Document:

Exhibit

 Exhibit 10.11 

Summary of Compensation of Named Executive Officers
	
				
	Name
	Base Salary

	Thomas E. Gottwald
Chairman of the Board, President, and Chief Executive Officer
	$
	1,053,000
	

	Robert A. Shama
President, Afton Chemical Corporation
	$
	590,200
	

	Bruce R. Hazelgrove, III
Executive Vice President and Chief Administrative Officer
	$
	464,500
	

	M. Rudolph West
Vice President, General Counsel, and Secretary
	$
	400,000
	

	Brian D. Paliotti
Chief Financial Officer and Vice President
	$
	400,000Exhibit

First Amendment to the
Infinity Property and Casualty Corporation
Deferred Compensation Plan
(Amended and Restated Effective as of January 1, 2018)

Pursuant to the reserved power of amendment contained in Section 14(d) of the Infinity Property and Casualty Corporation Deferred Compensation Plan (the “Plan”), the Plan is hereby amended as follows effective January 1, 2018.
Section 3(f) is amended to add a sentence at the end thereof to read as follows:
Notwithstanding anything contained herein to the contrary, Compensation shall not include the value of restricted stock or of a qualified or a non-qualified stock option granted to an Employee by the Employer or any other similar grant of a performance share or performance unit by the Employer to the extent such value is includable in the Employee’s taxable income.
This First Amendment is adopted this 8th day of November 2017.

INFINITY PROPERTY AND 
CASUALTY CORPORATION

By:    /s/ Samuel J. Simon                
Its:    President and General Counsel        
7957517.2Exhibit

FIRST AMENDMENT TO THE 
INFINITY SUPPLEMENTAL RETIREMENT PLAN

THIS FIRST AMENDMENT to the INFINITY SUPPLEMENTAL RETIREMENT PLAN made and executed as of the 8th day of November 2017 by INFINITY PROPERTY & CASUALTY CORPORATION (hereinafter referred to as the “Company”).
W I T N E S S E T H :
A.The Infinity Supplemental Retirement Plan (the “Plan”) was originally adopted as of March 1, 2003 and was most recently amended and restated as of January 1, 2010.
B.    Article 8.2 of the Plan allows the Company to modify or amend the Plan in whole or in part, by an action authorized by the Board of Directors.
C.    The Company desires to amend the Plan to change the definition of 401(k) Eligible Compensation effective as of January 1, 2018.
D.    This amendment shall supersede the provisions of the Plan to the extent those provisions are inconsistent with the provisions of this amendment.
The Plan is hereby amended as follows:
1.    Effective as of January 1, 2018, Section 2.8(a) is deleted in its entirety and replaced with the following new Section 2.8(a):
		
	(a)
	401(k) Eligible Compensation.  401(k) Eligible Compensation means all compensation as defined in the 401(k) Retirement Plan as may be amended from time to time for purposes of making elective deferrals to the 401(k) Retirement Plan including any exclusions from compensation as may be provided in the 401(k) Retirement Plan determined without applying the dollar limitation as imposed by Code Section 401(a)(17); provided, however, 401(k) Eligible Compensation shall not include the value of restricted stock, of a qualified or a non-qualified stock option granted to an Employee by the Employer, of any grant of performance shares or performance units by the Employer, or of any other equity grant made by the Employer to the Employee under the Employer’s 2013 Stock Incentive Plan, as amended, or any successor plan thereto to the extent such value is includable in the Employee’s taxable income.  

IN WITNESS WHEREOF, the Company has executed this First Amendment and otherwise ratifies and approves the Plan in all other respects as of the date and year first above written.
INFINITY PROPERTY & CASUALTY CORPORATION

BY: /s/ Samuel J. Simon                
TITLE: President and General Counsel        
7957495.1Exhibit

AMENDMENT NO. 3 
TO THE
EMPLOYMENT AGREEMENT
THIS AMENDMENT NO.3 (“Amendment No.3”) is made and entered into this 12th day of February 2018, between Infinity Property and Casualty Corporation, an Ohio corporation (the “Company”) and Glen N. Godwin (the “Executive”).
WHEREAS, the parties have previously entered into an Employment Agreement, dated September 11, 2014, (the “Original Agreement”); and
WHEREAS, the parties have previously entered into an Amendment No. 1 to the Employment Agreement, dated August 10, 2017 (“Amendment No.1”); and
WHEREAS, the parties have previously entered into an Amendment No. 2 to the Employment Agreement, dated November 6, 2017 (“Amendment No.2” and together with the Original Agreement and Amendment No.1, the “Agreement”); and
WHEREAS, the parties desire to amend certain terms and conditions of the Agreement. 

NOW, THEREFORE, in consideration of the foregoing, the parties agree as follows:

		
	1.
	Section 1.1 is hereby amended such that the Term of the Agreement shall expire on December 31, 2018.

		
	2.
	Article V, Miscellaneous, is hereby amended such that the following shall be inserted as a new Section 5.10: 

Parachute Payment.  In the event that the severance and other benefits provided for in this Agreement or otherwise payable to Executive (i) constitute “parachute payments” within the meaning of Section 280G of the Code, and (ii) would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then Executive’s benefits under this Agreement shall be either:
(a)    delivered in full, or

(b)    delivered as to such lesser extent which would result in no portion of such benefits being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in the receipt by Executive on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under Section 4999 of the Code.  If a reduction in severance and other benefits constituting “parachute payments” is necessary so that benefits are delivered to a lesser extent, payments to Executive under this Agreement which do not constitute nonqualified deferred compensation subject to Section 409A of the Code shall be reduced first, and other payments to Executive shall then be reduced in the following order: reduction of cash payments, cancellation of equity awards granted within the twelve (12) month period prior to a “change in control” (as determined under Section 280G of the Code) that are deemed to have been granted contingent upon the change 

1

in control (as determined under Section 280G of the Code), cancellation of accelerated vesting of equity awards, and reduction of employee benefits.

Unless the Company and Executive otherwise agree in writing, any determination required under this Section 5.10 shall be made in writing by the Company’s independent public accountants (the “Accountants”),  whose determination shall be conclusive and binding upon Executive and the Company for all purposes.  For purposes of making the calculations required by this Section, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Section 280G and 4999 of the Code.  The Company and Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section.  The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this Section.

		
	3.
	The parties agree that, except as amended hereby, all of the other terms and conditions of the Agreement shall remain unchanged.

[Remainder of page intentionally left blank – signature page follows]

2

IN WITNESS WHEREOF, the parties have executed this Amendment as of the day and year first written above.

	
		
	Infinity Property And Casualty Corporation:

By: /s/ James R. Gober

Name: James R. Gober

Title:   Chairman 

	Executive:

 

 

 
/s/ Glen N. Godwin
Glen N. Godwin

8133245.1

3Exhibit

AMENDMENT NO. 3 
TO THE
EMPLOYMENT AGREEMENT
THIS AMENDMENT NO.3 (“Amendment No.3”) is made and entered into this 12th day of February 2018, between Infinity Property and Casualty Corporation, an Ohio corporation (the “Company”) and Samuel J. Simon (the “Executive”).
WHEREAS, the parties have previously entered into an Employment Agreement, dated September 11, 2014, (the “Original Agreement”); and
WHEREAS, the parties have previously entered into an Amendment No. 1 to the Employment Agreement, dated August 10, 2017 (“Amendment No.1”); and
WHEREAS, the parties have previously entered into an Amendment No. 2 to the Employment Agreement, dated November 6, 2017 (“Amendment No.2” and together with the Original Agreement and Amendment No.1, the “Agreement”); and
WHEREAS, the parties desire to amend certain terms and conditions of the Agreement. 

NOW, THEREFORE, in consideration of the foregoing, the parties agree as follows:

		
	1.
	Section 1.1 is hereby amended such that the Term of the Agreement shall expire on December 31, 2018.

		
	2.
	Article V, Miscellaneous, is hereby amended such that the following shall be inserted as a new Section 5.10: 

Parachute Payment.  In the event that the severance and other benefits provided for in this Agreement or otherwise payable to Executive (i) constitute “parachute payments” within the meaning of Section 280G of the Code, and (ii) would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then Executive’s benefits under this Agreement shall be either:
(a)    delivered in full, or

(b)    delivered as to such lesser extent which would result in no portion of such benefits being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in the receipt by Executive on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under Section 4999 of the Code.  If a reduction in severance and other benefits constituting “parachute payments” is necessary so that benefits are delivered to a lesser extent, payments to Executive under this Agreement which do not constitute nonqualified deferred compensation subject to Section 409A of the Code shall be reduced first, and other payments to Executive shall then be reduced in the following order: reduction of cash payments, cancellation of equity awards granted within the twelve (12) month period prior to a “change in control” (as determined under Section 280G of the Code) that are deemed to have been granted contingent upon the change 

1

in control (as determined under Section 280G of the Code), cancellation of accelerated vesting of equity awards, and reduction of employee benefits.

Unless the Company and Executive otherwise agree in writing, any determination required under this Section 5.10 shall be made in writing by the Company’s independent public accountants (the “Accountants”),  whose determination shall be conclusive and binding upon Executive and the Company for all purposes.  For purposes of making the calculations required by this Section, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Section 280G and 4999 of the Code.  The Company and Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section.  The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this Section.
		
	3.
	The parties agree that, except as amended hereby, all of the other terms and conditions of the Agreement shall remain unchanged.

[Remainder of page intentionally left blank – signature page follows]

2

IN WITNESS WHEREOF, the parties have executed this Amendment as of the day and year first written above.

	
		
	Infinity Property And Casualty Corporation:

By: /s/ Glen N. Godwin

Name: Glen N. Godwin

Title:   Chief Executive Officer 

	Executive:

 

 

 
/s/ Samuel J. Simon
Samuel J. Simon

8133245.1

3

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