Document:

Exhibit 10.21

 

ESCROW AGREEMENT

 

THIS ESCROW AGREEMENT
(this “Agreement”) is made and entered into as of June 25, 2020, by and among Whole Earth Brands, Inc. (f/k/a
Act II Global Acquisition Corp.), a Delaware corporation (“Purchaser”), Act II Global LLC, a Delaware limited
liability company (“Purchaser Sponsor”), and Continental Stock Transfer & Trust Company, a New York corporation
(the “Escrow Agent”). Capitalized terms used but not otherwise defined herein shall have the meaning ascribed
to such term in the Purchase Agreement (as defined below).

 

WHEREAS, Purchaser
and Flavors Holdings Inc., a Delaware corporation (“Flavors Holdings”), MW Holdings I LLC, a Delaware limited
liability company (“MW Holdings I”), MW Holdings III, a Delaware limited liability company (“MW Holdings
III,” and together with MW I Holdings, the “MW Holdings Entities”), Mafco Foreign Holdings, Inc.,
a Delaware corporation (“Mafco Foreign Holdings,” and together with Flavors Holdings and the MW Holdings Entities,
 “Sellers”), and for purposes of Amendment No. 2 and Amendment No. 3 to the Purchase Agreement, Project Taste
Intermediate Holdco LLC, a Delaware limited liability company, entered into that certain Purchase Agreement dated as of December
19, 2019, as amended by that certain Amendment No. 1 to Purchase Agreement dated as of February 12, 2020, Amendment No. 2 to Purchase
Agreement dated as of May 8, 2020, and Amendment No. 3 to Purchase Agreement dated June 15, 2020 (collectively, as it may be further
amended, supplemented or otherwise modified from time to time, the “Purchase Agreement”), pursuant to which
Purchaser (or its designee) directly or indirectly acquired all of the issues and outstanding equity interests of the Acquired
Companies and the Transferred Assets and Liabilities from Sellers in exchange for an amount equal to the Purchase Price, subject
to the terms and conditions set forth therein;

 

WHEREAS, immediately
prior to the Closing, Purchaser effected (a) a deregistration under the Cayman Islands Companies Law (2020 Revision) and (b) a
domestication under Section 388 of the Delaware General Corporation Law (collectively, the “Domestication”),
pursuant to which, among other things, (i) Purchaser’s jurisdiction of incorporation transferred by way of continuation from
the Cayman Islands to the State of Delaware and (ii) Purchaser’s name changed from “Act II Global Acquisition Corp.”
to “Whole Earth Brands, Inc.”;

 

WHEREAS, the Purchase
Agreement contemplates that, immediately following the Closing, the parties hereto will enter into this Agreement, pursuant to
which three million (3,000,000) shares of common stock of Whole Earth Brands, Inc. (which was converted at Closing from Class B
ordinary shares of Act II Global Acquisition Corp.) (the “Escrowed Sponsor Shares”) held by Purchaser Sponsor
shall be held subject to this Agreement, and all share certificates (if any) in respect of the Escrowed Sponsor Shares shall be
deposited into an escrow account (the “Sponsor Escrow”) as established and maintained by the Escrow Agent in
accordance with the terms of this Agreement; and

 

WHEREAS, the Escrow
Agent is willing to administer the Sponsor Escrow under the terms and conditions of this Agreement.

 

NOW THEREFORE, in consideration
of the foregoing premises and agreements of the parties and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, and of the mutual covenants hereinafter set forth, and intending to be legally bound, the parties
hereto agree as follows:

 

     

     

    

 

1.                 
Appointment. Purchaser and Purchaser Sponsor hereby appoint the Escrow Agent as their escrow agent for the purposes
set forth herein, and the Escrow Agent hereby accepts such appointment and agrees to perform the duties of their escrow agent under
the terms and conditions set forth herein.

 

2.                 
Escrowed Sponsor Shares.

 

(a)              
Purchaser Sponsor agrees to deposit with the Escrow Agent the Escrowed Sponsor Shares on the date hereof. The Escrow Agent
shall hold the Escrowed Sponsor Shares as a book-entry position registered in the name of Continental Stock Transfer and Trust
Company as Escrow Agent for the benefit of Purchaser Sponsor.

 

(b)              
Except as otherwise provided herein, Purchaser Sponsor shall retain all of its rights as a shareholder of Purchaser during
the Effective Period (as defined in Section 3(b)), including, without limitation, the right to vote such shares.

 

(i)                
Any dividends, distributions, or other proceeds paid with respect to the Escrowed Sponsor Shares shall be (A) deemed part
of the Sponsor Escrow and (B) delivered to the Escrow Agent each to be held in a bank account and be deposited in a non-interest-bearing
account to be maintained by the Escrow Agent in the name of the Escrow Agent.

 

(ii)             
In the event of any share subdivision, share capitalization, share consolidation, merger, consolidation, recapitalization,
restructuring or other change in Purchaser’s equity securities from and after the date hereof, the amounts of Escrowed Sponsor
Shares shall be equitably adjusted to reflect such changes in accordance with the terms not otherwise inconsistent with the Purchase
Agreement.

 

(c)              
During the Effective Period, the Escrow Agent shall hold the Escrowed Sponsor Shares in the Sponsor Escrow, and shall not
sell, transfer, dispose of, lend or otherwise subject to a lien any of the Escrowed Sponsor Shares except until and to the extent
that they are disbursed in accordance with Section 3.

 

3.                 
Disposition and Termination

 

(a)              
The Escrow Agent shall administer the Escrowed Sponsor Shares in accordance with written instructions provided by Purchaser
Sponsor to the Escrow Agent from time to time (an “Instruction”) directing the Escrow Agent to pay or release
the Escrowed Sponsor Shares, or any portion thereof, as set forth in such Instruction. The Escrow Agent shall make distributions
of the Escrowed Sponsor Shares only in accordance with an Instruction, which Instruction shall comport to the requirements set
forth below:

 

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(i)                
During the period between the date of Closing but on or prior to the fifth (5th) anniversary of Closing (the “Escrow
Period”), subject to the terms and conditions set forth herein and in the Purchase Agreement:

 

(A)            
Upon the earlier to occur of (such occurrence, a “Trigger Event”) (x) the volume weighted-average per-share
trading price of Common Stock being at or above $20.00 per share for twenty (20) trading days in any thirty (30)-day continuous
trading period during the Escrow Period, (y) a Change in Control, and (z) the expiration of the Escrow Period, the Escrow Agent
shall release the Escrowed Sponsor Shares to Purchaser Sponsor from the Sponsor Escrow; provided, that in the case of a
Trigger Event that is a Change in Control, the Escrow Agent shall release the Escrowed Sponsor Shares immediately prior to the
consummation of such Change in Control).

 

(ii)             
 In no event will the Escrow Agent make any distribution of the Escrowed Sponsor Shares unless such Instruction is signed
by both an authorized representative designated in Exhibit 1 of Purchaser and Purchaser Sponsor.

 

(b)              
Upon the delivery of all of the Escrowed Sponsor Shares by the Escrow Agent in accordance with the terms of this Agreement
(including this Section 3), this Agreement shall terminate (the period of time commencing on the date hereof until the termination
of this Agreement, the “Effective Period”).

 

4.                 
Escrow Agent

 

(a)              
The Escrow Agent shall have only those duties as are specifically provided herein, and no other duties shall be implied.
The Escrow Agent shall neither be responsible for, nor have any requirements to comply with, the terms and conditions of any other
agreement or document between the other parties hereto and any other person or entity in connection herewith, if any, including
without limitation the Purchase Agreement, nor shall the Escrow Agent be required to determine if any person or entity has complied
with any such agreements, nor shall any additional obligations of the Escrow Agent be inferred from the terms of such agreements,
even though reference thereto may be made in this Agreement.

 

(b)              
In the event of any conflict between the terms and provisions of this Agreement, those of the Purchase Agreement, any schedule
or exhibit attached to this Agreement, or any other agreement among Purchaser and Purchaser Sponsor, or any other person or entity,
the terms and conditions of this Agreement shall control.

 

(c)              
The Escrow Agent shall not be liable for any action taken, suffered or omitted to be taken by it in good faith other than
expenses or losses arising from the gross negligence, fraud or willful misconduct of the Escrow Agent.

 

5.                 
Succession. The Escrow Agent may resign and be discharged from its duties or obligations hereunder (i) if so requested
at any time by all of the other parties hereto; or (ii) by giving forty-five (45) days’ advance notice in writing of such
resignation to all of the other parties hereto, specifying a date when such resignation shall take effect; provided, that
such resignation shall not take effect until a successor escrow agent has been appointed in accordance with this Section 5.
If Purchaser has failed to appoint a successor escrow agent prior to the expiration of thirty (30) days following receipt of the
notice of resignation, the Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor escrow
agent or for other appropriate relief, and any such resulting appointment shall be binding upon all of the parties hereto.

 

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6.                 
Compensation and Reimbursement. Subject to Section 13 below, the Escrow Agent shall be entitled to compensation
for services rendered by it as Escrow Agent under this Agreement, and to be paid or reimbursed for reasonable, documented out-of-pocket
costs and expenses, including reasonable documented out-of-pocket attorneys’ fees, incurred or paid in connection with carrying
out its duties hereunder, such amounts to be paid by Purchaser.

 

7.                 
Indemnity. Subject to Section 13 below, the Escrow Agent shall be indemnified and held harmless by Purchaser
and Purchaser Sponsor from and against any expenses, including counsel fees and disbursements, or loss suffered by the Escrow Agent
in connection with any action, suit or other proceeding involving any claim which, directly or indirectly, arises out of or relates
to this Agreement, the services of the Escrow Agent hereunder, other than expenses or losses arising from the gross negligence,
fraud or willful misconduct of the Escrow Agent or any of its officers, directors, employees and agents. Promptly after the receipt
by the Escrow Agent of notice of any demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent shall
notify the other parties hereto in writing. In the event of the receipt of such notice, the Escrow Agent may commence an action
in the nature of interpleader in the any state or federal court located in New York County, State of New York. This Section
7 shall survive in the event the Escrow agent resigns or is discharged pursuant to Section 5.

 

8.                 
Good Faith Reliance. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and
in the exercise of its own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand,
certificate, opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other
paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth
and acceptability of any information therein contained) which is believed by the Escrow Agent to be genuine and to be signed or
presented by the proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification,
termination or rescission of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party
or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall have given its prior written consent
thereto.

 

9.                 
USA PATRIOT Act. Purchaser Sponsor agrees to provide the Escrow Agent with the information reasonably requested by
the Escrow Agent to verify and record its identity pursuant to the Escrow Agent’s procedures for compliance with the U.S.
Patriot Act and any other applicable laws.

 

10.             
Notices. All communications hereunder shall be in writing, and all notices and communications hereunder shall be
deemed to have been duly given and made if in writing and if (i) served by personal delivery upon the party for whom it is intended,
(ii) delivered by registered or certified mail, return receipt requested, or by Federal Express or similar overnight courier, or
(iii) sent by facsimile or email, provided that the receipt of such facsimile or email is promptly confirmed, by telephone, electronically
or otherwise, to the party at the address set forth below, or such other address as may be designated in writing hereafter, in
the same manner, by such party:

 

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	 	If to the Escrow Agent:
	 	 
	 	Continental Stock Transfer and Trust Company
	 	One State Street — 30th Floor
	 	New York, New York 10004
	 	Attention:	Isaac Kagan
	 	 	Francis Wolf
	 	E-mail:	ikagan@continentalstock.com
	 	 	fwolf@continentalstock.com
	 	 	 
	 	If to Purchaser or Purchaser Sponsor:
	 	 
	 	Whole Earth Brands, Inc.
	 	745 5th Avenue
	 	New York, NY 10151
	 	Attention:  Ira Lamel
	 	Email: ira.lamel@act2global.com
	 	 
	 	with a copy (which shall not constitute notice) to:
	 	 
	 	DLA Piper LLP (US)
	 	1251 Avenue of the Americas, 25th Floor
	 	New York, NY 10020
	 	Attention:	Christopher P. Giordano
	 	 	Jon Venick
	 	E-mail:	christopher.giordano@dlapiper.com
	 	 	jon.venick@dlapiper.com 

 

Any party may from time to time change
its address for the purpose of notices to that party by a similar notice specifying a new address, but no such change shall be
deemed to have been given until it is actually received by the party sought to be charged with its contents. All notices and other
communications required or permitted under this Agreement which are addressed as provided in this Section 10 if delivered
personally or courier, shall be effective upon delivery; if sent by facsimile, shall be delivered upon receipt of proof of transmission.
If any notice or other document is required to be delivered to the Escrow Agent and any other person, the Escrow Agent may assume
without inquiry that notice or other document was received by such other person on the date on which it was received by the Escrow
Agent.

 

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11.             
Security Procedures.

 

(a)              
Notwithstanding anything to the contrary as set forth in Section 8, any instructions setting forth, claiming, containing,
objecting to, or in any way related to the transfer or distribution, including but not limited to any transfer instructions that
may otherwise be set forth in a written instruction permitted pursuant to Section 3, may be given to the Escrow Agent only
by confirmed facsimile or other electronic transmission (including e-mail) and no instruction for or related to the transfer or
distribution of the Escrowed Sponsor Shares, or any portion thereof, shall be deemed delivered and effective unless the Escrow
Agent actually shall have received such instruction by facsimile or other electronic transmission (including e-mail) at the number
or e-mail address provided by the Escrow Agent in accordance with Section 10 and as further evidenced by a confirmed transmittal
to that number.

 

(b)              
In the event transfer instructions are so received by the Escrow Agent by facsimile or other electronic transmission (including
e-mail), the Escrow Agent is authorized to seek confirmation of such instructions by telephone call-back to the person or persons
designated on Schedule 1 hereto, and the Escrow Agent may rely upon the confirmation of anyone purporting to be the person
or persons so designated. The persons and telephone numbers for call-backs may be changed only in a writing actually received and
acknowledged by the Escrow Agent. If the Escrow Agent is unable to contact any of the authorized representatives identified in
Schedule 1, the Escrow Agent is hereby authorized both to receive written instructions from and seek confirmation of such
instructions by officers of Whole Earth Brands, Inc. (collectively, the “Senior Officers”), as the case may
be, which shall include the titles of Chief Executive Officer, General Counsel, Chief Financial Officer, President or Executive
Vice President, as the Escrow Agent may select. Such Senior Officer shall deliver to the Escrow Agent a fully executed incumbency
certificate, and the Escrow Agent may rely upon the confirmation of anyone purporting to be any such officer.

 

12.             
Compliance with Court Orders. In the event that any order, judgment or decree shall be made or entered by any court
order affecting the Escrowed Sponsor Shares deposited under this Agreement, the Escrow Agent may comply with such order, judgment
or decree so entered or issued; provided, that is advised by opinion of legal counsel of its own choosing that such order,
judgment, or decree is binding upon the Escrow Agent, whether with or without jurisdiction. In the event that the Escrow Agent
reasonably complies with any such order, judgment or decree, it shall not be liable to any of the parties hereto by reason of such
compliance.

 

13.             
Waiver. The Escrow Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind
(“Claim”) in, or to any distribution of, the Trust Account (as defined in that certain Investment Management
Trust Agreement dated as of April 25, 2019, by and between Purchaser and the Escrow Agent (as trustee thereunder)) and hereby agrees
not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

14.             
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New
York (without regard to its laws relating to choice-of-law) applicable to contracts between residents of that State and executed
in and to be performed entirely within that State.

 

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15.             
Jurisdiction and Venue. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENTS TO SUBMIT TO THE JURISDICTION
OF THE COURTS OF THE STATE OF NEW YORK, OR IF THE COURTS OF THE STATE OF NEW YORK LACKS JURISDICTION, ANY OTHER FEDERAL COURTS
OF THE UNITED STATES OF AMERICA LOCATED IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK AND THE APPROPRIATE APPELLATE COURTS
THEREFROM (the “Chosen Courts”), for any Action arising out of, or relating to, this Agreement, and each party
agrees not to commence any Action relating hereto or thereto except in such court. Each party (i) waives any objection to
laying venue in any such Action in the Chosen Courts, (ii) waives any objection that the Chosen Courts are an inconvenient
forum or do not have jurisdiction over any party and (iii) without limiting other means of service of process permissible
under applicable Law, agrees that service of process upon such party in any such Action will be effective if notice is given in
accordance with Section 10.

 

16.             
Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY
THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE EXTENT PERMITTED BY LAW AT THE TIME OF INSTITUTION OF THE APPLICABLE LITIGATION,
ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS AGREEMENT.  EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT:  (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF
ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER, (II) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) EACH PARTY
MAKES THIS WAIVER VOLUNTARILY, AND (IV) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN SECTIONS 14, 15 and 16.

 

17.             
Amendment; Waiver. Except for changes to transfer instructions as provided in Section 9, this Agreement may
not be modified or amended except by an instrument or instruments in writing and mutually signed by each of the parties hereto.
Each party may, only by an instrument in writing, waive compliance by any other party with any term or provision of this Agreement
on the part of such other party to be performed or complied with. The waiver by a party of a breach of any term or provision of
this Agreement by another party shall not be construed as a waiver of any subsequent breach. No failure or delay on the part of
any party hereto in the exercise of any right hereunder will impair such right or be construed to be a waiver of, or acquiescence
in, any breach of any representation, warranty, covenant or agreement herein, nor will any single or partial exercise of any such
right preclude any other (or further) exercise thereof or of any other right. All rights and remedies existing under this Agreement
are cumulative to, and not exclusive to or exclusive of, any rights or remedies otherwise available to a party hereunder.

 

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18.             
Successors and Assigns. Neither this Agreement nor any right or interest hereunder may be assigned in whole or in
part by any of the parties without the prior written consent of each of the parties hereto, and any purported assignment without
such consent shall be null and void ab initio.

 

19.             
Miscellaneous.

 

(a)              
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or
interpretation thereof.

 

(b)              
This Agreement shall be binding upon and inure to the benefit of the respective parties hereto and their legal representatives,
successors and assigns.

 

(c)              
This Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an original,
and together shall constitute but one instrument. The exchange of a fully executed Agreement (in counterparts or otherwise) by
facsimile or other means of electronic transmission shall be sufficient to bind the parties to the terms and conditions of this
Agreement.

 

 

 

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

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

 

	 	PURCHASER:
	 	 
	 	WHOLE EARTH BRANDS, INC.
	 	 	 
	 	 	 
	 	By: 	 /s/ Andrew Rusie
	 	Name: Andrew Rusie
	 	Title:   Chief Financial Officer
	 	 	 
	 	PURCHASER SPONSOR:
	 	 	 
	 	ACT II GLOBAL LLC
	 	 	 
	 	 	 
	 	By: 	 /s/ John Carroll
	 	Name: John Carroll
	 	Title:  Managing Member

 

 

 

    	 	9	 

     

    

 

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

 

	 	ESCROW AGENT:
	 	 
	 	CONTINENTAL STOCK TRANSFER AND TRUST COMPANY
	 	 
	 	By: 	 /s/ Isaac Kagan
	 	Name: Isaac Kagan
	 	Title:   Vice President

 

 

 

    	 	10Document

Exhibit 10.1

SEPARATION AGREEMENT AND GENERAL RELEASE

This Separation Agreement and General Release (the “Agreement”) is made as of June 24, 2020 (the “Effective Date”), by and between United Insurance Holdings Corp., a Delaware corporation (the “Company,” and together with its subsidiaries and affiliates, the “Company Group”), and John L. Forney (“Executive”).

WHEREAS, the Company and Executive wish to set forth the terms and conditions governing the termination of Executive’s employment, and to provide for the settlement and release of any and all claims, demands, and causes of action Executive may have against the Company Group arising out of or in any way related to Executive’s employment with the Company, according to the terms of this Agreement.

NOW, THEREFORE, in consideration of their mutual promises and undertakings contained in this Agreement, the Company and Executive agree as follows:

1.Employment Termination Date.  The Company acknowledges receipt of Executive’s resignation and agrees that Executive’s last day of employment with the Company shall be June 30, 2020 (the “Termination Date”).  As of the Termination Date, Executive shall, and hereby does, resign from any and all officer, director and committee positions with the Company Group.

2.Accrued Obligations.  After the Termination Date, the Company shall pay to Executive all Accrued Payments, as defined in the Amended and Restated Employment Agreement, dated April 21, 2017, by and between the Company and Executive, as thereafter amended (the “Employment Agreement”). 

3.Severance Benefits.  Executive acknowledges and agrees that he has voluntarily resigned from employment for a reason other than Good Reason, as defined in the Employment Agreement, and is not eligible for severance benefits under the terms of the Employment Agreement, or any other plan, agreement or policy, and instead shall be eligible to receive only the severance benefits set forth herein.  Subject to (i) Executive executing and returning this Agreement within 21 days after his receipt hereof, (ii) Executive executing and returning the Affirmation set forth as Exhibit A hereto (the “Affirmation”) within 21 days after (but not before) the Termination Date, (iii) Executive not revoking this Agreement in accordance with Section 15(d) below and not revoking the Affirmation per its terms, and (iv) Executive’s continued compliance with the terms of this Agreement, the Employment Agreement, and any other agreement between Executive and any member of the Company Group containing continuing obligations on the part of Executive, Executive will be entitled to the following payments and benefits (collectively, the “Severance Benefits”):

a.In lieu of any annual bonus that would otherwise be earned and payable for the 2020 fiscal year, the Company shall make a cash payment to Executive in the aggregate amount of $500,000, which shall be paid on the first regular bi-weekly pay date following the expiration of the revocation period that applies to the Affirmation.
1

a.Executive shall become vested in 10,137 restricted stock units granted by the Company on September 18, 2018 and 10,764 restricted stock units granted by the Company on April 3, 2019 (both inclusive of accrued dividend equivalent units), in each case under its 2013 Omnibus Incentive Plan (together, the “Vested RSUs”). The Vested RSUs shall be settled in accordance with their terms no later than three (3) days following the expiration of the revocation period that applies to the Affirmation.  For the avoidance of doubt, all other unvested equity-based compensation awards held by Executive as of the date of this Agreement, including, but not limited to, stock options, performance stock units and restricted stock units,  shall not be entitled to accelerated vesting, and shall be forfeited and terminate as of the Termination Date.

4.Tax Withholding.  Except as otherwise stated in this Agreement, the Company shall deduct (or cause to be deducted) from the amounts payable to Executive pursuant to this Agreement the amount of all required federal, state and local taxes required to be withheld pursuant to applicable law.

5.Restrictive Covenants.  The parties agree and acknowledge that the covenants and remedies appearing in the Employment Agreement, as well as any additional covenants or obligations owed by Executive pursuant to any other agreement entered into between Executive and any member of the Company Group, shall remain in full force and effect and are incorporated herein, and Executive hereby reaffirms his commitment to comply with all such obligations, and agrees to notify any subsequent employer of such obligations.  Notwitsthanding the foregoing, the Company acknowledges that Executive’s acceptance of a position with GeoVera Insurance Group Holdings, Ltd., (“GeoVera”) will not be considered a breach of the noncompete restrictions in the Employment Agreement, based on the business activities currently conducted by GeoVera.

6.Non-disparagement and Return of Property.  Executive agrees to the following covenants: 

a.Non-Disparagement.  Neither the Company nor any of its subsidiaries shall make, issue or publish, or cause to make, issue or publish, any public statement that contains any libelous or defamatory information concerning Executive, or that is intended to disparage Executive. Executive shall not, directly or indirectly, disclose, communicate, or publish in any format any libelous, defamatory, or disparaging information concerning the Company Group, its executives, officers, Board of Directors, its subsidiaries, affiliates, employees, operations, technology, proprietary or technical information, strategies or business whatsoever, or cause others to disclose, communicate, or publish any disparaging information concerning the same.  Notwithstanding anything to the contrary in this Section 6, nothing shall prohibit Executive, the Company or any of its subsidiaries, or any other person or entity from giving truthful testimony or evidence to a governmental entity, or if properly subpoenaed or otherwise required to do so under applicable law, or from complying with applicable reporting and disclosure requirements.
2

b.Return of Property.  Executive agrees to return to the Company Group all Company Group credit cards, identification cards, access cards and keys to the Company Group’s properties or facilities that Executive may have in his possession.  Executive shall return any and all confidential files and confidential and proprietary information of the Company Group that Executive may have in his possession. Any Company Group information contained or stored on any computer equipment or devices that were issued to Executive by the Company Group shall be scrubbed and removed by the Company Group. Executive shall return any and all of the Company Group’s property, including but not limited to, computer equipment, devices, peripherals, printers, and company vehicles.

7.Release of Claims; Agreement Not to Sue.  Executive, for himself, his heirs, executors, administrators, representatives, attorneys, successors, and assigns, for the consideration set forth in this Agreement, plus other good and sufficient consideration, the receipt of which is hereby acknowledged, does remise, release, acquit, satisfy, and forever discharge the Company Group, its current and former Boards of Directors, officers, members, managers, employees, attorneys, agents, insurers, contractors, affiliates, predecessors, successors, assigns, employee benefit and/or pension plans or funds (including qualified and non-qualified plans or funds), benefit plan administrators, successors and/or assigns, and any of its or their past, present or future parent corporations, subsidiaries, divisions, affiliates, officers, directors, agents, trustees, administrators, attorneys, employees, employee benefit and/or pension plans or funds (including qualified and non-qualified plans or funds), successors and/or assigns (whether acting as agents for the Company Group or in their individual capacities), of and from all, and all manner of action and actions, cause and causes of action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses, damages, judgments, executions, claims and demands whatsoever, in law or in equity, including, without limitation, all claims which involve in any way or relate to Executive’s employment with the Company Group, Executive’s dealings with the Company Group, Executive’s claims for benefits from the Company Group, or any other claims against the Company Group or the released parties which Executive has, had, or may have and which arose from the beginning of the world to the date of this Agreement. The claims being released include, but are not limited to, all claims for compensation, unpaid wages or bonuses, claims of discrimination or concerning other employment practices prohibited under federal, state, or local law, and include, without limitation, claims arising under or for alleged violations of: the Age Discrimination in Employment Act, as amended, 29 U.S.C. § 621 et seq., Title VII of the Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991, 42 U.S.C. §2000 et. seq.; 42 U.S.C. §§1981, 1983, 1986 and 1988; The Americans with Disabilities Act; 42 U.S.C. § 12101, et. seq. (“ADEA”); The Equal Pay Act of 1963, as amended; The Fair Labor Standards Act, as amended; the Family and Medical Leave Act, The Employee Retirement Income Security Act of 1974 (“ERISA”), Federal Common Law; The Florida Civil Rights Act of 1992, as amended; The Florida Equal Rights Law, as amended; The Florida General Labor Regulations, as amended; Workers’ Compensation; Tort; Wrongful discharge; Tortious interference with contractual 
3

relations, or the common law of the State of Florida, including but not limited to breach of contract (whether written or oral), intentional infliction of emotional distress, defamation, and negligent supervision or retention, or claims for attorneys’ fees and costs, which Executive or the releasing parties ever had, now has, hereafter can, shall or may have, against the Company Group or the released parties, upon or by reason of any matter, cause or thing from the beginning of time to the date of this Agreement; provided, however, that notwithstanding the foregoing, nothing contained herein shall in any way diminish or impair: (I) any claim for employee benefits under plans covered by ERISA to the extent such claim may not lawfully be waived; (II) any rights Executive may have to vested benefits under employee benefit plans (such as Executive’s entitlements under the Company Group’s 401(k) plans), his rights in respect of any vested equity awards and his rights to the Severance Benefits pursuant to this Agreement; or (III) any obligations of the Company Group to Executive pursuant to Section 7 of the Employment Agreement and any accrued but unpaid obligations to Executive pursuant to Sections 3.1 and 3.4 of the Employment Agreement.

8.Executive Cooperation and Assistance.  Executive agrees to cooperate with the Company Group in the defense or prosecution of any lawsuits, arbitrations, or any other types of proceedings, and in the preparation of any response to any examination or investigation by any government entity or agency, and with respect to any other claims or matters (all such lawsuits, arbitrations, proceedings, examinations, investigation, claims and matters being collectively referred to as “Proceedings”), arising out of or in any way related to the policies, practices, or conduct of the Company Group during the time Executive was employed by the Company, and shall testify fully and truthfully in connection therewith. In addition, Executive agrees that, upon reasonable notice, Executive will participate in such informal interviews by counsel for the Company Group as may be reasonably necessary to ascertain Executive’s knowledge concerning the facts relating to any such Proceedings, and to cooperate with such counsel in providing testimony whether through deposition or affidavit in any such Proceeding.  Executive agrees to immediately notify the Company if he is served with legal process to compel disclosure of any information related to either Executive’s employment with the Company or information regarding one or more of its affiliates, unless prohibited by law.  Executive further agrees to immediately notify the Company if he is contacted regarding any legal claim or legal matter related to his employment with the Company, unless prohibited by applicable law.  In all events, the Company will reimburse Executive for his reasonable travel, lodging and other out-of-pocket expenses associated with his compliance with this Section. The Company will make every reasonable effort to accommodate Executive’s personal and business schedules when requesting his assistance and cooperation.

9.Attorneys’ Fees. The Company shall reimburse Executive for his reasonable documented attorneys' fees and expenses that Executive incurs in connection with advice regarding the negotiation of this Agreement in an aggregate amount not to exceed $10,000.

10.Executive Acknowledgments.  Executive acknowledges and agrees that the following are true statements: (a) Executive has reported to the Company any and all work-related injuries incurred during his employment with the Company; (b) the Company properly 
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provided any leave of absence because of Executive’s or a family member’s health condition, and Executive has not been subjected to any improper treatment, conduct or actions due to a request for or taking such leave; and (c) Executive had the opportunity to provide the Company with written notice of any and all concerns regarding suspected ethical and compliance issues or violations on the part of the Company or any released party and to report to the Company any complaints, claims, or actions filed against the Company or any released party.

11.No Admission of Liability.  Nothing in this Agreement shall be construed to be an admission of liability by the Company, any other member of the Company Group or any of their respective shareholders, officers, employees, agents, successors, assigns, or any other affiliated person or entity for any alleged violation of any of Executive's statutory rights or any common law duty imposed upon any member of the Company Group.

12.Adequate Consideration.  Executive agrees that the payments and benefits  provided under this Agreement are adequate consideration for all promises, obligations and releases by Executive contained in this Agreement. 

13.Non-waiver.  The waiver by either party of a breach of any provision of this Agreement or the Employment Agreement by the other party shall not operate or be construed as a waiver of any subsequent breach of the same or any other provision of this Agreement or the Employment Agreement.

14.Complete Agreement.  Except as otherwise specifically provided herein, this Agreement and Sections 3.1, 5, 7, 8, 9, 10, 12, 15, 16 and 18 of the Employment Agreement (which shall be deemed incorporated into this Agreement) constitute the complete agreement and understanding of the parties with respect to the subject matter hereof and with respect to Executive’s employment with the Company and supersedes any prior agreements or understanding covering this subject matter, either written or oral, between the parties.   

15.Section 409A.  This Agreement is intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), and shall be interpreted and construed consistently with such intent.  The payments to Executive pursuant to this Agreement are also intended to be exempt from Section 409A to the maximum extent possible, under either the separation pay exemption pursuant to Treasury Regulation §1.409A-1(b)(9)(iii) or as short-term deferrals pursuant to Treasury Regulation §1.409A-1(b)(4), and for this purpose each payment shall constitute a “separately identified” amount within the meaning of Treasury Regulation §1.409A-2(b)(2).  In the event the terms of this Agreement would subject Executive to taxes or penalties under Section 409A (“409A Penalties”), the Company and Executive shall cooperate diligently to amend the terms of this Agreement to avoid such 409A Penalties, to the extent possible; provided that in no event shall the Company or any other member of the Company Group be responsible for any 409A Penalties that arise in connection with any amounts payable under this Agreement.  To the extent any amounts under this Agreement are payable by reference to Executive’s “termination of employment,” such term shall be deemed to refer to Executive’s “separation from service,” within the meaning of Section 409A.  Any reimbursement or advancement 
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payable to Executive pursuant to this Agreement or otherwise shall be conditioned on the submission by Executive of all expense reports reasonably required by the Company under any applicable expense reimbursement policy, and shall be paid to Executive as soon as administratively practicable following receipt of such expense reports, but in no event later than the last day of the calendar year following the calendar year in which Executive incurred the reimbursable expense.  Any amount of expenses eligible for reimbursement, or in-kind benefit provided, during a calendar year shall not affect the amount of expenses eligible for reimbursement, or in-kind benefit to be provided, during any other calendar year.  The right to any reimbursement or in-kind benefit pursuant to this Agreement or otherwise shall not be subject to liquidation or exchange for any other benefit.

16.Consultation with Counsel; Executive’s Acknowledgement of Rights and Deadlines.  

a.Counsel.  The Company advises Executive to consult with an attorney prior to signing this Agreement which includes a release of certain specified rights. 

b.Time to Review Agreement.  Executive acknowledges and understands that he has up to 21 days following his receipt of this Agreement to sign and return this Agreement to the contact person and address for the Company provided in the Employment Agreement.

c.ADEA Waiver.  Executive further acknowledges and understands that the Severance Benefits due to Executive under this Agreement provide adequate consideration to Executive for the waiver of any rights Executive may have under the ADEA and the other releases provided under Section 8.

d.Right of Revocation.  Executive understands that he has the right within seven days of the signing of this Agreement to revoke his waiver of rights to claim damages under Section 8, including the ADEA if applicable.  If Executive does revoke that waiver within the seven-day period, this Agreement shall be null and void.  Any revocation must be in writing and delivered to the contact person and address for the Company provided in the Employment Agreement. Revocation must be delivered by 5:00 p.m. on the seventh day after Executive signs this Agreement.  Unless Executive returns the revocation in person, it must be: (1) properly addressed; (2) postmarked no later than the seventh day after execution of this Agreement; and (3) sent by overnight courier or certified mail, return receipt requested.

17.Headings Not Binding.  The use of headings in this Agreement is only for ease of reference, and the headings have no effect and are not to be considered part or a term of this Agreement.

18.Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original.

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[Signature Page to Follow]

TO EVIDENCE THEIR AGREEMENT, the parties have executed this document effective as of the Effective Date.

John L. Forney

/s/ John Forney

United Insurance Holdings Corp. 

By: /s/ B. Bradford Martz 
Its: Chief Financial Officer

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EXHIBIT A

AFFIRMATION

By signing below, John L. Forney (“Executive”) hereby affirms the general release (the “General Release”) appearing in Section 8 of the Separation Agreement and General Release dated June 24, 2020, between United Insurance Holdings, Inc. (the “Company”) and Executive (the “Separation Agreement”).  Executive hereby releases and waives any and all claims described in the General Release that exist or may exist on or prior to the date Executive signs this Affirmation (subject in each case to any and all provisos and exclusions set forth in the General Release).  Executive understands that he may not sign this Affirmation until on or within 21 days after the Termination Date.

            Executive (i) acknowledges that he has been given a period of at least 21 days after the Termination Date to consider whether to agree to the terms contained in this Affirmation, (ii) acknowledges that he hereby is and has been advised in writing to consult with an attorney prior to executing this Affirmation, (iii) acknowledges that he understands that this Affirmation specifically releases and waives all rights and claims he may have, including those arising under the Age Discrimination in Employment Act, on or prior to the date on which he signs this Affirmation, and for valuable consideration to which he otherwise would not be entitled, and (iv) knowingly and voluntarily agrees to all of the terms of this Affirmation and intends to be legally bound thereby.  

            Furthermore, Executive acknowledges that the Severance Benefits provided for in Section 3 of the Separation Agreement will be delayed until this Affirmation becomes effective, enforceable and irrevocable.  This Affirmation and the Separation Agreement will become effective, enforceable and irrevocable on the eighth day after the date on which this Affirmation is executed by Executive (the “Affirmation Effective Date”), provided that Executive does not revoke it as specified in the next sentence.  During the seven-day period following the date on which Executive executes this Affirmation, he may revoke his agreement to accept the terms of this Affirmation by indicating his revocation in writing to United Insurance Holdings Corp., Attn: General Counsel, Chief Legal Officer and Corporate Secretary, 800 2nd Avenue S., St. Petersburg, FL 33701, in accordance with Section 15(d) of the Separation Agreement.  If Executive does not sign or exercises his right to revoke this Affirmation, he shall not be eligible to receive and shall forfeit his right to receive any of the Severance Benefits provided in the Separation Agreement, and the Separation Agreement shall be null and void.

            Terms not defined in this Affirmation shall have the same meaning as defined in the Separation Agreement.

Signed: /s/ John Forney                     Date: June 24, 2020
              Executive
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