Document:

Exhibit 4.7

 

SUMMIT
WIRELESS TECHNOLOGIES, INC.

INDUCEMENT
AWARD AGREEMENT FOR RESTRICTED SHARES

 

This INDUCEMENT AWARD
AGREEMENT FOR RESTRICTED SHARES (this “Agreement”) is made by Summit Wireless Technologies, Inc., Inc., a Delaware
corporation (the “Company”) and the participant named on the grant schedule attached hereto (the “Grantee”)
as of September 13, 2021.

 

RECITALS

 

WHEREAS, the Company desires
to award Restricted Shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) to
the Grantee, pursuant to the terms of this Agreement (the “Restricted Shares”), as an inducement to the Grantee’s
acceptance of the Company’s offer of employment.

 

NOW, THEREFORE, in consideration
of these premises and the agreements set forth herein, the parties, intending to be legally bound hereby, agree as follows:

 

1. Grant Schedule.  Certain
terms of the grant of Restricted Shares are set forth on the grant schedule (the “Grant Schedule”) that is attached
to, and is a part of, this Agreement.

 

2. Grant of Restricted
Shares.  On the grant date set forth on the Grant Schedule ( the “Grant Date”), the Company hereby awards
to the Grantee the number of Restricted Shares set forth on the Grant Schedule (the “Award”), subject to the restrictions
and on the terms and conditions set forth in this Agreement.  This Award constitutes a non-plan “inducement award”
as contemplated by NASDAQ Listing Rule 5635(c)(4) and is therefore not made pursuant to the Company’s 2020 Stock Incentive Plan
(the “2020 Plan”) or the Company’s 2018 Long-Term Stock Incentive Plan.  Nonetheless, the terms and
provisions of the 2020 Plan are hereby incorporated into this Agreement by this reference, as though fully set forth herein, as if this
Award was granted pursuant to the 2020 Plan.  Capitalized terms used but not defined herein will have the same meaning as defined
in the 2020 Plan.  A copy of the 2020 Plan has been provided to the Grantee along with this Agreement.

 

3. Vesting.  Subject
to the further provisions of this Agreement, the Restricted Shares will vest as set forth on the Grant Schedule (each date on which Restricted
Shares vest being referred to as a “Vesting Date”).

 

4. Transferability.  The
Restricted Shares are not transferable or assignable otherwise than by will or by the laws of descent and distribution.  Any
attempt to transfer Restricted Shares, whether by transfer, pledge, hypothecation or otherwise and whether voluntary or involuntary, by
operation of law or otherwise, will not vest the transferee with any interest or right in or with respect to such Restricted Shares.

 

5. Termination of Employment
or Service.  In the event of the Grantee’s termination of service with the Company and any entity, individual, firm,
or corporation, directly or indirectly, through one or more intermediaries, controlling, controlled by, or under common control with the
Company (each, an “Affiliate”), all then unvested Restricted Shares (determined after giving effect to any accelerated
vesting occurring in connection with such termination under the terms of the Grant Schedule or otherwise) will be forfeited.

 

     

     

    

 

6. Issuance of Shares.

 

a. Within thirty (30) days
following each Vesting Date (including any accelerated Vesting Date occurring under the terms of the Grant Schedule or otherwise), the
Company shall issue to the Grantee, either by book-entry registration or issuance of a stock certificate or certificates, a number of
Shares equal to the number of Restricted Shares granted hereunder that have vested as of such date.  Any Shares issued to the
Grantee hereunder shall be fully paid and non-assessable.

 

b. Until the Shares vest
pursuant to this Agreement, none of the Shares may be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of or encumbered,
and no attempt to transfer the Shares, whether voluntary or involuntary, by operation of law or otherwise, shall vest the transferee with
any interest or right in or with respect to the Shares; provided, however, the Grantee will have the right to vote such Restricted Shares,
until and unless such Shares are forfeited.  Upon the issuance of a stock certificate or the making of an appropriate book entry
on the books of the transfer agent, the Grantee will have all of the rights of a stockholder.

 

7. Applicable Policies.  In
consideration for the grant of this Award, the Grantee agrees to be subject to any policies of the Company and its Affiliates regarding clawbacks,
securities trading and hedging or pledging of securities that may be in effect from time to time.

 

8. Delays or Omissions.  No
delay or omission to exercise any right, power or remedy accruing to any party hereto upon any breach or default of any party under this
Agreement, will impair any such right, power or remedy of such party, nor will it be construed to be a waiver of any such breach or default,
or an acquiescence therein, or of or in any similar breach or default thereafter occurring, nor will any waiver of any single breach or
default be deemed a waiver of any other breach or default theretofore or thereafter occurring.  Any waiver, permit, consent
or approval of any kind or character by any party of any breach or default under this Agreement, or any waiver on the part of any party
or any provisions or conditions of this Agreement, must be in a writing signed by such party and will be effective only to the extent
specifically set forth in such writing.

 

9. Tax Consequences.  This
Award is intended to be exempt from Section 409A of the Code and should be interpreted accordingly.  Nonetheless, the Company
does not guarantee the tax treatment of this Award. In the event that the Grantee is not covered by a trading plan entered into in accordance
with the safe harbor provided by Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended, then the vesting of such
award will be held in abeyance until such time as a trading window has been opened.

 

10. Right of Discharge
Preserved.  The grant of Restricted Shares hereunder will not confer upon the Grantee any right to continue in service with
the Company or any of its subsidiaries or Affiliates.

 

11. Administration.  The
Grantee acknowledges that the Grantee has received a copy of the 2020 Plan, has read the 2020 Plan and is familiar with its terms, and
accepts the Restricted Shares subject to all of the terms and provisions of the 2020 Plan.  The Board or any committee thereof
is hereby authorized to interpret this Agreement and the 2020 Plan and to adopt such rules and regulations for the administration of this
Award as it deems appropriate.  By accepting this Award, the Grantee acknowledges and agrees to accept as binding, conclusive
and final all decisions or interpretations of the Board or its committee upon any questions arising under this Agreement.

 

    2

     

    

 

12. Electronic
Delivery of Documents.  The Grantee authorizes the Company to deliver electronically any prospectuses or other
documentation related to this Award and any other compensation or benefit plan or arrangement in effect from time to time
(including, without limitation, reports, proxy statements or other documents that are required to be delivered to participants in
such arrangements pursuant to federal or state laws, rules or regulations).  For this purpose, electronic delivery will
include, without limitation, delivery by means of e-mail or e-mail notification that such documentation is available on the
Company’s Intranet site.  Upon written request, the Company will provide to the Grantee a paper copy of any document
also delivered to the Grantee electronically.  The authorization described in this paragraph may be revoked by the Grantee
at any time by written notice to the Company.

 

13. Entire Agreement.  This
Agreement, including the terms of the Grant Schedule and 2020 Plan incorporated herein, contains the parties’ entire agreement regarding
the grant of Restricted Shares evidenced hereby and merges and supersedes all prior and contemporaneous discussions, agreements and understandings
of every nature relating thereto.

 

14. Governing Law.  This
Agreement and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement
or the negotiation, execution or performance of this Agreement shall be governed by, and enforced in accordance with, the laws of the
State of Delaware, without regard to the application of the principles of conflicts of laws.

 

15. Amendment. This
Agreement may be amended, in whole or in part and in any manner not inconsistent with the provisions of the Plan, at any time and from
time to time, by written agreement between the Company and the Grantee.

 

16. Execution. Executed
copies of this Agreement may be delivered via facsimile, electronic mail (including .pdf or any electronic signature complying with the
U.S. Federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be
deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

[Signature Page Follows.]

 

    3

     

    

 

In order to indicate your
acceptance of the award of Restricted Shares granted by this Agreement subject to the restrictions and upon the terms and conditions set
forth above and in the 2020 Plan, please execute and immediately return to the Company the enclosed duplicate original of this Agreement.

 

SUMMIT WIRELESS TECHNOLOGIES, INC.

 

 

	By:	/s/
    George Oliva 	 
	Name:	George Oliva	 
	Title:	CFO 	 
	 	 
	 	 
	 	ACCEPTED
    AND AGREED,	 
	 	Intending
    to be legally bound:	 
	 	 
	 	/s/ Eric Almgren 	 
	 	Eric
    Almgren	 

 

    4

     

    

 

Grant Schedule

 

	Grantee’s Name: Eric Almgren
	Grant Date: September 13, 2021
	 
	1.   Number of Restricted Shares granted: 310,000

 

2.   Vesting Schedule:

 

(a)    Base Shares: 77,500 Restricted Shares will vest over a 36-month period commencing on the Grant Date. 1/36 of the Restricted Shares will vest on the first day of each subsequent month after the Grant Date, until all Restricted Shares have vested in accordance with Section 9 of this Agreement.

 

(b)    Milestone Shares to be earned if achieved within three (3) years after the Grant Date:

 

(i)     Milestone No. 1: 77,500 Restricted shares shall vest if the volume weighted average closing price per share of the Company’s Common Stock, as reported on NASDAQ, for the ten (10) consecutive trading days most recently ended (the “10-Day VWAP”) results in the Company’s market capitalization exceeding $75 million.1

 

(ii)   Milestone No. 2: 77,500 Restricted shares shall vest if the Company’s 10-Day VWAP results in the Company’s market capitalization exceeding $100 million.2

 

(iii)  Milestone No. 3: 77,500 Restricted shares shall vest if the Company’s 10-Day VWAP results in the Company’s market capitalization exceeding $150 million.3      

 

 

 

1
Market capitalization shall equal shares outstanding as reported to The Nasdaq Stock Market LLC multiplied by the price per share. By
way of example only, if the 10-Day VWAP equals $5.00 and there are 15,281,797 shares outstanding, the market capitalization would be $76,408,985.

 

2
Market capitalization shall equal shares outstanding as reported to The Nasdaq Stock Market LLC multiplied by the price per share.

 

3
Market capitalization shall equal shares outstanding as reported to The Nasdaq Stock Market LLC multiplied by the price per share.

 

    5

     

    

 

Change in Control: If a Change in Control occurs, any outstanding Base Shares that are then still subject to vesting conditions shall become vested as of the date of such Change in Control, provided the Grantee remains an employee of the Company through such date and all other Restricted Shares, and for the avoidance of doubt, all unvested Milestone Shares, shall be forfeited.

 

Other Termination: Unless otherwise provided for above, if the Grantee’s employment with the Company and its Affiliates terminates or is terminated for any other reason, any unvested Base Shares shall be immediately forfeited with no other compensation due to the Grantee and any unvested Milestone Shares that are then still subject to vesting conditions as of such date shall remain outstanding for a period of one (1) year after the effective date of such termination. Thereafter, such unvested Milestone Shares shall be immediately forfeited with no other compensation due to the Grantee.

 

A number of Shares equal to the number of vested Restricted Shares shall be issued to the Grantee, either by book-entry registration or issuance of a stock certificate or certificates, as soon as administratively practicable following the Vesting Date, but in no event later than 21⁄2 months following the end of the calendar year containing the applicable Vesting Date.  Notwithstanding the foregoing, to the extent the Restricted Shares become vested as a result of a Change in Control, such number of Stock Award Shares that vest pursuant to such triggering event shall be issued to the Grantee not later than thirty (30) days following the date of such Change in Control. 

 

    6Exhibit 10.1

  

  
     

    

     

    

    W. R. BERKLEY CORPORATION

    DEFERRED COMPENSATION PLAN FOR OFFICERS

    AS AMENDED AND RESTATED EFFECTIVE DECEMBER 1, 2021

    Section 1. Effective Date

    The W. R. Berkley Corporation Deferred Compensation Plan for Officers (the “Plan”) was originally created as a spin-off from the
      W. R. Berkley Corporation Deferred Compensation Plan for Officers, as adopted September 1, 1986, and as subsequently amended (the “Prior Plan”). On December 3, 2007, the Plan was amended and restated for
      purposes of complying with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). The Plan, as hereinafter amended and restated effective as of December 1, 2021 (the “Effective Date”), shall apply only to amounts deferred with respect to calendar years 2005 and thereafter, except as set forth in Section 18.

    Section 2. Eligibility

    Any officer of W. R. Berkley Corporation (the “Company”), or any officer of any subsidiary of the Company whose base salary is greater than
      or equal to $250,000, is eligible to participate in the Plan (each a “Participant”); provided, however, that participation in
      the Plan shall be limited to a “select group of management or highly compensated employees” (as such term is used in DOL Reg. § 2520.104-23).  Notwithstanding any provision of the Plan to the contrary (including but not limited to the foregoing
      provisions of this Section 2), any employee who was a Participant in the Plan prior to December 31, 2020 shall continue to participate in the Plan for amounts contributed prior to December 31, 2020, but shall not be eligible to make additional
      contributions to the Plan unless he or she meets the eligibility requirements of this Section 2 for calendar years on and after 2022.

    Section 3. Deferral Election

    Annual Deferral Elections.  Prior to the beginning of each calendar year, a Participant may elect to defer receipt of:

    (a) all or a portion of the bonus pay compensation (“Bonus Pay Compensation”) payable to the Participant for that year;

    (b) all or a portion of the base salary (“Base Salary”) of the Participant for that year; and/or

    (c) all or part of the Profit Sharing Excess Contribution (as defined below).

    For the purposes hereof, a Participant’s “Profit Sharing Excess Contribution” for any year means the excess of (i) the contribution that
      would be made by the Company to the W. R. Berkley Corporation Profit Sharing Plan (the “Profit Plan”) on behalf of the Participant for such year (exclusive of any employee deferral (401(k)) contributions),
      without taking into account the Profit Plan’s limitations on a Participant’s earnings and maximum annual additions under Sections 401(a)(17) and 415 of the Code, over (ii) the actual amount of Company contribution (exclusive of any employee deferral
      (401(k)) contributions) allocated to the Participant under the Profit Plan for such year.

    
      1

      
        

    

    A Participant’s Bonus Pay Compensation, Base Salary and/or Excess Profit Sharing Contribution shall constitute his or her “Annual Compensation.”

    Deferral Election in First Year of Eligibility. Notwithstanding the provisions set forth in this Section 3 to the contrary, for any calendar year in which an individual first
      becomes eligible to participate in the Plan pursuant to Section 2 above (such individual being an “Eligible Employee”), the Compensation Committee (the “Compensation Committee”)
      of the Board of Directors of the Company (the “Board”) or its designee may allow such Eligible Employee to elect to defer receipt of all or a portion of his or her Annual Compensation for the calendar year in
      which he or she first becomes an Eligible Employee; provided, however, that any such deferral may only apply to that portion of the Annual Compensation attributable
      to services to be performed after such election. Unless otherwise determined by the Compensation Committee, in accordance with Treasury Regulation Section 1.409A-2(a)(7)(i), such deferral election shall be deemed to apply to the portion of the Annual
      Compensation attributable to services to be performed after such election only if the election applies to no more than the amount equal to the total amount of the Annual Compensation for the calendar year multiplied by the ratio of the number of days
      remaining in the calendar year after the election over the total number of days in the calendar year. Any such deferral election must be made within thirty (30) days after the date such Eligible Employee first becomes an Eligible Employee. Each such
      deferral election form shall indicate the amount or percentage of such Eligible Employee’s Annual Compensation for the calendar year to be deferred pursuant to the Plan, the specified year in the future in which the Deferred Compensation will be paid
      pursuant to Section 7 below (subject to earlier payment upon a Separation from Service or death), and the form of payment pursuant to Section 8 below. Deferral elections properly made pursuant to this paragraph shall be irrevocable after 11:59 pm ET
      on the thirtieth (30th) day following the date the Eligible Employee first becomes an Eligible Employee hereunder.

    Deferral Elections for 2021 Prohibited.  Notwithstanding any provision of the Plan to the contrary (including but not limited to the foregoing provisions
      of this Section 3), effective solely for the calendar year commencing January 1, 2021, no deferrals of any portion of Annual Compensation shall be permitted under the Plan, and any deferral election in respect of the calendar year commencing on
      January 1, 2021 is void and of no effect.

    Classification of Deferral Amounts.  All amounts deferred hereunder will be classified as “Deferred Compensation” and will be credited
      to the Participant’s “Deferred Compensation Account,” along with any allocated gains and losses credited to the Participant’s Deferred Compensation Account pursuant to Section 6 of the Plan.

    Election Procedures. Each deferral election shall be made on a form, which may be in electronic format, subject to procedures established by the Administrator (as defined
      herein) or its designee.  Each deferral election form shall be subject to the approval of the Administrator or its designee and the Administrator or its designee may, in its sole discretion, accept or reject a deferral election form prior to the time
      such election would otherwise become irrevocable.

    
      2

      
        

    

    Section 4. Type of Plan

    The Plan is a non-qualified voluntary deferred compensation type of plan. This Plan is maintained primarily to provide deferred compensation for a select group of management or
      highly compensated employees, and, therefore, is not intended to be a “qualified plan” within the meaning of Sections 401(a) and 501(a) of the Code, and is not subject to any of the participation, vesting, funding or fiduciary responsibility
      provisions of the Employee Retirement Income Security Act of 1974, as amended and the rules and regulations promulgated thereunder (“ERISA”).  The Plan shall be construed and interpreted consistent with such
      intent.

    Section 5. No Funding; Participant’s Rights Unsecured

    The Plan is intended to constitute an “unfunded” plan of deferred compensation for Participants. No trust fund, escrow account or other segregation of assets need be established or
      made by the Company to guarantee, secure or assure the payment of any amount payable hereunder. The obligations of the Company to pay benefits under this Plan shall be interpreted solely as an unfunded obligation of the Company to pay only those
      amounts credited to the Participant’s Deferred Compensation Account in the manner and under the conditions provided herein. No provision of the Plan shall be interpreted so as to give any individual any right in any assets of the Company greater than
      the rights of a general unsecured creditor of the Company.

    At its sole discretion, the Company may establish one or more grantor trusts for the purpose of providing for the payment of benefits, except to the extent that such action would
      result in a penalty tax to a Participant pursuant to Section 409A of the Code, provided that any such trust and all trust assets are located within the United States at all times. Any assets set aside, at the sole discretion of the Company, shall be
      subject to the claims of the Company’s general creditors, and no person other than the Company shall, by virtue of the provisions of the Plan, have any interest in such assets.  Such trust or trusts may be irrevocable, but the assets thereof shall be
      subject to the claims of the Company’s general creditors. Benefits paid to the Participant from any such trust or trusts shall be considered paid by the Company for purposes of meeting the obligations of the Company under the Plan.

    Section 6. Deemed Investment of Deferred Compensation

    Prior to December 1, 2021.  For periods commencing prior to December 1, 2021, a notional rate of interest (the “Interest Investment”)
      was credited to a Participant’s Deferred Compensation Account, from the date of the deferral, and was compounded quarterly. The interest rate for the Interest Investment was established by the Compensation Committee prior to the beginning of each
      year.

    On and after December 1, 2021. For periods commencing on and after December 1, 2021, a Participant’s Deferred Compensation Account shall be deemed invested in one or more
      investment funds (each, a “Fund” and collectively, the “Funds”) that are specified by the Compensation Committee or the Administrator.  If a Participant fails to make
      an election regarding the investment of the Participant’s Deferred Compensation Account, such Participant shall be deemed to have elected to have his Deferred Compensation Account invested in the default Fund specified from time to time by the
      Compensation Committee or the Administrator. As of each date on which the Funds are valued, each Participant’s Deferred Compensation Account shall be adjusted to reflect the allocable portion of the gains, losses and expenses attributable to the
      particular Fund, based on rules established by the Administrator.

    
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    The Administrator shall from time to time establish all such rules and procedures that it determines to be necessary or appropriate for the proper administration of the Fund options
      that are available to Participants under the Plan.  The Compensation Committee or the Administrator may eliminate any Fund, provide any new Fund or otherwise modify the Fund options, and in doing so, may impose such limitations and rules as it deems
      necessary or appropriate for the proper administration of the Fund options that are available to Participants.  None of the Compensation Committee, the Administrator or the Company shall be liable for any actions or inactions taken in compliance with
      a Participant’s Fund selections and they shall be under no duty or obligation to review or evaluate such Fund selections by any Participant.  Each Participant shall assume all risk connected with any decrease in the value of the Participant’s
      Deferred Compensation Account resulting from his or her Fund selection (including any deemed investment election).

    Section 7. Deferral Period

    A Participant may elect to defer the receipt of all or a portion of his or her Annual Compensation until the earlier of (i) a specified date(s) in the future (as such term is defined
      in Treasury Regulation § 1.409A-3(i)), and (ii) his or her “separation from service” with the Company or its subsidiaries (as such term is defined in Treasury Regulation § 1.409A-1(h) and hereinafter referred to as a “Separation from Service”).  The
      actual payment of the Deferred Compensation will be made or will commence as soon as reasonably practicable (but in no event later than the date provided in Treasury Regulation § 1.409A-3(d)) following the earlier of (a) the specified date(s) elected
      by the Participant, and (b) the date of such Participant’s Separation from Service (or if such Participant is a “specified employee,” as such term is defined in Treasury Regulation § 1.409A-1(i), the six-month anniversary of such Separation from
      Service) (“Final Distribution Date”).

    Section 8. Form of Payment

    A Participant may elect to receive his or her Deferred Compensation in either a lump sum payment or in annual installment payments (not to exceed five), as specified by the
      Participant at the time the election to defer is made.  Installment payments shall begin on the date corresponding to the date elected by the Participant and thereafter shall be made in annual installments on the anniversaries of the initial
      distribution date.

    Section 9. Death Prior to Receipt

    A Participant may designate a beneficiary to receive a distribution upon the death of a Participant.  Such designation shall be in writing, on a form, which may be in electronic
      format, prescribed by the Administrator and on file with the Plan’s designated recordkeeper or in such other manner as provided by the Administrator. If a beneficiary is not named or if the person so designated shall have died prior to or coincident
      with the Participant, the value of the Participant’s Deferred Compensation Account will be paid to his or her spouse, and if none, his or her estate.

    
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    In the event that a Participant dies prior to receipt of any or all of the amounts payable to him/her pursuant to this Plan, any amounts that are then credited as Deferred
      Compensation will be paid to his or her designated beneficiary in a lump sum as soon as administratively possible following the Company’s receipt of notification of the Participant’s death. Such payment shall be made no later than the later of (i)
      the last day of the year in which death occurred and (ii) the 15th day of the third calendar month following the date of such death. In the event the Company is not notified of the Participant’s death within a reasonable period of time in advance of
      payment, the Participant’s Deferred Compensation hereunder shall continue to be paid in accordance with Sections 7 and 8 hereof. The Participant (or his or her designated beneficiary, spouse or estate) shall not be permitted, directly or
      indirectly, to designate the taxable year of the payment.

    Section 10. Effect of Election

    An election to defer Annual Compensation for any year will be irrevocable once the term to which it applies has commenced, and can be revoked only due to an “unforeseeable emergency”
      (as such term is defined in Treasury Regulation § 1.409A-3(i)(3)), as determined by the Compensation Committee.  Except as provided in Section 9 above, the amounts deferred hereunder shall not be paid earlier than the distribution date or dates
      elected by the Participant, or upon the Final Distribution Date, as the case may be.

    Section 11. Assignability

    No right to receive payments hereunder will be transferable or assignable by a Participant, except to beneficiaries as provided herein, by will or by the laws of descent and
      distribution.

    Section 12. Administration

    The Compensation Committee will have the discretionary authority to interpret, construe and implement the provisions of the Plan, to make factual determinations under the Plan, to
      determine the rights or eligibility of employees or Participants and any other persons, and the amounts of their benefits under the Plan, and to remedy ambiguities, inconsistencies or omissions, and any determinations of the Compensation Committee
      shall be final and binding on all parties.  The Compensation Committee has the authority to delegate any of its powers under this Plan to any other person, persons, or committee. This person, persons, or committee may further delegate its reserved
      powers to another person, persons, or committee as they see fit. Any delegation or subsequent delegation shall include the same full, final and discretionary authority that the Compensation Committee has listed herein and any decisions, actions or
      interpretations made by any delegate shall have the same ultimate binding effect as if made by the Compensation Committee.

    This Plan will be administered on a day-to-day basis on behalf of the Compensation Committee by the Company’s senior human resources executive, presently the Senior Vice President -
      Human Resources of the Company (the “Administrator”), who will have the authority to adopt rules and regulations for carrying out the Plan.

    
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    Section 13. Amendment/Termination

    This Plan may at any time or from time to time be amended, modified or terminated by the Board; provided, however, that any termination of the Plan must comply with the requirements
      of Treasury Regulation § 1.409A- 3(j)(4)(ix). No amendment, modification or termination will, without the consent of the Participant, adversely affect any amounts credited to such Participant’s Deferred Compensation Account; unless the Board
      determines, in its sole discretion, that such amendment, modification or termination is appropriate or necessary to cause this Plan to comply with Section 409A of the Code and the Treasury Regulations thereunder (including the distribution
      requirements thereunder) or any Deferred Compensation to be exempt from the tax penalty under Section 409A(a)(1)(B) of the Code.

    Section 14. Tax Treatment

    Deferred Compensation and any earnings or losses relating thereto are taxed as ordinary income when payment is actually received. Distributions received from the Plan are not
      eligible for favorable tax treatment or rollovers as permitted under qualified plans. This Plan is maintained with the intention that income deferred pursuant to its terms will not be treated as taxable income to any Participant under the Code until
      such Participant receives actual payment of such deferred amounts. This Plan is intended to comply with the provisions of Section 409A of the Code and, to the extent that there are any ambiguities in this document, shall be interpreted and
      administered consistent with Section 409A of the Code. Notwithstanding the immediately prior sentence, if any term or provision of this Plan is found to be noncompliant with Section 409A of the Code in any jurisdiction, such provision shall be struck
      as void ab initio and a compliant term or provision shall be deemed substituted for such noncompliant provision that preserves, to the maximum lawful extent, the intent of the Plan, and any court or
      arbitrator so holding shall have authority and shall be instructed to substitute such compliant provision; provided, however, that if any such noncompliance is due to
      a deficiency of one or more terms or provisions, such appropriate terms or provisions shall be deemed to be added to cure such noncompliance that preserves, to the maximum lawful extent, the intent of the Plan, and any such court or arbitrator shall
      have authority and shall be instructed to supplement the Plan with such compliant terms or provisions. None of the members of the Board, the members of the Compensation Committee, the Administrator, the Company or their respective designees shall be
      liable to anyone for any federal, state, local, or foreign taxes, interest, or penalties incurred by anyone in connection with the participation in or receipt of benefits under the Plan, including, but not limited to, any taxes, interest or penalties
      incurred on account of the failure of the Plan or the operation of the Plan to comply with Section 409A of the Code.

    The Company may withhold from any payments made under this Plan all applicable taxes, including but not limited to income, employment, and social insurance taxes, as shall be
      required or permitted by applicable law.

    
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    Section 15. Other Benefits

    The computation and basis for other Company provided benefits may be affected if a Participant elects to defer all or a portion of his or her Annual Compensation.

    Section 16. Claims Procedures

    (a) Claim:  A person who believes that he or she is being denied a benefit to which he or she is entitled under the Plan (hereinafter referred to as a “Claimant”) may file a written request for
        such benefit with the Administrator, setting forth the claim.

    (b) Claim Decision:  Upon receipt of a claim, the Administrator shall deliver a reply within 90 days.  The Administrator may, however, extend the reply period for an additional 90 days for reasonable cause and notice to the Claimant.

    (c) Denial of Claim:  If the claim is denied in whole or in part, the Claimant shall be provided a written notice, using language calculated to be understood by the Claimant, setting forth:

    	

          	(i)	
            The specific reason or reasons for such denial;

          

    	

          	(ii)	
            The specific reference to relevant provisions of the Plan on which such denial is based;

          

    	

          	(iii)	
            A description of any additional material or information necessary for the Claimant to perfect the claim and an explanation why such material or such information is necessary;

          

    	

          	(iv)	
            Appropriate information as to the steps to be taken if the Claimant wishes to submit the claim for review;

          

    	

          	(v)	
            The time limits for requesting a review; and

          

    	

          	(vi)	
            The Claimant’s right to bring an action for benefits under Section 502 of ERISA.

          

    (d) Request for Review:  Within sixty (60) days after the receipt by the Claimant of the written determination described above, the Claimant may request in writing that the Administrator review its determination. The Claimant or his or
        her duly authorized representative may, but need not, review any pertinent documents applicable to the claim and submit issues and comments in writing for consideration by the Administrator.  If the Claimant does not request a review of the initial
        determination within such sixty (60) day period, the Claimant shall be barred and estopped from challenging the determination.

    (e) Review of Decision:  Within sixty (60) days after the Administrator’s receipt of a request for review, it will review the initial determination. After considering all materials presented by the Claimant, the Administrator will render
        a written determination, written in a manner calculated to be understood by the Claimant, setting forth the specific reasons for the decision and containing specific references to the relevant provisions of this Plan on which the decision is based
        and the Claimant’s right to bring an action for benefits under Section 502 of ERISA. If special circumstances require that the sixty (60) day time period be extended, the Administrator will so notify the Claimant and will render the decision as
        soon as possible, but no later than one hundred and twenty (120) days after receipt of the request for review.

    
      7

      
        

    

    (f) Exhaustion of Remedies:  All decisions of the Administrator under this Section 18 shall be final and shall be binding upon the Claimant, his or her heirs and assigns, and all other persons claiming by, through, or under him or her.
        Any failure to file a claim and request for review in the manner and within the time limits set forth herein shall be deemed a failure by the Claimant to exhaust his or her administrative remedies and shall constitute a waiver of the rights or
        benefits sought to be established under the Plan. Notwithstanding anything in this Section 18 to the contrary, no civil action may be brought by any Claimant or other person later than two years following the initial commencement of proceedings
        relating to such person’s claim with the Administrator.

    Section 17. Governing Law

    This Plan shall be construed in accordance with and governed by applicable U.S. federal tax law (and ERISA) and the laws of the State of Delaware (without giving effect to the choice
      of law principles thereof).

    Section 18. Grandfathered Amounts

    Grandfathered Amounts.  This Section 18 applies to amounts that were deferred prior to 2005, which are exempt from the requirements of Section 409A of the Code. 
      Notwithstanding anything to the contrary, (i) no provision of the Plan, nor any amendment of the Plan, shall apply to amounts that were deferred prior to 2005, and (ii) the Prior Plan shall govern all deferrals made with respect to calendar years
      prior to 2005, in each case, except as specifically provided in this Section 18.

    Deemed Investment of Grandfathered Amounts.  Notwithstanding any terms of the Prior Plan to the contrary, for periods on and after December 1, 2021, Section 6 of the Plan
      shall apply with respect to the deemed investment of amounts deferred prior to 2005.

    
      8

      
        

    

    IN WITNESS WHEREOF, this amendment and restatement of the Plan is hereby executed on behalf of the Company as of the 1st day of December, 2021.

    	 	
            W. R. BERKLEY CORPORATION

          
	 	
            By:

          	
              /s/ Carol J. LaPunzina                                  

              

          
	 	
            Name:

          	
            Carol J. LaPunzina

          
	 	
            Title:

          	
            Senior Vice President – Human

          
	 	 	
            Resources

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