Document:

NON-COMPETE, SEVERANCE & CONFIDENTIALITY AGREEMENT

    

    

    THIS AGREEMENT, effective as of
      October 1, 2019 (the "Effective Date") by and between Protective Insurance Corporation, an Indiana corporation (together with its successors and assigns, the "Company"), and John Barnett (the "Executive");

    

    

    WITNESSETH:

    

    

    WHEREAS, the Company desires to employ the Executive as its Chief Financial Officer; and

    

    

    WHEREAS, the Executive desires
      to accept employment with the Company, subject to the terms and provisions of this Agreement.

    

    

    NOW, THEREFORE, in consideration
      of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt of which is mutually acknowledged, the Company and the Executive (collectively, the "Parties") agree as follows:

    

    

    1. Definitions.  Capitalized terms not otherwise defined herein shall have the meanings set forth in Exhibit A.

    

    

    2. Term.  The "Term" of this Agreement is the period during which the Executive is employed by the Company, beginning on
        the Effective Date, and the date on which his employment ends is referred to in this Agreement as the "Separation Date."  The parties agree that the
        Executive shall continue to be employed by the Company on an at-will basis during the Term which means that he may terminate his employment at any time for any or no reason, and that the Company may terminate his employment at any time for any or
        no reason.

    

    

    3. Positions, Duties and Location.

    

    

    (a) During the Term, the Executive shall serve as the Chief Financial Officer of the Company (“CFO"). 
        The Executive shall (i) have all authorities, duties and responsibilities customarily exercised by a chief financial officer serving at an entity of the size and nature of the Company and the Company's Subsidiaries (as applicable); and (ii) have
        such additional duties and responsibilities, consistent with the foregoing, as may from time to time be assigned by the Chief Executive Officer (CEO).  In his capacity as CFO, the Executive shall report directly to the CEO. The terms and conditions
        of this Agreement shall remain in full force and effect regardless of whether additional titles or roles currently held by the Executive (either for the Company or any of its Subsidiaries) change by reason of position elimination, reassignment,
        removal, or otherwise.

    

    

    (b) During the Term, the Executive shall devote substantially all of his business time and efforts to the business and affairs of the Company.

    

    

    (c) During the Term, the Executive's principal office, and principal place of employment, shall be in Carmel, Indiana, or within 40 miles thereof; provided, however, that the
        Executive understands and agrees that he will be required to travel from time to time for business reasons.

    

    

    
      
        

    

    4. Compensation.  The Executive’s compensation shall be reviewed no less frequently than annually by the Compensation Committee of the Board of Directors and may be modified in the sole discretion of the Company.

    

    

    5. Relocation/Temporary Housing Expenses.  Pursuant to the offer of employment, the Company shall pay Executive a cash relocation package equal to $100,000, subject to applicable withholding and deductions.  The
        cash relocation package will be payable in a lump sum in accordance with the Company’s first regular payroll after the Effective Date.  If, prior to April 1, 2020, the Executive’s employment hereunder is terminated by the Company for Cause or by
        the Executive without Good Reason, then the Executive shall repay to the Company the full $100,000 amount of the relocation package.

    6. Stock Grant.    Pursuant to the offer of employment, the Executive shall receive $200,000 worth of restricted shares of the Company’s Class B Common Stock (the “Stock Grant’)
        under the Company’s Long-Term Incentive Plan.  The Stock Grant shall vest subject to the Executive’s continuing employment according to the following schedule unless otherwise provided within this Agreement or the applicable award agreement: (i)
        40% of the shares shall vest as of December 31, 2020; (ii) 30% of the shares shall vest as of December 31, 2021; and (iii) the remaining 30% of the shares will vest as of December 31, 2022.   The Executive shall be eligible to receive all dividends
        earned on the shares during the applicable vesting period.   The actual number of shares granted will be determined based on the stock price on the date of the Stock Grant, which shall be within seven (7) days of the Effective Date of this
        Agreement.

    

    

    7. Termination of Employment. The Company may terminate the Executive's employment at any time, and for any reason. The Executive may terminate the Executive's employment hereunder at any time, and for any reason,
        by delivering written notice to the CEO.  During any such notice period, the Company reserves the right to suspend any or all of the Executive's access, duties or responsibilities and limit the Executive's communications with any customers,
        suppliers, agents, or employee of the Company, as the Company determines in its sole discretion.  Upon any termination of employment, the Executive shall be entitled to receive (1) payment of any Base Salary earned but unpaid through the
        Termination Date, and (2) any vested amounts or benefits required to be paid in accordance with the terms of any applicable plan, program, agreement, corporate governance document or other arrangement of the Company and its Affiliates.

    

    

    (a) Termination Without Cause or Resignation for Good Reason. Subject
        to the terms and conditions of this Agreement, in the event that the Executive’s employment hereunder is terminated due to his resignation for Good Reason or the Executive’s employment hereunder is terminated by the Company other than for Cause,
        the Executive shall receive:

    

    

    (i) an amount, payable in cash equal to his annualized Base Salary in effect as of the Termination Date, plus his Target STIP plus his Target LTIP bonuses applicable to the year in
        which the Separation Date occurs;

    

    

    
      
        

    

    (ii) full vesting for any unvested restricted stock, restricted stock unit award, or any other award granted under the LTIP (the vesting described in this clause (iii) being the “Award Vesting”); and

    

    

    (iii) if the Executive timely elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall provide the
        Executive with a reimbursement of the premiums associated with the continuation of his medical, dental and vision benefits under COBRA for a period equal to the earliest of (1) twelve (12) months following the Termination Date, (2) the date the
        Executive first becomes eligible to receive health benefits under another employer-provided plan or (3) the date the Executive is no longer eligible for continuation benefits under COBRA.  Notwithstanding the forgoing, if the Company’s making
        payments under this Section 7(a)(iii) would violate the nondiscrimination rules applicable to non-grandfathered plans under the Affordable Care Act or any successor law (the “ACA”), or result in the imposition of penalties under the ACA and the related regulations and guidance promulgated thereunder, the Parties agree to reform this Section 7(a)(iii) in a manner as is necessary to comply with the
        ACA.

     

    

    (b) Change in Control. Subject to the terms and conditions of this
        Agreement, in the event that (i) the Executive's employment hereunder is terminated (x) by the Company without Cause and in anticipation of a Change in Control to be effectuated within one hundred twenty (120) days prior to the Termination Date or
        (y) by either Party on or before the twenty-four (24) month anniversary of the occurrence of a Change of Control, then Executive shall receive the benefits included under Section 7(a) (relating to terminations without Cause or resignation for Good
        Reason).

    

    

    (c) No Mitigation; No Offset. In the event of any termination of the
        Executive's employment hereunder, the Executive shall be under no obligation to seek other employment or otherwise mitigate the obligations of the Company under this Agreement, and there shall be no offset against amounts or benefits due the
        Executive under this Agreement or otherwise on account of (x) any Claim that the Company may have against him except for any outstanding loans to the extent then due and payable by him to the Company or (y) any remuneration or other benefit earned
        or received by the Executive after such termination.  There shall also be no reduction of, or offset against, any amount due under any provision of this Agreement by any amount due under any other provision of this Agreement.  Any amounts due under
        this Section 8 are considered to be reasonable by the Company and are not in the nature of a penalty.

    

    

    (d) General Waiver and Release. The Executive shall not be entitled to
        the payments and benefits described in Section 7(a) or 7(b) unless (x) he first timely executes and delivers the Company's standard mutual release of claims (the "
            Release"), within the time period set forth in the Release, containing a general waiver and release of the Company and its employees, officers, directors, owners and members from any and all claims, obligations and liabilities of any
        kind whatsoever, including those arising from or in connection with the Executive’s employment or termination of employment with the Company or this Agreement (including, without limitation, civil rights claims) and (y) such Release has become
        irrevocable by him in accordance with its terms.

    

    

    
      
        

    

    8. Section 280G Parachute Payment.

    

    

    (a) If (i) the aggregate of all amounts and benefits due to the Executive, under this Agreement or under any Company plan, program, agreement or arrangement, would, if received by
        the Executive in full and valued under Section 280G of the Code, constitute "parachute payments" as such term is defined in and under Section 280G of the Code (collectively, "280G Benefits"), and if (ii) such aggregate would, if reduced by all federal, state and local taxes applicable thereto, including the excise tax imposed pursuant to Section 4999 of the Code, be less than the amount the
        Executive would receive, after all taxes, if the Executive received aggregate 280G Benefits equal (as valued under Section 280G of the Code) to only three times the Executive's "base amount", as defined in and under Section 280G of the Code, less
        $1.00, then (iii) such cash 280G Benefits (in reverse order of maturity, to the extent that the reduction of such cash 280G Benefits can achieve the intended result) shall be reduced or eliminated to the extent necessary so that the 280G Benefits
        received by the Executive will not constitute parachute payments.  The determinations with respect to this Section 8(a) shall be made by an independent auditor (the "Auditor")
        paid by the Company.  The Auditor shall be the Company's regular independent auditor unless the Executive reasonably objects to the use of that firm, in which event the Auditor will be a nationally recognized firm chosen by the Parties.

    

    

    (b) It is possible that after the determinations and selections made pursuant to Section 8(a) the Executive will receive 280G Benefits that are, in the aggregate, either more or
        less than the amount provided under Section 8(a) (hereafter referred to as an "Excess Payment" or "Underpayment", respectively).  If it is established, pursuant to a final determination of a court or an Internal Revenue Service proceeding that has been finally and conclusively resolved, that an Excess
        Payment has been made, such Excess Payment shall be deemed for all purposes to be a loan to the Executive made on the date the Executive received the Excess Payment and the Executive shall promptly repay the Excess Payment to the Company, together
        with interest on the Excess Payment at the applicable federal rate (as defined in and under Section 1274(d) of the Code) from the date of the Executive's receipt of such Excess Payment until the date of such repayment.  In the event that it is
        determined (x) by arbitration pursuant to Section 13, (y) by a court or (z) by the Auditor upon request by any of the Parties, that an Underpayment has occurred, the Company shall promptly pay an amount equal to the Underpayment to the Executive,
        together with interest on such amount at the applicable federal rate from the date such amount would have been paid to the Executive had the provisions of Section 8(a) not been applied until the date of payment.

    

    

    9. Indemnification.  If the Executive is made a party, is threatened to be made a party, or reasonably anticipates being made a party, to any Proceeding by reason of the fact that he
        is or was a director, officer, member, employee, agent, manager, trustee, consultant or representative of the Company or any of its Affiliates or is or was serving at the request of the Company or any of its Affiliates, or in connection with his
        service hereunder, as a director, officer, member, employee, agent, manager, trustee, consultant or representative of another Person, or if any Claim is made, is threatened to be made, or is reasonably anticipated to be made, that arises out of or
        relates to the Executive's service in any of the foregoing capacities, then the Executive shall promptly be indemnified and held harmless (and
        advanced expenses) to the fullest extent permitted or authorized by the Certificate of Incorporation or Bylaws of the Company.

    

    

    
      
        

    

    10. Restrictive Covenants.

    

    

    (a) Confidentiality. The Executive acknowledges and agrees that he shall maintain the confidentiality of this Agreement and shall not disclose it to any other employee of the Company or
        other person; provided, however, he may disclose it to his spouse and/or legal counsel or as required by law and he may disclose or discuss any items of this Agreement which the Company has disclosed in its annual proxy statement filed in
        accordance with applicable law.

    

    

    The Executive acknowledges and agrees that the Confidential Information, and all physical embodiments thereof, are valuable, special and unique assets of
      the business of the Company and its Subsidiaries (the "Company Group") and have been developed by the Company Group at considerable time and expense. Such
      Confidential Information is the sole property of the Company Group and the Executive has no individual right or ownership interest in any of the Confidential Information. The Executive further acknowledges that access to Confidential Information will
      be needed in connection with the performance of his duties and responsibilities during his employment with the Company. Therefore, the Executive agrees that, except as necessary in regard to his assigned duties and responsibilities with the Company,
      he shall hold in confidence all Confidential Information and will not reproduce, use, distribute, disclose, publish, or otherwise disseminate any Confidential Information, in whole or in part, and will take no action causing, or fail to take any
      reasonable action necessary to prevent causing, any Confidential Information to lose its character as Confidential Information, nor willfully make use of such information for his/her own purposes or for the benefit of any person, firm, corporation,
      association, or other entity (except the Company Group) under any circumstances.

    

    

    Notwithstanding the above, the Executive may disclose Confidential Information pursuant to a court order, subpoena, or other legal process, provided that,
      at least ten (10) days (or such lesser period as is practicable given the terms of any order, subpoena or other legal process) in advance of any legal disclosure, he shall furnish the Company with a copy of the judicial or administrative order
      requiring that such information be disclosed together with a written description of the information to be disclosed (which description shall be in sufficient detail to allow the Company to determine the nature and scope of the information proposed to
      be disclosed), and the Executive agrees to cooperate with the Company Group to deliver the minimum amount of information necessary to comply with such order.

    

    

    Executive agrees to maintain in trust, as the Company's property, all documents, information and Confidential Information, both in tangible and intangible
      form, concerning the Company's Business or the Executive's role for the Company. The Executive agrees to return to the Company all documents or other property belonging to the Company, including any and all copies thereof (whether in tangible or
      intangible form) in the possession or under the control of the Executive upon separation of employment or at any other time upon request of the Company.

    

    

    The provisions of this Section 10(a) shall apply to Confidential Information during the Term and at all times thereafter, and shall survive the termination
      of the Executive's employment. This Agreement supplements and does not supersede Executive's obligations under all statute(s) and common law(s) that protect the Company's trade secrets and/or property. However, nothing in this Agreement or elsewhere
      shall prohibit the Executive from making disclosures of Confidential Information (w) when requested to do so by a governmental or quasi-governmental agency with apparent jurisdiction, or when disclosure is protected by law (e.g., by whistleblower
      statutes), (x) in the course of any proceeding under Section 10(c) or 13 of this Agreement, (y) in confidence to an attorney for the purpose of securing legal advice, or (z) retaining (for personal use only) copies of documents relating to his
      personal rights, obligations and tax liabilities.

    

    

    
      
        

    

    (b) Unless otherwise determined by the Board in writing, the Executive shall not, for his own benefit or the benefit of any other Person, without the prior written consent of the
        Company and other than in connection with his services hereunder during the Term:

    

    

    (i) During the Term and for a period of twelve (12) months thereafter, serve as an executive officer of any Competitor, or in any other position with a Competitor in which the
        executive would provide services or perform duties in competition with the Company;

    

    

    (ii) During the Term and for a period of twelve (12) months thereafter, personally solicit, aid in the solicitation of, induce or otherwise encourage (whether directly or indirectly)
        any individual who is or was, at the time of such encouragement or within the six (6) months prior to such encouragement, employed as an executive, highly-compensated employee, or managerial/supervisory employee of the Company or a Subsidiary, to
        cease such employment or interfere in any way with the relationship between the Company or a Subsidiary and such employee; or

    

    

    (iii) During the Term and for a period of twelve (12) months thereafter, directly or indirectly solicit, aid in the solicitation of, induce, or otherwise encourage (whether directly
        or indirectly) any Customer for the purpose of (a) selling Competitive Services or Products to such Person in competition with the Company or (b) inducing such Person to cancel, transfer or cease doing their business with the Company; provided,
        that the restrictions set forth in clauses (i), (ii) and (iii) of this Section 11(b) shall immediately expire in the event that the Company, or any of its Affiliates, shall have materially breached, on or after the Termination Date, any of their
        material obligations to the Executive under this Agreement or otherwise, which breach shall have continued uncured for ten (10) days after the Executive has given written notice requesting cure.

    

    

    (c) The Executive acknowledges and agrees that the business of the Company is highly competitive, and that the restrictions contained in this Section 10 are reasonable and necessary
        to protect the Company's legitimate business interests. The Executive further acknowledges that any actual or prospective breach may irreparably cause damage to the Company for which money damages may not be adequate. Therefore, in the event of any
        actual or threatened breach by the Executive of any of the provisions of Section 10(a) or 10(b) above, the Company shall each be entitled to seek, through arbitration in accordance with Section 13 or from any court with jurisdiction over the matter
        and the Executive, temporary, preliminary and permanent equitable/injunctive relief restraining the Executive from violating such provision and to seek money damages, together with any and all other remedies available under applicable law.

    

    

    (d) The Executive agrees that he will not make or cause to be made any oral or written statements that defame or disparage the Company, its policies or programs, or its past or
        present officers, directors, employees, agents, or business associates, including but not limited to its past or present suppliers or vendors, or take any actions that are harmful to the business affairs of the Company or its employees.  Similarly,
        Company, as to its Board of Directors and executive management employees only, will not make or cause to be made any oral or written statements that defame or disparage the Executive or take any actions that are harmful to his business affairs.

    

    

    (e) The purpose of this Section 10, among other things, is to protect the Company from unfair or inappropriate competition, to protect its confidential information and trade
        secrets, and to prevent competitors from raiding employees of the Company. If the scope or enforcement of this Section 10 is ever disputed, a court, arbitrator or other trier of fact may modify and enforce its provisions to the extent it believes
        is lawful and appropriate. If any provision of this Section 10 is construed to be invalid, illegal or unenforceable, then the remaining provisions therein shall not be affected thereby and shall be enforceable without regard thereto.

    

    

    
      
        

    

    11. Assignability; Binding Nature.

    

    

    (a) This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors, heirs (in the case of the Executive) and assigns.

    

    

    (b) No rights or obligations of the Company under this Agreement may be assigned or transferred by the Company except that such rights and obligations may be assigned or transferred
        pursuant to a merger, consolidation or other combination in which the Company is not the continuing entity, or a sale or liquidation of all or substantially all of the business and assets of the Company.  In the event of any merger, consolidation,
        other combination, sale of business and assets, or liquidation as described in the preceding sentence, the Company shall use its best reasonable efforts to cause such assignee or transferee to promptly and expressly assume the liabilities,
        obligations and duties of the Company hereunder.

    

    

    (c) No rights or obligations of the Executive under this Agreement may be assigned or transferred by the Executive other than his rights to compensation and benefits, which may be
        transferred only by will or by operation of law, or as otherwise provided in Section 18(e).

    

    

    12. Representations.

    

    

    (a) The Company represents and warrants that (i) it is fully authorized by action of its Board (and of any other Person or body whose action is required) to enter into this
        Agreement and to perform its obligations under this Agreement, (ii) the execution, delivery and performance of this Agreement by it does not violate any applicable law, regulation, order, judgment or decree or any agreement, arrangement, plan or
        corporate governance document to which it is a party or by which it is bound, and (iii) upon the execution and delivery of this Agreement by the Parties, this Agreement shall be its valid and binding obligation, enforceable against the Company in
        accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally.

    

    

    (b) The Executive represents and warrants that (i) the  delivery and performance of this Agreement by him does not violate any law or regulation applicable to the Executive, (ii)
        delivery and performance of this Agreement by him does not violate any applicable order, judgment or decree or any agreement to which the Executive is a party or by which he is bound and (iii) upon the execution and delivery of this Agreement by
        the Parties, this Agreement shall be a valid and binding obligation of the Executive, enforceable against him in accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency or similar laws
        affecting the enforcement of creditors' rights generally.

    

    

    
      
        

    

    13. Resolution of Disputes. Any dispute, controversy, or claim arising out of or relating to this Agreement, any other agreement between the Executive and the Company or its Affiliates, the Executive's
        employment with the Company, or any termination thereof shall (except to the extent otherwise provided in Section 10(c) with respect to certain requests for injunctive relief) be resolved by binding confidential arbitration, to be held in
        Indianapolis, Indiana, in accordance with the Commercial Arbitration Rules (and not the National Rules for Resolution of Employment Disputes) of the American Arbitration Association and this Section 13b. This Agreement is intended to benefit and
        bind certain third party non-signatories.  The interpretation and enforcement of this provision shall be governed exclusively by the Federal Arbitration Act.  Judgment upon the award rendered by the arbitrator(s) may be entered in any court having
        jurisdiction thereof.

    

    

    14. Tax Matters.  Notwithstanding anything anywhere to the contrary, this Agreement is intended to be interpreted and applied so that the payment and the benefits set forth herein shall either be exempt from the
        requirements of Section 409A of the Code or any regulations or guidance thereunder ("Section 409A") or shall comply with the requirements of Section 409A. To
        the extent that any amounts payable in accordance with this Agreement are subject to Section 409A, this Agreement shall be interpreted and administered in such a way as to comply with Section 409A to the maximum extent possible. Notwithstanding
        anything anywhere to the contrary, if the Executive is a "specified employee" (within the meaning of Section 409A), any payments or arrangements due upon a termination of the Executive's employment under any arrangement that constitutes a "deferral
        of compensation" (within the meaning of Section 409A), and which do not otherwise qualify under the exemptions under Treas. Reg. Section 1.409A, shall be delayed and paid or provided on the earlier of (i) the date which is six months after the
        Executive's "separation from service" (as such term is defined in Section 409A) for any reason other than death, and (ii) the date of the Executive's death. Each series of payments under this Agreement or otherwise shall be treated as separate
        payments for purposes of Section 409A. "Termination of employment," "resignation" or words of similar import, as used in this Agreement shall mean with respect to any payments subject to Section 409A, the Executive's "separation from service" as
        defined by Section 409A. If any payment subject to Section 409A is contingent on the delivery of a release by the Executive and could occur in
        either of two calendar years, the payment will occur in the second calendar year. To the extent that reimbursements or other in-kind benefits under this Agreement constitute "nonqualified deferred compensation" subject to Section 409A, (x) all such
        expenses or other reimbursements hereunder shall be paid on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Executive, (y) no such reimbursement, expenses eligible for
        reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to provided, in any other taxable year, and (z) the Executive's right to such reimbursement or
        in-kind benefits shall not be subject to liquidation or exchange for any other benefit. Nothing in this Agreement shall be construed as a guarantee of any particular tax treatment to the Executive. The Executive shall be solely responsible for the
        tax consequences with respect to all amounts payable under this Agreement, and in no event shall the Company have any responsibility or liability if this Agreement does not meet any applicable requirements of Section 409A.

    

    

    
      
        

    

    15. Notices. Any notice, consent, demand, request, or other communication given to a Person in connection with this Agreement shall be in writing and shall be deemed to have been given
        to such Person (x) when delivered personally to such Person, (y) provided that a written acknowledgment of receipt is obtained, five (5) days after being sent by prepaid certified or registered mail, or two days after being sent by a nationally
        recognized overnight courier, to the address (if any) specified below for such Person (or to such other address as such Person shall have specified by ten days' advance notice given in accordance with this Section 15), or (z), on the first business
        day after it is sent by portable document format ("pdf") to the email address set forth below (or to such other email address as shall have specified by ten days' advance notice given in accordance with this Section 15).

    

    

    If to the Company: Protective Insurance Corporation

    111 Congressional Blvd., Suite 500

    Carmel, IN 46032

    Attention: General Counsel

    Email: swignall@protectiveinsurance.com

    

    

    
      
        	If to the Executive:	
                The address of the Executive’s principal residence (or his personal email address) as it appears in the Company’s records, with a copy to him (during the Term) at
                  the Company’s office in Carmel, IN.

              

      

    

    

    

    

    

    16. Recoupment/Clawback. Notwithstanding any other provisions in this
        Agreement to the contrary, any incentive-based compensation, or any other compensation, paid to the Executive pursuant to this Agreement or any other agreement or arrangement with the Company or any of its affiliates, which may be subject to
        recovery under any law, government regulation, or stock exchange listing requirement, as may be amended from time to time, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation, or
        stock exchange listing requirement (either in existence on the Effective Date or adopted thereafter), as may be amended from time to time, to the extent reasonably required by any such law, government regulation, or stock exchange listing
        requirement, as determined by the Board in its sole and absolute discretion.

    17. Miscellaneous.

    

    

    (a) Entire Agreement. This Agreement contains the entire understanding and agreement among the Parties concerning the subject matter hereof and supersedes in its entirety, as of the Effective Date, any prior
        agreement (written or oral) between the Executive and the Company with respect to its subject matter.

    

    

    (b) Amendment or Waiver. No provision in this Agreement may be amended unless such amendment is set forth in a writing that expressly refers to the provision of this Agreement that is being amended and that is
        signed by the Executive and by an authorized officer of the Company. No waiver by any Party of any breach of any condition or provision contained in this Agreement shall be deemed a waiver of any similar or dissimilar condition or provision at the
        same or any prior or subsequent time. To be effective, any waiver must be set forth in a writing signed by the waiving Party.

    

    

    
      
        

    

    (c) Inconsistencies. In the event of any inconsistency between any provision of this Agreement and any provision of any company plan, program, agreement or arrangement, the provisions of this Agreement shall
        control unless the Executive otherwise agrees in a writing that expressly refers to the provision of this Agreement whose control he is waiving.

    

    

    (d) Headings. The headings of the Sections and sub-sections contained in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any provision of
        this Agreement.

    

    

    (e) Survivorship. Except as otherwise set forth in this Agreement, the respective rights and obligations of the Parties hereunder shall survive any termination of the Executive's employment.

    

    

    (f) Severability. To the extent that any provision or portion of this Agreement shall be determined to be invalid or unenforceable for any reason, in whole or in part, the remaining provisions of this Agreement
        shall remain in full force and effect so as to achieve the intentions of the Parties, as set forth in this Agreement, to the maximum extent possible.

    

    

    (g) Withholding Taxes. The Company may withhold from any amount or benefit payable under this Agreement taxes that it is required to withhold pursuant to any applicable law or regulation.

    

    

    (h)  Cooperation. During the Term and thereafter, the Executive agrees to cooperate with the Company and be available to the Company with respect to continuing and/or future matters related to his employment with
        the Company (if occurring after termination of employment, to the extent not interfering with the Executive's other business endeavors or personal commitments), whether such matters are business-related, legal, regulatory or otherwise (including,
        without limitation, the Executive appearing at the Company's request to give testimony without requiring service of a subpoena or other legal process, volunteering to the Company all pertinent information and turning over to the Company all
        relevant documents which are or may come into the Executive's possession). Following the Term, the Company shall reimburse the Executive for all reasonable out of pocket expenses incurred by the Executive in rendering such services that are
        approved by the Company.

    

    

    
      
        

    

    (i) Governing Law. This Agreement shall be governed, construed, performed and enforced in accordance with its express terms, and otherwise in accordance with the laws of the State of Indiana, without reference to
        principles of conflict of laws.

    

    

    (j) Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall be deemed to be one and the same instrument. Signatures
        delivered by facsimile (including, without limitation, by "pdf") shall be effective for all purposes.

    

    

    [signature page follows]

    
      
        

    

    IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first set forth above.

    

    

    Protective Insurance Corporation

    

    

    By:  _________________________

    

    

    Name: Jeremy D. Edgecliffe-Johnson

    

    

    Title: Chief Executive Officer

    

    

    

    

    The Executive

    

    

    _______________________________

    John Barnett

    

    

    
      
        

    

    EXHIBIT A

    

    

    DEFINITIONS

    

    

    (a) "Affiliate" of a Person shall mean any Person that directly or indirectly controls, is controlled by, or is under common
        control with, such Person.

    

    

    (b) “Agreement” shall mean this Employment Agreement, which includes for all purposes its Exhibits.

    

    

    (c) "Cause" shall mean, for purposes of this Agreement, the occurrence of any of the following events:

    

    

    (i) the Executive commits, is convicted of, or pleads guilty or nolo contendere to, any crime;

    

    

    (ii) the Executive's perpetration of an act of fraud, embezzlement, theft or any other material violation of law that occurs in the course of the Executive's employment with the
        Company;

    

    

    (iii) the Executive's intentional damage to the assets of the Company or any of its Affiliates;

    

    

    (iv) the Executive's intentional and material disclosure of Confidential Information contrary to this Agreement or any agreements between the Executive and the Company or any of its
        Affiliates;

    

    

    (v) the Executive's material breach of his obligations under this Agreement or any agreement between the Executive and the Company or any of its Affiliates;

    

    

    (vi) the Executive's engagement in any competitive activity which would constitute a breach of the Executive's duty of loyalty or of his obligations under this Agreement or any
        agreement between the Executive and the Company or any of its Affiliates;

    

    

    (vii) the Executive's material breach of any of the Company's written policies;

    

    

    (viii) the Executive's willful and continued failure to substantially perform his duties under this Agreement (other than as a result of incapacity due to physical or mental illness);

    

    

    (ix) any regulatory agency recommends or determines that Executive is ineligible, unauthorized, or unfit to hold any director or officer position with the Company or any of its
        subsidiaries or Affiliates; or

    

    

    (x) any misconduct or omission by the Executive that is materially injurious to the business or financial reputation of the Company or any of its Affiliates.

    

    

    For purposes of determining whether an event of Cause has occurred, an act, or a failure to act, shall not be deemed willful or intentional, as those terms
      are defined herein, unless it is done, or omitted to be done, by the Executive in bad faith or without a reasonable belief that his action or omission was in the best interest of the Company. "Cause" also includes any of the above grounds for
      dismissal regardless of whether the Company learns of it before or after terminating the Executive's employment.

    

    

    
      
        

    

    (d) “Change in Control” shall mean the occurrence of any of the following events:

    

    

    (i) Any Person (as defined below)acquires ownership of the Class A Common Stock that, together with Class A Common Stock previously held by the acquirer, constitutes more than fifty
        percent (50%) of the total market value or Voting Securities of the Company's outstanding stock  If any Person is considered to own more than fifty percent (50%) of the total market value or Voting Securities of the Company's outstanding stock, the
        acquisition of additional stock by the same Person does not cause such a change in ownership.  An increase in the percentage of stock owned by any Person as a result of a transaction in which the Company acquires its stock in exchange for property,
        is treated as an acquisition of stock; 

    

    

    (ii) Any Person acquires ownership of the Company's stock possessing at least thirty percent (30%) of the Company's Voting Securities;

    

    

    (iii) The Company combines with another entity and is the surviving entity, or (y) all or substantially all of the assets or business of the Company is disposed of pursuant to a sale,
        merger, consolidation, liquidation, dissolution or other transaction or series of transactions (each of (x) and (y) being a "Triggering Event") unless the holders of Voting Securities of the Company immediately prior to such Triggering Event own,
        directly or indirectly, more than two-thirds of the Voting Securities (measured both by number of Voting Securities and by voting power) of  (1) in the case of a combination in which the Company is the surviving entity, the surviving entity and (2)
        in any other case, the entity (if any) that succeeds to all or substantially all of the Company's business and assets; or

    

    

    (iv) Any Person acquires (assets from a corporation that have a total gross fair market value equal to at least forty percent (40%) of the total gross fair market value of all the
        Company's assets immediately prior to the acquisition or acquisitions.  Gross fair market value means the value of the Company's assets, or the value of the assets being disposed of, without regard to any liabilities associated with these assets.

    

    

    In determining whether a Change of Control occurs, the attribution rules of Code Section 318 apply to determine stock ownership.  For purposes of the
      definition of Change of Control, a "Person" shall mean any person, entity or "group" within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act of 1934, as amended, except that such term shall not include (a) the
      Company or any of its subsidiaries, (b) a trustee or other fiduciary holding securities under an employee benefit plan of any member of the Company Group, (c) an underwriter temporarily holding securities pursuant to an offering of such securities or
      (d) an entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of shares of the Company.

    

    

    
      
        

    

    (e) “Claim” shall include, without limitation, any claim, demand, request, investigation, dispute, controversy, threat,
        discovery request, or request for testimony or information.

    

    

    (f) "Code" shall mean the Internal Revenue Code of 1986, as amended. Any reference to a particular section of the Code shall
        include any provision that modifies, replaces or supersedes such section.

    

    

    (g) "Competitive Services or Products" shall mean those products offered by or in development by the Company, as provided in a
        list of Competitive Services and Products to be provided to Executive no later than seven (7) days after the Effective Date, which list may be updated during the Term by the Company.

    

    

    (h) "Competitor" shall mean any existing or newly-formed Person or entity, including divisions or subsidiaries thereof that
        offers, markets or administers Competitive Products or Services, in any geographic area in which the Company offers such products or services.

    

    

    (i) "Confidential Information" shall mean all confidential or proprietary information developed or used by the Company or its
        Affiliates relating to their business, operations, employees, customers, suppliers or distributors including, but not limited to: confidential or proprietary customer lists, purchase orders, financial data, pricing information and price lists;
        confidential or proprietary business plans and market strategies and arrangements; confidential or proprietary books, records, manuals, advertising materials, catalogues, correspondence, mailing lists, production data, sales materials, sales
        records, purchasing materials, purchasing records, personnel records and quality control records; confidential or proprietary trademarks, copyrights and patents, and applications therefor; trade secrets; confidential or proprietary inventions,
        processes, procedures, research records, market surveys and marketing know-how; and confidential or proprietary technical papers, software, computer programs, data bases and documentation thereof, including but not limited to source codes,
        algorithms, processes, formulae and flow charts. The term "Confidential Information" shall not include any document, record, data compilation, or other
        information that (x) has previously been disclosed to the public, or is in the public domain, other than as a result of the Executive's breach of Section 10(a), or (y) is known or generally available to the public or within any trade or industry of
        the Company or any of its Affiliates.

    

    

    (j) "Customer" shall mean any Person to whom the Company or a Subsidiary sold or distributed products or services during the
        two years prior to the Termination Date, and any prospective customer who the Company has provided a proposal for products or services at the time of Termination (or within the prior six (6) month period).

    

    

    (k) “Good Reason” shall mean, for purposes of this Agreement, the occurrence of any of the following events without the
        Executive's prior written consent:

    

    

    (i) any material diminution in the Executive's responsibilities or authorities; or any material change in the Executive’s reporting structure; or

    

    

    (ii) any relocation of the Executive's principal office, or principal place of employment, to a location that is more than 40 miles from its location in Carmel, Indiana; provided, however, that no event or condition described in sub
        clauses (i) or (ii) above shall constitute Good Reason unless (A) the Executive gives the Company written notice of his objection to such event or condition within 90 days following the occurrence of such event or condition, (B) such event or
        condition is not corrected, in all material respects, by the Company within 30 days following the Company’s receipt of such notice (or if such event or condition is not susceptible to correction within such 30-day period, the Company has taken all
        reasonable steps within such 30-day period to correct such event or condition) and (C) the Executive resigns from his employment with the Company not more than 30 days following the expiration of the 30-day period described in the foregoing
        clause (B).

    

    

    (iii) Individuals who are Continuing Independent Directors cease for any reason to constitute a 1/2 majority of the independent members of the Board;

    

    

    
      	
              a.

            	
              “Continuing Independent Director” means an individual (i) who is as of the Effective Date, an independent director of the Company, or (ii) who
                becomes an independent director of the Company after the Effective Date and whose initial election, or nomination for election by the Company’s shareholders, was vetted and recommended by the Nominating & Governance Committee and
                approved by at least a 1/2 majority of the then Continuing Independent Directors, but excluding, for the purposes of this clause (ii), an individual whose initial assumption of office occurs as a result of an actual or threatened proxy
                contest relating to the election of directors.

            

    

    

    

    
      
        

    

    (l)  "Person" shall mean any individual, corporation, partnership, limited liability company, joint venture, trust, estate,
        board, committee, agency, body, employee benefit plan, or other person or entity.

    

    

    (m) "Proceeding" shall include, without limitation, any actual, threatened or reasonably anticipated action, suit or
        proceeding, whether civil, criminal, administrative, investigative, appellate, formal, informal or other.

    

    

    (n) “Pro-Rata STIP” shall mean an amount equal to the product obtained by multiplying (x) the aggregate amount of the Target
        STIP that the Executive would have been eligible to receive for the calendar year in which his employment hereunder terminated, if his employment hereunder had continued times (y) a fraction, the numerator of which is 365 minus the number of days
        remaining in such year after the Termination Date and the denominator of which is 365.  Any Pro-Rata STIP shall be paid in a cash lump sum by the sixty-fifth (65th) day following the Termination Date.

    

    

    (o) “Pro-Rata LTIP” shall mean an amount equal to the product obtained by multiplying (x) the aggregate amount of the Target
        LTIP that the Executive would have been eligible for the calendar year in which his employment hereunder terminated, if his employment hereunder had continued times (y) a fraction, the numerator of which is 365 minus the number of days remaining in
        such year after the Termination Date and the denominator of which is 365.  Any Pro-Rata LTIP shall be paid in a cash lump sum by the sixty-fifth (65th) day following the Termination Date.

    

    

    (p) "Subsidiary" shall mean any entity for which the Company owns a majority of the entity's Voting Securities.

    

    

    (q) "Voting Securities" shall mean issued and outstanding securities of any class or classes having general voting power, under
        ordinary circumstances in the absence of contingencies, to elect, the members of the board of directors (or similar governing body) of the issuer.Exhibit

	
	
	CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED.

Exhibit 10.3

CHANGE ORDER FORM
	
		
	PROJECT NAME:  Driftwood LNG Phase 1 

OWNER:  Driftwood LNG LLC

CONTRACTOR:  Bechtel Oil, Gas and Chemicals, Inc.

DATE OF AGREEMENT: 10 November 2017
	CHANGE ORDER NUMBER: CO-002

DATE OF CHANGE ORDER: July 24, 2019

The Agreement between the Parties listed above is changed as follows: 

		
	I.
	Scope Adjustments

Per Article 6.1B of the Phase 1 EPC Agreement, Parties agree to modify the scope of work as detailed below.

The Parties agree that Section 5.15.1 of Attachment 1 Schedule 1-1 of the Phase 1 EPC Agreement is modified (red text are additions and strikethrough text are deletions) as follows.  Further scope details of this change are enclosed as Exhibit G Phase 1 Scope Trend #S1-0040 (CSU Power).  

“Contractor shall be responsible for construction power and payments until Substantial Completion.  Owner shall be responsible for providing commissioning power in accordance with Exhibit D of Driftwood LNG Phase 1 Change Order number CO-002 at which point permanent power for facility and payments shall also be provided by Owner.  

No later than 10 months after NTP, Contractor will turnover to Owner a rough graded pad for switchyard area having top of grade high point of 105.5 ft plant elevation (13.50 ft NAVD88), top of grade low point of 104.5 ft plant elevation (12.50 ft NAVD88) and a toe of pad slope at 3:1 ratio at pad turnover. 

The Entergy switchyard rough graded pad will be constructed from general fill and does not include any settlement allowance.  Owner shall be responsible for installation of final grading, compacted gravel, supply of equipment, installation, commissioning, operation, maintenance, spill cleanup and hazardous material disposal as a result of work in the switchyard areas.  

Owner shall be responsible for all electricity usage fees and infrastructure fees from a local energy provider as required to meet the Project commissioning power requirements associated with the Work in accordance with Exhibit D of Driftwood LNG Phase 1 Change Order number CO-002.  Contractor shall be responsible for commissioning power up to a maximum of 15 MW and until 4 weeks prior to RFSU at which point permanent power facility and payments shall be provided by Owner. “

The Parties agree that Section 5.15.2 of Attachment 1 Schedule 1-1 of the Phase 1 EPC Agreement is modified (red text are additions and strikethrough text are deletions) as follows.  Further scope details of this change are enclosed as Exhibit H Phase 1 Scope Trend #S1-0036 (Water).  

“Owner shall provide a pipeline for Contractor’s use to connect to the municipal water supply at the Site boundary intersection of Global Drive and Burton Shipyard Road in accordance with Attachment 25, Exhibit 25-1 Exhibit C of Driftwood LNG Phase 1 Change Order number CO-002.  Exhibit C of Driftwood LNG Phase 1 Change Order number CO-002 supersedes water tie-in information in Attachment 25, Exhibit 25-1. Tie-in descriptions to municipal water supply below:

		
	1.
	Contractor shall be responsible for installation of a tie-in and meter for municipal water required for construction and pay for same.   Contractor assumes that this tie-in will have the capacity to supply approximately 250 gpm at 52 psig.   Contractor shall provide and distribute water for Phase 1 construction activities on the Site until Substantial Completion of Project 2.  

1

		
	2.
	Owner shall be responsible for installation of a tie-in and meter for municipal water required for potable uses for the Liquefaction Facility and pay for same.  This tie-in will have the capacity to supply approximately 100 gpm at 52 psig.  

		
	3.
	Owner shall be responsible for installation of a tie-in and meter for municipal water required for firewater use for the Liquefaction Facility and pay for same.  This tie-in will have the capacity to supply approximately 500 gpm at 52 psig for a period of 8 hours.

		
	1.
	Connection number 1: Owner shall be responsible for installation of a 6” header 150# tie-in north of building parking lot area for municipal water, as depicted on Exhibit C of Driftwood LNG Phase 1 Change Order number CO-002, required for potable uses for the Liquefaction Facility and pay for same.  This tie-in will have the capacity to supply 100 gpm at a minimum pressure of 50 psig. A meter will be installed adjacent to the public portion of Burton Shipyard Road.

		
	2.
	Connection number 2: Owner shall be responsible for installation of a 12” header 150# tie-in for well water required for fire/Demin/utility water use, as depicted on Exhibit C of Driftwood LNG Phase 1 Change Order number CO-002, for the Liquefaction Facility and pay for same.  This tie-in will have the capacity to supply 1375 gpm at a minimum pressure of 50 psig.  

		
	3.
	Connection number 3:  Owner shall be responsible for installation 2” header 150# potable water connection (from 6” header referenced in connection number 1) for Main Guard House.  The tie in point will be just south of Main Guard House as depicted on Exhibit C of Driftwood LNG Phase 1 Change Order number CO-002.  This tie-in will have the capacity to supply at a minimum pressure of 50 psig. 

		
	4.
	Connection number 4: Contractor shall be responsible for installation of a tie-in and meter for municipal water required for construction water and pay for same. Contractor will use the existing 6” header along Burton Shipyard Road and this tie-in will have the capacity to supply a minimum 250 gpm at a minimum pressure of 50 psig. Contractor shall use this connection to provide and distribute water for construction activities on the Site through all Phases of construction. Owner will not demolish or remove this 6” line prior to completion of all Phases of construction.  

		
	5.
	Connection number 5: Contractor shall be responsible for installation of a tie-in and meter for municipal water required for construction water and pay for same. Contractor will use the existing 10” header along Global Drive and this tie-in will have the capacity to supply a minimum of 250 gpm at a minimum pressure of 50 psig. Contractor shall use this connection to provide and distribute water for construction activities on the Site through all Phases of construction. Owner will not demolish or remove this 10” line prior to completion of all Phases of construction.   

  
		
	6.
	Contractor Owner will supply and install three water wells (up to 500 feet deep each and spaced 100 feet apart) on the Site off-site to supplement and/or substitute for water provided by the municipal water system to meet water requirements as described above.  The water wells will be designed with 500 gpm pumping capacity per well.   The pumping capacity, spacing and depth of the wells are subject to change based on field verification (test wells). Owner will provide water (quantity, quality, and delivery conditions) as specified in Exhibit C of Driftwood LNG Phase 1 Change Order number CO-002. Contractor shall be entitled to a Change Order should field verification warrant modifications to the existing design in order to meet the required flowrates and quality for the firewater and utility/process water systems.  Contractor assumes that the water quality from the wells on Site is consistent with the Calcasieu Parish water quality data in the Chicot Aquifer Summary Baseline Monitoring Report, FY 2002, Louisiana Department of environmental Quality. Owner will allow Contractor to use excess well water, assuming wells are first used to supply all appropriate Liquefaction Facility operation uses, for construction purposes for all Projects.”  

The Parties agree that Section 1.7 will be added to Attachment 21 of the Phase 1 EPC Agreement as follows to the extent that it applies to Phase 1 Scope Trend #S1-0036 (Water), #S1-0040 (CSU Power), and #S1-0041 (Road Modifications).  

2

	
			
	 
	Description of Data/Information/Documents Provided
	Date Provided 
or to be Provided

	1.7
	Owner to provide written confirmation to Contractor that utility companies have disconnected all existing customers served by water, sewer, power, and telecommunication utilities crossing or within the Site boundaries and that above mentioned utilities are no longer required.  
	30 days prior to NTP

The Parties agree that Section 2.8 of Attachment 21 and of the Phase 1 EPC Agreement is modified (red text are additions and strikethrough text are deletions) as follows to the extent that it applies to Phase 1 Scope Trend #S1-0036 (Water).  
	
			
	 
	Description of Data/Information/Documents Provided
	Date Provided 
or to be Provided

	2.8
	Provide municipal water supply to the designated tie-in points in accordance with Attachment 25, Exhibit 25-1 and Attachment 1, Schedule 1-1, Section 5.15.2 as agreed and modified in Driftwood LNG Phase 1 Change Order number CO-002.
	At NTP
Connection number 1: 6” header 150# potable water:  connection and water supply provided prior to month 7 after NTP.
Connection number 2: 12” header 150# tie-in and meter for well water required for fire/Demin/utility water use connection provided prior to month 7 after NTP and water supply available prior to 20 months after NTP
Connection number 3: 2” header 150# potable water:  connection and water supply provided prior to month 7 after NTP.

The Parties agree that Sections 2.15 of Attachment 21 of the Phase 1 EPC Agreement is modified (red text are additions and strikethrough text are deletions) as follows.  Further scope details of this change are enclosed as Exhibit I Phase 1 Scope Trend #S1-0041 (Road Modifications).  

	
			
	 
	Description of Data/Information/Documents Provided
	Date Provided 
or to be Provided

	2.15
	a) Provide expansion of (i) Burton Shipyard Road including all associated utilities, easements, etc. so as to provide access to the Site according to the indicative standard in Exhibit 21-1. Owner is responsible for the construction of the road improvements Burton Shipyard Road from Highway 27 to approximately 3040 feet east of Global Drive intersection and (ii) Highway 27 including all associated utilities, easements, etc. so as to provide access to the Site according to the indicative standard in Exhibit 21-2. 
180 Days after NTP or upon completion of Burton Shipyard Road, whichever is earlier, is considered as the “Road Improvement Period”.  During the Road Improvement Period, Owner will ensure that two (2) lanes of traffic remain open for Contractors use of the portion of Burton Shipyard Road from Highway 27 to approximately 3040 feet east of Global Drive intersection to provide access to the Site according to the indicative standard in Exhibit 21-1.  
b)  Convert Global Drive to private road from approximately twenty (20) feet south of the cemetery entrance to the Liquefaction Facility
c) Convert Burton Shipyard Road to private road from, as a minimum, the location of the permanent plant gate house to east end at Calcasieu River bank
[***]  
	At NTP
Item a): 180 days after NTP; 
Item b):   at NTP
Item c):   at NTP
Item d):   at NTP

3

The Parties agree that Sections 2.9, 2.16, and 2.26 of Attachment 21 and of the Phase 1 EPC Agreement is modified (red text are additions and strikethrough text are deletions) as follows to the extent that it applies to Phase 1 Scope Trend #S1-0040 (CSU Power).  

	
			
	 
	Description of Data/Information/Documents Provided
	Date Provided 
or to be Provided

	2.9
	Provide permanent electric power at the Benoit Switchyard tie-in points in accordance with the power supply requirements described in document the Scope of Facilities document 26089-200-G01-000-00001 with Exhibit E of Driftwood LNG Phase 1 Change Order number CO-002.  
	[***] weeks before first RFSU

	2.16
	Remove all existing Jefferson Davis substation above ground equipment, electrical lines and power poles along Global Drive and release servitude [***] days after NTP.  After [***] days after NTP Contractor will remove the existing aboveground infrastructure at Owner’s expense.
Note that Contractor will be removing switchyard concrete pad as part of its demolition work.  
	[***] Days after NTP

	2.26
	Owner to provide commissioning electric power at the Benoit Switchyard tie-in points in accordance with Exhibit D of Driftwood LNG Phase 1 Change Order number CO-002.

Owner supplied power will be available at the four (4) Owner tie-in points (H frame structures) located at Benoit Substation East side fence in accordance with Exhibit E of Driftwood LNG Phase 1 Change Order number CO-002.
  
	Contractor will provide 90-day notice of when CSU power will be required.  Owner to supply a minimum of 15MW, 34.5kVac, 60Hz CSU power by the later of NTP + [***] months or 90-day notice from Contractor

		
	II.
	Cost Adjustments

The Parties agree that Article 7, Section 7.1 (Contract Price) of the Phase 1 EPC Agreement is modified (red text are additions and strikethrough text are deletions) as follows:

“As compensation in full to Contractor for the full and complete performance of the Work and all of Contractor’s other obligations under this Agreement, Owner shall pay and Contractor shall accept Seven Billion Two Hundred and Forty Million Three Hundred and Fourteen Thousand Two Hundred and Thirty Two Seven Billion Two Hundred and Twenty One Million Three Hundred and Fifty Five Thousand Two Hundred and Ninety U.S. Dollars (U.S.$7,240,314,232 $7,221,355,290) and Three Hundred and Seventy Five Million Three Hundred and Forty Four Thousand One Hundred and Nineteen Euros (€375,344,119) (collectively the “Contract Price”).”

The Parties agree that Article 7, Section 7.1.A (Aggregate Provisional Sum) of the Phase 1 EPC Agreement is modified (red text are additions and strikethrough text are deletions) as follows: 

“Aggregate Provisional Sum.  The Contract Price includes an aggregate amount of Five Hundred and Forty Three Million Four Hundred and Twenty Thousand Eight Hundred and Eighteen Five Hundred and Thirty Eight Million Eight Hundred and Nineteen Thousand Two Hundred and Eight U.S. Dollars (U.S.$ 543,420,818 $538,819,208) (the “Aggregate Provisional Sum”) for the Provisional Sums.  The scope and values of each Provisional Sum comprising the Aggregate Provisional Sum amount are included in Attachment 31.”

The Parties agree that the below excerpt of Section 2.7 (Louisiana Sales and Use Taxes Provisional Sum) of Attachment 31 of the Phase 1 EPC Agreement is modified (red text are additions and strikethrough text are deletions) as follows:  

“The Aggregate Provisional Sum contains a Provisional Sum of [***] (U.S.$ [***]) for Louisiana Sales and Use Taxes arising in connection with the Work (“Louisiana Sales and Use Taxes Provisional Sum”).”

4

The Parties agree that the below excerpt of Section 2.9 (Commissioning Power Provisional Sum) of Attachment 31 of the Phase 1 EPC Agreement is modified (red text are additions and strikethrough text are deletions) per the below.  [***].  

“The Aggregate Provisional Sum contains a Provisional Sum of [***] Dollars (U.S.$[***]) for the supply of commissioning power to the LNG facility as necessary to support the Project Schedule and the Work (“Commissioning Power Provisional Sum”).  The Commissioning Power Provisional Sum work is defined in the modified Section 5.15.1 of Attachment 1-1 in Driftwood LNG Phase 1 Change Order number CO-002 to include supply of equipment, installation, commissioning, operation, maintenance and all electricity usage fees and infrastructure fees from a local energy provider as required to meet the Project commissioning power requirements associated with the Work.”

The Parties agree that Attachment 3 (Payment Schedule), Schedule 3-1 (Milestone Payment Schedule USD) of the Phase 1 EPC Agreement is modified by addition of the payment milestones listed in Exhibit A of Driftwood LNG Phase 1 Change Order number CO-002.

	
			
	Adjustment to Contract Price
	 
	 

	The original Contract Price was
	USD 7,240,314,232
	EUR 375,344,119

	Net change by previously authorized Change Orders (# CO-001)
	USD 0
	EUR 0

	The Contract Price prior to this Change Order was
	USD 7,240,314,232
	EUR 375,344,119

	The Contract Price will be (increased) (decreased) (unchanged) 
	 
	 

	by this Change Order in the amount of
	USD (18,958,942)
	EUR 0

	The new Contract Price including this Change Order will be
	USD 7,221,355,290
	EUR 375,344,119

	 
	 
	 

Adjustments to dates in Project Schedule: 

The following dates are modified: N/A

Adjustment to other Changed Criteria: N/A

Adjustment to Payment Schedule: Yes.  See Exhibit A

Adjustment to Minimum Acceptance Criteria: N/A

Adjustment to Performance Guarantees: N/A

Adjustment to Design Basis: N/A

Other adjustments to liability or obligation of Contractor or Owner under the Agreement: N/A

Select either A or B:
[A] This Change Order shall constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall be deemed to compensate Contractor fully for such change.  Initials:  AP Contractor  HC Owner

[B] This Change Order shall not constitute a full and final settlement and accord and satisfaction of all effects of the change reflected in this Change Order upon the Changed Criteria and shall not be deemed to compensate Contractor fully for such change.  Initials:  ____ Contractor  ____ Owner

Upon execution of this Change Order by Owner and Contractor, the above-referenced change shall become a valid and binding part of the original Agreement without exception or qualification, unless noted in this Change Order.  Except as modified by this and any previously issued Change Orders, all other terms and conditions of the Agreement shall remain in full force and effect.  This Change Order is executed by each of the Parties’ duly authorized representatives. 

5

	
			
	/s/ Howard Candelet
	 
	/s/ Andrey Polunin

	Owner
	 
	Contractor

	Howard Candelet
	 
	Andrey Polunin

	Name
	 
	Name

	SVP Projects, President Driftwood LNG
	 
	Senior Vice President

	Title
	 
	Title

	24th July 2019
	 
	May 31, 2019

	Date of Signing
	 
	Date of Signing

6

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