Document:

Exhibit 10.5

 

SKYWARD SPECIALTY INSURANCE GROUP, INC.

 

2022 EMPLOYEE STOCK PURCHASE PLAN

 

     

     

    

 

Table
of Contents

 

Page

 

		1.	Establishment, Purpose and Term of Plan	1 

 

		1.1	Establishment	1

 

		1.2	Purpose	1

 

		1.3	Term of Plan	1

 

		2.	Definitions and Construction	1

 

		2.1	Definitions	1

 

		2.2	Construction	5

 

		3.	Administration	5

 

		3.1	Administration by the Committee	5

 

		3.2	Authority of Officers	6

 

		3.3	Power to Adopt Sub-Plans or Varying Terms with Respect to Non-U.S. Employees	6

 

		3.4	Power to Establish Separate Offerings with Varying Terms	6

 

		3.5	Policies and Procedures Established by the Company	6

 

		3.6	Indemnification	7

 

		4.	Shares Subject to Plan	7

 

		4.1	Maximum Number of Shares Issuable	7

 

		4.2	Annual Increase in Maximum Number of Shares Issuable	7

 

		4.3	Adjustments for Changes in Capital Structure	8

 

		5.	Eligibility	8

 

		5.1	Employees Eligible to Participate	8

 

		5.2	Exclusion of Certain Stockholders	8

 

		5.3	Determination by Company	8

 

		6.	Offerings	9

 

		7.	Participation in the Plan	9

 

		7.1	Initial Participation	9

 

		7.2	Continued Participation	9

 

		8.	Right to Purchase Shares	10

 

		8.1	Grant of Purchase Right	10

 

		8.2	Calendar Year Purchase Limitation	10

 

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		9.	Purchase Price	10

 

		10.	Accumulation of Purchase Price through Payroll Deduction	11

 

		10.1	Amount of Payroll Deductions	11

 

		10.2	Commencement of Payroll Deductions	11

 

		10.3	Election to Decrease or Stop Payroll Deductions	11

 

		10.4	Administrative Suspension of Payroll Deductions	11

 

		10.5	Participant Accounts	12

 

		10.6	No Interest Paid	12

 

		11.	Purchase of Shares	12

 

		11.1	Exercise of Purchase Right	12

 

		11.2	Pro Rata Allocation of Shares	13

 

		11.3	Delivery of Title to Shares	13

 

		11.4	Return of Plan Account Balance	13

 

		11.5	Tax Withholding	13

 

		11.6	Expiration of Purchase Right	13

 

		11.7	Provision of Reports and Stockholder Information to Participants	13

 

		12.	Withdrawal from Plan	14

 

		12.1	Voluntary Withdrawal from the Plan	14

 

		12.2	Return of Plan Account Balance	14

 

		13.	Termination of Employment or Eligibility	14

 

		14.	Effect of Change in Control on Purchase Rights	14

 

		15.	Nontransferability of Purchase Rights	15

 

		16.	Compliance with Securities Law	15

 

		17.	Rights as a Stockholder and Employee	15

 

		18.	Notification of Disposition of Shares	16

 

		19.	Legends	16

 

		20.	Designation of Beneficiary	16

 

		20.1	Designation Procedure	16

 

		20.2	Absence of Beneficiary Designation	17

 

		21.	Notices	17

 

		22.	Amendment or Termination of the Plan	17

 

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SKYWARD SPECIALTY INSURANCE GROUP, INC.

 

2022 EMPLOYEE STOCK PURCHASE PLAN

 

1.             Establishment,
Purpose and Term of Plan.

 

1.1           Establishment. The
Skyward Specialty Insurance Group, Inc. 2022 Employee Stock Purchase Plan (the “Plan”) is hereby
established effective as of  September 23, 2022, the date of its approval by the
stockholders of the Company (the “Effective Date”).

 

1.2           Purpose.
The purpose of the Plan is to advance the interests of the Company and its stockholders by providing an incentive to attract, retain
and reward Eligible Employees of the Participating Company Group and by motivating such persons to contribute to the growth and profitability
of the Participating Company Group. The Plan provides such Eligible Employees with an opportunity to acquire a proprietary interest in
the Company through the purchase of Stock. The Company intends that the Plan qualify as an “employee stock purchase plan”
under Section 423 of the Code (including any amendments or replacements of such section), and the Plan shall be so construed.

 

1.3           Term
of Plan. The Plan shall continue in effect until its termination by the Committee.

 

2.             Definitions
and Construction.

 

2.1           Definitions.
Any term not expressly defined in the Plan but defined for purposes of Section 423 of the Code shall have the same definition
herein. Whenever used herein, the following terms shall have their respective meanings set forth below:

 

(a)           “Board”
means the Board of Directors of the Company.

 

(b)           “Change
in Control” means the occurrence of any one or a combination of the following:

 

(i)             any
 “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial
owner” (as such term is defined in Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of securities of
the Company representing more than fifty percent (50%) of the total Fair Market Value or total combined voting power of the Company’s
then-outstanding securities entitled to vote generally in the election of Directors; provided, however, that a Change in Control shall
not be deemed to have occurred if such degree of beneficial ownership results from any of the following: (A) an acquisition by any
person who on the Effective Date is the beneficial owner of more than fifty percent (50%) of such voting power, (B) any acquisition
directly from the Company, including, without limitation, pursuant to or in connection with a public offering of securities, (C) any
acquisition by the Company, (D) any acquisition by a trustee or other fiduciary under an employee benefit plan of a Participating
Company or (E) any acquisition by an entity owned directly or indirectly by the stockholders of the Company in substantially the
same proportions as their ownership of the voting securities of the Company; or

 

     

     

    

 

(ii)            an
Ownership Change Event or series of related Ownership Change Events (collectively, a “Transaction”) in which
the stockholders of the Company immediately before the Transaction do not retain immediately after the Transaction direct or indirect
beneficial ownership of more than fifty percent (50%) of the total combined voting power of the outstanding securities entitled to vote
generally in the election of Directors or, in the case of an Ownership Change Event described in Section 2.1(p)(iii), the entity
to which the assets of the Company were transferred (the “Transferee”), as the case may be; or

 

(iii)           approval
by the stockholders of a plan of complete liquidation or dissolution of the Company;

 

provided, however, that a Change in Control shall be deemed not to
include a transaction described in subsections (i) or (ii) of this Section 2.1(b) in which a majority of the members
of the board of directors of the continuing, surviving or successor entity, or parent thereof, immediately after such transaction is
comprised of Incumbent Directors.

 

For purposes of the preceding sentence, indirect
beneficial ownership shall include, without limitation, an interest resulting from ownership of the voting securities of one or more
corporations or other business entities which own the Company or the Transferee, as the case may be, either directly or through one or
more subsidiary corporations or other business entities. The Committee shall determine whether multiple acquisitions of the voting securities
of the Company and/or multiple Ownership Change Events are related and to be treated in the aggregate as a single Change in Control,
and its determination shall be final, binding and conclusive.

 

(c)           “Code”
means the Internal Revenue Code of 1986, as amended, and any applicable regulations promulgated thereunder.

 

(d)           “Committee”
means the Compensation Committee and such other committee or subcommittee of the Board, if any, duly appointed to administer the
Plan and having such powers in each instance as shall be specified by the Board. If, at any time, there is no committee of the Board
then authorized or properly constituted to administer the Plan, the Board shall exercise all of the powers of the Committee granted herein,
and, in any event, the Board may in its discretion exercise any or all of such powers.

 

(e)           “Company”
means Skyward Specialty Insurance Group, Inc., a Delaware corporation, or any successor corporation thereto.

 

(f)            “Compensation”
means, with respect to any Offering Period, regular base wages or salary, overtime payments, shift premiums and payments for paid
time off, calculated before deduction of (i) any income or employment tax withholdings or (ii) any amounts deferred pursuant
to Section 401(k) or Section 125 of the Code. Compensation shall be limited to such amounts actually payable in cash or
deferred during the Offering Period. Compensation shall not include (i) sign-on bonuses, annual or other incentive bonuses, commissions,
profit-sharing distributions or other incentive-type payments, (ii) any contributions made by a Participating Company on the Participant’s
behalf to any employee benefit or welfare plan now or hereafter established (other than amounts deferred pursuant to Section 401(k) or
Section 125 of the Code), (iii) payments in lieu of notice, payments pursuant to a severance agreement, termination pay, moving
allowances, relocation payments, or (iv) any amounts directly or indirectly paid pursuant to the Plan or any other stock purchase,
stock option or other stock-based compensation plan, or any other compensation not expressly included by this Section.

 

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(g)           “Eligible
Employee” means an Employee who meets the requirements set forth in Section 5 for eligibility to participate in the
Plan.

 

(h)           “Employee”
means a person treated as an employee of a Participating Company for purposes of Section 423 of the Code. A Participant shall
be deemed to have ceased to be an Employee either upon an actual termination of employment or upon the corporation employing the Participant
ceasing to be a Participating Company. For purposes of the Plan, an individual shall not be deemed to have ceased to be an Employee while
on any military leave, sick leave, or other bona fide leave of absence approved by the Company of ninety (90) days or less. If an individual’s
leave of absence exceeds ninety (90) days, the individual shall be deemed to have ceased to be an Employee on the ninety-first (91st)
day of such leave unless the individual’s right to reemployment with the Participating Company Group is guaranteed either by statute
or by contract.

 

(i)            “Fair
Market Value” means, as of any date:

 

(i)             If,
on such date, the Stock is listed or quoted on a national or regional securities exchange or quotation system, the closing price of a
share of Stock as quoted on the national or regional securities exchange or quotation system constituting the primary market for the
Stock, as reported in The Wall Street Journal or such other source as the Company deems reliable. If the relevant date does not
fall on a day on which the Stock has traded on such securities exchange or quotation system, the date on which the Fair Market Value
is established shall be the last day on which the Stock was so traded or quoted prior to the relevant date, or such other appropriate
day as determined by the Committee, in its discretion.

 

(ii)            If,
on the relevant date, the Stock is not then listed on a national or regional securities exchange or quotation system, the Fair Market
Value of a share of Stock shall be as determined in good faith by the Committee.

 

(j)            “Incumbent
Director” means a director who either (i) is a member of the Board as of the Effective Date or (ii) is elected,
or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such
election or nomination (but excluding a director who was elected or nominated in connection with an actual or threatened proxy contest
relating to the election of directors of the Company).

 

(k)           “Non-United
States Offering” means a separate Offering covering Eligible Employees of one or more Participating Companies whose Eligible
Employees are subject to a prohibition under applicable law on payroll deductions, as described in Section 11.1(b).

 

(l)            “Offering”
means an offering of Stock pursuant to the Plan, as provided in Section 6.

 

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(m)          “Offering
Date” means, for any Offering Period, the first day of such Offering Period.

 

(n)           “Offering
Period” means a period, established by the Committee in accordance with Section 6, during which an Offering is outstanding.

 

(o)           “Officer”
means any person designated by the Board as an officer of the Company.

 

(p)           “Ownership
Change Event” means the occurrence of any of the following with respect to the Company: (i) the direct or indirect
sale or exchange in a single or series of related transactions by the stockholders of the Company of securities of the Company representing
more than fifty percent (50%) of the total combined voting power of the Company’s then outstanding securities entitled to vote
generally in the election of Directors; (ii) a merger or consolidation in which the Company is a party; or (iii) the sale,
exchange, or transfer of all or substantially all of the assets of the Company (other than a sale, exchange or transfer to one or more
subsidiaries of the Company).

 

(q)           “Parent
Corporation” means any present or future “parent corporation” of the Company, as defined in Section 424(e) of
the Code.

 

(r)            “Participant”
means an Eligible Employee who has become a participant in an Offering Period in accordance with Section 7 and remains a participant
in accordance with the Plan.

 

(s)           “Participating
Company” means the Company and any Parent Corporation or Subsidiary Corporation designated by the Committee as a corporation
the Employees of which may, if Eligible Employees, participate in the Plan. The Committee shall have the discretion to determine from
time to time which Parent Corporations or Subsidiary Corporations shall be Participating Companies. The Committee shall designate from
time to time and set forth in Appendix A to this Plan those Participating Companies whose Eligible Employees may participate in the Plan.

 

(t)            “Participating
Company Group” means, at any point in time, the Company and all other corporations collectively which are then Participating
Companies.

 

(u)           “Purchase
Date” means, for any Offering Period, the last day of such Offering Period, or, if so determined by the Committee, the
last day of each Purchase Period occurring within such Offering Period.

 

(v)           “Purchase
Period” means a period, established by the Committee in accordance with Section 6, included within an Offering Period
and on the final date of which outstanding Purchase Rights are exercised.

 

(w)          “Purchase
Price” means the price at which a share of Stock may be purchased under the Plan, as determined in accordance with Section 9.

 

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(x)           “Purchase
Right” means an option granted to a Participant pursuant to the Plan to purchase such shares of Stock as provided in Section 8,
which the Participant may or may not exercise during the Offering Period in which such option is outstanding. Such option arises from
the right of a Participant to withdraw any payroll deductions or other funds accumulated on behalf of the Participant and not previously
applied to the purchase of Stock under the Plan, and to terminate participation in the Plan at any time during an Offering Period.

 

(y)           “Securities
Act” means the Securities Act of 1933, as amended.

 

(z)            “Stock”
means the common stock of Skyward Specialty Insurance Group, Inc., as adjusted from time to time in accordance with Section 4.3.

 

(aa)         “Subscription
Agreement” means a written or electronic agreement, in such form as specified by the Company, stating an Employee’s
election to participate in the Plan and authorizing payroll deductions under the Plan from the Employee’s Compensation or other
method of payment authorized by the Committee pursuant to Section 11.1(b).

 

(bb)        “Subscription
Date” means the last business day prior to the Offering Date of an Offering Period or such earlier date as the Company
shall establish.

 

(cc)         “Subsidiary
Corporation” means any present or future “subsidiary corporation” of the Company, as defined in Section 424(f) of
the Code.

 

2.2           Construction.
Captions and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision
of the Plan. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular.
Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.

 

3.             Administration.

 

3.1           Administration
by the Committee. The Plan shall be administered by the Committee. All questions of interpretation of the Plan, of any form of agreement
or other document employed by the Company in the administration of the Plan, or of any Purchase Right shall be determined by the Committee,
and such determinations shall be final, binding and conclusive upon all persons having an interest in the Plan or the Purchase Right,
unless fraudulent or made in bad faith. Subject to the provisions of the Plan, the Committee shall determine all of the relevant terms
and conditions of Purchase Rights; provided, however, that all Participants granted Purchase Rights pursuant to an Offering shall have
the same rights and privileges within the meaning of Section 423(b)(5) of the Code. Any and all actions, decisions and determinations
taken or made by the Committee in the exercise of its discretion pursuant to the Plan or any agreement thereunder (other than determining
questions of interpretation pursuant to the second sentence of this Section 3.1) shall be final, binding and conclusive upon all
persons having an interest therein. All expenses incurred in connection with the administration of the Plan shall be paid by the Company.

 

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3.2           Authority
of Officers. Any Officer shall have the authority to act on behalf of the Company with respect to any matter, right, obligation,
determination or election that is the responsibility of or that is allocated to the Company herein, provided that the Officer has apparent
authority with respect to such matter, right, obligation, determination or election.

 

3.3           Power
to Adopt Sub-Plans or Varying Terms with Respect to Non-U.S. Employees. The Committee shall have the power, in its discretion, to
adopt one or more sub-plans of the Plan as the Committee deems necessary or desirable to comply with the laws or regulations, tax policy,
accounting principles or custom of foreign jurisdictions applicable to employees of a subsidiary business entity of the Company, provided
that any such sub-plan shall not be within the scope of an “employee stock purchase plan” within the meaning of Section 423
of the Code. Any of the provisions of any such sub-plan may supersede the provisions of this Plan, other than Section 4. Except
as superseded by the provisions of a sub-plan, the provisions of this Plan shall govern such sub-plan. Alternatively and in order to
comply with the laws of a foreign jurisdiction, the Committee shall have the power, in its discretion, to grant Purchase Rights in an
Offering to citizens or residents of a non-U.S. jurisdiction (without regard to whether they are also citizens of the United States or
resident aliens) that provide terms which are less favorable than the terms of Purchase Rights granted under the same Offering to Employees
resident in the United States.

 

3.4           Power
to Establish Separate Offerings with Varying Terms. The Committee shall have the power, in its discretion, to establish separate,
simultaneous or overlapping Offerings having different terms and conditions and to designate the Participating Company or Companies that
may participate in a particular Offering, provided that each Offering shall individually comply with the terms of the Plan and the requirements
of Section 423(b)(5) of the Code that all Participants granted Purchase Rights pursuant to such Offering shall have the same
rights and privileges within the meaning of such section.

 

3.5           Policies
and Procedures Established by the Company. Without regard to whether any Participant’s Purchase Right may be considered adversely
affected, the Company may, from time to time, consistent with the Plan and the requirements of Section 423 of the Code, establish,
change or terminate such rules, guidelines, policies, procedures, limitations, or adjustments as deemed advisable by the Company, in
its discretion, for the proper administration of the Plan, including, without limitation, (a) a minimum payroll deduction amount
required for participation in an Offering, (b) a limitation on the frequency or number of changes permitted in the rate of payroll
deduction during an Offering, (c) an exchange ratio applicable to amounts withheld or paid in a currency other than United States
dollars, (d) a payroll deduction greater than or less than the amount designated by a Participant in order to adjust for the Company’s
delay or mistake in processing a Subscription Agreement or in otherwise effecting a Participant’s election under the Plan or as
advisable to comply with the requirements of Section 423 of the Code, and (e) determination of the date and manner by which
the Fair Market Value of a share of Stock is determined for purposes of administration of the Plan. All such actions by the Company shall
be taken consistent with the requirements under Section 423(b)(5) of the Code that all Participants granted Purchase Rights
pursuant to an Offering shall have the same rights and privileges within the meaning of such section, except as otherwise permitted by
Section 3.3 and the regulations under Section 423 of the Code.

 

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3.6           Indemnification.
In addition to such other rights of indemnification as they may have as members of the Board or the Committee or as officers or employees
of the Participating Company Group, to the extent permitted by applicable law, members of the Board or the Committee and any officers
or employees of the Participating Company Group to whom authority to act for the Board, the Committee or the Company is delegated shall
be indemnified by the Company against all reasonable expenses, including attorneys’ fees, actually and necessarily incurred in
connection with the defense of any action, suit or proceeding, or in connection with any appeal therein, to which they or any of them
may be a party by reason of any action taken or failure to act under or in connection with the Plan, or any right granted hereunder,
and against all amounts paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected
by the Company) or paid by them in satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters as
to which it shall be adjudged in such action, suit or proceeding that such person is liable for gross negligence, bad faith or intentional
misconduct in duties; provided, however, that within sixty (60) days after the institution of such action, suit or proceeding, such person
shall offer to the Company, in writing, the opportunity at its own expense to handle and defend the same.

 

4.             Shares
Subject to Plan.

 

4.1           Maximum
Number of Shares Issuable. Subject to adjustment as provided in Sections 4.2 and 4.3, the maximum aggregate number of shares
of Stock that may be issued under the Plan shall be [●]1
and shall consist of authorized but unissued or reacquired shares of Stock, or any combination thereof. If an outstanding
Purchase Right for any reason expires or is terminated or canceled, the shares of Stock allocable to the unexercised portion of that
Purchase Right shall again be available for issuance under the Plan.

 

4.2           Annual
Increase in Maximum Number of Shares Issuable. Subject to adjustment as provided in Section 4.3, the maximum aggregate number
of shares of Stock that may be issued under the Plan as set forth in Section 4.1 shall be cumulatively increased on January 1,
2023 and on each subsequent January 1, through and including January 1, 2032, by a number of shares (the “Annual Increase”)
equal to the smallest of (a) one percent (1%) of the number of shares of Stock issued and outstanding on the immediately preceding
December 31, (b) 214,500 shares, or (c) an amount determined by the Board.

 

 

1
This number shall equal 1% of the issued and outstanding shares of Common Stock upon the completion of the Initial Public Offering (on
a fully-diluted basis).

 

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4.3           Adjustments
for Changes in Capital Structure. Subject to any required action by the stockholders of the Company and the requirements of Section 424
of the Code to the extent applicable, in the event of any change in the Stock effected without receipt of consideration by the Company,
whether through merger, consolidation, reorganization, reincorporation, recapitalization, reclassification, stock dividend, stock split,
reverse stock split, split-up, split-off, spin-off, combination of shares, exchange of shares, or similar change in the capital structure
of the Company, or in the event of payment of a dividend or distribution to the stockholders of the Company in a form other than Stock
(excepting regular, periodic cash dividends) that has a material effect on the Fair Market Value of shares of Stock, appropriate and
proportionate adjustments shall be made in the number and kind of shares subject to the Plan, the Annual Increase, the limit on the shares
which may be purchased by any Participant during an Offering (as described in Sections 8.1 and 8.2) and each Purchase Right, and
in the Purchase Price in order to prevent dilution or enlargement of Participants’ rights under the Plan. For purposes of the foregoing,
conversion of any convertible securities of the Company shall not be treated as “effected without receipt of consideration by the
Company.” If a majority of the shares which are of the same class as the shares that are subject to outstanding Purchase Rights
are exchanged for, converted into, or otherwise become (whether or not pursuant to an Ownership Change Event) shares of another corporation
(the “New Shares”),
the Committee may unilaterally amend the outstanding Purchase Rights to provide that such Purchase Rights are for New Shares. In the
event of any such amendment, the number of shares subject to, and the exercise price per share of, the outstanding Purchase Rights shall
be adjusted in a fair and equitable manner as determined by the Committee, in its discretion. Any fractional share resulting from an
adjustment pursuant to this Section shall be rounded down to the nearest whole number, and in no event may the Purchase Price be
decreased to an amount less than the par value, if any, of the stock subject to the Purchase Right. The adjustments determined by the
Committee pursuant to this Section 4.3 shall be final, binding and conclusive.

 

5.             Eligibility.

 

5.1           Employees
Eligible to Participate. Each Employee of a Participating Company is eligible to participate in the Plan and shall be deemed an Eligible
Employee, except the following:

 

(a)           Any
Employee who is customarily employed by the Participating Company Group for twenty (20) hours or less per week; or

 

(b)           Any
Employee who is customarily employed by the Participating Company Group for not more than five (5) months in any calendar year.

 

5.2           Exclusion
of Certain Stockholders. Notwithstanding any provision of the Plan to the contrary, no Employee shall be treated as an Eligible Employee
and granted a Purchase Right under the Plan if, immediately after such grant, the Employee would own, or hold options to purchase, stock
of the Company or of any Parent Corporation or Subsidiary Corporation possessing five percent (5%) or more of the total combined voting
power or value of all classes of stock of such corporation, as determined in accordance with Section 423(b)(3) of the Code.
For purposes of this Section 5.2, the attribution rules of Section 424(d) of the Code shall apply in determining
the stock ownership of such Employee.

 

5.3           Determination
by Company. The Company shall determine in good faith and in the exercise of its discretion whether an individual has become or has
ceased to be an Employee or an Eligible Employee and the effective date of such individual’s attainment or termination of such
status, as the case may be. For purposes of an individual’s participation in or other rights, if any, under the Plan as of the
time of the Company’s determination of whether or not the individual is an Employee, all such determinations by the Company shall
be final, binding and conclusive as to such rights, if any, notwithstanding that the Company or any court of law or governmental agency
subsequently makes a contrary determination as to such individual’s status as an Employee.

 

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6.             Offerings.

 

The Plan shall be implemented by sequential Offerings
of approximately six (6) months’ duration or such other duration as the Committee shall determine. Offering Periods shall
commence on or about the first (1st) days of March and September of each year and end on or about the thirtieth last day of
the next February and August respectively, occurring thereafter. Notwithstanding the foregoing, the Committee may establish
additional or alternative concurrent, sequential or overlapping Offering Periods, a different duration for one or more Offering Periods
or different commencing or ending dates for such Offering Periods; provided, however, that no Offering Period may have a duration exceeding
twenty-seven (27) months. If the Committee shall so determine in its discretion, each Offering Period may consist of two (2) or
more consecutive Purchase Periods having such duration as the Committee shall specify, and the last day of each such Purchase Period
shall be a Purchase Date. If the first or last day of an Offering Period or a Purchase Period is not a day on which the principal stock
exchange or quotation system on which the Stock is then listed is open for trading, the Company shall specify the trading day that will
be deemed the first or last day, as the case may be, of the Offering Period or Purchase Period.

 

7.             Participation
in the Plan.

 

7.1           Initial
Participation. An Eligible Employee may become a Participant in an Offering Period by delivering a properly completed written or
electronic Subscription Agreement to the Company office or representative designated by the Company (including a third-party administrator
designated by the Company) not later than the close of business on the Subscription Date established by the Company for that Offering
Period. An Eligible Employee who does not deliver a properly completed Subscription Agreement in the manner permitted or required on
or before the Subscription Date for an Offering Period shall not participate in the Plan for that Offering Period or for any subsequent
Offering Period unless the Eligible Employee subsequently delivers a properly completed Subscription Agreement to the appropriate Company
office or representative on or before the Subscription Date for such subsequent Offering Period. An Employee who becomes an Eligible
Employee after the Offering Date of an Offering Period shall not be eligible to participate in that Offering Period but may participate
in any subsequent Offering Period provided the Employee is still an Eligible Employee as of the Offering Date of such subsequent Offering
Period.

 

7.2           Continued
Participation. A Participant shall automatically participate in the next Offering Period commencing immediately after the final Purchase
Date of each Offering Period in which the Participant participates provided that the Participant remains an Eligible Employee on the
Offering Date of the new Offering Period and has not either (a) withdrawn from the Plan pursuant to Section 12.1, or (b) terminated
employment or otherwise ceased to be an Eligible Employee as provided in Section 13. A Participant who may automatically participate
in a subsequent Offering Period, as provided in this Section, is not required to deliver any additional Subscription Agreement for the
subsequent Offering Period in order to continue participation in the Plan. However, a Participant may deliver a new Subscription Agreement
for a subsequent Offering Period in accordance with the procedures set forth in Section 7.1 if the Participant desires to change
any of the elections contained in the Participant’s then effective Subscription Agreement.

 

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8.             Right
to Purchase Shares.

 

8.1           Grant
of Purchase Right. Except as otherwise provided below, on the Offering Date of each Offering Period, each Participant in such Offering
Period shall be granted automatically a Purchase Right consisting of an option to purchase the lesser of (a) that number of whole
shares of Stock determined by dividing the Dollar Limit (determined as provided below) by the Fair Market Value of a share of Stock on
such Offering Date or (b) the Share Limit (determined as provided below). The Committee may, in its discretion and prior to the
Offering Date of any Offering Period, (i) change the method of, or any of the foregoing factors in, determining the number of shares
of Stock subject to Purchase Rights to be granted on such Offering Date, or (ii) specify a maximum aggregate number of shares that
may be purchased by all Participants in an Offering or on any Purchase Date within an Offering Period. No Purchase Right shall be granted
on an Offering Date to any person who is not, on such Offering Date, an Eligible Employee. For the purposes of this Section, the “Dollar
Limit” shall be determined by multiplying $2,083.33 by the number of months (rounded to the nearest whole month) in the
Offering Period and rounding to the nearest whole dollar, and the “Share Limit” shall be determined by multiplying
300 shares by the number of months (rounded to the nearest whole month) in the Offering Period and rounding to the nearest whole share.

 

8.2           Calendar
Year Purchase Limitation. Notwithstanding any provision of the Plan to the contrary, no Participant shall be granted a Purchase Right
which permits his or her right to purchase shares of Stock under the Plan to accrue at a rate which, when aggregated with such Participant’s
rights to purchase shares under all other employee stock purchase plans of a Participating Company intended to meet the requirements
of Section 423 of the Code, exceeds Twenty-Five Thousand Dollars ($25,000) in Fair Market Value (or such other limit, if any, as
may be imposed by the Code) for each calendar year in which such Purchase Right is outstanding at any time. For purposes of the preceding
sentence, the Fair Market Value of shares purchased during a given Offering Period shall be determined as of the Offering Date for such
Offering Period. The limitation described in this Section shall be applied in conformance with Section 423(b)(8) of the
Code and the regulations thereunder.

 

9.             Purchase
Price.

 

The Purchase Price at which each share of Stock
may be acquired in an Offering Period upon the exercise of all or any portion of a Purchase Right shall be established by the Committee;
provided, however, that the Purchase Price on each Purchase Date shall not be less than eighty-five percent (85%) of the lesser of (a) the
Fair Market Value of a share of Stock on the Offering Date of the Offering Period or (b) the Fair Market Value of a share of Stock
on the Purchase Date. Subject to adjustment as provided by the Plan and unless otherwise provided by the Committee, the Purchase Price
for each Offering Period shall be eighty-five percent (85%) of the lesser of (a) the Fair Market Value of a share of Stock on the
Offering Date of the Offering Period or (b) the Fair Market Value of a share of Stock on the Purchase Date.

 

    10

     

    

 

10.           Accumulation
of Purchase Price through Payroll Deduction.

 

Except as provided in Section 11.1(b) with
respect to a Non-United States Offering, shares of Stock acquired pursuant to the exercise of all or any portion of a Purchase Right
may be paid for only by means of payroll deductions from the Participant’s Compensation accumulated during the Offering Period
for which such Purchase Right was granted, subject to the following:

 

10.1         Amount
of Payroll Deductions. Except as otherwise provided herein, the amount to be deducted under the Plan from a Participant’s Compensation
on each pay day during an Offering Period shall be determined by the Participant’s Subscription Agreement. The Subscription Agreement
shall set forth the percentage of the Participant’s Compensation to be deducted on each pay day during an Offering Period in whole
percentages of not less than one percent (1%) (except as a result of an election pursuant to Section 10.3 to stop payroll deductions
effective following the first pay day during an Offering) or more than fifteen percent (15%). The Committee may change the foregoing
limits on payroll deductions effective as of any Offering Date.

 

10.2         Commencement
of Payroll Deductions. Payroll deductions shall commence on the first pay day following the Offering Date and shall continue to the
end of the Offering Period unless sooner altered or terminated as provided herein.

 

10.3         Election
to Decrease or Stop Payroll Deductions. During an Offering Period, a Participant may elect to decrease the rate of or to stop deductions
from his or her Compensation by delivering to the Company office or representative designated by the Company (including a third-party
administrator designated by the Company) an amended Subscription Agreement authorizing such change on or before the “Change Notice
Date.” The “Change Notice Date” shall be a date prior to the beginning of the first pay period for which
such election is to be effective as established by the Company from time to time and announced to the Participants. A Participant who
elects, effective following the first pay day of an Offering Period, to decrease the rate of his or her payroll deductions to zero percent
(0%) shall nevertheless remain a Participant in such Offering Period unless the Participant withdraws from the Plan as provided in Section 12.1.

 

10.4         Administrative
Suspension of Payroll Deductions. The Company may, in its discretion, suspend a Participant’s payroll deductions under the
Plan as the Company deems advisable to avoid accumulating payroll deductions in excess of the amount that could reasonably be anticipated
to purchase the maximum number of shares of Stock permitted (a) under the Participant’s Purchase Right or (b) during
a calendar year under the limit set forth in Section 8.2. Unless the Participant has either withdrawn from the Plan as provided
in Section 12.1 or has ceased to be an Eligible Employee, suspended payroll deductions shall be resumed at the rate specified in
the Participant’s then effective Subscription Agreement either (i) at the beginning of the next Offering Period if the reason
for suspension was clause (a) in the preceding sentence, or (ii) at the beginning of the next Offering Period having a first
Purchase Date that falls within the subsequent calendar year if the reason for suspension was clause (b) in the preceding sentence.

 

    11

     

    

 

10.5         Participant
Accounts. Individual bookkeeping accounts shall be maintained for each Participant. All payroll deductions from a Participant’s
Compensation (and other amounts received from a non-United States Participant pursuant to Section 11.1(b)) shall be credited to
such Participant’s Plan account and shall be deposited with the general funds of the Company. All such amounts received or held
by the Company may be used by the Company for any corporate purpose.

 

10.6         No
Interest Paid. Interest shall not be paid on sums deducted from a Participant’s Compensation pursuant to the Plan or otherwise
credited to the Participant’s Plan account.

 

11.           Purchase
of Shares.

 

11.1         Exercise
of Purchase Right.

 

(a)           Generally.
Except as provided in Section 11.1(b), on each Purchase Date of an Offering Period, each Participant who has not withdrawn from
the Plan and whose participation in the Offering has not otherwise terminated before such Purchase Date shall automatically acquire pursuant
to the exercise of the Participant’s Purchase Right the number of whole shares of Stock determined by dividing (a) the total
amount of the Participant’s payroll deductions accumulated in the Participant’s Plan account during the Offering Period and
not previously applied toward the purchase of Stock by (b) the Purchase Price. However, in no event shall the number of shares purchased
by the Participant during an Offering Period exceed the number of shares subject to the Participant’s Purchase Right. No shares
of Stock shall be purchased on a Purchase Date on behalf of a Participant whose participation in the Offering or the Plan has terminated
before such Purchase Date.

 

(b)           Purchase
by Non-United States Participants for Whom Payroll Deductions Are Prohibited by Applicable Law. Notwithstanding Section 11.1(a),
where payroll deductions on behalf of Participants who are citizens or residents of countries other than the United States (without regard
to whether they are also citizens of the United States or resident aliens) are prohibited by applicable law, the Committee may establish
a separate Offering (a “Non-United States Offering”) covering all Eligible Employees of one or more Participating
Companies subject to such prohibition on payroll deductions. The Non-United States Offering shall provide another method for payment
of the Purchase Price with such terms and conditions as shall be administratively convenient and comply with applicable law. On each
Purchase Date of the Offering Period applicable to a Non-United States Offering, each Participant who has not withdrawn from the Plan
and whose participation in such Offering Period has not otherwise terminated before such Purchase Date shall automatically acquire pursuant
to the exercise of the Participant’s Purchase Right a number of whole shares of Stock determined in accordance with Section 11.1(a) to
the extent of the total amount of the Participant’s Plan account balance accumulated during the Offering Period in accordance with
the method established by the Committee and not previously applied toward the purchase of Stock. However, in no event shall the number
of shares purchased by a Participant during such Offering Period exceed the number of shares subject to the Participant’s Purchase
Right. The Company shall refund to a Participant in a Non-United States Offering in accordance with Section 11.4 any excess Purchase
Price payment received from such Participant.

 

    12

     

    

 

11.2         Pro
Rata Allocation of Shares. If the number of shares of Stock which might be purchased by all Participants on a Purchase Date exceeds
the number of shares of Stock remaining available for issuance under the Plan or the maximum aggregate number of shares of Stock that
may be purchased on such Purchase Date pursuant to a limit established by the Committee pursuant to Section 8.1, the Company shall
make a pro rata allocation of the shares available in as uniform a manner as practicable and as the Company determines to be equitable.
Any fractional share resulting from such pro rata allocation to any Participant shall be disregarded.

 

11.3         Delivery
of Title to Shares. Subject to any governing rules or regulations, as soon as practicable after each Purchase Date, the Company
shall issue or cause to be issued to or for the benefit of each Participant the shares of Stock acquired by the Participant on such Purchase
Date by means of one or more of the following: (a) by delivering to the Participant evidence of book entry shares of Stock credited
to the account of the Participant, (b) by depositing such shares of Stock for the benefit of the Participant with any broker with
which the Participant has an account relationship, or (c) by delivering such shares of Stock to the Participant in certificate form.

 

11.4         Return
of Plan Account Balance. Any cash balance remaining in a Participant’s Plan account following any Purchase Date shall be refunded
to the Participant as soon as practicable after such Purchase Date. However, if the cash balance to be returned to a Participant pursuant
to the preceding sentence is less than the amount that would have been necessary to purchase an additional whole share of Stock on such
Purchase Date, the Company may retain the cash balance in the Participant’s Plan account to be applied toward the purchase of shares
of Stock in the subsequent Purchase Period or Offering Period.

 

11.5         Tax
Withholding. At the time a Participant’s Purchase Right is exercised, in whole or in part, or at the time a Participant disposes
of some or all of the shares of Stock he or she acquires under the Plan, the Participant shall make adequate provision for the federal,
state, local and foreign taxes (including social insurance), if any, required to be withheld by any Participating Company upon exercise
of the Purchase Right or upon such disposition of shares, respectively. A Participating Company may, but shall not be obligated to, withhold
from the Participant’s compensation the amount necessary to meet such withholding obligations.

 

11.6         Expiration
of Purchase Right. Any portion of a Participant’s Purchase Right remaining unexercised after the end of the Offering Period
to which the Purchase Right relates shall expire immediately upon the end of the Offering Period.

 

11.7         Provision
of Reports and Stockholder Information to Participants. Each Participant who has exercised all or part of his or her Purchase Right
shall receive, as soon as practicable after the Purchase Date, a report of such Participant’s Plan account setting forth the total
amount credited to his or her Plan account prior to such exercise, the number of shares of Stock purchased, the Purchase Price for such
shares, the date of purchase and the cash balance, if any, remaining immediately after such purchase that is to be refunded or retained
in the Participant’s Plan account pursuant to Section 11.4. The report required by this Section may be delivered in such
form and by such means, including by electronic transmission, as the Company may determine. In addition, each Participant shall be provided
information concerning the Company equivalent to that information provided generally to the Company’s common stockholders.

 

    13

     

    

 

12.           Withdrawal
from Plan .

 

12.1         Voluntary
Withdrawal from the Plan. A Participant may withdraw from the Plan by signing and delivering to the Company office or representative
designated by the Company (including a third-party administrator designated by the Company) a written or electronic notice of withdrawal
on a form provided by the Company for this purpose. Such withdrawal may be elected at any time prior to the end of an Offering Period;
provided, however, that if a Participant withdraws from the Plan after a Purchase Date, the withdrawal shall not affect shares of Stock
acquired by the Participant on such Purchase Date. A Participant who voluntarily withdraws from the Plan is prohibited from resuming
participation in the Plan in the same Offering from which he or she withdrew, but may participate in any subsequent Offering by again
satisfying the requirements of Sections 5 and 7.1. The Company may impose, from time to time, a requirement that the notice of withdrawal
from the Plan be on file with the Company office or representative designated by the Company for a reasonable period prior to the effectiveness
of the Participant’s withdrawal.

 

12.2         Return
of Plan Account Balance. Upon a Participant’s voluntary withdrawal from the Plan pursuant to Section 12.1, the Participant’s
accumulated Plan account balance which has not been applied toward the purchase of shares of Stock shall be refunded to the Participant
as soon as practicable after the withdrawal, without the payment of any interest, and the Participant’s interest in the Plan and
the Offering shall terminate. Such amounts to be refunded in accordance with this Section may not be applied to any other Offering
under the Plan.

 

13.           Termination
of Employment or Eligibility.

 

Upon a Participant’s ceasing, prior to a Purchase
Date, to be an Employee of the Participating Company Group for any reason, including retirement, disability or death, or upon the failure
of a Participant to remain an Eligible Employee, the Participant’s participation in the Plan shall terminate immediately. In such
event, the Participant’s Plan account balance which has not been applied toward the purchase of shares of Stock shall, as soon
as practicable, be returned to the Participant or, in the case of the Participant’s death, to the Participant’s beneficiary
designated in accordance with Section 20, if any, or legal representative, and all of the Participant’s rights under the Plan
shall terminate. Interest shall not be paid on sums returned pursuant to this Section 13. A Participant whose participation has
been so terminated may again become eligible to participate in the Plan by satisfying the requirements of Sections 5 and 7.1.

 

14.           Effect
of Change in Control on Purchase Rights.

 

In the event of a Change in Control, the surviving,
continuing, successor, or purchasing corporation or parent thereof, as the case may be (the “Acquiring Corporation”),
may, without the consent of any Participant, assume or continue the Company’s rights and obligations under outstanding Purchase
Rights or substitute substantially equivalent purchase rights for the Acquiring Corporation’s stock. If the Acquiring Corporation
elects not to assume, continue or substitute for the outstanding Purchase Rights, the Purchase Date of the then current Offering Period
shall be accelerated to a date before the date of the Change in Control specified by the Committee, but the number of shares of Stock
subject to outstanding Purchase Rights shall not be adjusted. All Purchase Rights which are neither assumed or continued by the Acquiring
Corporation in connection with the Change in Control nor exercised as of the date of the Change in Control shall terminate and cease
to be outstanding effective as of the date of the Change in Control.

 

    14

     

    

 

15.           Nontransferability
of Purchase Rights.

 

Neither payroll deductions or other amounts credited
to a Participant’s Plan account nor a Participant’s Purchase Right may be assigned, transferred, pledged or otherwise disposed
of in any manner other than as provided by the Plan or by will or the laws of descent and distribution. (A beneficiary designation pursuant
to Section 20 shall not be treated as a disposition for this purpose.) Any such attempted assignment, transfer, pledge or other
disposition shall be without effect, except that the Company may treat such act as an election to withdraw from the Plan as provided
in Section 12.1. A Purchase Right shall be exercisable during the lifetime of the Participant only by the Participant.

 

16.           Compliance
with Securities Law.

 

The issuance of shares under the Plan shall be subject
to compliance with all applicable requirements of federal, state and foreign law with respect to such securities. A Purchase Right may
not be exercised if the issuance of shares upon such exercise would constitute a violation of any applicable federal, state or foreign
securities laws or other law or regulations or the requirements of any securities exchange or market system upon which the Stock may
then be listed. In addition, no Purchase Right may be exercised unless (a) a registration statement under the Securities Act shall
at the time of exercise of the Purchase Right be in effect with respect to the shares issuable upon exercise of the Purchase Right, or
(b) in the opinion of legal counsel to the Company, the shares issuable upon exercise of the Purchase Right may be issued in accordance
with the terms of an applicable exemption from the registration requirements of the Securities Act. The inability of the Company to obtain
from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the
lawful issuance and sale of any shares under the Plan shall relieve the Company of any liability in respect of the failure to issue or
sell such shares as to which such requisite authority shall not have been obtained. As a condition to the exercise of a Purchase Right,
the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with
any applicable law or regulation, and to make any representation or warranty with respect thereto as may be requested by the Company.

 

17.           Rights
as a Stockholder and Employee.

 

A Participant shall have no rights as a stockholder
by virtue of the Participant’s participation in the Plan until the date of the issuance of the shares of Stock purchased pursuant
to the exercise of the Participant’s Purchase Right (as evidenced by the appropriate entry on the books of the Company or of a
duly authorized transfer agent of the Company). No adjustment shall be made for dividends, distributions or other rights for which the
record date is prior to the date such shares are issued, except as provided in Section 4.3. Nothing herein shall confer upon a Participant
any right to continue in the employ of the Participating Company Group or interfere in any way with any right of the Participating Company
Group to terminate the Participant’s employment at any time.

 

    15

     

    

 

18.           Notification
of Disposition of Shares.

 

The Company may require the Participant to give
the Company prompt notice of any disposition of shares of Stock acquired by exercise of a Purchase Right. The Company may require that
until such time as a Participant disposes of shares of Stock acquired upon exercise of a Purchase Right, the Participant shall hold all
such shares in the Participant’s name until the later of two years after the date of grant of such Purchase Right or one year after
the date of exercise of such Purchase Right. The Company may direct that the certificates evidencing shares of Stock acquired by exercise
of a Purchase Right refer to such requirement to give prompt notice of disposition.

 

19.           Legends.

 

The Company may at any time place legends or other
identifying symbols referencing any applicable federal, state or foreign securities law restrictions or any provision convenient in the
administration of the Plan on some or all of the certificates representing shares of Stock issued under the Plan. The Participant shall,
at the request of the Company, promptly present to the Company any and all certificates representing shares acquired pursuant to a Purchase
Right in the possession of the Participant in order to carry out the provisions of this Section. Unless otherwise specified by the Company,
legends placed on such certificates may include but shall not be limited to the following:

 

“THE SHARES EVIDENCED BY THIS CERTIFICATE WERE ISSUED BY THE
CORPORATION TO THE REGISTERED HOLDER UPON THE PURCHASE OF SHARES UNDER AN EMPLOYEE STOCK PURCHASE PLAN AS DEFINED IN SECTION 423
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. THE TRANSFER AGENT FOR THE SHARES EVIDENCED HEREBY SHALL NOTIFY THE CORPORATION IMMEDIATELY
OF ANY TRANSFER OF THE SHARES BY THE REGISTERED HOLDER HEREOF. THE REGISTERED HOLDER SHALL HOLD ALL SHARES PURCHASED UNDER THE PLAN IN
THE REGISTERED HOLDER’S NAME (AND NOT IN THE NAME OF ANY NOMINEE).”

 

20.           Designation
of Beneficiary.

 

20.1         Designation
Procedure. Subject to local laws and procedures, a Participant may file a written designation of a beneficiary who is to receive
(a) shares and cash, if any, from the Participant’s Plan account if the Participant dies subsequent to a Purchase Date but
prior to delivery to the Participant of such shares and cash, or (b) cash, if any, from the Participant’s Plan account if
the Participant dies prior to the exercise of the Participant’s Purchase Right. If a married Participant designates a beneficiary
other than the Participant’s spouse, the effectiveness of such designation may be subject to the consent of the Participant’s
spouse. A Participant may change his or her beneficiary designation at any time by written notice to the Company.

 

    16

     

    

 

20.2         Absence
of Beneficiary Designation. If a Participant dies without an effective designation pursuant to Section 20.1 of a beneficiary
who is living at the time of the Participant’s death, the Company shall deliver any shares or cash credited to the Participant’s
Plan account to the Participant’s legal representative or as otherwise required by applicable law.

 

21.           Notices.

 

All notices or other communications by a Participant
to the Company under or in connection with the Plan shall be deemed to have been duly given when received in the form specified by the
Company at the location, or by the person, designated by the Company for the receipt thereof.

 

22.           Amendment
or Termination of the Plan.

 

The Committee may at any time amend, suspend or
terminate the Plan, except that (a) no such amendment, suspension or termination shall affect Purchase Rights previously granted
under the Plan unless expressly provided by the Committee, and (b) no such amendment, suspension or termination may adversely affect
a Purchase Right previously granted under the Plan without the consent of the Participant, except to the extent permitted by the Plan
or as may be necessary to qualify the Plan as an employee stock purchase plan pursuant to Section 423 of the Code or to comply with
any applicable law, regulation or rule. In addition, an amendment to the Plan must be approved by the stockholders of the Company within
twelve (12) months of the adoption of such amendment if such amendment would authorize the sale of more shares than are then authorized
for issuance under the Plan or would change the definition of the corporations that may be designated by the Committee as Participating
Companies. Notwithstanding the foregoing, in the event that the Committee determines that continuation of the Plan or an Offering would
result in unfavorable financial accounting consequences to the Company, the Committee may, in its discretion and without the consent
of any Participant, including with respect to an Offering Period then in progress: (i) terminate the Plan or any Offering Period,
(ii) accelerate the Purchase Date of any Offering Period, (iii) reduce the discount or the method of determining the Purchase
Price in any Offering Period (e.g., by determining the Purchase Price solely on the basis of the Fair Market Value on the Purchase Date),
(iv) reduce the maximum number of shares of Stock that may be purchased in any Offering Period, or (v) take any combination
of the foregoing actions.

 

    17

     

    

 

IN WITNESS WHEREOF, the undersigned Secretary of
the Company certifies that the foregoing sets forth the Skyward Specialty Insurance Group, Inc. 2022 Employee Stock Purchase Plan
as duly adopted by the Board on September 23, 2022.

 

	 	SKYWARD
    SPECIALTY INSURANCE GROUP, INC.
	 	 	, Secretary

 

    18

     

    

 

APPENDIX A

 

Participating Companies

 

Skyward Specialty Insurance Group, Inc.

Skyward Service Company

Skyward Underwriters Agency, Inc.

 

    

     

    

 

APPENDIX B

 

FORMS OF

 

ENROLLMENT/CHANGE NOTICE/WITHDRAWAL FORM

AND

SUBSCRIPTION AGREEMENT

 

    -1-Exhibit 10.6

 

Skyward
Specialty Insurance Group, Inc.

 

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement,
dated [_______], 2021, is made between Skyward Specialty Insurance Group, Inc., a Delaware corporation (the “Company”),
and [______________] (the “Indemnitee”).

 

RECITALS

 

WHEREAS, the Company
desires to attract and retain the services of talented and experienced individuals, such as Indemnitee, to serve as directors and officers
of the Company and its subsidiaries and wishes to indemnify its directors and officers to the maximum extent permitted by law;

 

WHEREAS, the Company
and Indemnitee recognize that corporate litigation in general has subjected directors and officers to expensive litigation risks;

 

WHEREAS, Section 145
(“Section 145”) of the General Corporation Law of the State of Delaware, as amended (“DGCL”),
under which the Company is organized, empowers the Company to indemnify its directors and officers by agreement and to indemnify persons
who serve, at the request of the Company, as the directors and officers of other corporations or enterprises, and expressly provides that
the indemnification provided by Section 145 is not exclusive;

 

WHEREAS, Section 145(g) of
the DGCL allows for the purchase of director and officer (“D&O”) liability insurance by the Company, which
in theory can cover asserted liabilities without regard to whether they are indemnifiable by the Company or not;

 

WHEREAS, individuals
considering service or presently serving expect to be extended market terms of indemnification commensurate with their position, and that
entities such as Company will endeavor to maintain appropriate D&O insurance; and

 

WHEREAS, in order to
induce Indemnitee to serve or continue to serve as a director or officer of the Company and/or one or more subsidiaries of the Company,
or otherwise serve the Company in an indemnifiable capacity as set forth below, the Company and Indemnitee enter into this Agreement.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the mutual covenants made herein and other good and valuable consideration, the receipt and sufficiency of which are
mutually acknowledged, Indemnitee and the Company agree as follows:

 

1.             Definitions.
As used in this Agreement:

 

(a)             “Agent”
means any person who is or was a director, officer, employee or other agent of the Company or a subsidiary of the Company; or is or was
serving at the request of, for the convenience of, or to represent the interests of the Company or a subsidiary of the Company as a director,
officer, employee, fiduciary, or agent of another foreign or domestic corporation, limited liability company, employee benefit plan, nonprofit
entity, partnership, joint venture, trust or other enterprise; or was a director, officer, employee, fiduciary, or agent of a foreign
or domestic corporation which was a predecessor corporation of the Company or a subsidiary of the Company, or was a director, officer,
employee, fiduciary, or agent of another enterprise at the request of, for the convenience of, or to represent the interests of such predecessor
corporation.

 

    1

     

    

 

(b)             “Board”
means the Board of Directors of the Company.

 

(c)             “Change
in Control” shall be deemed to have occurred if (i) any “person,” as such term is used in Sections 13(d) and
14(d) of the Exchange Act, other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company
or a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership
of stock of the Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly
or indirectly, of securities of the Company representing a majority of the total voting power represented by the Company’s then
outstanding voting securities, (ii) during any period of two (2) consecutive years, individuals who at the beginning of
such period constituted the Board, together with any new directors whose election by the Board or nomination for election by the Company’s
stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the
beginning of the period or whose election or nomination was previously so approved, cease for any reason to constitute a majority of the
Board, (iii) the stockholders of the Company approve a merger or consolidation or a sale of all or substantially all of the Company’s
assets with or to another entity, other than a merger, consolidation or asset sale that would result in the holders of the Company’s
outstanding voting securities immediately prior thereto continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity) at least a majority of the total voting power represented by the voting securities of
the Company or such surviving or successor entity outstanding immediately thereafter, or (iv) the stockholders of the Company approve
a plan of complete liquidation of the Company.

 

(d)             “ERISA”
means Employee Retirement Income Security Act of 1974, as amended.

 

(e)             “Exchange
Act” means Securities Exchange Act of 1934, as amended.

 

(f)             “Expenses”
shall include all out-of-pocket costs of any type or nature whatsoever (including, without limitation, all attorneys’ fees and related
costs and disbursements), actually and reasonably incurred by Indemnitee in connection with either the investigation, defense, or appeal
of a Proceeding, or establishing or enforcing a right to indemnification under this Agreement, or Section 145 or otherwise; provided,
however, that “Expenses” shall not include any judgments, fines, ERISA excise taxes or penalties, or amounts
paid in settlement of a Proceeding.

 

(g)             “Final
Adjudication” and “finally adjudged” means a final judgment or other binding determination from
which there is no further procedural recourse, including without limitation following exhaustion or expiration of all available appeals.

 

(h)             “Independent
Counsel” means a law firm, or a partner (or, if applicable, member) of such a law firm, that is experienced in relevant
matters of corporation law and neither currently is, nor in the past five years has been, retained to represent: (i) the Company
or Indemnitee in any matter material to either such party or (ii) any other party to or witness in the proceeding giving rise to
a claim for indemnification hereunder; provided however, that “Independent Counsel” shall not include any person who,
under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company
or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. Where required by this Agreement, Independent
Counsel shall be retained at the Company’s sole expense.

 

(i)             “Proceeding”
means any threatened, pending, or completed action, claim, demand, discovery request, subpoena, hearing, suit, arbitration, alternate
dispute resolution mechanism, investigation, administrative hearing, or any other proceeding whether formal or informal, civil, criminal,
administrative, or investigative, including any such investigation or proceeding instituted by or on behalf of the Company or its Board
of Directors, including any appeal of the foregoing, in which Indemnitee is or reasonably may be involved as a party or target, that is
associated with Indemnitee’s being an Agent of the Company.

 

    2

     

    

 

(j)             “Securities
Act” means the Securities Act of 1933, as amended.

 

(k)             “Subsidiary”
means any corporation of which more than 50% of the outstanding voting securities is owned directly or indirectly by the Company, by the
Company and/or one or more other subsidiaries.

 

2.             Agreement
to Serve. Indemnitee agrees to serve and/or continue to serve as an Agent of the Company, at its will (or under separate agreement,
if such agreement exists), in the capacity Indemnitee currently serves as an Agent of the Company, so long as Indemnitee is duly appointed
or elected and qualified in accordance with the applicable provisions of the Bylaws of the Company (“Bylaws”)
or any subsidiary of the Company or until such time as Indemnitee tenders his or her resignation in writing; provided, however,
that nothing contained in this Agreement is intended to create any right to continued employment or other service by Indemnitee.

 

3.             Liability
Insurance.

 

(a)             Maintenance
of D&O Insurance. The Company covenants and agrees that, so long as Indemnitee shall continue to serve as an Agent of the Company
and thereafter so long as Indemnitee shall be subject to any possible Proceeding by reason of the fact that Indemnitee was an Agent of
the Company, the Company, subject to Section 3(c), shall promptly obtain and maintain in full force and effect directors’
and officers’ liability insurance (“D&O Insurance”) in reasonable amounts from established and reputable
insurers of a minimum A.M. Best rating of A-VII, and as more fully described below. In the event of a Change in Control, the Company
shall, as set forth in Section 3(c), either: (i) maintain such D&O Insurance for six (6) years; or (ii) purchase
a six (6) year tail for such D&O Insurance.

 

(b)             Rights
and Benefits. In all policies of D&O Insurance, Indemnitee shall qualify as an insured in such a manner as to provide Indemnitee
the same rights and benefits as are accorded to the most favorably insured of the Company’s Agents of the same standing as Indemnitee.

 

(c)             Limitation
on Required Maintenance of D&O Insurance. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain
D&O Insurance at all, or of any type, terms, or amount, if the Company determines in good faith and after using commercially reasonable
efforts that: such insurance is not reasonably available; the premium costs for such insurance are disproportionate to the amount of coverage
provided; the coverage provided by such insurance is limited so as to provide an insufficient or unreasonable benefit; Indemnitee is covered
by similar insurance maintained by a subsidiary of the Company; or the Company is to be acquired and a tail policy of reasonable terms
and duration can be purchased for pre-closing acts or omissions by Indemnitee.

 

4.             Mandatory
Indemnification. Subject to the terms of this Agreement:

 

(a)             Third
Party Actions. If Indemnitee is a person who was or is a party or is threatened to be made a party to any Proceeding (other than an
action by or in the right of the Company) by reason of the fact that Indemnitee is or was an Agent of the Company, or by reason of anything
done or not done by Indemnitee in any such capacity, the Company shall indemnify Indemnitee against all Expenses and liabilities of any
type whatsoever (including, but not limited to, judgments, fines, ERISA excise taxes and penalties, and amounts paid in settlement) actually
and reasonably incurred by Indemnitee in connection with the investigation, defense, settlement or appeal of such Proceeding; provided
that Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the
Company, and, with respect to any criminal action or Proceeding, had no reasonable cause to believe his or her conduct was unlawful.

 

    3

     

    

 

(b)             Derivative
Actions. If Indemnitee is a person who was or is a party or is threatened to be made a party to any Proceeding by or in the right
of the Company by reason of the fact that Indemnitee is or was an Agent of the Company, or by reason of anything done or not done by Indemnitee
in any such capacity, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection
with the investigation, defense, settlement or appeal of such Proceeding; provided that Indemnitee acted in good faith and in a
manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company; except that no indemnification under
this Section 4(b) shall be made in respect to any claim, issue or matter as to which Indemnitee shall have been finally
adjudged to be liable to the Company by a court of competent jurisdiction that the Indemnitee is liable to the Company, unless and only
to the extent that the Delaware Court of Chancery or the court in which such Proceeding was brought shall determine upon application that,
despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled
to indemnity for such amounts which the Delaware Court of Chancery or such other court shall deem proper.

 

(c)             Actions
where Indemnitee is Deceased. If Indemnitee is a person who was or is a party or is threatened to be made a party to any Proceeding
by reason of the fact that Indemnitee is or was an Agent of the Company, or by reason of anything done or not done by Indemnitee in any
such capacity, and if, prior to, during the pendency of or after completion of such Proceeding Indemnitee is deceased, the Company shall
indemnify Indemnitee’s heirs, executors and administrators against all Expenses and liabilities of any type whatsoever to the extent
Indemnitee would have been entitled to indemnification pursuant to this Agreement were Indemnitee still alive.

 

(d)             Certain
Terminations. The termination of any Proceeding or of any claim, issue, or matter therein by judgment, order, settlement, or conviction,
or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself
create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed
to the best interests of the Company or, with respect to any criminal action or Proceeding, that Indemnitee had reasonable cause to believe
that Indemnitee’s conduct was unlawful.

 

(e)             Limitations.
Notwithstanding the foregoing provisions of Sections 4(a), 4(b), 4(c) and 4(d), but subject to the
exception set forth in Section 13 which shall control, the Company shall not be obligated to indemnify the Indemnitee for
Expenses or liabilities of any type whatsoever for which payment (and the Company’s indemnification obligations under this Agreement
shall be reduced by such payment) is actually made to or on behalf of Indemnitee, by the Company or otherwise, under a corporate insurance
policy, or under a valid and enforceable indemnity clause, right, by-law, or agreement; and, in the event the Company has previously made
a payment to Indemnitee for an Expense or liability of any type whatsoever for which payment is actually made to or on behalf of the Indemnitee
from any such source, Indemnitee shall return to the Company the amounts subsequently received by the Indemnitee that source.

 

(f)             Witness.
In the event that Indemnitee is not a party or threatened to be made a party to a Proceeding, but is subpoenaed (or given a written request
to be interviewed by or provide documents or information to a government authority of any jurisdiction) in such a Proceeding by reason
of the fact that the Indemnitee is or was an Agent of the Company, or by reason of anything witnessed or allegedly witnessed by the Indemnitee
in that capacity, the Company shall indemnify the Indemnitee against all actually and reasonably incurred out of pocket costs (including
without limitation legal fees) incurred by the Indemnitee in responding to such subpoena or written request for an interview. As a condition
to this right, Indemnitee must provide notice of such subpoena or request to the Company within 14 days, otherwise the Company’s
obligation to pay such costs shall only attach for costs incurred from the date of notice.

 

    4

     

    

 

5.             Indemnification
for Expenses in a Proceeding in Which Indemnitee is Wholly or Partly Successful.

 

(a)             Successful
Defense. Notwithstanding any other provisions of this Agreement, to the extent Indemnitee has been successful, on the merits or otherwise,
in defense of any Proceeding (including, without limitation, an action by or in the right of the Company) in which Indemnitee was a party
by reason of the fact that Indemnitee is or was an Agent of the Company at any time, the Company shall indemnify Indemnitee against all
Expenses actually and reasonably incurred by or on behalf of Indemnitee in connection with the investigation, defense or appeal of such
Proceeding.

 

(b)             Partially
Successful Defense. Notwithstanding any other provisions of this Agreement, to the extent that Indemnitee is a party to any Proceeding
(including, without limitation, an action by or in the right of the Company) in which Indemnitee was a party by reason of the fact that
Indemnitee is or was an Agent of the Company at any time and is successful, on the merits or otherwise, as to one or more but less than
all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably
incurred by or on behalf of Indemnitee in connection with each successfully resolved claim, issue or matter.

 

(c)             Dismissal.
For purposes of this section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal,
with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

(d)             Contribution.
If the indemnification provided in this Agreement is unavailable and may not be paid to Indemnitee, then to the extent allowed by law,
in respect of any threatened, pending or completed Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined
in such Proceeding), the Company shall contribute to the amount of expenses (including attorneys’ fees), judgments, fines and amounts
paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in such proportion as is appropriate to reflect
(i) the relative benefits received by the Company on the one hand and Indemnitee on the other hand from the transaction from which
such Proceeding arose, and (ii) the relative fault of Company on the one hand and of Indemnitee on the other in connection with the
events which resulted in such expenses, judgments, fines or settlement amounts, as well as any other relevant equitable considerations.
The relative fault of the Company on the one hand and of Indemnitee on the other shall be determined by reference to, among other things,
the parties' relative intent, knowledge, access to information, active or passive conduct, and opportunity to correct or prevent the circumstances
resulting in such expenses, judgments, fines or settlement amounts. The Company agrees that it would not be just and equitable if contribution
pursuant to this section were determined by pro rata allocation or any other method of allocation which does not take account of the foregoing
equitable considerations.

 

(e)             Settlements
by Company. The Company may not settle any claim held by Indemnitee without express written consent of Indemnitee, which may be given
or withheld in Indemnitee’s sole discretion.

 

6.             Mandatory
Advancement of Expenses.

 

(a)             Subject
to the terms of this Agreement and following notice pursuant to Section 7(a) below, the Company shall advance, interest
free, all Expenses reasonably incurred by Indemnitee in connection with the investigation, defense, settlement or appeal of any Proceeding
to which Indemnitee is a party or is threatened to be made a party by reason of the fact that Indemnitee is or was an Agent of the Company
(unless there has been a Final Adjudication such that Indemnitee is not entitled to indemnification for such Expenses) upon receipt satisfactory
documentation supporting such Expenses. Such advances are intended to be an obligation of the Company to Indemnitee hereunder and shall
in no event be deemed to be a personal loan. Such advancement of Expenses shall otherwise be unsecured and without regard to Indemnitee’s
ability to repay. The advances to be made hereunder shall be paid by the Company to Indemnitee within 30 days following delivery of a
written request therefore by Indemnitee to the Company, along with such documentation and information as is reasonably available to the
Indemnitee and is reasonably necessary to determine whether and to what extent the claimant is entitled to advancement (which shall include
without limitation reasonably detailed invoices for legal services, but with disclosure of confidential work product not required if that
would work a waiver of privilege as to an adverse party). The Company shall discharge its advancement duty by, at its option, (a) paying
such Expenses on behalf of Indemnitee, (b) advancing to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimbursing
Indemnitee for Expenses already paid by Indemnitee. In the event that the Company fails to pay Expenses as incurred by Indemnitee as required
by this paragraph, Indemnitee may seek mandatory injunctive relief (including without limitation specific performance) from any court
having jurisdiction to require the Company to pay Expenses as set forth in this paragraph. If Indemnitee seeks mandatory injunctive relief
pursuant to this paragraph, it shall not be a defense to enforcement of the Company’s obligations set forth in this paragraph that
Indemnitee has an adequate remedy at law for damages.

 

    5

     

    

 

(b)             Undertakings.
Indemnitee shall qualify for advances upon the execution and delivery to the Company of this Agreement, which constitutes an undertaking
whereby Indemnitee promises to repay any amounts advanced if and to the extent that it shall ultimately be determined that Indemnitee
is not entitled to indemnification by the Company.

 

7.             Notice
and Other Indemnification Procedures.

 

(a)             Notice
by Indemnitee. Promptly after receipt by Indemnitee of notice of the commencement of or the threat of commencement of any Proceeding, Indemnitee
shall, if Indemnitee believes that indemnification with respect thereto may be sought from the Company under this Agreement, notify the
Company in writing of the commencement or threat of commencement thereof provided, however, that a delay in giving such
notice will not deprive Indemnitee of any right to be indemnified under this Agreement unless, and then only to the extent that, the Company
did not otherwise learn of the Proceeding and such delay is materially prejudicial to the Company; provided, further, that
notice will be deemed to have been given without any action on the part of Indemnitee in the event the Company is a party to the same
Proceeding and already has notice of all the matters for which Indemnitee is demanding indemnification and advancement.

 

(b)             Insurance.
If the Company receives notice pursuant to Section 7(a)  of the commencement of a Proceeding that may be covered under
D&O Insurance then in effect, the Company shall give prompt notice of the commencement of such Proceeding to the insurers in accordance
with the procedures set forth in the respective policies.

 

(c)             Defense.
In the event the Company shall be obligated to pay the Expenses of any Proceeding against Indemnitee, the Company shall be entitled to
assume the defense of such Proceeding, with counsel selected by the Company and approved by Indemnitee (which approval shall not be unreasonably
withheld), upon the delivery to Indemnitee of written notice of the Company’s election so to do. After delivery of such notice,
and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of counsel
subsequently incurred by Indemnitee with respect to the same Proceeding; provided that (i) Indemnitee shall have the right
to employ his or her own counsel in any such Proceeding at Indemnitee’s expense; and (ii) Indemnitee shall have the right to
employ his or her own counsel in any such Proceeding at the Company’s expense if (A) the Company has authorized the employment
of counsel by Indemnitee at the expense of the Company; (B) Indemnitee shall have reasonably concluded based on the written advice
of Indemnitee’s legal counsel that there may be a conflict of interest between the Company and Indemnitee in the conduct of any
such defense; or (C) the Company shall not, in fact, have employed counsel to assume the defense of such Proceeding. In addition
to all the requirements above, if the Company has D&O Insurance, or other insurance, with a panel counsel requirement that may
cover the matter for which indemnity is claimed by Indemnitee, then Indemnitee shall use such panel counsel or other counsel approved
by the insurers, unless there is an actual conflict of interest posed by representation by all such counsel, or unless and to the extent Company
waives such requirement in writing. Indemnitee and his or her counsel shall provide reasonable cooperation with such insurer on request
of the Company.

 

    6

     

    

 

8.             Right
to Indemnification.

 

(a)             Right
to Indemnification. In the event that Section 5(a) is inapplicable, the Company shall indemnify Indemnitee pursuant
to this Agreement unless, and except to the extent that, it shall have been determined by one of the methods listed in Section 8(b) that
Indemnitee has not met the applicable standard of conduct required to entitle Indemnitee to such indemnification.

 

(b)             Determination
of Right to Indemnification. A determination of Indemnitee’s right to indemnification under this Section 8 shall
be made at the election: (i) by a majority vote of directors who are not parties to the Proceeding for which indemnification is being
sought, even though less than a quorum; (ii) by a committee of the Board consisting of directors who are not parties to the Proceeding
for which indemnification is being sought, who, even though less than a quorum, have been designated by a majority vote of the disinterested
directors; (iii) if there are no such disinterested directors or if the disinterested directors so direct, by Independent Counsel
chosen by the Company in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (iv) by the Company’s
stockholders. However, in the event there has been a Change in Control, then the determination shall, at Indemnitee’s sole option,
be made by Independent Counsel as in (b)(iii) above, with Company choosing the Independent Counsel subject to Indemnitee’s
consent, such consent not to be unreasonably withheld.

 

(c)             Submission
for Decision. As soon as practicable, and in no event later than 30 days after Indemnitee’s written request for indemnification,
the Board shall select the method for determining Indemnitee’s right to indemnification. Indemnitee shall cooperate with the person
or persons or entity making such determination with respect to Indemnitee’s right to indemnification, including providing to such
person, persons or entity, upon reasonable advance request, any documentation or information which is not privileged or otherwise protected
from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any Independent Counsel
or member of the Board shall act reasonably and in good faith in making a determination regarding Indemnitee’s entitlement to indemnification
under this Agreement.

 

(d)             Application
to Court. If (i) a claim for indemnification or advancement of Expenses is denied, in whole or in part, (ii) no disposition
of such claim is made by the Company within 60 days after the request therefore, (iii) the advancement of Expenses is not timely
made pursuant to Section 6 of this Agreement or (iv) payment of indemnification is not made pursuant to Section 5
of this Agreement, Indemnitee shall have the right at his or her option to apply to the Delaware Court of Chancery, the court in
which the Proceeding is or was pending, or any other court of competent jurisdiction, for the purpose of enforcing Indemnitee’s
right to indemnification (including the advancement of Expenses) pursuant to this Agreement. Upon written request by Indemnitee, the Company
shall consent to service of process.

 

    7

     

    

 

(e)             Expenses
Related to the Enforcement or Interpretation of this Agreement. The Company shall indemnify Indemnitee against all reasonable Expenses
incurred by Indemnitee in connection with any hearing or proceeding under this Section 8 involving Indemnitee, and against
all reasonable Expenses incurred by Indemnitee in connection with any other proceeding between the Company and Indemnitee to the extent
involving the interpretation or enforcement of the rights of Indemnitee under this Agreement, if and to the extent Indemnitee is successful.

 

(f)             Determination
of Final Adjudication. In no event shall Indemnitee’s right to indemnification (apart from advancement of Expenses) be determined
prior to a Final Adjudication in a Proceeding at issue if the Proceeding is both ongoing, and of the nature to have a Final Adjudication,
unless a Final Adjudication in another Proceeding establishes that Indemnitee is not entitled to indemnification in the first Proceeding

 

(g)             Standard.
In any proceeding to determine Indemnitee’s right to indemnification or advancement, Indemnitee shall be presumed to be entitled
to indemnification or advancement, with the burden of proof on the Company to prove, by a preponderance of the evidence (or higher standard
if required by relevant law) that Indemnitee is not so entitled.

 

(h)             Good
Faith. Indemnitee shall be fully indemnified for those matters where, in the performance of his or her duties for the Company, he
or she relied in good faith upon the records of the Company and upon such information, opinions, reports or statements presented to the
Company by any of the Company’s officers or employees, or committees of the board of directors, or by any other person as to matters
Indemnitee reasonably believed were within such other person’s professional or expert competence and who was selected with reasonable
care by or on behalf of the Company.

 

9.             Exceptions.
To the extent that there is any conflict or inconsistency between this Section 9 and any other provision of this Agreement,
this Section 9 shall control and govern. Any other provision herein to the contrary notwithstanding, the Company shall not
be obligated to indemnify, advance Expenses, or otherwise have any obligation to Indemnitee, for any of the following:

 

(a)             Claims
Initiated by Indemnitee. Proceedings or claims initiated or brought voluntarily by Indemnitee (including cross actions), with a reasonable
allocation where appropriate, unless (i) such indemnification is expressly required to be made by law, (ii) the Proceeding was
authorized by the Board, (iii) such indemnification is provided by the Company, in its sole discretion, pursuant to the powers vested
in the Company under the DGCL or (iv) the Proceeding is brought pursuant to Section 8 specifically to establish or enforce
a right to indemnification under this Agreement or any other statute or law or otherwise as required under Section 145 in advance
of a Final Adjudication, in which case Section 8(e) provision shall control. For clarity, the raising of defenses by
the Company by way of argument or affirmative defenses in an Indemnitee-initiated Proceeding against the Company shall not themselves
be deemed to be a Proceeding.

 

(b)             Fees
on Fees. Any Proceeding instituted by Indemnitee to enforce or interpret this Agreement, to the extent Indemnitee is not successful
in such a Proceeding.

 

(c)             Unauthorized
Settlements. Any amounts paid in settlement of a Proceeding unless the Company consents to such settlement, which consent shall not
be unreasonably withheld.

 

(d)             Claims
Under Section 16(b). Any Proceeding related to, or the payment of profits made from the purchase and sale (or sale and purchase)
by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act, or similar provisions of
state statutory law or common law (provided, however, that the Company must advance Expenses for such matters as otherwise permissible
under this Agreement).

 

    8

     

    

 

(e)             Payments
Contrary to Law. Payments which are prohibited by applicable law.

 

(f)             Required
Reimbursement. Reimbursement of the Company by Indemnitee of any compensation, including bonus or other incentive-based or equity-based
compensation or of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Securities
Act or the Exchange Act (including without limitation reimbursements that (i) arise from an accounting restatement of the Company
pursuant to Section 304 of the Sarbanes-Oxley Act of 2002, as amended (“Sarbanes-Oxley”) or the payment
to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of Sarbanes-Oxley,
(ii) arise pursuant to regulations or policies adopted in compliance with Section 954 of the Investor Protection and Securities
Reform Act of 2010, as amended).

 

(g)             Illegal
Activity. Any illegal activities as determined by a special committee of the Board, following an investigation by Independent Counsel
chosen by the Board. For clarity, to the extent there is any conflict or inconsistency between this Subsection 9(g) and Section 8,
this Subsection 9(g) will prevail. In its sole discretion, the special committee may instead elect at any time to make a determination
of Indemnitee’s right to indemnification under Section 8.

 

10.             Non-Exclusivity.
The provisions for indemnification and advancement of Expenses set forth in this Agreement shall not be deemed exclusive of any other
rights which Indemnitee may have under any provision of law, the Company’s Certificate of Incorporation or Bylaws, the vote of the
Company’s stockholders or disinterested directors, other agreements, or otherwise, both as to action in Indemnitee’s official
capacity and as to action in another capacity while occupying Indemnitee’s position as an Agent of the Company. Indemnitee’s
rights hereunder shall continue after Indemnitee has ceased acting as an Agent of the Company and shall inure to the benefit of the heirs,
executors and administrators of Indemnitee. This Agreement shall supersede all prior indemnification agreements with the Company; provided, Indemnitee
is entitled to any advancement or indemnification rights (pursuant to the Company’s Certificate of Incorporation, Bylaws, a prior
indemnification agreement, or other agreement) in effect at the time of Indemnitee’s service that is at issue in the matter potentially
subject to indemnification, to the extent such rights are more favorable to Indemnitee than those granted herein.

 

11.             Permitted
Defenses. It shall be a defense to any action for which a claim for indemnification is made under this Agreement (other than an action
brought to enforce a claim for Expenses pursuant to Section 6; provided that the required documents have been tendered
to the Company) that Indemnitee is not entitled to indemnification because of the limitations set forth in Sections 4 and
9 . Neither the failure of the Company or an Independent Counsel to have made a determination prior to the commencement of such
enforcement action that indemnification of Indemnitee is proper in the circumstances, nor an actual determination by the Company or an
Independent Counsel that such indemnification is improper, shall be a defense to the action or create a presumption that Indemnitee is
not entitled to indemnification under this Agreement or otherwise. In making any determination concerning Indemnitee’s right to
indemnification, there shall be a presumption that Indemnitee has satisfied the applicable standard of conduct. Any determination by the
Company concerning Indemnitee’s right to indemnification that is adverse to Indemnitee may be challenged by the Indemnitee in the
Court of Chancery of the State of Delaware.

 

    9

     

    

 

12.             Subrogation.
Subject to the limitations of Section 13, in the event the Company is obligated to make a payment under this Agreement, the
Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all documents
reasonably required and take all action that may be necessary to secure such rights and to enable the Company effectively to bring suit
to enforce such rights (provided that the Company pays Indemnitee’s costs and expenses of doing so), including without limitation
by assigning all such rights to the Company or its designee to the extent of such indemnification or advancement of Expenses. Subject
to the limitations of Section 13, the Company’s obligation to indemnify or advance expenses under this Agreement shall
be reduced by any amount Indemnitee has collected from such other source, and in the event that Company has fully paid such indemnity
or expenses, Indemnitee shall return to the Company any amounts subsequently received from such other source of indemnification.

 

13.             Primacy
of Indemnification. The Company acknowledges that Indemnitee may have certain rights to indemnification, advancement of expenses,
or liability insurance, neither procured or provided by the Company (including for this section any parent, affiliate, subsidiary, investment
vehicle, or joint venture of the Company) nor any entity Indemnitee served or is serving at the direction of the Company, from a third
party (collectively, the “Third Party Indemnitors”). The Company agrees that (i) it is the indemnitor of
first resort, i.e., its obligations to Indemnitee under this Agreement and any indemnity provisions set forth in its Certificate
of Incorporation, Bylaws or elsewhere (collectively, “Indemnity Arrangements”) are primary, and any obligation
of the Third Party Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee
is secondary and excess, (ii) it shall advance the full amount of expenses incurred by Indemnitee and shall be liable for the full
amount of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf of Indemnitee, to the extent legally
permitted and as required by any Indemnity Arrangement, without regard to any rights Indemnitee may have against the Third Party Indemnitors,
and (iii) it irrevocably waives, relinquishes and releases the Third Party Indemnitors from any claims against the Third Party Indemnitors
for contribution, subrogation or any other recovery of any kind arising out of or relating to any Indemnity Arrangement. The Company further
agrees that no advancement or indemnification payment by any Third Party Indemnitor on behalf of Indemnitee shall affect the foregoing,
and the Third Party Indemnitors shall be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee
against the Company. The Company and Indemnitee agree that the Third Party Indemnitors are express third party beneficiaries of the terms
of this Section 13. The Company, on its own behalf and on behalf of its insurers to the extent allowed by its insurance policies,
waives subrogation rights against Indemnitee and Third Party Indemnitors.

 

14.             No
Imputation. The knowledge or actions, or failure to act, of any director, officer, employee, or agent of the Company, or the Company
itself shall not be imputed to Indemnitee for the purpose of determining Indemnitee’s rights hereunder.

 

15.             Survival
of Rights.

 

(a)             All
agreements and obligations of the Company contained herein shall continue during the period Indemnitee is an Agent of the Company and
shall continue thereafter so long as Indemnitee shall be subject to any possible claim or threatened, pending or completed Proceeding
by reason of the fact that Indemnitee was serving in the capacity referred to herein.

 

(b)             The
Company shall require any successor to the Company (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all
or substantially all of the business or assets of the Company, expressly to assume and agree to perform this Agreement in the same manner
and to the same extent that the Company would be required to perform if no such succession had taken place.

 

16.             Severability.
If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever, (i) the
validity, legality and enforceability of the remaining provisions of the Agreement (including, without limitation, all portions of any
paragraphs of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid,
illegal, or unenforceable) shall not in any way be affected or impaired thereby, and (ii) to the fullest extent possible, such remaining
provisions shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal, or unenforceable.

 

    10

     

    

 

17.              Modification
and Waiver. No supplement, modification, or amendment of this Agreement shall be binding unless it is in a writing signed by both
of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other
provisions (even if similar) nor shall such waiver constitute a continuing waiver.

 

18.              Notice.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly
given (a) upon delivery if delivered by hand to the party to whom such notice or other communication shall have been directed, (b) if
mailed by certified or registered mail with postage prepaid, return receipt requested, on the third business day after the date on which
it is so mailed, (c) one (1) business day after the business day of deposit with a nationally recognized overnight delivery
service, specifying next day delivery, with written verification of receipt, or (d) on the same day as delivered by electronic
transmission if delivered during business hours or on the next successive business day if delivered by electronic transmission after business
hours. Addresses for notice to either party shall be as shown on the signature page of this Agreement, or to such other address as
may have been furnished by either party in the manner set forth above.

 

19.             Governing
Law. This Agreement shall be governed exclusively by and construed according to the laws of the State of Delaware as applied to contracts
between Delaware residents entered into and to be performed entirely within Delaware. This Agreement is intended to be an agreement of
the type contemplated by Section 145(f) of the DGCL.

 

20.             Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of
which together shall constitute one and the same Agreement, and electronically transmitted signatures shall be valid.

 

(Signature page follows)

 

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The parties hereto have entered
into this Indemnification Agreement, including the undertaking contained herein, effective as of the date first above written.

 

	Company:	 
	 	 
	Skyward Specialty Insurance
Group, Inc.	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 
	Address:	800 Gessner Road, Suite 600	 
	 	Houston, TX 77024	 
	 	 
	Email:	 	 

 

	Indemnitee:	 
	 	 
	[NAME]	 
	 	 
	 	 
	Address:	[address]	 
	 	[address]	 
	 	 
	Email:	[email]	 

 

(Signature page to Indemnification Agreement)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}]]