Document:

exv10w15

Exhibit 10.15

	 	 	 
	DEBTOR NAME AND ADDRESS

	 	          SECURED PARTY NAME AND ADDRESS
	 
	 	 
	SunCoast
Holdings, Inc., Brandywine Insurance Holdings, Inc.

	 	Brooks Credit Corporation
	and
Patriot Risk Services, Inc,

	 	10950 Grandview Dr., Ste. #600
	401
East Las Olas Blvd, Suite 1540

	 	Overland Park, KS 66210
	Ft.
Lauderdale, FL 33301
	 	 
	 
	 	 
	Type: o individual o partnership þ corporation o                    
	 	 
	state of organization/registration (if applicable)                    
	 	 
	o If checked, refer to addendum for additional Debtors and
signatures.
	 	 

COMMERCIAL
SECURITY AGREEMENT

The date of this Commercial Security Agreement (Agreement) is 03-30-2006

SECURED DEBTS. This Agreement will secure all sums advanced by Secured Party under the terms of
this Agreement and the payment and performance
of the following described Secured Debts that (check one) þ Debtor o                                        
                    
                    
                                        (Borrower) owes to Secured Party:

	 	o.	 	Specific Debts. The following debts and all extensions, renewals, refinancings, modifications,
and replacements (describe):
	 
	 	þ.	 	All Debts. All present and future debts, even if this Agreement is not referenced, the debts are
also secured by other collateral, or the future debt is
unrelated to or of a different type than the current debt. Nothing in this Agreement is a
commitment to make future loans or advances.

SECURITY INTEREST. To secure the payment and performance of the Secured Debts, Debtor gives Secured
Party a security interest in all of the
Property described in this Agreement that Debtor owns or has sufficient rights in which to transfer
an interest, now or in the future, wherever the
Property is or will be located, and all proceeds and products of the Property. “Property” includes
all parts, accessories, repairs, replacements,
improvements, and accessions to the Property: any original evidence of title or ownership; and all
obligations that support the payment on
performance of the Property. “Proceeds” includes anything required upon the sale, lease, license,
exchange, or other disposition of the Property; any
rights and claims arising from the Property; and any collections and distributions on account of
the Property. This Agreement remains in effect until
terminated in writing, even if the Secured Debts are paid and Secured Party is no longer obligated
to advance funds in Debtor or Borrower.

PROPERTY DESCRIPTION. The Property is described as follows:

	 	þ.	 	Accounts and Other Rights to Payment: All rights to payment, whether or not earned by
performance, including, but not limited to, payment for

property or services sold, leased, rented, licensed, or assigned. This includes any rights and
interests (including all liens) which Debtor may have
by law or agreement against any account debtor or obligor of Debtor.
	 
	 	þ.	 	Inventory: All inventory held for ultimate sale or lease, or which has been or will be supplied
under contracts of service, or which are raw

materials, work in process, or materials used or consumed in Debtor’s business.
	 
	 	þ.	 	Equipment: All equipment including, but not limited to, machinery, vehicles, furniture,
fixtures, manufacturing equipment, farm machinery and
equipment, shop equipment, office and record keeping equipment, parts, and tools. The Property
includes any equipment described in a list or
schedule Debtor gives to Secured Party, but such a list is not necessary to create a valid security
interest in all of Debtor’s equipment.
	 
	 	þ.	 	Instruments and Chattel Paper: All instruments, including negotiable instruments and promissory
notes and any other writings or records that

evidence the right to payment of a monetary obligation, and tangible and electronic chattel paper.
	 
	 	þ.	 	General Intangibles: All general intangibles including, but not limited to, tax refunds, patents
and applications for patents, copyrights,
trademarks, trade secrets, goodwill, trade names, customer lists, permits and franchises, payment
intangibles, computer programs and all
supporting information provided in connection with a transaction relating to computer programs, and
the right to use Debtor’s name.
	 
	 	þ.	 	Documents: All documents of title including, but not limited to, bills of lading, dock warrants
and receipts, and warehouse receipts.
	 
	 	o.	 	Farm Products and Supplies: All farm products including, but not limited to, all poultry and
livestock and their young, along with their produce,
products, and replacements; all crops, annual or perennial, and all products of the crops; and all
feed, seed, fertilizer, medicines, and other supplies
used or produced in Debtor’s farming operations.
	 
	 	þ.	 	Government Payments and Programs: All payments, accounts, general intangibles, and benefits
including, but not limited to, payments in
kind, deficiency payments, letters of entitlement, warehouse receipts, storage payments, emergency
assistance and diversion payments,
production flexibility contracts, and conservation reserve payments under any preexisting, current,
or future federal or state government program.
	 
	 	þ.	 	Investment Property: All investment property including, but not limited to, certificated
securities, uncertificated securities, securities
entitlements, securities accounts, commodity contracts, commodity accounts, and financial assets.
	 
	 	þ.	 	Deposit Accounts: All deposit accounts including, but not limited to, demand, time, savings,
passbook, and similar accounts.
	 
	 	þ.	 	Specific Property Description: The Property includes, but is not limited by, the following (if
required, provide real estate description):
	 
	 	 	 	See Extension of Security Agreement
	 
	 	 	 	See also Addendum A dated March 30, 2008, attachad hereto and Incorporated herein by this
reference

USE OF
PROPERTY, The property will be used for
o personal
þ business o agriculture o                    
purposes.

SIGNATURES. Debtor agrees to the terms on pages 1 and 2 of this Agreement and acknowledges receipt
of a copy of this Agreement.

	 	 	 
	DEBTOR

	 	SECURED PARTY
	Sunlose
holding Inc, Brandwine Insurance Holdings, Inc. and Patriot Risk
Services, Inc.

	 	Brooke Credit Corporation
	 
	 	 
	/s/ Steven M. Mariano

	 	/s/ Micheal Lowry
	 

	 	 
	Steven
M. Mariano, CEO & President of SunCoast Holding, Inc

	 	Micheal Lowry
	 

	 	President

	 	 	 
	/s/ Steven M. Mariano
	 	 
	 

Steven M. Mariano, CEO & President of Brandwine Insurance
Holdings, Inc. and  Risk Services Inc.

	 	 

(ILLEGIBLE)

 

 

GENERAL PROVISIONS. Each Debtor’s obligations under this
Agreement are independent of the obligations of any other Debtor. Secured
Party may sue each Debtor individually or together with any other Debtor.
Secured Party may release any part of the Property and Debtor will remain
obligated under this Agreement. The duties and benefits of this Agreement
will bind the successors and assigns of Debtor and Secured Party. No
modification of this Agreement is effective unless made in writing and
signed by Debtor and Secured Party. Whenever used, the plural includes the
singular and the singular includes the plural. Time is of the essence.

APPLICABLE LAW. This Agreement is governed by the laws of the state
in which Secured Party is located. In the event of a dispute, the exclusive
forum, venue, and place of jurisdiction will be the state in which Secured
Party is located, unless otherwise required by law. If any provision of this
Agreement is unenforceable by law, the unenforceable provision will be
severed and the remaining provisions will still be enforceable.

NAME AND LOCATION. Debtor’s name indicated on page 1 is Debtor’s
exact legal name. If Debtor is an individual, Debtor’s address is Debtor’s
principal residence. If Debtor is not an individual, Debtor’s address is the
location of Debtor’s chief executive offices or sole place of business. If
Debtor is an entity organized and registered under state law, Debtor has
provided Debtor’s state of registration on page 1. Debtor will provide
verification of registration and location upon Secured Party’s request.
Debtor will provide Secured Party with at least 30 days notice prior to any
change in Debtor’s name, address, or state of organization or registration.

WARRANTIES AND REPRESENTATIONS. Debtor has the right,
authority, and power to enter into this Agreement. The execution and
delivery of this Agreement will not violate any agreement governing Debtor
or Debtor’s property, or to which Debtor is a party. Debtor makes the
following warranties and representations which continue as long as this
Agreement is in effect:

	(1)	 	Debtor is duly organized and validly existing in all jurisdictions in

which Debtor does business;
	 
	(2)	 	the execution and performance of the terms of this Agreement have
been duly authorized, have received all necessary governmental
approval, and will not violate any provision of law or order;
	 
	(3)	 	other than previously disclosed to Secured Party, Debtor has not
changed Debtor’s name or principal place of business within the last 10
years and has not used any other trade or fictitious name; and
	 
	(4)	 	Debtor does not and will not use any other name without Secured
Party’s prior written consent.

Debtor owns all of the Property, and Secured Party’s claim to the Property
is ahead of the claims of any other creditor, except as otherwise agreed and
disclosed to Secured Party prior to any advance on the Secured Debts. The
Property has not been used for any purpose that would violate any laws or
subject the Property to forfeiture or seizure.

DUTIES TOWARD PROPERTY. Debtor will protect the Property and
Secured Party’s interest against any competing claim. Except as otherwise
agreed, Debtor will keep the Property in Debtor’s possession at the address
indicated on page 1 of this Agreement. Debtor will keep the Property in
good repair and use the Property only for purposes specified on page 1.
Debtor will not use the Property in violation of any law and will pay all
taxes and assessments levied or assessed against the Property. Secured Party
has the right of reasonable access to inspect the Property, including the right
to require Debtor to assemble and make the Property available to Secured
Party. Debtor will immediately notify Secured Party of any loss or damage
to the Property. Debtor will prepare and keep books, records, and accounts
about the Property and Debtor’s business, to which Debtor will allow
Secured Party reasonable access.

Debtor will not sell, offer to sell, license, lease, or otherwise transfer or
encumber the Property without Secured Party’s prior written consent. Any
disposition of the Property will violate Secured Party’s rights, unless the
Property is inventory sold in the ordinary course of business at fair market
value. If the Property includes chattel paper or instruments, either as
original collateral or as proceeds of the Property, Debtor will record Secured
Party’s interest on the face of the chattel paper or instruments.

If the Property includes accounts, Debtor will not settle any account for less
than the full value, dispose of the accounts by assignment, or make any
material change in the terms of any account without Secured Party’s prior
written consent. Debtor will collect all accounts in the ordinary course of
business, unless otherwise required by Secured Party. Debtor will keep the
proceeds of the accounts, and any goods returned to Debtor, in trust for
Secured Party and will not commingle the proceeds or returned goods with
any of Debtor’s other property. Secured Party has the right to require Debtor
to pay Secured Party the full price on any returned items. Secured Party may
require account debtors to make payments under the accounts directly to
Secured Party. Debtor will deliver the accounts to Secured Party at Secured
Party’s request. Debtor will give Secured Party all statements, reports,
certificates, lists of account debtors (showing names, addresses, and
amounts owing), invoices applicable to each account, and any other data
pertaining to the accounts as Secured Party requests.

If the Property includes farm products, Debtor will provide Secured Party
with a list of the buyers, commission merchants, and selling agents to or
through whom Debtor may sell the farm products. Debtor authorizes
Secured Party to notify any additional parties regarding Secured Party’s
interest in Debtor’s farm products, unless prohibited by law. Debtor agrees
to plant, cultivate, and harvest crops in due season. Debtor will be in default
if any loan proceeds are used for a purpose that will contribute to excessive
erosion of highly erodible land or to the conversion of wetland to produce or
to make possible the production of an agricultural commodity, further
explained in 7 CFR Part 1940, Subpart G, Exhibit M.

If Debtor pledges the Property to Secured Party (delivers the Property into
the possession or control of Secured Party or a designated third party),
Debtor will, upon receipt, deliver any proceeds and products of the Property
to Secured Party. Debtor will provide Secured Party with any notices,
documents, financial statements, reports, and other information relating to
the Property Debtor receives as the owner of the Property.

PERFECTION OF SECURITY INTEREST. Debtor authorizes Secured
Party to file a financing statement covering the Property. Debtor will
comply with, facilitate, and otherwise assist Secured Party in connection
with obtaining possession or control over the Property for purposes of
perfecting Secured Party’s interest under the Uniform Commercial Code.

INSURANCE. Debtor agrees to keep the Property insured against the risks
reasonably associated with the Property until the Property is released from
this Agreement. Debtor will maintain this insurance in the amounts Secured
Party requires. Debtor may choose the insurance company, subject to
Secured Party’s approval, which will not be unreasonably withheld. Debtor
will have the insurance provider name Secured Party as loss payee on the
insurance policy. Debtor will give Secured Party and the insurance provider
immediate notice of any loss. Secured Party may apply the insurance
proceeds toward the Secured Debts. Secured Party may require additional
security as a condition of permitting any insurance proceeds to be used to
repair or replace the Property. If Secured Party acquires the Property in
damaged condition, Debtor’s rights to any insurance policies and proceeds
will pass to Secured Party to the extent of the Secured Debts. Debtor will
immediately notify Secured Party of the cancellation or termination of
insurance. If Debtor fails to keep the Property insured, or fails to provide
Secured Party with proof of insurance, Secured Party may obtain insurance
to protect Secured Party’s interest in the Property. The insurance may
include coverages not originally required of Debtor, may be written by a
company other than one Debtor would choose, and may be written at a
higher rate than Debtor could obtain if Debtor purchased the insurance.

AUTHORITY TO PERFORM. Debtor authorizes Secured Party to do
anything Secured Party deems reasonably necessary to protect the Property
and Secured Party’s interest in the Property. If Debtor fails to perform any
of Debtor’s duties under this Agreement, Secured Party is authorized,
without notice to Debtor, to perform the duties or cause them to be
performed. These authorizations include, but are not limited to, permission
to pay for the repair, maintenance, and preservation of the Property and take
any action to realize the value of the Property. Secured Party’s authority to
perform for Debtor does not create an obligation to perform, and Secured
Party’s failure to perform will not preclude Secured Party from exercising
any other rights under the law or this Agreement.

If Secured Party performs for Debtor, Secured Party will use reasonable
care. Reasonable care will not include any steps necessary to preserve rights
against prior parties or any duty to take action in connection with the
management of the Property.

If Secured Party comes into possession of the Property, Secured Party will
preserve and protect the Property to the extent required by law. Secured
Party’s duty of care with respect to the Property will be satisfied if Secured
Party exercises reasonable care in the safekeeping of the Property or in the
selection of a third party in possession of the Property.

Secured Party may enforce the obligations of an account debtor or other
person obligated on the Property. Secured Party may exercise Debtor’s
rights with respect to the account debtor’s or other person’s obligations to
make payment or otherwise render performance to Debtor, and enforce any
security interest that secures such obligations.

PURCHASE MONEY SECURITY INTEREST. If the Property includes
items purchased with the Secured Debts, the Property purchased with the
Secured Debts will remain subject to Secured Party’s security interest until

the Secured Debts are paid in full. Payments on any non-purchase money
loan also secured by this Agreement will not be applied to the purchase
money loan. Payments on the purchase money loan will be applied first to
the non-purchase money portion of the loan, if any, and then to the purchase
money portion in the order in which the purchase money Property was
acquired. If the purchase money Property was acquired at the same time,
payments will be applied in the order Secured Party selects. No security
interest will be terminated by application of this formula.

DEFAULT. Debtor will be in default if:

	(1)	 	Debtor (or Borrower, if not the same) fails to make a payment in full

when due;
	 
	(2)	 	Debtor fails to perform any condition or keep any covenant on this or

any debt or agreement Debtor has with Secured Party;
	 
	(3)	 	a default occurs under the terms of any instrument or agreement

evidencing or pertaining to the Secured Debts;
	 
	(4)	 	anything else happens that either causes Secured Party to reasonably
believe that Secured Party will have difficulty in collecting the Secured
Debts or significantly impairs the value of the Property.

REMEDIES. After Debtor defaults, and after Secured Party gives any
legally required notice and opportunity to cure the default, Secured Party
may at Secured Party’s option do any one or more of the following:

	(1)	 	make all or any part of the Secured Debts immediately due and accrue

interest at the highest post-maturity interest rate;
	 
	(2)	 	require Debtor to gather the Property and make it available to Secured

Party in a reasonable fashion;
	 
	(3)	 	enter upon Debtor’s premises and take possession of all or any part of
Debtor’s property for purposes of preserving the Property or its value
and use and operate Debtor’s property to protect Secured Party’s
interest, all without payment or compensation to Debtor;
	 
	(4)	 	use any remedy allowed by state or federal law, or provided in any

agreement evidencing or pertaining to the Secured Debts.

If Secured Party repossesses the Property or enforces the obligations of an
account debtor, Secured Party may keep or dispose of the Property as
provided by law. Secured Party will apply the proceeds of any collection or
disposition first to Secured Party’s expenses of enforcement, which includes
reasonable attorneys’ fees and legal expenses to the extent not prohibited by
law, and then to the Secured Debts. Debtor (or Borrower, if not the same)
will be liable for the deficiency, if any.

By choosing any one or more of these remedies, Secured Party does not
give up the right to use any other remedy. Secured Party does not waive a
default by not using a remedy.

WAIVER. Debtor waives all claims for damages caused by Secured Party’s

acts or omissions where Secured Party acts in good faith.

NOTICE AND ADDITIONAL DOCUMENTS. Where notice is required,
Debtor agrees that 10 days prior written notice will be reasonable notice to
Debtor under the Uniform Commercial Code. Notice to one party is notice
to all parties. Debtor agrees to sign, deliver, and file any additional
documents and certifications Secured Party considers necessary to perfect,
continue, or preserve Debtor’s obligations under this Agreement and to
confirm Secured Party’s lien status on the Property.

 

ADDENDUM A TO

COMMERCIAL SECURITY AGREEMENT

     This Addendum to Commercial Security Agreement is made to and a part of the Commercial
Security Agreement, dated March 30, 2006 (the “Commercial
Security Agreement”), signed and
delivered by SUNCOAST HOLDINGS, INC., a Delaware corporation (“SH”), BRANDYWINE INSURANCE HOLDINGS,
INC., a Delaware corporation (“BIH”) and PATRIOT RISK SERVICES, INC., a Delaware corporation
(“PRS”) (SH, BIH and PRS collectively
and jointly and severally referred to as “Debtor”), to Brooke
Credit Corporation, a Kansas corporation (“Secured Party”).

     The Commercial Security Agreement paragraph on page 2 entitled “DEFAULT” is hereby deleted in
its entirety and is replaced by the following:

     DEFAULT: Debtor shall be in default if an Event of Default continues under the terms of the
Commercial Loan Agreement signed by Debtor of even date herewith after the expiration of any
applicable notice, grace and/or cure periods.

[Remainder of page intentionally left blank; Signature page immediately follows]

 

 

     IN WITNESS WHEREOF, the parties have executed and delivered this Addendum to
Commercial Security Agreement as of the 30th of March, 2006.

	 	 	 	 	 	 	 	 	 	 	 
	DEBTOR:	 	 	 	SECURED PARTY:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	SUNCOAST HOLDINGS, INC.	 	 	 	BROOKE CREDIT CORPORATION	 	 
	a Delaware corporation	 	 	 	a Kansas corporation	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Steven M. Mariano
 

	 	 	 	By:
	 	/s/ Michael S. Lowry
 

	 	 
	Name: Steven M. Mariano	 	 	 	Name: Michael S. Lowry	 	 
	Title: President and Chief Executive Officer	 	 	 	Title: President	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	BRANDYWINE INSURANCE	 	 	 	 	 	 	 	 
	HOLDINGS, INC.	 	 	 	 	 	 	 	 
	a Delaware corporation	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Steven M. Mariano	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	Name: Steven M. Mariano	 	 	 	 	 	 	 	 
	Title: President and Chief Executive Officer	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	PATRIOT RISK SERVICES, INC.	 	 	 	 	 	 	 	 
	a Delaware corporation	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Steven M. Mariano	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	Name: Steven M. Mariano	 	 	 	 	 	 	 	 
	Title: President and Chief Executive Officerexv10w16

Exhibit 10.16

	 	 	 	 	 
	SunCoast Holdings, Inc,. Brandywine Insurance
Holding, Inc.

	 	Brooke Credit Corporation
	 	EXTENSION OF SECURITY
	and Patriot Risk Services, Inc.

	 	10950 Grandview Dr., Ste. #600
	 	AGREEMENT DATED:
	401 East Las Olas Blvd., Suite 1540

	 	Overland Park, KS 66210
	 	          03.30.2006
	Ft. Lauderdale, FL 33301
	 	 	 	 
	 
	 	 	 	 
	DEBTOR’S NAME AND ADDRESS

	 	SECURED PARTY’S NAME AND ADDRESS	 	 

     For value received, the
Debtor hereby grants the Secured Party a security interest in the following additional collateral:

All capitalized terms used herein but not defined shall
have the meaning ascribed to them in the Commercial Loan Agreement and Addendum thereto entered into between Debtors
and Secured Party on the date hereof.

As used in this Agreement, the term “Debtor” shall
collectively and jointly refer to SunCoast Holdings, Inc. (“SH”), Brandywine Insurance Holdings, Inc. (“BIH”) and
Patriot Risk Services, Inc. (“PRS”) and their respective successors and assigns and all obligations under this
Agreement shall be the joint and several obligations of each such entity.

As used in this Agreement, the term “Collateral”
means As used in this Agreement, the term “Collateral” means all of Borrower’s respective right, title and interest
in, to and under all property and assets granted as collateral security for the Loan, whether real intangible
or tangible personal property, whether granted directly or indirectly, whether granted now or in the future, and
whether granted in the form of a security interest, mortgage,
collateral mortgage, deed of trust, assignment,
pledge, Chattel mortgage, collateral Chattel mortgage,
Chattel trust, tractor’s lien, equipment trust,
conditional sale, trust receipt, lien, charge, lien or title retention contract, lease or consignment
intended as a security device, or any other security or lien interest whatsoever, whether created by
law, contract, or otherwise. Collateral shall also include, but not be limited to all of Borrower’s
respective right, title and interest in, to and under the following, whether now owned or at any time
hereafter acquired:

(a) All of Borrower’s personal property,
whether tangible or intangible, and all of Borrower’s interest in property and fixtures, now owned or
existing or hereafter acquired and wherever located, including without limitation, the following: (i)
all furniture, inventory, machinery, vehicles, equipment, goods and supplies; (ii) all accounts,
including without limitation, the Borrower’s Depository Account; (iii) all instruments, documents
(including, without limitation, the customer files), policies and certificates of insurance,
securities, negotiable instruments, money, Chattel paper, investment property, deposits,
warehouse receipts and things in action; (iv) all general intangibles and rights to payment
or proceeds of any kind, including without limitation, rights to insurance premiums,
rights to insurance and reinsurance proceeds, dividends, distribution,
proceeds and letter of credit proceeds; (v) all documents and contract rights and interests
of any kind, including without limitation, the rights and interests set forth in any agency/producer
agreement and insurance policy, and the rights and interests set forth in all Material Agency Agreements
and in all Managing Agreements with any Insurance Entity; (vi) all intellectual property rights and similar
assets, including without limitation trademark rights, service mark rights, rights to licenses and rights to
names, customer lists, trade secrets, goodwill, trade names, permits and franchises, payment intangibles,
computer programs, etc.; (b) All of SH’s right, title and interest in BIH and Patriot Risk Management, Inc.,
a Delaware corporation (“PRM”) whether evidenced by stock certificates or otherwise, together with all dividends
and other income, payments and distributions of any kind payable to SH in its capacity as the sole stockholder
of BIH and PRM; (c) All of BIH’s right, title and interest in GIC whether evidenced by stock certificates or
otherwise, together with all dividends and other income, payments and distributions of any kind payable to BIH in
its capacity as the sole stockholder of GIC; (d) All telephone numbers, rights to the lease of office space, post
office boxes or other mailing addresses, rights to trademarks and use of trade names, rights to software licenses,
and rents received by Borrower for the lease of office space; (e) All deposit accounts, disbursement accounts,
accounts receivable, commission receivables, economic interest of Borrower, all Chattel paper, contract rights,
instruments, documents, general intangibles, inventory and goods in process of Borrower, whether now in existence
or owned or hereafter coming into existence or acquired, wherever located, and all returned goods, and
repossessions and replacements thereof; (f) All commissions, policy fees, service fees, underwriting fees,
claims fees, administrative and processing fees, fronting fees, risk management and loss/cost control fees,
investment income, management fees (including without limitation, case and captive management fees), premium
finance revenues, reinsurance brokerage commissions and all other revenue (collectively, “Revenue”) payable to
Borrower and any assignment thereof; (g) All “MGA Operations” being defined hereunder as Borrower’s policy
administration agreements, related service fees, and any agency, producer, broker, and managing general
agency agreements or similar such contracts (collectively, “Managing Agreements”) with any insurance
company, reinsurance company, managing general agency, broker or other insurance supplier (collectively,
“Insurance Entities”), the policies Borrower has written or placed pursuant to such agreements, the right
to commissions and policy fees (new, renewal, additional or other) for any of the foregoing, and Borrower’s
customer list and policy information for said customers, and with respect to all of the foregoing, whether
now owned by Borrower or at any time hereafter acquired; (h) Any property, tangible or intangible, in which
Borrower grants Lendor a security interest in any other Loan Document; (i) All “Premium Finance Operations”
being defined hereunder as Borrower’s or their affiliates’ existing or future premium finance business, all
tangible and intangible property associated therewith, and all Revenue (less amounts due Insurance Entities)
derived directly or indirectly therefrom; and (j) All additions, attachments, parts, repairs, accessories,
accession, replacement and substitutions to or for any of the foregoing and any proceeds and products of
the above-described property.

SEE PAGE 2 OF EXTENSION TO SECURITY AGREEMENT FOR ADDITIONAL
TERMS.

     By signing below, Debtor
acknowledges that this document describes additional collateral which is subject to all terms and conditions of
the security Agreement referred to above.

	 	 	 	 	 	 	 
	Authorized Signature(s) of Secured Party - sign below
only if filling this document.

	 	 	 	 	 	 
	 

	 	 	 	SunCoast Holdings, Inc., Brandywine Insurance Holdings, Inc. and Patriot
Risk Services, Inc. 
	 
	 	 	 	 	 	 
	 

	 	Debtor
	 	/s/ Steven M. Mariano	 	 
	 	 	 	 	   
	 

	 	 	 	Steven M. Mariano, CEO & President of SunCoast Holdings, Inc.
	 	(TITLE)
	 
	 	 	 	 	 	 
	 

	 	Debtor
	 	/s/ Steven M. Mariano	 	 
	 	 	 	 	 
	 

	 	 	 	Steven M. Mariano, CEO & President of Brandywine Insurance Holdings, Inc.
	 	(TITLE)
	 
	 	 	 	 	 	 
	 

	 	Debtor
	 	/s/ Steven M. Mariano	 	 
	 	 	 	 	 
	 

	 	 	 	Steven M. Mariano, CEO & President of Patriot Risk Services, Inc.
	 	(TITLE)

			
	

 1984, 1990 Bankers Systems, Inc., St. Cloud, MN 60301 (1-800-397-2341)Form SA-E 3/7/90	  	(page 1 of 1)

 

     For value received the Debtor hereby acknowledges and agrees that the Lender, without
liability to Debtor, may take actual possession of the Collateral without the necessity of
commencing legal action and that actual possession is deemed to occur when Lender or its agent
notifies Debtor of default, Debtor fails to cure such default within the time allowed hereunder,
and demands that the Collateral be transferred and paid directly to the Lender. Debtor agrees that,
upon Debtor’s default and failure to cure default within the time allowed hereunder, Lender may
without liability to Debtor, transfer any of the Collateral or evidence thereof into its own name
or that of its designee and/or demand, collect, convert, redeem, receipt for, settle, compromise,
adjust, sue for, foreclose or realize upon its collateral in its own name, its designee’s name or
in the name of Debtor. Lender, without appointing a receiver, shall be entitled, but is not
required, to take possession and control of the Collateral and collect the rents, issues, and
profits thereof. However, Lender shall be entitled, but is not required to have a receiver
appointed by a court of competent jurisdiction to take possession and control of the Collateral and
collect the rents, issues and profits thereof. In the event a receiver is appointed the amount so
collected by the receiver shall be applied under the direction of the court to the payment of any
judgment rendered or amount found due under the loan documents. However, under no circumstances
whatsoever shall the appointment of the receiver be considered to create a control of Debtor’s
business by Lender and at all times the receiver shall be an agent apart from Lender and
responsible only to the appointing court. Debtor shall cooperate fully with Lender or a receiver
and promptly endorse, set over, transfer and deliver to Lender or a receiver any Collateral in
Debtor’s possession or held by a third party. Debtor expressly agrees and acknowledges Lender’s or
a receiver’s right to Collateral, right to possession of Collateral and right to operate Debtor’s
business without the necessity of commencing legal action and without Debtor’s further action or
authorization.

Page 2 to Extension of Security Agreement

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