Document:

Exhibit 10.4

 

RESTRICTED STOCK UNIT AWARD AGREEMENT

 

ProSight Global Holdings Limited

 

This RESTRICTED STOCK
UNIT AWARD AGREEMENT (this “Agreement”) is made effective as of March 7, 2016 (the “Grant Date”),
between ProSight Global Holdings Limited, an exempted company incorporated in Bermuda, and any successor thereto by merger, consolidation
or otherwise (the “Company”), and Joseph Beneducci (the “Grantee”).

 

RECITALS:

 

WHEREAS, the Company has adopted the ProSight
Global Holdings Limited Amended and Restated 2010 Equity Incentive Plan (the “Plan”), which Plan is incorporated
herein by reference and made a part of this Agreement; and

 

WHEREAS, the Board, or a committee designated
by the Board to administer the Plan (“Committee”), has determined that it would be in the best interests of
the Company and its shareholders to grant the restricted stock units provided for herein to the Grantee pursuant to the Plan and
the terms set forth herein.

 

NOW THEREFORE, in consideration of the mutual
covenants hereinafter set forth, the parties agree as follows:

 

Section 1.          Restricted
Stock Unit Award. The Company hereby grants to the Grantee an award, subject to the terms and conditions set forth in this
Agreement (the “Award”), of restricted stock units of the Company representing rights in respect of the following
numbers of Shares of the following classes of Shares (“Restricted Stock Units”):

 

	Class of Share	 	Number of Shares	 
	D-2 Shares	 	 	8,500	 
	F-2A Shares	 	 	75	 
	F-2B Shares	 	 	75	 
	F-2C Shares	 	 	1,350	 

 

Section 2.          Plan,
Shareholders’ Agreement, and Bye-laws; Defined Terms. The Restricted Stock Units and the Shares issued in settlement
thereof are granted under and subject to the terms of the Plan, the Shareholders’ Agreement and the Bye-laws (as such terms
are defined in the Plan). The terms and provisions of the Plan, the Shareholders’ Agreement and the Bye-laws, as amended
from time to time, are hereby incorporated herein by reference. By entering into this Agreement, the Grantee acknowledges and
agrees that the Grantee has received and read copies of the Plan, the Shareholders’ Agreement and the Bye-laws. The Grantee
expressly agrees hereby to be bound by the terms set forth in the Shareholders’ Agreement. In the event of a conflict between
any term or provision contained herein and a term or provision in the Plan, the Shareholders’ Agreement or the Bye-laws,
the applicable terms and provisions of the Plan, the Shareholders’ Agreement or the Bye-laws will govern and prevail. To
the extent not defined in this Agreement, capitalized terms herein shall have the same meaning set forth in the Plan, or if no
such definition exists in the Plan, in the Shareholders’ Agreement, and if no such definition exists in the Shareholders’
Agreement, in the Bye-laws.

 

     

     

    

 

Section 3.          Compliance
with Law. Shares shall not be issued pursuant to this Agreement unless the issuance and delivery of such Shares comply with
(or are exempt from) all applicable requirements of law, including, without limitation, the Securities Act of 1933, as amended,
and the rules and regulations promulgated thereunder (“Securities Act”), Bermuda or state securities laws and
regulations, and the regulations of any stock exchange or other securities market on which the Company’s securities may
then be traded. The Company shall not be obligated to file any registration statement under any applicable securities laws to
permit the purchase or issuance of any Shares or any Restricted Stock Units under this Agreement, and accordingly any certificates
for Shares or documents granting Restricted Stock Units may have an appropriate legend or statement of applicable restrictions
endorsed thereon. If the Company deems it necessary to ensure that the issuance of Shares under this Agreement is not required
to be registered under any applicable securities laws, the Grantee shall deliver to the Company an agreement or certificate containing
such representations, warranties and covenants as the Company may reasonably require. The Grantee agrees to take whatever additional
actions and execute whatever additional documents the Company may deem necessary or advisable to carry out or effect one or more
of the obligations or restrictions imposed on the Grantee, the Restricted Stock Units or Shares issued in settlement thereof pursuant
to the provisions of this Agreement or to comply with applicable laws.

 

Section 4.          Transfer.
Other than as permitted under the terms of the Shareholders’ Agreement, the Restricted Stock Units may not be assigned,
alienated, pledged, attached, sold or otherwise transferred or encumbered by the Grantee otherwise than by will or by the laws
of descent and distribution, and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance
shall be void and unenforceable against the Company or any of its Subsidiaries or an Affiliate thereof; provided that the
designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.
No such permitted transfer of the Restricted Stock Units to heirs or legatees of the Grantee shall be effective to bind the Company
unless the Committee shall have been furnished with written notice thereof and a copy of such evidence as the Committee may deem
necessary to establish the validity of the transfer and the acceptance by the transferee or transferees of the terms and conditions
hereof and the Shareholders’ Agreement. Shares issued in settlement of the Restricted Stock Units shall not be transferable
or assignable by the Grantee or permitted transferees other than pursuant to the terms of the Shareholders’ Agreement and
such additional restrictions as are set forth in any employment or consulting agreement between the Grantee and the Company or
any of its Affiliates, as well as such other restrictions that in the judgment of the Company are necessary or desirable to achieve
compliance with the Securities Act, the securities laws of Bermuda or any state, or any other law.

 

    	 	2	 

     

    

 

Section 5.          Vesting.

 

(a)          Vesting
of Award. Subject to Section 6 hereof, one hundred percent (100%) of the Restricted Stock Units shall vest upon the consummation
of a Strategic Sale Event (other than a 50% Sale Event) if (i) the Grantee remains continuously employed through such date and
(ii) the performance-vesting conditions set forth on Schedule A have been satisfied.

 

Section 6.          Forfeiture
of Restricted Stock Units.

 

(a)          Continued
Eligibility for Vesting following a Termination Without Cause or Voluntary Resignation for Good Reason. If the Grantee’s
employment is terminated by the Company or any of its subsidiaries without Cause or if the Grantee voluntarily resigns for Good
Reason prior to the consummation of a Strategic Sale Event, the unvested Restricted Stock Units held by the Grantee shall remain
outstanding for six (6) months following such date. If, prior to the expiration of such six (6) month period, a Strategic Sale
Event (other than a 50% Sale Event) is consummated, one hundred percent (100%) of such Restricted Stock Units shall vest upon the
consummation of such event. If, prior to the expiration of such six (6) month period, the Company has entered into a definitive
agreement that, if consummated, would result in a Strategic Sale Event (other than a 50% Sale Event), such unvested Restricted
Stock Units shall remain outstanding and if the transaction that is the subject of such definitive agreement is consummated within
one (1) year following the signing of such definitive agreement, then one hundred percent (100%) of such Restricted Stock Units
shall vest upon the consummation of such Strategic Sale Event as if the Grantee had continued to be employed through the consummation
of such Strategic Sale Event; provided, that such Restricted Stock Units shall be forfeited and automatically without further
action by the Company and without further consideration upon the earlier of (x) the termination or abandonment of the transaction
that was the subject of such definitive agreement or (y) the first anniversary of the signing of such definitive agreement, and
upon such earlier time, the Restricted Stock Units shall immediately cease to be issued and outstanding and the Grantee shall have
no rights with respect thereto.

 

For the purposes of this Section 6(a), the
terms “Strategic Sale Event” and “50% Sale Event” shall have the same meanings set forth in that certain
P Shares Percentage Grant Agreement, dated as of June 10, 2015, by and between the Company and the Grantee, as amended (the “P
Shares Grant Agreement”).

 

(b)          All
Other Termination Events. Subject to Section 6(a) hereof, Restricted Stock Units which have not vested shall be forfeited and
automatically cancelled upon the Grantee’s termination of employment by the Company or the Grantee for any reason. Notwithstanding
the immediately foregoing, any and all Restricted Stock Units, whether or not vested, shall be forfeited and automatically cancelled
upon the termination by the Company or any of its Subsidiaries of the Grantee’s employment for Cause.

 

Section 7.          Payment
with Respect to the Award.

 

(a)          Timing
of Payment. Subject to the final sentence of this Section 7(a), payment with respect to the vested Restricted Stock Units shall
be made upon the first to occur of (i) the Grantee’s death or disability as defined in Section 409A of the Code, (ii) the
Grantee’s termination of employment with the Company or any of its Subsidiaries which constitutes a “separation from
service” pursuant to Section 409A of the Code, (iii) a Change of Control which constitutes a “change in control event”
pursuant to Section 409A of the Code, and (iv) the fifth anniversary of the Grant Date. Payment with respect to Restricted Stock
Units that vest pursuant to Section 6(a) hereof shall instead occur upon the consummation of such Strategic Sale Event.

 

    	 	3	 

     

    

 

(b)          Amount
and Methods of Payments. Subject to the provisions of Section 7(c) hereof, payment with respect to the vested Restricted Stock
Units shall be made, at the discretion of the Committee, (i) in a number of Shares represented by the number of vested Restricted
Stock Units, (ii) in cash, in an amount equal to the Fair Market Value of the Shares representing the number of vested Restricted
Stock Units, or (iii) a combination of both; provided, however, that in such case payment shall consist of an amount
of cash no less than the Company’s withholding tax obligation pursuant to Section 7(c) hereof.

 

(c)          Withholding.
The Grantee shall be required to pay to the Company or its Affiliates, and the Company and its Affiliates shall have the right
and are hereby authorized to withhold, any applicable withholding taxes in respect of the Restricted Stock Units or any payment
or transfer under or with respect to the Restricted Stock Units and to take such other action as may be necessary in the opinion
of the Committee to satisfy all obligations for the payment of such withholding taxes.

 

Section 8.          Limitation
of Rights. The Grantee shall not have any privileges of a shareholder of the Company with respect to the Shares that may be
payable hereunder, including without limitation any right to vote such shares or to receive dividends or other distributions in
respect thereof, until the date of the issuance (if any) to the Grantee of a stock certificate evidencing such Shares.

 

Section 9.          Changes
in Capitalization. Adjustments to the Restricted Stock Units shall be made in accordance with the terms of the Plan.

 

Section 10.        No
Right to Continued Service. Nothing in this Agreement shall confer upon the Grantee any right to continue as an employee,
service provider, or as a member of the board of directors of the Company or any of its Subsidiaries or to interfere in any way
with any right of the Company or the applicable Subsidiary to terminate the Grantee’s services at any time.

 

Section 11.        Severability.
Should any provision of this Agreement be held by a court of competent jurisdiction to be unenforceable or invalid for any reason,
the remaining provisions of this Agreement shall not be affected by such holding and shall continue in full force in accordance
with their terms.

 

Section 12.        Amendments.
The Committee may amend, alter or terminate this Agreement at any time, but no amendment, alteration or termination shall be made
without the consent of the Grantee if such action would materially and economically diminish any of the rights of the Grantee
with respect to the Award relative to the rights of other Grantees with substantially similar Awards.

 

    	 	4	 

     

    

 

Section 13.        409A.
This Agreement and the Award are intended to meet the requirements of Section 409A of the Code, and shall be interpreted and construed
with that intent. The Plan, this Agreement, and the Award shall be interpreted to that end and, consistent with that objective
and notwithstanding any provision herein to the contrary, the Company may unilaterally take any action it deems necessary or desirable
to amend any provision herein or in the Plan to avoid the application of or additional tax under Section 409A of the Code. If
the Grantee is a “specified employee” for purposes of Section 409A of the Code on the date of termination of employment
with the Company or any of its Subsidiaries which constitutes a “separation from service” pursuant to Section 409A
of the Code, then any payments to be made during the six (6) month period following the date of termination shall be deferred
and paid to the Grantee under this Agreement on the first business day following such period (or if earlier, the Grantee’s
date of death) if such deferral would avoid the imposition of additional amounts owing under Section 409A of the Code. Notwithstanding
any other provision of this Agreement or other agreement between the parties, the Company, any of its Subsidiaries or an Affiliate
thereof, and any of their employees or representatives shall not be liable to the Grantee with respect to their attempt or failure
to comply with Section 409A of the Code or the imposition of any additional amounts on the Grantee owing under Section 409A of
the Code.

 

Section 14.        Governing
Law. All issues concerning the relative rights of the Company and the Grantee with respect to each other including those with
respect to transfers of Shares issued in settlement of the Restricted Stock Units shall be governed by the laws of Bermuda. All
other issues concerning the construction, validity and interpretation of this Agreement, and the rights and obligations of the
parties hereunder, shall be governed by, and construed in accordance with, the laws of the State of Delaware applicable to contracts
entered into and performed entirely within such State, without giving effect to the conflicts of laws principles thereof.

 

Section 15.        Successors
in Interest. This Agreement shall inure to the benefit of and be binding upon any successor to the Company. The Company may
assign this Agreement to a successor to substantially all of its assets and liabilities, including by reason of merger. Any other
assignment by the Company must have the prior written consent of the Grantee, and any such purported assignment in violation hereof
shall be null and void. This Agreement shall inure to the benefit of the Grantee’s legal representatives. All obligations
imposed upon the Grantee and all rights granted to the Company under this Agreement shall be binding upon the Grantee’s
heirs, executors, administrators and successors.

 

Section 16.        No
Liability. No member of the Committee shall be personally liable for any action or determination made in good faith with respect
to the Award or this Agreement.

 

Section 17.        Resolution
of Disputes. If the Grantee is party to an employment agreement with the Company or any of its Subsidiaries or Affiliates,
any dispute or disagreement which may arise under, or as a result of, or in any way relate to, the interpretation, construction
or application of this Agreement shall be the dispute resolution procedures set forth in such employment agreement.

 

Section 18.        Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall constitute an original, but all of which taken
together shall constitute one and the same agreement.

 

Section 19.        Entire
Agreement. This Agreement constitutes the entire understanding between the Grantee and the Company and its Subsidiaries with
respect to the Award, and supersedes all other agreements, whether written or oral, with respect to the Award.

 

Section 20.        Headings.
The headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement.

 

[SIGNATURES ON FOLLOWING PAGE]

 

    	 	5	 

     

    

 

IN WITNESS WHEREOF, the
Company and the Grantee have executed this Agreement effective as of the date first above written.

 

	 	PROSIGHT GLOBAL HOLDINGS LIMITED
	 	 	 
	 	By:	/s/ Frank Bosse
	 	 	Name: Frank Bosse
	 	 	Title: Chief Human Resources Officer and an authorized person to sign this Agreement
	 	 	 
	 	GRANTEE
	 	 	 
	 	By:	/s/ Joseph Beneducci
	 	 	Name: Joseph Beneducci

 

    	 	6	 

     

    

 

SCHEDULE A

 

Performance Targets Applicable To Restricted
Stock Units1

 

In order for the Restricted Stock Units
to vest pursuant to Section 5(a) of the Agreement, (a) Net IRR to the Initial Investors in the Strategic Sale Event must be 6.0%
or more and (b) Net MOIC to Initial Investors in the Strategic Sale Event must be 1.50x or more.

 

 

1
The terms “Net IRR,” “Initial Investors,” “Strategic Sale Event” and “Net MOIC”
shall have same meanings set forth in the P Shares Grant Agreement.

 

    	 	7Exhibit 10.11

 

EMPLOYMENT AGREEMENT

 

EMPLOYMENT AGREEMENT,
dated as of September 14, 2010 (the “Employment Agreement”), by and between ProSight Specialty Insurance Holdings,
Inc. (the “Company”), a Delaware corporation and an entity indirectly owned by GS Capital Partners VI Fund,
L.P. (“GSCP”) and its affiliated funds, TPG Partners VI, L.P. (“TPG” and together with GSCP,
the “Sponsors”) and its affiliated funds, and Joseph Beneducci (the “Executive”).

 

WHEREAS, the Executive
currently provides services to the Company as an employee on an at-will basis and the Company and the Executive desire that the
Company retain the services of the Executive as an employee on a long-term basis; and

 

WHEREAS, the Company desires to employ the
Executive beginning on the Effective Date (as defined below) on the terms and subject to the terms and conditions set forth herein,
and the Executive is willing to accept such employment on such terms and conditions.

 

NOW, THEREFORE, in
consideration of the mutual covenants contained herein and other valid consideration, the sufficiency of which is acknowledged,
the parties hereto agree as follows:

 

		1.	EMPLOYMENT

 

1.1          Term.
The Company agrees to employ the Executive, and the Executive agrees to be employed by the Company, in each case pursuant to this
Employment Agreement, for a period commencing on the date hereof (such date, the “Effective Date”) and ending
on the earlier of (i) the fifth (5th) anniversary of the Effective Date and (ii) the termination of the Executive’s employment
in accordance with Section 4 hereof (the “Term”). The Term shall be extended for an additional one year period
on the fifth (5th) anniversary of the Effective Date, and each subsequent anniversary thereof, absent ninety (90) days advance
written notice of non-extension from either party to the other.

 

1.2          Duties.
During the Term, the Executive shall serve as the Company’s Chief Executive Officer, the Chairman of the Company’s
Board of Directors (the “Board”) and such other positions as an officer or director of the Company and its affiliates
as the Board shall reasonably determine, and shall report directly to the Board. In his position of Chief Executive Officer, the
Executive shall have all authorities customary for the Chief Executive Officer of a company that is of the Company’s size
and nature, plus such additional duties, consistent with the foregoing, as the Board may reasonably assign. The principal place
of employment, and principal office, shall be in the New York metropolitan area.

 

1.3          Exclusivity.
During the Term, the Executive shall devote his entire business time and efforts to the business of the Company, shall faithfully
serve the Company, and shall conform to and comply with the lawful and reasonable directions and instructions given to him by the
Board. During the Term, the Executive may, only to the extent not interfering with his duties at the Company, manage his personal
investments and affairs. The Executive shall not, either directly or indirectly, act as an executive of or render any business,
commercial or professional services to any other person, firm or organization, other than services without compensation to not-for-profit
organizations which do not interfere with Executive’s responsibilities to the Company.

 

    	 

     

    

 

		2.	COMPENSATION

 

2.1          Salary.
As compensation for the performance of the Executive’s services hereunder during the Term, the Company shall pay to the Executive
a salary at an annual rate of six hundred thousand dollars ($600,000), payable in accordance with the Company’s standard
payroll policies (the “Base Salary”). The Board (or an independent committee thereof) may determine to increase
(but not decrease) the Executive’s Base Salary in such amount as the Board (or an independent committee thereof) may determine
in its sole and absolute discretion.

 

2.2          Performance
Bonus. For each completed calendar year occurring during the Term, the Executive shall be eligible for an annual bonus based
upon the achievement of operational and performance goals determined by the Board (the “Annual Bonus”). The
Executive’s target Annual Bonus opportunity for each such completed calendar year shall equal one hundred percent (100%)
of the Base Salary, with the pro rata portion thereof for partial calendar years (the “Target Annual Bonus Opportunity”).
Up to sixty-seven percent (67%) of the Annual Bonus shall be payable in restricted units of common stock of the Company at the
election of the Company and up to an additional thirty-three percent (33%) shall be payable in restricted units of common stock
of the Company at the election of the Executive pursuant to the terms of an election form that complies with the requirements of
Section 409A of the Internal Revenue Code of 1986, as amended, (the “Code”) and that is executed no later than
December 31 of the year prior to the calendar year in which the Annual Bonus is earned. Any such restricted units of common stock
shall be subject to the terms and conditions provided in an award agreement between the Company and the Executive in form and substance
satisfactory to the Company and which complies with the requirements of Section 409A of the Code. The cash portion of the Annual
Bonus shall be paid no later than March 15th of the calendar year following the calendar year in which the Annual Bonus was earned.

 

2.3          Stock
Options. Subject to the terms of a Stock Option Award Agreement under the ProSight Specialty Insurance Group, Inc. 2010 Equity
Incentive Plan (“Equity Incentive Plan”), within three (3) months following the Closing (as defined in the Stock
Option Award Agreement), the Board shall grant the Executive a nonqualified stock option to purchase a number of shares of the
Company’s common stock on a fully diluted basis equal to 2% of the equity value of the Company. However, such number of shares
shall not increase beyond the point that such equity value exceeds $500 million. To the extent that the equity value of the Company
exceeds $500 million, the Company and the Executive shall have a good faith discussion on whether to increase the number of shares
subject to the nonqualified stock option. Notwithstanding the preceding sentence, the decision on whether to increase the number
of shares subject to the nonqualified stock option shall be in the sole discretion of the Company. The terms of such option shall
be subject to the Company’s 2010 Equity Incentive Plan and the terms and conditions provided in an award agreement between
the Company and the Executive in form and substance that is satisfactory to the Company.

 

2.4          Employee
Benefits. During the Term, the Executive shall be eligible to participate in such health and other group insurance and other
employee benefit plans and programs of the Company as may be in effect from time to time on the same basis as other senior executives
of the Company.

 

    	2

     

    

 

2.5          Vacation.
During the Term, the Executive shall be entitled to four (4) weeks of paid vacation time per full calendar year and all paid holidays
recognized by the Company, both in accordance with the Company’s policies and procedures.

 

2.6          Business
Expenses. The Company shall pay or reimburse the Executive, upon presentation of documentation, for all commercially reasonable
business out-of-pocket expenses that the Executive incurs during the Term in performing his duties under this Employment Agreement
and in accordance with the expense reimbursement policy of the Company as approved by the Board (or a committee thereof) and in
effect from time to time. Payments with respect to reimbursements of expenses shall be made promptly, but in any event no later
than thirty (30) days following the date upon which the relevant expense report is filed by the Executive.

 

2.7          Legal
Fees. The Company shall pay or reimburse the Executive for all reasonable legal and advisor fees and expenses, up to ten thousand
dollars ($10,000), incurred by the Executive in connection with the preparation and execution of this Employment Agreement. Payments
with respect to reimbursements of legal fees and expenses shall be made promptly, but in any event no later than thirty (30) days
following the date upon which the relevant expense report is filed by the Executive.

 

2.8          Insurance.
During the Term, the Company shall reimburse the Executive for up to five thousand dollars ($5,000) per full calendar year in the
aggregate for premiums the Executive pays for his personal life insurance providing a benefit in the amount of no greater than
three million five hundred thousand dollars ($3,500,000) and long term disability insurance.

 

		3.	COMPANY INVESTMENT

 

Subject to the terms
of a Subscription Agreement to be entered into by the Executive, upon ten (10) days advance written notice from the Company to
the Executive, the Executive may purchase, in the same proportions, the same shares purchased by the Initial Investors (as defined
in the Equity Incentive Plan) having an aggregate fair market value equal to one million dollars ($1,000,000), determined as of
the date of such purchase. For all purposes, such shares shall be subject to the terms of the Stockholders Agreement (as defined
in the Equity Incentive Plan), except as set forth in the remainder of this Section 3. Within sixty (60) business days following
the Executive’s termination of employment by the Company without Cause or by reason of death or Disability or the Executive’s
termination of his employment for Good Reason, the Executive may sell such shares to the Company for an amount equal to their Fair
Market Value (as defined in the Equity Incentive Plan) on the Termination Date. Within sixty (60) business days following the Executive’s
termination with Cause or Executive’s resignation without Good Reason, the Company may purchase such shares from the Executive
for an amount equal to the lesser of one million dollars ($1,000,000) or their Fair Market Value on the Termination Date. If the
Executive delivers to the Company a written notice of objection to the Fair Market Value of such shares as established by the Company
within ten (10) days of receipt of notice of such valuation, the Company and the Executive shall retain a mutually agreeable third
party appraiser to determine such value. Such valuation shall be determined without regard to discounts for lack of marketability
or minority interest. If the value as determined by the third party appraiser is within five percent (5%) of the value as established
by the Company, the Executive shall reimburse the Company for the expenses of the third party appraiser.

 

    	3

     

    

 

		4.	EMPLOYMENT TERMINATION

 

4.1          Termination
of Employment. The Company may terminate the Executive’s employment for any reason during the Term at any time upon not
less than thirty (30) days’ notice, or without prior notice in connection with a termination by the Company for Cause (the
date on which the Executive’s employment terminates, the “Termination Date”). Upon the termination of
the Executive’s employment with the Company for any reason, the Executive shall be entitled to (i) payment of any Base Salary
earned but unpaid through the date of termination, (ii) earned but unpaid Annual Bonus for calendar years completed prior to the
Termination Date, (iii) any accrued and unpaid employee benefits under Section 2.4 hereof, and (iv) any unreimbursed expenses in
accordance with Section 2.6 hereof (collectively, the “Accrued Amounts”). Other than as otherwise provided under
the terms of the relevant employee benefit plan or expense policy, the Accrued Amounts shall be paid to the Executive within 30
days of the Termination Date.

 

4.2          Certain
Terminations.

 

(a)          Termination
due to Death, by the Company due to Disability, or due to Non-Extension of the Term. If the Executive’s employment is
terminated due to death, by the Company due to Disability, or due to non-extension by either Party of the Term pursuant to Section
1.1 hereof, in addition to the Accrued Amounts, the Executive shall be entitled to payment of the Executive’s Target Annual
Bonus Opportunity for the year in which the Termination Date occurs, pro rated to reflect the number of full months that have elapsed
for such year prior to the Termination Date, paid in cash no later than March 15th of the calendar year following the calendar
year in which the Termination Date occurs (“Pro Rata Bonus”).

 

(b)          Termination
by the Company Without Cause; Termination by the Executive for Good Reason. If the Executive’s employment is terminated
(x) by the Company without Cause or (y) by the Executive for Good Reason, in addition to the Accrued Amounts, the Executive shall
be entitled to (i) the Pro Rata Bonus and (ii) a payment equal to two (2) times the amount of the Base Salary at the rate in effect
on the Termination Date plus two (2) times the Target Annual Bonus Opportunity for the calendar year in which the Termination
Date occurs (the “Severance Payments”); provided, however, that the amount of the Severance Payments shall
not be less that $2,500,000. The Company’s obligations to make the Severance Payments shall be conditioned upon: (i) the
Executive’s continued compliance with his obligations under Section 5 hereof, and (ii) the Executive’s execution,
delivery and non-revocation within sixty (60) days following the Termination Date of a valid and enforceable general release of
claims (the “Release”) substantially in the form attached hereto as Exhibit A. The Severance Payments shall
be paid in equal installments on the Company’s regular payroll dates during the twenty four (24) month period beginning
with the first payroll period following the expiration of the period of time following Executive’s delivery of an executed
Release to the Company permitted for Executive to revoke the release in accordance with applicable law. For the avoidance of doubt,
the Executive shall not be entitled to any Severance Payments in the event that the Company, pursuant to Section 1.1 hereof, provides
notice of its intent not to extend the Term.

 

    	4

     

    

 

(c)          Definitions.
For purposes of this Employment Agreement, the following terms have the following meanings:

 

(1)         “Cause”
shall mean (i) the Executive’s willful refusal to substantially perform, or the willful failure to make good faith efforts
to substantially perform, material duties for the Company as lawfully directed by the Board, which refusal or failure remains uncured
for fifteen (15) days after he receives written notice from the Board demanding cure; (ii) the Executive engages in gross misconduct
or gross neglect that is injurious to the Company; (iii) the Executive is indicted for, convicted of, or enters a plea of guilty
or nolo contendere to, a felony or a misdemeanor involving moral turpitude. (iv) the Executive’s breach of Section 5.1, 5.2,
5.3, 5.4 or 5.7 hereof or (v) an Event of Default under the terms of the Executive’s Full Recourse Home Equity Financing
Note.

 

(2)         “Disability”
shall mean the Executive is entitled to receive long- term disability benefits under the long-term disability plan of the Company
in which Executive participates, or, if there is no such plan, the Executive’s inability, due to physical or mental ill health,
to perform the essential functions of the Executive’s job, with or without a reasonable accommodation, for ninety (90) days
out of any two hundred seventy (270) day consecutive day period.

 

(3)         “Good
Reason” shall mean the occurrence of any of the following events without either the Executive’s prior express written
consent or cure by the Company within thirty (30) days after the Executive gives written notice to the Company within thirty (30)
days of the occurrence of the event describing such event and requesting cure: (i) a reduction in annual base salary; (ii) a failure
to pay when due, amounts to which the Executive is entitled hereunder; (iii) a demotion (including the repeated assignment of duties
materially inconsistent with those of the chief executive officer of the Company) or a material reduction in duties and responsibilities,
(iv) the removal from, or failure to be elected to, the Board; or (v) the breach in any material respect by the Company of any
of its obligations set forth in this Employment Agreement, the Stockholders Agreement, or any equity award agreement. Notwithstanding
anything herein, the removal or failure to elect the Executive to the position of Chairman of the Board shall not constitute Good
Reason.

 

4.3          Exclusive
Remedy. Notwithstanding any other provision of this Employment Agreement, the provisions of this Section 4 shall exclusively
govern the Executive’s rights in connection with termination of employment with the Company.

 

4.4          Resignation
from All Positions. Upon the termination of the Executive’s employment with the Company for any reason, the Executive
shall resign as of the date of such termination from all positions he then holds as an officer, director, employee and member of
the boards of directors (and any committee thereof) of the Company and its affiliates. The Executive shall be required to timely
execute such writings as are required to effectuate the foregoing.

 

    	5

     

    

 

		5.	REPRESENTATIONS AND COVENANTS

 

5.1          Executive’s
Representation. The Executive represents to the Company that (i) the Executive’s execution and performance of this Employment
Agreement does not violate any agreement or obligation (whether or not written) that the Executive has with or to any person or
entity, including, but not limited to, any prior recipient of the Executive’s services and (ii) the Executive is not subject
to any agreement or obligation (whether or not written) that could limit, restrain, restrict or impair his ability to (A) compete
in any way with any person wherever located, (B) use any information obtained from any previous employer or other person (except
for the Executive’s prior employment agreement with Fireman’s Fund Insurance Company), or (C) solicit or hire, directly
or indirectly, any current or former employee or agent of any of his former employers, except for such employees or agents of his
former employers who have already been hired by the Company.

 

5.2          Unauthorized
Disclosure.

 

(a)          Company
Information. The Executive agrees that during his employment and thereafter, to hold in the strictest confidence, and not to
use, except for the benefit of the Company, the Sponsors and their affiliates, or to disclose to any person, firm or corporation
without written authorization of the Board, any Company Confidential Information (as defined below), except, in all cases, as otherwise
required by applicable law, regulation or legal process. The Executive understands that “Company Confidential Information”
means any of the following applicable to the Company, the Sponsors and their affiliates: information that relates to the actual
or anticipated business, research or development of the Company, or to the Company’s technical data, trade secrets, or know-how, including, but not limited to, research, product plans, or other information regarding the Company’s products or services
and markets therefor, customer or client lists and customers (including, but not limited to, customers or clients of the Company
on which the Executive called or with which the Executive may become acquainted during the his employment), software, developments,
inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information, marketing, finances,
and other business information; provided, however, that Company Confidential Information does not include any of the foregoing
items to the extent the same have become publicly known and made generally available through no wrongful act of the Executive or
of others. The Executive acknowledges the highly confidential nature of information regarding the Company’s customers, affiliates,
sub-affiliates, employees, agents, independent contractors, suppliers and consultants and agrees that during his employment and
thereafter, the Executive shall not use or allow a third party to use the Company Confidential Information or Associated Third
Party Information (as defined below) to directly or indirectly (i) hire, solicit, recruit, or induce to leave the employ the Company
any employee, agent, independent contractor or consultant of the Company, (ii) to solicit the business of any clients or customers
of the Company (other than on behalf of the Company) or (iii) encourage to terminate or alter any relationship between the Company
and any customer, affiliate, sub-affiliate, employee, agent, independent contractor, supplier, consultant or any other person or
company.

 

    	6

     

    

 

(b)          Former
Employer Information. The Executive agrees that during his employment the Executive will not improperly use, disclose, or induce
the Company to use any proprietary information or trade secrets of any former employer or other person or entity. Executive further
agrees that the Executive will not bring onto the premises of the Company or transfer onto the Company’s technology systems
any unpublished document, proprietary information, or trade secrets belonging to any such employer, person, or entity unless consented
to in writing by both the Company and such employer, person, or entity.

 

(c)          Third-Party
Information. The Executive recognizes that the Company may have received and in the future may receive from third parties associated
with the Company, e.g., the Company’s customers, clients, suppliers, licensors, licensees, partners, or collaborators (“Associated
Third Parties”), their confidential or proprietary information (“Associated Third Party Confidential Information”).
By way of example, Associated Third Party Confidential Information may include the habits or practices of Associated Third Parties,
the technology of Associated Third Parties, requirements of Associated Third Parties, and information related to the business conducted
between the Company and such Associated Third Parties. The Executive agrees at all times during his employment and thereafter to
hold in the strictest confidence, and not to use or to disclose to any person, firm, or corporation, any Associated Third Party
Confidential Information, except as necessary in carrying out the Executive’s work for the Company consistent with the Company’s
agreement with such Associated Third Parties or as otherwise required by applicable law, regulation or legal process. In addition,
the Executive agrees that the Executive shall not, without the prior written consent of the Sponsors or their affiliates (A) use
in advertising, publicity or otherwise the name of the Sponsors or their affiliates, or any partner, director, officer or employee
of the Sponsors or their affiliates, nor any trade name, trade mark, trade device, service mark, symbol or any abbreviation, contraction
or simulation thereof owned by the Sponsors or their affiliates or (B) represent, directly or indirectly, that any product or any
service which the Executive provides has been approved or endorsed by the Sponsors or their affiliates; provided, however, that
the Executive may in the ordinary course of performing the Executive’s duties hereunder disclose that the Sponsors are investors
in the Company (but may not disclose the terms of such investment).

 

5.3          Non-Solicitation.
During Executive’s employment and for a period of 24 months following the date of termination of Executive’s employment,
the Executive shall not either directly or indirectly solicit, except in the normal course of business on behalf of the Company,
solicit any of the Company’s customers, clients, employees, non-employee insurance agents, brokers or producers (or individuals
who were employees, non-employee insurance agents, brokers or producers within six months of the Executive’s solicitation)
to, as applicable, limit or cease their business relationships with, or leave their employment or limit their services to, the
Company, or attempt to solicit customers, clients, employees, or such agents, brokers or producers of the Company, either for the
Executive or for any other person or entity.

 

    	7

     

    

 

5.4          Non-disparagement.
The Executive agrees that, during his employment and for a period of four years following the date of termination of his employment,
he will not make statements or representations, or otherwise communicate, directly or indirectly, in writing, orally, or otherwise,
or take any action which may, directly or indirectly, disparage the Company or their affiliates or their respective officers, directors,
employees, advisors, businesses or reputations. The Company agrees that, during the Executive’s employment and for a period
of four years following the date of termination of Executive’s employment, the Company will not make, and agrees to use its
reasonable best efforts to cause the officers, directors and spokespersons of the Company to refrain from making any public statements
(or authorizing any statements to be reported as being attributed to the Company) that are critical, derogatory or which may tend
to injure the reputation or business of the Executive, and the Company shall instruct such officers, directors and spokespersons
to refrain from making such statements. Notwithstanding the foregoing, nothing in this Agreement shall preclude either the Executive
or the Company and its officers, directors or spokespersons from making truthful statements or disclosures that are required by
applicable law, regulation, or legal process.

 

5.5          Returning
Company Documents. Upon termination of employment or on demand by the Company during Executive’s employment, the Executive
shall immediately deliver to the Company, and shall not keep in the Executive’s possession, recreate, or deliver to anyone
else, any and all Company property, including, but not limited to, Company Confidential Information, Associated Third Party Confidential
Information, as well as all devices and equipment belonging to the Company (including computers, handheld electronic devices, telephone
equipment, and other electronic devices), Company credit cards, records, data, notes, notebooks, reports, files, proposals, lists,
correspondence, specifications, drawings, blueprints, sketches, materials, photographs, charts, any other documents and property,
and reproductions of any and all of the aforementioned items that were developed by the Executive pursuant to the Executive’s
employment with the Company, obtained by the Executive in connection with the Executive’s employment with the Company, or
otherwise belonging to the Company, its successors, or assigns.

 

5.6          Notification
of New Employer. In the event that the Executive’s employment is terminated, the Executive agrees to inform the Executive’s
new employer about this Employment Agreement.

 

5.7          Compliance
with Law. The Executive agrees that at all times during his employment, the Executive shall be in full compliance with applicable
laws and regulations and shall take no action which would, if performed directly by the Company, not be in full compliance with
applicable laws and regulations. The Executive has been advised and instructed by the Company that the Sponsors and their affiliates
have a policy that prohibits any actions in violation of the United States Foreign Corrupt Practices Act and similar laws or regulations.
Among other things, this policy forbids the Executive from offering or promising to transfer, and from transferring or authorizing
the transfer of, any money or thing of value to any foreign official, political party (or official thereof) or candidate for public
office for the purpose of influencing any foreign official, party or candidate to act or to refrain from acting in the Executive’s
official capacity, either directly or indirectly, in order to assist in obtaining or retaining business for or with the Sponsors
or their affiliates, or directing business to any other person or entity. As used in this Section 5.7, the term “foreign
official” includes officers or employees of a foreign government, any department, or agency of a foreign government, or anyone
acting in an official capacity on behalf of such government. In signing this Employment Agreement, the Executive acknowledges these
prohibitions and agree to act in accordance with this policy.

 

    	8

     

    

 

5.8          Background
Check and Testing. The Company reserves the right to conduct background, reference, educational, criminal record, credit and
other checks, as well as fingerprinting and drug screens in connection with the performance of the Executive’s duties hereunder
where such testing is permissible by law and the Company shall have no liability to the Executive in connection therewith.

 

5.9          Regulatory
Compliance Procedures. The Executive acknowledges that the Sponsors and their affiliates maintain restrictions regarding the
personal securities and commodities transactions, private investments and outside business activities of employees and certain
consultants. The Executive agrees to comply with all such restrictions made applicable to the Executive.

 

		6.	ARBITRATION AND EQUITABLE RELIEF

 

6.1          Arbitration.
The Executive and the Company agree to submit to final and binding arbitration in New York County, New York any and all disputes
between the Executive and the Company (or its affiliates or other employees) concerning, related to or touching upon in any way
(i) the interpretation, application or compliance with the terms and conditions of this Employment Agreement and/or (ii) any claim,
cause of action or demand, whether statutory or at common law, related or concerning in any way to the Executive’s employment.

 

6.2          Procedure.
Except as provided in Section 6.6 hereof, neither party will commence or pursue any litigation against the other on any claim
or cause of action that is or was subject to arbitration under this Employment Agreement. It is hereby irrevocably agreed that
any action filed by any party to this Employment Agreement against the other that is not subject to final and binding arbitration
in accordance with this Employment Agreement, as well as any action or petition to compel arbitration or to vacate or confirm any
arbitration award, and any other action of any kind whatsoever (except a claim for workers’ compensation) between the parties
to this Employment Agreement related to or concerning this Employment Agreement or the Executive’s employment with the Company,
must be brought exclusively in either the Supreme Court of the State of New York, County of New York, or the United States District
Court, Southern District of New York. Each party irrevocably and unconditionally submits to the personal jurisdiction of such courts
and waives, to the fullest extent permitted by law, any objections that it may now or hereafter have to the laying of the jurisdiction
and venue of any such suit, action or proceeding brought in such courts and any claim that any such suit and action or proceeding
brought in such court has been brought in an inconvenient forum. In any suit, action or proceeding, each party waives, to the fullest
extent it may effectively do so, personal service of any summons, complaint or other process and agrees that the service thereof
may be made by certified or registered mail, or by regular mail if the certified mail is sent to the party’s last known address
and returned unclaimed by the post office. In the event that either party to this Employment Agreement brings or pursues a dispute
in a court of law, which dispute is subject to final and binding arbitration in accordance with this Employment Agreement, then
that party shall pay all reasonable attorneys’ fees and court costs incurred by the other party in filing any petition or
motion to compel arbitration, motion to dismiss or other pleading or motion with said court to enforce arbitration under those
procedures. The Executive and the Company hereby knowingly, voluntarily and intentionally waive any right either may have to a
trial by jury with respect to any action filed by any party to this Employment Agreement against the other that is not subject
to final and binding arbitration in accordance with this Employment Agreement.

 

    	9

     

    

 

6.3          Applicable
Rules. Any arbitration under this Employment Agreement shall be governed by the Commercial Arbitration Rules of the American
Arbitration Association (“AAA Rules”) then in effect, subject to the provisions of this Employment Agreement.
The Executive acknowledges and agrees that the Executive has had an opportunity to review the AAA Rules including, among others,
the requirement that a party initiating a claim must pay a filing fee. In the event the Executive submits a claim to the AAA, the
Company has agreed to split such fee on an equal basis. All other arbitration fees payable to the AAA shall be apportioned as required
by the AAA Rules, or as ordered by the arbitrator.

 

6.4          Applicable
Law. The law applicable to any controversy shall be the law of the State of New York, regardless of principles of conflicts
of laws. The arbitrator shall have the power to award compensatory and punitive damages, to award preliminary and injunctive relief,
and to make any other award the arbitrator deems is necessary to a just and efficient resolution of any dispute. The arbitrator
shall have the power to determine his or her own jurisdiction, and claim that any dispute, claim or cause of action is not subject
to arbitration shall be submitted for final resolution to the arbitrator. In the event the arbitrator awards preliminary injunctive
relief, the arbitrator shall have the power to award damages, including punitive damages, for any breach of any preliminary injunction.

 

6.5          Nature
of Agreement. This agreement to arbitrate and any resulting arbitration award shall be governed by and subject to the
Federal Arbitration Act. All aspects of any arbitration procedure under this Employment Agreement, including the hearing and
the record of the proceedings, are confidential and will not be open to the public, except to the extent the parties agree
otherwise in writing, or as may be appropriate in any subsequent proceedings between the parties, or as may otherwise be
appropriate in response to a request or subpoena from a governmental agency or other legal process. The Executive
acknowledges and agrees that the Executive is executing this Employment Agreement voluntarily and without any duress or undue
influence by the Company or anyone else. The Executive further acknowledges and agrees that the Executive has carefully read
this Employment Agreement and that the Executive has asked questions needed to understand the terms, consequences, and
binding effect of this Employment Agreement and fully understand it, including that the Executive is waiving the
Executive’s right to a jury trial.

 

6.6          Equitable
Relief. The Executive agrees that any breach of the terms of Sections 5.2, 5.3, 5.4 or 5.5 of this Employment Agreement would
result in irreparable injury and damage to the Company for which the Company would have no adequate remedy at law; the Executive
therefore also agrees that in the event of said breach or any threat of breach, the Company shall be entitled from an appropriate
court in New York, NY to an immediate injunction and restraining order to prevent such breach or threatened breach or continued
breach by the Executive and/or any and all persons and/or entities acting for and/or with the Executive, without having to prove
damages, in addition to any other remedies to which the Company may be entitled at law or in equity. The terms of this Section
6.6 shall not prevent the Company from pursuing any other available remedies for any breach or threatened breach hereof, including
but not limited to the recovery of damages from the Executive. The Executive and the Company further agree that the covenants of
the aforementioned Sections are reasonable and necessary to protect the businesses of the Company because of the Executive’s
access to Confidential Information and the Executive’s material participation in the operation of such businesses. The existence
of any claim or cause of action by the Executive against the Company, whether predicated on this Employment Agreement or otherwise,
shall not constitute a defense to the enforcement by the Company of the covenants contained in the aforementioned Sections.

 

    	10

     

    

 

		7.	Treatment of Nonqualified Deferred Compensation.

 

7.1          Compliance.
The intent of the parties is that payments and benefits under this Agreement comply with Section 409A of the Code and the regulations
and guidance thereunder (“Section 409A”); accordingly, to the maximum extent permitted, the Agreement shall
be interpreted to be in compliance therewith. The Parties acknowledge and agree that the interpretation of Section 409A and its
application to the terms of this Agreement is uncertain and may be subject to change as additional guidance and interpretations
become available. Anything to the contrary herein notwithstanding, all benefits or payments provided by the Company to Executive
that would be deemed to constitute “nonqualified deferred compensation” within the meaning of Section 409A are intended
to comply with Section 409A. If, however, any such benefit or payment is deemed to not comply with Section 409A, the Company and
Executive agree to renegotiate in good faith any such benefit or payment (including, without limitation, as to the timing of any
severance payments payable hereof) so that either (i) Section 409A will not apply or (ii) compliance with Section 409A will be
achieved; provided, however, that any resulting renegotiated terms shall provide to Executive the after-tax economic equivalent
of what otherwise has been provided to Executive pursuant to the terms of this Agreement, and provided further, that any deferral
of payments or other benefits shall be only for such time period as may be required to comply with Section 409A. In no event whatsoever
shall the Company be liable for any tax, interest or penalties that may be imposed on Executive by Section 409A of the Code or
any damages for failing to comply with Section 409A.

 

7.2          Six
Month Delay for Specified Employees. If any payment, compensation or other benefit provided to Executive in connection with
his employment termination is determined, in whole or in part, to constitute “nonqualified deferred compensation” within
the meaning of Section 409A and Executive is a specified employee as defined in Section 409A(2)(B)(i), no part of such payments
shall be paid before the day that is six (6) months plus one (1) day after Executive’s Termination Date (the “New
Payment Date”). The aggregate of any payments that otherwise would have been paid to Executive during the period between
the date of termination and the New Payment Date shall be paid to Executive in a lump sum on such New Payment Date. Thereafter,
any payments that remain outstanding as of the day immediately following the New Payment Date shall be paid without delay over
the time period originally scheduled, in accordance with the terms of this Agreement. Notwithstanding the foregoing, to the extent
that the foregoing applies to the provision of any ongoing welfare benefits to the Executive that would not be required to be delayed
if the premiums therefor were paid by Executive, Executive shall pay the full cost of premiums for such welfare benefits during
the six-month period and the Company shall pay the Executive an amount equal to the amount of such premiums paid by Executive during
such six-month period promptly after its conclusion.

 

    	11

     

    

 

7.3          Termination
as Separation from Service. A termination of employment shall not be deemed to have occurred for purposes of any provision
of this Agreement providing for the payment of any amounts or benefits subject to Section 409A upon or following a termination
of employment until such termination is also a “separation from service” within the meaning of Section 409A and for
purposes of any such provision of this Agreement, references to a “resignation,” “termination,” “terminate,”
‘‘termination of employment” or like terms shall mean separation from service. As permitted by Treasury Regulation
l.409A-l(h)(l)(ii), 49% shall be substituted in lieu of 20% for the average level of bona fide services performed during the immediately
preceding 36 month period in order to constitute a “separation from service.”

 

7.4          Payments
for Reimbursements, In-Kind Benefits. All reimbursements for costs and expenses under this Agreement shall be paid in no event
later than the end of the calendar year following the calendar year in which the Executive incurs such expense. With regard to
any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section
409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and
(ii) the amount of expenses eligible for reimbursements or in-kind benefits provided during any taxable year shall not affect the
expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year, provided, however, that the foregoing
clause (ii) shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code
solely because such expenses are subject to a limit related to the period the arrangement is in effect.

 

7.5          Payments
within Specified Number of Days. Whenever a payment under this Agreement specifies a payment period with reference to a number
of days (e.g., “payment shall be made within thirty (30) days following the date of termination”), the actual date
of payment within the specified period shall be within the sole discretion of the Company.

 

7.6          Installments
as Separate Payment. If under this Agreement, an amount is paid in two or more installments, for purposes of Section 409A,
each installment shall be treated as a separate payment.

 

		8.	MISCELLANEOUS

 

8.1          Other
Agreements. The Company intends that either the Company or its affiliates shall enter into the following additional agreements
with the Executive: a subscription agreement, a stockholders agreement, a stock option award agreement, and a restricted stock
unit award agreement.

 

8.2          Indemnification.
The Company shall indemnify the Executive to the fullest extent provided under Delaware law and shall provide the Executive, with
respect to claims arising or asserted during the Term and for six years thereafter, Directors and Officers Insurance no less favorable
that then apply to the Company’s directors and officers generally.

 

8.3          Withholding.
All amounts paid to the Executive under this Employment Agreement during or following the Term shall be subject to withholding
and other employment taxes imposed by applicable law. The Executive shall be solely responsible for the payment of all taxes imposed
on him relating to the payment or provision of any amounts or benefits hereunder.

 

    	12

     

    

 

8.4          Amendments
and Waivers. This Employment Agreement and any of the provisions hereof may be amended, waived (either generally or in a particular
instance and either retroactively or prospectively), modified or supplemented, in whole or in part, only by written agreement signed
by the parties hereto; provided, that, the observance of any provision of this Employment Agreement may be waived in writing by
the party that will lose the benefit of such provision as a result of such waiver. The waiver by any party hereto of a breach of
any provision of this Employment Agreement shall not operate or be construed as a further or continuing waiver of such breach or
as a waiver of any other or subsequent breach, except as otherwise explicitly provided for in such waiver. Except as otherwise
expressly provided herein, no failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy
hereunder, or otherwise available in respect hereof at law or in equity, shall operate as a waiver thereof, nor shall any single
or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise
of any other right, power or remedy.

 

8.5          Assignment;
No Third-Party Beneficiaries. Neither this Employment Agreement, nor any rights and obligations hereunder, may be assigned
by the Company or the Executive without the prior written consent of the other party, and any purported assignment in violation
hereof shall be null and void. Nothing in this Employment Agreement shall confer upon any person not a party to this Employment
Agreement, or the legal representatives of such person, any rights or remedies of any nature or kind whatsoever under or by reason
of this Employment Agreement, except the personal representative of the deceased Executive may enforce the provisions hereof applicable
in the event of the death of the Executive. Notwithstanding the foregoing, the Company is authorized to assign this Employment
Agreement to a successor to substantially all of its assets and liabilities, including by reason of merger.

 

8.6          Notices.
Every notice relating to this Employment Agreement shall be in writing and shall be given by personal delivery, by e-mail or by
a reputable same-day or overnight courier service (charges prepaid), by registered or certified mail, postage prepaid, return receipt
requested, or by facsimile to the recipient with a confirmation copy to follow the next day to be delivered by personal delivery
or by a reputable same-day or overnight courier service to the appropriate party’s address or fax number below (or such other
address and fax number as a party may designate by notice to the other parties):

 

		If to the Company:	Goldman Sachs & Co.

200 West Street, 28th Floor

New York, NY 10282

Attn: Surnit Rajpal

Email: sumit.rajpal@gs.com

Fax: 212-357-5505

 

		With a copy to:	Jonathan Garfinkel

TPG Capital

345 California Street

Suite 3300

San Francisco, CA 94104

Email: JGarfinkel@tpg.com

Fax: 415 743-1501

 

    	13

     

    

 

		If to the Executive:	Joe Beneducci

3607 Manor Park Place

Santa Rosa, CA 95404

Email: jjbeneducci@yahoo.com

 

8.7          Governing
Law. This Employment Agreement shall be construed and enforced in accordance with, and the rights and obligations of the parties
hereto shall be governed by, the laws of the State of New York, without giving effect to the conflicts of law principles thereof.

 

8.8          Severability.
Whenever possible, each provision or portion of any provision of this Employment Agreement, including those contained in Section
5 hereof, will be interpreted in such manner as to be effective and valid under applicable law but the invalidity or unenforceability
of any provision or portion of any provision of this Employment Agreement in any jurisdiction shall not affect the validity or
enforceability of the remainder of this Employment Agreement in that jurisdiction or the validity or enforceability of this Employment
Agreement, including that provision or portion of any provision, in any other jurisdiction. In addition, should a court or arbitrator
determine that any provision or portion of any provision of this Employment Agreement, including those contained in Section 5 hereof,
is not reasonable or valid, either in period of time, geographical area, or otherwise, the parties hereto agree that such provision
should be interpreted and enforced to the maximum extent which such court or arbitrator deems reasonable or valid.

 

8.9          Entire
Agreement. This Employment Agreement constitutes the entire agreement between the parties hereto, and supersedes all prior
representations, agreements and understandings (including any prior course of dealings), both written and oral; between the parties
hereto with respect to the subject matter hereof. To the extent that any term or provision of such other agreements or the Company’s
policies or procedures conflict with this Employment Agreement, the terms and provisions of this Employment Agreement will govern
and prevail.

 

8.10        Counterparts.
This Employment Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all such
counterparts shall together constitute one and the same instrument.

 

8.11        Binding
Effect. This Employment Agreement shall inure to the benefit of, and be binding on, the successors and assigns of each of the
parties, including, without limitation, the Executive’s heirs and the personal representatives of the Executive’s estate
and any successor to all or substantially all of the business and/or assets of the Company as provided in Section 8.5 hereof.

 

8.12        General
Interpretive Principles. The name assigned this Employment Agreement and headings of the sections, paragraphs, subparagraphs,
clauses and subclauses of this Employment Agreement are for convenience of reference only and shall not in any way affect the meaning
or interpretation of any of the provisions hereof. Words of inclusion shall not be construed as terms of limitation herein, so
that references to “include,” “includes” and “including” shall not be limiting and shall be
regarded as references to non-exclusive and non-characterizing illustrations.

 

    	14

     

    

 

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

 

	 	ProSight Specialty Insurance Holdings, Inc.
	 	 
	 	By:	/s/ [illegible]
	 	 	Name:
	 	 	Title:
	 	 	 
	 	/s/ Joseph Beneducci
	 	Joseph Beneducci

 

    	15

     

    

 

EXHIBIT A

GENERAL RELEASE OF ALL CLAIMS

 

This General Release of all Claims (this “Agreement”)
is entered into by and between Joseph Beneducci (“Executive”), ProSight Specialty Insurance Holdings, Inc. (the
“Company”), dated as of ________________ (the “Effective Date”).

 

In consideration of the promises set forth
in the Employment Agreement among Executive and the Company dated _________________, 2010, as amended from time to time (the “Employment
Agreement”), as well as any promises set forth in this Agreement, Executive and the Company agrees as follows:

 

(1)         Executive’s
General Release and Waiver of Claims

 

For purposes of this Agreement, the “Released
Parties” means, individually and collectively, the Company, its parent, subsidiary, and affiliated companies, GS Capital
Partners VI Fund, L.P., and its subsidiaries and affiliated funds, TPG Partners VI, L.P. and its direct and indirect parent companies,
subsidiaries and affiliates, including affiliated investment funds and management companies, and each of such entities’ successors,
assigns, current or former employees, officers, directors, owners, shareholders, representatives, administrators, fiduciaries,
agents, insurers, and employee benefit programs (and the trustees, administrators, fiduciaries and insurers of any such programs).

 

Except as provided in the next paragraph,
in consideration of the payments made and to be made, and benefits provided and to be provided, to Executive pursuant to the Employment
Agreement, Executive hereby unconditionally and forever releases, discharges and waives any and all actual and potential claims,
liabilities, demands, actions, causes of action, suits, costs, controversies, judgments, decrees, verdicts, attorneys’ and
consultants’ fees, damages, indemnities and obligations of every kind and nature, in law, equity, or otherwise, known and
unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way related to agreements, events, acts
or conduct at any time prior to and including the execution date of this Agreement, other than the Excluded Obligations (as defined
below) (the “Released Claims”) against the Released Parties. The Released Claims include any and all matters
relating to Executive’s employment including, without limitation, claims or demands related to salary, bonuses, commissions,
stock, equity awards, or any other ownership interest in the Company or any of their affiliates, vacation pay, fringe benefits,
expense reimbursements, severance pay, or any other form of compensation; claims for discrimination based upon race, color, sex,
creed, national origin, age, disability or any other characteristic protected by federal, state or local law or any other violation
of any Equal Employment Opportunity Law, ordinance, rule, regulation or order, including, without limitation, Title VII of the
Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Americans with Disabilities Act; claims under the Employee
Retirement Income Security Act of 1974, as amended, the Equal Pay Act, the Fair Labor Standards Act, as amended, the Family and
Medical Leave Act of 1993, as amended, or the laws of any country governing discrimination in employment, the payment of wages
or benefits, or any other aspect of employment. The Released Claims also include claims for wrongful discharge, fraud or misrepresentation
under any statute, rule or regulation or under the common law and any other claims under the common law.

 

    	16

     

    

 

Notwithstanding the foregoing, Executive
does not release, discharge or waive any claims related to (1) rights to payments and benefits provided under the Employment Agreement
that are contingent upon the execution by Executive of this Agreement, (2) any vested equity interest in the Company or an affiliate,
(3) rights under the Stockholders Agreement (as defined in the ProSight Specialty Insurance Group, Inc. Equity Incentive Plan)
and any other equity ownership agreement, (4) rights to any vested benefits or rights under any health and welfare plans or other
employee benefit plans or programs sponsored by the Company or an affiliate (including by way of example and without limitation,
the Executive’s right to pursue a claim for benefits under the Company’s or an affiliate’s group health plan
with respect to a claim arising prior to the date of this Agreement), (5) rights as a equity holder of the Company or an affiliate,
(6) rights to be indemnified and/or advanced expenses under any corporate document of the Company or an affiliate, any agreement
or pursuant to applicable law or to be covered under any applicable directors’ and officers’ liability insurance policies,
(7) rights that cannot be waived under applicable law, including any rights to workers’ compensation, (8) any rights of
the Executive pursuant to Section 5.4 of the Employment Agreement with respect to actions occurring after the Effective Date,
and (9) any claim or cause of action to enforce the Executive’s rights under this Agreement (the “Excluded Obligations”).

 

(2)         Executive’s
Release and Waiver of Claims Under the Age Discrimination in Employment Act

 

Executive acknowledges that the Company hereby
advised him to consult with an attorney of his choosing, and through this Agreement advise him to consult with his attorney with
respect to possible claims under the Age Discrimination in Employment Act of 1967, as amended (the “ADEA”),
and Executive acknowledges that he understands that the ADEA is a federal statute that prohibits discrimination, on the basis of
age, in employment, benefits and benefit plans. Executive wishes to waive any and all claims under the ADEA that he may have, as
of the Effective Date, against the Released Parties, and hereby waives such claims. Executive further understands that, by signing
this Agreement, he is in fact waiving, releasing and forever giving up any claim under the ADEA against the Released Parties that
may have existed on or prior to the Effective Date. Executive acknowledges that the Company has informed him that he has, at his
option, at least twenty-one (21) days following the Effective Date in which to sign the waiver of this claim under ADEA, which
option Executive may waive by signing this Agreement prior to the end of such twenty-one (21) day period.         Executive
also understands that he has seven (7) days following the date on which he signs this Agreement within which to revoke the release
contained in this paragraph, by providing to the Company a written notice of his revocation of the release and waiver contained
in this paragraph. Executive further understands that this right to revoke the release contained in this paragraph relates only
to this paragraph and does not act as a revocation of any other term of this Agreement.

 

    	17

     

    

 

(3)         Proceedings

 

Executive has not filed, and agrees not to
initiate or cause to be initiated on his behalf, any complaint, charge, claim or proceeding against the Company or any other Released
Party before any local, state or federal agency, court or other body relating to his employment or the termination of his employment,
other than with respect to the obligations of the Company to Executive under the Employment Agreement which are intended to survive
following termination of employment and the execution of this Agreement or with respect to the Excluded Obligations (each, individually,
a “Proceeding”), and agrees not to participate voluntarily in any Proceeding. Executive waives any right he
may have to benefit in any manner from any relief (whether monetary or otherwise) arising out of any Proceeding.

 

(4)         Remedies

 

If Executive initiates or voluntarily participates
in any Proceeding, or if he fails to abide by any of the terms of this Agreement or the restrictive covenants contained in the
Employment Agreement, or if he revokes the ADEA release contained in Section 2 of this Agreement within the seven (7)-day period
provided under Section 2, the Company may, in addition to any other remedies they may have, reclaim any amounts paid to him under
the termination provisions of the Employment Agreement or terminate any benefits or payments that are subsequently due under the
Employment Agreement and are payable based on Executive executing this Agreement, without waiving the release granted herein. Executive
acknowledges and agrees that the remedy at law available to the Company for breach of any of his post-termination obligations under
the Employment Agreement or his obligations under Sections 1, 2 and 3 of this Agreement would be inadequate and that damages flowing
from such a breach may not readily be susceptible to being measured in monetary terms. Accordingly, Executive acknowledges, consents
and agrees that, in addition to any other rights or remedies that the Company may have at law, in equity or under this Agreement,
upon adequate proof of his violation of any such provision of this Agreement, the Company shall be entitled to immediate injunctive
relief and may obtain a temporary order restraining any threatened or further breach, without the necessity of proof of actual
or consequential damage or the necessity of posting a bond. This provision
shall not adversely affect any rights Executive may have under the ADEA.

 

Executive understands that by entering into
this Agreement he will be limiting the availability of certain remedies that he may have against the Company and limiting also
his ability to pursue certain claims against the Company.

 

(5)         Company’s
General Release and Waiver of Claims

 

The Company, on behalf of itself, its officers,
directors, shareholders, members, employees, agents, managers and attorneys, hereby releases and forever discharges the Executive
from any and all known claims, causes of action, acts or omissions of Executive relating to the performance of his duties as an
employee of the Company. Notwithstanding the foregoing, the Company does not release, discharge or waive (i) any claims that the
Company may have or may in the future have against Executive by virtue of rights and covenants under the Employment Agreement or
any other agreement by and between the Company or its affiliates and the Executive; (ii) any claims for payment of amounts owed
by the Executive to the Company or its affiliates; (iii) any claims with respect to acts or omissions by the Executive that are
undisclosed to the Company as of the Effective Date, whether due to Executive’s intentional concealment of such facts or
otherwise; and (iv) any claims with respect to any intentional act or omission committed by Executive that violates any applicable
law and that has or may cause any harm or damage, directly or indirectly, to the Released Parties. The Company’s General
Release and Waiver of Claims pursuant to this Section 5 shall be void and have no effect if the Executive revokes his release and
waiver of claims against the Released Parties, whether in whole or in part, pursuant to the terms of this Agreement.

 

    	18

     

    

 

(6)         Severability
Clause

 

In the event any provision or part of this
Agreement is found to be invalid or unenforceable, only that particular provision or part so found, and not the entire Agreement,
will be inoperative.

 

(7)         Nonadmission

 

Nothing contained in this Agreement will be
deemed or construed as an admission of wrongdoing or liability on the part of the Executive, the Company or any of the Released
Parties.

 

(8)         Governing
Law

 

The validity, interpretation, construction
and performance of this Agreement and disputes or controversies arising with respect to the transactions contemplated herein shall
be governed by the laws of the State of New York, irrespective of New York’s choice-of-law principles that would apply the
law of any other jurisdiction.

 

EXECUTIVE ACKNOWLEDGES THAT HE HAS READ
THIS AGREEMENT AND THAT HE FULLY KNOWS, UNDERSTANDS AND APPRECIATES ITS CONTENTS, AND THAT HE HEREBY EXECUTES THE SAME AND MAKES
THIS AGREEMENT AND THE RELEASE AND AGREEMENTS PROVIDED FOR HEREIN VOLUNTARILY AND OF HIS OWN FREE WILL.

 

    	19

     

    

 

IN WITNESS WHEREOF, the Company has
executed this Agreement as of the date first set forth above and Executive has executed this Agreement as of the date set
forth· below (or, if Executive does not include a date under his signature line, the date set forth shall be the date
this Agreement, signed by Executive, is received by either of the Company).

 

	PROSIGHT SPECIALTY INSURANCE HOLDINGS, INC.	 
	 	 
	 	 
	 	 
	EXECUTIVE	 
	 	 
	 	 
	Name:  Joseph Beneducci	 
	Address:	 
	 	 
	Dated:	            	 
	(signed by Employee) (received by Company)	 

 

    	20

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}]]