Document:

Exhibit 10.11

 

Amended and Restated AIF Agreement

 

This Amended and Restated
Attorney-in-Fact Agreement (this “Agreement”) is made effective this 1st day of July, 2021 (the “Effective
Date”), by and between Kin Interinsurance Network, a Florida reciprocal insurance exchange (the “KIN”), and
Kin Risk Management, LLC, a Florida limited liability company (the “Kin Risk Management”). The offices of Kin Risk
Management will be located, together with the principal offices of KIN, at 415 1st Avenue, St Petersburg, Florida 33701, but
may be changed upon notice to the subscribers of KIN (each a “Subscriber” and, together, the “Subscribers”)
and in compliance with the requirements of the laws of the State of Florida. KIN and Kin Risk Management may each be referred to individually
as a “Party” or collectively as the “Parties.”

 

RECITALS

 

WHEREAS, as part of
the application for insurance by each Subscriber, each Subscriber will, pursuant to their respective Subscriber’s Agreement and
Power of Attorney (the “Subscriber's Agreement”), appoint Kin Risk Management to act as such Subscriber's attorney-in-fact
(“Attorney-in-Fact”) with the authority to exchange reciprocal insurance contracts among the Subscribers and to manage
and conduct the business of KIN, and

 

WHEREAS, KIN and Kin
Risk Management desire to set forth the terms and conditions upon which Kin Risk Management will accept its appointment as Attorney-in-Fact
for the Subscribers to exchange their reciprocal insurance contracts and to manage and conduct the business and affairs of KIN.

 

NOW, THEREFORE, in
consideration of the mutual covenants and consideration contained in this Agreement and intending to be legally bound hereby, KIN and
Kin Risk Management agree as follows:

 

1. Acceptance
of Appointment as Attorney-in-Fact. Kin Risk Management hereby accepts its appointment as Attorney-in-Fact pursuant to the Subscriber’s
Agreement to be executed by each Subscriber and agrees, as Attorney-in-Fact, to exchange reciprocal insurance contracts among the Subscribers
as set forth in the Subscriber's Agreement.

 

2. Management
Services. Kin Risk Management will furnish (directly or indirectly through its affiliates or third party service providers) all employees
and resources to perform necessary and appropriate management services for KIN. It is understood that all such management services shall
be performed in accordance with such policies and standards as may be established from time to time by Kin Risk Management as the Attorney-in-Fact,
as well as in accordance with sound insurance and actuarial practices and procedures and any applicable laws. Those management services
include, without limitation by reason of specification, the following functions on behalf of KIN:

 

(a) The
administration and management of the day-to-day insurance business of the KIN including, without limitation, the provision of all personnel
for underwriting, claims, marketing, financial, legal and information technology functions and the provision of all senior management;

 

(b) The
solicitation, receipt, and acceptance or rejection of applications for insurance and the determination of the acceptability of the risks
involved in accordance with sound insurance underwriting policies and standards;

 

(c) The
exchange of any and all kinds of reciprocal insurance contracts with Subscribers;

 

(d)
The underwriting, classification, rating and issuance of policies, endorsements and binders of insurance for KIN in accordance with customary
insurance practices;

 

(e) The
establishment and maintenance of complete and accurate records of all reciprocal insurance contracts exchanged by Kin Risk Management
on behalf of KIN in accordance with the policies and standards established by Kin Risk Management;

 

(f) The
collection, receipt, processing, and accounting for all funds received as payments of insurance premiums, contributions to surplus, and
other receipts of, and the timely deposit of all such funds in a Federal Reserve System member bank or banks in the name of KIN in accordance
with the policies and procedures established by Kin Risk Management; the establishment and monitoring of loss reserves in accordance with
sound insurance and actuarial practices and procedures; the borrowing of money on behalf of KIN; the maintenance of all funds in accordance
with applicable law; and the investment of assets in accordance with applicable legal requirements and the advice or instructions of investment
advisors retained by Kin Risk Management, at the expense of the KIN;

 

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(g) The
establishment and maintenance of all financial and business records required by applicable laws, regulations, generally accepted insurance
and accounting practices and in accordance with the policies and standards established by Kin Risk Management; and the preparation of
all reports required by governmental and nongovernmental regulatory and supervisory authorities;

 

(h) The
placement of reinsurance as required by law or by sound and accepted insurance and business practices, the payment of reinsurance premiums
thereof at the expense of KIN, the maintenance of all necessary records in connection with such reinsurance, and the taking of all actions
or the making of any claims required or permitted by such reinsurance;

 

(i) The
provision and maintenance, directly, or indirectly through a third party claims administrator, of adequate claims supervision and facilities
for the timely processing of all claims, notices, and proofs of loss against KIN and for the timely payment of claims on behalf of and
at the expense of KIN, including the employment of claims adjusters, attorneys and other personnel to handle claims on behalf of KIN,
with all allocated costs, unallocated costs and claim expenses to be paid by KIN;

 

(j) The
retention of investment advisors, financial advisors, actuaries, legal counsel, and other necessary consultants, at the expense of KIN;

 

(k) The
preparation of mailings, advertisements, newsletters and other promotional and marketing materials for and on behalf of KIN;

 

(l)
The monitoring of legal affairs of KIN, including compliance with applicable legal requirements and the making of required filings with
the Florida Office of Insurance Regulation and all other governmental authorities having jurisdiction over KIN;

 

(m) The
appointment, supervision and termination of agents, brokers, and personnel on behalf of KIN, and the payment to them of commissions at
the expense of KIN, for insurance coverages placed with KIN in such amounts as shall be determined by Kin Risk Management;

 

(n) The
development and maintenance of all systems and procedures necessary to comply with any insurer anti-fraud requirements of the State of
Florida and any other jurisdiction in which KIN is authorized to conduct business;

 

(o) The
commencement and defense, at the expense of KIN, of legal and administrative proceedings brought by or against KIN including acceptance
of service of process on behalf of KIN, entering legal appearances on behalf of KIN and the compromise, adjustment, prosecution, litigation,
defense, settlement, and appeal of losses and claims; and

 

(o) The
taking of all such other actions as Kin Risk Management determines to be necessary, advisable or proper in order for Kin Risk Management
to discharge its responsibilities and duties under this Agreement.

 

3.  Management and Other
Fees. 

 

(a) As
compensation for the management services to be performed by Kin Risk Management as Attorney-in-Fact on behalf of KIN as set forth in Section
2 above, KIN agrees that Kin Risk Management is authorized to retain the following percentages of annual gross earned premiums:

 

(i) for
underwriting and marketing management services provided to KIN, Kin Risk Management will receive as compensation an amount equal to seventeen
percent (17%) of the annual gross premium earned by KIN.

 

(ii) for
services provided in the servicing and management of claims, Kin Risk Management will receive as compensation an amount equal to five
percent (5%) of the annual gross premium earned by KIN.

 

(b) The
percentages set forth in Section 3(a) above may be adjusted at any time as agreed to by both KIN and Kin Risk Management, subject to the
written approval of the Florida Office of Insurance Regulation. However, the underwriting and marketing fees set forth in Section 3(a)(i)
shall never be below 10% or above 20% of annual gross premium. Any changes to the percentages will be disclosed, in advance, to the Subscribers.
Kin Risk Management will refund to KIN any unearned subscribers fees on a pro-rata basis for cancelled policies.

 

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4.  Payment
of Expenses of KIN. Kin Risk Management, on behalf of KIN, is authorized to utilize the funds of KIN, or utilize its own funds and
be reimbursed by KIN, to pay all of the expenses of KIN, including, without limitation by reason of specification, losses, loss adjustment
expenses, investment expenses, legal expenses, reinsurance, commissions to agents and brokers, marketing costs, court costs, taxes, assessments,
license fees, membership fees, the fees of attorneys, actuaries, accountants and investment and other advisors, governmental fines and
penalties, the establishment and maintenance of loss and unearned premium reserves and surplus, reinsurance premiums and costs, audit
fees, guaranty fund assessments and all other costs necessary for the proper and efficient operation of KIN, including fees related to:
(a) the startup and formation of KIN; (b) services provided by KIN Insurance Technology Hub, LLC, a Delaware limited liability company
(“KITH”), pursuant to the Software Licensing Agreement, and a Statement of Services which is part of the Software Licensing
Agreement, each dated July 3, 2018, by and between Kin Risk Management and KITH; and (c) services provided by KIN Interinsurance Network
Distributor, LLC, a Delaware limited liability company (“KIND”), pursuant to the Agency Authorization and Appointment
Agreement, dated July 3, 2018, by and between Kin Risk Management and KIND. Additionally, Kin Risk Management will procure, at the expense
of KIN, directors and officers liability insurance coverages for Kin Risk Management and the members of the Subscribers Advisory Committee
(as organized under the Subscriber’s Agreement and applicable law, the “SAC”).

 

5.  Records;
Right to Audit. Kin Risk Management will keep records for the express purpose of recording the nature and details of the management
services and financial transactions undertaken for KIN pursuant to this Agreement. All books and records maintained by Kin Risk Management
pertaining to the management services performed by Kin Risk Management as Attorney-in Fact for the Subscribers pursuant to this Agreement
are owned by KIN. These books and records will be maintained by Kin Risk Management in a fiduciary capacity for KIN. KIN, and any regulatory
authority having jurisdiction over KIN, will have the right to examine and audit, at the offices of Kin Risk Management, at all reasonable
times, all books and records of KIN that pertain to the management services performed by Kin Risk Management as Attorney-in-Fact for the
Subscribers. This right of examination and audit will survive the termination of this Agreement and will remain in effect for as long
as either KIN or Kin Risk Management has any rights or obligations under this Agreement.

 

6.  Subscriber's
Advisory Committee Grievance Procedure. After KIN has been in operation for one year, the senior management of Kin Risk Management
will meet on a quarterly basis with the SAC to discuss any issues of concern made known by the Subscribers to the SAC. By the next quarterly
meeting, if not sooner, the senior management of Kin Risk Management will provide the SAC with a written response to any issues of concern
presented at the prior meeting, if any, including a description of the actions Kin Risk Management has undertaken to address the issues
of concern in accordance with customary insurance practices. At the next meeting, the SAC shall advise the senior management of Kin Risk
Management if the actions it took are reasonably addressing the issues of concern as originally presented. If a majority of the members
of the SAC are not reasonably satisfied with the results of the actions undertaken, Kin Risk Management, upon request from the SAC, shall
present the issues of concern and its response to the Florida Office of Insurance Regulation for its guidance as to whether Kin Risk Management
should undertake further action with respect to the issues of concern.

 

7.  Term
and Termination. 

 

(a) Term.
This Agreement shall become effective as of the Effective Date, and shall continue in effect for a five year term thereafter (the “Initial
Term”), subject only to the right of termination as set forth in Section 7(b). After the expiration of the Initial Term, this
Agreement shall automatically renew for additional one year terms (each a “Renewal Term”) subject to the right of termination
set forth in section 7(b).

 

(b) Termination.
This Agreement may be terminated as follows:

 

(i) Mutual
Termination. This Agreement may be terminated at any time by the written mutual agreement of both Parties.

 

(ii) Termination
with Cause. KIN, acting through the SAC, may terminate this Agreement at any time if the Florida Office of Insurance Regulation
or a court of competent jurisdiction has determined by a final order that an event has occurred that constitutes a material breach of
this Agreement or that would allow the Florida Office of Insurance Regulation to: (A) suspend or revoke the license of KIN; or (B) place
KIN in rehabilitation or a form of receivership.

 

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8. Arbitration.

 

(a) As
a condition precedent to any right of action arising under or out of this Agreement, the Parties agree that that any and all disputes
or differences, including disputes concerning the formation and/or validity of this Agreement, shall be submitted to arbitration before
a panel of three arbitrators, each of whom shall be an active or retired disinterested officer of a property and casualty insurance company.
One arbitrator shall be chosen by KIN, one arbitrator shall be chosen by Kin Risk Management, and the third arbitrator will be chosen
by the other two arbitrators. In the event any Party does not appoint an arbitrator within 60 days after the other Party requests it to
do so, or if the two arbitrators selected by KIN and Kin Risk Management fail to agree upon a third arbitrator within 30 days of the appointment
of the second arbitrator to be appointed, the arbitrator or arbitrators, as the case may be, will, upon the application of any Party,
be appointed by the American Arbitration Association and the arbitrators will proceed. The decision of the majority of the arbitrators
will be final and binding on all Parties. Each Party will bear the expense of its own arbitrator and one-half of the expenses of the third
arbitrator and of the arbitration. Arbitration taking place under this section will take place in Florida unless otherwise agreed by the
Parties in writing.

 

(b) Any
action, litigation, suit or proceeding arising out of or relating to this Agreement or any transaction contemplated hereby, including
the enforceability of the provisions of paragraph 8(a) hereof, shall be brought solely in federal or state courts of competent jurisdiction
sitting in the courts located in the Southern District of Florida, and each of the Parties hereto hereby irrevocably consents and submits
to the exclusive jurisdiction of such courts

 

(c) Notwithstanding
any dispute or difference of opinion arising under this Agreement, KIN and Kin Risk Management must fulfill all obligations under the
reciprocal insurance contracts exchanged by the Subscribers.

 

9.  Indemnification.

 

(a) KIN
will indemnify, defend and hold harmless Kin Risk Management and each member, officer, director, employee and agent thereof (each an “Indemnified
Party”), from and against all claims, losses, damages, liabilities and expenses, including, without limitation, settlement costs
and any reasonable legal fees and expenses or other expenses for investigating and defending any actions or threatened actions incurred
by an Indemnified Party as a result of any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative
or investigative, including an action by or in the right of KIN, relating to or arising out of the services provided by Kin Risk Management
hereunder, except to the extent the act or failure to act giving rise to the claim for indemnification is determined by a court to have
constituted the willful misconduct or recklessness of the Indemnified Party.

 

(b) KIN
will pay expenses incurred by an Indemnified Party in defending any action or proceeding referred to in this Section 9 in advance of the
final disposition as they are incurred in such action or proceeding; provided, however, that KIN receives an undertaking by or
on behalf of such Indemnified Party to repay such amount if it shall ultimately be determined that such Indemnified Party is not entitled
to be indemnified by KIN.

 

(c)
As soon as practicable after receipt by any Indemnified Party of notice of the commencement of any action, suit or proceeding specified
in Section 9(a) above (“Action”), such person shall, if a claim may be made against KIN under this Section 9, notify
KIN in writing of the Action; provided, however, that the omission to notify KIN will not relieve KIN of any liability under this
Section 9 unless KIN is prejudiced thereby. With respect to any such Action as to which such person notifies KIN, KIN may participate
in the Action at its own expense. KIN may, independently or jointly with any other indemnifying party assume the defense of the Action,
with counsel selected by KIN. Counsel selected by KIN shall be reasonably satisfactory to the Indemnified Party. After notice from KIN
of its election to assume the defense, KIN will not be liable to the Indemnified Party under this Section 9 for any legal or other expenses
subsequently incurred by such Indemnified Party in connection with the defense of the Action. The Indemnified Party will have the right
to hire his or her own counsel in such action, but the fees of such counsel incurred after notice from KIN of its assumption of the defense
of the Action will be at the expense of the Indemnified Party unless: (i) the employment of counsel by the Indemnified Party shall have
been authorized by KIN, (ii) the Indemnified Party shall have reasonably concluded that there may be a conflict of interest between KIN
and such person in the conduct of the defense of such proceeding, or (iii) KIN did not employ counsel to assume the defense of the Action
and the Indemnified Party shall have reasonably concluded that there may be a conflict of interest if indemnification under this Section
9 is not paid or made by KIN, or on its behalf, within 90 days after a written claim for indemnification has been received by KIN. The
Indemnified Party may, at any time thereafter, bring suit against KIN to recover the unpaid amount of the claim.

 

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(d) The
right to indemnification and the right to advancement of expenses provided in this Section 9 shall be enforceable by such person in any
court of competent jurisdiction. The burden of proving that indemnification is not appropriate shall be on KIN. Expenses reasonably incurred
by such person in connection with successfully establishing the right to indemnification or advancement of expenses, in whole or in part,
shall also be indemnified by KIN.

 

10.  Notices. All notices,
requests, demands, claims, and other communications between the Parties concerning the content and purpose of this Agreement shall be
sent in writing by personal delivery, fax or by mail, registered or certified, postage pre-paid. Notices shall be addressed to the Parties
as follows, or to such other addresses as may be specified by a Party from time to time by like written notice to the other Party:

 

If to KIN:

 

415 1st Avenue

St Petersburg, Florida 33701

Attention: Angel Conlin, Chief Executive
Officer

Kin Interinsurance Network

 

If to Kin Risk Management:

 

415 1st Avenue

St Petersburg, Florida 33701

Attention: Sean Harper, President

Kin Risk Management, LLC

 

Notices delivered personally shall be deemed communicated
as of actual receipt; faxed notices shall be deemed communicated upon confirmation of having been sent; and mailed notices shall be deemed
communicated as of three business days after mailing.

 

11.  Miscellaneous

 

(a) This
Agreement and all matters relating to its validity, interpretation, performance and enforcement shall be governed by and construed in
accordance with the substantive laws of the State of Florida, without giving effect to the principles of the conflict of laws or the rules
thereof that might require the application of the laws of another jurisdiction.

 

(b) Kin
Risk Management is authorized, at its expense, to contract with others for the performance of the management services it has agreed to
provide to KIN under this Agreement; provided, however, that Kin Risk Management will remain responsible to KIN for the proper
and timely performance of all management services set forth in this Agreement.

 

 

(c) This
Agreement may be amended at any time by an instrument in writing executed by the Parties with the prior written approval of the Florida
Office of Insurance Regulation.

 

(d) This
Agreement constitutes the entire agreement between the Parties and supersedes any prior understandings, agreements, or representations
by or between the Parties, written or oral, to the extent they related in any way to the subject matter of this Agreement.

 

(e) This
Agreement is for the sole benefit of the Parties hereto and their respective successors and permitted assigns and nothing herein, express
or implied, is intended to or shall confer upon any other person any legal or equitable right, benefit or remedy of any nature whatsoever,
under or by reason of this Agreement.

 

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(f) The
headings contained in this Agreement are for convenience of reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement.

 

(g) All
words used in this Agreement will be construed to be of such gender or number as the circumstances require.

 

(h) Whenever
possible, each provision or portion of any provision of this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable
in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect
any other provision or portion of any provision in such jurisdiction, and this Agreement shall be reformed, construed and enforced in
such jurisdiction as if such invalid, illegal or unenforceable provision or portion of any provision had never been contained herein.

 

(i) No
failure on the part of any Party to this Agreement to exercise any right or remedy under this Agreement, and no delay on the part of any
Party to this Agreement in exercising any right or remedy under this Agreement, shall constitute a waiver of such right or remedy, and
no single or partial exercise of any such right or remedy shall preclude any other or further exercise of such right or remedy or of any
other right or remedy.

 

(j) This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall
constitute one and the same instrument. A party may deliver this Agreement by transmitting a facsimile or other electronic signature of
this Agreement signed by such party (via PDF, TIFF, JPEG or the like) to the other party, which facsimile or other electronic signature
shall be deemed an original for all purposes.

 

[Signatures on Next Page]

 

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IN WITNESS WHEREOF,
the Parties have executed this Agreement on the day and year first above written by the undersigned thereunto duly authorized.

 

	KIN
    RISK MANAGEMENT, LLC	 	KIN
    INTERINSURANCE NETWORK 
	 	 	 
	Signature:	 /s/ Sean Harper 	 	Signature:	 /s/ Angel Conlin 
	Name:	 Sean Harper 	 	Name:	 Angel Conlin 
	Title:	 President 	 	Title:	 CEO 
	Date:	 07/16/2021 	 	Date:	 07/17/2021 

 

 

Page 7  of 7Exhibit 10.12

 

KIN INTERINSURANCE NETWORK 

 

Summary of Subscriber’s Agreement and
Power of Attorney

 

Kin Interinsurance Network (“KIN”)
is a reciprocal insurance exchange organized under the laws of Florida, existing for the benefit of its subscribers. As a reciprocal insurance
exchange, KIN is an unincorporated association of subscribers operating through the contractual arrangements set forth in a Subscription
Agreement and Power of Attorney (the “Agreement”) which all subscribers must sign. Under Florida law and pursuant to the Agreement,
KIN and its subscribers appoint a third party, known as an attorney-in-fact, to manage and administer KIN’s operations and affairs
on behalf of all of the subscribers.

 

The attached Agreement provides the terms of your
relationship with KIN and appoints Kin Risk Management, LLC, a Florida limited liability company (“KRM”), as KIN’s attorney-in-fact.
Please review the attached Agreement and sign below to acknowledge your intention to be legally bound by the terms and conditions of the
Agreement.

 

A summary of certain key business provisions of
the Agreement are set forth below:

 

Non-Assessable Policies: KIN will
only issue non-assessable policies consistent with all applicable state statutes. Your liability as a subscriber of KIN is limited to
the costs of your insurance including premiums and surplus contributions (described below) for your policies.

 

Surplus Contributions: Along with
your policy premium, you will pay surplus contributions to KIN, which lower KIN’s cost of capital and allow it to offer more competitively
priced insurance to its subscribers. These contributions will be collected along with your policy premium and are set at 10% of total
annual insurance premium. For any given year, KRM will have the discretion to lower the required surplus contribution, based on the capital
needs of KIN.

 

Management of KIN: You will be appointing
and designating KRM to be the attorney-in-fact for KIN. KRM is a for-profit limited liability company and a wholly-owned subsidiary of
Kin Insurance, Inc. (“Kin Insurance”), an independent insurance agency organized under the laws of the State of Delaware and
based in Chicago, Illinois. As the attorney-in-fact, KRM will manage all of the insurance operations of KIN on behalf of you and all of
the other subscribers.

 

Subscribers’ Advisory Committee:
KIN has established a Subscribers’ Advisory Committee (“SAC”) for the benefit of its subscribers. The SAC, an advisory
body selected by KRM, will oversee the finances and operations of the KIN to assure conformity with the Agreement and to exercise subscribers’
rights under Florida law and the Agreement. The SAC will provide subscribers with an avenue for expressing their thoughts in connection
with the operation of KIN. KIN will indemnify SAC members for, and you will agree not to sue them in connection with, their service on
the SAC. You can learn more about the powers, duties and composition of the SAC and its members by visiting www.kin.com/sac.

 

Management Compensation: In exchange
for services rendered, KIN will compensate KRM as follows: (a) 17% of annual gross earned premiums for marketing and underwriting services,
and (b) 5% of annual gross earned premiums for claims management. KRM is authorized to utilize KIN’s funds to pay KIN’s expenses,
including the cost of any director and officer liability insurance coverages for KRM and members of the SAC. These compensation arrangements
are governed by the AIF Agreement available at www.kin.com/legal.

 

     

    	 

    

 

Subscriber Savings Accounts: KIN
conducts its operations for the benefit of its subscribers and, as a result, it may, in its discretion, allocate underwriting profits
or surplus growth to its subscribers. To this end, KIN shall establish Subscriber Savings Accounts (“SSAs”) for each active
subscriber of KIN. SSAs are notional accounts held for active subscribers. To the extent that KIN determines to return to its subscribers
any underwriting profits or any surplus growth in years without underwriting profit, such amounts will be allocated to subscribers’
SSAs. Any such distributions will be subject to KIN’s performance, its ability to pay claims, and its overall financial strength.
Funds may be allocated to SSAs subject to the prior written approval of the Florida Office of Insurance Regulation. Unlike surplus contributions,
KIN subscribers should expect a return of their ending SSA balance upon their full withdrawal from KIN membership. For more information,
visit www.kin.com/legal.

 

The above is only a summary of certain of the
provisions Agreement and does not purport to describe all of the terms of the Agreement. The summary is qualified in its entirety by reference
to the complete text of the Agreement, which is attached hereto. You are urged to read the Agreement in its entirety because it is the
primary legal document that governs your contractual relationship with KIN.

 

By signing below you agree, among other things,
to become a subscribers of KIN, to appoint KRM as KIN’s attorney-in-fact and to be legally bound by the terms and conditions of
the Agreement.

 

Due to the nature of KIN’s structure, your
insurance policy cannot become effective without a signed Agreement. If you fail to sign, KIN reserves the right to terminate your coverage.

 

	By:	 	 
	Name:	 	 
	Date:	 	 

 

	 	Receipt Acknowledged:
	 	 
	 	Kin Interinsurance Network
	 	 
	 	/s/ Angel Conlin
	 	 	 
	 	By:	Angel Conlin, Chief Executive Officer

 

    2 

    	 

    

 

KIN INTERINSURANCE NETWORK 

 

SUBSCRIBER’S AGREEMENT AND POWER OF
ATTORNEY

 

The subscriber to the Kin Interinsurance Network,
a reciprocal insurance exchange organized under the laws of Florida (“KIN”), by signing the summary and cover letter attached
hereto (the “Subscriber”) agrees with all other subscribers to KIN, and with Kin Risk Management, LLC, a Florida limited liability
company (“KRM”), as the attorney-in-fact for KIN, as follows (this “Agreement”):

 

1. Power
of Attorney.

 

1.1 Designation.
The Subscriber hereby appoints KRM as the Attorney-In-Fact for KIN with the express power, authority, and permission to effectuate and
conduct the lawful business affairs of KIN. This authority includes the ability to carry out all customary functions of a reciprocal insurance
company, including but not limited to the following responsibilities: (a) exchange, with other subscribers to KIN, any and all kinds of
reciprocal insurance contracts, which KIN is authorized by law to write; (b) issue, exchange, renew, non-renew, cancel or modify insurance
policies; (c) act as intermediary to obtain reinsurance; (d) appear for, compromise, prosecute, adjust, settle, defend, litigate, appeal,
and pay claims or losses under the insurance policies of subscribers; (e) accept service of process on behalf of KIN in actions against
KIN upon contracts exchanged; (f) open accounts and borrow money in the name of KIN; (g) hire and compensate personnel and agents; (h)
collect premiums and invest and reinvest funds; (i) receive notices and proof of loss; (j) administer subscriber accounts, including
their respective Subscriber Savings Accounts, if applicable, including allocations thereto and distributions therefrom; and (k) to conduct
the business and affairs of KIN as set forth herein, in the organizational documents of KIN, and the AIF Agreement between KIN and KRM
(the “AIF Agreement”).

 

1.2 Limited
Power of Attorney. Under applicable law, this power of attorney may: (a) provide for the right of substitution of the attorney and
revocation of the power of attorney and rights thereunder; (b) impose such restrictions upon the exercise of the power as are agreed upon
by the subscribers; (c) provide for the exercise of any right reserved to the subscribers directly or through their advisory committee;
and (d) contain other lawful provisions deemed advisable. This power of attorney is limited to the purposes described in this Agreement.

 

1.3 Offices
of Attorney-In-Fact. The KRM offices will be the same as the principal office of KIN, located at 415 1st Avenue, St. Petersburg,
Florida 33701. The offices of KIN or KRM may be changed in compliance with the requirements of the laws of the State of Florida and the
Subscriber will be promptly notified of any such change of office location and when any such change shall be effective.

 

1.4 AIF
Agreement. The AIF Agreement between KIN and KRM, which establishes KRM as the attorney-in-fact for KIN, is incorporated herein by
reference and a copy of the AIF Agreement shall be available for review at www.kin.com/legal, or upon request from KRM.

 

2.  Compensation
of KRM.

 

2.1 Fees
for Services. In consideration for the services provided to KIN and under the terms of the AIF Agreement, KRM will be compensated
as follows: (a) for underwriting and marketing management services provided to KIN, KRM will receive as compensation an amount equal to
17 percent (17%) of annual gross earned premium; and (b) for services provided in the servicing and management of claims, KRM will receive
as compensation an amount equal to five percent (5%) annual gross earned premium. KRM will refund to KIN any unearned subscribers fees
on a pro-rata basis for cancelled policies.

 

    3 

    	 

    

 

2.2 Adjustments
and Modifications. KRM’s total compensation, as set forth in greater detail in the AIF Agreement, may be revised or modified
at any time, subject to the prior written approval of the Florida Office of Insurance Regulation. However, the underwriting and marketing
fees shall never be below 10% or above 20% of annual gross premium. Any changes to the percentages in this Section 2.2 are subject to
the prior written approval of the Florida Office of Insurance Regulation and, if approved, will be disclosed to you in writing.

 

2.3 Expenses.
Kin Insurance will be liable, and will reimburse KRM on demand, for losses, loss adjustment expenses, investment expenses and other expenses
attributable to the operations of Kin Insurance.

 

3. Exchange
of Policies: The Subscriber hereby offers and agrees to exchange policies with the other KIN subscribers. The Subscriber understands
and agrees that the reciprocal insurance contracts to be exchanged hereunder are non-assessable, consistent with section 629.261, Florida
Statutes, thereby limiting the liability of the Subscriber to KIN to the costs associated with the policies of insurance only.

 

4. Subscribers’
Advisory Committee:

 

4.1 Formation
and Role of SAC. The Subscriber understands that KIN and KRM have established a Subscribers’ Advisory Committee (the “SAC”)
pursuant to section 629.201, Florida Statutes, to exercise any rights reserved to subscribers and assist KRM in supervising the operations
of KIN. The duties and powers of the SAC, which are available for review at www.kin.com/sac (or upon request), are contained within the
Subscribers’ Advisory Committee Charter (“SAC Charter”). The Subscriber understands and agrees that the powers of the
SAC are limited to those enumerated in the SAC Charter. Members of the SAC are selected annually by KRM and the Subscriber agrees that
the SAC shall (a) have only the enumerated responsibilities specifically assigned to it, (b) exercise the rights of all subscribers of
KIN, and (c) consist of at least two-thirds current insured subscribers of KIN who are independent of the attorney-in-fact for KIN. The
Subscriber understands and agrees that the Subscriber is not entitled to directly participate in the management of KIN unless such Subscriber
is a member of the SAC.

 

4.2 Supervisory
Powers of SAC. The Subscriber agrees that the SAC will supervise the finances and operations of KIN to the extent as is necessary
to assure conformity with this Agreement and the AIF Agreement. The SAC also shall procure, at the expense of KIN, an audit of the accounts
and records of KIN and KRM.

 

4.3 Indemnification
of SAC Members. To the extent permitted by law, the Subscriber agrees that KIN shall defend and hold harmless each and every member
of the SAC from and against any liability that may arise from, or is in any way connected with, such member’s participation on the
SAC. This hold harmless provision does not apply where the member acted with criminal intent or reckless disregard in the performance
of his or her duties as a member of the SAC. The Subscriber also agrees that such Subscriber will not sue or name in any action or affirmative
defense any SAC member or the SAC for actions arising from, or is in any way connected with, such member’s participation on the
SAC.

 

5. Surplus
Contributions.

 

5.1 Policy
Premium and Surplus Contributions. The Subscriber agrees to pay his or her policy premium when due and, in addition, to make a contribution
to KIN’s surplus in the amounts and during the period of time set forth in 5.2 below (the “Surplus Contribution”). The
Subscriber understands and agrees that the amounts paid as Surplus Contributions will be credited as policyholder surplus for the benefit
and protection of all KIN subscribers and that Surplus Contributions made to KIN are not premiums for insurance.

 

    4 

    	 

    

 

5.2 Timing
and Amounts of Surplus Contributions. The Surplus Contributions are payable to KIN on or prior to the initial effective date of the
Subscriber’s coverage and within 30 calendar days of the effective date of all endorsements generating an additional premium. The
Surplus Contributions shall be paid at no greater than the following rates (and may be charged at a lower rate, or not at all, in the
discretion of KRM): 10% of total annual insurance premiums.

 

The possibility of future Surplus Contributions,
if any, will be determined by the SAC. In the event the SAC determines that additional Surplus Contributions will be required of subscribers,
KIN will notify the Subscriber in advance and such additional Surplus Contributions will only be due for policies that the Subscriber
elects to renew.

 

5.3 Purpose
of and Limitation on Return of Surplus Contributions. The Subscriber understands and agrees that the amounts paid as Surplus Contributions
will be credited as policyholder surplus for the benefit and protection of all KIN subscribers, are not premiums for insurance, and may
only be returned in limited circumstances. The Subscriber further understands and agrees that the ability of KIN to return Surplus Contributions
to its subscribers is subject to the provisions of this Agreement and is limited by law. Upon the issuance of an insurance policy, or
other confirmation of coverage by KIN, the return of Surplus Contributions can occur only with the approval of KRM and the Florida Office
of Insurance Regulation, and as set forth in this Agreement. In the event of a mid-term policy cancellation, KRM will return any Surplus
Contributions (without interest) applicable to the cancelled policy term, pro-rated based on the fraction of the policy term that has
elapsed and subject to the restrictions set forth in Section 6 hereof and any applicable law. All other Surplus Contributions, including
those made for previous policy terms, will be retained by KIN for the benefit of all remaining subscribers. The Subscriber understands
and agrees that any other return of Surplus Contributions will be subject to the approval of KRM, the Florida Office of Insurance Regulation,
and the restrictions set forth in Section 6 hereof.

 

6. Subscriber
Savings Accounts. KRM intends to operate KIN for the benefit of all of its subscribers and will maintain separate individual Subscriber
Savings Accounts (“SSAs”) for each subscriber. In years in which KIN achieves operating profit and surplus growth, after accounting
for paid losses, loss reserves and operating and policy acquisition expenses, KRM, in its discretion, may credit your SSA with a portion
of the amount of KIN’s growth in surplus for a fiscal year. Any such credit will be made pro rata, based on the Subscriber’s
earned premium for such year. The Subscriber understands and agrees that (a) any contributions to be made to a Subscriber’s SSA
are based on KIN’s overall results, not the results of any individual subscriber; and (b) any and all such funds allocated to the
Subscriber would be considered part of KIN’s surplus and KRM would be authorized to use any and all such funds to pay any unsatisfied
obligations of KIN. As set forth in this Agreement, the Subscriber may be eligible for a distribution from its SSA (y) at such time when
the Subscriber is no longer insured by KIN, or (z) at such other times, in determined by KRM in its discretion, subject to the approval
of the SAC. In order to avoid any impairment to the surplus of KIN, KRM, subject to the approval of the SAC, retains the right to limit
the distribution from the SSAs to subscribers whose coverage has been terminated. Furthermore, any payment or allocation to an SSA would
be subject to the approval of the Florida Office of Insurance Regulation.

 

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7. Limitations
on Distributions of Surplus Contributions and SSAs. No payment of a returned Surplus Contribution or a distribution of SSA funds (together,
a “Surplus Distribution”) will be made if such payment could risk the financial impairment of KIN. Surplus Distribution payments
may be delayed if, as determined by KRM, the total amount of such payments to all applicable subscribers to KIN, within the preceding
12 months, would exceed the lesser of: (a) ten percent (10%) of the total surplus of KIN calculated as of the immediately preceding December
31, or (b) the total net income of KIN before savings allocations and federal income taxes for the calendar year ended as of the immediately
preceding December 31. If payment to any subscriber would be delayed pursuant to the requirements set forth in this Section 7, the total
amount which may be paid to all subscribers will be paid pro rata to each such subscriber who meets the conditions to receive a Surplus
Distribution on an equitable basis as determined by KRM in its sole and absolute discretion and as allowed by applicable law. Any payments
delayed pursuant to the requirements set forth in this Section 7 will be paid as soon as possible when payment can be made in compliance
with this Section 7 and the requirements of the Florida Office of Insurance Regulation. If this Section 7 is found to conflict with other
terms of this Agreement, this Section 7 supersedes all other terms and conditions of this Agreement.

 

8. Return
of Surplus upon Liquidation. The Subscriber understands and agrees that, in accordance with Section 629.281, Florida Statutes, upon
the liquidation of KIN, the assets of KIN remaining after discharge of its indebtedness and policy obligations, the return of any contributions
of KRM or other persons to its surplus made as provided in Section 629.161, Florida Statutes, and the return of any unused premium, savings,
or credits then standing on SSAs shall be distributed to its subscribers who were such within the 12 months prior to the last termination
of its certificate of authority, according to such reasonable formula as the Florida Office of Insurance Regulation approves.

 

9. Rejection
of Coverage. The Subscriber understands and agrees that KIN has an obligation to its subscribers to maintain strict eligibility and
underwriting requirements. KIN has the right to reject any application for insurance, including this Agreement, and the offer of payment
of premium and Surplus Contribution. If such a rejection of coverage occurs after receipt of the Surplus Contribution by KIN, the Surplus
Contribution will be returned to the Subscriber, without payment of interest. An existing subscriber applying for additional lines of
coverage is not guaranteed acceptance for those new lines of coverage.

 

10. Termination:
This Agreement may be terminated at any time, by the Subscriber or KRM, by terminating all insurance policies issued to the Subscriber,
subject to applicable policy provisions and applicable law. Upon the termination of all insurance policies issued to the Subscriber, subject
to the approval of the Florida Office of Insurance Regulation and as otherwise set forth in this Agreement, the balance remaining in your
SSA or eligible Surplus Contribution, after allocation of expenses and claims, will be returned to the Subscriber within six months thereafter.
In the event that that the Subscriber should cease to maintain insurance with KIN, regardless of whether such insurance is cancelled,
rescinded or non-renewed for any reason, you will lose all rights as a subscriber to KIN.

 

11. Acknowledgement
of Receipt of Documents. The Subscriber hereby acknowledges and confirms receipt of, and represents and warrants to KIN and KRM that
the Subscriber has read and fully understands, the SAC Charter and the AIF Agreement prior to executing this Agreement.

 

12. Binding
Agreement. This Agreement will be accepted by KRM upon receipt of the Subscriber’s executed signature on the cover page. The
Subscriber agrees that this Agreement, including the power of attorney set forth herein, will apply to all insurance policies for which
the Subscriber has applied, or will apply, with KIN. The subscriber further agrees and understands that upon acceptance of this Agreement
by KRM, the terms and conditions of each of this Agreement, the SAC Charter, and the AIF Agreement will be valid and binding upon KRM,
the Subscriber, and each of the parties’ respective personal representatives, administrators, successors, and assigns, as indicated
by the Subscriber’s signature on the cover page.

 

13. General
Provisions.

 

13.1 Governing
Law. This Agreement and all matters relating to its validity, interpretation, performance and enforcement shall be governed by and
construed in accordance with the substantive laws of the State of Florida, without giving effect to the principles of the conflict of
laws or the rules thereof that might require the application of the laws of another jurisdiction.

 

13.2 Limitation
of Actions. Absent a finding of criminal or willful misconduct or recklessness and except for legal actions that may arise directly
from the Subscriber’s insurance policy(ies) or legal actions to enforce this contract, the Subscriber agrees that KIN will not be
sued or named in any action or affirmative defense by the Subscriber.

 

13.3 Rules
of Construction. When a reference is made in this Agreement to a Section or subsection, such reference shall be to a Section or subsection
of this Agreement unless otherwise indicated. Any capitalized terms used in any attachment to this Agreement but not otherwise defined
therein shall have the meanings as defined in this Agreement.

 

[End of Agreement]

 

 

6

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