Document:

Exhibit 10.4

      

    SAFE AUTO INSURANCE GROUP, INC.

      2019 OMNIBUS INCENTIVE PLAN

      

    Section 1.              Purpose of Plan.

     

    The name of the Plan is the Safe Auto Insurance Group, Inc. 2019 Omnibus Incentive Plan (the “Plan”). The purposes of the Plan are to provide an additional incentive to selected officers, employees, non-employee directors, independent contractors, and consultants of the Company or its
      Affiliates (as hereinafter defined) whose contributions are essential to the growth and success of the business of the Company and its Affiliates, in order to strengthen the commitment of such persons to the Company and its Affiliates, motivate such
      persons to faithfully and diligently perform their responsibilities and attract and retain competent and dedicated persons whose efforts will result in the long-term growth and profitability of the Company and its Affiliates. To accomplish such
      purposes, the Plan provides that the Company may grant Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Stock Bonuses, Other Stock-Based Awards, Cash Awards or any combination of the foregoing.

     

    Section 2.              Definitions.

     

    For purposes of the Plan, the following terms shall be defined as set forth below:

     

    (a)          “Administrator” means the Board, or, if and to the extent the Board does not administer the Plan, the Committee in accordance with Section 3 hereof.

     

    (b)          “Affiliate” means a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the
        Person specified.

     

    (c)          “Award” means any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Stock Bonus, Other Stock-Based Award or Cash Award granted under the
        Plan.

     

    (d)          “Award Agreement” means any written agreement, contract or other instrument or document evidencing an Award, including through electronic medium, which shall
        contain such terms and conditions with respect to an Award as the Administrator shall determine, consistent with the Plan. Each Participant who is granted an Award shall enter into an Award Agreement with the Company, containing such terms and
        conditions as the Administrator shall determine, in its sole discretion.

     

    (e)          “Base Price” has the meaning set forth in Section 8(b) hereof.

     

    (f)          “Beneficial Owner” (or any variant thereof) has the meaning defined in Rule 13d-3 under the Exchange Act.

     

    (g)          “Board” means the Board of Directors of the Company.

    
      
        
 

    

    
    (h)         “By-Laws” means the by-laws of the Company, as may be amended and/or restated from time to time.

     

    (i)          “Cash Award” means an Award granted pursuant to Section 12 hereof.

     

    (j)          “Cause” has the meaning assigned to such term in the Award Agreement or in any individual employment or severance agreement with the Participant or, if any such
        agreement does not define “Cause,” Cause means (i) the commission of an act of fraud or dishonesty by the Participant in the course of the Participant’s employment or service; (ii) the indictment of, or conviction of, or entering of a plea of nolo
        contendere by, the Participant for a crime constituting a felony or in respect of any act of fraud or dishonesty; (iii) the commission of an act by the Participant which would make the Participant or the Company (including any of its Subsidiaries
        or Affiliates) subject to being enjoined, suspended, barred or otherwise disciplined for violation of federal or state securities laws, rules or regulations, including a statutory disqualification; (iv) gross negligence or willful misconduct in
        connection with the Participant’s performance of his or her duties in connection with the Participant’s employment by or service with the Company (including any Subsidiary or Affiliate for whom the Participant may be employed by or providing
        services to at the time) or the Participant’s failure to comply with any of the restrictive covenants to which the Participant is subject; (v) the Participant’s willful failure to comply with any material policies or procedures of the Company as in
        effect from time to time, provided that the Participant shall have been delivered a copy of such policies or notice that they have been posted on a Company website prior to such compliance failure; or (vi) the Participant’s failure to perform the
        material duties in connection with the Participant’s position, unless the Participant remedies the failure referenced in this clause (vi) no later than ten (10) days following delivery to the Participant of a written notice from the Company
        (including any of its Subsidiaries or Affiliates) describing such failure in reasonable detail (provided that the Participant shall not be given more than one opportunity in the aggregate to remedy failures described in this clause (vi)).

     

    (k)          “Certificate of Incorporation” means the amended and restated certificate of incorporation of the Company, as may be further amended and/or restated from time to
        time.

     

    (l)          “Change in Capitalization” means any (1) merger, consolidation, reclassification, recapitalization, spin-off, spin-out, repurchase or other reorganization or
        corporate transaction or event, (2) special or extraordinary dividend or other extraordinary distribution (whether in the form of cash, Common Stock, or other property), stock split, reverse stock split, subdivision or consolidation, (3)
        combination or exchange of shares, or (4) other change in corporate structure, which, in any such case, the Administrator determines, in its sole discretion, affects the Common Stock such that an adjustment pursuant to Section 5 hereof is
        appropriate.

     

    (m)        “Change in Control” means an event set forth in any one of the following paragraphs shall have occurred:

     

    (1)          any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or any Affiliate
        thereof) representing 50% or more of the combined voting power of the Company’s then outstanding securities, excluding any Person who becomes such a Beneficial Owner in connection with a transaction described in clause (I) of paragraph (3) below;
        or

    
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    (2)          the following individuals cease for any reason to constitute a majority of the number of directors then serving on the Board: individuals who, on the Effective Date, constitute the Board and any new director (other than a director whose
        initial assumption of office is in connection with an actual or threatened election contest, including, but not limited to, a consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or
        nomination for election by the Company’s shareholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on the Effective Date or whose appointment, election or
        nomination for election was previously so approved or recommended; or

     

    (3)          there is consummated a merger or consolidation of the Company or any direct or indirect Subsidiary with any other corporation or other entity, other than (I) a merger or consolidation (A) which results in the voting securities of the
        Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof), in combination with the
        ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary, more than 50% of the combined voting power of the securities of the Company or such surviving entity or any parent
        thereof outstanding immediately after such merger or consolidation and (B) immediately following which the individuals who comprise the Board immediately prior thereto constitute at least a majority of the board of directors of the Company, the
        entity surviving such merger or consolidation or, if the Company or the entity surviving such merger or consolidation is then a Subsidiary, the ultimate parent thereof, or (II) a merger or consolidation effected to implement a recapitalization of
        the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities Beneficially Owned by such Person any securities acquired directly
        from the Company or its Affiliates) representing 50% or more of the combined voting power of the Company’s then outstanding securities; or

     

    (4)          the shareholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, other
        than (A) a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least fifty percent (50%) of the combined voting power of the voting securities of which are owned by shareholders of the Company
        following the completion of such transaction in substantially the same proportions as their ownership of the Company immediately prior to such sale or (B) a sale or disposition of all or substantially all of the Company’s assets immediately
        following which the individuals who comprise the Board immediately prior thereto constitute at least a majority of the board of directors of the entity to which such assets are sold or disposed or, if such entity is a subsidiary, the ultimate
        parent thereof.

    
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    Notwithstanding the foregoing, (i) a Change in Control shall not be deemed to have occurred by virtue of the consummation of any transaction or
      series of integrated transactions immediately following which the holders of shares of Common Stock immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which
      owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions and (ii) for each Award that constitutes deferred compensation under Section 409A of the Code, and to the extent required to
      avoid accelerated taxation and/or tax penalties under Section 409A of the Code, a Change in Control shall be deemed to have occurred under the Plan with respect to such Award only if a change in the ownership or effective control of the Company or a
      change in ownership of a substantial portion of the assets of the Company shall also be deemed to have occurred under Section 409A of the Code.

     

    (n)         “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto.

     

    (o)         “Committee” means any committee or subcommittee the Board may appoint to administer the Plan. Subject to the discretion of the Board, the Committee shall be
        composed entirely of individuals who meet the qualifications of (i) a “non-employee director” within the meaning of Rule 16b-3 and (ii) any other qualifications required by the applicable stock exchange on which the Common Stock is traded. If at
        any time or to any extent the Board shall not administer the Plan, then the functions of the Administrator specified in the Plan shall be exercised by the Committee. Except as otherwise provided in the Certificate of Incorporation or By-laws of the
        Company, any action of the Committee with respect to the administration of the Plan shall be taken by a majority vote at a meeting at which a quorum is duly constituted or unanimous written consent of the Committee’s members.

     

    (p)         “Common Stock” means the common stock, $0.01 par value per share, of the Company.

     

    (q)         “Company” means Safe Auto Insurance Group, Inc., an Ohio corporation (or any successor company, except as the term “Company” is used in the definition of “Change
        in Control” above).

     

    (r)          “Disability” has the meaning assigned to such term in the Award Agreement or in any individual employment or severance agreement with the Participant or, if any
        such agreement does not define “Disability,” Disability means, with respect to any Participant, that such Participant (i) as determined by the Administrator in its sole discretion, is unable to engage in any substantial gainful activity by reason
        of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable
        physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months
        under an accident and health plan covering employees of the Company or an Affiliate thereof.

     

    (s)          “Effective Date”
        has the meaning set forth in Section 20 hereof.

    
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    (t)          “Eligible Recipient” means an officer, employee, non-employee director, independent contractor or consultant of the Company or any Affiliate of the Company who has
        been selected as an eligible participant by the Administrator; provided, however,
        to the extent required to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, an Eligible Recipient of an Option or a Stock Appreciation Right means an employee, non-employee director, independent contractor or
        consultant of the Company or any Affiliate of the Company with respect to whom the Company is an “eligible issuer of service recipient stock” within the meaning of Section 409A of the Code.

     

    (u)         “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

     

    (v)         “Exercise Price” means, with respect to any Option, the per share price at which a holder of such Option may purchase such shares of Common Stock issuable upon the
        exercise of such Option.

     

    (w)        “Fair Market Value” of Common Stock or another security as of a particular date shall mean the fair market value as determined by the Administrator in its sole
        discretion; provided, however, (i) if the Common Stock or other
        security is admitted to trading on a national securities exchange (which shall include, without limitation, NASDAQ and NYSE), the fair market value on any date shall be the closing sale price reported on such date, or if no shares were traded on
        such date, on the last preceding date for which there was a sale of a share of Common Stock on such exchange, or (ii) if the Common Stock or other security is then traded in an over-the-counter market, the fair market value on any date shall be the
        average of the closing bid and asked prices for such share in such over-the-counter market for the last preceding date on which there was a sale of such share in such market.

     

    (x)          “Free Standing Right” has the meaning set forth in Section 8(a) hereof.

     

    (y)          “Good Reason” has the meaning assigned to such term in the Award Agreement or in any individual employment or severance agreement with the Participant or, if any
        such agreement does not define “Good Reason,” Good Reason and any provision of this Plan that refers to Good Reason shall not be applicable to such Participant.

     

    (z)          “ISO” means an Option intended to be and designated as an “incentive stock option” within the meaning of Section 422 of the Code.

     

    (aa)        “Nonqualified Stock Option” means an Option that is not designated as an ISO.

     

    (bb)       “Option” means an option to purchase shares of Common Stock granted pursuant to Section 7 hereof. The term “Option” as used in the Plan includes the terms
        “Nonqualified Stock Option” and “ISO.”

     

    (cc)        “Other Stock-Based Award” means an Award granted pursuant to Section 10 hereof.

    
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    (dd)          “Participant” means any Eligible Recipient selected by the Administrator, pursuant to the Administrator’s authority provided for in Section 3 hereof,
        to receive grants of Awards, and, upon his or her death, his or her successors, heirs, executors and administrators, as the case may be.

     

    (ee)          “Performance Goals” means performance goals based on criteria selected by the Administrator in its sole discretion, including, without limitation,
        one or more of the following criteria: (i) earnings, including one or more of operating income, net operating income, earnings before or after taxes, earnings before or after interest, depreciation, amortization, adjusted EBITDA, economic earnings,
        or extraordinary or special items or book value per share (which may exclude nonrecurring items); (ii) pre-tax income or after-tax income; (iii) earnings per share (basic or diluted); (iv) operating profit; (v) revenue, revenue growth or rate of
        revenue growth; (vi) return on assets (gross or net), return on investment, return on capital, or return on equity; (vii) returns on sales or revenues; (viii) operating expenses; (ix) stock price appreciation; (x) cash flow, free cash flow, cash
        flow return on investment (discounted or otherwise), net cash provided by operations, or cash flow in excess of cost of capital; (xi) implementation or completion of critical projects or processes; (xii) cumulative earnings per share growth; (xiii)
        operating margin or profit margin; (xiv) stock price or total shareholder return; (xv) cost targets, reductions and savings, productivity and efficiencies; (xvi) combined ratio or loss ratio; (xvii) strategic business criteria, consisting of one or
        more objectives based on meeting specified market penetration, geographic business expansion, customer satisfaction, employee satisfaction, human resources management, supervision of litigation and information technology goals, and goals relating
        to acquisitions, divestitures, joint ventures and similar transactions, and budget comparisons; (xviii) personal professional objectives, including any of the foregoing performance goals, the implementation of policies and plans, the negotiation of
        transactions, the development of long term business goals, formation of joint ventures, research or development collaborations, and the completion of other corporate transactions; and (xix) any combination of, or a specified increase in, any of the
        foregoing. Where applicable, the Performance Goals may be expressed in terms of attaining a specified level of the particular criteria or the attainment of a percentage increase or decrease in the particular criteria, and may be applied to one or
        more of the Company or any Affiliate thereof, or a division or strategic business unit of the Company or any Affiliate thereof, or may be applied to the performance of the Company relative to a market index, a group of other companies or a
        combination thereof, all as determined by the Administrator. The Performance Goals may include a threshold level of performance below which no payment shall be made (or no vesting shall occur), levels of performance at which specified payments
        shall be made (or specified vesting shall occur), and a maximum level of performance above which no additional payment shall be made (or at which full vesting shall occur). The Administrator shall have the authority to make equitable adjustments to
        the Performance Goals as may be determined by the Administrator, in its sole discretion.

     

    (ff)         “Person” has the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof.

     

    (gg)       “Plan” has the meaning set forth in Section 1 hereof.

     

    (hh)       “Related Right” has the meaning set forth in Section 8(a) hereof.

    
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    (ii)          “Restricted Stock” means Shares granted pursuant to Section 9 hereof subject to certain restrictions that lapse at the end of a specified period or
        periods.

     

    (jj)          “Restricted Stock Unit” means the right, granted pursuant to Section 9 hereof, to receive an amount in cash or Shares (or any combination thereof)
        equal to the Fair Market Value of a Share subject to certain restrictions that lapse at the end of a specified period or periods.

     

    (kk)       “Rule 16b-3” has the meaning set forth in Section 3(a) hereof.

     

    (ll)          “Secretary” means the corporate secretary of the Company.

     

    (mm)     “Shares” means Common Stock reserved for issuance under the Plan, as adjusted pursuant to the Plan, and any successor (pursuant to a merger, consolidation or other
        reorganization) security.

     

    (nn)       “Stock Appreciation Right” means the right to receive, upon exercise of the right, the applicable amounts as described in Section 8 hereof.

     

    (oo)      “Stock Bonus” means a bonus payable in fully vested shares of Common Stock granted pursuant to Section 11 hereof.

     

    (pp)       “Subsidiary” means, with respect to any Person, as of any date of determination, any other Person as to which such first Person owns or otherwise controls,
        directly or indirectly, more than 50% of the voting shares or other similar interests or a sole general partner interest or managing member or similar interest of such other Person.

     

    (qq)       “Transfer” has the meaning set forth in Section 18 hereof.

     

    Section 3.              Administration.

     

    (a)          The

        Plan shall be administered by the Administrator and shall be administered in accordance with the requirements of Rule 16b-3 under the Exchange Act (“Rule 16b-3”),

        to the extent applicable.

     

    (b)          Pursuant

        to the terms of the Plan, the Administrator, subject, in the case of any Committee, to any restrictions on the authority delegated to it by the Board, shall have the power and authority, without limitation:

     

    (1)          to select those Eligible Recipients who shall be Participants;

     

    (2)          to determine whether and to what extent Awards are to be granted hereunder to Participants;

     

    (3)          to determine the number of Shares to be covered by each Award granted hereunder;

    
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    (4)          to determine the terms and conditions, not inconsistent with the terms of the Plan, of each Award granted hereunder (including, but not limited to, (i) the restrictions applicable to Restricted Stock or Restricted Stock Units and the
        conditions under which restrictions applicable to such Restricted Stock or Restricted Stock Units shall lapse, (ii) the Performance Goals and periods applicable to Awards, (iii) the Exercise Price of each Option and the Base Price of each Stock
        Appreciation Right, (iv) the vesting schedule applicable to each Award, subject to Section 4(d) hereof, (v) the number of Shares or amount of cash or other property subject to each Award and (vi) subject to the requirements of Section 409A of the
        Code (to the extent applicable), any amendments to the terms and conditions of outstanding Awards, including, but not limited to, extending the exercise period of such Awards and, in the event of the Participant’s death or Disability, accelerating
        the vesting schedule of such Awards);

     

    (5)          to determine the terms and conditions, not inconsistent with the terms of the Plan, which shall govern all written instruments evidencing Awards;

     

    (6)          to determine the Fair Market Value in accordance with the terms of the Plan;

     

    (7)          to determine the duration and purpose of leaves of absence which may be granted to a Participant without constituting termination of the Participant’s employment or service for purposes of Awards granted under the Plan;

     

    (8)          to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall from time to time deem advisable; and

     

    (9)          to prescribe, amend and rescind rules and regulations relating to sub-plans established for the purpose of satisfying applicable foreign laws or qualifying for favorable tax treatment under applicable foreign laws, which rules and
        regulations may be set forth in an appendix or appendices to the Plan; and

     

    (10)          to construe and interpret the terms and provisions of the Plan and any Award issued under the Plan (and any Award Agreement relating thereto), and to otherwise supervise the administration of the Plan and to exercise all powers and
        authorities either specifically granted under the Plan or necessary and advisable in the administration of the Plan.

     

    (c)          All

        decisions made by the Administrator pursuant to the provisions of the Plan shall be final, conclusive and binding on all persons, including the Company and the Participants. No member of the Board or the Committee, nor any officer or employee of
        the Company or any Subsidiary thereof acting on behalf of the Board or the Committee, shall be personally liable for any action, omission, determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the
        Board or the Committee and each and any officer or employee of the Company and of any Subsidiary thereof acting on their behalf shall, to the maximum extent permitted by law, be fully indemnified and protected by the Company in respect of any such
        action, omission, determination or interpretation.

     

    (d)          The

        Administrator may, in its sole discretion, delegate its authority, in whole or in part, under this Section 3 (including, but not limited to, its authority to grant Awards under the Plan, other than its authority to grant Awards under the Plan to
        any Participant who is subject to reporting under Section 16 of the Exchange Act) to one or more officers of the Company, subject to the requirements of applicable law or any stock exchange on which the Shares are traded.

    
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    Section 4.              Shares Reserved for Issuance; Certain Limitations.

     

    (a)          The

        maximum number of shares of Common Stock reserved for issuance under the Plan shall be [•] shares (subject to adjustment as provided in Section 5), as increased on the first day of each fiscal year of the Company beginning in calendar year 2020 by
        a number of shares of Common Stock equal to (x) the excess, if any, of [●]% of the number of outstanding shares of Common Stock on the last day of the immediately preceding fiscal year, over (y) the number of shares of Common Stock reserved and
        available for issuance in respect of future grants of Awards under the Plan as of the last day of the immediately preceding fiscal year. All shares of Common Stock reserved for issuance under the Plan may be granted in the form of ISOs.

     

    (b)          Shares

        issued under the Plan may, in whole or in part, be authorized but unissued Shares or Shares that shall have been or may be reacquired by the Company in the open market, in private transactions or otherwise. If any Shares subject to an Award are
        forfeited, cancelled, exchanged or surrendered or if an Award otherwise terminates or expires without a distribution of shares to the Participant, the Shares with respect to such Award shall, to the extent of any such forfeiture, cancellation,
        exchange, surrender, termination or expiration, again be available for Awards under the Plan. Notwithstanding the foregoing, Shares that are exchanged by a Participant or withheld by the Company as full or partial payment in connection with the
        exercise of any Option or Stock Appreciation Right under the Plan or the payment of any purchase price with respect to any other Award under the Plan, as well as any Shares exchanged by a Participant or withheld by the Company or any Subsidiary to
        satisfy the tax withholding obligations related to any Award under the Plan, shall not be available for subsequent Awards under the Plan, and notwithstanding that a Stock Appreciation Right is settled by the delivery of a net number of shares of
        Common Stock, the full number of shares of Common Stock underlying such Stock Appreciation Right shall not be available for subsequent Awards under the Plan. Upon the exercise of any Award granted in tandem with any other Awards, such related
        Awards shall be cancelled to the extent of the number of Shares as to which the Award is exercised and, notwithstanding the foregoing, such number of shares shall no longer be available for Awards under the Plan. Shares of Common Stock, if any,
        that are repurchased by the Company using the proceeds received by the Company from the exercise of any Option or Stock Appreciation Right or from the payment of any purchase price with respect to any other Award shall not be added to the aggregate
        number of shares of Common Stock available for Awards under the Plan. In addition, (i) to the extent an Award is denominated in shares of Common Stock, but paid or settled in cash, the number of shares of Common Stock with respect to which such
        payment or settlement is made shall again be available for grants of Awards pursuant to the Plan and (ii) shares of Common Stock underlying Awards that can only be settled in cash shall not be counted against the aggregate number of shares of
        Common Stock available for Awards under the Plan.

    
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    Section 5.              Equitable Adjustments.

     

    (a)          In

        the event of any Change in Capitalization, an equitable substitution or proportionate adjustment shall be made, in each case, as may be determined by the Administrator, in its sole discretion, in (i) the aggregate number of shares of Common Stock
        reserved for issuance under the Plan and the maximum number of shares of Common Stock or cash that may be subject to Awards granted to any Participant in any calendar year, (ii) the kind and number of securities subject to, and the Exercise Price
        or Base Price of, any outstanding Options and Stock Appreciation Rights granted under the Plan, (iii) the kind, number and purchase price of shares of Common Stock, or the amount of cash or amount or type of other property, subject to outstanding
        Restricted Stock, Restricted Stock Units, Stock Bonuses and Other Stock-Based Awards granted under the Plan or (iv) the Performance Goals and performance periods applicable to any Awards granted under the Plan; provided, however, that any fractional shares resulting from the adjustment shall be rounded to
        the nearest whole share to the extent doing so does not result in accelerated taxation and/or tax penalties under Section 409A of the Code. Such other equitable substitutions or adjustments shall be made as may be determined by the Administrator,
        in its sole discretion.

     

    (b)          Without

        limiting the generality of the foregoing, in connection with a Change in Capitalization, the Administrator may provide, in its sole discretion, but subject in all events to the requirements of Section 409A of the Code, for the cancellation of any
        outstanding Award in exchange for payment in cash or other property having an aggregate Fair Market Value equal to the Fair Market Value of the shares of Common Stock, cash or other property covered by such Award, reduced by the aggregate Exercise
        Price or Base Price thereof, if any; provided, however, that if
        the Exercise Price or Base Price of any outstanding Award is equal to or greater than the Fair Market Value of the shares of Common Stock, cash or other property covered by such Award, the Board may cancel such Award without the payment of any
        consideration to the Participant.

     

    (c)          The

        determinations made by the Administrator or the Board, as applicable, pursuant to this Section 5 shall be final, binding and conclusive.

      

    Section 6.              Eligibility.

     

    The Participants under the Plan shall be selected from time to time by the Administrator, in its sole discretion, from those individuals
      that qualify as Eligible Recipients.

     

    Section 7.             Options.

     

    (a)          General. Each Participant who is granted an Option shall enter into an Award Agreement with the Company, containing such terms and conditions as the Administrator
        shall determine, in its sole discretion, which Award Agreement shall set forth, among other things, the Exercise Price of the Option, the term of the Option and provisions regarding exercisability of the Option, and whether the Option is intended
        to be an ISO or a Nonqualified Stock Option (and in the event the Award Agreement has no such designation, the Option shall be a Nonqualified Stock Option). The provisions of each Option need not be the same with respect to each Participant. More
        than one Option may be granted to the same Participant and be outstanding concurrently hereunder. Options granted under the Plan shall be subject to the terms and conditions set forth in this Section 7 and shall contain such additional terms and
        conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable and set forth in the applicable Award Agreement.

    
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    (b)          Exercise Price. The Exercise Price of Shares purchasable under an Option shall be determined by the Administrator in its sole discretion at the time of grant, but
        in no event shall the exercise price of an Option be less than one hundred percent (100%) of the Fair Market Value of the related shares of Common Stock on the date of grant.

     

    (c)          Option Term. The maximum term of each Option shall be fixed by the Administrator, but no Option shall be exercisable more than ten (10) years after the date such
        Option is granted. Each Option’s term is subject to earlier expiration pursuant to the applicable provisions in the Plan and the Award Agreement.

     

    (d)          Exercisability. Each Option shall be exercisable at such time or times and subject to such terms and conditions, including the attainment of Performance Goals, as
        shall be determined by the Administrator in the applicable Award Agreement. The Administrator may also provide that any Option shall be exercisable only in installments, and the Administrator may waive such installment exercise provisions at any
        time, in whole or in part, based on such factors as the Administrator may determine in its sole discretion. Notwithstanding anything to the contrary contained herein, an Option may not be exercised for a fraction of a share.

     

    (e)          Method of Exercise. Options may be exercised in whole or in part by giving written notice of exercise to the Company specifying the number of whole Shares to be
        purchased, accompanied by payment in full of the aggregate Exercise Price of the Shares so purchased in cash or its equivalent, as determined by the Administrator. As determined by the Administrator, in its sole discretion, with respect to any
        Option or category of Options, payment in whole or in part may also be made (i) by means of consideration received under any cashless exercise procedure approved by the Administrator (including the withholding of Shares otherwise issuable upon
        exercise), (ii) in the form of unrestricted Shares already owned by the Participant which have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which such Option shall be exercised, (iii) any
        other form of consideration approved by the Administrator and permitted by applicable law or (iv) any combination of the foregoing.

     

    (f)          ISOs. The terms and conditions of ISOs granted hereunder shall be subject to the provisions of Section 422 of the Code and the terms, conditions, limitations and
        administrative procedures established by the Administrator from time to time in accordance with the Plan. At the discretion of the Administrator, ISOs may be granted only to an employee of the Company, its “parent corporation” (as such term is
        defined in Section 424(e) of the Code) or a Subsidiary of the Company.

     

    (i)          ISO Grants to 10% Stockholders. Notwithstanding anything to the contrary in the Plan, if an ISO is granted to a Participant who owns shares
        representing more than ten percent (10%) of the voting power of all classes of shares of the Company, its “parent corporation” (as such term is defined in Section 424(e) of the Code) or a Subsidiary of the Company, the term of the ISO shall not
        exceed five (5) years from the time of grant of such ISO and the Exercise Price shall be at least one hundred and ten percent (110%) of the Fair Market Value of the Shares on the date of grant.

     

    
      11

      
        
 

    

    (ii)          $100,000 Per Year Limitation For ISOs. To the extent the aggregate Fair Market Value (determined on the date of grant) of the Shares for which ISOs are
        exercisable for the first time by any Participant during any calendar year (under all plans of the Company) exceeds $100,000, such excess ISOs shall be treated as Nonqualified Stock Options.

      

    (iii)          Disqualifying Dispositions. Each Participant awarded an ISO under the Plan shall notify the Company in writing immediately after the date the
        Participant makes a “disqualifying disposition” of any Share acquired pursuant to the exercise of such ISO. A “disqualifying disposition” is any disposition (including any sale) of such Shares before the later of (i) two years after the date of
        grant of the ISO and (ii) one year after the date the Participant acquired the Shares by exercising the ISO. The Company may, if determined by the Administrator and in accordance with procedures established by it, retain possession of any Shares
        acquired pursuant to the exercise of an ISO as agent for the applicable Participant until the end of the period described in the preceding sentence, subject to complying with any instructions from such Participant as to the sale of such Shares.

     

    (g)          Rights as Stockholder. A Participant shall have no rights to dividends, dividend equivalents or distributions or any other rights of a stockholder with respect to
        the Shares subject to an Option until the Participant has given written notice of the exercise thereof, has paid in full for such Shares and has satisfied the requirements of Section 17 hereof.

     

    (h)          Termination of Employment or Service. In the event of the termination of employment or service with the Company and all Affiliates thereof of a Participant who
        has been granted one or more Options, such Options shall be exercisable at such time or times and subject to such terms and conditions as set forth in the Award Agreement.

     

    (i)          Other Change in Employment or Service Status. An Option shall be affected, both with regard to vesting schedule and termination, by leaves of absence, including
        unpaid and un-protected leaves of absence, changes from full-time to part-time employment, partial Disability or other changes in the employment status or service status of a Participant, in the discretion of the Administrator.

     

    Section 8.              Stock Appreciation Rights.

     

    (a)          General. Stock Appreciation Rights may be granted either alone (“Free Standing
            Rights”) or in conjunction with all or part of any Option granted under the Plan (“Related Rights”). Related Rights may be granted either at or
        after the time of the grant of such Option. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which, grants of Stock Appreciation Rights shall be made, the number of Shares to be awarded, the Base Price,
        and all other conditions of Stock Appreciation Rights. Notwithstanding the foregoing, no Related Right may be granted for more Shares than are subject to the Option to which it relates. The provisions of Stock Appreciation Rights need not be the
        same with respect to each Participant. Stock Appreciation Rights granted under the Plan shall be subject to the following terms and conditions set forth in this Section 8 and shall contain such additional terms and conditions, not inconsistent with
        the terms of the Plan, as the Administrator shall deem desirable, as set forth in the applicable Award Agreement.

    
      12

      
        
 

    

    (b)          Base Price. Each Stock Appreciation Right shall be granted with a base price that is not less than one hundred percent (100%) of the Fair Market Value of the
        related shares of Common Stock on the date of grant (such amount, the “Base Price”).

     

    (c)          Rights as Stockholder. A Participant shall have no rights to dividends, dividend equivalents or any other rights of a stockholder with respect to the Shares, if
        any, subject to a Stock Appreciation Right until the Participant has given written notice of the exercise thereof and has satisfied the requirements of Section 17 hereof.

     

    (d)          Exercisability.

     

    (1)          Stock Appreciation Rights that are Free Standing Rights shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Administrator in the applicable Award Agreement.

     

    (2)          Stock Appreciation Rights that are Related Rights shall be exercisable only at such time or times and to the extent that the Options to which they relate shall be exercisable in accordance with the provisions of Section 7 hereof and this
        Section 8.

     

    (e)          Method of Exercise. Stock Appreciation Rights may be exercised in whole or in part by giving written notice of exercise to the Company specifying the number of
        whole Stock Appreciation Rights to be exercised.

     

    (f)          Consideration Upon Exercise.

     

    (1)          Upon the exercise of a Free Standing Right, the Participant shall be entitled to receive up to, but not more than, that number of Shares equal in value to (i) the excess of the Fair Market Value of a share of Common Stock as of the date of
        exercise over the Base Price per share specified in the Free Standing Right, multiplied by (ii) the number of Shares in respect of which the Free Standing Right is being exercised.

     

    (2)          A Related Right may be exercised by a Participant by surrendering the applicable portion of the related Option. Upon such exercise and surrender, the Participant shall be entitled to receive up to, but not more than, that number of Shares
        equal in value to (i) the excess of the Fair Market Value of a share of Common Stock as of the date of exercise over the Exercise Price specified in the related Option, multiplied by (ii) the number of Shares in respect of which the Related Right
        is being exercised. Options which have been so surrendered, in whole or in part, shall no longer be exercisable to the extent the Related Rights have been so exercised.

     

    (3)          Notwithstanding the foregoing, the Administrator may determine to settle the exercise of a Stock Appreciation Right in cash (or in any combination of Shares and cash).

    
      13

      
        
 

    

    (g)          Termination of Employment or Service.

     

    (1)          In the event of the termination of employment or service with the Company and all Affiliates thereof of a Participant who has been granted one or more Free Standing Rights, such rights shall be exercisable at such time or times and subject
        to such terms and conditions as set forth in the Award Agreement.

     

    (2)          In the event of the termination of employment or service with the Company and all Affiliates thereof of a Participant who has been granted one or more Related Rights, such rights shall be exercisable at such time or times and subject to
        such terms and conditions as set forth in the related Options.

     

    (h)          Term.

     

    (1)          The term of each Free Standing Right shall be fixed by the Administrator, but no Free Standing Right shall be exercisable more than ten (10) years after the date such right is granted.

     

    (2)          The term of each Related Right shall be the term of the Option to which it relates, but no Related Right shall be exercisable more than ten (10) years after the date such right is granted.

     

    (i)          Other Change in Employment or Service Status. Stock Appreciation Rights shall be affected, both with regard to vesting schedule and termination, by leaves of
        absence, including unpaid and un-protected leaves of absence, changes from full-time to part-time employment, partial Disability or other changes in the employment status or service status of a Participant, in the discretion of the Administrator.

      

    Section 9.              Restricted Stock and Restricted Stock Units.

     

    (a)          General. Restricted Stock and Restricted Stock Units may be issued under the Plan. The Administrator shall determine the Eligible Recipients to whom, and the time
        or times at which, Restricted Stock or Restricted Stock Units shall be made; the number of Shares to be awarded; the price, if any, to be paid by the Participant for the acquisition of Restricted Stock or Restricted Stock Units; the period of time
        prior to which Restricted Stock or Restricted Stock Units become vested and free of restrictions on Transfer (the “Restricted Period”); the Performance Goals
        (if any); and all other conditions of the Restricted Stock and Restricted Stock Units. If the restrictions, Performance Goals and/or conditions established by the Administrator are not attained, a Participant shall forfeit his or her Restricted
        Stock or Restricted Stock Units, in accordance with the terms of the grant. The provisions of Restricted Stock or Restricted Stock Units need not be the same with respect to each Participant.

     

    (b)          Awards and Certificates.

     

    (1)          Except as otherwise provided in Section 9(c) hereof, (i) each Participant who is granted an Award of Restricted Stock may, in the Company’s sole discretion, be issued a stock certificate in respect of such Restricted Stock; and (ii) any
        such certificate so issued shall be registered in the name of the Participant, and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to any such Award. The Company may require that the stock
        certificates, if any, evidencing Restricted Stock granted hereunder be held in the custody of the Company until the restrictions thereon shall have lapsed, and that, as a condition of any award of Restricted Stock, the Participant shall have
        delivered a stock transfer form, endorsed in blank, relating to the Shares covered by such award. Certificates for shares of unrestricted Common Stock may, in the Company’s sole discretion, be delivered to the Participant only after the Restricted
        Period has expired without forfeiture in respect of such Restricted Stock.

     

    
      14

      
        
 

    

    (2)          With respect to an Award of Restricted Stock Units to be settled in Shares, at the expiration of the Restricted Period, stock certificates in respect of the shares of Common Stock underlying such Restricted Stock Units may, in the
        Company’s sole discretion, be delivered to the Participant, or his legal representative, in a number equal to the number of shares of Common Stock underlying the Award of Restricted Stock Units.

     

    (3)          Notwithstanding anything in the Plan to the contrary, any Restricted Stock or Restricted Stock Units to be settled in Shares (at the expiration of the Restricted Period) may, in the Company’s sole discretion, be issued in uncertificated
        form.

     

    (4)          Further, notwithstanding anything in the Plan to the contrary, with respect to Restricted Stock Units, at the expiration of the Restricted Period, Shares (either in certificated or uncertificated form) or cash, as applicable, shall
        promptly be issued to the Participant, unless otherwise deferred in accordance with procedures established by the Company in accordance with Section 409A of the Code, and such issuance or payment shall in any event be made no later than March 15th
        of the calendar year following the year of vesting or within such other period as is required to avoid accelerated taxation and/or tax penalties under Section 409A of the Code.

     

    (c)          Restrictions and Conditions. The Restricted Stock and Restricted Stock Units granted pursuant to this Section 9 shall be subject to the following restrictions and
        conditions and any additional restrictions or conditions as determined by the Administrator at the time of grant or, subject to Section 409A of the Code where applicable, thereafter:

     

    (1)          Subject to Section 4(d) hereof, the Award Agreement may provide for the lapse of restrictions in installments and may accelerate or waive such restrictions in whole or in part based on such factors and such circumstances as set forth in
        the Award Agreement, including, but not limited to, the attainment of certain performance related goals, the Participant’s termination of employment or service with the Company or any Affiliate thereof, or the Participant’s death or Disability.
        Notwithstanding the foregoing, upon a Change in Control, the outstanding Awards shall be subject to Section 14 hereof.

     

    (2)          Except as provided in the applicable Award Agreement, the Participant shall generally have the rights of a stockholder of the Company with respect to shares of Restricted Stock during the Restricted Period, including the right to vote such
        shares and to receive any dividends declared with respect to such shares; provided, however, that except as provided in the applicable Award Agreement, any dividends declared during the Restricted Period with respect to such shares shall only become payable if (and to the extent) the underlying Restricted
        Shares vest. Except as provided in the applicable Award Agreement, the Participant shall generally not have the rights of a stockholder with respect to shares of Common Stock subject to Restricted Stock Units during the Restricted Period; provided, however, that, subject to Section 409A of the Code, an amount
        equal to any dividends declared during the Restricted Period with respect to the number of shares of Common Stock covered by Restricted Stock Units may, to the extent set forth in an Award Agreement, be provided to the Participant at the time (and
        to the extent) that shares of Common Stock in respect of the related Restricted Stock Units are delivered to the Participant.

    
      15

      
        
 

    

    (d)          Termination of Employment or Service. The rights of Participants granted Restricted Stock or Restricted Stock Units upon termination of employment or service with
        the Company and all Affiliates thereof for any reason during the Restricted Period shall be set forth in the Award Agreement.

     

    (e)          Form of Settlement. The Administrator reserves the right in its sole discretion to provide (either at or after the grant thereof) that any Restricted Stock Unit
        represents the right to receive the amount of cash per unit that is determined by the Administrator in connection with the Award.

     

    Section 10.           Other Stock-Based Awards.

     

    Other forms of Awards valued in whole or in part by reference to, or otherwise based on, Common Stock, including but not limited to dividend
      equivalents, may be granted either alone or in addition to other Awards (other than in connection with Options or Stock Appreciation Rights) under the Plan. Any dividend or dividend equivalent awarded hereunder shall be subject to the same
      restrictions, conditions and risks of forfeiture as the underlying Awards and shall only become payable if (and to the extent) the underlying Awards vest. Subject to the provisions of the Plan, the Administrator shall have sole and complete authority
      to determine the individuals to whom and the time or times at which such Other Stock-Based Awards shall be granted, the number of shares of Common Stock to be granted pursuant to such Other Stock-Based Awards, or the manner in which such Other
      Stock-Based Awards shall be settled (e.g., in shares of Common Stock, cash or other property), or the conditions to the vesting and/or payment or settlement of such Other Stock-Based Awards (which may include, but not be limited to, achievement of
      performance criteria) and all other terms and conditions of such Other Stock-Based Awards.

     

    Section 11.          Stock Bonuses.

     

    In the event that the Administrator grants a Stock Bonus, the Shares constituting such Stock Bonus shall, as determined by the
      Administrator, be evidenced in uncertificated form or by a book entry record or a certificate issued in the name of the Participant to whom such grant was made and delivered to such Participant as soon as practicable after the date on which such
      Stock Bonus is payable.

     

    Section 12.           Cash Awards.

     

    The Administrator may grant Awards that are payable solely in cash, as deemed by the Administrator to be consistent with the purposes of the
      Plan, and such Cash Awards shall be subject to the terms, conditions, restrictions and limitations determined by the Administrator, in its sole discretion, from time to time. Cash Awards may be granted with value and payment contingent upon the
      achievement of Performance Goals.

    
      16

      
        
 

    

    Section 13.           Change in Control Provisions.

     

    Unless otherwise determined by the Administrator prior to a Change in Control or evidenced in an Award Agreement, in the event that (a) a
      Change in Control occurs and (b) either (x) an outstanding Award is not assumed or substituted in connection therewith or (y) an outstanding Award is assumed or substituted in connection therewith and the Participant’s employment or service is
      terminated by the Company, its successor or an Affiliate thereof without Cause or by the Participant for Good Reason (if applicable) on or after the effective date of the Change in Control but prior to twenty-four (24) months following the Change in
      Control, then:

     

    (a)          any

        unvested or unexercisable portion of any Award carrying a right to exercise shall become fully vested and exercisable; and

     

    (b)          the

        restrictions, deferral limitations, payment conditions and forfeiture conditions applicable to an Award granted under the Plan shall lapse and such Awards shall be deemed fully vested and any performance conditions imposed with respect to such
        Awards shall be deemed to be fully achieved.

     

    For purposes of this Section 13, an outstanding Award shall be considered to be assumed or substituted for if, following the
      Change in Control, the Award is of substantially comparable value and remains subject to the same terms and conditions that were applicable to the Award immediately prior to the Change in Control except that, if the Award related to Shares, the Award
      instead confers the right to receive common stock of the acquiring entity (or such other security or entity as may be determined by the Administrator, in its sole discretion, pursuant to Section 5 hereof).

     

    Section 14.           Voting Proxy.

     

    The Company reserves the right to require the Participant, to the fullest extent permitted by applicable law, to appoint the Secretary (or
      another person at the request of the Secretary) as the Participant’s proxy with respect to all applicable unvested Awards of which the Participant may be the record holder of from time to time to (A) attend all meetings of the holders of the shares
      of Common Stock, with full power to vote and act for the Participant with respect to such Awards in the same manner and extent that the Participant might were the Participant personally present at such meetings, and (B) execute and deliver, on behalf
      of the Participant, any written consent in lieu of a meeting of the holders of the shares of Common Stock in the same manner and extent that the Participant might but for the proxy granted pursuant to this sentence.

     

    Section 15.           Amendment and Termination.

     

    The Board may amend, alter or terminate the Plan, but no amendment, alteration, or termination shall be made that would impair the rights of
      a Participant under any Award theretofore granted without such Participant’s consent. Unless the Board determines otherwise, the Board shall obtain approval of the Company’s stockholders for any amendment to the Plan that would require such approval
      in order to satisfy any rules of the stock exchange on which the Common Stock is traded or other applicable law. The Administrator may amend the terms of any Award theretofore granted, prospectively or retroactively, but, subject to Section 5 hereof
      and the immediately preceding sentence, no such amendment shall impair the rights of any Participant without his or her consent.

    
      17

      
        
 

    

    Section 16.           Unfunded Status of Plan.

     

    The Plan is intended to constitute an “unfunded” plan for incentive compensation. With respect to any payments not yet made to a Participant
      by the Company, nothing contained herein shall give any such Participant any rights that are greater than those of a general creditor of the Company.

     

    Section 17.           Withholding Taxes.

     

    Each Participant shall, no later than the date as of which the value of an Award first becomes includible in the gross income of such
      Participant for purposes of applicable taxes, pay to the Company, or make arrangements satisfactory to the Administrator regarding payment of, an amount in respect of such taxes up to the maximum statutory rates in the Participant’s applicable
      jurisdiction with respect to the Award, as determined by the Company. The obligations of the Company under the Plan shall be conditional on the making of such payments or arrangements, and the Company shall, to the extent permitted by law, have the
      right to deduct any such taxes from any payment of any kind otherwise due to such Participant. Whenever cash is to be paid pursuant to an Award, the Company shall have the right to deduct therefrom an amount sufficient to satisfy any applicable
      withholding tax requirements related thereto as determined by the Company. Whenever Shares or property other than cash are to be delivered pursuant to an Award, the Company shall have the right to require the Participant to remit to the Company in
      cash an amount sufficient to satisfy any related taxes to be withheld and applied to the tax obligations as determined by the Company; provided, that, with the
      approval of the Administrator, a Participant may satisfy the foregoing requirement by either (i) electing to have the Company withhold from delivery of Shares or other property, as applicable, or (ii) by delivering already owned unrestricted shares
      of Common Stock, in each case, having a value not exceeding the applicable taxes to be withheld and applied to the tax obligations as determined by the Company. Such already owned and unrestricted shares of Common Stock shall be valued at their Fair
      Market Value on the date on which the amount of tax to be withheld is determined and any fractional share amounts resulting therefrom shall be settled in cash. Such an election may be made with respect to all or any portion of the Shares to be
      delivered pursuant to an award. The Company may also use any other method of obtaining the necessary payment or proceeds, as permitted by law, to satisfy its withholding obligation with respect to any Award as determined by the Company.

     

    Section 18.           Transfer of Awards.

     

    Until such time as the Awards are fully vested and/or exercisable in accordance with the Plan or an Award Agreement, no purported sale,
      assignment, mortgage, hypothecation, transfer, charge, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, any Award or any agreement or commitment to do any of the
      foregoing (each, a “Transfer”) by any holder thereof in violation of the provisions of the Plan or an Award Agreement will be valid, except with the prior
      written consent of the Administrator, which consent may be granted or withheld in the sole discretion of the Administrator. Any purported Transfer of an Award or any economic benefit or interest therein in violation of the Plan or an Award Agreement
      shall be null and void ab initio, and shall not create any obligation or liability of the Company, and any Person purportedly acquiring any Award or any economic benefit or interest therein transferred in violation of the Plan or an Award Agreement
      shall not be entitled to be recognized as a holder of any shares of Common Stock or other property underlying such Award. Unless otherwise determined by the Administrator in accordance with the provisions of the immediately preceding sentence, an
      Option or Stock Appreciation Right may be exercised, during the lifetime of the Participant, only by the Participant or, during any period during which the Participant is under a legal disability, by the Participant’s guardian or legal
      representative.

    
      18

      
        
 

    

    Section 19.           Continued Employment or Service.

     

    Neither the adoption of the Plan nor the grant of an Award hereunder shall confer upon any Eligible Recipient any right to continued
      employment or service with the Company or any Affiliate thereof, as the case may be, nor shall it interfere in any way with the right of the Company or any Affiliate thereof to terminate the employment or service of any of its Eligible Recipients at
      any time.

     

    Section 20.           Effective Date.

     

    The Plan was adopted by the Board on [•], 2019, and shall become effective on the date that it is approved by the Company’s stockholders (“Effective Date”).

     

    Section 21.           Term of Plan.

     

    No Award shall be granted pursuant to the Plan on or after the tenth anniversary of the Effective Date, but Awards theretofore granted may
      extend beyond that date.

     

    Section 22.           Securities Matters and Regulations.

     

    (a)          Notwithstanding

        anything herein to the contrary, the obligation of the Company to sell or deliver Common Stock with respect to any Award granted under the Plan shall be subject to all applicable laws, rules and regulations, including all applicable federal and
        state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Administrator. The Administrator may require, as a condition of the issuance and delivery of certificates
        evidencing shares of Common Stock pursuant to the terms hereof, that the recipient of such shares make such agreements and representations, and that such certificates bear such legends, as the Administrator, in its sole discretion, deems necessary
        or advisable.

     

    (b)          Each

        Award is subject to the requirement that, if at any time the Administrator determines that the listing, registration or qualification of Common Stock issuable pursuant to the Plan is required by any securities exchange or under any state or federal
        law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the grant of an Award or the issuance of Common Stock, no such Award shall be granted or payment made or Common
        Stock issued, in whole or in part, unless such listing, registration, qualification, consent or approval has been effected or obtained free of any conditions not acceptable to the Administrator.

    
      19

      
        
 

    

    (c)          In

        the event that the disposition of Common Stock acquired pursuant to the Plan is not covered by a then current registration statement under the Securities Act and is not otherwise exempt from such registration, such Common Stock shall be restricted
        against transfer to the extent required by the Securities Act or regulations thereunder, and the Administrator may require a Participant receiving Common Stock pursuant to the Plan, as a condition precedent to receipt of such Common Stock, to
        represent to the Company in writing that the Common Stock acquired by such Participant is acquired for investment only and not with a view to distribution.

     

    Section 23.           Notification of Election Under Section 83(b) of the Code.

     

    If any Participant shall, in connection with the acquisition of shares of Common Stock under the Plan, make the election permitted under
      Section 83(b) of the Code, such Participant shall notify the Company of such election within ten (10) days after filing notice of the election with the Internal Revenue Service.

     

    Section 24.           No Fractional Shares.

     

    No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan. The Administrator shall determine whether cash,
      other Awards, or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated.

     

    Section 25.           Beneficiary.

     

    A Participant may file with the Administrator a written designation of a beneficiary on such form as may be prescribed by the Administrator
      and may, from time to time, amend or revoke such designation. If no designated beneficiary survives the Participant, the executor or administrator of the Participant’s estate shall be deemed to be the Participant’s beneficiary.

     

    Section 26.           Paperless Administration.

     

    In the event that the Company establishes, for itself or using the services of a third party, an automated system for the documentation,
      granting or exercise of Awards, such as a system using an internet website or interactive voice response, then the paperless documentation, granting or exercise of Awards by a Participant may be permitted through the use of such an automated system.

    
      20

      
        
 

    

    Section 27.           Severability.

     

    If any provision of the Plan is held to be invalid or unenforceable, the other provisions of the Plan shall not be affected but shall be
      applied as if the invalid or unenforceable provision had not been included in the Plan.

     

    Section 28.           Clawback.

     

    Notwithstanding any other provisions in this Plan, any Award which is subject to recovery under any law, government regulation or stock
      exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such
      law, government regulation or stock exchange listing requirement).

     

    Section 29.           Section 409A of the Code.

     

    The Plan as well as payments and benefits under the Plan are intended to be exempt from, or to the extent subject thereto, to comply with
      Section 409A of the Code, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted in accordance therewith. Notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated
      taxation and/or tax penalties under Section 409A of the Code, the Participant shall not be considered to have terminated employment or service with the Company for purposes of the Plan and no payment shall be due to the Participant under the Plan or
      any Award until the Participant would be considered to have incurred a “separation from service” from the Company and its Affiliates within the meaning of Section 409A of the Code. Any payments described in the Plan that are due within the “short
      term deferral period” as defined in Section 409A of the Code shall not be treated as deferred compensation unless applicable law requires otherwise. Notwithstanding anything to the contrary in the Plan, to the extent that any Awards (or any other
      amounts payable under any plan, program or arrangement of the Company or any of its Affiliates) are payable upon a separation from service and such payment would result in the imposition of any individual tax and penalty interest charges imposed
      under Section 409A of the Code, the settlement and payment of such awards (or other amounts) shall instead be made on the first business day after the date that is six (6) months following such separation from service (or death, if earlier). Each
      amount to be paid or benefit to be provided under this Plan shall be construed as a separate identified payment for purposes of Section 409A of the Code. The Company makes no representation that any or all of the payments or benefits described in
      this Plan will be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to any such payment. The Participant shall be solely responsible for the payment of any taxes and
      penalties incurred under Section 409A of the Code.

     

    Section 30.           Governing Law.

     

    The Plan shall be governed by and construed in accordance with the laws of the State of Ohio, without giving effect to the principles of
      conflicts of law of such state.

    
      21

      
        
 

    

    Section 31.           Titles and Headings.

     

    The titles and headings of the sections in the Plan are for convenience of reference only and, in the event of any conflict, the text of the
      Plan, rather than such titles or headings, shall control.

     

    Section 32.           Successors.

     

    The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger,
      consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets and business of the Company.

     

    Section 33.           Relationship to Other Benefits.

     

     No payment pursuant to the Plan shall be taken into account in determining any benefits under any pension, retirement, savings, profit
      sharing, group insurance, welfare, or other benefit plan of the Company or any Affiliate except to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder.

    
      22Exhibit 10.7

  
     

    

    

    

    EMPLOYMENT AGREEMENT

    

    

    This Employment Agreement (the "Agreement") is entered into effective as of August 13, 2012 (the
        "Effective Date"), by and between Safe Auto Insurance Company, an Ohio corporation with its principal place of business at 4 Easton Oval, Columbus, Ohio 43219-6010 (the "Company"), and Ronald H. Davies, an individual having an address of 4792
        Legare Lane, New Albany, Ohio 43230 ("Executive").

    

    

    In consideration of the mutual promises and covenants contained in this Agreement and other good and
        valuable consideration, including but not limited to the employment, and continued employment, of Executive by the Company, the Company and Executive agree as follows:

    

    

    1.       Employment. Executive is employed hereunder as the Company's Chief Executive Officer ("CEO"), upon such terms and conditions set forth in this Agreement.

    

    

    2.       Term. This Agreement and the employment of Executive commences for the term of three years beginning on the Effective Date and ending August 12, 2015, subject to prior termination as
        provided herein (the "Initial Employment Term"). This Agreement will automatically renew a maximum of two times only after the Initial Employment Term for successive one-year periods (each, a "Renewal Employment Term" and, collectively with the
        Initial Employment Term, the "Employment Term"); provided, however, that either party may terminate the Agreement at the end of the Initial Employment Term or the first Renewal Employment Term by providing the other party with written notice of
        termination at least three (3) months prior to the expiration thereof; further provided, however, that, (i) if the Company terminates this Agreement, pursuant to this Section 2, at the end of the Initial Employment Term or any Renewal Employment
        Term, or (ii) if the Agreement terminates in accordance with its terms at the end of the second Renewal Employment Term, such termination will be deemed a termination Without Cause under Section 10 of this Agreement.

    

    

    3.       Duties and Responsibilities. Executive's duties shall include the performance of all duties customarily discharged by a chief executive officer, consistent with
        Company policies and budgets. In such capacity, Executive shall report directly to the Chairmen of the Board of Directors of the Company (the "Chairmen of the Board") and shall perform the duties and responsibilities of CEO in accordance with
        instructions provided from time to time by the Chairmen of the Board and/or the Board of Directors of the Company (the "Board"). Executive agrees that he will adhere to the rules, policies and guidelines set forth by the Company, the Board and the
        Chairmen of the Board. Executive agrees to devote his full business time and attention to the Company's affairs (reasonable vacations and periods of leave, and reasonable time developed to charitable, trade and civic organizations excepted), so as
        to assure full and efficient performance of his duties hereunder.

    

    

    4.       Signing Bonus. In consideration of Executive's execution of this Agreement, the Company will pay Executive a one-time cash signing bonus in the total amount of
        $200,000.00, to be paid in four equal installments of $50,000.00 each on August 31, 2012, November 30, 2012, February 28, 2013, and May 31, 2013 (the "Signing Bonus"), subject to the provisions of Section 10 below regarding termination.

     

      

    
      1

      
        

    

    5.       Base Salary. During the Employment Term, the Company will pay Executive an annual base salary of $400,000.00 (the "Base Salary"), or such greater amount as may be determined from time to
        time by the Board, payable in approximately equal installments in accordance with the Company's regular payroll practices. In addition, for each subsequent fiscal year of the Company during the Employment Term, the Company will adjust the Base
        Salary consistent with the increase (if any) in the Consumer Price Index ("CPU") as reported by the United States Bureau of Labor Statistics for the preceding fiscal year,
        provided that the Company will not reduce the Base Salary if there is a decrease in the CPI.

    

    

    6.       Incentive Bonus. For each fiscal year of the Company during the Employment Term, Executive will be entitled to receive a cash incentive bonus based on the Company's gross revenues and
        underwriting profit for such fiscal year (the "Incentive Bonus") as follows:

    

    

    
      	 	
              a.

            	
              Gross Revenue Growth. In the event that the Company's gross revenues
                  for the applicable fiscal year increase by at least 2.5% from the Company's gross revenues for the immediately preceding fiscal year, as reflected in the Company's internally prepared financial statements (which will be prepared in
                  accordance with U.S. generally accepted accounting principles ("GAAP"), and be certified in writing by the Company's Chief Financial Officer), the Company will pay to Executive an "Incentive Bonus For Gross Revenue Growth" for such fiscal
                  year equal to the product of (A) S10,000.00 and (B) the actual percentage increase in gross revenues for such fiscal year. For example, if gross revenues increase by 2.4% for the applicable fiscal year, the Company would pay no Incentive
                  Bonus For Gross Revenue Growth to Executive for such fiscal year. If gross revenues increase by 7.5% for the applicable fiscal year, the Company would pay to Executive $75,000.00 ($10,000 times 7.5) for such fiscal year. Notwithstanding
                  the above, in the event that the Company experiences an Underwriting Loss (as defined below) in any fiscal year, then the Company will deduct from the amount of the Incentive Bonus For Gross Revenue Growth due to Executive for such fiscal
                  year (if any) the product of (A) $25,000.00 and (B) the Underwriting Loss. In the event that such deduction exceeds the amount of the Incentive Bonus For Gross Revenue Growth due for any fiscal year, then no Incentive Bonus For Gross
                  Revenue Growth will be paid for such fiscal year. For example, if the Executive is entitled to a $100,000 Incentive Bonus For Gross Revenue Growth and the Company has an Underwriting Loss of 1.5%, the Company will pay Executive $62,500 as
                  the Incentive Bonus For Gross Revenue Growth for such fiscal year ($100,000 minus ($25,000 times 1.5)). For any fiscal year of the Company in which Executive is not an employee for the entire fiscal year but is employed on the last day of
                  such fiscal year, the amount of the Incentive Bonus For Gross Revenue Growth (if any) will be pro-rated based on the number of days during such fiscal year that Executive is an employee of the Company. "Underwriting Loss" means the ratio
                  of (A) gross loss from insurance operations, including all fees, before taxes, but excluding all investment income, to (B) earned premium, as calculated by the Company's Chief Financial Officer based on the Company's internally prepared
                  financial statements for the applicable fiscal year. Underwriting Loss will be derived from the Company's internally prepared financial statements in accordance with the Company's past practices (which will be prepared in accordance with
                  GAAP), and be certified in writing by the Company's Chief Financial Officer.

            

    

    

    

    
      2

      
        

    

    
      
        	

              	b.	
                Underwriting Profit. In the event that the Company's Underwriting Profit
                    (as defined below) for the applicable fiscal year is at least 2.0%, the Company will pay to Executive an Incentive Bonus For Underwriting Profit for such fiscal year equal to the product of (A) $25,000.00 and (B) the actual percentage
                    of Underwriting Profit for such fiscal year. For example, if Underwriting Profit is 1.9% for the applicable fiscal year, the Company will pay no Incentive Bonus For Underwriting Profit to Executive for such fiscal year. If Underwriting
                    Profit is 3.5% for the applicable fiscal year, the Company would pay to Executive $87,500.00 ($25,000.00 times 3.5) for such fiscal year. For any fiscal year of the Company in which Executive is not an employee of the Company for the
                    entire fiscal year but is employed on the last day of such fiscal year, the amount of the Incentive Bonus For Underwriting Profit (if any) will be pro-rated based on the number of days during such fiscal year that Executive is an
                    employee of the Company. For purposes of this Agreement, "Underwriting Profit" means the ratio of (A) gross income from insurance operations, including all fees, before taxes, but excluding all investment income, to (B) earned premium,
                    as calculated by the Company's Chief Financial Officer based on the Company's internally prepared financial statements for the applicable fiscal year. Underwriting Profit will be derived from the Company's internally prepared financial
                    statements in accordance with the Company's past practices (which will be prepared in accordance with GAAP), and be certified in writing by the Company's Chief Financial Officer.

              

      

    

    

    

    
      
        	

              	c.	
                Except as otherwise set forth in Section 10 hereof, in order to earn an Incentive Bonus for any given fiscal year of the Company, Executive must be employed by
                    the Company on the last day of such fiscal year. The Company will pay the Incentive Bonus (if any) payable to Executive under this Section 6 for a given fiscal year no later than the 15th day of the third month after the last day of such fiscal year.

              

      

    

    

    

    7.       Fringe Benefits. During the Employment Term, the Company will further provide Executive with all health and life insurance coverages, sick leave
        and disability programs, tax-qualified retirement plans, paid holidays and vacations, perquisites and such other fringe benefits of employment as the Company may from time-to-time provide to similarly situated executive offers of the Company,
        excluding the Chairmen of the Board.

    

    

    8.     Reimbursement of Expenses. The Company will reimburse Executive for disbursements or expenses reasonably incurred by Executive in connection with
        the Executive's duties hereunder. All reimbursement under the preceding sentence will be made upon the presentation of expense vouchers or reports in accordance with the standard procedures of the Company with respect to expense items. The Company
        will reimburse Executive for all relocation expenses incurred in connection with Executive's move to the Columbus, Ohio metropolitan area plus any temporary housing expenses
          within six (6) months of the date of this Agreement.

    

    

    
      3

      
        

    

    9.        Phantom Equity Compensation. Subject to the terms and conditions in this Section 9, upon the first (if any) of (i) an Asset Transaction (as defined
        below), (ii) a Stock Transaction (as defined below), (iii) a Qualifying Termination Event (as defined below), or (iv) a Qualifying Public Offering (as defined below) to occur during the Employment Term, the Executive will be eligible to receive an
        additional cash payment as provided in Section 9(b) in the case of an Asset Transaction or a Stock Transaction, 9(c) in the case of a Qualifying Termination Event or 9(d) in the case of a Qualifying Public Offering. Each of the payments provided in
        Sections 9(b), (c) and (d) represents a separate payment of compensation independent from the other payments described in this Section 9, although each of these payments shall be referred, collectively, as a "Phantom Equity Bonus" and be payable as
        described below.

    

    

    
      
        	

              	a.	
                Definitions. For purposes of this Section 9,

              

      

    

    

    

    
      
        	

              	(1)	
                "Asset Transaction" means the closing of a sale or other disposition (whether in one transaction or a series of related transactions) of all or substantially all
                    of the assets of Safe Auto Insurance Group, Inc. ("Safe Auto").

              

      

    

    

    

    
      
        	

              	(2)	
                "Book Value" means the value of the total assets of Safe Auto less the value of the total liabilities of Safe Auto as of the last day of each month as reflected
                    in Safe Auto's internally prepared consolidated monthly financial statements (the "Monthly Financial Statements"), which Monthly Financial Statements will be prepared in accordance with GAAP and be certified in writing by Safe Auto's
                    Chief Financial Officer.

              

      

    

    

    

    
      
        	

              	(3)	
                "2012 Book Value" means the lowest monthly Book Value in Safe Auto's 2012 fiscal year.

              

      

    

    

    

    
      
        	

              	(4)	
                "Qualifying Public Offering" means the closing of the sale of Safe Auto common shares in a firm-commitment underwritten public offering pursuant to an effective
                    registration statement under the Securities Act of 1933, as amended (the "Securities Act").

              

      

    

    

    

    
      
        	

              	(5)	
                "Qualifying Termination Event" means this Agreement and Executive's employment is terminated (A) by the Company Without Cause (as defined below) or as a result of
                    Executive's death or Disability (as defined below); (B) by Executive provided Executive (1) provides a minimum of 30 days prior written notice to the Company of his intent to terminate the Agreement and (ii) continues to perform his
                    duties through the remainder of his employment; (C) by Executive with Good Reason (as defined below).

              

      

    

    

    
      4

      
        

    

    
      
        	

              	(6)	
                "Stock Transaction" means the closing of a consolidation or merger of Safe Auto with or into any other entity, a sale of common shares of Safe Auto in a
                    transaction (or series of related transactions) or any other similar transaction (or series of related transactions), in each case as a result of which the shareholders of Safe Auto immediately prior to such consolidation, merger, stock
                    sale or other transaction and any affiliates (as defined in the Securities Act) of such shareholders own less than a majority of the voting power of the surviving or acquiring entity immediately after such consolidation, merger, stock
                    sale or other transaction.

              

      

    

    

    

    
      
        	

              	(7)	
                "Termination Book Value" means, with respect to a Qualifying Termination Event, the Book Value as of the last day of the month immediately preceding the month in
                    which such Qualifying Termination Event occurs.

              

      

    

    

    

    
      
        	

              	(8)	
                "Transaction Value" means (A) in the case of a Stock Transaction, the aggregate value of the consideration payable to the shareholders of Safe Auto in connection
                    with such Stock Transaction in respect of their Safe Auto common shares; (B) in the case of an Asset Transaction, the aggregate value of the cash and any other property distributed to the shareholders of Safe Auto as a result of such
                    Asset Transaction in respect of their Safe Auto common shares; and (C) in the case of a Qualifying Public Offering, an amount equal to the product of (i) the public offering price of the Safe Auto common shares in the Qualifying Public
                    Offering and (ii) the number of Safe Auto common shares outstanding immediately preceding the closing of the Qualifying Public Offering. In the event that any part of the consideration payable to the shareholders of Safe Auto in
                    connection with a Stock Transaction or distributed to the shareholders of Safe Auto in connection with an Asset Transaction consists of property other than cash or cash equivalents, the Board, in good faith, shall determine the value of
                    such non-cash consideration for purposes of this Section 9.

              

      

    

    

    

    
      	 	
              b.

            	
              Asset Transaction or Stock Transaction. In the event that an Asset
                  Transaction or a Stock Transaction occurs and the Transaction Value exceeds the 2012 Book Value, then the Company will pay to Executive a Phantom Equity Bonus equal to the product of (1) 0.03 and (2) the difference between the Transaction
                  Value and the 2012 Book Value. For example, if the Transaction Value is $300,000,000.00 and the 2012 Book Value is $160,000,000.00, then the Company will pay to Executive $4,200,000.00 (0.03 times ($300,000,000.00 minus $160,000,000.00)).
                  In the case of an Asset Transaction, the Company will pay the Phantom Equity Bonus (if any) payable to Executive under this Section 9(b) at such time or times as Safe Auto makes a distribution to its shareholders as a result of such Asset
                  Transaction in respect of their Safe Auto common shares. In the case of a Stock Transaction, the Company will pay the Phantom Equity Bonus (if any) payable to Executive under this Section 9(b) at such time or times as the shareholders of
                  Safe Auto are entitled to receive the consideration payable in connection with the Stock Transaction in respect of their Safe Auto common shares. For the avoidance of doubt, Executive acknowledges and agrees that he shall not be entitled
                  to a Phantom Equity Bonus in connection with an Asset Transaction or a Stock Transaction if (1) the 2012 Book Value is equal to or exceeds the Transaction Value or (2) he is not an employee of the Company on the date of the Asset
                  Transaction or Stock Transaction. In no event, however, will the Phantom Equity Bonus be paid after the later of (1) the last day of the fiscal year in which the Asset Transaction or Stock Transaction occurred, or (2) the 15th day of the
                  3rd month after the date in which the Asset Transaction or Stock Transaction occurred.

            

    

    

    

    
      5

      
        

    

    
      
        	 	c.	
                Qualifying Termination Event. In the event that a Qualifying Termination
                    Event occurs and the Termination Book Value exceeds the 2012 Book Value, then the Company will pay to Executive an amount equal to the product of (1) 0.03 and (2) the difference between the Termination Book Value and the 2012 Book Value
                    within 30 days of the date of termination. For example, if the Termination Book Value is $200,000,000.00 and the 2012 Book Value is $160,000,000.00, then the Company will pay to Executive $1,200,000.00 (0.03 times ($200,000,000.00 minus
                    $160,000,000.00)). For the avoidance of doubt, Executive acknowledges and agrees that he shall not be entitled to a Phantom Equity Bonus in connection with a Qualifying Termination Event if the 2012 Book Value is equal to or exceeds the
                    Termination Book Value.

              

      

    

    

    

    
      
        	 	d.	
                Qualifying Public Offering. In the event that a Qualifying Public Offering
                    occurs and the Transaction Value exceeds the 2012 Book Value, then the Company shall pay to Executive an amount equal to the product of (1) 0.03 and (2) the difference between the Transaction Value and the 2012 Book Value within 30 days
                    of the closing of the Qualifying Public Offering. For the avoidance of doubt, Executive acknowledges and agrees that he shall not be entitled to a Phantom Equity Bonus in connection with a Qualifying Public Offering if (1) the 2012 Book
                    Value is equal to or exceeds the Transaction Value or (2) he is not an employee of the Company on the date of the Qualifying Public Offering.

              

      

    

    

    

    
      
        	 	e.	
                Only One Phantom Equity Payment. Notwithstanding anything to the contrary
                    herein, the Executive may receive only one Phantom Equity Bonus payment pursuant to this Section 9. For example, if a Qualifying Public Offering occurs and the Executive receives a Phantom Equity Bonus payment in connection therewith
                    and thereafter a Qualifying Termination Event occurs, the Executive will not be eligible to receive a Phantom Equity Bonus payment in connection with such
                    Qualifying Termination Event.

              

      

    

    

    

    
      6

      
        

    

    10.      Termination

    

    

    
      	 	
              a.

            	
              By The Company. The Company may terminate this Agreement (except in
                  the event of death of the Executive, which will terminate this Agreement), and Executive's employment, for the following reasons:

            

    

    

    

    
      
        	

              	i.	
                In the event of death of Executive. Upon termination of this Agreement by reason of the death of Executive, the Company shall pay to Executive's estate: (1) any
                    Base Salary earned but unpaid prior to the date of termination; (2) any unpaid installments of the Signing Bonus; (3) a pro-rated amount of the Incentive Bonus (if any) for each of Gross Revenue Growth and Underwriting Profit which
                    Executive is eligible to receive pursuant to Section 6 hereof with respect to the fiscal year in which the termination occurs calculated based on (A) the Company's gross revenues, Underwriting Profit and Underwriting Loss, as
                    applicable, for such fiscal year, assuming that such fiscal year ended on the last day of the month immediately preceding the month in which the termination occurs (compared, in the case of Gross Revenue Growth, to the Company's gross
                    revenues for the immediately preceding fiscal year, assuming such fiscal year ended on the last day of the month immediately preceding the month which includes the date that is one year prior to the date of termination) and (B) the
                    number of full calendar monthls that have elapsed in the fiscal year in which the
                    termination occurs; and (4) the Phantom Equity Bonus (if any), as set forth in Section 9 above.

              

      

    

    

    

    
      
        	

              	ii.	
                If Executive is unable to perform the duties of his position by reason of a medically certified physical or mental disability for a period of six consecutive
                    months ("Disability"). If this Agreement terminates by reason of the Disability of Executive, the Company shall pay to Executive: (1) any Base Salary earned but unpaid prior to the date of termination; (2) any unpaid installments of the
                    Signing Bonus; (3) a pro-rated amount of the Incentive Bonus (if any) for each of Gross Revenue Growth and Underwriting Profit which Executive is eligible to receive pursuant to Section 6 hereof with respect to the fiscal year in which
                    the termination occurs calculated based on (A) the Company's gross revenues, Underwriting Profit and Underwriting Loss, as applicable, for such fiscal year, assuming that such fiscal year ended on the last day of the month immediately
                    preceding the month in which the termination occurs (compared, in the case of Gross Revenue Growth, to the Company's gross revenues for the immediately preceding fiscal year, assuming such fiscal year ended on the last day of the month
                    immediately preceding the month which includes the date that is one year prior to the date of termination) and (B) the number of full calendar months that
                    have elapsed in the fiscal year in which the termination occurs; and (4) the Phantom Equity Bonus (if any), as set forth in Section 9 above. The determination of Disability shall be made by three (3) physicians, one of whom shall be
                    appointed by Company, one by Executive and one by the two appointed physicians. The determination by any two (2) of such physicians shall be final and binding. Executive agrees to submit to one or more medical examinations by such
                    physicians and to permit Company access to their findings. The expense of any such examinations shall be borne by Company.

              

      

    

    

    

    
      7

      
        

    

    
      
        	 	iii.	
                For "Cause." "Cause" is defined as: (1) Executive's gross negligence of his duties or willful misconduct in the performance of his duties; (2) Executive's fraud
                    against the Company, theft, misappropriation or embezzlement of the assets of the Company; (3) Executive's material breach of this Agreement; provided, however, that Executive shall have thirty (30) days after written notice from the
                    Board to cure such breach to the Board's reasonable satisfaction; (4) Executive's material violation of the Company's written policies including, but not limited to, the Company's policies prohibiting sexual harassment, intentional
                    unlawful discrimination, or the creation of a hostile work environment; or (5) Executive's arrest for or conviction or pleas of guilty or nolo contendere of any crime which involves moral turpitude or results in material harm to the
                    Company. In the event that the Company terminates this Agreement and Executive's employment for Cause, the Company shall pay to Executive any Base Salary earned but unpaid prior to the date of termination, but shall have no obligation
                    to provide Employee with any other compensation of any nature whatsoever including, without limitation, any unpaid installments of the Signing Bonus.

              

      

    

    

    

    
      
        	 	iv.	
                "Without Cause." The Company may terminate this Agreement and Executive's employment "Without Cause" at any time, for any reason, or for no reason at all. In the
                    event that the Company terminates this Agreement and Executive's employment Without Cause, the Company shall pay to Executive: (1) any Base Salary earned but unpaid prior to the date of termination; (2) severance pay equivalent to the
                    greater of (A) Base Salary from the date of termination to August 12, 2015 payable in accordance with the Company's regular payroll practices, or (B) one year of the then current Base Salary from the date of termination, payable in
                    accordance with the Company's regular payroll practices, provided that the amount of severance pay due under this Section 1O(a)(iv)(B) shall be reduced by the amount of any Phantom Equity Bonus paid to Executive at termination or at any
                    time during his employment, and by the amount of any special distributions equivalent to dividends made to Executive at any time during his employment (thus, for example, if the amount of Base Salary is $400,000, and $100,000 in Phantom Equity Bonus and $100,000 in dividends are paid to the Executive during his employment, then the amount of severance pay due to Executive under this
                    section will be $200,000); (3) any unpaid installments of the Signing Bonus; (4) a pro-rated amount of the Incentive Bonus (if any) for each of Gross Revenue Growth and Underwriting Profit which Executive is eligible to receive pursuant
                    to Section 6 hereof with respect to the fiscal year in which the termination occurs calculated based on (A) the Company's gross revenues, Underwriting Profit and Underwriting Loss, as applicable, for such fiscal year, assuming that such
                    fiscal year ended on the last day of the month immediately preceding the month in which the termination occurs (compared, in the case of Gross Revenue Growth, to the Company's gross revenues for the immediately preceding fiscal year,
                    assuming such fiscal year ended on the last day of the month immediately preceding the month which includes the date that is one year prior to the date of termination) and (B) the number of full calendar months that have elapsed in the
                    fiscal year in which the termination occurs; (5) the Phantom Equity Bonus (if any), as set forth in Section 9 above; and (6) provided that Executive elects to continue participating in the Company's medical insurance program and pays
                    the applicable premiums, the Company also shall maintain in full force and effect, for Executive's continued benefit the medical insurance program in which Executive (or members of Executive's family or other dependents) was
                    participating or was covered immediately before Executive's termination through the end of the Employment Term. If the Company's medical insurance program does not allow the continued participation described in the preceding sentence,
                    or if such participation is prohibited by applicable law, the Company shall take commercially reasonable efforts to obtain medical insurance coverage, subject to Executive's payment of any applicable premiums for such coverage, (i)
                    providing for benefits that are substantially similar (including eligibility conditions, conditions on benefits, the value of benefits and the scope of coverage) to those provided by the medical insurance program in which Executive was
                    participating immediately before Executive's termination and (ii) under which any eligibility or other conditions on benefits, including deductibles and co-payments are administered by applying Executive's experience under the medical
                    insurance program in which Executive (or members of Executive's family or other dependents) was participating immediately before the Executive's termination. For the purpose of clarity, the "applicable premiums" payable by Executive for
                    the benefit described in this Section 10(a)(iv)(6) shall, (A) if Executive continues participating in the Company's medical insurance program, equal the premium then payable by the Company's employees for coverage under the Company's
                    medical insurance program, and (B) if the Company obtains medical insurance coverage because such continued participation is not permitted by the Company's
                    medical insurance program or prohibited by applicable law, equal the total premium payable for such coverage less an amount equal to the dollar amount of the premium subsidized by the Company for employees participating in the Company's
                    medical insurance program who hold a position comparable to the position held by Executive immediately prior to his termination. To the extent that any benefit extended under this Section 10(a)(iv)(6) would result in taxable
                    compensation to Executive, Executive shall be solely responsible for any such taxes.

              

      

    

    

    

    
      8

      
        

    

    
      	 	
              v.

            	
              By Executive with "Good Reason." "Good Reason" is defined as: (1) the Company makes a material adverse change in Executive's job functions,
                  authorities, position, status, duties or responsibilities, without Executive's prior written consent; (2) the Company requires Executive to work in an office which is more than fifty (50) miles from Company's current principal Executive
                  office without Executive's prior written consent; (3) the Company's breach of a material term of this Agreement or any other agreement between Executive and Company; provided, however, that Company shall have thirty (30) days after
                  receipt of written notice from Executive of such breach to cure the breach; (4) the Company reduces Executive's Base Salary as in effect from time to time, without Executive's prior written consent; and (v) the Company requests that the
                  Executive participates in an unlawful act. Executive may terminate this Agreement with "Good Reason" by giving written notice to the Company. In the event that Executive terminates his employment with Good Reason pursuant to this Section
                  10(a)(v), the Company shall pay to Executive the items set forth in Section 10(a)(iv) as if Executive were terminated by the Company Without Cause.

            

    

    

    

    
      	 	
              b.

            	
              By Executive. Executive may terminate this Agreement by giving
                  written notice to the Company 30 days prior to the desired date of termination; provided, however, that should Executive announce his intention to terminate this Agreement as set forth in this section, the Company shall have the right to
                  immediately terminate the Agreement without waiting for the end of the 30 day period. During the remainder of his employment and until the termination date, Executive shall perform all usual and customary duties of the office. In the
                  event that Executive terminates this Agreement and his employment pursuant to this Section 10(b), the Company shall pay to Executive: (1) any Base Salary earned but unpaid prior to the date of termination; and (2) the Phantom Equity Bonus
                  (if any), as set forth in Section 9 above, and shall have no obligation to pay to Executive any other compensation of any nature whatsoever, including, without limitation, any unpaid installments of the Signing Bonus. Moreover, should
                  Executive attempt to terminate this Agreement with less than 30 days notice, or fail to perform the usual -and customary duties of the office from the time he provides notice through the termination date, the Company shall have no obligation to pay to Executive the Phantom Equity Bonus (if any).

            

    

    

    

    
      9

      
        

    

    11.     Covenant Not To Compete. In recognition of the need of the Company to protect its goodwill, sales contacts, and business interests, Executive agrees that, during the Employment Term and for
        one (1) year after the termination of said employment, Executive shall not:

    

    

    
      
        	

              	a.	
                compete with the Company by (i) directly and personally soliciting present or prospective customers of the Company or (ii) using Company confidential information
                    and trade secrets to solicit or assist other in the solicitation of present or prospective customers of the Company. "Prospective" customers means potential customers whom the Company has engaged in direct communications with to do
                    business prior to the Executive's termination from employment, and the Executive was involved in such communications or had actual knowledge of the same.

              

      

    

    

    

    
      
        	

              	b.	
                solicit, retain, or attempt to retain, directly or indirectly, for himself or on behalf of any other entity, the services of any person who is employed by the
                    Company, except pursuant to a general solicitation through a public medium which is not directed specifically to any such employees.

              

      

    

    

    

    12.     Confidential Information. As a consequence of Executive's employment, Executive will have access to certain confidential information and trade secrets of the Company. This confidential
        information may include, but is not limited to, marketing methods and other processes, computer programs and equipment, production and other costs, lists of customers and franchisees, prices to be charged to customers, sources of supply, markets,
        services and applications, marketing, sales, promotion and research plans, as well as information obtained from third parties under obligation of confidence. Executive hereby agrees to never directly or indirectly use, disseminate, disclose or
        reveal or use at any time, either during or after said employment, any confidential information of which Executive becomes informed during said employment, whether or not developed by Executive, except as required in Executive's performance of his
        duties to the Company or as authorized in writing by the Company. Furthermore, upon termination of said employment, Executive shall promptly deliver to the Company all drawings, blue prints, manuals, memoranda, notes, records, reports, and all
        other confidential information of the Company which is in the possession or under the control of Executive.

    

    

    
      13.      Arbitration.
          Any controversy or claim arising out of, or relating to, this Agreement or the alleged breach thereof and/or Executive's employment or the termination thereof, excepting only controversies or claims arising out of the noncompetition covenant or
          confidentiality provisions of Sections 11 and 12, shall be settled exclusively by final and binding arbitration in Columbus, Ohio, in accordance with the
          rules then in existence of the American Arbitration Association. By way of example only, such claims include claims under federal, state, and local statutory or common law, such as Chapter 4112 of the Ohio Revised Code, the Age Discrimination in
          Employment Act, Title VII of the Civil Rights Act of 1964, as amended, the Americans with Disabilities Act, the Family and Medical Leave Act, and the law of contract and tort. Pursuant to this Section 13, the arbitrator shall have the authority
          to award the same remedies that would have been available in court for the type of claim being pursued or contested. Judgment upon the award rendered may be entered
          by any court having jurisdiction thereof. The party raising the claim or controversy and requesting arbitration must submit a written request for arbitration to the other party no later than one year from the date of discovery of the alleged
          incident purportedly giving rise to the claim or controversy. If the party raising the claim fails to submit such a written request within one year of the alleged incident, that party shall be deemed hereunder to have waived his or its right to
          raise the claim and shall be forever barred from raising such claim in any forum. In any legal, equitable or other action, including an arbitration under this Section 13, to enforce any breach of this Agreement, the prevailing party (by
          arbitration award, court judgment, order, or verdict), shall be able to recover from the non-prevailing party the prevailing party's reasonable attorneys' fees, costs and expenses incurred in connection with any such action.

      

      

    

    
      10

      
        

    

    14.      Other Provisions:

    

    

    
      
        	

              	a.	
                Amendments. This Agreement contains the entire agreement between the
                    parties regarding the subject matter hereof. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not set forth expressly in this
                    Agreement. This Agreement may only be altered or amended by mutual written consent of the Executive and the Company.

              

      

    

    

    

    
      
        	

              	b.	
                Applicable Law. This agreement shall be governed in accordance with the
                    laws of the State of Ohio (other than laws governing the conflicts of laws).

              

      

    

    

    

    
      
        	

              	c.	
                Assignment. Neither this Agreement nor the rights and obligations of either
                    party hereunder may be assigned by either party without the prior written consent of the other party, and any purported assignment in violation hereof shall be null and void.

              

      

    

    

    

    
      
        	

              	d.	
                No Waiver. The failure of any party hereto to enforce at any time any of
                    the provisions of this Agreement shall in no way be construed to be a waiver of any such provision, nor in any way to affect the validity of this Agreement or any part thereof or the right of any party thereof to enforce each and every
                    such provision. No waiver or any breach of this Agreement shall be held to be a waiver of any other or subsequent breach.

              

      

    

    

    

    
      
        	

              	e.	
                Savings Clause. The language of all parts of this Agreement shall in all
                    cases be construed as a whole, according to its fair meaning, and not strictly for or against any other parties. If any covenant or provision in this Agreement is determined to be unenforceable or void, it shall not be deemed to affect
                    or impair the validity or enforceability of the remainder of this Agreement. Moreover, should the one year non-competition restriction provided by Section 11 of this Agreement be found to be legally unenforceable, the parties agree and
                    intend that the maximum, reasonable time, if any, that such provision may be enforced shall be deemed to replace the one year restriction. Similarly, should the lack of a geographical limitation under the non-competition provision be found to be legally
                    unenforceable, the parties agree and intend that the geographical restriction shall be deemed to be replaced by the maximum geographical restriction, if any, permissible under applicable law.

              

      

    

    

    

    
      11

      
        

    

    
      
        	

              	f.	
                Compliance with Section 409A of the Code. This Agreement is intended, and shall be construed and interpreted, to comply with Section 409A of the Internal Revenue Code ("Code") and if necessary, any provision shall be held null and void to the
                    extent such provision (or part thereof) fails to comply with Section 409A of the Code. For purposes of Section 409A of the Code, each payment of compensation under the Agreement shall be treated as a separate payment of compensation.
                    Any amounts payable solely on account of an involuntary termination shall be excludible from the requirements of Section 409A of the Code, either as separation pay or as short-term deferrals to the maximum possible extent. Any reference
                    to Executive's "termination" or "termination of employment" shall mean Executive's "separation from service" as defined by Section 409A of the Code from the Company and all entities with whom the Company would be treated as a single
                    employer for purposes of Section 409A of the Code. Any benefits or payments relating to medical insurance that are provided after completion of the applicable continuation period permitted under COBRA shall be subject to the following:
                    (I) the benefits or payments provided during any taxable year of Executive shall not affect the benefits or payments to be provided to Executive in any other taxable year; (2) reimbursement of any eligible expense must be made on or
                    before the last day of Executive's taxable year following the taxable year in which the expense was incurred; and (3) the right to such benefits or payments is not subject to liquidation or exchange for another benefit or payment.
                    Nothing herein shall be construed as a guarantee of any particular tax treatment to Executive and the Company shall no liability to Executive with respect to any penalties that might be imposed on Executive by Section 409A of the Code.

              

      

    

    

    

    
      
        	 	g.	
                Withholding of Taxes. All payments and benefits required to be made or
                    provided hereunder by the Company to Executive will be subject to withholding of such amounts relating to taxes as the Company may reasonably determine that it should withhold pursuant to any applicable law or regulation.

              

      

    

    

    

    [signature page attached]

    

    

    
      12

      
        

    

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

    

    

    	SAFE AUTO INSURANCE CO.

          	 	RONALD H. DAVIES	 
	 	 	 	

          	 
	By:

          	/s/ Ari Deshe	 	
            /s/ Ronald H. Davis

            

          	 

    

    

    	Its:

          	Chairman

          	 	Date:	

          	 

    

    

    	Date:	11-9-2012

          	 

    

    

    

    

    13

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