Document:

Restricted Stock Agreement (Karen Padovese)

 Exhibit 10.9 
 RESTRICTED STOCK AGREEMENT 
 (Karen Padovese) 
 This RESTRICTED STOCK AGREEMENT (this “Agreement”) is dated as of November 1, 2005, by and between HFF&L (CAYMAN)
HOLDINGS, LTD., a Cayman Islands exempted company (the “Company”), and KAREN PADOVESE (the “Stockholder”). 
 WHEREAS, the Company wishes to issue to the Stockholder a certain number of the Company’s Ordinary Shares (as defined in Section 1 hereof) on the terms and subject to the restrictions contained in this Agreement; and

 NOW, THEREFORE, in consideration of the mutual promises and agreements set forth herein, the Company and the Stockholder
agree as follows: 
 1. DEFINITIONS. As used herein, the following terms shall have the meanings specified below: 
 “Act” has the meaning specified in Section 4(a) hereof 
 “Affiliate” has the meaning specified in the Members Agreement. 
 “After-Tax Percentage” means 56%. 
 “After-Tax Vested Share Distribution” has the meaning specified in Section 7.1(a). 
 “Agreement” has the meaning specified in the preamble hereto. 
 “Board” means the Board of
Directors of the Company. 
 “Company” has the meaning specified in the preamble hereto. 
 “Distributions” has the meaning specified in Section 7.1. 
 “Employer” means HFF&L (U.S.) Holdings, Inc., a Delaware corporation and an indirect wholly-owned Subsidiary of the Company.

 “Event of Default” has the meaning specified in the Note. 
 “Members Agreement” means the Management Members’ Agreement, dated as of November 1, 2005, among the Company the Sponsor
Members of the Company party thereto and the Management Members of the Company party thereto, as amended and in effect from time to time. 
 “Note” has the meaning specified in specified in Section 2(a). 
 “Ordinary Shares” means the
ordinary shares, par value $0.001 per share, of the Company. 
  

 “Original Price Per Share” means $5.00 per Share for each Ordinary Share. 
 “Person” an individual, partnership, limited liability company, corporation, association, trust, joint venture, unincorporated
organization, or any government, governmental department or agency or political subdivision thereof. 
 “Sale of the
Company” means any of the following events: (a) the acquisition of the Company by another Person by means of any transaction or series of related transactions (including, without limitation, any reorganization, merger, scheme of
arrangement, consolidation, recapitalization or other similar transaction) in which the Company’s members of record immediately prior to such acquisition will, immediately after such acquisition (by virtue of securities issued as consideration
for the Company’s acquisition or otherwise) fail to hold at least fifty percent (50%) of the voting power of the resulting or surviving corporation or other surviving entity, as applicable, following such acquisition, or (b) the sale
of all or substantially all of the Company’s and its Subsidiaries’ assets, taken as a whole. 
 “Shares” has the
meaning set forth in Section 2(a) of this Agreement and includes all other shares of capital stock issued with respect thereto by way of dividend or stock split or in connection with any merger, consolidation, recapitalization or reorganization
affecting the Company’s capital stock. 
 “Stockholder” has the meaning specified in the preamble hereto. 

“Stock Purchase Agreement” means the Stock Purchase Agreement, dated as of November 1, 2005, between the Company and the
Stockholder, as amended and in effect from time to time. 
 “Subsidiary” means any corporation, association, trust, or other
business entity, of which the designated parent shall at any time own or control directly or indirectly through a Subsidiary or Subsidiaries at least a majority (by number of votes) of the outstanding shares of capital stock (or other shares of
beneficial interest) which are (a) entitled ordinarily, in the absence of contingencies, to vote for the election of a majority of such business entity’s directors (or Persons exercising similar functions), even though the right so to vote
has been suspended by the happening of such a contingency, or (b) entitled at the time to vote for the election of a majority of such business entity’s directors (or Person exercising similar functions), whether or not the right so to vote
exists by reason of the happening of a contingency. 
 “Termination of Employment” means the termination of the
Stockholder’s employment with the Company or any of its Subsidiaries for any reason, including, without limitation, for resignation, death or Disability of the Stockholder, and whether or not for Cause. 
 “Transfer” has the meaning specified in Section 4 hereof. 
 “Unvested Shares” has the meaning specified in Section 3.1 hereof. 
 “Vested Shares” has the meaning specified in Section 3.1 hereof. 
 “Vesting Date” has the meaning specified in Section 7.1(b). 
  

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 “Vesting Date Payment” has the meaning specified in Section 7.1(b). 
 2. PURCHASE AND SALE OF SHARES. (a) Subject to (i) the terms and conditions hereinafter set forth and in reliance on the representations
and warranties contained herein, and (ii) the Company’s receipt of any and all necessary consents, authorizations and approvals of the transactions contemplated by this Agreement, and in consideration of the services to be provided by the
Stockholder to the Company and its Subsidiaries, the Company hereby agrees to issue to the Stockholder, on the date hereof 217,298 Ordinary Shares (the “Shares”). On the date hereof the Company shall deliver to the Stockholder a
certificate or certificates representing the Shares (each such certificate to bear the legends set forth in Section 6 hereof). The Employer agrees to loan to the Stockholder an amount of up to $478,055 to fund payment of the U.S. federal and
state income tax obligations of the Stockholder resulting from the grant of the Shares hereunder (the “Loan”). The Loan will be made at the time such tax obligations are paid by the Stockholder and will be evidenced by a limited
recourse stockholder promissory note, substantially in the form attached hereto as Exhibit A (the “Note”). On or prior to the date of the Loan, the Stockholder will (i) duly execute and deliver to the Employer the Note
and (ii) deliver and pledge all of the Shares to the Employer pursuant to the terms of the Note, together with undated shares transfers or other appropriate instruments of assignment thereof duly executed in blank by the Stockholder. The Note
will be secured by the Shares and the Purchased Shares (as defined in the Stock Purchase Agreement). 
 (b) The Company represents and
warrants that, after giving effect to the purchase and sale effected hereby and all other agreements to purchase capital stock and securities of the Company as of the date hereof, (i) the authorized share capital of the Company is $50,000 and
consists of 50,000,000 Ordinary Shares, 44,111,516 shares of which are issued and outstanding on the date hereof, (ii) all such outstanding share capital is owned as set forth on Schedule 1 hereto and is validly issued and outstanding,
fully paid and non-assessable and (iii) there are no commitments for the purchase or sale of, and no options, warrants or other rights to subscribe for or purchase, any securities of the Company other than as set forth on Schedule 1
hereto. 
 3. VESTING AND REPURCHASE OF SHARES. 
 3.1 Vesting of Shares. Initially, all of the Shares shall be considered “Unvested Shares”. On each anniversary of November 1, 2005 prior to the Termination of Employment, commencing
with November 1, 2006, 25% of the original number of Shares shall become “Vested Shares”, such that all of the Shares shall be Vested Shares as of and after November 1, 2009 if the Termination of Employment does not occur
prior to such date. If a Sale of the Company occurs prior to a Termination of Employment (the first such event or sale, a “Vesting Acceleration Event”), the then Unvested Shares shall become Vested Shares upon the occurrence of such
Vesting Acceleration Event. No Shares which have not already become Vested Shares shall become Vested Shares upon or after the Termination of Employment for any reason. 
 3.2 Repurchase Rights of the Company and the Sponsor Members. Upon the Termination of Employment, the Company and the Sponsor Members (as defined in the 

  

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Members Agreement) shall have the rights to purchase all or a portion of the Shares in accordance with the terms of Article IV of the Members Agreement.

 4. RESTRICTIONS ON TRANSFER. The Stockholder may not sell, assign, transfer, pledge, gift or otherwise dispose of
(“Transfer”) any of the Shares, except in accordance with Article III of the Members Agreement. 
 5. INVESTMENT
REPRESENTATIONS. (a) The Stockholder represents that the Shares are being acquired by her for her own account for investment and not with a view to the distribution thereof. The Stockholder understands that the Shares have not been
registered under the Securities Act of 1933, as amended (the “Act”), on the grounds that the offer and sale of the Shares to her are exempt from the registration requirements of the Act under Section 4(2) thereof as a
transaction not involving any public offering of the Shares. The Stockholder understands that the Company’s reliance on such exemption is predicated in part on the representations of the Stockholder which are contained herein. 
 (b) The Stockholder understands that she must bear the economic risk of her investment in the Shares for an indefinite period of time because the Shares
have not been registered under the Act and, therefore, cannot be sold unless they are subsequently registered under the Act or an exemption from such registration is available. The Stockholder agrees that she will not offer to Transfer any of the
Shares except as expressly permitted by the Members Agreement and then only after the Company has received an opinion of its counsel that such offer or Transfer is not in violation of the registration requirements of the Act or other applicable law.

 (c) The Stockholder represents that she is an “accredited investor” (as defined in Rule 501 under the Act). 
 6. LEGENDS; STOP TRANSFER. (a) Each certificate representing the Shares shall bear legends in or substantially in the following form:

 “THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NO TRANSFER, SALE OR
OTHER DISPOSITION OF THESE SHARES MAY BE MADE UNLESS A REGISTRATION STATEMENT WITH RESPECT TO THESE SHARES HAS BECOME EFFECTIVE UNDER SAID ACT, OR THE COMPANY HAS BEEN FURNISHED WITH AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED. 
 THE SHARES EVIDENCED BY THIS CERTIFICATE ARE ALSO SUBJECT TO CERTAIN REPURCHASE RIGHTS IN FAVOR OF THE
COMPANY AND CERTAIN PROVISIONS REGARDING RESTRICTIONS UPON TRANSFER CONTAINED IN A RESTRICTED STOCK AGREEMENT, DATED AS OF NOVEMBER 1, 2005, COPIES OF WHICH WILL BE FURNISHED BY THE COMPANY TO THE HOLDER OF THE SHARES EVIDENCED BY THIS CERTIFICATE
UPON WRITTEN REQUEST AND WITHOUT CHARGE. 
  

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 TIME SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS OF A CERTAIN MANAGEMENT
MEMBERS’ AGREEMENT, DATED AS OF NOVEMBER 1, 2005, AMONG THE ISSUER OF THIS CERTIFICATE AND CERTAIN OF ITS MEMBERS. THE MANAGEMENT MEMBERS’ AGREEMENT CONTAINS CERTAIN RESTRICTIVE PROVISIONS RELATING TO THE VOTING AND TRANSFER OF SHARES
REPRESENTED HEREBY. A COPY OF THE MANAGEMENT MEMBERS’ AGREEMENT IS ON FILE AT THE COMPANY’S PRINCIPAL OFFICES. UPON WRITTEN REQUEST TO THE COMPANY’S SECRETARY, A COPY OF THE MANAGEMENT MEMBERS’ AGREEMENT WILL BE PROVIDED WITHOUT
CHARGE TO THE HOLDER OF THIS CERTIFICATE.” 
 (b) In addition, the Company shall make a notation regarding the restrictions on transfer
of the Shares in the stock books of the Company, and such Shares shall be transferred on the books of the Company only if and when transferred or sold in compliance with all of the terms and conditions of this Agreement. 
 7. DIVIDEND AND OTHER DISTRIBUTIONS ON THE SHARES 
 7.1 Distributions on the Shares. If any dividends or other distributions are paid on Ordinary Shares (collectively, “Distributions”): 
 (a) the Stockholder shall be entitled to receive and retain any Distributions in respect of any Vested Shares; provided, however, that so
long as the Note is outstanding the After-Tax Percentage of any Distributions in respect of any Vested Shares (each, an “After-Tax Vested Share Distribution”) shall be used solely as follows: (i) first, to pay all
accrued and unpaid interest of the Note; and (ii) then, to repay the outstanding principal balance of the Note. Notwithstanding the foregoing, if any Event of Default has occurred and is continuing the entire amount of any Distribution
in respect of Vested Shares shall be applied in the manner contemplated by the proviso to the foregoing sentence. 
 (b) the Company shall
retain any Distribution in respect of any Unvested Shares until such time as such Unvested Shares become Vested Shares in accordance with the terms of this Agreement and on the applicable vesting date (each, a “Vesting Date”) the
Company shall pay to the Stockholder an amount (each such amount, a “Vesting Date Payment”) equal to the sum of (X) the amount of any Distributions that have been retained by the Company in accordance with this clause
(b) on the shares that have become Vested Shares on such Vesting Date, plus (Y) interest thereon from the date of the applicable Distribution until such Vesting Date calculated at an annual rate set by the Board that is
approximately equal to the rate that represents the yield on the Company’s operating Subsidiaries cash and investments during such period; provided, however, that so long as the Note is outstanding any Vesting Date Payment shall
be used solely as follows: (i) first, to pay all accrued and unpaid interest of the Note; and (ii) then, to repay the outstanding principal balance of the Note. Notwithstanding the foregoing, if any Event of Default has
occurred and is continuing the entire amount of any Distribution in respect of Unvested Shares shall be retained by the Company in the manner contemplated by the previous sentence. Upon the Termination of Employment at any time and for any reason,
the Stockholder shall automatically forfeit any right to any Distributions that have been retained by 

  

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the Company in accordance with this clause (b) (including any interest thereon) in respect of any Unvested Shares that have not become Vested Shares as
of the date of the Termination of Employment. Any payments under this clause (b) shall be made solely from the general assets of the Company. The Company shall have no obligation and does not intend to establish, maintain or contribute to any
trust, insurance contract, or other fund for the purpose of making or reserving for payments of dividends on Unvested Shares. The Stockholder shall have no greater rights to any of the assets of the Company as a result of becoming entitled to a
dividend on the vesting of previously Unvested Shares than the rights of any other general unsecured creditor of the Company. 
 7.2
Authorization. The Stockholder hereby irrevocably authorizes and directs the Company and the Employer to directly apply each After-Tax Share Distribution and Vesting Date Payment against payments of interest on and principal of the Note
in the manner contemplated by Section 7.1. 
 8. GENERAL. 
 8.1 Notices. All notices, demands and other communications hereunder shall be in writing or by written telecommunication, and shall be
deemed to have been duly given if delivered personally or if mailed by certified mail, return receipt requested, postage prepaid, or if sent by overnight courier, or sent by written telecommunication, as follows: 
 If to the Company, to: 
 c/o Friedman
Fleischer & Lowe, LLC 
 One Maritime Plaza 
 Suite 1000 
 San Francisco, California 94111 
 Attention: David L. Lowe 
 Fax No.:
(415) 402-2111 
 and 
 c/o Hellman & Friedman LLC 
 One Maritime Plaza, 12th Floor 
 San
Francisco, California 94111 
 Attention: David R. Tunnell 
                Arrie R. Park 
 Fax No.: (415) 788-0176 
 With copies sent simultaneously to: 
 Bingham McCutchen LLP 
 399 Park Avenue

 New York, New York 10022 
 Attention: Neil W. Townsend, Esq. 
 Fax No: (212) 752-5378 
  

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 and 
 Weil, Gotshal & Manges LLP 
 100 Federal
Street, 34th Floor 
 Boston, MA 02110 
 Attention: James Westra, Esq. 
 Fax No.: (617) 772-8333 
 If to the
Stockholder, to: 
 Karen Padovese 
 28 Montevideo Way 
 San Rafael, CA 94903 
 Any such notice shall be effective (a) if delivered personally, when received, (b) if sent by overnight courier, when receipted for, (c) if mailed, five (5) days after being mailed as described
above, and (d) if sent by written telecommunication, when dispatched. 
 8.2 Equitable Remedies. Each of the parties hereto
acknowledges and agrees that upon any breach by the Stockholder of her obligations under Sections 3.2 or 4 hereof, the Company will have no adequate remedy at law, and accordingly will be entitled to specific performance and other appropriate
injunctive and equitable relief. 
 8.3 Severability. If any provision of this Agreement is or becomes invalid, illegal or
unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired. 
 8.4 Waivers. No delay or omission by either party hereto in exercising any right, power or privilege hereunder shall impair such right, power or privilege, nor shall any single or partial exercise of any
such right, power or privilege preclude any further exercise thereof or the exercise of any other right, power or privilege. 
 8.5
Counterparts. This Agreement may be executed in multiple counterparts (including by facsimile), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 8.6 Assigns. This Agreement shall not be assignable or transferable by the Stockholder without the Company’s prior written consent
thereto. 
 8.7 Entire Agreement. This Agreement contains the entire understanding of the parties, supersedes all prior
agreements and understandings relating to the subject matter hereof and shall not be amended except by a written instrument hereafter signed by each of the parties hereto. Nothing in this Agreement shall be construed as a grant to the Stockholder of
any right to continuing employment with the Company or any Subsidiary (including the Employer) or to restrict in any way the right to terminate the Stockholder’s employment at any time. 
 8.8 Governing Law. This Agreement and the obligations of the parties hereunder shall be governed by, and construed, interpreted and
enforced, in accordance with, the 

  

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laws of the State of New York, without reference to applicable principles of conflicts of laws that would mandate the applicable of the laws of another
jurisdiction. 
 9. SECTION 83(B) ELECTION. The Stockholder and the Company acknowledge that the Stockholder is electing, in
accordance with Section 83(b) of the Internal Revenue Code of 1986, as amended, to recognize ordinary income in this calendar year with respect to the acquisition of the Shares. The Stockholder and the Company agree that the fair market value
of the Shares on the date hereof is equal to the aggregate Original Price Per Share of the Shares, and shall reflect such fair market value to the extent required on any Federal, state or local income tax return or filing. The Stockholder further
agrees that she will file a Section 83(b) election form with the Internal Revenue Service within thirty (30) days after the date hereof. 
 [Remainder of page intentionally left blank; signature page follows] 
  

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 IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties hereto have caused this
Agreement to be duly executed as of the date and year first above written. 
  

			
	THE COMPANY:	  	HFF&L (CAYMAN) HOLDINGS, LTD.
		
		  	By: /s/ David L. Lowe            
		  	      David L. Lowe
		  	      President
		
	 THE STOCKHOLDER:
	  	
		
		  	      /s/ Karen Padovese                
		  	      Karen Padovese

 [Signature Page to Karen Padovese Restricted Stock Agreement] 
  

 9Restricted Stock Agreement (Brian T. Sheekey)

 Exhibit 10.10 
 RESTRICTED STOCK AGREEMENT 
 (Brian T. Sheekey) 
 This RESTRICTED STOCK AGREEMENT (this “Agreement”) is dated as of December 18, 2006, by and between GEOVERA INSURANCE GROUP
HOLDINGS, LTD. (formerly known as HFF&L (Cayman) Holdings, Ltd.), a Cayman Islands exempted company (the “Company”), and BRIAN T. SHEEKEY (the “Stockholder”). 
 WHEREAS, the Company wishes to issue to the Stockholder a certain number of the Company’s Ordinary Shares (as defined in Section 1
hereof) on the terms and subject to the restrictions contained in this Agreement; and 
 NOW, THEREFORE, in consideration of the
mutual promises and agreements set forth herein, the Company and the Stockholder agree as follows: 
 1. DEFINITIONS. As used
herein, the following terms shall have the meanings specified below: 
 “Act” has the meaning specified in Section 5(a)
hereof. 
 “Affiliate” has the meaning specified in the Members Agreement. 
 “After-Tax Percentage” means 54%. 
 “After-Tax Vested Share Distribution” has the meaning specified in Section 7.1(a). 
 “Agreement” has the meaning specified in the preamble hereto. 
 “Board” means the Board of
Directors of the Company. 
 “Company” has the meaning specified in the preamble hereto. 
 “Distributions” has the meaning specified in Section 7.1. 
 “Employer” means Geovera Holdings, Inc. (formerly known as HFF&L (U.S.) Holdings, Inc.), a Delaware corporation and an indirect
wholly-owned Subsidiary of the Company. 
 “Event of Default” has the meaning specified in the Note. 
 “Members Agreement” means the Management Members’ Agreement, dated as of November 1, 2005, among the Company, the Sponsor
Members of the Company party thereto and the Management Members of the Company party thereto, as amended and in effect from time to time. 
 “Note” has the meaning specified in specified in Section 2(a). 
 “Ordinary Shares” means the
ordinary shares, par value $0.001 per share, of the Company. 
 “Original Price Per Share” means $5.00 per Share for each
Ordinary Share. 
 “Person” an individual, partnership, limited liability company, corporation, association, trust, joint
venture, unincorporated organization, or any government, governmental department or agency or political subdivision thereof. 
  

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 “Sale of the Company” means any of the following events: (a) the acquisition of the
Company by another Person by means of any transaction or series of related transactions (including, without limitation, any reorganization, merger, scheme of arrangement, consolidation, recapitalization or other similar transaction) in which the
Company’s members of record immediately prior to such acquisition will, immediately after such acquisition (by virtue of securities issued as consideration for the Company’s acquisition or otherwise) fail to hold at least fifty percent
(50%) of the voting power of the resulting or surviving corporation or other surviving entity, as applicable, following such acquisition, or (b) the sale of all or substantially all of the Company’s and its Subsidiaries’ assets,
taken as a whole. 
 “Shares” has the meaning set forth in Section 2(a) of this Agreement and includes all other shares
of capital stock issued with respect thereto by way of dividend or stock split or in connection with any merger, consolidation, recapitalization or reorganization affecting the Company’s capital stock. 
 “Stockholder” has the meaning specified in the preamble hereto. 
 “Subsidiary” means any corporation, association, trust, or other business entity, of which the designated parent shall at any time own
or control directly or indirectly through a Subsidiary or Subsidiaries at least a majority (by number of votes) of the outstanding shares of capital stock (or other shares of beneficial interest) which are (a) entitled ordinarily, in the
absence of contingencies, to vote for the election of a majority of such business entity’s directors (or Persons exercising similar functions), even though the right so to vote has been suspended by the happening of such a contingency, or
(b) entitled at the time to vote for the election of a majority of such business entity’s directors (or Person exercising similar functions), whether or not the right so to vote exists by reason of the happening of a contingency.

 “Termination of Employment” means the termination of the Stockholder’s employment with the Company or any of its
Subsidiaries for any reason, including, without limitation, for resignation, death or Disability of the Stockholder, and whether or not for Cause. 
 “Transfer” has the meaning specified in Section 4 hereof. 
 “Unvested Shares” has the
meaning specified in Section 3.1 hereof. 
 “Vested Shares” has the meaning specified in Section 3.1 hereof.

 “Vesting Date” has the meaning specified in Section 7.1(b). 
 “Vesting Date Payment” has the meaning specified in Section 7.1(b). 
 2. PURCHASE AND SALE OF SHARES. (a) Subject to (i) the terms and conditions hereinafter set forth and in reliance on the
representations and warranties contained herein, and (ii) the Company’s receipt of any and all necessary consents, authorizations and approvals of the transactions contemplated by this Agreement, and in consideration of the services to be
provided by the Stockholder to the Company and its Subsidiaries, the Company hereby agrees to issue to the Stockholder, on the date hereof 162,974 Ordinary Shares (the “Shares”). On the date hereof, the Company shall deliver to the
Stockholder a certificate or certificates representing the Shares (each such certificate to bear the legends set forth in Section 6 hereof). The Employer agrees to loan to the Stockholder an amount of up to $404,827 to fund payment of the U.S.
federal and state income tax obligations of the Stockholder resulting from the grant of the Shares hereunder (the “Loan”). The Loan will be made at the time such tax obligations are paid by the Stockholder and will be evidenced by a
limited recourse stockholder promissory note, substantially in the form attached hereto as Exhibit A (the “Note”). On or prior to the date of the Loan, the Stockholder will (i) duly execute and deliver to the Employer the
Note and (ii) deliver and pledge all of the Shares to the Employer pursuant to the terms of the Note, together with undated shares transfers or other appropriate instruments of assignment thereof duly executed in blank by the Stockholder. The Note
will be secured by the Shares. 
  

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 (b) The Company represents and warrants that, after giving effect to the purchase and sale effected
hereby and all other agreements to purchase capital stock and securities of the Company as of the date hereof, (i) the authorized share capital of the Company is $50,000 and consists of 50,000,000 Ordinary Shares, 44,352,718 shares of which are
issued and outstanding on the date hereof, (ii) all such outstanding share capital is owned as set forth on Schedule 1 hereto and is validly issued and outstanding, fully paid and non-assessable and (iii) there are no
commitments for the purchase or sale of, and no options, warrants or other rights to subscribe for or purchase, any securities of the Company other than as set forth on Schedule 1 hereto. 
 (c) Concurrently with the execution and delivery of this Agreement, the Stockholder shall become a party to the Members Agreement pursuant to
documentation in form and substance reasonably satisfactory to the Company. 
 3. VESTING AND REPURCHASE OF SHARES. 
 3.1. Vesting of Shares. Initially, all of the Shares shall be considered “Unvested Shares”. On each anniversary of
March 1, 2006 prior to the Termination of Employment, commencing with March 1, 2007, 25% of the original number of Shares shall become “Vested Shares”, such that all of the Shares shall be Vested Shares as of and after
March 1, 2010 if the Termination of Employment does not occur prior to such date. If a Sale of the Company occurs prior to a Termination of Employment (the first such event or sale, a “Vesting Acceleration Event”), the then
Unvested Shares shall become Vested Shares upon the occurrence of such Vesting Acceleration Event. No Shares which have not already become Vested Shares shall become Vested Shares upon or after the Termination of Employment for any reason.

 3.2. Repurchase Rights of the Company and the Sponsor Members. Upon the Termination of Employment, the Company and
the Sponsor Members (as defined in the Members Agreement) shall have the rights to purchase all or a portion of the Shares in accordance with the terms of Article IV of the Members Agreement. 
 4. RESTRICTIONS ON TRANSFER. The Stockholder may not sell, assign, transfer, pledge, gift or otherwise dispose of
(“Transfer”) any of the Shares, except in accordance with Article III of the Members Agreement. 
 5. INVESTMENT
REPRESENTATIONS. (a) The Stockholder represents that the Shares are being acquired by him for his own account for investment and not with a view to the distribution thereof. The Stockholder understands that the Shares have not been
registered under the Securities Act of 1933, as amended (the “Act”), on the grounds that the offer and sale of the Shares to him are exempt from the registration requirements of the Act under Section 4(2) thereof as a transaction
not involving any public offering of the Shares. The Stockholder understands that the Company’s reliance on such exemption is predicated in part on the representations of the Stockholder which are contained herein. 
 (b) The Stockholder understands that he must bear the economic risk of his investment in the Shares for an indefinite period of time because the Shares
have not been registered under the Act and, therefore, cannot be sold unless they are subsequently registered under the Act or an exemption from such registration is available. The Stockholder agrees that he will not offer to Transfer any of the
Shares except as expressly permitted by the Members Agreement and then only after the Company has received an opinion of its counsel that such offer or Transfer is not in violation of the registration requirements of the Act or other applicable law.

 (c) The Stockholder represents that he is an “accredited investor” (as defined in Rule 501 under the Act). 
 6. LEGENDS; STOP TRANSFER. (a) Each certificate representing the Shares shall bear legends in or substantially in the following form:

 “THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NO TRANSFER, SALE OR
OTHER DISPOSITION OF 

  

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THESE SHARES MAY BE MADE UNLESS A REGISTRATION STATEMENT WITH RESPECT TO THESE SHARES HAS BECOME EFFECTIVE UNDER SAID ACT, OR THE COMPANY HAS BEEN FURNISHED
WITH AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 
 THE SHARES EVIDENCED BY THIS CERTIFICATE ARE
ALSO SUBJECT TO CERTAIN REPURCHASE RIGHTS IN FAVOR OF THE COMPANY AND CERTAIN PROVISIONS REGARDING RESTRICTIONS UPON TRANSFER CONTAINED IN A RESTRICTED STOCK AGREEMENT, DATED AS OF DECEMBER 18, 2006, COPIES OF WHICH WILL BE FURNISHED BY THE COMPANY
TO THE HOLDER OF THE SHARES EVIDENCED BY THIS CERTIFICATE UPON WRITTEN REQUEST AND WITHOUT CHARGE. 
 THE SHARES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO THE TERMS OF A CERTAIN MANAGEMENT MEMBERS’ AGREEMENT, DATED AS OF NOVEMBER 1, 2005, AS AMENDED, AMONG THE ISSUER OF THIS CERTIFICATE AND CERTAIN OF ITS MEMBERS. THE MANAGEMENT MEMBERS’ AGREEMENT CONTAINS CERTAIN
RESTRICTIVE PROVISIONS RELATING TO THE VOTING AND TRANSFER OF SHARES REPRESENTED HEREBY. A COPY OF THE MANAGEMENT MEMBERS’ AGREEMENT IS ON FILE AT THE COMPANY’S PRINCIPAL OFFICES. UPON WRITTEN REQUEST TO THE COMPANY’S SECRETARY, A
COPY OF THE MANAGEMENT MEMBERS’ AGREEMENT WILL BE PROVIDED WITHOUT CHARGE TO THE HOLDER OF THIS CERTIFICATE.” 
 (b) In addition,
the Company shall make a notation regarding the restrictions on transfer of the Shares in the stock books of the Company, and such Shares shall be transferred on the books of the Company only if and when transferred or sold in compliance with all of
the terms and conditions of this Agreement. 
 7. DIVIDEND AND OTHER DISTRIBUTIONS ON THE SHARES 
 7.1. Distributions on the Shares. If any dividends or other distributions are paid on Ordinary Shares (collectively,
“Distributions”): 
 (a) the Stockholder shall be entitled to receive and retain any Distributions in respect of any Vested
Shares; provided, however, that so long as the Note is outstanding the After-Tax Percentage of any Distributions in respect of any Vested Shares (each, an “After-Tax Vested Share Distribution”) shall be used
solely as follows: (i) first, to pay all accrued and unpaid interest of the Note; and (ii) then, to repay the outstanding principal balance of the Note. Notwithstanding the foregoing, if any Event of Default has occurred and
is continuing the entire amount of any Distribution in respect of Vested Shares shall be applied in the manner contemplated by the proviso to the foregoing sentence. 
 (b) the Company shall retain any Distribution in respect of any Unvested Shares until such time as such Unvested Shares become Vested Shares in accordance with the terms of this Agreement, and on the applicable
vesting date (each, a “Vesting Date”), the Company shall pay to the Stockholder an amount (each such amount, a “Vesting Date Payment”) equal to the sum of (X) the amount of any Distributions that have been
retained by the Company in accordance with this clause (b) on the Unvested Shares that have become Vested Shares on such Vesting Date, plus (Y) interest thereon from the date of the applicable Distribution until such Vesting Date
calculated at an annual rate set by the Board that is approximately equal to the rate that represents the yield on the Company’s operating Subsidiaries cash and investments during such period; provided, however, that so long as
the Note is outstanding the After-Tax Percentage of any Vesting Date Payment shall be used solely as follows: (i) first, to pay all accrued and unpaid interest of the Note; and (ii) then, to repay the outstanding principal
balance of the Note. Notwithstanding the foregoing, if any Event of Default has occurred and is continuing the entire amount of any Distribution in respect of Unvested Shares shall be retained by the Company in the manner contemplated by the
previous sentence. Upon the Termination of Employment at any time and for any reason, the Stockholder shall automatically forfeit any right to any Distributions that have been retained by the Company in accordance with this clause
(b) (including any interest thereon) in respect of any Unvested Shares that have not 

  

 4 

 
become Vested Shares as of the date of the Termination of Employment. Any payments under this clause (b) shall be made solely from the general assets of
the Company. The Company shall have no obligation and does not intend to establish, maintain or contribute to any trust, insurance contract, or other fund for the purpose of making or reserving for payments of dividends on Unvested Shares. The
Stockholder shall have no greater rights to any of the assets of the Company as a result of becoming entitled to a dividend on the vesting of previously Unvested Shares than the rights of any other general unsecured creditor of the Company.

 7.2. Authorization. The Stockholder hereby irrevocably authorizes and directs the Company and the Employer to
directly apply each After-Tax Share Distribution and the After-Tax Percentage of any Vesting Date Payment against payments of interest on and principal of the Note in the manner contemplated by Section 7.1. 
 8. GENERAL. 
 8.1.
Notices. All notices, demands and other communications hereunder shall be in writing or by written telecommunication, and shall be deemed to have been duly given if delivered personally or if mailed by certified mail, return receipt
requested, postage prepaid, or if sent by overnight courier, or sent by written telecommunication, as follows: 
 If to the
Company, to: 
 c/o Friedman Fleischer & Lowe, LLC 
 One Maritime Plaza 
 Suite 1000 
 San Francisco, California 94111 
 Attention: David L. Lowe 
 Fax No.: (415) 402-2111 
 and 
 c/o Hellman & Friedman LLC 
 One Maritime Plaza, 12th Floor 
 San Francisco, California
94111 
 Attention: David R. Tunnell 
  Arrie R. Park 
 Fax No.: (415) 788-0176 
 With copies sent simultaneously to: 
 Bingham McCutchen LLP 
 399 Park Avenue 
 New York, New York 10022 
 Attention: Neil W. Townsend, Esq. 
 Fax No: (212) 752-5378 
 and 
 Weil, Gotshal & Manges LLP 
 100 Federal Street, 34th Floor 
 Boston, MA 02110

 Attention: James Westra, Esq. 
 Fax No.: (617) 772-8333 
 If to the Stockholder, to: 
 Brian T. Sheekey 
 7 Marsala Way 
 Napa, CA 94558 
  

 5 

 Any such notice shall be effective (a) if delivered personally, when received, (b) if sent by
overnight courier, when receipted for, (c) if mailed, five (5) days after being mailed as described above, and (d) if sent by written telecommunication, when dispatched. 
 8.2. Equitable Remedies. Each of the parties hereto acknowledges and agrees that upon any breach by the Stockholder of his
obligations under Sections 3.2 or 4 hereof, the Company will have no adequate remedy at law, and accordingly will be entitled to specific performance and other appropriate injunctive and equitable relief. 
 8.3. Severability. If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect under any law,
the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired. 
 8.4.
Waivers. No delay or omission by either party hereto in exercising any right, power or privilege hereunder shall impair such right, power or privilege, nor shall any single or partial exercise of any such right, power or privilege
preclude any further exercise thereof or the exercise of any other right, power or privilege. 
 8.5. Counterparts. This
Agreement may be executed in multiple counterparts (including by facsimile), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 8.6. Assigns. This Agreement shall not be assignable or transferable by the Stockholder without the Company’s prior written
consent thereto. 
 8.7. Entire Agreement. This Agreement contains the entire understanding of the parties, supersedes
all prior agreements and understandings relating to the subject matter hereof and shall not be amended except by a written instrument hereafter signed by each of the parties hereto. Nothing in this Agreement shall be construed as a grant to the
Stockholder of any right to continuing employment with the Company or any Subsidiary (including the Employer) or to restrict in any way the right to terminate the Stockholder’s employment at any time. 
 8.8. Governing Law. This Agreement and the obligations of the parties hereunder shall be governed by, and construed, interpreted and
enforced, in accordance with, the laws of the State of New York, without reference to applicable principles of conflicts of laws that would mandate the applicable of the laws of another jurisdiction. 
 9. SECTION 83(B) ELECTION. The Stockholder and the Company acknowledge that the Stockholder is electing, in accordance with Section 83(b)
of the Internal Revenue Code of 1986, as amended, to recognize ordinary income in this calendar year with respect to the acquisition of the Shares. The Stockholder and the Company agree that the fair market value of the Shares on the date hereof is
equal to the aggregate Original Price Per Share of the Shares, and shall reflect such fair market value to the extent required on any Federal, state or local income tax return or filing. The Stockholder further agrees that he will file a Section
83(b) election form with the Internal Revenue Service within thirty (30) days after the date hereof. 
 [Remainder of page intentionally left
blank; signature page follows] 
  

 6 

 IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties hereto have caused this
Agreement to be duly executed as of the date and year first above written. 
  

									
	THE COMPANY:	 		 	 GEOVERA INSURANCE GROUP
 HOLDINGS,
LTD.

				
		 		 	By:	 	/s/    DAVID L. LOWE        
		 		 		 		 	David L. Lowe
		 		 		 		 	President
			
	THE STOCKHOLDER:	 		 	
				
		 		 		 	/s/    BRIAN T. SHEEKEY        
		 		 		 		 	Brian T. Sheekey

  
  
  
 [Signature Page to Restricted Stock Agreement] 
  

 7

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