Document:

Exhibit

EXHIBIT 10.4

NIKE, INC.
RESTRICTED STOCK UNIT AGREEMENT

Pursuant to the Stock Incentive Plan (the “Plan”) of NIKE, Inc., an Oregon corporation (the “Company”), the Company grants to the individual listed below (the “Participant”) the number of restricted stock units (“RSUs”) set forth below.  The grant of RSUs obligates the Company to deliver one share of the Company’s Class B Common Stock (a “Share”) for each RSU upon vesting, subject to the terms and conditions of this agreement between the Company and the Participant (this “Agreement”).  The Company also agrees that upon the vesting of each RSU, the Company will make a dividend equivalent cash payment with respect to such vested RSU in an amount equal to the total amount of dividends paid per Share for which the dividend record dates occurred after the Grant Date set forth below and before the date of delivery of the underlying Share (the “Dividend Equivalent Payment”).  By accepting this RSU grant, the Participant agrees to all of the terms and conditions of the Plan, the Agreement and any Appendices included with the Agreement (which form part of this Agreement).  Capitalized terms not explicitly defined in this Agreement but defined in the Plan shall have the same definitions as in the Plan.

		
	1.
	Grant Terms.

	
		
	Grant Terms
	Grant Details

	Participant
	%%FIRST_NAME%-% %%LAST_NAME%-%

	RSUs
	%%TOTAL_SHARES_GRANTED,’999,999,999’%-%

	Grant Date
	%%RSU_DATE,'Month DD, YYYY'%-%

The RSUs will vest on the date(s) shown below with respect to the number of RSUs opposite such date(s):

	
		
	Units
	Vesting Dates

	%%SHARES_PERIOD1,’999,999,999’%-%
	%%VEST_DATE_PERIOD1,’MM/DD/YYYY’%-%

	%%SHARES_PERIOD2,’999,999,999’%-%
	%%VEST_DATE_PERIOD2,’MM/DD/YYYY’%-%

	%%SHARES_PERIOD3,’999,999,999’%-%
	%%VEST_DATE_PERIOD3,’MM/DD/YYYY’%-%

	%%SHARES_PERIOD4,’999,999,999’%-%
	%%VEST_DATE_PERIOD3,’MM/DD/YYYY’%-%

		
	2.
	Termination of Employment or Service.   Except as provided in this Section 2, no RSUs will vest unless the Participant is employed by or in the service of the Company on the applicable vesting date and shall have been so employed or provided such service continuously since the Grant Date.  For purposes of this Agreement, the Participant is considered to be employed by or in the service of the Company if the Participant is employed by or in the service of the Company or any parent or subsidiary corporation of the Company (if different from the Company, the “Employer”).  If the Participant’s employment or service with the Company terminates for any reason other than the reasons specified in the subsections below, all unvested RSUs shall terminate and be forfeited on the date of such termination.  

		
	a)
	[Death or Disability.  If the Participant’s employment or service with the Company terminates because of death or total disability (within the meaning of Section 22(e)(3) of the Code), the RSUs shall immediately vest in full. 

		
	b)
	Divestiture or Reduction in Force.  If the Participant’s employment or service with the Company terminates on or after the six-month anniversary of the Grant Date because of a Divestiture or a Reduction in Force (each as defined below) that is not a Change in Control, then subject to the Participant executing a general waiver and release of claims (a “Release”) as required by the Company, and effective as of the date of such termination, (i) the RSUs scheduled to vest within one (1) year following such termination shall vest and (ii) the unvested RSUs scheduled to vest later than one (1) year following such termination shall terminate and be forfeited. For the avoidance of doubt, if the Participant’s employment or service with the Company terminates because of a Divestiture or a Reduction in Force and the Participant does not execute a Release as required by the Company, or if such termination occurs before the six-month anniversary of the Grant Date, then all RSUs that are unvested as of the date of such termination shall terminate and be forfeited on the date of such termination.

For purposes of this Agreement, “Divestiture” means the sale, closing, or other disposition of a subsidiary, division, business unit, or other organizational unit, whether such disposition is effected by means of a sale of assets, a sale of subsidiary equity or other ownership interest, or otherwise, in each case that is designated by the Committee, in its sole discretion, as a “Divestiture.”
For purposes of this Agreement, “Reduction in Force” means a decrease in the number of positions at the Company due to reasons of economy or reorganization for efficiency or redesign, in each case that is designated by the Committee, in its sole discretion, as a “Reduction in Force.”]
		
	c)
	Absence on Leave.  Absence on leave or on account of illness or disability under rules established by the Committee shall not be deemed an interruption of employment or service. 

 
		
	d)
	Change in Control.  In the event of a Change in Control, treatment shall be pursuant to the terms provided in the Plan[.] [, provided that “Good Reason” shall have the meaning provided in the Plan, except that:

		
	i)
	clause (A) of the “Good Reason” definition shall be replaced in its entirety with the following language: “the assignment of a different title, job or responsibilities that results in a material decrease in the level of responsibility of the award holder after Shareholder Approval, if applicable, or the Change in Control when compared to the award holder’s level of responsibility for the Company’s operations prior to Shareholder Approval, if applicable, or the Change in Control; provided that Good Reason shall not exist if the award holder continues to have the same or a greater general level of responsibility for Company operations after the Change in Control as the award holder had prior to the Change in Control even if the Company operations are a subsidiary or division of the surviving company,” and

		
	ii)
	the following language shall be added to the end of the “Good Reason” definition:  “Notwithstanding any provision in this Agreement or the Plan to the contrary, a termination of an employment or other service relationship by the award holder will not be for Good Reason unless (1) the award holder notifies the Company in writing of the existence of the condition that the award holder believes constitutes Good Reason within thirty (30) days of the initial existence of such condition (which notice specifically identifies such condition), (ii) the Company fails to remedy such condition within thirty (30) days after the date that it receives such notice (the “Remedial Period”), and (iii) the award holder actually terminates the award holder’s employment or other service relationship within thirty (30) days after the expiration of the Remedial Period.  If the award holder terminates his or her employment or other service relationship before the expiration of the Remedial Period or after the Company remedies the condition, then the award holder’s termination will not be considered to be for Good Reason.”] 

		
	3.
	Rights as a Shareholder.  The Participant shall have no rights as a shareholder with respect to any RSU, whether vested or unvested, or any Share underlying such RSU, until the RSU vests and the Participant becomes the holder of record of the underlying Share.  Except as explicitly provided in this Agreement or the Plan, no adjustment shall be made for dividends or other rights for which the record date occurs before the date the Participant becomes the holder of record.

		
	4.
	Clawback.  The Company may require the Participant to deliver or otherwise repay to the Company the RSUs and any Shares or other amount or property that may be issued, delivered or paid in respect of the RSUs, as well as any consideration that may be received in respect of a sale or other disposition of any such Shares or property, as follows: 

		
	a)
	If, during the period of the Participant’s employment or service with the Company or the Employer (the “Employment Period”) or at any time thereafter, the Participant has committed or engaged in a breach of confidentiality, or an unauthorized disclosure or use of inside information, customer lists, trade secrets or other confidential information of the Company or any of its subsidiaries or otherwise has breached any employee invention and secrecy agreement or similar agreement with the Company or any of its subsidiaries;       

		
	b)
	If, during the Employment Period or at any time thereafter, the Participant has committed or engaged in an act of theft, embezzlement or fraud, breached any covenant not to compete or non-solicitation or non-disclosure agreement or similar agreement with the Company or any of its subsidiaries, or materially breached any other agreement to which the Participant is a party with the Company or any of its subsidiaries;

		
	c)
	Pursuant to any applicable securities, tax or stock exchange laws, rules or regulations relating to the recoupment or clawback of incentive compensation, as in effect from time to time; 

		
	d)
	Pursuant to the NIKE, Inc. Policy for Recoupment of Incentive Compensation as approved by the Committee and in effect on the Grant Date, or such other policy for clawback or recoupment of incentive compensation as may subsequently be approved from time to time by the Committee; or

		
	e)
	If, during the Employment Period or the one (1) year period thereafter (the “Restriction Period”), the Participant, directly or indirectly, owns, manages, controls or participates in the ownership, management or control of, or becomes employed by, consults for or becomes connected in any manner with, any business engaged anywhere in the world in the athletic or sports-inspired footwear, athletic or sports-inspired apparel or sports equipment, sports electronics/technology and sports accessories business or any other business that directly competes with the then-current existing or reasonably anticipated business of the Company or any of its parent, subsidiaries or affiliated corporations (a “Competitor”); the Company has the option, in its sole discretion, to elect to waive all or a portion of the Restriction Period or to limit the definition of Competitor.

		
	5.
	Delivery.  Except as otherwise provided in the Plan or this Agreement, within 30 days after any of the RSUs become vested, the Company shall deliver to the Participant for each RSU that vested (a) one Share in either certificated form, uncertificated form or via book entry credit, and (b) the Dividend Equivalent Payment.  Notwithstanding the foregoing, if (i) the Participant’s employment or service is terminated by the Company or the Employer without Cause or the Participant’s employment or service is terminated by the Participant for Good Reason after Shareholder Approval but before a Change in Control and (ii) the Change in Control occurs within one year following such termination, such Shares and the Dividend Equivalent Payment shall be delivered simultaneously with the closing of the Change in Control such that the Participant will participate as a shareholder in receiving proceeds from such transaction with respect to those Shares.

		
	6.
	Nontransferability.  The RSUs are nonassignable and nontransferable by the Participant, either voluntarily or by operation of law, except by will or by the laws of descent and distribution of the state or country of the Participant’s domicile at the time of death.

		
	7.
	Responsibility for Taxes.

		
	a)
	The Participant acknowledges that, regardless of any action taken by the Company or the Employer, the ultimate liability for all U.S. and non-U.S. income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Participant’s participation in the Plan and legally applicable to the Participant or deemed by the Company or the Employer to be an appropriate charge to the Participant even if technically due by the Company or the Employer (“Tax-Related Items”) is and remains the Participant’s responsibility and may exceed the amount, if any, actually withheld by the Company or the Employer.  The Participant further acknowledges that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSUs, including, but not limited to, the grant, vesting or settlement of the RSUs, the subsequent sale of Shares acquired pursuant to such settlement and the receipt of any dividends or any Dividend Equivalent Payment, and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the RSUs to reduce or eliminate the Participant’s liability for Tax-Related Items or achieve any particular tax result.  Further, if the Participant is subject to Tax-Related Items in more than one jurisdiction, the Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. 

		
	b)
	The Participant shall, immediately upon notification of the amount of withholding for Tax-Related Items due, if any, pay to the Company or, as appropriate, the Employer by wire transfer, or irrevocably instruct a broker to pay from Share sale proceeds, amounts necessary to satisfy any applicable withholding obligations for Tax-Related Items. If additional withholding is or becomes required (including as a result of vesting or settlement of any RSUs or as a result of the disposition of Shares acquired pursuant to the vesting of any RSUs) beyond any amount deposited before delivery of the Shares, the Participant shall pay such amount to the Company or, as appropriate, the Employer by wire transfer, on demand.  If the Participant fails to pay the amount demanded, the Company or the Employer may withhold that amount from other amounts payable to the Participant, including salary, subject to applicable law.   The Company may refuse to issue or deliver Shares, the proceeds from the sale of Shares and/or Dividend Equivalent Payment if the Participants fails to comply with his or her obligations in connection with Tax-Related Items.

		
	8.
	Changes in Capital Structure.  If the outstanding Shares are hereafter increased or decreased or changed into or exchanged for a different number or kind of shares or other securities of the Company by reason of any recapitalization, reclassification, stock split, combination of shares or dividend payable in shares, appropriate adjustment shall be made by the Committee in the number and kind of shares subject to the unvested RSUs so that the Participant’s proportionate interest before and after the occurrence of the event is maintained.  Notwithstanding the foregoing, the Committee shall have no obligation to effect any adjustment that would or might result in the issuance of fractional shares, and any fractional shares resulting from any adjustment may be disregarded or provided for in any manner determined by the Committee.  Any such adjustments made by the Committee shall be conclusive.

		
	9.
	Electronic Delivery/Acceptance.  The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means.  The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.  If the Participant does not complete the on-line or electronic acceptance process, the Participant will be deemed to have accepted the RSUs and have agreed to the terms provided in the Plan and this Agreement prior to the first vest date.   

		
	10.
	Additional Company Provisions.

		
	a)
	Conditions on Obligations.  The Company shall not be obligated to issue Shares upon vesting of the RSUs if the Company is advised by its legal counsel that such issuance would violate applicable U.S. or non-U.S. state or federal laws or regulations, including securities laws or exchange control regulations. 

		
	b)
	Imposition of Other Requirements.  The Company reserves the right to impose other requirements upon the Participant’s participation in the Plan, on the RSUs and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

		
	c)
	Amendments.  The Company may at any time amend this Agreement, provided that no amendment that adversely impacts the rights of the Participant under this Agreement may be made without the Participant’s written consent.

		
	d)
	Committee Determinations.  The Participant agrees to accept as binding, conclusive and final all decisions and interpretations of the Committee or other administrator of the Plan as to the provisions of the Plan or this Agreement or any questions arising thereunder or hereunder.

		
	e)
	Severability.  The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. 

		
	f)
	Governing Law; Attorneys’ Fees.  The RSUs and the provisions of this Agreement are governed by, and subject to, the laws of the State of Oregon.  For purposes of litigating any dispute that arises under this grant or the Agreement, the parties hereby submit to and consent to the exclusive jurisdiction of, and agree that such litigation shall exclusively be conducted in, the courts of Washington County, Oregon or the United States District Court for the District of Oregon, where this grant is made and/or to be performed.  In the event either party institutes litigation hereunder, the prevailing party shall be entitled to reasonable attorneys’ fees to be set by the trial court and, upon any appeal, the appellate court.

		
	g)
	Section 409A.  The parties intend that this Agreement and the benefits provided hereunder be exempt from the requirements of Section 409A of the Code to the maximum extent possible, whether pursuant to the short-term deferral exception described in Treasury Regulation Section 1.409A-1(b)(4) or otherwise.  To the extent Section 409A of the Code is applicable to this Agreement and such benefits, the parties intend that this Agreement and such benefits comply with the deferral, payout, and other limitations and restrictions imposed under Section 409A of the Code.  Notwithstanding any other provision of this Agreement or any other agreement to the contrary, this Agreement shall be interpreted, operated and administered in a manner consistent with such intentions.  Without limiting the generality of the foregoing, any delivery or distribution contemplated under this Agreement will be made to a Participant who is a “specified employee” (as defined in the NIKE, Inc. Deferred Compensation Plan or any subsequent deferred compensation plan of the Company, as in effect from time to time) at the time of a “separation from service” (within the meaning of Section 409A of the Code) within thirty (30) days following the earlier of (i) the expiration of the six-month period following the Participant’s separation from service, and (ii) the Participant’s death, to the extent such delayed payment is otherwise required to avoid a prohibited distribution under Section 409A of the Code.  For purposes of Section 409A of the Code, each payment or benefit payable pursuant to this Agreement shall be treated as a separate payment.  Notwithstanding the foregoing, this Agreement and the Plan may be amended by the Company at any time, without the consent of any party, to the extent necessary or desirable to satisfy any of the requirements under Section 409A of the Code, but the Company shall not be under any obligation to make any such amendment.  Nothing in this Agreement or the Plan shall provide a basis for any person to take action against the Company or any affiliate based on matters covered by Section 409A of the Code, including the tax treatment of any amount paid or RSUs granted under this Agreement, and neither the Company nor any of its affiliates 

shall under any circumstances have any liability to the Participant or his or her estate or any other party for any taxes, penalties or interest due on amounts paid or payable under this Agreement, including taxes, penalties or interest imposed under Section 409A of the Code.

		
	11.
	Additional Participant Provisions

		
	a)
	No Right to Employment or Service.  Nothing in the Plan or this Agreement shall (i) confer upon the Participant any right to be continued in the employment of the Company or the Employer or interfere in any way with the Company's or the Employer’s right, as applicable, to terminate the Participant’s employment at will at any time, for any reason, with or without Cause, or to decrease the Participant’s compensation or benefits, or (ii) confer upon the Participant any right to be retained or employed by the Company or the Employer or to the continuation, extension, renewal or modification of any compensation, contract or arrangement with or by the Company or the Employer.  The determination of whether to grant any RSUs under the Plan is made by the Company in its sole discretion.  The grant of the RSUs shall not confer upon the Participant any right to receive any additional RSUs or other award under the Plan or otherwise.

		
	b)
	No Advice Regarding Grant.  The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant’s participation in the Plan, or the Participant’s acquisition or sale of the underlying Shares.  The Participant is hereby advised to consult with the Participant’s own personal tax, legal and financial advisors regarding the Participant’s participation in the Plan before taking any action related to the Plan.

		
	c)
	Transfer of Rights and Benefits; Successors.  This Agreement shall be binding upon, and shall inure to the benefit of and be enforceable by, the Company’s successors and assigns.  Subject to the restrictions on transfer of this Agreement, this Agreement shall be binding upon the Participant’s heirs, executors, administrators, successors and assigns.

		
	12.
	Appendices A and B. Notwithstanding any provisions in this Agreement, if the Participant is a resident of any country other than the United States, the grant of RSUs shall be subject to the special terms and conditions set forth in the Appendix A to this Agreement and any country-specific terms and conditions for the Participant’s country set forth in Appendix B to this Agreement.  Moreover, if the Participant relocates outside of the United States to one of the countries included in Appendix B, or from one such country to another such country, the special terms and conditions for all non-U.S. participants and for such country will apply to the Participant, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendices A and B constitute part of this Agreement.

		
	13.
	Complete Agreement.  This Agreement, including the Appendices A and B, and the Plan constitute the entire agreement between the Participant and the Company, both oral and written, concerning the matters addressed herein, except with regard to the imposition of other requirements as described under Section 10(b) above, and all prior agreements or representations concerning the matters addressed herein, whether written or oral, express or implied, are terminated and of no further effect. 

	
		
	NIKE, Inc.

	By:
	 

	 
	[NAME],

	 
	[TITLE]Exhibit 10.2

    

     

      

    

      REORGANIZATION AGREEMENT

       

      

      This REORGANIZATION AGREEMENT (this “Agreement”), dated as of [•], 2020, is made and entered into by and among Trean Insurance Group, Inc., a Delaware corporation (“Trean”), BIC
        Holdings LLC, a Delaware limited liability company (“BIC Holdings”), Trean Holdings LLC, a Delaware limited liability company (“Trean Holdings”), Trean Corporation, a Minnesota corporation (“Trean Corporation”), Trean Compstar
        Holdings LLC, a Delaware limited liability company (“Trean Compstar”), and each of the individuals, trusts and entities admitted as members and listed in Schedule I hereto (each, the “Pre-IPO Unitholders”) of each of BIC
        Holdings and Trean Holdings in accordance with the terms of their respective Second Amended and Restated Limited Liability Company Agreements, each as amended (collectively, the “LLC Agreements”). Trean, BIC Holdings, Trean Holdings, Trean
        Corporation, Trean Compstar and the Pre-IPO Unitholders shall be referred to herein collectively as the “Parties” and each individually as a “Party.”

       

      

      WHEREAS, it is contemplated that Trean will consummate an initial public offering (the “IPO”) of its shares of common stock, par value $0.01 per share
        (the “Common Stock”); and

       

      

      WHEREAS, the Parties desire to effect a series of transactions intended to facilitate and in connection with the consummation of the IPO, including, without
        limitation, the steps more fully set forth below.

        

      

      NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter contained, and for other good and valuable consideration, the receipt
        and sufficiency of which are hereby acknowledged, the Parties agree as follows:

       

      

      	1.	
              The Reorganization. In order to facilitate and in connection with the consummation of the IPO, the Parties agree to effect a reorganization through the following transactions (collectively, the “Reorganization Transactions”)

                substantially simultaneously and in the following sequential order:

            

       

      

      	

            	(a)	
              Step 1. Contribution by BIC Holdings and Trean Holdings of all Assets and Liabilities to Trean. BIC Holdings, Trean Holdings and Trean shall enter into a contribution agreement, substantially in the form attached hereto as
                Exhibit A (the “HoldCo Contribution Agreement”) pursuant to which each of BIC Holdings and Trean Holdings shall contribute to Trean all of their respective assets and liabilities in exchange for an economically equivalent
                amount of shares of Common Stock as consideration.

            

       

      

      	

            	(b)	
              Step 2. Trean to Acquire All Equity Interests of Compstar Holding Owned by Blake Enterprises. Pursuant to an agreement dated as of June 3, 2020 by and among Blake Enterprises I, Inc., Blake Enterprises II, Inc. and Blake
                Enterprises III, Inc. (collectively, “Blake Enterprises”), Blake Baker, Trean Holdings and Trean Compstar (the “Exchange Agreement”), substantially concurrently with the closing of the transactions contemplated by the HoldCo
                Contribution Agreement, Trean shall acquire all of the equity interests of Compstar Holding Company LLC (“Compstar Holding”) owned by Blake Enterprises in exchange for the amount of shares of Common Stock as consideration as
                specified in the Exchange Agreement.

            

       

      

      	

            	(c)	
              Step 3. Trean to Contribute All of its Equity Interest in Compstar Holding to Trean Compstar. Trean and Trean Compstar shall enter into a contribution agreement, substantially in the form attached hereto as Exhibit B
                (the “Compstar Holding Contribution Agreement”) pursuant to which Trean shall contribute all of its equity interest in Compstar Holding to Trean Compstar.  Following such contribution, Trean Compstar shall own 100% of Compstar
                Holding.

            

       

      

      
        
          

      

      
      	

            	(d)	
              Step 4. New Compstar Holding LLC Agreement.  Pursuant to the Exchange Agreement, the Limited Liability Company Agreement of Compstar Holding dated April 3, 2018, as amended, will terminate immediately following the
                contribution under the Compstar Holding Contribution Agreement.  Immediately thereafter, Trean Compstar will adopt the Limited Liability Company Agreement of Compstar Holding substantially in the form attached hereto as Exhibit C.

            

       

      

      	

            	(e)	
              Step 5. Distribution by BIC Holdings and Trean Holdings of Trean Common Stock to Pre-IPO Unitholders. Each of BIC Holdings and Trean Holdings shall distribute to the Pre-IPO Unitholders in accordance with the distribution
                provisions in the LLC Agreements all of their respective shares of Common Stock in complete redemption of all units held by the Pre-IPO Unitholders in each of BIC Holdings and Trean Holdings, respectively. Upon completion of such
                distribution, each of BIC Holdings and Trean Holdings shall be dissolved pursuant to the terms of their respective LLC Agreements.

            

       

      

      	

            	(f)	
              Step 6. Termination of Consulting Agreements.  Trean Holdings, BIC Holdings, and Trean will enter into a Termination Agreement (the “Termination Agreement”) with Altaris Capital Partners, LLC (“Altaris”)
                substantially in the form attached hereto as Exhibit D pursuant to which the Consulting Agreement, dated as of July 31, 2015, between Altaris and BIC Holdings, and the Amended and Restated Consulting Agreement, dated as of May 1,
                2017, between Altaris and Trean Holdings, as amended, will, after the rights and obligations of Trean Holdings and BIC Holdings are transferred to Trean pursuant to Step 1 above, terminate immediately prior to the IPO, except with respect
                to the obligations in such agreements that are expressly specified to survive as provided in the Termination Agreement.

            

       

      

      	

            	(g)	
              Step 7. IPO of Trean. Trean shall issue shares of Common Stock to public investors in exchange for cash pursuant to the IPO.

            

       

      

      	2.	
              Intended Tax Treatment.  It is intended that the transactions contemplated by Sections 1(a), (b) and (g) above will be treated as part of an integrated transaction qualifying under Section 351 of the
                Internal Revenue Code of 1986, as amended.

            

       

      

      	3.	
              Consents and Approvals. Each of the Parties, by execution of this Agreement, hereby provides consent, authorization, ratification and approval to effect the Reorganization Transactions, as may be required under any organizational
                document governing any of the Parties, any laws or regulations applicable to any of the Parties or any other agreement or contract to which such Party is a party.

            

       

      

      	4.	
              Further Assurances. Each of the Parties shall use reasonable best efforts to consummate the Reorganization Transactions as promptly as practicable and shall take or cause to be taken, as applicable, all such other actions
                necessary to cause the Reorganization Transactions to be carried out in accordance with the terms of this Agreement and the exhibits hereto, including, without limitation, (i) executing, delivering and performing the agreements and other
                documents contemplated by Section 1 of this Agreement (collectively, the “Reorganization Documents”) or any agreements or other documents of the type contemplated by Section 1 of this Agreement and (ii) filing any
                certificates, notices or other instruments with applicable governmental authorities. Each Party shall cooperate fully with each of the other Parties in connection with the foregoing. Each Party shall, at any time and from time to time
                following the consummation of the Reorganization Transactions, without further consideration, execute, deliver and perform or cause the execution, delivery and performance of, as applicable, any and all documents, agreements, certificates,
                and instruments, and take or cause to be taken, as applicable, such other actions as any other Party may reasonably require to carry out the intent of this Agreement and to effect the Reorganization Transactions.

            

       

      

      
        2

        
          

      

      
        	
                5.

              	
                Power of Attorney. Each of the Pre-IPO Unitholders (other than AHP-TH LLC, ACP-TH LLC, AHP-BH LLC and ACP-BHC LLC, to which this Section 5 shall not apply) hereby agrees as follows:

              

      

       

      

      	

            	(a)	
              In connection with the foregoing, the undersigned hereby irrevocably appoints Andrew M. O’Brien, Chief Executive Officer of Trean and Julie A. Baron, Chief Financial Officer, Treasurer and Secretary of Trean, or their duly designated
                substitutes (the “Attorneys”), as attorneys-in-fact with full power and authority to act, including full power of substitution, in the name of and for and on behalf of the undersigned with respect to all matters arising in connection
                with the Reorganization Transactions and the IPO, including, but not limited to:

            

       

      

      	

            	(i)	
              entering into and approving, as applicable, the Reorganization Documents, receipt of drafts of which herewith is hereby acknowledged, containing such additions to or changes in the terms, provisions and conditions thereof as the
                Attorneys in their sole discretion shall determine; and

            

       

      

      	

            	(ii)	
              making, exchanging, acknowledging and delivering all such other contracts, powers of attorney, orders, receipts, notices, requests, instructions, certificates, letters and other writings, including communications to the U.S. Securities
                and Exchange Commission (the “SEC”), and amendments to the underwriting agreement relating to the IPO, and in general to do all things and to take all actions, that the Attorneys in their sole discretion may consider necessary to
                effect the Reorganization Transactions and the IPO, as fully as could the undersigned if personally present and acting.

            

       

      

      	

            	(b)	
              The Power of Attorney set forth in this Section 5 and all authority conferred hereby shall be irrevocable and shall not be terminated by the undersigned or by the death or incapacity of the undersigned (if the undersigned is an
                individual), by the death or incapacity of any trustee or executor or the termination of any trust or estate (if the undersigned is a trust or an estate), or by the dissolution or liquidation of any corporation or partnership (if the
                undersigned is a corporation or partnership), or by the occurrence of any other event unless otherwise provided by law.

            

       

      

      Notwithstanding the foregoing, this Power of Attorney shall automatically terminate and be of no further effect, upon the earlier to occur of (i) the withdrawal by Trean of the registration
        statement filed with the SEC relating to the IPO and (ii) the consummation of the IPO; subject, however, to all lawful action done or performed by the Attorneys pursuant to this Agreement prior to such withdrawal or date.

       

      

      	

            	(c)	
              The undersigned shall ratify all actions that the Attorneys have taken or shall take pursuant to this Section 5.

            

       

      

      
        3

        
          

      

      	

            	(d)	
              The Attorneys shall be entitled to act and rely upon any statement, request, notice or instruction respecting the Power of Attorney set forth in this Section 5 given to the Attorneys by the undersigned.

            

       

      

      	

            	(e)	
              The undersigned agree to hold each Attorney free and harmless from any and all loss, damage or liability that the undersigned may sustain as a result of any action taken in good faith and within the authority granted herein, except where
                such loss, damage or liability is the result of bad faith, gross negligence or willful misconduct on the part of any Attorney. It is understood that the Attorneys shall serve without compensation.

            

       

      

      	6.	
              Representations and Warranties of the Pre-IPO Unitholders. Each of the Pre-IPO Unitholders hereby represents, warrants and acknowledges that, as of the date hereof:

            

       

      

      	

            	(a)	
              With respect to each Pre-IPO Unitholder, such Pre-IPO Unitholder owns beneficially and of record the respective number and type of units set forth in Schedule I hereto, free and clear of any lien, mortgage, pledge, hypothecation,
                assignment, security interest or other encumbrance, or any preemptive right, right of first refusal, right of first offer, right of consent, put right, default or other similar right (collectively, “Liens”), other than restrictions
                on transfer under the LLC Agreements.

            

       

      

      	

            	(b)	
              Any information which such Pre-IPO Unitholder has heretofore furnished in writing for the purposes of the transactions contemplated herein to BIC Holdings, Trean Holdings, Trean or their respective representatives is correct and complete
                as of the date of this Agreement and the date of the Reorganization Transaction to which such writing relates.

            

       

      

      	

            	(c)	
              Such Pre-IPO Unitholder is an “accredited investor” as such term is defined in Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”).

            

       

      

      	

            	(d)	
              Such Pre-IPO Unitholder acknowledges that the shares of Common Stock received by such Pre-IPO Unitholder pursuant to the Reorganization Transactions, other than the shares of Common Stock issued to such Pre-IPO Unitholder in the IPO, if
                any, shall not be registered under the Securities Act or under any applicable state securities laws, and are being distributed in reliance on exemptions from the registration requirements of the Securities Act and all such laws.

            

       

      

      	

            	(e)	
              The Common Stock received by such Pre-IPO Unitholder pursuant to the Reorganization Transactions, other than the shares of Common Stock issued to such Pre-IPO Unitholder in the IPO, if any, are being acquired by such Pre-IPO Unitholder
                for its own account for the purpose of investment or for the benefit of its member and not with a view to distribute in violation of applicable securities laws, it being understood that the right to dispose of the shares of Common Stock
                shall be subject to the terms and conditions in the Amended and Restated By-Laws of Trean, in addition to the transfer restrictions under the Securities Act. Such Pre-IPO Unitholder will refrain from transferring or otherwise disposing of
                the shares of Common Stock or any interest therein in such manner as to cause Trean to violate the Securities Act or any applicable state securities or blue sky laws.

            

       

      

      	

            	(f)	
              Such Pre-IPO Unitholder represents that this Agreement has been duly executed and delivered by such Pre-IPO Unitholder and constitutes the legal, valid and binding obligation of such Pre-IPO Unitholder, and assuming the due execution,
                delivery and authorization of this Agreement by the other parties hereto, enforceable against such Pre-IPO Unitholder in accordance with its terms, except to the extent that such enforcement may be limited by applicable bankruptcy laws and
                other similar laws affecting creditors’ rights generally.

            

       

      

      
        4

        
          

      

      	

            	(g)	
              Such Pre-IPO Unitholder, unless a natural person, is an entity duly organized, validly existing and in good standing under the laws of its state of organization. The execution, delivery and performance by such Pre-IPO Unitholder of this
                Agreement has been duly authorized by all necessary action.

            

       

      

      	

            	(h)	
              The representations, warranties, agreements, undertakings and acknowledgments made by such Pre-IPO Unitholder in this Agreement shall survive the Reorganization Transactions. In addition, such Pre-IPO Unitholder shall notify Trean
                immediately of any change in any representation, warranty or other information relating to such Pre-IPO Unitholder set forth herein.

            

       

      

      	7.	
              Representations and Warranties of Trean, BIC Holdings and Trean Holdings. Each of Trean, BIC Holdings, Trean Holdings, Trean Corporation and Trean Compstar hereby represents and warrants with respect to itself that, as of the date
                hereof:

            

       

      

      	

            	(a)	
              It is a corporation, duly incorporated, or a limited liability company, duly organized, in each case, validly existing and in good standing under the laws of its state of organization.

            

       

      

      	

            	(b)	
              It has the requisite power, authority and legal right to execute and deliver this Agreement and to consummate the transactions contemplated hereby.

            

       

      

      	

            	(c)	
              This Agreement has been duly executed, delivered and authorized by it and constitutes the legal, valid and binding obligation of it, and assuming the due execution, delivery and authorization of this Agreement by the other parties
                hereto, is enforceable against it in accordance with its terms, except to the extent such enforcement may be limited by applicable bankruptcy laws and other similar laws affecting creditors’ rights generally.

            

       

      

      	

            	(d)	
              Neither the execution, delivery and performance by it of this Agreement, nor the consummation by it of the transactions contemplated hereby, nor compliance by it with the terms and provisions hereof, will (with or without notice or lapse
                of time or both), (i) result in a breach, termination or suspension of, constitute a default under, or accelerate the payment or performance required by the terms, conditions or provisions of, any material contracts to which it is a party,
                (ii) constitute a material violation by it of any existing law, rule, or regulation or of any judgment, award, order or other determination of any governmental authority, in each case applicable to it or any of its respective properties,
                rights or assets or (iii) result in the creation of any Lien upon any equity interests, properties, rights or assets of it, except, in the case of clauses (i), (ii) and (iii), as would not reasonably be expected to result in, individually
                or in the aggregate, a material adverse effect on its ability to consummate the transactions contemplated by this Agreement.

            

       

      

      	

            	(e)	
              No authorization, filing or notification with any governmental authority, any counterparty to any of the contracts to which it is a party or any other Person is required to be made or obtained by it in connection with the execution,
                delivery or performance by it of this Agreement, or the consummation of the transactions contemplated hereby by it, except for the registration of the Common Stock under the Securities Act and those authorizations, filings and notifications
                already obtained or made and any such authorization, filing or notification, the failure of which to make or obtain would not reasonably be expected to result in, individually or in the aggregate, a material adverse effect on its ability to
                consummate the transactions contemplated by this Agreement.

            

       

      

      
        5

        
          

      

      	8.	
              Term. This Agreement shall remain in full force and effect until the earlier of the completion of all of the transactions contemplated by this Agreement and the exhibits attached hereto or the determination of the board of
                directors of Trean not to consummate the IPO.

            

       

      

      	9.	
              Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the successors and permitted assigns of each of the Parties.

            

       

      

      	10.	
              Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute the same instrument. This Agreement may be executed by electronic transmission
                (including by .pdf) and such execution shall have the same force and effect as manually executed counterparts.

            

       

      

      	11.	
              Amendment. This Agreement may not be altered, modified, changed or amended, in whole or in part with respect to any Party, except by a written instrument signed by each such affected Party and, if applicable, authorized by each
                such Party’s board of directors, board of managers, managing member or general partner, as the case may be.

            

       

      

      	12.	
              Severability. If one or more provisions of this Agreement are found by a court or arbitrator of competent jurisdiction, or any governmental authority with competent jurisdiction over the Parties to be illegal, invalid or
                unenforceable, in whole or in part, the remaining terms and provisions of this Agreement (including the remaining portion of a provision found to be illegal, invalid or unenforceable in part) shall remain in full force and effect
                disregarding such illegal, invalid or unenforceable provision or portion thereof and such court, arbitrator or governmental authority shall be empowered to modify such illegal, invalid or unenforceable provision or portion thereof to the
                extent necessary to make this Agreement enforceable in accordance with the intent and purposes of the Parties expressed in this Agreement to the fullest extent practicable and as permitted by applicable law.

            

       

      

      	13.	
              Headings. Headings used in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.

            

       

      

      	14.	
              Governing Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the
                State of Delaware or any other jurisdiction) that would cause the application of laws of any jurisdiction other than those of the State of Delaware. Any legal suit, action or proceeding arising out of or based upon this Agreement or the
                transactions contemplated hereby may be instituted exclusively in the Chancery Court of the State of Delaware (or, in the event, but only in the event, that such court does not have subject matter jurisdiction over such action or
                proceeding, the Superior Court of the State of Delaware or the United States District Court for the District of Delaware). Service of process, summons, notice or other document by mail to such Party’s principal office shall be effective
                service of process for any suit, action or other proceeding brought in any such court. The Parties hereto irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or any proceeding in such courts and
                irrevocably waive and agree not to plead or claim in any such court that any such suit, action or proceeding has been brought in an inconvenient forum.

            

       

      

      [Signature Pages Follow]

      
        6

        
          

        

      

      IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed on its behalf as of the date first written above.

       

      

       

      

      	 	TREAN INSURANCE GROUP, INC.	 
	 	 	 	 
	

            	
              By: 

            	

            	 
	 	Name: 

            	Andrew M. O’Brien	 
	 	Title:	Authorized Signatory	 
	 	 	 	 

      

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

      IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed on its behalf as of the date first written above.

       

      

      

      	 	BIC HOLDINGS LLC	 
	 	 	 	 
	
              

              

            	
              By: 

            	

            	 
	 	Name:	Andrew M. O’Brien	 
	 	Title: 	Authorized Signatory 

            	 
	 	 	 	 

      

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

      IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed on its behalf as of the date first written above.

       

      

      

      	 	TREAN HOLDINGS LLC	 
	 	 	 	 
	
              

              

            	
              By: 

            	

            	 
	 	Name	Andrew M. O’Brien	 
	 	Title:	Authorized Signatory	 
	 	 	 	 

      

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

      IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed on its behalf as of the date first written above.

       

      

       

      

      	 	TREAN CORPORATION

            	 
	 	 	 	 
	

            	
              By: 

            	

            	 
	 	Name:	Andrew M. O’Brien	 
	 	Title:	Authorized Signatory	 
	 	 	 	 

       

      

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

      IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed on its behalf as of the date first written above.

       

      

       

      

      	 	TREAN COMPSTAR HOLDINGS, LLC

              	 
	 	 	 	 
	

            	
              By: 

            	

            	 
	 	Name:	Andrew M. O’Brien	 
	 	Title:	 Authorized Signatory	 
	 	 	 	 

       

      

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

      IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed on its behalf as of the date first written above.

       

      

       

      

      	 	AHP-TH LLC	 
	 	 	 	 
	

            	
              By: 

            	

            	 
	 	Name	Daniel G. Tully

            	 
	 	Title	Authorized Signatory	 
	 	 	 	 

      

      

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

      IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed on its behalf as of the date first written above.

       

      

       

      

      	 	ACP-TH LLC	 
	 	 	 	 
	

            	
              By: 

            	

            	 
	 	Name:

            	Daniel G. Tully	 
	 	Title: 

            	Authorized Signatory	 
	 	 	 	 

       

      

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

      IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed on its behalf as of the date first written above.

       

      

       

      

      	 	ACP-BHC LLC	 
	 	 	 	 
	

            	
              By: 

            	

            	 
	 	Name: 

            	Daniel G. Tully	 
	 	Title: 	Authorized Signatory	 
	 	 	 	 

      

      

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

      IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed on its behalf as of the date first written above.

       

      

       

      

      	 	ACP-BHC LLC	 
	 	 	 	 
	

            	
              By: 

            	

            	 
	 	Name: 

            	Daniel G. Tully	 
	 	Title: 	Authorized Signatory	 
	 	 	 	 

       

      

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

      IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed on its behalf as of the date first written above.

       

      

       

      

      	 	ANDREW M. O’BRIEN PREMARITAL TRUST	 
	 	 	 	 
	

            	
              By: 

            	

            	 
	 	Name:	Andrew M. O’Brien	 
	 	Title: 	Trustee	 
	 	 	 	 

       

      

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

      IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed on its behalf as of the date first written above.

       

      

       

      

      	

            	
              

              

            	

            	 
	 	

            	STEVEN B. LEE	 
	 	

            	

            	 

      

      

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

      IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed on its behalf as of the date first written above.

       

      

       

      

      	

            	
              

              

            	

            	 
	 	

            	KYLE A. PLATH	 
	 	 	

            	 

       

      

       

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

      IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed on its behalf as of the date first written above.

       

      

       

      

      	

            	

            	

            	 
	 	

            	DANIEL E. FOSTERLING	 
	 	 	

            	 

       

      

       

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

      IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed on its behalf as of the date first written above.

       

      

       

      

      	

            	

            	

            	 
	 	

            	BRAD D. SCHMITZ	 
	 	 	

            	 

       

      

       

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

      IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed on its behalf as of the date first written above.

       

      

       

      

      	

            	

            	

            	 
	 	 	SEAN P. RYAN	 
	 	 	

            	 

       

      

       

      

      
        [Signature Page to Reorganization Agreement]

        
          

        

      

      IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed on its behalf as of the date first written above.

      

      

      

      	
              

              

            	

            	

            	 
	 	 	RANDALL D. JONES	 
	 	 	

            	 

       

      

       

      

    

    
      
        [Signature Page to Reorganization Agreement]

        
          

      

      Index of Exhibits and Schedules

       

        

       
        	
                 Exhibit A:     

                

              	
                 HoldCo Contribution Agreement

              
	
                 Exhibit B:

              	
                 Compstar Holding Contribution Agreement

              
	
                 Exhibit C:

              	
                 LLC Agreement of Compstar Holding

              
	
                 Exhibit D:

              	
                 Termination Agreement

                

              
	
                 Exhibit E: 

                

              	
                 Amended and Restated By-Laws 

                

              

      

       

        

    

     

      
         

      

       

      

      	Schedule I:	
              Trean Holdings LLC and BIC Holdings LLC Capitalization Table

            

      

      

      
        
          

      

      
      Exhibit A

      HoldCo Contribution Agreement

       

        

      
        A-1

        
          

      

      
      Exhibit B

      Compstar Holding Contribution Agreement

       

        

      
        B-1

        
          

      

      
      Exhibit C

      
        LIMITED LIABILITY COMPANY AGREEMENT

        OF

        COMPSTAR HOLDING COMPANY LLC

        

        

        This Limited Liability Company Agreement (this “Agreement”) of Compstar Holding Company LLC (the “Company”) is entered into
          as of _________, 2020 by Trean Compstar Holdings LLC as the sole member of the Company (the “Member”).

        

        

        WHEREAS, the Company was formed on February 5, 2018 as a Delaware limited liability company;

        

        

        WHEREAS, the initial limited liability company agreement of the Company was entered into as of April 3,
          2018 (as amended, the “Original Agreement”); and

        

        

        WHEREAS, the Original Agreement was terminated as of the date hereof by the parties thereto, and the
          Member, which effective as of the date hereof owns 100% of the equity interests of the Company, desires to enter into this Agreement to set forth certain governance, capitalization and other terms with respect to the Company.

        

        

        NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable
          consideration, the receipt and sufficiency of which are hereby acknowledged, the Member, intending to be legally bound, hereby agrees as follows:

        

        

        1.          Organization.  The
              Company has been organized as a Delaware limited liability company by executing and delivering a Certificate of Formation to the Secretary of State of the State of Delaware on February 5, 2018 in accordance with and pursuant to the provisions
              of the Delaware Limited Liability Company Act, as amended (the “Act”).

        

        

        2.          Name.   The name of the Company is “Compstar Holding Company LLC”.  The Member may change the name of
              the Company at any time and from time-to-time.  The Company’s business may be conducted under its name and/or any other name or names deemed advisable by the Member.

        

        

        3.          Purpose.  The
              purpose and business of the Company shall be any business which may lawfully be conducted by a limited liability company organized pursuant to the Act.  The Company shall possess and may exercise all powers and privileges granted by the Act,
              any other law, or by this Agreement, including incidental powers thereto, to the extent that such powers and privileges are necessary, customary, convenient or incidental to the attainment of the Company’s purpose.

        

        

        4.          Principal Office; Agent for Service of Process.  The principal office of the Company shall be at such
              place or places and in such jurisdictions as the Member may deem advisable.  The name and address of the Company’s registered agent for service of process in the State of Delaware is National Registered Agents, Inc., 160 Greentree Drive,
              Suite 101, in the City of Dover, Kent County, Delaware 19904.  The Company may change its registered agent or registered office from time-to-time as the Member deems advisable.

        

        

        5.          Management.  The
              right to manage, control and conduct the business and affairs of the Company shall be vested solely in the Member, and the Member shall have the power and authority to exercise all of the rights, powers and privileges granted under the Act,
              any other applicable law and this Agreement.  The Member may appoint (and remove) such officers of the Company as the Member may from time-to-time determine to carry out the management, control and conduct of the business and affairs of the
              Company, all as aforesaid.  Any such appointments and any removals by the Member shall be in writing and shall be filed with the records of the Company.  The Member and any such officers so appointed shall have the authority to act as agent
              for the Company for purposes of conducting its business and affairs, including, without limitation, the opening of bank accounts, the making of deposits and withdrawals therefrom and the issuance of wire-transfer instructions with respect
              thereto, and the execution and delivery of any and all documents or agreements in the name of the Company and to which the Company shall be bound.  The Member and, except for situations in which members’ approval is expressly required by
              nonwaivable provisions of the Act, such officers shall have the right, authority and powers of an authorized person with respect to the business and assets of the Company as set forth in the Act and no person dealing with the Company shall be
              required to inquire into (and such persons may be entitled, without investigation, to rely upon) the authority of the Member or such officers to take any action on behalf of the Company.

        
          

          C-1

          
            

          

        

        6.          Membership Interests.  As of the date hereof, the only type of ownership interests in the Company are
              membership interests.  For the avoidance of doubt, all Class A Units and Class B Units (as such terms were defined in the Original Agreement) outstanding immediately prior to the effectiveness of this Agreement are hereby recapitalized by
              operation of this Agreement, with each such Class A Unit and Class B Unit now being a “membership interest” under this Agreement without any class designation.  As of the date hereof, 100% of the membership interests are owned by the Member.

        

        

        7.          Additional Contributions.  The Member is not required to make additional capital contributions to the
              Company.  All capital contributions shall be made at the option of the Member and shall be made as and when the Member deems appropriate.

        

        

        8.          Membership Interests.  Membership interests of the Company may be represented by certificates at the
              sole discretion of the Member.  The Company hereby irrevocably elects that, to the extent certificates representing membership interests are issued, all membership interests shall be deemed securities governed by Article 8 of the Uniform
              Commercial Code.  In the event the Member elects to issue certificates representing membership interests, such certificates shall bear the following legend:

        

        

        “THIS CERTIFICATE EVIDENCES AN INTEREST IN THE COMPANY AND SHALL BE A SECURITY FOR PURPOSES OF ARTICLE
          8 OF THE UNIFORM COMMERCIAL CODE.”

        

        

        9.          Term.  The Company shall continue in existence in perpetuity until the termination of the Company in
              accordance with the provisions of Section 16 below.

        

        

        10.          Limited Liability.  Except as otherwise required by the Act, (a) the debts, expenses, obligations and
              liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, expenses, obligations and liabilities of the Company and (b) the Member shall not have any liability for the obligations or liabilities of
              the Company solely by reason of being a member or acting as the Member of the Company.

        

        

        11.          Exculpation and Indemnification.

        

        

        (a)          The Company shall, to the full extent permitted by law, indemnify and hold harmless the Member and the officers of the Company and each affiliate, officer, controlling person, partner, employee
              or shareholder of any of the foregoing, together with their respective successors and assigns, heirs, executors and administrators (each, an “Indemnified
                Person”), from and against any and all losses, claims, costs, damages, liabilities, expenses (including legal fees and expenses), suits or proceedings (whether civil, criminal, administrative or investigative), judgments, fines,
              settlements and other amounts (collectively, “Claims”) arising from, related to or incurred or imposed upon such Indemnified Person in connection
              with, which arise out of, or relate to (i) the fact that such Indemnified Person is or was a member, officer, employee or agent of the Company, or is or was serving at the request of the Company as a manager, director, officer, employee or
              agent of another corporation, company, partnership, joint venture, trust or other enterprise, or (ii) otherwise with respect to the Company’s property, business or affairs.  An Indemnified Person’s expenses paid or incurred in investigating,
              preparing or defending itself against any Claim shall be reimbursed by the Company as paid or incurred.

        
          

          C-2

          
            

          

        

        (b)          The indemnification provided by this Section 11 shall not be deemed exclusive of any other rights to
              which an Indemnified Person may have or hereafter acquire under any statute, agreement, vote of members or otherwise.

        

        

        (c)          The Company may purchase and maintain insurance on behalf of any person or entity who is or was a Member, officer, employee or agent of the Company, or is or was serving at the request of the
              Company as a director, manager, officer, employee or agent of another corporation, company, partnership, joint venture, trust or other enterprise, against any liability asserted against such person or entity incurred by such person or entity
              in any such capacity, or arising out of such person’s or entity’s status as such, whether or not the Company would have the power to indemnify such person or entity against such liability under the provisions of this Section 11.

        

        

        (d)          For purposes of this Section 11, references to “the Company” shall include, in addition to the
              surviving company, any merging company (including any company having merged with a merging company) absorbed in a merger which, if its separate existence had continued, would have had the power and authority to indemnify its members,
              directors, managers, officers, employees or agents, so that any person or entity that is or was a member, director, manager, officer, employee or agent of such merging company, or is or was serving at the request of such merging company as a
              director, manager, officer, employee or agent of another corporation, company, partnership, joint venture, trust or other enterprise, shall stand in the same position under the provisions of this Section 11 with respect to the surviving company as such person or entity would have with respect to such merging corporation if its separate existence had continued.

        

        

        12.          Allocations and Distributions.  Each item of income, gain, loss, deduction and credit of the Company for
              Federal income tax purposes shall be allocated to the Member.  All distributions in respect of the ownership interests in the Company shall be made to the Member.

        

        

        13.          Fiscal Year.  The fiscal year of the Company shall end on December 31, unless otherwise determined by
              the Member.

        

        

        14.          Method of Accounting.  The method of accounting used by the Company shall be determined by the Member.

        

        

        15.          Business with the Company.   The Member shall be permitted to transact business with the Company.

        

        

        16.          Dissolution.  The Company will be dissolved upon the occurrence of any of the following events:

        

        

        (a)          the written agreement of the Member; or

        

        

        (b)          the entry of a decree of judicial dissolution under Section 18‐802 of the Act.

        
          

          C-3

          
            

          

        

        Dissolution of the Company will be effective on the day on which an event described in clause (a) or (b) above occurs, but
          the Company will not terminate until a certificate of cancellation is filed with the Secretary of State of the State of Delaware and the assets of the Company are distributed in accordance with the Act or applicable law.  Notwithstanding the
          dissolution of the Company, prior to the termination of the Company, the business of the Company will continue to be governed by this Agreement.

        

        

        17.          Successors and Assigns.  This Agreement shall be binding upon and shall inure to the benefit of the
              Company, the Member and their respective successors, successors-in-title, legal representatives, heirs and assigns.  None of the provisions of this Agreement shall be for the benefit of or enforceable by any person or entity other than a
              member or the Company, including without limitation any creditor of any member or the Company.

        

        

        18.          Amendments; Waivers.  No waiver, modification or amendment of this Agreement shall be valid or binding
              unless such waiver, modification or amendment is in writing duly executed by the Member.  No delay or omission in exercising any right under this Agreement shall operate as a waiver of that or any other right.

        

        

        19.          Governing Law.  This Agreement shall be governed by and interpreted, construed and enforced in
              accordance with the internal laws of Delaware.

        

        

        [Signature Page Follows]

        
          

          C-4

          
            

          

        

        The Member has executed this Agreement as of the day and year first above set forth.

        

        

        	 	
                TREAN COMPSTAR HOLDINGS LLC

              
	 	 	 
	 	
                By:

              	

              
	 	
                Name:

              	
                Andrew M. O’Brien

              
	 	
                Title:

              	
                Authorized Signatory

              

        

        

        Compstar Holding Company LLC

        Limited Liability Company Agreement

      

      
        C-5

        
          

      

      
      Exhibit D

      Termination Agreement

          

        

      
        D-1

        
          

      

      
      Exhibit E

      Amended and Restated By-Laws

       

        

      
        E-1

        
          

      

      
      Schedule I

      Trean Holdings LLC and BIC Holdings LLC Capitalization Table

      

      

      

      

    

  

  I-1

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