Document:

Exhibit
10.2

 

STANDSTILL
AGREEMENT

 

THIS
Standstill Agreement (this “Agreement”) is made as of December
2, 2019 (the “Effective Date”) by and between FEDNAT HOLDING COMPANY, a Florida corporation (“FedNat”),
and 1347 Property Insurance Holdings, Inc., a Delaware corporation (“PIH”).
Each of FedNat and PIH are, at times, individually referred to herein as a “Party,” and collectively referred
to herein as the “Parties.”

 

WHEREAS,
FedNat, PIH, Maison Managers, Inc., a Delaware corporation (“MM”), Maison Insurance Company, a Louisiana corporation
(“MIC”), and ClaimCor, LLC, a Florida limited liability company (“CC” and, together with
MM and MIC, each, a “Company” and, collectively, the “Companies”) have entered into an Equity
Purchase Agreement dated as of February 25, 2019 (as it may be amended or modified from time to time, the “Purchase Agreement”)
pursuant to which FedNat agreed to purchase all of the issued and outstanding capital stock and membership interest, as applicable,
of the Companies (the “Acquisition”); and

 

WHEREAS,
pursuant to the Acquisition and as partial consideration therefor, PIH will receive certain shares of FedNat Common Stock (as
defined below); and

 

WHEREAS,
in connection with the closing of the transactions contemplated by the Purchase Agreement (collectively, the “Transactions”),
PIH agrees to certain matters set forth in this Agreement, all upon the terms and conditions set forth herein.

 

NOW,
THEREFORE, in consideration of the premises and mutual covenants, agreements, representations and warranties contained herein,
and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties agree as follows:

 

1.
Definitions. As used in this Agreement, the following terms shall have the indicated meanings (such meanings to
be equally applicable to both the singular and plural forms of the terms defined):

 

(a)
“Board” means the Board of Directors of FedNat, as it is constituted from time to time.

 

(b)
“FedNat Common Stock” means the authorized shares of common stock of FedNat, par value of one cent ($0.01)
per share.

 

(c)
“Solicitation” has the same meaning as set forth in Rule 14a-1 promulgated under the Exchange Act and shall
include, without limitation, any action that causes a Person to become a participant in such a Solicitation within the meaning
of Instruction 3 of Item 4 of Schedule 14A promulgated under the Exchange Act.

 

(d)
“Voting Securities” means (i) all shares of FedNat Common Stock, (ii) all other equity securities issued by
FedNat pursuant to which the holder thereof has the right to vote on any matter relating to FedNat (whether such right is conveyed
by the terms of the securities, by Law, or otherwise), and (iii) all securities and other instruments of any type that are convertible
into the securities described in items (i) and (ii) of this Section 1(e), in each case that are owned or held, whether
direct or indirectly, and whether beneficially or of record, by PIH at any time, regardless of when they were acquired and regardless
of whether they were issued pursuant to the Acquisition.

 

    	 	 	 

    	 

    

 

(e)
All other capitalized terms used, but not defined, in this Agreement shall have the meanings ascribed to such terms in the Purchase
Agreement.

 

2.
Limitations on PIH’s Actions. Commencing on the Effective Date and continuing for the Term (as defined in
Section 8), PIH agrees to vote all of the Voting Securities beneficially owned by each of them in accordance with the recommendation
of the Board with respect to any matter that is before the stockholders of FedNat for a vote by such stockholders whenever the
Board has made a recommendation to the stockholders regarding such matter (a “Board Recommended Matter”). In
addition, commencing on the Effective Date and at all times during the Term, PIH shall not, directly or indirectly, do any of
the following:

 

(a)
Acquire, offer, propose to acquire, agree to acquire, purchase, or make a tender or exchange offer to acquire, any Voting Securities
(other than a direct issuance of Voting Securities by FedNat that is approved in writing, in advance by FedNat);

 

(b)
Sell, offer, propose to sell, agree to sell, or accept any tender or exchange offer for, in any one (1) transaction or in any
series of related transactions, any Voting Securities in excess of: (i) two and one half percent (2.5%) of all Voting Securities
that are issued and outstanding at the time of such sale; or (ii) with respect to PIH only, in any three (3) consecutive month
period, twenty-five percent (25.0%) of the shares of FedNat Common Stock that were issued to PIH pursuant to the Acquisition;

 

(c)
Engage or participate in any Solicitation of proxies or consents regarding the FedNat Common Stock, make any stockholder proposals
at a meeting of FedNat’s stockholders, or induce or attempt to induce any other Person to initiate any stockholder proposals
at any meeting of FedNat’s stockholders;

 

(d)
Publicly advise, seek to advise, encourage, seek to encourage, influence or seek to influence any Person with respect to the voting
of any shares of FedNat Common Stock held by other stockholders of FedNat;

 

(e)
Take action to nominate or present any Person for election to the Board at any annual meeting of FedNat’s stockholders or
any other meeting of FedNat’s stockholders called for the purpose of electing directors;

 

(f)
Seek, propose or make any public statements with respect to any FedNat action requiring approval of FedNat’s stockholders;

 

(g)
Deposit any Voting Securities in any voting trust or subject any Voting Securities to any arrangement or agreement with respect
to the voting of any Voting Securities;

 

(h)
Propose, or make any public statement with respect to, any form of business combination, restructuring, recapitalization, dissolution
or similar transaction involving FedNat, including, without limitation, a merger, tender or exchange offer, share repurchase or
liquidation of FedNat’s assets;

 

    	 	-2-	 

    	 

    

 

(i)
Seek, alone or in concert with others, (i) to call a meeting of stockholders of FedNat; (ii) representation on the Board; (iii)
the removal of any FedNat officer and/or director; or (iv) to support financially, or through the giving of services or information,
any Person who is suing or contemplating suing FedNat or any of its Affiliates, or is conducting or contemplating a Solicitation
in opposition to a proposal by the Board or FedNat’s management; or

 

(j)
Enter into, engage in, encourage or otherwise participate in any transaction designed to circumvent any of the restrictions set
forth in this Agreement.

 

Nothing
in this Agreement shall prevent PIH from engaging in private discussions with the Board, management or stockholders of FedNat
regarding the FedNat business.

 

3.
Exception. At all times during the Term, PIH shall be permitted (and the provisions of Section 2 shall not
apply) to provide information or assistance to any Person in response to a request by a governmental agency with jurisdiction
or authority over the Stockholder, a validly issued subpoena or otherwise as required by law; provided, that in each such
instance, to the greatest extent permitted by applicable law, PIH shall provide as much advance notice to FedNat of such response
as reasonably possible and provide reasonable assistance to FedNat to obtain any protective order sought by FedNat with respect
to such response. PIH shall be permitted to file a Statement on Schedule 13G with the SEC disclosing its investment in FedNat
Common Stock, describing and filing a copy of this Agreement, if required by applicable law, and otherwise complying with the
requirements of such Statement and the rules and regulations of the SEC relating to such Statement.

 

4.
Other Acknowledgements.

 

(a)
PIH understands and agrees that, if it votes its Voting Securities in violation of Section 2 or of this Agreement, then
PIH hereby unconditionally and irrevocably instructs FedNat not to record the amount of Voting Securities so voted; and (ii) if
all of PIH’s Voting Securities are not voted in favor of any Board Recommended Matter (whether by virtue of a negative vote
or abstention), then the number of shares not voted in favor of the Board Recommended Matter shall be automatically voted, and
deemed for all purposes to have been voted by PIH in favor of such Board Recommended Matter.

 

(b)
If and to the extent that it is determined that Section 4(a) hereof is unenforceable, then PIH covenants and agrees that
PIH will cause all of its Voting Securities to be voted at any meeting of FedNat’s stockholders or at any adjournments or
postponements thereof: (i) in favor of each Board Recommended Matter; and (ii) against any stockholder nominations for director.

 

(c)
In the event that the Voting Securities are sold or otherwise transferred in a privately negotiated transaction, the purchaser
or transferee shall take the Voting Securities subject to all of the restrictions set forth in this Agreement. PIH agrees to provide
FedNat with five (5) Business Days’ prior written notice of any such transaction.

 

    	 	-3-	 

    	 

    

 

5.
Equitable Remedies; Remedies for Certain Breaches.

 

(a)
The Parties acknowledge and agree that money damages would not be a sufficient remedy for any breach or threatened breach of the
provisions of Sections 2 or 4 of this Agreement, and that the non-breaching Party shall be entitled to specific
performance and injunctive (preliminary or permanent) or other equitable relief as remedies for any breach of any such section.
Such remedies shall not be deemed to be the exclusive remedies but shall be in addition to all other remedies available at law
or in equity. Each Party waives any requirement for the securing or posting of any bond in connection with any such remedy.

 

(b)
The rights and remedies of the Parties under this Agreement shall be cumulative and concurrent and may be pursued and exercised
singularly, successively or concurrently at the sole discretion of the exercising Party and may be exercised as often as such
Party shall deem necessary or desirable, and the non-exercise by a Party of any such rights and remedies in any particular instance
shall not in any way constitute a waiver or release thereof in that or any subsequent instance.

 

6.
Additional Representations, Warranties, and Covenants. PIH hereby represents, warrants, and covenants to and in
favor of FedNat that:

 

(a)
PIH has all requisite capacity, power and authority to enter into and perform PIH’s obligations under this Agreement. No
filing with, and no permit, authorization, consent or approval of, any Person is necessary on the part of PIH for the execution,
delivery and performance of this Agreement by PIH or the consummation by PIH of the transactions and agreements contemplated hereby.

 

(b)
This Agreement has been duly executed and delivered by PIH and the execution, delivery and performance of this Agreement by PIH
and the consummation of the transactions contemplated hereby have been duly authorized by all necessary action on the part of
PIH.

 

(c)
Assuming the due authorization, execution and delivery of this Agreement by FedNat, this Agreement constitutes the valid and binding
agreement of PIH, enforceable against PIH in accordance with its terms.

 

(d)
Except as contemplated by this Agreement, PIH has not been a party to any grant of proxy or power of attorney, deposited any of
its Voting Securities into a voting trust or similar arrangement, entered into any Contract with any Person (including, without
limitation, any voting agreement or similar arrangement), or otherwise, granted, delegated or otherwise assigned any of its voting
power as a holder of Voting Securities, whether directly or indirectly, in any manner that is inconsistent with PIH’s obligations
under this Agreement. Neither the execution and delivery of this Agreement by PIH nor the consummation by PIH of the transactions
and agreements contemplated hereby or compliance by PIH with any of the provisions hereof shall: (i) conflict with or violate
any provision of the organizational documents of PIH; (ii) result in any breach or violation of, or constitute a default (or an
event which, with notice or lapse of time or both, would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, or result in the creation of any Lien on any property or asset of PIH pursuant to
any Contract to which PIH is a party or by which PIH or any property or asset of PIH is bound or affected; or (iii) violate any
law or judgment, order, injunction, ruling or decree of any Governmental Entity applicable to PIH or any of PIH’s properties
or assets.

 

    	 	-4-	 

    	 

    

 

(e)
Except for restrictions in favor of FedNat pursuant to this Agreement and in any other agreement entered into by PIH in connection
with the Transactions, and except for such transfer restrictions of general applicability as may be provided under the Securities
Act and the “blue sky” laws of the various States of the United States, PIH is the sole record and beneficial owner
of all of PIH’s Voting Securities, in each case free and clear of Liens, and has the full and exclusive power to vote or
direct the vote with respect to the Voting Securities. As used in this Agreement, the terms “beneficial owner,”
“beneficially own” and “beneficial ownership” shall have the meaning set forth in Rule 13d-3
promulgated by the SEC under the Exchange Act; provided, that, for purposes of determining whether a Person is a beneficial
owner of any Voting Securities, a Person shall be deemed to be the beneficial owner of any Voting Securities which may be acquired
by such Person pursuant to any Contract or upon the exercise of conversion rights, exchange rights, warrants or options, or otherwise
(irrespective of whether the right to acquire such Voting Securities is exercisable immediately or only after the passage of time,
including the passage of time in excess of sixty (60) days, the satisfaction of any conditions, the occurrence of any event or
any combination of the foregoing).

 

(f)
There is no Action pending or, to the knowledge of PIH, threatened, against or affecting such Party before or by any Governmental
Entity, except, as is not, and would not reasonably be, expected, either individually or in the aggregate, to impair the ability
of PIH to perform PIH’s obligations hereunder in any respect.

 

(g)
PIH understands and acknowledges that FedNat is entering into the Purchase Agreement in reliance upon PIH’s execution and
delivery of this Agreement and the representations, warranties, covenants, and agreements of PIH contained herein.

 

(h)
PIH shall not take any action that would make any representation or warranty of PIH contained herein untrue or incorrect in any
material respect, or that would prohibit PIH from performing all of PIH’s covenants and obligations contained herein.

 

7.
No Reliance. Except as expressly set forth in any representation, warranty, or covenant made by a Party in this
Agreement, each Party expressly disclaims and shall not be deemed to have made any representation, warranty or covenant, express
or implied, to the other Party, in connection with or related to the transactions contemplated by this Agreement.

 

8.
Term. This Agreement shall terminate and shall be of no further force or effect as of the date that is the fifth
(5th) anniversary of the Effective Date. Notwithstanding the foregoing, nothing herein shall relieve any party hereto
from liability for any breach of this Agreement prior to the expiration of the Term.

 

    	 	-5-	 

    	 

    

 

9.
Miscellaneous.

 

(a)
Expenses. All expenses incurred in connection with this Agreement and the transactions contemplated by this Agreement shall
be paid by the Party incurring such expenses.

 

(b)
Notices. All notices, demands and other communications to be given or delivered under or by reason of the provisions of
this Agreement shall be in writing and shall be deemed to have been given: (i) if personally delivered, on the date of delivery;
(ii) if delivered by express courier service of national standing (with charges prepaid), on the Business Day following the date
of delivery to such courier service; (iii) if deposited in the United States mail, first class postage prepaid, on the fifth (5th)
Business Day following the date of such deposit; or (iv) if delivered by email transmission, on the date of such transmission,
provided, that confirmation of such transmission is received within one (1) Business Day. All notices, demands and other communications
hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the
Party to receive such notice:

 

If
to FedNat, to:

 

FedNat
Holding Company

14050
NW 14th Street, Suite 180

Sunrise,
FL 33323

Attention:
Michael H. Braun, CEO and President

E-Mail:
mbraun@fednat.com

 

with
a copy (which shall not constitute notice) to:

 

Nelson
Mullins Broad and Cassel

2
S. Biscayne Blvd., Suite 2100

Miami,
FL 33131

Attention:
Nina S. Gordon, Esq.

E-Mail:
nina.gordon@nelsonmullins.com

 

If
to PIH, to:

 

D.
Kyle Cerminara

Fundamental
Global Investors, LLC

4201
Congress Street, Suite 140

Charlotte,
North Carolina 28209

E-Mail:
kyle@fundamentalglobal.com

 

with
a copy (which shall not constitute notice) to:

 

Thompson
Hine LLP

3900
Key Center

127
Public Square

Cleveland,
OH 44114

Attention:
Derek D. Bork, Esq.

E-Mail:
derek.bork@thompsonhine.com

 

    	 	-6-	 

    	 

    

 

(c)
Amendments, Waivers, Etc. This Agreement may not be amended, changed, supplemented, waived or otherwise modified or terminated
except by an instrument in writing signed by the Parties.

 

(d)
Successors and Assigns. No Party may assign any of its rights or delegate any of its obligations under this Agreement without
the prior written consent of the other Parties. Subject to the preceding sentence, this Agreement shall be binding upon and shall
inure to the benefit of and be enforceable by the Parties and their respective successors and assigns, including without limitation
any corporate successor by merger or otherwise.

 

(e)
Third Party Beneficiaries. Nothing expressed or referred to in this Agreement will be construed to give any Person, other
than the Parties to this Agreement and their respective successors and permitted assigns, any legal or equitable right, remedy
or claim under or with respect to this Agreement or any provision of this Agreement.

 

(f)
No Partnership, Agency, or Joint Venture. This Agreement is intended to create, and creates, a contractual relationship
and is not intended to create, and does not create, any agency, partnership, joint venture or any like relationship between the
Parties.

 

(g)
Further Assurances; Ownership. From time to time at the request of FedNat, and without further consideration, PIH shall
execute and deliver, or cause to be executed and delivered, such additional documents and instruments and take all such further
action as may be reasonably necessary or desirable to carry out and fully effectuate the actions required by it under this Agreement.

 

(i)
No Group. Nothing in this Agreement shall be interpreted as creating or forming a “group” with any Person,
including FedNat, for purposes of Rule 13d-5(b)(1) of the Exchange Act or any other similar provision of applicable Law or of
conferring upon FedNat beneficial ownership of any Voting Securities.

 

(j)
Entire Agreement. This Agreement and the Purchase Agreement collectively embody the entire agreement and understanding
among the parties hereto relating to the subject matter hereof and supersedes all other prior agreements, understandings, representations
and warranties, both written and oral, among the parties, with respect to the subject matter hereof.

 

(k)
Severability. The provisions of this Agreement shall be deemed severable, and the invalidity or unenforceability of any
provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement,
or the application thereof to any Person or any circumstance, is determined by a court of competent jurisdiction to be invalid
or unenforceable, (i) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be
valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (ii) the remainder of this Agreement
and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability.

 

    	 	-7-	 

    	 

    

 

(l)
No Waiver. The failure of any Party to assert any of its rights under this Agreement or otherwise shall not constitute
a waiver of such rights or any of its rights with respect to any other matter relating to this Agreement.

 

(m)
Governing Law. This Agreement and all Actions (whether at law, in contract or in tort) that may be based upon, arise out
of or relate to this Agreement, or the negotiation, execution or performance hereof, shall be governed by and construed in accordance
with the laws of the State of Delaware without regard to principles of conflicts of law.

 

(n)
Submission to Jurisdiction. Each Party agrees that it shall bring any Action between the parties arising out of or related
to this Agreement or the transactions contained in or contemplated by this Agreement exclusively in the United States District
Court for the District of Delaware or another court sitting in the State of Delaware (the “Chosen Courts”),
and with respect to any such Action (i) irrevocably submits to the exclusive jurisdiction of the Chosen Courts, (ii) waives any
objection to laying venue in any such Action in the Chosen Courts, (iii) waives any objection that the Chosen Courts are an inconvenient
forum or do not have jurisdiction over any Party and (iv) agrees that service of process upon such Party in any such Action shall
be effective if notice is given in accordance with Section 9(b).

 

(o)
Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY
TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES 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, OR THE TRANSACTIONS CONTEMPLATED BY 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 THIS SECTION 9(o).

 

    	 	-8-	 

    	 

    

 

(p)
Construction. The Parties have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity
or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and
no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provision of
this Agreement. Where a reference in this Agreement is made to a Section, schedule, or exhibit, such reference shall be to a Section,
schedule, or exhibit to this Agreement unless otherwise indicated. Whenever the words “include,” “includes”
or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.”
The words “hereof,” “herein” and “hereunder” and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The word “or”
shall be deemed to mean “and/or.” Terms defined in the text of this Agreement as having a particular meaning have
such meaning throughout this Agreement, except as otherwise indicated in this Agreement. The definitions contained in this Agreement
are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter
genders of such term. Any statute or Contract defined or referred to herein or in any agreement, instrument, exhibit or schedule
that is referred to or defined herein means such statute or Contract as from time to time amended, modified or supplemented, including
by succession of comparable successor statutes and references to all attachments thereto and instruments incorporated therein.

 

(q)
Name, Captions, Gender. Section headings of this Agreement are for convenience of reference only, do not constitute part
of this Agreement and shall not be deemed to limit or otherwise affect any of the provisions hereof.

 

(r)
Counterparts. This Agreement and any signed agreement or instrument entered into in connection with this Agreement, and
any amendments or waivers hereto or thereto, to the extent signed and delivered by means of a facsimile machine or by e-mail delivery
of a “.pdf” format data file, shall be treated in all manner and respects as an original agreement or instrument and
shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person.
No Party to any such agreement or instrument shall raise the use of a facsimile machine or e-mail delivery of a “.pdf”
format data file to deliver a signature to this Agreement or any amendment or consent hereto or thereto or the fact that any signature
or agreement or instrument was transmitted or communicated through the use of a facsimile machine or e-mail delivery of a “.pdf”
format data file as a defense to the formation of a contract and each Party forever waives any such defense.

 

[Signatures
appear on the following page.]

 

    	 	-9-	 

    	 

    

 

IN
WITNESS WHEREOF, each of the Parties has caused this Agreement to be duly executed to be effective as of the Effective Date.

 

	 	FEDNAT:
	 	 	 
	 	FEDNAT
    HOLDING COMPANY, a Florida corporation
	 	 	 
	 	By:	/s/
    Michael Braun
	 	Name: 
    	Michael
    Braun
	 	Title:
    	Chief
    Executive Officer
	 	 	 
	 	PIH:
	 	 	 
	 	1347
    Property Insurance Holdings, Inc., a
    Delaware corporation
	 	 	 
	 	By:
    	/s/
    John S. Hill
	 	Name:
    	John
    S. Hill
	 	Title:
    	Vice
    President, Chief Financial Officer and Secretary

 

[End
of Agreement.]

 

SIGNATURE
PAGE TO STANDSTILL AGREEMENTExhibit
10.3

 

REINSURANCE
CAPACITY RIGHT OF FIRST REFUSAL AGREEMENT

 

THIS
Reinsurance Capacity Right of First Refusal Agreement (this “Agreement”),
dated December 2, 2019 (the “Effective Date”), is entered into by and between FEDNAT
Holding Company, a Florida corporation (“FedNat”), and 1347 Property
Insurance Holdings Inc., a company organized and existing under the laws of Delaware (“PIH”). Each
of FedNat and PIH are, at times, each individually referred to in this Agreement as a “Party,” and collectively
referred to in this Agreement as the “Parties.”

 

WHEREAS,
insurance company subsidiaries of FedNat (each, a “FedNat Insurance Company” and, collectively, the “FedNat
Insurance Companies”) may, from time to time, negotiate and procure reinsurance in such amounts and on such terms that
the FedNat Insurance Companies deem to be appropriate; and

 

WHEREAS,
on the Effective Date, FedNat is entering into a transaction with PIH, pursuant to which FedNat will acquire one hundred percent
(100%) of the issued and outstanding capital stock of three subsidiaries of PIH (the “Acquisition”); and

 

WHEREAS,
after the closing of the Acquisition, PIH may provide reinsurance coverage to insurance providers through its insurance company
subsidiaries, and PIH desires to obtain the opportunity to provide reinsurance coverage to the FedNat Insurance Companies pursuant
to the terms and conditions set forth in this Agreement; and

 

WHEREAS,
it is a condition precedent to the consummation of the Acquisition for the Parties to enter into this Agreement upon the terms
and conditions set forth herein.

 

NOW,
THEREFORE, in consideration of the promises and the mutual covenants contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

1.
Right of First Refusal.

 

(a)
With respect to each purchase after the Effective Date until the conclusion of the Term (as defined in Section 2) by one
or more of the FedNat Insurance Companies of each layer (each, a “Reinsurance Coverage Layer”) of their annual
property catastrophe excess of loss reinsurance program (the “CAT Reinsurance Program”), PIH shall have a right
of first refusal (each, a “Right of First Refusal”) to sell through any of its insurance company subsidiaries
a maximum of seven and one-half percent (7.5%) of annual in force limit of any and each Reinsurance Coverage Layer so purchased
by the FedNat Insurance Companies (the “ROFR Reinsurance Maximum”); provided, that in no event shall
PIH have the right to exercise a Right of First Refusal such that, immediately after the exercise thereof, PIH and its affiliates
collectively would have an annual aggregate in force amount of all reinsurance coverage sold to the FedNat Insurance Companies,
in the aggregate, of greater than Fifteen Million and No/100 Dollars ($15,000,000.00) (the “Reinsurance Limit”).
Each sale by PIH pursuant to a Right of First Refusal shall be documented under the corresponding Firm Order Terms or Modified
Firm Order Terms, as applicable (each as defined below), and subject in every case to: (I) the terms, conditions, and requirements
of all applicable regulations, rules, and laws (including, without limitation, the applicable regulations and laws of the State
of Florida) (collectively, “Applicable Laws”) (it being acknowledged and agreed that PIH has no right to exercise
a Right of First Refusal or to sell reinsurance to any FedNat Insurance Company pursuant to this Agreement if doing so would violate
any Applicable Laws); and (II) the other terms and conditions of this Section 1. All reinsurance sold by PIH pursuant to
a Right of First Refusal shall be memorialized by an agreement in such form and subject to such terms and conditions as are customary
in the property and casualty insurance industry (each, a “Reinsurance Agreement”). If any Reinsurance Agreement
is entered into by PIH prior to the conclusion of the Term, but the term of the applicable Reinsurance Agreement (the “Reinsurance
Period”) otherwise ends after the conclusion of the Term, then such Reinsurance Agreement shall remain in full force
and effect after the Term in accordance with the terms and provisions of the applicable Reinsurance Agreement.

 

    	 

    	 

    

 

(b)
FedNat shall cause the FedNat Insurance Companies, either through one or more reinsurance brokers selected by FedNat (each, a
“Broker” and, collectively, the “Brokers”) or directly through a third party reinsurer of
FedNat’s choosing, in each case in FedNat’s sole discretion from time to time, to seek written quotes for, and terms
and conditions of, each Reinsurance Coverage Layer to be purchased pursuant to the CAT Reinsurance Program in appropriate reinsurance
markets and from potentially eligible third party reinsurers (including PIH) for a reasonable period of time, and to concurrently
provide all exposure and related information materially relevant and customarily requested for such Reinsurance Coverage Layer
to such potential third party reinsurers (including PIH), subject to such third party reinsurers’ (and PIH’s) execution
and delivery to FedNat of a Standard Non-Disclosure Agreement. Thereafter, FedNat shall cause the applicable FedNat Insurance
Company to determine firm order terms for the Reinsurance Coverage Layer (the “Firm Order Terms”) and communicate
those Firm Order Terms to the potential third party reinsurers (including PIH). The final executed terms of the CAT Reinsurance
Program for each Reinsurance Coverage Layer entered into by applicable FedNat Insurance Company shall be the same as described
in the Firm Order Terms or Modified Firm Order Terms (as defined below), as applicable. PIH shall have a period of three (3) business
days after its receipt of Firm Order Terms to elect in writing (in the manner provided in Section 11) to provide all or
a portion of the ROFR Reinsurance Maximum with respect to that Reinsurance Coverage Layer at the Firm Order Terms without any
additional terms, conditions, or stipulations, but only if the exercise of the Right of First Refusal and the sale of reinsurance
pursuant thereto would not cause PIH and its affiliates to collectively exceed the Reinsurance Limit as of the applicable time.
For the avoidance of doubt, PIH may exercise the Right of First Refusal for only a portion of a ROFR Reinsurance Maximum applicable
to any or each of the Reinsurance Coverage Layer in order to comply with the Reinsurance Limit. Any such election of a Right of
First Refusal by PIH shall be irrevocable once it has been made, but shall be subject to the terms of the applicable Reinsurance
Agreement as of the applicable time.

 

    	-2-

    	 

    

 

(c)
To the extent that PIH elects not to provide or participate in a Reinsurance Coverage Layer at the Firm Order Terms, or fails
to notify FedNat of its election within the three (3) business day time frame set forth in Section 1(b), then the applicable
FedNat Insurance Company shall have the right to accept PIH’s allotment of such Reinsurance Coverage Layer at the Firm Order
Terms from any combination of other eligible reinsurers willing to offer coverage at the Firm Order Terms; provided, that
in the event that the Firm Order Terms are materially modified with respect to a Reinsurance Coverage Layer (which, for the avoidance
of doubt, shall mean any change that materially changes the price or any material coverage terms or conditions of such Firm Order
Terms that are more favorable to reinsurance providers) (the “Modified Firm Order Terms”), FedNat shall cause
the applicable FedNat Insurance Company to first provide PIH with a new Right of First Refusal with respect to that Reinsurance
Coverage Layer at the Modified Firm Order Terms. In such case, PIH shall have two (2) business days following its receipt of the
Modified Firm Order Terms to elect in writing (in the manner provided in Section 11) to exercise the Right of First Refusal
to provide all or a portion of the ROFR Insurance Maximum for the applicable Reinsurance Coverage Layer on such Modified Firm
Order Terms; otherwise, the applicable FedNat Insurance Company shall have the right to accept PIH’s allotment of such Reinsurance
Coverage Layer at the Modified Firm Order Terms from any combination of other eligible reinsurers willing to offer coverage at
the Modified Firm Order Terms. Notwithstanding any provision of this Agreement to the contrary, in no event shall PIH be eligible
to sell reinsurance to any FedNat Insurance Company in excess of the ROFR Reinsurance Maximum with respect to any Reinsurance
Coverage Layer, or make any sale that would cause PIH and its affiliates to collectively exceed the Reinsurance Limit.

 

(d)
Upon entry into any Reinsurance Agreement, and as a condition precedent to the exercise of a Right of First Refusal, the applicable
PIH insurance company that has entered into any Reinsurance Agreement shall both: (i) be duly licensed and accredited in all applicable
jurisdictions to provide all reinsurance coverage that is contemplated by the Reinsurance Agreement; and (ii) either – (A)
both maintain an insurer financial strength rating from A.M. Best Company, Inc. of not less than “A-” and be an accredited
insurer in Florida such that FedNat can take credit for reinsurance in accordance with all Applicable Laws, or (B) fully collateralize
with cash, letters of credit, or appropriate trust agreement equal in value to one hundred percent (100%) of its share of the
total limit of each applicable Reinsurance Coverage Layer in a manner acceptable to the applicable FedNat Insurance Company and
acceptable to any applicable insurance regulator pursuant to Applicable Laws; provided, that, if PIH utilizes a trust agreement,
whether in whole or in part, to satisfy this condition precedent, then – (Y) no more than one trust agreement shall be used
by PIH to satisfy this condition with respect to all Insurance Coverage Layers, and (Z) the materials terms and provisions of
the Trust that relate to the availability and release of funds to satisfy reinsurance obligations shall be in form and substance
reasonably satisfactory to FedNat. The applicable PIH insurance company shall have seventy two (72) hours from such election,
or until the effective date of the applicable CAT Reinsurance Program (whichever is sooner), to satisfy the condition set forth
in Section 1(d)(ii) and provide reasonable proof thereof to FedNat; otherwise, PIH’s election to exercise
the Right of First Refusal shall be deemed by the Parties to be waived and declined with respect to the Reinsurance Coverage Layers
in question. Each year during the Term, within a reasonable period of time prior to the implementation of the CAT Reinsurance
Program for that year, FedNat may request that PIH reasonably demonstrate to FedNat that either of the conditions listed in subparts
(i) and (ii) of this Section 1(d) will be satisfied prior to the effective date of such CAT Reinsurance Program.

 

    	-3-

    	 

    

 

(e)
PIH’s right to exercise a Right of First Refusal shall exist each time that FedNat or a FedNat Insurance Company desires
to purchase Reinsurance Coverage Layers pursuant to the CAT Reinsurance Program during the Term. For the avoidance of doubt, neither
FedNat nor any FedNat Insurance Company shall purchase Reinsurance Coverage Layers from any other third party reinsurer unless
and until it has complied with the obligations to PIH in this Section 1.

 

2.
Term. Subject to the terms of Section 17 below, PIH shall have a Right of First Refusal with respect to any
Reinsurance Coverage Layer purchased by a FedNat Insurance Company pursuant to the CAT Reinsurance Program, pursuant to the terms
and conditions set forth in Section 1, for any Reinsurance Period commencing on or after the Effective Date and prior to
the fifth (5th) anniversary of the Effective Date (the “Term”) only.

 

3.
Confidential and Proprietary Information. The Parties acknowledge and agree that this Agreement does not constitute
a sale, lease, license or other transfer by either Party of any proprietary systems or intellectual property of the other Party.
FedNat shall have the right to require, as a condition precedent to providing exposure and related information (including, without
limitation, reinsurance submission and modelling data) that is materially relevant and customarily requested for any Reinsurance
Layer, to require all third party reinsurers (including PIH) to execute and deliver to FedNat non-disclosure agreements in reasonable
form and substance provided by FedNat (with no material deviation with respect to any individual reinsurer or PIH) with respect
to such information (a “Standard Non-Disclosure Agreement”).

 

4.
Relationship among the Parties; Enforceability. The terms of this Agreement are not intended to make any of the
Parties, or any of their respective subsidiaries or affiliates, a joint employer for any purpose. Each of the Parties agrees that
the provisions of this Agreement as a whole are not intended to, and do not, constitute control by one Party of the other Party
or any subsidiaries or affiliates of the other Party, or provide a Party with the ability to control the other Party or any subsidiaries
or affiliates of the other Party, and each Party expressly disclaims any right or power under this Agreement to exercise any power
whatsoever over the management or policies of the other Party or any subsidiaries or affiliates of the other Party. The Parties
acknowledge and agree that FedNat and the FedNat Insurance Companies have sole and absolute discretion over whether (a) to purchase
reinsurance, and (b) the timing, amount, and types of any reinsurance and Reinsurance Coverage Layers they purchase (subject to
the terms of this Agreement). Nothing in this Agreement shall be construed to oblige either Party to act in breach of the requirements
of any Applicable Laws, including, without limitation, securities, insurance and trade regulation laws and regulations, written
policy statements of securities commissions, insurance and other regulatory authorities, and the bylaws, rules, regulations and
written policy statements of relevant securities and self-regulatory organizations. Each Party represents, warrants, covenants
and agrees to and in favor of the other Party that this Agreement, and the obligations contained herein, are valid, binding and
enforceable against it, and that the execution, delivery and performance of the obligations set forth herein will not violate
any law, rule, order, judgment, decree, lien, regulation, contract, agreement or other restriction of any kind binding on it.

 

    	-4-

    	 

    

 

5.
Governing Law. This Agreement and all actions and proceedings (whether at law, in contract or in tort) that may
be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance hereof, shall be governed
by and construed in accordance with the laws of the State of Florida without regard to principles of conflicts of law.

 

6.
Submission to Jurisdiction. Each Party agrees that it shall bring any action or proceeding between the Parties arising
out of or related to this Agreement or the transactions contained in or contemplated by this Agreement exclusively in the United
States District Court for the Southern District of Florida or another court sitting in Broward County, Florida (the “Chosen
Courts”), and with respect to any such action or proceeding: (a) irrevocably submits to the exclusive jurisdiction of
the Chosen Courts; (b) waives any objection to laying venue in any such action or proceeding in the Chosen Courts; (c) waives
any objection that the Chosen Courts are an inconvenient forum or do not have jurisdiction over any party hereto; and (d) agrees
that service of process upon such party in any such action or proceeding shall be effective if notice is given in accordance with
Section 11.

 

7.
Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT
IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES
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, OR THE TRANSACTIONS CONTEMPLATED BY 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 THIS SECTION 7.

 

8.
Assignment.

 

(a)
Definitions. As used in this Agreement, the term “affiliate(s)” or “affiliated” shall
mean any entity that controls, is controlled by or is under common control with the other entity. As used in this Agreement, the
term “subsidiary” or “subsidiaries” with respect to any person means any entity of which
(or in which) more than 50% of the issued and outstanding voting interests are directly or indirectly owned by that person or
the entity is otherwise controlled by that person. The term “person” means any individual, corporation, limited liability
company, partnership, joint venture, association, trust, or any such entity.

 

    	-5-

    	 

    

 

(b)
Prohibition on Assignment; Exceptions. Neither this Agreement nor the rights or obligations hereunder shall be assignable
by FedNat or FedNat Insurance Companies or their affiliates without the prior written consent of PIH. Except as expressly set
forth in this Section 8(b), neither this Agreement nor the rights or obligations hereunder shall be assignable by PIH,
its affiliates, or its successors and assigns without the prior written consent of FedNat. Notwithstanding anything to the contrary
contained in Section 10 hereof, this Agreement may be assigned, sold or otherwise transferred by PIH without any consideration
to FedNat or FedNat Insurance Companies in the following manners, subject to the terms and conditions of Section 8(c) and
subject to the approval of FedNat (such approval not to be unreasonably withheld, conditioned, or delayed so long as the terms
and requirements of Section 8(c) are satisfied):

 

(i)
PIH may assign this entire Agreement (but not a portion hereof) to any one of its subsidiaries or affiliates.

 

(ii)
PIH may sell assign or otherwise transfer (“Transfer”) this entire Agreement (but not a portion hereof) to
an unaffiliated party (“Transferee”). The consideration for the Transfer will be at the sole discretion of
PIH and the Transferee.

 

(c)
Conditions to Assignment.

 

(i)
As a condition precedent to PIH’s or any successor’s or permitted assign’s (an “Assignor”)
assignment of this Agreement to one of the persons set forth in Section 8(b) (an “Assignee”), the Assignor
shall deliver to FedNat prior to such assignment: (A) an assignment and assumption agreement in form and substance reasonably
satisfactory to FedNat and pursuant to which Assignee agrees to be bound by all of the terms and provisions of this Agreement
in its entirety as “PIH” (including all of the conditions required for the exercise of a Right of First Refusal),
without condition or reservation; and (B) a Standard Non-Disclosure Agreement provided by FedNat and executed by the Assignee
pursuant to which Assignee agrees to maintain the confidentiality of all exposure and related information (including, without
limitation, reinsurance submission and modelling data).

 

(ii)
In the event that an Assignor elects to assign this Agreement to a person who is not an affiliate or subsidiary of PIH (a “Proposed
Third-Party Assignee”), prior to such assignment and as a condition precedent thereof, the Assignor shall deliver written
notice (in the manner required by Section 11) to FedNat of all material terms and conditions of such assignment (the “Assignment
Terms”). FedNat shall then have a period of three (3) business days after its receipt of written notice of all material
terms and conditions to elect in writing (in the manner provided in Section 11) to elect to assume this Agreement from
the Assignor pursuant to the Assignment Terms, without any additional terms, conditions, or stipulations. Any such election by
FedNat shall be irrevocable once it has been made. To the extent that FedNat elects not to exercise its right to assume this Agreement
pursuant to the Assignment Terms, or fails to notify Assignor of its election within the three (3) business day time frame set
forth above in this Section 8(c)(ii), then Assignor shall have the right for a period of thirty (30) days to assign this
Agreement to the Proposed Third-Party Assignee pursuant to the Assignment Terms (subject to the other conditions precedent set
forth in this Section 8); provided, that in the event that the assignment is not consummated within such thirty
(30) day period, or the Assignment Terms are materially modified (which, for the avoidance of doubt, shall mean any change that
materially affects the price or any material terms or conditions of the Assignment Terms that are more favorable to the Proposed
Assignee) (the “Modified Assignment Terms”), the Assignor shall again provide FedNat with a new right of first
refusal with respect to the assignment of this Agreement at the Modified Assignment Terms. In such case, FedNat shall have two
(2) business days following its receipt of the Modified Additional Terms to elect in writing (in the manner provided in Section
11) to assume this Agreement on such Modified Additional Terms. No Assignor shall make any assignment of this Agreement unless
and until it has complied with the requirements of this Section 8(c)(ii).

 

    	-6-

    	 

    

 

(iii)
Notwithstanding anything to the contrary set forth in this Agreement, in no event shall PIH or any of its successors or permitted
assigns assign this Agreement to a person that sells residential property insurance in the State of Florida directly to the primary
insured.

 

(d)
Binding Effect. This Agreement shall inure to the benefit of and be binding upon the Parties and their respective successors
and permitted assigns.

 

9.
Entire Agreement. This Agreement constitutes the entire agreement, and supersedes all prior agreements and understandings
(oral and written), by and among the Parties with respect to the subject matter hereof.

 

10.
No Third Party Rights. Nothing contained in this Agreement, express or implied, establishes or creates, or is intended
or will be construed to establish or create, any right in or remedy of, or any duty or obligation to, any third party.

 

11.
Notices. All notices, requests, claims, demands, and other communication hereunder will be in writing and shall
be deemed to have been duly given: (a) on the date of delivery, if delivered by hand to the address below (or to such other address
as a Party may designate by written notice to other Party); (b) on the date of confirmed receipt if delivered by certified mail,
postage prepaid and return receipt requested addressed as below (or to such other address as a Party may designate by written
notice to other Party); or (c) for the purposes of notices, elections and other communications pursuant to the procedures set
forth in Section 1, on the date of transmittal via electronic mail to the e-mail addresses of the applicable person or
party involved with the reinsurance arrangements for the reinsurance coverage at such time, with a copy delivered to the individuals
identified below.

 

If
to FedNat or any FedNat Insurance Company:

 

FedNat
Holding Company

14050
NW 14th Street, Suite 180

Sunrise,
FL 33323

Attention:
Michael H. Braun, CEO and President

E-Mail:
mbraun@fednat.com

 

with
a copy (which shall not constitute notice) to: 

 

Nelson
Mullins Broad and Cassel

2
S. Biscayne Blvd., # 2100

Miami,
FL 33131

Attention:
Nina Gordon, Esq.

E-Mail:
nina.gordon@nelsonmullins.com

 

    	-7-

    	 

    

 

If
to PIH:

 

D.
Kyle Cerminara

Fundamental
Global Investors, LLC

4201
Congress Street, Suite 140

Charlotte,
North Carolina 28209

E-Mail:
kyle@fundamentalglobal.com

 

with
a copy (which shall not constitute notice) to: 

 

Thompson
Hine LLP

3900
Key Center

127
Public Square

Cleveland,
OH 44114

Attention:
Derek D. Bork, Esq.

E-Mail:
derek.bork@thompsonhine.com

 

12.
Counterparts. This Agreement may be executed in one or more counterparts, and may be exchanged in electronic form
(including by PDF), each of which shall be deemed an original, but all of which shall constitute one and the same instrument.

 

13.
Amendment; Modification. The Parties may by written agreement duly signed by both Parties, subject to any regulatory
approval that may be required: (a) extend the time for the performance of any of the obligations or other acts of the Parties;
(b) waive any inaccuracies in the documents delivered pursuant to this Agreement; and (c) waive compliance with or modify, amend
or supplement any of the agreements contained in this Agreement or waive or modify performance of any of the obligations of any
of the Parties. This Agreement may not be amended or modified except by an instrument in writing duly signed on behalf of the
Parties.

 

14.
Waiver. No failure by any Party to take any action or assert any right hereunder shall be deemed to be a waiver
of its right to take any action or assert any right hereunder with respect to any future occurrence of those circumstances.

 

15.
Severability. To the extent any provision of this Agreement shall be invalid or unenforceable, it shall be considered
deleted from this Agreement and the remaining provisions of this Agreement shall be unaffected and shall continue in full force
and effect. Notwithstanding any implication in this Section 15 to the contrary, if any part of the Agreement is found to
be unlawful or impermissible by a court or administrative body of competent jurisdiction, the Parties shall use reasonable efforts
to amend this Agreement to address the concerns in a manner that results in a lawful and permissible agreement.

 

    	-8-

    	 

    

 

16.
Headings. Headings contained in this Agreement are for reference purposes only, and they shall not affect in any
way the meaning or interpretation of this Agreement.

 

17.
Termination. This Agreement, the Right of First Refusal, and all rights of PIH (including its affiliates and assigns)
and any Transferee(s) to participate in any Reinsurance Coverage Layers shall terminate upon the expiration of the Term, except
as set forth in Section 1(a). This Agreement may only otherwise be terminated by mutual consent of the Parties, or as otherwise
provided herein. Either Party may terminate this Agreement in the event that the other Party either: (a) commits a material breach
of the terms of the Agreement and has been given written notice and at least thirty (30) days’ prior opportunity to cure
such breach, and fails to do so; or (b) is deemed insolvent by applicable regulatory or judicial authorities, or is the subject
of conservation, rehabilitation, liquidation, bankruptcy or other similar insolvency proceedings, which proceedings, if involuntarily
instituted, are not dismissed within sixty (60) days after the initiation of the proceedings (provided, that a Party may
elect to terminate this Agreement immediately if such proceedings are voluntarily initiated by the other Party with respect to
itself).

 

18.
Survival. The provisions of Sections 3 through 16, and this Section 18, shall survive the expiration
or earlier termination of this Agreement.

 

19.
Attorneys’ Fees. In the event of any dispute or controversy between the Parties relating to the interpretation
of this Agreement or to the transactions contemplated hereby, the prevailing Party shall be entitled to recover from the non-prevailing
Party reasonable attorneys’ fees and expenses incurred by the prevailing Party. Such award shall include post-judgment attorneys’
fees and costs.

 

[Remainder
of Page Intentionally Blank. Signature Page Follows.]

 

    	-9-

    	 

    

 

IN
WITNESS WHEREOF, the Parties have caused to be executed and delivered by their duly authorized officers this Agreement to
be effective as of the Effective Date.

 

	 	FEDNAT:
	 	 	 
	 	FEDNAT
    HOLDING COMPANY, a Florida corporation
	 	 	 
	 	By:	/s/
    Michael Braun
	 	Name: 	Michael
    Braun
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	PIH:
	 	 	 
	 	1347
    Property Insurance Holdings, Inc.,
    a Delaware corporation
	 	 	 
	 	By:	/s/
    John S. Hill
	 	Name:	John
    S. Hill
	 	Title:	Vice
    President, Chief Financial Officer and Secretary

 

[End
of Agreement.]

 

    	SIGNATURE PAGE TO 
 REINSURANCE CAPACITY RIGHT OF FIRST REFUSAL AGREEMENT

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