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Exhibit 10.17  

 
 

REGISTRATION RIGHTS AGREEMENT    
  

by and between  

 THE SEIBELS BRUCE GROUP, INC.

(the Company)  

 and  

CHARLES H. POWERS

(the Investor)  

	

 	
 	

	
 	

 
	

 	
 	
March 28, 2002	
 	

 
	

 	
 	

	
 	

 

       

       

THIS
AGREEMENT IS SUBJECT TO ARBITRATION PURSUANT TO THE SOUTH CAROLINA

UNIFORM ARBITRATION ACT, S.C. CODE ANN. SECTION 15-48-10 

 
 

REGISTRATION RIGHTS AGREEMENT    

        REGISTRATION
RIGHTS AGREEMENT, dated as of March 28, 2002 (the "Agreement") by and between The Seibels Bruce Group, Inc., a South Carolina corporation (the "Company") and
Charles H. Powers (the "Investor"). 

RECITALS

        WHEREAS,
the Company is issuing Eight Hundred Thousand (800,000) shares of a newly created series of adjustable rate cumulative nonvoting preferred special stock ("Special Stock") to the
Investor and the Investor is purchasing the Special Stock for an aggregate purchase price of Eight Million Dollars ($8,000,000), pursuant to and in accordance with the terms of the Stock Purchase
Agreement dated March 28, 2002 (the "Purchase Agreement"); and 

        WHEREAS,
the parties hereto have determined that it is in their best interests that they enter into this Agreement providing for certain rights and restrictions with respect to the
shares of the Special Stock and certain related rights and obligations of the Company. 

        NOW,
THEREFORE, in consideration of the mutual covenants and obligations set forth herein, both the Investor and the Company agree as follows: 

        Section 1. REGISTRATION RIGHTS    

        Section 1.1. Shelf Registration.    

        a)    Filing of Shelf Registration.    At any time after the second anniversary of the date of this Agreement,
(i) upon receipt of a written notice from the Investor and (ii) if, at the time of receipt of such notice, the Company is a registrant entitled to file for registration under
Rule 415 or any successor thereto to register securities, then the Company shall use its commercially reasonable efforts to prepare and file with the Commission a registration statement
covering offers and sales of the Eligible Securities (as herein after defined) by the Investor on a delayed or continuous basis pursuant to Rule 415 under the Securities Act on the facilities
of any national securities exchange or interdealer quotation system on which the Eligible Securities are then traded or in privately-negotiated transactions (the "Registration Statement"). The Company
will use its commercially reasonable efforts, subject to receipt of necessary information from the Investor, to cause the Registration Statement to be declared effective as soon as practicable. The
Investor shall not be entitled to make more than one request for registration of Eligible Securities pursuant to this Section 1.1. 

        b)    Registration Statement Form.    The Registration Statement shall be on such form of the Commission as shall be
selected by the Company, and as shall permit the disposition of the subject Eligible Securities for cash in accordance with the intended method or methods of disposition specified by the Investor. 

        c)    Expenses.    Except as otherwise provided in this Agreement, the Company shall pay all Registration Expenses in
connection with any registration requested pursuant to this Section 1.1. 

        d)    Effectiveness.    The Company shall use its commercially reasonable efforts to keep the Registration Statement
effective until the expiration of the Effective Period. The "Effective Period" shall mean the date beginning on the date the Registration Statement is declared effective by the Commission and ending
on the earlier of (i) the date that all of the Eligible Securities covered by the Registration Statement have been sold or (ii) the date on which the Investor may, under
Rule 144(k) promulgated under the Securities Act, resell or otherwise dispose of all of the Eligible Shares. 

        Section 1.2. Registration Procedures.    In connection with the registration of any Eligible
Securities under the Securities Act as provided in Section 1.1, the Company shall as expeditiously as possible: 

        a)
prepare and as soon thereafter as possible file with the Commission the Registration Statement to effect such registration and thereafter use its commercially reasonable efforts to
cause such Registration Statement to become effective, provided that before filing such registration statement or 

any amendments thereto, the Company shall furnish to the counsel to the Investor copies of all such documents proposed to be filed, which documents will be subject to the reasonable review of such
counsel; 

        b)
prepare and file with the Commission such amendments and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such
Registration Statement continuously effective for the Effective Period and to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such
Registration Statement until such time as all of such securities have been disposed of in accordance with the intended methods of disposition by the Investor as set forth in such Registration
Statement; 

        c)
furnish to the Investor such number of conformed copies of such Registration Statement and of each such amendment and supplement thereto (in each case including all exhibits), such
number of copies of the prospectus contained in such Registration Statement (including each preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424
under the Securities Act, in conformity with the requirements of the Securities Act, and such other documents in order to facilitate the disposition of such securities owned by the Investor in
accordance with the Investor's intended method of disposition, as may reasonably be requested, but only during such time as the Company shall be required under the provisions hereof to cause such
Registration Statement to remain current; 

        d)
use its reasonable efforts to register or qualify securities covered by such Registration Statement under such other securities or blue sky laws of such jurisdictions in the United
States as the Investor thereof shall reasonably request, to keep such registration or qualification in effect for so long as such
Registration Statement remains in effect, and to take any other action which may be reasonably necessary to enable the Investor to consummate the disposition in such jurisdictions in the United States
of the securities owned by the Investor, provided that the Company shall not for any such purpose be required to (i) qualify generally to do business as a foreign corporation in any
jurisdiction where it would not otherwise be required to qualify but for the requirements of this subsection (d), (ii) consent to general service of process in any such jurisdiction,
(iii) subject itself to taxation in any such jurisdiction or (iv) conform its capitalization or the composition of its assets at the time to the securities or blue sky laws of such
jurisdiction; 

        e)
use its reasonable efforts to cause all securities covered by such Registration Statement to be registered with or approved by such other United States Governmental Authorities as may
be necessary by virtue of the business and operations of the Company to enable the Investor to consummate the disposition thereof; 

        f)
furnish to the Investor at least five business days prior to the filing thereof a copy of any amendment or supplement to such Registration Statement or prospectus (other than any
amendment or supplement in the form of a filing which the Company is required to make pursuant to the Exchange Act) and not file any such amendment or supplement to which the Investor shall have
reasonably objected on the grounds that, in the opinion of counsel to such Investor, such amendment or supplement does not comply in all material respects with the requirements of the Securities Act; 

        g)
notify the Investor, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, upon discovery that, or upon the discovery of the happening
of any event as a result of which, the prospectus included in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact
required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made, and at the request of the Investor promptly
prepare and furnish to such Investor a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such
securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading in the light of the circumstances under which they were made; and 

        h)
otherwise use its reasonable efforts to comply with all applicable rules and regulations of the Commission, and make available to its security holders, as soon as reasonably
practicable, an earnings statement covering a period of at least twelve months beginning after the effective date of such Registration Statement, which earnings statement shall satisfy the provisions
of Section 11(a) of the Securities Act. 

        The
Company may require the Investor to furnish the Company in writing for inclusion in the registration statement such information regarding the Investor and the distribution of such
Eligible Securities being sold as the Company may from time to time reasonably request. 

        The
Investor agrees by becoming a holder of Eligible Securities that upon receipt of any notice from the Company of the happening of any event of the kind described in subsection
(g) of this Section 1.2, such Investor shall forthwith discontinue such Investor's disposition of Eligible Securities pursuant to the registration statement relating to such Eligible
Securities until such Investor's receipt of the copies of the supplemented or amended prospectus contemplated by subsection (g) of this Section 1.2 and, if so directed by the Company,
such Investor shall use its reasonable efforts to deliver to the Company (at the Company's expense) all copies, other than permanent file copies then in such Investor's possession, of the prospectus
relating to such Eligible Securities current at the time of receipt of such notice. If the Company shall give any such notice, the applicable time period mentioned in subsection (b) of this
Section 1.2 during which a registration statement is to remain effective shall be extended by the number of days during the period from and including the date of the giving of such notice
pursuant to subsection (g) of this Section 1.2, to and including the date when the Investor shall have received the copies of the supplemented or amended prospectus contemplated by
subsection (g) of this Section 1.2. 

        Section 1.3. Delay of Filing or Sales.    The Company shall have the right, upon giving notice to
the Investor (the "Notice") of the exercise of such right, to delay filing a registration statement or to require such Investor not to sell any Eligible Securities pursuant to a registration statement
for the Time Period (as defined below) if (i) the Company is engaged in or proposes to engage in discussions or negotiations with respect to, or has proposed or taken a substantial step to
commence, or there otherwise is pending, any merger, acquisition, other form of business combination, divestiture, tender offer, financing or other transaction, or there is an event or state of facts
relating to the Company, in each case which is material to the Company (any such negotiation, step, event or state of facts being herein called a "Material Activity"), and (ii) the disclosure
of such Material Activity could, in the reasonable judgment of the Company, be adverse to its interest. "Time Period" shall mean a period from the date on which the Notice is given until the earlier
of (x) 180 days, or such shorter period of time as may be specified in the Notice or in a subsequent notice delivered by the Company to such effect prior to or during the effectiveness
of the registration statement, and (y) the second day after the conditions in clause (i) and (ii) have ceased to exist. 

        Section 1.4. Preparation; Reasonable Investigation.    In connection with the preparation and
filing of each registration statement under the Securities Act pursuant to this Agreement in which the Investor includes Eligible Securities in such registration, the Company shall (a) give the
Investor and his advisors and counsel the opportunity to participate in the preparation of such registration statement, each prospectus included therein or filed with the Commission, and each
amendment thereof or supplement thereto (other than any amendment or supplement in the form of a filing which the Company is required to make pursuant to the Exchange Act), and (b) give the
Investor and his advisors and counsel such access to its books and records and such opportunities to discuss the business of the Company with its officers and the independent public accountants who
have certified its financial statements as shall be necessary, in the opinion of such Investor's counsel, to conduct a reasonable investigation within the meaning of the Securities Act. 

        Section 1.5. Indemnification.    

        a)    Indemnification by the Company.    In the event of any registration of any Eligible Securities of the Company
under the Securities Act pursuant to Section 1.1, the Company shall, and hereby does 

agree to, indemnify and hold harmless the Investor, and each other person, if any, who controls such Investor within the meaning of the Securities Act, against any losses, claims, damages or
liabilities, joint or several, to which each such person may become subject under the Securities Act or otherwise, insofar as such losses, claims damages or liabilities (or actions or proceedings,
whether commenced or threatened, in respect thereof) arise out of or are based upon 

        (1)
any untrue statement or alleged untrue statement of any material fact contained (x) in any registration statement under which such securities were registered under the
Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained therein or used in connection with the offering of securities covered thereby, or any amendment or
supplement thereto, or (y) in any application or other document or communication (in this Section 1.5 collectively called an "application") executed by or on behalf of the Company or
based upon written information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify any securities covered by such registration statement under the "blue sky" or
securities laws thereof, or 

        (2)
any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, 

and
the Company will reimburse such person for any reasonable legal or any other expenses incurred by it in connection with investigating or defending any such loss, claim, liability, action or
proceeding, provided that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability (or action or
proceeding in respect thereof) or expense arises out of or is based upon an untrue statement or alleged untrue statement, or omission or alleged omission, made in such registration statement, any such
preliminary prospectus, final prospectus, summary prospectus, amendment or supplement, or in any application, in reliance upon and in conformity with written information prepared and furnished to the
Company by the Investor specifically for use in the preparation thereof and provided, further, that the Company shall not be liable to any person who
participates as an underwriter (other than the Investor insofar as he may be deemed an underwriter within the meaning of the Securities Act) in any such registration or any other person who controls
such underwriter within the meaning of the Securities Act, in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises
out of such person's failure to send or give a copy of the final prospectus, as the same may be then supplemented or amended, to the person asserting an untrue statement or alleged untrue statement or
omission or alleged omission at or prior to the written confirmation of the sale of the securities to such person if such statement or omission was timely corrected in such final prospectus. Such
indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of any such person and shall survive the transfer of such securities by such person. The Company
shall not be obligated to pay the fees and expenses of more than one counsel or firm of counsel for all parties indemnified in respect of a claim for each jurisdiction in which such counsel is
required unless conflict of interest exists between such indemnified party and any other indemnified party in respect of such claim. 

        b)    Indemnification by the Investor.    In the event of any registration of Eligible Securities under the Securities
Act pursuant to Section 1.1, the Investor shall, and hereby does agree to, indemnify and hold harmless (in the same manner and to the same extent as set forth in subsection (a) of this
Section 1.5) the Company, each director, officer, employee, agent and advisor of the Company and each other person, if any, who controls the Company within the meaning of the Securities Act,
with respect to any untrue statement or alleged untrue statement in or omission or alleged omission from such registration statement, any preliminary prospectus, final prospectus or summary prospectus
contained therein, or any amendment or supplement thereto, or any application, if such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in
conformity with written information prepared and furnished to the Company by such Investor specifically used in the preparation of such registration statement, preliminary prospectus, final
prospectus, summary prospectus, amendment or supplement, or such application. Such indemnity shall remain in full force and effect, regardless of any investigation made by or on behalf of the Company
or any such director, officer, employee, agent, advisor or controlling person and shall survive the transfer 

of such securities by such Investor. The indemnity provided by the Investor under this Section 1.5(b) shall be only with respect to those of any other seller or prospective seller of
securities, and not jointly and severally, and shall be limited in amount to the net amount of proceeds received by such Investor from the sale of Eligible Securities pursuant to such registration
statement. 

        c)    Notices of Claims, etc.    Promptly after receipt by an indemnified party of notice of the commencement of any
action or proceeding involving a claim referred to in the preceding subsections of this Section 1.5, such indemnified party will, if a claim in respect thereof is to be made against an
indemnifying party, give written notice to the latter of the commencement of such action, provided that the failure of any indemnified party to give
notice as provided herein shall not relieve the indemnifying party of its obligations under the preceding subsections of this Section 1.5, except to the extent that the indemnifying party is
actually prejudiced by such failure to give notice. In case any such action is brought against an indemnified party, unless a conflict of interest between such indemnified and indemnifying parties
exists in respect of such claim, the indemnifying party shall be entitled to participate in and to assume the defense thereof, jointly with any other indemnifying party similarly notified to the
extent that it may wish, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of its election so to assume the defense
thereof, if the indemnifying party is entitled to do so hereunder, the indemnifying party shall not be liable to such indemnified party for any legal or other expenses subsequently incurred by the
latter in connection with the defense thereof other than reasonable costs of investigation. No indemnifying party shall, without the consent of the indemnified party, consent to entry of any judgment
or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to
such claim or litigation. 

        d)    Other Remedies.    If for any reason the indemnity set forth in the preceding subsections of this
Section 1.5 is unavailable, or is insufficient to hold harmless an indemnified party, other than by reason of the exceptions provided therein, then the indemnifying party shall contribute to
the amount paid or payable by the indemnified party as a result of such losses, claims, damage or liabilities in such proportion as is appropriate to reflect the relative fault of the indemnifying
party on the one hand and the indemnified party on the other hand in connection with the offering of securities and the
statements or omissions or alleged statements or omissions which resulted in such loss, claim, damage, or liability, as well as any other relevant equitable considerations. The relative fault of the
indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue statement of a material fact or the omission to state a material fact
relates to information supplied by the indemnifying party or by the indemnified party and the parties' relevant intent, knowledge, access to information and opportunity to correct or prevent such
statements or omissions. No party shall be liable for contribution under this subsection (d) except to the extent and under such circumstances as such party would have been liable to indemnify
under this Section 1.5 if such indemnification were enforceable under applicable law. 

        Section 1.6. Effect of Other Agreements Among the Parties Hereto.    Nothing in this Agreement
shall be construed to alter in any manner whatsoever any rights or obligations of the Company, or Investor contained in any other agreement among such persons entered into concurrently herewith. 

        Section 2. DEFINITIONS.    As used herein, the following terms have the following respective
meanings: 

        Commission:    The Securities and Exchange Commission or any other Federal agency at the time administering the Securities Act. 

        Eligible Securities:    The Special Stock. As to any particular Eligible Securities, once issued such securities shall cease to
be Eligible Securities when (i) a registration statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been
disposed of, (ii) they shall have been distributed to the public pursuant to Rule 144 (or any successor provisions) under the Securities Act, (iii) they shall have been otherwise
transferred and new 

certificates for them not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent disposition of them shall not require registration or qualification of
them under the Securities Act or any state securities or blue sky law then in force, or (iv) they shall have ceased to be outstanding. 

        Exchange Act:    The Securities Exchange Act of 1934, as amended, or any similar Federal statute, and the rules and regulations
of the Commission thereunder, all as the same shall be in effect at the time. 

        Governmental Authority:    Any federal, regional, state or local political subdivision, any governmental or administrative body,
instrumentality, department or agency or any court, tribunal, administrative hearing body, arbitration panel, commission or other similar dispute resolving panel or body, and any other entity
exercising executive, legislative, judicial, regulatory or administrative functions of a government. 

        Registration Expenses:    All expenses incident to the Company's performance of or compliance with Sections 1.1, including,
without limitation, (a) all registration, filing and NASD fees, (b) all fees and expenses of complying with securities or blue sky laws, (c) all word processing, duplicating and
printing expenses, (d) messenger and delivery expenses, (e) the reasonable fees and disbursement of counsel for the Company and of its independent public accountants, including the
expenses incident to such performance and compliance, and (f) premiums and other costs of policies of insurance against liabilities arising out of the public offering of the Eligible Securities
being registered (if the Company elects to obtain any such insurance), provided, that (i) except as otherwise specifically provided herein, fees
and disbursements of counsel to the Investor and (ii) transfer taxes shall not be included as Registration Expenses and shall not be paid by the
Company. 

        Securities Act:    The Securities Act of 1933, as amended, or any similar Federal statute, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect at the time. 

        Section 3. MISCELLANEOUS.    

        Section 3.1. Rule 144.    The Company shall file the reports required to be filed by it
under the Securities Act and the Exchange Act and the rules and regulations adopted by the Commission thereunder (or, if the Company is not required to file such reports, shall, upon the request of
any holder of Eligible Securities, make publicly available other information) and shall take such further action as any holder of Eligible Securities may reasonably request, all to the extent required
from time to time to enable such holder to sell Eligible Securities without registration under the Securities Act pursuant to (a) Rule 144 under the Securities Act, as such Rule may be
amended from time to time, or (b) any similar rule or regulation hereafter adopted by the Commission. Upon the request of any holder of Eligible Securities, the Company shall deliver to such
holder a written statement as to whether it has complied with such requirements. 

        Section 3.2. Restrictive Legend.    Each certificate representing Special Stock shall, except as
otherwise provided in this 3.2, be stamped or otherwise imprinted with a legend substantially in the following form: 

THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY STATE SECURITIES LAWS AND MAY NOT BE TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS IT HAS BEEN REGISTERED UNDER SUCH ACT AND
ALL SUCH APPLICABLE LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ENTITLED TO THE BENEFITS OF, AND ARE SUBJECT TO THE RESTRICTIONS CONTAINED IN, THE REGISTRATION RIGHTS AGREEMENT, DATED MARCH 28, 2002, BY AND AMONG
THE COMPANY AND THE SHAREHOLDER NAMED ON THE SIGNATURE PAGES 

THEREOF, A COPY OF WHICH IS ON FILE AT THE MAIN OFFICE OF THE COMPANY. 

A
certificate shall not bear such legend if in the opinion of counsel satisfactory to the Company the securities represented thereby may be publicly sold without registration under the Securities Act
and any applicable state securities laws. 

        Section 3.3. Notices.    All communications provided for hereunder shall be in writing and shall
be deemed to be given (i) when transmitted by facsimile equipment, (ii) when delivered in person or (iii) on the third business day after deposited in the United States mail and, 

a)
If to the Investor to: 

Charles
H. Powers

2419 Sumter Street Extension

Florence, South Carolina 29502

Telefax No.: (843) 661-0956 

(b)
If to the Company, addressed to: 

The
Seibels Bruce Group, Inc.

1501 Lady Street

Columbia, South Carolina 29201

Attention: President

Telefax No.: (803) 748-2839 

    with
a copy to: 

The
Seibels Bruce Group, Inc.

1501 Lady Street

Columbia, South Carolina 29201

Attention: General Counsel

Telefax No.: (803) 748-2839 

or
to such other place or places or to such other person or persons as shall be designated in writing by the parties hereto. 

        Section 3.4. Waiver, Amendment, etc.    This Agreement may not be amended or supplemented, and no
waivers of or consents to departures from the provisions hereof shall be effective, unless set forth in a writing signed by, and delivered to, all the parties hereto. No failure or delay of any party
in exercising any power or right under this Agreement will operate as a waiver thereof, nor will any single or partial exercise of any right or power, or any abandonment or discontinuance of steps to
enforce such right or power, preclude any other or future exercise thereof or the exercise of any other right or power. 

        Section 3.5. Binding Agreement; No Assignment; No Third Party Beneficiaries.    This Agreement
will be binding upon and inure to the benefit of the parties hereto and, where applicable, their successors and permitted assigns. No party to this Agreement may assign or delegate all or any portion
of its rights, obligations, or liabilities under this Agreement without the prior written consent of each other party to this Agreement. Nothing expressed or implied herein is intended or shall be
construed to confer upon or give to any third party any rights or remedies by virtue hereof. 

        Section 3.6. Governing Law; Dispute Resolution.    

        b)
THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF SOUTH CAROLINA WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF. 

        c)
Each party agrees to the extent any dispute arising in connection with this Agreement is not resolved by voluntary agreement of the parties, such dispute shall be exclusively and
finally settled by 

arbitration in accordance with the provisions of this Section 3.6. If any such dispute arises, either party may at any time deliver written notice that it intends to submit such dispute to
arbitration. If such a notice is delivered to the other party, then the party that delivered such notice shall be entitled to direct submission of the dispute to arbitration. Notwithstanding this
Section 3.6, each party shall have the right to seek from any court of competent jurisdiction pending the establishment of the arbitral tribunal interim relief in aid of arbitration or to
protect the rights of such party in respect of this Agreement. Any request for such interim relief by a party shall not be deemed incompatible with, or a waiver of, this agreement to arbitrate. 

        d)
Such arbitration shall be held in Columbia, South Carolina (which shall be the exclusive location of such arbitration unless otherwise agreed by the parties) in accordance with the
rules and regulations of the American Arbitration Association, with pre-hearing discovery rights in accordance with the Federal
Rules of Civil Procedure (provided that the foregoing shall not limit the power of the arbitrators to accord the parties greater rights of inspection
and discovery than they would have in a suit at law). The determination of the arbitrators shall be conclusive and binding upon the parties, and any determination by the arbitrators of an award may be
filed with the clerk of a court of competent jurisdiction as a final adjudication of the claim involved, where application may be made to such court for a judicial acceptance of the award and an order
of enforcement, as the case may be. The expenses of each party, including legal and accounting fees, if any, with respect to the arbitration, shall be borne by such party, except to the extent
otherwise directed by the arbitrators. The arbitrators shall designate the parties to bear the expenses of the arbitrators or the respective amounts of such expense to be borne by each party. 

        Section 3.7. Severability.    If fulfillment of any provision of this Agreement, at the time such
fulfillment shall be due, shall transcend the limit of validity prescribed by law, then the obligation to be fulfilled shall be reduced to the limit of such validity; and if any clause or provision
contained in this Agreement operates or would operate to invalidate this Agreement, in whole or in part, then such clause or provision only shall be held ineffective to the extent of such invalidity,
as though not herein contained, and the remainder of this Agreement shall remain operative and in full force and effect. 

        Section 3.8. Headings; Counterparts.    The headings in this Agreement are for convenience of
reference only and will not affect the construction of any provisions hereof. This Agreement may be executed in one or more counterparts, each of which when so executed and delivered will be deemed an
original but all of which will constitute one and the same Agreement. 

        Section 3.9. Entire Agreement.    This Agreement embodies the entire agreement and understanding
of the parties hereto in respect of the subject matter contained herein, provided that this provision shall not abrogate any other written agreement between the parties executed simultaneously with
this Agreement. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 

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

	 	 	THE SEIBELS BRUCE GROUP, INC.
	

 	
 	

By:	
 	

/s/  JOHN E. NATILI      

	 	 	Name:	 	/s/  JOHN E. NATILI      

	 	 	Title:	 	President and CEO

	

 	
 	

CHARLES H. POWERS
	

 	
 	

/s/  CHARLES H. POWERS      

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REGISTRATION RIGHTS AGREEMENT

REGISTRATION RIGHTS AGREEMENTExhibit 10.18  

STATE
OF SOUTH CAROLINA    ) 

)                COMMERCIAL
LEASE 

COUNTY
OF RICHLAND        ) 

        THIS
LEASE is made and entered into as of the 21st day of December 2000, by and between CHARLES H. POWERS, a individual resident of the State of South Carolina
(hereinafter called "Landlord"), whose address is 2419 Sumter Street Extension, Florence, South Carolina 29502 and THE SEIBELS BRUCE GROUP, INC., a South Carolina corporation (hereinafter
called "Tenant"), whose address is 1501 Lady Street, Columbia, South Carolina 29201. 

ARTICLE
I 

CONDITION
OF PREMISES 

        Tenant
has inspected the Premises and accepts the Premises in "AS-IS" condition. 

ARTICLE
II 

PREMISES

        The
"Premises" consists of certain office space located at 1501 Lady Street and certain parking lots in Richland County, South Carolina in or near the City of Columbia, described on
Exhibit A attached hereto and incorporated herein by reference, together with all improvements thereon. The Premises is
more particularly described as consisting of a building of approximately 128,783 square feet (the "Building"). 

ARTICLE
III 

TERM
OF LEASE 

        Section 3.1    Demise.    Landlord, for and in consideration of the rents, covenants and agreements herein
contained on the part of the Tenant, has let and leased and by these presents does let and lease unto Tenant, and Tenant does hereby take and hire from Landlord, for the Term, the Premises. 

        Section 3.2    Term.    The term of this Lease shall commence on December 22, 2000 (the "Commencement
Date") and expire at midnight on December 21, 2003, (the "Term") unless sooner terminated. 

        Section 3.3    Termination.    This Lease shall terminate at the end of the Term, without the necessity of any
notice from either Landlord or Tenant to terminate same. Tenant hereby waives notice to vacate the Premises and agrees that Landlord shall be entitled to the summary recovery of possession of the
Premises should Tenant hold over to the same extent as if statutory notice had been given. In the event Tenant holds over without the express written consent of Landlord, Tenant shall be deemed to
hold over as a tenant at will and the amount of the Base Rent shall be twice the amount that was in effect prior to the end of the prior Term. For a period of six (6) months prior to the
expiration of the Term, Landlord may show the Premises and all parts thereof to prospective tenants and purchasers during normal business hours, provided, however, that Landlord shall use reasonable
efforts not to disturb Tenant's use or occupancy thereof. 

ARTICLE
IV 

RENT

        Section 4.1    Base Rent.    The Tenant agrees to pay to the Landlord a "Base Rent" at an annual rate of Four
Million Five Hundred Thousand ($4,500,000.00) Dollars multiplied by the "Prime Rate" calculate on each November 1st of the Term plus one percent in equal monthly installments.
"Prime Rate" means the prime interest rate reported in the "Money Rates" column (or any successor column) in The Wall Street Journal, Southeastern Edition. Base Rent shall be due and payable on or
before the first day of each month in advance during the Term (unless such rent shall be abated or diminished as in this Lease elsewhere provided). 

        Section 4.2    Late Payments.    In addition to the remedies provided for Landlord after an Event of Default
and in addition to interest due pursuant to Section 18.11 hereof, if Tenant fails to pay when due any installment of Base Rent or Additional Rent, including, without limitation, if Tenant's
bank shall fail to honor any check given to Landlord by Tenant when presented by Landlord, Tenant shall pay Landlord a late payment fee in the amount of Three Hundred Fifty ($350.00) Dollars and
reimburse Landlord for the actual amount of attorney's fees or other costs incurred by Landlord as a result of the late payment notwithstanding that an Event of Default may not have occurred. 

ARTICLE
V 

ALTERATION 

        Section 5.1    Alterations by Tenant.    Tenant shall make no alterations, additions or improvements to the
Premises, including, without limitation, addition or alteration of any signage, without the prior written consent of the Landlord, which consent shall not be withheld unreasonably. Any alteration,
addition or improvements shall be made in a good, workmanlike manner, in accordance with applicable laws and building codes, and in compliance with any conditions established by Landlord. 

        Section 5.2    Liens.    Upon completion of any permitted alteration, Tenant shall deliver to Landlord waivers
and affidavits confirming that all contractors, subcontractors, laborers and materialmen who have performed work on the Premises have been paid in full. Such waivers and affidavits shall be in a form
acceptable to Landlord and in accordance with applicable South Carolina statutes. 

        Should
mechanics', materialmens or other liens or claims thereof be filed against the Premises or Building by reason of Tenant's acts or omissions or because of a claim against Tenant,
Tenant shall cause the lien to be cancelled and discharged of record by bond or otherwise within thirty (30) days after receipt of notice from Landlord. Should Tenant fail to cause such lien to
be so discharged or bonded, Tenant shall be in default hereunder, and Landlord may exercise any or all remedies available to Landlord. Landlord may also at its option discharge the same by paying the
amount claimed to be due, and Tenant shall pay as additional rent on demand the amount so paid and all costs and expenses incurred by Landlord including reasonable attorney's fees in processing such
discharge. 

ARTICLE
VI 

USE 

        Section 6.1    Prohibited Uses.    The Premises may not be used for any purposes (i) except as office
space or for such other uses as may be approved in writing by Landlord, (ii) which are in violation of any requirements of any insurer of the Premises or in violation of any valid law, statute,
ordinance, rule or regulation of any governmental authority having jurisdiction, including, without limitation, all laws and regulations related to disposal of sewage or waste and/or intended to
protect the environment and/or regulate the possession, use or disposal of hazardous materials ("Environmental Laws") or (iii) which are so offensive or obnoxious as to constitute a nuisance. 

        Section 6.2    Conduct of Business.    Except as approved by the Landlord, Tenant will occupy and continuously
conduct business during normal business hours in the Premises for the uses permitted above throughout the Term. 

        Section 6.3
    Rubbish and Trash.    Tenant shall not permit the accumulation of any rubbish, trash, garbage
or other refuse in or around the Premises, shall keep all refuse awaiting disposal in proper containers within the Premises and shall dispose of all refuse properly and at its own expense. 

ARTICLE
VII 

ENTRY
BY LANDLORD 

        Section 7.1    Inspection.    Landlord, and its agents and employees, shall have the right, but shall not be
required, to enter the Premises at all reasonable hours for the purpose of making inspections of the Premises at any time after twenty-four (24) hours written notice to Tenant. 

        Section 7.2    Showing the Premises.    The landlord shall have the right to enter the premises at reasonable
times during business hours to show the Premises to prospective tenants or purchasers. 

ARTICLE VIII 

DEFAULT
AND REMEDIES 

        Section 8.1    Events of Default.    If (i) Tenant fails to pay when due any installment of Base Rent or
Additional Rent, (ii) Tenant fails to keep, perform and observe any other covenant hereunder, (iii) any
order for relief from creditors is entered on behalf of Tenant, Tenant is adjudged insolvent according to law, any assignment of Tenant's property is made for the benefit of its creditors, or Tenant
files a petition or a petition is filed against Tenant under any federal or state bankruptcy or insolvency law (any of such events being herein called an "Event of Default"), Landlord shall, with
respect to an Event of Default other than nonpayment of Base Rent or Additional Rent, give Tenant notice thereof and Tenant shall have thirty (30) days after the date of such notice in which to
cure such Event of Default. In the event Tenant fails to pay any installment of Base Rent or Additional Rent when due, Tenant shall have ten (10) days from the due date of such rent in which to
cure such default by paying all late rent due, late payment fees and costs pursuant to Section 4.3 hereof, and any interest due pursuant to Section 18.11 hereof. 

        Section 8.2    Landlord's Remedies.    If an Event of Default occurs and is not cured within the time allowed
hereby for the cure thereof, then Landlord may exercise any one or more of the following remedies in addition to any other remedies provided by law or in equity: 

        (a)
Without terminating this Lease, seek specific performance of Tenant's obligations hereunder and in that connection, Tenant hereby agrees that Landlord's remedies at law are and will
be insufficient to preserve for Landlord the benefit of this Lease and that monetary damages would not be a sufficient remedy; 

        (b)
Without terminating this Lease, re-enter the Premises (by legal action, if necessary), and proceed to relet as Tenant's agent all or any part of the Premises as Landlord
in its sole discretion may deem necessary or appropriate, and on such terms, rentals and conditions as may, in the reasonable opinion of Landlord, be commercially reasonable; all rentals received by
Landlord from such reletting shall be applied first, to Landlord's expenses incurred in connection with any such reentering and reletting, including
without limitation, any and all costs and expenses incurred in renovating or altering space in the Premises to make it suitable for reletting, brokerage commissions and attorneys fees and other fees
incurred in connection therewith, and advertising costs and expenses; second, to all other damages and expenses suffered or incurred by Landlord as a
result of Tenant's breach hereof; and third, to all rent not paid by Tenant; any surplus of such rentals shall be held by Landlord without interest and
free from the claims of creditors of Tenant, as security for the continued payment and performance of Tenant's obligations hereunder until Landlord terminates this Lease or the Term expires, at which
time, any amount remaining after full payment to Landlord will be paid over to Tenant. Unless Landlord has expressly notified Tenant that it is exercising the right of termination contained in
clause (c) of this Section 8.2, the actions described in this clause (b) shall not be deemed to terminate this Lease or constitute an acceptance of any attempted or purported
surrender by Tenant of the Premises or any part thereof; or 

        (c)
By written notice to Tenant, terminate this Lease, which termination shall be effective upon the date of such notice, and upon receipt of such notice, Tenant shall immediately vacate
the Premises; if Tenant thereafter remains in possession of the Premises, Landlord may institute dispossessory proceedings. In addition to the foregoing, Landlord may initiate an action against Tenant
for the recovery of all rent due hereunder through the date of the notice of termination, or the date Tenant vacates the Premises, whichever later occurs, with interest thereon from the date when due
at the rate provided in Section 18.11, together with all other damages, including consequential and incidental damages, attorney's fees and litigation costs suffered by Landlord as a result of
Tenant's breach hereof. 

        No
termination of this Lease nor taking or recovering possession of the Premises, shall deprive Landlord of any remedies or actions against Tenant for rents or for damages for the breach
of any covenant herein contained, nor shall the bringing of any such action for rents or breach of covenant, 

nor the resort to any other remedy herein provided for the recovery of rents or damages for such breach be construed as a waiver of the right to insist upon obtaining possession of the Premises in
the manner herein provided. Landlord shall also be entitled to recover from Tenant all expenses including reasonable attorney's fees incurred in connection with enforcement of Landlord's rights and
remedies under this Lease. In any action against Tenant for rents or damages, Landlord, in determining the amount of rent that would be payable by Tenant, may estimate the amount of future Additional
Rent based on the actual amount of Additional Rent that was payable by or would have been most recently payable by Tenant. Any suit to recover rents or damages by Landlord shall not bar any later suit
to recover additional rents or damages hereunder. 

        Section 8.3    Default by Landlord.    In the event of any default by Landlord, hereunder, Tenant shall provide
the Landlord with written notice thereof. Landlord shall have thirty (30) days after such notice to cure such default or, if such default cannot reasonably be cured within thirty
(30) days, to commence cure of such default and diligently pursue cure thereafter until the default is cured. 

ARTICLE
IX 

MAINTENANCE
AND SERVICES 

        Section 9.1    Tenant's Repairs and Maintenance.    Tenant shall at its sole cost and expense, maintain in good
and tenantable condition the Premises and every part thereof, including without limitation the roof, structural portions of the exterior walls, structural foundations, partition walls, flooring and
floor covering, plumbing, electrical and sewer systems, all fixtures, air conditioning, ventilating and heating equipment serving the Premises and other equipment therein, the store front and plate
glass, all Tenant's signs, locks and closing devices, all window sashes, casements or frames, and all doors and door frames, fire protection system, and pest control. Tenant shall also perform such
items of repair and maintenance to the Premises as may at any time or from time to time be required by any governmental agency having jurisdiction thereof. 

        If
Tenant refuses or neglects to make repairs and/or maintain the Premises, or any part thereof, in the manner prescribed by this Lease, Landlord shall have the right, but not the
obligation, upon giving Tenant thirty (30) days prior written notice of its election to do so, to make such repairs or perform such maintenance on behalf of and for the account of Tenant if
Tenant has not made such repairs or performed such maintenance within such notice period. In such event such work shall be paid for by Tenant as Additional Rent promptly upon receipt of a bill
therefor. 

        Section 9.2    No Landlord Repair or Maintenance.    Landlord shall have no duty or obligation to repair or
maintain any part of the Premises. 

        Section 9.3    Utilities.    Tenant shall be responsible for and shall bear the expense of all utilities for
the Premises, including without limitation, water, sewer, electricity, gas and telephone. 

ARTICLE
X 

DESTRUCTION
OF PREMISES 

        Section 10.1    Total Destruction.    If the Building is totally destroyed, or so substantially damaged by
storm, fire, earthquake, or any other casualty that rebuilding or repair cannot reasonably be completed within one hundred eighty (180) days after the date of such damage, this Lease shall, at
the option of either Landlord or Tenant, terminate as of the date of such destruction or damage. 

        Section 10.2    Partial Destruction.    If the building is damaged, but not to the extent described in
Section 10.1, by any such casualty, Landlord may at its sole option, cost and expense, restore, replace or rebuild the same as nearly as possible to the condition existing immediately prior to
such damage or terminate this Lease as it determines. 

        Section 10.3    Rent Abatement During Restoration.    If this Lease is not terminated pursuant to
Section 10.1 or 10.2 after a casualty, Base Rent and Additional Rent shall be abated proportionately with the degree in which Tenant's use of the Premises is impaired commencing from the date
of damage or destruction and continuing during the period of Landlord's work. Tenant shall continue the operation of its business in the Premises during any such period to the extent reasonably
practicable 

and the obligation of Tenant hereunder to pay rent shall remain in full force and effect. Tenant shall not be entitled to any compensation or damages from Landlord for the impairment of use of the
whole or any part of the Premises or the Building, or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration other than the aforesaid abatement of rent. 

ARTICLE
XI 

INSURANCE
AND INDEMNITY 

        Section 11.1    Liability Insurance.    Tenant shall maintain at its expense, and separate from the Landlord's
liability insurance, liability insurance on the Premises with limits of not less than One Million ($1,000,000.00) Dollars per occurrence and Three Million ($3,000,000.00) Dollars in the aggregate.
Said liability policy shall name Landlord as an additional insured, provide for thirty (30) days written notice to Landlord of cancellation, provide for deductibles not in excess of $50,000.00,
and include coverage acceptable to the Landlord for liabilities inherent in the type usage of the Premises by Tenant. Tenant shall provide Landlord with a duplicate original of the liability insurance
policy and satisfactory evidence of such insurance at all times. If Tenant fails to provide satisfactory evidence of such coverage, Landlord shall have the right, but not the obligation, to obtain and
maintain such coverage and Tenant shall reimburse Landlord for the costs thereof promptly upon receipt of a bill therefor. 

        Section 11.2    Property Insurance.    Tenant shall maintain at its expense, and separate from the Landlord's
property insurance, property insurance on the Premises in amount sufficient to cover the replacement cost of the Premises but in no event less than $4,500,000.00. Said property policy shall name
Landlord as an additional insured, provide for thirty (30) days written notice to Landlord of cancellation. Tenant shall provide Landlord with a duplicate original of the property insurance
policy and satisfactory evidence of such insurance at all times. If Tenant fails to provide satisfactory evidence of such coverage, Landlord shall have the right, but not the obligation, to obtain and
maintain such coverage and Tenant shall reimburse Landlord for the costs thereof promptly upon receipt of a bill therefor. 

        Section 11.3    Indemnity.    The Tenant during the term hereof shall indemnify, defend and save harmless the
Landlord from and against any and all claims, demands, liabilities and expenses (including attorney's fees) ("Liabilities") whether for injuries to persons or loss of life, or damage to property
(including economic loss), occurring within the Premises or arising out of the use and occupancy of said Premises by the Tenant or its licensees, including Liabilities arising from a violation by
Tenant of any Environmental Laws. 

        Section 11.3    Tenant's Covenants Not to Violate Insurance Company Requirements.    Tenant agrees not to do or
permit to be done to the Premises or the Building anything which causes any policy of insurance on the Building or required to be maintained by Tenant to be cancelled or become void. 

ARTICLE
XII 

PROPERTY
TAXES 

        Section 12.1    Property Taxes.    Tenant shall be responsible for any property taxes related to the Premises
as they come due. 

ARTICLE
XIII 

ATTORNMENT
AND SUBORDINATION 

        Section 13.1    Attornment.    Should Landlord assign this Lease, or should Landlord grant a mortgage on the
Building and should the holder of such mortgage succeed to the interest of Landlord, Tenant shall be bound to said assignee or any such mortgagee under all the terms, covenants and conditions of this
Lease for the balance of the Term remaining after such succession, and Tenant shall attorn to such succeeding party as its Landlord under this Lease promptly upon any such succession. Tenant agrees
that should any party so succeeding to the interest of Landlord require a separate agreement of attornment regarding the matters covered by this Lease, then Tenant shall enter into any 

such attornment agreement, provided the same does not modify any of the provisions of this Lease and has no material adverse effect upon Tenant's continued occupancy of the Premises. 

        Section 13.2    Subordination.    This Lease is subject and subordinate at all times to the lien of existing
and future mortgages on the Premises provided the mortgagee agrees that if, by foreclosure or otherwise, the mortgagee shall become the owner of the Premises or take over the rights of the Landlord
therein, the mortgagee will not disturb the possession, use or enjoyment of the Premises by Tenant or disaffirm this Lease or Tenant's rights or estate hereunder, so long as all of Tenant's
obligations are fully performed in accordance with the terms of this Lease. Although no instrument or act by Tenant shall be necessary to effectuate such subordination, Tenant shall, nevertheless,
execute and deliver such further instruments subordinating this Lease in accordance with this Section 13.2 to the lien of all such mortgages desired by the mortgagee. 

ARTICLE
XIV 

SURRENDER

        Section 14.1    Surrender of Premises.    At the expiration or earlier termination of this Lease, Tenant shall
surrender the Premises to Landlord broom clean and in good and tenantable condition. Tenant shall have no right to remove any leasehold improvements, whether made by Tenant or Landlord, including but
not limited to floor and wall coverings, lighting, heating, air conditioning, ventilating, plumbing, signage, and other such fixtures, partitions, alterations, improvements, systems and all such
similar apparatus, but shall remove any or all such items or improvements upon the request of Landlord and repair any damages caused by such removal. 

ARTICLE
XV 

CONDEMNATION

        Section 15.1    Total Taking.    In the event that the whole of the Premises shall be condemned or taken in any
manner for any public or quasi-public use this Lease shall forthwith cease and terminate as of the date of vesting of title in the condemnor. 

        Section 15.2    Substantial Taking.    If a substantial part of the Premises shall be so condemned or taken and
the taking makes the Tenant not be able to continue to use the Premises for the purpose for which the Premises was used immediately prior to the taking, then either Landlord or Tenant, by giving
thirty (30) days notice to the other, may terminate this Lease effective thirty (30) days after the date of vesting of title in the condemnor. 

        Section 15.3    No Share in Award.    In the event of any condemnation or governmental taking, Tenant shall
have no right to share in Landlord's award, but this provision shall not affect Tenant's right, if any, to pursue its own claim against the condemning authority. Tenant's right to assert such a claim
shall survive the termination of this Lease. 

        Section 15.4    Partial Taking.    If only a part of the Premises shall be so condemned or taken and this Lease
is not terminated pursuant to Section 15.2, Landlord will, with reasonable diligence and at its expense, restore the remaining portion of the Premises as nearly as practicable to the same
condition as existed prior to such condemnation or taking, the Base Rent and Additional Rent shall be abated in proportion to the area of the Premises so condemned or taken. In the event of such
partial taking, Tenant shall have no right to share in any award to Landlord by the condemning authority, but this provision shall not affect Tenant's rights, if any, to pursue its own claim against
the condemning authority. 

ARTICLE
XVI 

QUIET
ENJOYMENT 

        Section 16.1    Quiet Enjoyment.    Tenant, upon observing, performing and keeping all the covenants and
agreements herein contained, shall and may lawfully, peaceably and quietly have, hold, use, occupy, possess, and enjoy the Premises for and during all of the Term without disturbance by Landlord, or
by any person claiming by, through or under Landlord. Landlord shall not be responsible or liable for any injury or damage resulting from acts of omissions of other tenants of the Building or any
other person. 

ARTICLE XVII 

ASSIGNMENT,
SUBLETTING AND CHANGE OF OWNERSHIP 

        Section 17.1    Assignment and Subletting.    Tenant shall have no right to assign this Lease or sublet any
portion of the Premises without the prior written consent of Landlord which consent shall not be withheld unreasonably. No assignment or subletting shall release or discharge Tenant of or from any
liability whether, past, present or future, under this Lease, and Tenant shall continue fully liable hereunder. Any attempt by Tenant to transfer, assign, sublet or change ownership without first
obtaining Landlord's express written consent shall be void, shall confer no rights upon any third person and shall operate to prevent any such transfer, assignment, subletting, or change of ownership
from becoming effective with respect to this Lease and the Premises. Tenant agrees to reimburse Landlord for Landlord's reasonable attorney fees and other expenses incurred in conjunction with the
processing and documentation of any approved ownership change, transfer, assignment or subletting. For the purposes of this Lease, any transfer by shareholders or partners of Tenant holding in the
aggregate a majority interest in Tenant to a third party or parties not related to any current shareholder or partner by blood or marriage shall be deemed an assignment of this Lease. 

ARTICLE
XVIII 

MISCELLANEOUS
PROVISIONS 

        Section 18.1    Entire Agreement.    This Lease is intended to be the final and complete expression of the
agreement between the parties. All negotiations and oral agreements of the parties hereto with respect to the subject matter hereof are merged into this Lease. No amendment of this Lease shall be
binding unless evidenced in writing and signed by Landlord and Tenant. All parties hereto have participated in the negotiations for and preparation of this Lease. In no event, therefore, shall this
Lease be construed more or less stringently against any party. 

        Section 18.2    Captions.    The captions of the Articles and Sections of this Lease are for convenience and
reference only and in no way define, limit or describe the scope or intent of such Articles and Sections. 

        Section 18.3    Successors and Assigns.    Subject to the provisions of Article XVII hereof governing
assignment and subletting, the covenants and agreements herein contained shall bind and inure to the benefit of the Landlord, its heirs and assigns, and Tenant, its successors and assigns. Nothing
contained in this Lease shall in any manner restrict Landlord's right to assign or encumber this Lease or the Premises in its sole discretion. 

        Section 18.4    Partial Invalidity.    If any clause or provision of this Lease is or becomes illegal, invalid
or unenforceable because of present or future laws or any rule or regulation of any governmental body or entity, the intention of the parties hereto is that the remainder of this Lease shall not be
affected thereby. 

        Section 18.5    Notices.    Whenever by the terms of this Lease, notice shall be required, necessary or desired
to be given, such notice shall be in writing and shall be deemed effective when delivered by hand against receipt or on the third (3rd) consecutive calendar day from and after the date upon which it
shall have been deposited, postage prepaid, to the United States mail, certified, return receipt requested, to a party at its respective address as set forth on page 1 of this Lease. 

        Section 18.6    Time of Essence.    Time shall be of the essence to the parties with respect to all provisions
of this Lease. 

        Section 18.7    Estoppel Certificate.    From time to time and at any time during the Term, Landlord or Tenant
shall, within twenty (20) days following written request from the other, execute, acknowledge and deliver to the other a statement in writing certifying: (1) whether this Lease is in
full force and effect and whether there shall have been modifications to this Lease; (2) the dates to which all rental and other charges have been paid and whether any such payment represents
payment in advance; and (3) to the best knowledge of the individual executing the statement whether any default of the other party in the performance of any covenant, agreement, or condition
has occurred and remains uncured 

and if such default has occurred, the nature, thereof; it being the intention of Landlord and Tenant that the statement to be delivered in accordance herewith may be relied upon by any person to whom
it shall be delivered by the party (Landlord or Tenant, as the case may be) who initiated the request for said statement, but not to the extent of any default under this Lease of which the individual
executing the statement shall have no actual knowledge. 

        Section 18.8    Governing Law.    This Lease and the rights and obligations of Landlord and Tenant hereunder
shall be governed and enforced under the laws of South Carolina. 

        Section 18.9    Limitation of Liability.    Landlord's liability to Tenant under this Lease shall be limited to
Landlord's interest in the Premises. 

        Section 18.10    Multiple Counterparts.    This Lease shall be executed in multiple counterparts, each of which
shall be deemed an original and any of which shall be deemed to be complete of itself and may be introduced into evidence or used for any purpose without the production of the other copy. 

        Section 18.11    Interest Rate.    Any amounts payable by Tenant to Landlord or by Landlord to Tenant pursuant
to the provisions of this Lease and not paid when due shall bear interest at the rate of fifteen (15%) percent per annum, provided that no such interest shall be charged on rent paid within five
(5) days of the date first due. 

        Section 18.12    Payments by Landlord.    In the event Tenant fails to pay when due taxes, insurance, costs of
repairs, unpaid mechanics or materialmen, or any other expenses required to be paid by Tenant under this Lease, Landlord may at its option, and without waiving any other rights and remedies hereunder,
pay any of such amounts due on behalf of Tenant, and Tenant shall immediately reimburse Landlord for such expenses, together with interest at the rate provided in Section 18.11 hereof from the
date notice is given by Landlord to Tenant. 

        Section 18.13    Remedies Cumulative.    The remedies herein provided to Landlord are intended to be cumulative
to any other remedies provided by law or equity. 

        Section 18.14    Waiver.    The failure of Landlord to insist in any one or more instances upon the strict
performance of any covenant of this Lease, or to exercise any option or right herein contained, shall not be construed as a waiver or relinquishment for the future of such covenant, right or option,
but the same shall remain in full force and effect unless the contrary is expressed in writing by Landlord. No payment by Tenant or acceptance by Landlord of a lesser amount than shall be due from
Tenant to Landlord hereunder shall be deemed to be anything but payment on account, and the acceptance by Landlord of such a lesser amount whether made by check with an endorsement or statement
thereon, or by an accompanying letter or otherwise that said lesser amount is payment in full, shall not be deemed an accord and satisfaction, and Landlord may accept such payment without prejudice to
Landlord's rights to recover the balance due or pursue any of Landlord's other remedies hereunder. For the purposes of any suit by Landlord brought or based on this Lease, the failure to include any
sum or sums then matured shall not be a bar to the maintenance of any suit or action for the recovery of said sum or sums so omitted. 

        Section 18.15    Memorandum of Lease.    Landlord and Tenant hereby agree not to record this Lease but rather
to execute, on request of either of them, a memorandum of this Lease summarizing the provisions of this Lease. Such memorandum shall be promptly recorded in the real property records of the county in
which the Premises are located. 

        IN
WITNESS WHEREOF, Landlord and Tenant, by and through their duly authorized and elected officer, have caused this Lease to be executed, sealed and delivered, each one to the other. 

	WITNESSES:	 	LANDLORD
	

 	
 	

CHARLES H. POWERS
	

/s/  BERNARD BLACKMON      
	
 	

 	
 	

 
	

 	
 	

/s/  CHARLES H. POWERS      

	

/s/  GLENDA E. BESCHER      
	
 	

 	
 	

 
	

 	
 	

TENANT
	

 	
 	

THE SEIBELS BRUCE GROUP, INC.
	

/s/  MATTHEW P. MCCLURE      
	
 	

 	
 	

 
	 	 	By:	 	/s/  JOHN E. NATILI          (SEAL)

	 	 	Name:	 	/s/  JOHN E. NATILI      

	/s/  LISA C. PFEIFER      
	 	Title:	 	Executive Vice President and COO

EXHIBIT A  

 LEGAL DESCRIPTION  

 PARCEL A  

All
that piece, parcel and lot of land, together with any improvements thereon, lying, being and situate in the City of Columbia, County of Richland, South Carolina, shown on a plat dated
October 13, 2000, prepared by Steadman Associates, Inc. entitled "Property surveyed for South Carolina Insurance Company in Columbia, Richland County, SC" and recorded in Record Book 462
at Page 2858. Said property being more particularly described as follows: 

        Commencing
at the intersection of the northern boundary of the right-of- way of Lady Street and the eastern boundary of the right-of-way
of Bull Street, THE POINT OF BEGINNING, thence continuing along the eastern boundary of Bull Street N00°19'35"W for 278.55 feet to a 3/4" pinch top, thence along property
N/F of South Carolina Textile Manufacturers Association N89°46'45"E for 81.19 feet to an "X" in the concrete wall, thence along property N/F of Match Point, LLC N83°19'50"E for
68.74 feet to a nail and cap, thence continuing along property N/F of Match Point, LLC N00°25'00"W for 132.22 feet to a 1/2" rebar, thence along the southern boundary right
of way of Washington Street N89°54'35"E for 117.83 feet to a 3/4" pinch top, thence along property N/F of Louie L. Cason, Jr. the following metes and bounds
S00°09'50"W for 118.67 feet to a point, thence N89°39'05"E for 4.0 feet to a 1/2" rebar, thence S00°09'30"W for 90.46 feet to a 1/2"
rebar, thence N89°55'00"E for 44.07 feet to an "X" in the concrete wall, thence along property N/F of BJB Co. S00°33'15"W for 30.88 feet to a 3/4" pinch top,
thence along property N/F of OBS, LLC S89°41'10"W for 74.28 feet to a nail & cap, thence continuing along property N/F of OBS, LLC S00°19'00"E for 14.38 feet to a
nail & cap, thence along property N/F of Lady Street Five, LLC following metes and bounds S89°37'25"W for 95.32 feet to a nail & cap, thence S00°19'55"E for 38.86
feet to a nail & cap, thence N89°25'40"E for 9.84 feet to a nail & cap, thence S00°53'45"E for 24.45 feet to a nail & cap, thence18°35'15"W for
12.67 feet to a nail & cap, thence S53°27'05"E for 9.00 feet to a nail & cap, thence S00°25'10"E for 4.12 feet to a nail & cap, thence
S00°57'30"E for 78.31 feet to a nail & cap, thence along the boundary of the Lady Street right of way S89°40'05"W for 157.39 feet to a 2" open top, THE POINT OF
BEGINNING. All measurements a little more or less. 

Parcel
A being a portion of the property conveyed to South Carolina Insurance Company by deed of Argus Life Insurance Company, dated April 30, 1977 and recorded in the Office of the Register of
Deeds for Richland County in Deed Book D429, page 302. 

TMS#
11402-12-14 

PARCEL B:  

All
that piece, parcel and lot of land, together with any improvements thereon, lying, being and situate in the City of Columbia, County of Richland, South Carolina as shown on a plat dated
October 13, 2000, prepared by Steadman Associates, Inc. entitled "Property surveyed for South Carolina Insurance Company in Columbia, Richland County, SC" and recorded in Record Book 462
at page 2861; said property being more particularly described as follows: 

Commencing
at 3/4" pinch top located on the western bound of the right-of-way of Pickens Street approximately 93 feet north of Lady Street (Muller Alley), the
POINT OF BEGINNING, thence continuing along the right-of-way boundary of Pickens Street N17°08'00"W for 149.21 feet to a 1/2" rebar, thence along
property now or formerly of Richard G. Horton and Harriet M. Horton N72°54'50"E for 209.96 feet to a 5/8" rebar (replaced), thence along property now or formerly of
Sisson & Dial A Partnership S16°22'15"E for 148.99 feet to a "X" in concrete, thence continuing along property now or
formerly of Sisson & Dial S72°50'55"W for 207.98 feet to the POINT OF BEGINNING. All measurements a little more or less. 

Parcel
B being the same property conveyed to South Carolina Insurance Company by deed of Seibels, Bruce and Company dated May 18, 1999 and recorded in the Office of the Register of Deeds for
Richland County in Record Book 308, page 461. 

TMS#
11402-11-11 

PARCEL C:  

All
that piece, parcel and lot of land, together with any improvements thereon, lying, being and situate in the City of Columbia, County of Richland, South Carolina as shown on a plat dated
October 13, 2000, prepared by Steadman Associates, Inc. entitled "Property surveyed for South Carolina Insurance Company in Columbia, Richland County, SC" and recorded in Record Book 462
at page 2860; said property being more particularly described as follows: 

Commencing
at P/K Nail along with western boundary of the right-of-way of Bull Street approximately 137 feet south of Lady Street, the POINT OF BEGINNING, thence along property
now or formerly of C.W. Haynes & Co., Inc. and OBS, LLC N85°44'45"E for 187.57 feet to a 1/2" rebar, thence continuing along property now or formerly of OBS,
LLC S04°25'20"E for 59.87 feet to a 1/2" rebar, thence along property now or formerly of Dunbar Funeral Home and Alston Wilkes Associates, Inc.
S85°06'55"W for 187.32 feet to a 1/2" open top located on the western boundary of the right-of-way of Bull Street, thence continuing along Bull
Street N04°39'05"W for 61.93 feet to the POINT OF BEGINNING. All measurements a little more or less. 

Parcel
C being a portion of the property conveyed to South Carolina Insurance Company by deed of C. W. Haynes and Company, Incorporated dated December 29, 1976 and recorded in the Office of the
Register of Deeds for Richland County in Deed Book D408, page 833. 

TMS#
11401-05-19 

PARCEL D:  

All
that piece, parcel and lot of land, together with any improvements thereon, lying, being and situate in the City of Columbia, County of Richland, South Carolina, shown on a plat dated
October 13, 2000, prepared by Steadman Associates, Inc. entitled "Property surveyed for South Carolina Insurance Company in Columbia, Richland County, SC" and recorded in Record Book 462
at Page 2859. Said property being more particularly described as follows: 

Commencing
at a 3/4" pinch top along the northern right-of-way of Washington Street approximately 120 feet west of Pickens Street, THE POINT OF BEGINNING, thence
along the boundary of the Washington Street right-of-way S75°06'25"W for 74.61 feet to a nail & cap, thence along property N/F of Match Point, LLC
N14°28'40"W for 153.81 feet to an "X" in concrete, thence along property N/F of South Carolina Federal Savings & Loan Association N75°23'55"E for 73.68 feet, thence
along property N/F of 1529 Washington Street Associates S14°49'25"E for 153.43 feet to the POINT OF BEGINNING, all measurements a little more or less. 

Parcel
D being a portion of the same property conveyed to South Carolina Insurance Company by deed of Seibels, Bruce and Company dated December 30, 1976, and recorded in the Office of the
Register of Deeds for Richland County in Deed Book D408, page 647. 

TMS#11402-13-11

EASEMENTS:  

TOGETHER
WITH, the following easements, in addition to all other easements for the benefit of South Carolina Insurance Company shown of record but not referenced herein specifically: 

Easement # 1  

That
certain perpetual easement for ingress, egress, maneuvering, and utilities across a portion of that certain parcel of property located at 1515 Lady Street, such parcel situate, lying and being on
the North side of Lady Street, between Pickens and Bull Streets, in the City of Columbia, County of Richland, State of South Carolina, such easement being reserved by South Carolina Insurance Company
in that certain Deed to National Cosmetology Association of South Carolina dated September 16, 1997 and recorded in the Office of the Register of Deeds for Richland County, South Carolina in
Book D1408 at page 657, the same being shown on a Plat prepared for National Cosmetology Association of South Carolina by Cox and Dinkins, Inc. dated September 3, 1997, last revised
September 12, 1997. 

Easement # 2  

That
certain perpetual easement for ingress, egress, and maneuvering of a commercial nature across a portion of that certain parcel of property located at 1510 Lady Street, such parcel situate, lying
and being on the South side of Lady Street, between Pickens and Bull Streets, in the City of Columbia, County of Richland, State of South Carolina, such easement being reserved by South Carolina
Insurance Company in that certain Deed to National Cosmetology Association of South Carolina dated September 16, 1997 and recorded in the Office of the Register of Deeds for Richland County,
South Carolina in Book D1408 at page 657, the same being shown on a Plat prepared for National Cosmetology Association of South Carolina by Cox and Dinkins, Inc. dated September 3, 1997. 

Easement # 3  

That
certain non-exclusive, perpetual easement for ingress, egress, maneuvering, and utilities across a portion of that certain parcel of property located at 1509 Lady Street, such parcel
situate, lying and being on the North side of Lady Street, in the City of Columbia, County of Richland, State of South Carolina, such easement being reserved by South Carolina Insurance Company in
that certain Special Warranty Deed to Lady Street Five, LLC dated July 8, 1999 and recorded in the Office of the Register of Deeds for Richland County, South Carolina in Book 326 at page 216,
the same being shown on a Plat prepared for Lady Street Five, LLC by Cox and Dinkins, Inc. dated May 25, 1999, revised July 6, 1999. 

Easement # 4  

That
certain portion of an existing storm drainage easement located on that certain parcel located at 1508 Washington Street, such parcel situate, lying and being on the South side of Washington
Street, between Pickens and Bull Streets, in the City of Columbia, County of Richland, State of South Carolina, such easement being reserved by South Carolina Insurance Company in that certain Deed to
HLS Properties dated June 1, 1994 and recorded in the Office of the Register of Deeds for Richland County, South Carolina in Book 1200 at page 662, the same being shown and delineated as "Storm
Drain Easement" on a Plat prepared for HLS Properties, a South Carolina General Partnership by Cox and Dinkins, Inc., dated April 20, 1994, last revised May 30, 1994, and recorded
in the Office of the Register of Deeds for Richland County, South Carolina in Book 1200 at page 666.

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