Document:

EXHIBIT 103

		

			DocuSign Envelope ID: 16F25047-3114-46A4-8F01-8B8F8DF821C9

		

		

			 

		

		
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			CONFIDENTIAL  INFORMATION, NON-SOLICITATION AND NON-COMPETITION  AGREEMENT
		

		
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			This Confidential Information, Non-Solicitation and Non-Competition Agreement ("Agreement") is made and entered into as of the 17th day of April, 2017, by and between FEDERATED NATIONAL HOLDING COMPANY, its affiliates, parents, subsidiaries, successors or assigns (collectively referred to as “Company”), and RONALD JORDAN (hereinafter "Employee").
		

		
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			WHEREAS, Employee seeks employment or continued employment with the Company;
		

		
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			WHEREAS, the Company would not employ or continue to employ Employee but for Employee's agreement to the terms and conditions hereinafter set forth; and
		

		
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			WHEREAS, Employee will be entrusted with and have access to the Company's trade secrets, customers, employees and other confidential and proprietary information, property and knowledge.
		

		
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			NOW, THEREFORE, in consideration of, among other things, Employee's employment or continued employment, the receipt and sufficiency of which Employee acknowledges, Company and Employee agree as follows:
		

		
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			1.       COMPANY'S BUSINESS. The Company offers insurance products and services, including but not necessarily limited to, homeowners insurance, commercial general liability insurance, federal flood insurance, personal auto, and umbrella insurance. The term "Company's Business", as used in this Agreement, includes these activities as well as any other activities in which the Company may become engaged or be in the process of developing during Employee's employment with the Company.
		

		
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			2.       ACCESS TO CUSTOMERS, POLICYHOLDERS, AGENTS AND CONFIDENTIAL INFORMATION.    At great expense to it, the Company has secured customers, policyholder, agents and solicited potential customers, policyholders and agents through its employees and sales and marketing efforts in its service area and by promoting its business practices through its good name in the industry. In this regard, Employee will have employment responsibilities involving finance, accounting, investments, SEC reporting, shareholder communication, administration, customer contact, marketing, distribution, products, services and new product and services launches, recruiting, contact with recruits, and/or exposure to sales, marketing, product, services, customer and recruiting information and other aspects of Company's Business.
		

		
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			3.       COMPANY'S CONFIDENTIAL INFORMATION.
		

		
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			a.   With the exception of its employees, the Company considers its most valuable assets to be its trade secrets and other confidential business information such as its insured and agent lists, any and all Company financial records known or considered to be non-public information, current and future sales and marketing plans, including distribution, advertising, underwriting, files, business relationships and accounts, customer lists and information, computer software and hardware, information relating to the Company's programs, activities, projects and services, or any other materials relating to
		

		

		

		 

 

		

			DocuSign Envelope ID: 16F25047-3114-46A4-8F01-8B8F8DF821C9

		

		

			 

		

		
		

		
			the Company's business or the customers of the Company or any trade secrets or confidential information, including, without limitation, any business or operational planning, budgeting and methods, drawings, sketches, designs or concepts, know-how, marketing plans or strategies, financial accounting, investment presentations, reinsurance, human resource management, corporate recordkeeping, programs, products or services, business acquisition plans, financial or other performance data, personnel and other policies of the Company, and any other information, whether communicated orally or in documentary or other tangible form, concerning how Company operates Company's Business. The parties to this Agreement recognize Company has invested considerable amounts of time and money in attaining and developing all of the information described above (hereafter collectively referred to as "Company's Confidential Information"), and any unauthorized disclosure or release of Company's Confidential Information in any form would irreparably harm Company.
		

		
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			b.   The parties recognize Employee may take part in attaining and developing, and/or otherwise will have access to Company's Confidential Information in the course of Employee's employment with Company.
		

		
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			c.   The parties further recognize protecting Company's Confidential Information from disclosure to others not only benefits Company, but also benefits all Company employees who remain in Company's employ, as their livelihood is dependent upon the preservation of Company's Business.
		

		
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			4.       COMPANY'S LEGITIMATE BUSINESS INTERESTS.  In light of the foregoing, the Company has legitimate business interests to protect, including (a) valuable confidential business and proprietary information and trade secrets, (b) substantial relationships with specific prospective and existing customers, and (c) goodwill associated with (i) extraordinary or specialized training of its employees, (ii) promotion of the Company's business practice through its good name in the industry, and (iii) the specific geographical location and marketing area within which the Company’s business is located and draws its customers.
		

		
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			5.       NON-DISCLOSURE OR USE OF COMPANY'S CONFIDENTIAL INFORMATION.  Employee shall refrain from directly or indirectly disclosing to any third party, using for any purpose other than for the direct benefit of Company, or communicating in any manner, any of Company's Confidential Information during Employee's employment and thereafter, whatever the reason for Employee leaving Company's employ.
		

		
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			6.       CONFIDENTIAL INFORMATION FROM THIRD PARTIES.    Employee recognizes the Company has received and in the future will receive from customers, agents, and other third parties their confidential or proprietary information subject to a duty on the Company's part to maintain the confidentiality of such information and to use it only for certain limited purposes. Employee agrees to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in carrying out Employee’s work for Company consistent with Company's agreement with such third party.
		

		

		

		 

 

		

			DocuSign Envelope ID: 16F25047-3114-46A4-8F01-8B8F8DF821C9

		

		

			 

		

		
		

		
			7.       RETURN OF COMPANY'S PROPERTY. Should Employee's employment be terminated for any reason, Employee shall:
		

		
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			a.   Refrain from taking any of the Company's property or allowing any of the Company's property to be taken from the Company's premises;
		

		
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			b.   Refrain from transmitting or reproducing in any manner or allowing to be transmitted or reproduced any of the Company's property;
		

		
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			c.   Refrain from removing any such reproduction from the Company's premises;
		

		
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			d.   Delete any electronically stored Company property in Employee's possession, custody or control; and
		

		
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			e.   Immediately return to Company any original or reproduction of Company's property in Employee's possession, including but not limited to manuals, procedures, reports, papers, or other documents relating to the business of the Company. At any time upon request by the Company, Employee agrees to immediately return to the Company any of the Company's property.
		

		
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			8.       RESTRICTIVE COVENANTS. During Employee’s employment with the Company and for a period of 1  year thereafter, whatever the reason for Employee's termination of employment, Employee shall not, either directly or indirectly, either on Employee’s own behalf or on behalf of another business or individual, engage in any of the following activities, or assist others in such activities, in any geographic location where Company's Business is or may be conducted:
		

		
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			a.   Solicit, hire, recruit, or attempt to solicit, hire or recruit, for any individual or entity engaged in any business similar to and in competition with Company's Business, any current or former employee, including directors, officers and agents, of the Company, or enter into any contractual agreement with any employee or former employee, including directors, officers and agents, of the Company, or attempt to induce any employee, including directors, officers and agents, of the Company to terminate his or her employment or relationship with the Company;
		

		
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			b.   Solicit or accept any business from any of Company's current, former or prospective customers (a prospective customer is defined as any person or business Company has actively solicited, planned to solicit, or provided products or services to, during the 12 months before Employee's termination of employment with Company), insureds, agents, vendors, partners, or associations, if the business solicited or accepted is similar to Company's Business; or
		

		
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			c.   Enter into, engage in, be employed by, be connected to, consult for, or otherwise assist any business or individual engaged primarily in any business similar to and in competition with Company's Business. Nothing in this Agreement prevents Employee from owning not more than 2% of the equity of a publicly traded entity.
		

		

		

		 

 

		

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			9.       RIGHT TO INJUNCTIVE RELIEF. The parties to this Agreement recognize irreparable harm would result from any breach by Employee of the covenants contained in this Agreement and monetary damages alone would not provide adequate relief for any such breach. Accordingly, in addition to any other remedy which may be available to Company, if Employee breaches a restrictive covenant in this Agreement, the parties acknowledge injunctive and other relief in favor of Company is proper and may be ordered by any state or federal court of competent jurisdiction located in Broward County, Florida.
		

		
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			10.      TRADE SECRETS. Company and Employee's rights and obligations under this Agreement shall be cumulative and in addition to any rights Company may have to protect Company's Confidential Information that may constitute trade secrets under applicable law.
		

		
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			11.      COSTS AND ATTORNEYS' FEES. If either party seeks to enforce any provision(s) in this Agreement in a court of competent jurisdiction and secures any relief, the prevailing party shall be entitled to reasonable attorney's fees and costs incurred in enforcing this Agreement.
		

		
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			12.      EXTENSION OF RESTRICTIVE COVENANT DURING BREACH. If Employee breaches a covenant containing a specified duration, the duration of that covenant shall be extended by the period of time between Employee's termination of employment with Company and the date a court of competent jurisdiction enters an injunction restraining further breach of the covenant. Additionally, if Employee breaches any restrictive covenant in this Agreement, Employee forfeits Employee’s right to any compensation payable while Employee is breaching such covenant or after any such breach has occurred.
		

		
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			13.      SERVICE OF PROCESS. If Company determines Employee has breached this Agreement, Employee shall become available for service of process within the State of Florida.
		

		
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			14.      JUDICIAL MODIFICATION OF COVENANTS. If a court of competent jurisdiction determines any of the restrictions in this Agreement are overbroad, Employee shall agree to modification of the affected restriction(s) to permit enforcement to the maximum extent allowed by law.
		

		
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			15.      INDEPENDENT AGREEMENTS. The agreements and covenants in Paragraphs 5-8 of this Agreement shall be construed as agreements independent of any other provision of this Agreement or in any other agreement by, between, among, or affecting Company and Employee, and the existence of any claim or cause of action of Employee against Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement of any of the agreements or covenants in those Paragraphs. The covenants, agreements, and representations set forth in this Agreement will survive termination of this Agreement and termination of Employee's employment.
		

		
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			16.      AT-WILL EMPLOYMENT/NO  DUTY TO EMPLOY.  Employee understands that this Agreement does not constitute a contract of employment or obligate the Company to employ Employee for any stated period of time. Nothing contained in this Agreement shall limit the ability of either Employee or the Company to terminate the employment relationship at will, with or without cause, at any time.
		

		
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			17.      SUCCESSORS AND ASSIGNS. Company's rights and obligations under this Agreement may be assigned at the Company's discretion to any successor or assign.  Any
		

		

		

		 

 

		

			DocuSign Envelope ID: 16F25047-3114-46A4-8F01-8B8F8DF821C9

		

		

			 

		

		
		

		
			successor or assign of Company is authorized to enforce all terms of this Agreement, including, but not limited to, the provisions and restrictive covenant described in Paragraphs 5-8 of this Agreement, as if the name of such successor or assign replaces Company throughout this Agreement. Employee's rights and obligations under this Agreement, being personal in nature, may not be assigned.
		

		
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			18.      NOTICES. All notices required or permitted under this Agreement shall be in writing and shall be deemed delivered when delivered in person or on the third day after being deposited in the mail, postage paid, addressed as follows:
		

		
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			FEDERATED NATIONAL HOLDING COMPANY:
		

		
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			14050 NW 14th Street, Suite 180
		

		
			Sunrise, Florida 33323
		

		
			Attention:  Chief Executive Officer 
		

		
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			RONALD JORDAN
		

		
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			5817 Crutchfield Farm Road 
		

		
			Oakridge, NC 27310
		

		
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			Such addresses may be changed from time to time by either party by providing written notice in the manner set forth above.
		

		
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			19.      ENTIRE AGREEMENT. This Agreement, Bonus Agreement, and Change in Control Agreement contain the entire agreement of the parties and there are no other promises or conditions in any other agreement whether oral or written. This Agreement supersedes any prior written or oral agreements between the parties, with the exception of the Bonus Agreement, and Change in Control Agreement.
		

		
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			20.      AMENDMENT. This Agreement may not be modified or amended, unless the modification is set forth in a written document signed by both parties.
		

		
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			21.      SEVERABILITY. If any provisions of this Agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable. If a court finds that any provision of this Agreement is invalid or unenforceable, but that by limiting such provision it would become valid or enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited.
		

		
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			22.      WAIVER OF CONTRACTUAL RIGHT. The failure of either party to enforce any provision of this Agreement shall not be construed as a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this Agreement.
		

		
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			23.      APPLICABLE LAW. ALL ISSUES RELATED TO THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE  STATE  OF  FLORIDA,  WITHOUT REGARD TO  CONFLICT OF  LAWS
		

		

		

		 

 

		

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			PRINCIPLES. THE PARTIES AGREE THAT ANY LITIGATION ARISING OUT OF, CONCERNING, OR IN CONNECTION WITH THIS AGREEMENT SHALL OCCUR IN THE STATE OF FLORIDA, IN BROWARD COUNTY, FLORIDA OR IN THE FEDERAL COURTS OF THE UNITED STATES DISTRICT COURT, SOUTHERN DISTRICT OF FLORIDA. BOTH PARTIES HEREBY CONSENT TO JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN THE STATE OF FLORIDA OVER ANY SUCH LITIGATION OR DISPUTE. EMPLOYEE EXPRESSLY CONSENTS TO THE PERSONAL JURISDICTION OF THE FEDERAL AND STATE COURTS IN FLORIDA. ANY SUCH LAWSUIT SHALL BE BROUGHT IN OR REMOVED TO A STATE OR FEDERAL COURT OF COMPETENT JURISDICTION LOCATED IN BROWARD COUNTY, FLORIDA OR THE UNITED STATES DISTRICT COURT, SOUTHERN DISTRICT OF FLORIDA.
		

		
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			24.      ACKNOWLEDGMENTS. Both Employee and the Company are executing this Agreement voluntarily and without any duress or undue influence. Both Employee and the Company understand the terms, consequences and binding effect of this Agreement. Both Employee and the Company have had the opportunity to seek the advice of an attorney of their own selection before signing this Agreement. No rules of construction will be applied in favor of or against either party based on the identity of the party drafting this Agreement.
		

		
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			25.      COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which shall be enforceable, and all of which together shall constitute one agreement. A photocopy, facsimile, copy or electronic copy of any party's signature shall be as binding as the original.
		

		
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						AGREED TO AND ACCEPTED:

					
					
						 

				
	
					
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						FEDERATED NATIONAL HOLDING COMPANY

					
					
						 

				
	
					
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						By:

					
					
						/s/ Michael H. Braun

					
					
						 

				
	
					
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						Michael H. Braun  CEO/President

					
					
						 

				
	
					
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						AGREED TO AND ACCEPTED:

					
					
						 

				
	
					
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						RONALD JORDAN

					
					
						 

				
	
					
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						/s/ Ronald Jordan

					
					
						 

				
	
					
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						Ronald Jordan

					
					
						 

				
	
					
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			﻿EXHIBIT 104

		

			DocuSign Envelope ID: 16F25047-3114-46A4-8F01-8B8F8DF821C9

		

		

			 

		

		
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			CHANGE OF CONTROL AGREEMENT
		

		
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			THIS CHANGE OF CONTROL AGREEMENT (the “Agreement”), made and entered into as of the 17th day of April, 2017, by and between:
		

		
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			(i)        RONALD JORDAN (the “Employee”) and
		

		
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			(ii)       FEDERATED NATIONAL HOLDING COMPANY, a Florida corporation with offices and place of business in Sunrise, Florida (the “Company”).
		

		
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			All capitalized terms which are not defined herein shall have the same meaning as defined terms in Appendix A, which is attached hereto and incorporated herein by this reference.
		

		
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			P R E L I M I N A R Y   S T A T E M E N T
		

		
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			WHEREAS, the Company believes it to be in the best interests of the Company to assure that the Company will have the continued dedication of the Employee, notwithstanding the possibility, threat or occurrence of a Change of Control; and
		

		
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			WHEREAS, the Company and Employee desire to enter into this Agreement to protect the Employee's interests in the event of a Change of Control.
		

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

		
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			1.       Termination without Cause or for Good Reason During the Two-Year Period Following a Change of Control. If during the two-year period following a Change of Control, the Employee's employment with the Company is terminated by the Company without Cause or by the Employee for Good Reason, the Company will make a lump sum payment, no later than 10 days following such termination, to the Employee in an amount equal to one year of the Employee's base salary as in effect immediately prior to the Change of Control.
		

		
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			2.       Termination for Cause, without Good Reason, Death or Disability Following a Change of Control. In the event that Employee's employment is terminated by the Company for Cause, by the Employee without Good Reason, or due to the death or total disability of Employee following a Change of Control, Employee shall be entitled to receive any earned and unpaid compensation and all earned and vested benefits pursuant to the terms of any applicable benefit plans through the date of termination of the Employee’s employment with the Company within seven days following such date of termination.
		

		
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			3.       Release.  Employee agrees that, as a condition to receiving the payments and benefits provided hereunder, the Employee will execute, deliver and not revoke (within the time period permitted by applicable law) a release of all claims of any kind whatsoever against the Company, its affiliates, officers, directors, employees, agents and shareholders in the then- standard form being used by the Company.
		

		

		

		 

		

			 

		

		

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			4.       Full Settlement.  Any amounts due under this Agreement are in lieu of any, amounts payable under any other salary continuation or cash severance arrangement of the Company and, to the extent paid or provided under any other such arrangement, any such other payment shall be offset from the amount due hereunder. The Company's obligation to make payments provided for in this Agreement and otherwise perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action that the Company may have against the Employee or others. In no event shall the Employee be obligated to seek other employment or to take any action by way of mitigation of the amounts payable to the Employee under any provision of this Agreement.
		

		
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			5.       Notices. All notices, demands and other communications that may or are required to be given to or made by either party to the other in connection with this Agreement shall be in writing, shall be given by hand delivery, by overnight delivery through a nationally recognized delivery service, or by United States Certified or Registered mail, return receipt requested, postage prepaid, and shall be deemed to have been given or made when received by the addressee, addressed to the respective parties as follows:
		

		
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						If to Employee:

					
					
						Ronald Jordan

				
	
					
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						5817 Crutchfield Farm Road

				
	
					
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						Oakridge, NC 27310

				
	
					
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						If to Company:

					
					
						FEDERATED NATIONAL HOLDING COMPANY

				
	
					
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						14050 NW 14 Street, Suite 180

				
	
					
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						Sunrise, Florida 33323

				
	
					
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						Attn: Chief Executive Officer

				

		
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			6.       Miscellaneous:
		

		
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			(a)       This Agreement has been executed in and shall be governed and construed in accordance with the laws of the State of Florida.
		

		
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			(b)       Unless otherwise provided herein, all rights, powers, and privileges conferred hereunder upon the parties shall be cumulative and not restrictive of those given by law.
		

		
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			(c)       No failure of any party hereto to exercise any power given such party hereunder or to insist upon strict compliance by the other party with its obligations hereunder, and no customary practice of the parties at variance with the terms hereof, shall constitute a waiver of a party’s right to demand exact compliance with the terms hereof.
		

		
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			(d)       Time is of the essence in complying with the terms, conditions and provisions of this Agreement.
		

		
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			(e)       This Agreement contains the entire agreement of the parties hereto pertaining to the subject matter hereof, and no representation, inducements, promises or agreements between the parties not contained herein shall be of any force or effect.
		

		

		

		 

		

			 

		

		

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			(f)       This Agreement is binding upon and shall inure to the benefit of the Company, its successors and assigns and the Employee and his respective heirs, personal representatives, successors and assigns.
		

		
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			(g)       Any amendment to this Agreement shall not be binding upon the parties to this Agreement unless such amendment is in writing and executed by all the parties hereto.
		

		
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			(h)       In the event any litigation or controversy arises out of or in connection with this Agreement between the parties hereto, the prevailing party in such litigation or controversy shall be entitled to recover from the other party or parties all reasonable attorney’s fees, expenses and suit costs, including those associated with any appellate or post-judgment collection proceeding.
		

		
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			7.Section 409A Compliance.
		

		
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			(a)       General. It is the intention of both the Company and the Employee that the benefits and rights to which the Employee is entitled pursuant to this Agreement comply with Code Section 409A, to the extent that the requirements of Code Section 409A are applicable thereto, and the provisions of this Agreement shall be construed in a manner consistent with that intention. If the Employee or the Company believes, at any time, that any such benefit or right that is subject to Code Section 409A does not so comply, it shall promptly advise the other and shall negotiate reasonably and in good faith to amend the terms of such benefits and rights such that they comply with Code Section 409A (with the most limited possible economic effect on the Employee and on the Company).
		

		
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			(b)       Distributions on Account of Separation from Service. To the extent required to comply with Code Section 409A, any payment or benefit required to be paid under this Agreement on account of termination of the Employee’s service (or any other similar term) shall be made only in connection with a "separation from service" with respect to the Employee within the meaning of Code Section 409A.
		

		
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			(c)       No Acceleration of Payments. Neither the Company nor the Employee, individually or in combination, may accelerate any payment or benefit that is subject to Code Section 409A, except in compliance with Code Section 409A and the provisions of this Agreement, and no amount that is subject to Code Section 409A shall be paid prior to the earliest date on which it may be paid without violating Code Section 409A.
		

		
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			(d)       Six-Month Delay for Specified Employees. In the event that the Employee is a “specified employee” (as described in Code Section 409A), and any payment or benefit payable pursuant to this Agreement constitutes deferred compensation under Code Section 409A, then the Company and the Employee shall cooperate in good faith to undertake any actions that would cause such payment or benefit not to constitute deferred compensation under Code Section 409A. In the event that, following such efforts, the Company determines (after consultation with its counsel) that such payment or benefit is still subject to the six-month delay requirement described in Code Section 409A(2)(b) in order for such payment or benefit to comply with the requirements of Code Section 409A, then no such payment or benefit shall be made before the date that is six months after the Employee’s “separation from service” (as described in Code Section 409A) (or, if earlier, the date of the Employee’s death). Any payment or benefit delayed by reason of the prior sentence (the Delayed Payment") shall be paid out or
		

		

		

		 

		

			 

		

		

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			provided in a single lump sum at the end of such required delay period in order to catch up to the original payment schedule.
		

		
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			(e)       Treatment of Each Installment as a Separate Payment. For purposes of applying the provisions of Code Section 409A to this Agreement, each separately identified amount to which the Employee is entitled under this Agreement shall be treated as a separate payment. In addition, to the extent permissible under Code Section 409A, any series of installment payments under this Agreement shall be treated as a right to a series of separate payments.
		

		
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			IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day, month and year first above written.
		

		
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						EMPLOYEE:

					
					
						 

				
	
					
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						/s/ Ronald Jordan

					
					
						 

				
	
					
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						Print Name: 

					
					
						Ronald Jordan

					
					
						 

				
	
					
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						COMPANY:

					
					
						 

				
	
					
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						FEDERATED NATIONAL HOLDING

					
					
						 

				
	
					
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						COMPANY, a Florida corporation

					
					
						 

				
	
					
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						By:

					
					
						/s/ Michael H. Braun

					
					
						 

				
	
					
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						Name: 

					
					
						Michael H. Braun

					
					
						 

				
	
					
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						Title:

					
					
						Michael H. Braun

					
					
						 

				
	
					
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			APPENDIX A DEFINITIONS
		

		
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			"Cause” shall mean that:
		

		
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			(i)        There has been continued neglect on the part of the Employee in the performance of Employee’s duties under this Agreement, with notice to the Employee and an opportunity to cure;
		

		
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			(ii)       The Employee's continued neglect of the Company’s Employee Handbook Policies and Procedures; or
		

		
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			(iii)      The Employee is convicted during the Term of this Agreement of a felony involving moral turpitude that is committed by Employee, or enters a plea of guilty or nolo contendere to such felony.
		

		
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			Prior to terminating the Employee for Cause under clauses (i) – (ii) above, the Company shall provide the Employee with at least 10 days’ written notice of the breach and an opportunity to cure the breach. If the Employee does not cure the breach to the satisfaction of the Company in its sole and absolute discretion during this period, the Company may terminate the Employee for Cause. If the Employee is terminated under clause (iii) above, the Employee’s termination will be immediate upon the date of the conviction or plea and no written notice is required by the Company.
		

		
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			“Change of Control” shall be deemed to have taken place if: (1) any person, including a “group” as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, becomes the owner or beneficial owner of Company securities, after the date of this Agreement, having 50% or more of the combined voting power of the then-outstanding securities of the Company that may be cast for the election of directors of the Company (other than as a result of an issuance of securities initiated by the Company, or open market purchases approved by the Board, as long as the majority of the Board approving the purchases is the majority at the time the purchases are made), or (2) the persons who were directors of the Company before such transactions shall cease to constitute a majority of the Board, or any successor to the Company, as the direct or indirect result of or in connection with any cash tender or exchange offer, merger or other business combination, sale of assets or contested election, or any combination of the foregoing transactions. Notwithstanding the foregoing, a Change of Control shall not be deemed to occur unless it constitutes a “change in control event” within the meaning of Section 1.409A- 3(i)(5) of the Treasury Regulations promulgated under Section 409A.
		

		
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			"Code" shall mean the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.
		

		
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			"Code Section 409A" shall mean Section 409A of the Code and its implementing regulations and guidance.
		

		

		

		 

		

			 

		

		

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			DocuSign Envelope ID: 16F25047-3114-46A4-8F01-8B8F8DF821C9

		

		

			 

		

		
		

		
			"Good Reason" shall mean the occurrence of one of the following conditions:
		

		
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			(1)       A material diminution in the Employee's base compensation; or
		

		
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			(2)      A material change in the geographic location at which the Employee must perform the services.
		

		
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			Notwithstanding the foregoing, the Employee shall not be deemed to have terminated this Agreement for Good Reason unless the Employee provides to the Company a written notice of the existence of the above-referenced condition(s) within 90 days following the initial existence of such condition(s) and the Company fails to remedy such condition(s) within 30 days following the receipt of such notice.
		

		 

		

			 

		

		

			6

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