the foregoing have occurred or resulted based on the Company’s reliance on these restrictive covenants and Employee’s representations and obligations made herein. Employee further acknowledges, represents and agrees that this
Section 10 and the obligations of Employee under these restrictive covenants are reasonable in 

  

 Page 14 of 18 

	 	 
order to protect the legitimate interests of the Company. Employee further acknowledges, represents and agrees that by virtue of his/her job position, he has
become an integral and influential component of the Company’s current and future business plans. It is the Employee’s desire and intent that this Agreement be given full force and effect. Employee further acknowledges and agrees that
enforcement of these restrictive covenants will not create an undue burden or hardship on him and will not impair or prevent him from earning a livelihood based on his/her own education, training, experience, qualifications and skills.

  

	11.	Assignment. 

  

	 	(a)	Neither this Agreement nor any right or interest hereunder shall be assignable by the Employee or his beneficiaries or legal representatives without the Company’s prior written
consent; provided, however, that nothing in this Section 11(a) shall preclude the Employee from designating a beneficiary to receive any benefit payable hereunder upon his death or incapacity. 

  

	 	(b)	Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge,
pledge, or hypothecation or to exclusion, attachment, levy or similar process or to assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void and of no effect. 

 

	 	(c)	Company shall have the right, without Employee’s consent, to assign this Agreement and to assign any rights and obligations under this Agreement to any person or entity
including, but in no way limited to, any parent companies, subsidiaries, affiliate entities, predecessors, and successors. 

  

	12.	Binding Effect. Without limiting or diminishing the effect of Section 11 hereof, this Agreement shall inure to the benefit of and be binding upon the parties hereto and
their respective heirs, successors, legal representatives and assigns. 

  

	13.	Notices. All notices which are required or may be given pursuant to the terms of this Agreement shall be in writing and shall be sufficient in all respects if given in
writing and (i) delivered personally, (ii) five business days after being mailed by certified or registered mail, return receipt requested and postage prepaid, (iii) sent via a nationally recognized overnight courier, or
(iv) sent via facsimile confirmed by certified or registered mail, return receipt requested and postage prepaid, if to the Company at the Company’s principal place of business, and if to the Employee, at his home address most recently
filed with the Company, or to such other address or addresses as either party shall have designated in writing to the other party hereto. 

  

	 14.
	 Law Governing. This Agreement shall be governed by and construed in accordance with the laws of the State of
Louisiana, without regard to the application of conflicts of laws principles. Employee consents to the jurisdiction and venue of the 36th Judicial
District Court, Beauregard Parish, State of Louisiana and, alternatively, the U.S. District Court for the Western District of Louisiana, Lake Charles Division. 

  

 Page 15 of 18 

	15.	Execution and Performance. Employee agrees and understands that this Agreement is being executed, in whole or in part, in Beauregard Parish, Louisiana. Additionally,
performance of this Agreement is to be rendered, in whole or in part, in Beauregard Parish, Louisiana. Employee further understands and acknowledges that the employment relationship between Employee and Company is principally centered and based in
Beauregard Parish, Louisiana. 

  

	16.	Severability. The Employee agrees that in the event that any court of competent jurisdiction shall finally hold that any provision of this Agreement is void or constitutes an
unreasonable restriction against the Employee, this Agreement shall not be rendered void but shall apply with respect to such extent as such court may judicially determine constitutes a reasonable restriction under the circumstances. If any part of
this Agreement is held by a court of competent jurisdiction to be invalid, illegible or incapable of being enforced in whole or in part by reason of any rule of law or public policy, such part shall be deemed to be severed from the remainder of this
Agreement for the purpose only of the particular legal proceedings in question and all other covenants and provisions of this Agreement shall in every other respect continue in full force and effect and no covenant or provision shall be deemed
dependent upon any other covenant or provision. Severability and reformation shall apply. 

 It is understood and agreed that
should any portion of any clause or paragraph of this Agreement be deemed too broad to permit enforcement to its full extent or should any portion of any clause or paragraph of this Agreement be deemed unreasonable, then said clause or paragraph
shall be reformed and enforced to the maximum extent permitted by law. 
  

	17.	Waiver. Failure to insist upon strict compliance with any of the terms, covenants or conditions hereof shall not be deemed a waiver of such term, covenant or condition, nor
shall any waiver or relinquishment of any right or power hereunder at any one or more times be deemed a waiver or relinquishment of such right or power at any other time or times. 

  

	18.	Entire Agreement; Modifications. This Agreement, with referenced Attachment “A”, constitutes the entire and final expression of the agreement of the parties with
respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, oral and written, between the parties hereto with respect to the subject matter hereof. This Agreement may be modified or amended only by an instrument in
writing signed by both Employee and the President of Company, provided, however, that in light of the uncertainty with respect to the proper application of Section 409A of the Code, the Company reserves the right to make amendments to the
Agreement as the Company deems necessary or desirable solely to avoid the imposition of taxes or penalties under Section 409A. 

  

	19.	Counterparts and Multiple Originals. This Agreement may be executed in two or more counterparts and in multiple originals, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument. 

  

 Page 16 of 18 

	20.	Interpretation. Company and Employee have jointly participated in the negotiations and drafting of this Agreement. In the event any question of intent or interpretation
arises, this Agreement shall be construed and interpreted as if drafted by both parties. 

  

	21.	References to Exhibits. All exhibits, schedules and other documents which are referred to herein are hereby incorporated by reference as if copied at length herein.

  

	22.	Consultation and Acknowledgment. Employee acknowledges and agrees that Employee has read and understands this Agreement and its effect, and that Employee has had the
opportunity to consult fully and freely with an attorney or other advisor of his choice regarding this Agreement and to have an attorney or advisor review and advise Employee with respect to this Agreement prior to his entering into this Agreement.
Employee further acknowledges that he has carefully read this entire Agreement and understands the nature and extent of the rights and obligations created by this Agreement and that he is entering into this Agreement voluntarily and without
coercion. Employee further acknowledges that this Agreement is being entered into after due thought and consideration and after a mutual and meaningful negotiation between the parties. 

  

			
	AMERISAFE, INC.
		
	By:	 	 /s/ C. Allen Bradley, Jr.

		 	C. Allen Bradley, Jr., President/CEO
		
	Date:	 	March 1, 2008
	
	EMPLOYEE:
	
	 /s/ Todd Walker

	Signature
	
	Todd Walker
	Print Name
	
	March 1, 2008
	Date

  

 Page 17 of 18 

 ATTACHMENT “A’ 
 Employment Agreement 
 “Designated Area” 
 The following states constitute the “Designated Area” for purposes of the Employment Agreement, including Section 10, entitled
“Restrictive Covenants”, entered into between the Company and the Employee: 
 States of Alabama, Alaska, Arkansas, California, Colorado, Delaware,
Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Mexico, New York, North Carolina,
Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin and Wyoming. 
  

 Page 18 of 18Commutation and Release Agreement

 Exhibit 10.32 
 GLOBAL COMMUTATION AND RELEASE AGREEMENT 
 This Global Commutation and Release Agreement
(hereinafter “Commutation”) is entered into on May 16, 2007 (the “Effective Date”) by and among Amerisafe, Inc., American Interstate Insurance Company, Silver Oak Casualty, Inc., and American Interstate Insurance
Company of Texas (collectively, the “Amerisafe Insurance Group”), whose principal place of business as of the date of this Commutation is located at 2301 Highway 190 West, DeRidder, Louisiana 70634 and their respective successors and
assigns of the one part, and Munich Reinsurance America, Inc. (f/k/a American Re-Insurance Company), whose principal place of business is located at 555 College Road East, Princeton, New Jersey 08543 (“MRAm”) of the other part. 

WHEREAS, some of the members of the Amerisafe Insurance Group and MRAm have entered at various times and from time to time into certain reinsurance
agreements under which some members of the Amerisafe Insurance Group ceded or assumed business as is described in the reinsurance agreements, and MRAm ceded or assumed such business in accordance with the terms and conditions of such reinsurance
agreements (all ceded and assumed reinsurance agreements ever entered into between and among the member companies of the Amerisafe Insurance Group and MRAm are more specifically described on Exhibit “A” attached hereto and are hereinafter
referred to as the “Reinsurance Agreements”); 
 WHEREAS, the Amerisafe Insurance Group and MRAm desire to fully and finally settle
and commute all present and future rights, obligations, and liabilities, known and unknown, of each other under the Reinsurance Agreements; 
 NOW, THEREFORE, in order to effect a commutation and mutual release, the parties hereto agree to the following terms and conditions: 
  

	1.	MRAm shall remit to the Amerisafe Insurance Group on the Effective Date of this Commutation Agreement the amount of USD $24,550,000 (TWENTY-FOUR MILLION, FIVE HUNDRED FIFTY THOUSAND
DOLLARS and 00/100) via direct wire transfer in immediately available funds to the account designated by the Amerisafe Insurance Group in Exhibit “B”. 

  

	2.	The Amerisafe Insurance Group shall accept the sum set forth in Paragraph 1 above as full and final settlement of any and all amounts due or claimed to be due from MRAm to the
Amerisafe Insurance Group arising under, or in any manner relating to the Reinsurance Agreements. 

  

	3.	 In consideration of and effective upon receipt by the Amerisafe Insurance Group of the payment described in Paragraph 1, the Amerisafe Insurance Group, their
successors and assigns, shall release and forever discharge 

	 	 
MRAm and its affiliated companies, successors, subsidiaries, parent companies and assigns, and their officers, directors, shareholders, employees,
attorneys, heirs, executors and assigns from any and all liabilities and obligations arising under or in any manner relating to the Reinsurance Agreements, including but not limited to any and all premiums, claims, liabilities, demands, damages,
costs, offsets, attorney’s fees, and other causes of action, whether known or unknown, vested or contingent, liquidated or unliquidated, matured or unmatured, reported or unreported, and whether currently existing or arising in the future and
shall indemnify and hold such parties harmless from all such liabilities and obligations from and after the time of such release and discharge The parties agree that in the event the payment described in Paragraph 1 is not received by the Amerisafe
Insurance Group as provided by Paragraph 1 by 5:00 p.m. CDST seven (7) business days after the Effective Date this agreement shall be null and void ab initio. 

  

	4.	Effective simultaneously with the Amerisafe Insurance Group’s commutation and release of MRAm as provided in Paragraph 3 herein, MRAm, on behalf of itself, its, successors, and
assigns, shall release and forever discharge the member companies of the Amerisafe Insurance Group and their affiliated companies, successors, subsidiaries, parent companies and assigns, and its officers, directors, shareholders,
employees and attorneys and their heirs, executors and assigns from any and all liabilities and obligations arising under or in any manner relating to the Reinsurance Agreements, including but not limited to any and all premiums, claims,
liabilities, demands, damages, costs, offsets, attorney’s fees, and other causes of action, whether known or unknown, vested or contingent, liquidated or unliquidated, matured or unmatured, reported or unreported, and whether currently existing
or arising in the future, and shall indemnify and hold such parties harmless from all such liabilities and obligations from and after the time of such release and commutation. 

  

	5.	The rights, duties, and obligations set forth herein shall inure to the benefit of and be binding upon any and all officers, directors, employees, stockholders, successors,
liquidators, receivers or assigns of the parties hereto. Nothing in this Commutation shall be construed to release any claim MRAm or the Amerisafe Insurance Group may have against any person not included within the scope of the release language
contained in paragraphs 3 and 4 of this Commutation. 

  

	6.	This Commutation shall in all respects be interpreted, enforced and governed by the laws of the State of Louisiana. 

  

	7.	This Commutation fully and finally resolves the rights, duties, and obligations of MRAm and the Amerisafe Insurance Group under the Reinsurance Agreements, and neither party shall:

  

 2 

 (i) have any remedy with respect to any representation, warranty, or undertaking of the other that is not
specifically set forth in this Commutation, whether or not relied upon by the other party, or 
 (ii) seek to reopen or set aside this
Commutation or any of the Reinsurance Agreements on any basis whatsoever, including, without limitation, that this Commutation or any of the Reinsurance Agreements is or are void or voidable due to a mistake or change of law or mistake of fact in
any way related to this Commutation or any of the Reinsurance Agreements. 
 (iii) Each of Amerisafe Insurance Group and MRAm has entered
voluntarily into this Commutation based on their own independent assessment of the relevant facts and their rights and obligations under the Reinsurance Agreements and not based upon any representations or disclosures made by the other party or its
representatives. Each of the parties acknowledge that each has had a full and fair opportunity to consult with, and seek advice and recommendations of, its counsel prior to its execution of this Commutation. 
  

	8.	This Commutation may be executed in multiple counterparts, each of which when so executed and delivered shall be considered an original, but such counterparts shall together
constitute one and the same instrument and agreement. 

  

	9.	Each party hereto has had the opportunity to negotiate the terms and modify the content of this Commutation. Therefore, the terms of this Commutation shall be considered and
interpreted without any presumption, inference or rule requiring construction or interpretation of any provision of this Commutation against the interest of the drafter of the Commutation. 

  

	10.	This Commutation contains the entire Agreement between the parties as respects the subject matter. All discussions and agreements previously entertained between the parties
concerning the subject matter of the Commutation are merged into this Commutation. This Commutation may not be modified or amended, nor any of its provisions waived, except by an instrument in writing, signed by duly authorized officers of the
parties hereto. 

  

	11.	Amerisafe, Inc. warrants and represents that it has no direct or indirect subsidiaries, parent, or affiliates that underwrite the business ceded under the Reinsurance Agreements,
other than as are included in the Amerisafe Insurance Group. 

  

 3 

	12.	Each signatory hereof hereby represents and warrants that he or she is fully authorized to execute this Commutation on behalf of its respective party or parties and each of the
parties hereto is fully authorized to enter into and perform its obligations contemplated under this Commutation without the requirement of any further notice or consent to or from any regulatory authority or other third party.

 IN WITNESS WHEREOF, on this 16th day of May, 2007, the parties hereto have caused this Global Commutation and Release Agreement to be executed in triplicate by their duly authorized representatives. 
 AMERISAFE INSURANCE GROUP 
 AMERISAFE, Inc. 

 American Interstate Insurance Company 
 Silver Oak Casualty, Inc. 
 American Interestate Insurance Company of Texas 
 In DeRidder, Louisiana on 
 this 16th day of May,, 2007 
  

			
	
		
	By:	 	/s/ Allen Bradley
		 	Allen Bradley, President & CEO

 MUNICH REINSURANCE AMERICA, INC. 
 In Princeton
NJ                                        
    on 
 this 16th
         day of May, 2007 
  

			
	By:	 	/s/ Ross Sturm
		 	 (Name)
 (Title)
 (Company)     Vice President

  

 4 

 Exhibit A: 
 1. 
 Casualty Excess of Loss Reinsurance Agreement 
 Originally Effective January 1, 2002 (No. 20301-0001) 
 As Amended by Addendums No. 1, 2, 3, 4, 5, & 6 
  

			
	 Between
	  	American Interstate Insurance Company,
		  	Silver Oak Casualty Company, Inc.
		  	American Interstate Insurance Company of Texas
		
	 And
	  	American Re-Insurance Company

 2. 
 Montana
Loggers Exchange: 
 Workers Compensation and Employers Liability Excess of Loss Reinsurance Agreement 
 (No. 839-0001) 
 Originally Effective January 1, 1993 (as Endorsed
January 1, 1993, 1994 & 1995) 
  

			
	 Between
	  	Montana Loggers Exchange
		
	 And
	  	American Re-Insurance Company

  

 5 

 Exhibit “B” 
 BANK: BANK OF AMERICA 
 COMPANY: AMERICAN INTERSTATE INSURANCE COMPANY 
 ROUTING NUMBER: 
 BANK ACCOUNT NUMBER:
  

 6

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