Document:

Exhibit 10.13

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT
AGREEMENT ("Agreement") is made by HAGERTY HOLDING CORP., a Delaware corporation ("Company"), and McKEEL
O HAGERTY ("Executive"). As used in this Agreement, the term "Affiliate" means any entity controlling,
controlled by or under common control with the Company.

 

1.            Effective
Date and Term. This Agreement will take effect as of January I, 2018 ("Effective Date"), and will remain in
effect during the Employment (as defined in Section 2) ("Agreement Term") and thereafter as to those provisions
that expressly state that they will remain in effect after Termination of the Employment. During the Agreement Term, Executive's employment
may be terminated as provided in Sections 4 and 5 below. If Executive's Employment is terminated
during the Agreement Term under circumstances entitling Executive to Severance Pay under the terms of Section 7, Executive will receive
that Severance Pay.

 

2.             Employment.
Executive will serve as the Company's Chief Executive Officer (the "Employment"), including as Chief Executive Officer
of all Company Subsidiaries (as defined below). Executive will perform duties consistent with those positions as assigned to Executive
from time to time by the Company's Board of Directors ("Board") under the Amended and Restated Stockholders Agreement
of Hagerty Holding Corp., as amended from time to time (the "Stockholders Agreement"), to the extent such duties are
also consistent with Executive's job description in Appendix B, and will comply with Company policies, as such policies apply
to Executive. The terms of the Employment are described in the "Major Responsibilities" Section of Executive's job description
in Appendix B, which may be changed from time to time by the Board in collaboration with Executive.
For avoidance of doubt, Executive may: (i) oversee passive investments; (ii) serve on boards
of directors of other organizations that are not competitive with the Company or a Subsidiary, subject to the written consent of the
Board under then-current Board policy for outside activities; (iii) engage in charitable, civic, professional, educational or industry-related
activities; (iv) author books, subject to the written consent
of the Board which shall not be withheld provided that such activity does not disparage the Company or any Affiliate, constitute a conflict
of interest or violate any provision in the Stockholders Agreement or this Agreement; (v) commit to speaking engagements, author
articles or create content in any format for personal profit; and/or
(vi) engage in any ancillary business activity which does not constitute a Restricted Business as defined in Section 9 herein,
which is unrelated to Executive's duties and responsibilities under the Agreement (as set forth in Appendix B), and which is intended
to promote the Company and enhance Executive's professional network for the purpose of furthering the interest of the Company; provided
that no activity described in (i), (ii), (iii), (iv), (v) or (vi) impairs Executive's ability to fulfill the duties described
in the "Major Responsibilities" Section of Appendix B of this Agreement, disparages the Company or any Affiliate
or constitutes a conflict of interest; and provided further, that Executive discloses all material information regarding any proposed
activity described in (v) or (vi) to the Board sufficiently in advance of engaging in such activity to allow the Board, or
a delegate of the Board, a reasonable opportunity (A) to request additional information, (B) to engage Executive in dialogue
regarding the proposed activity and its potential impact on the Company, (C) to evaluate the proposed activity and make a determination
of whether the proposed activity is unacceptable because it is a Restricted Business, disparages the Company or one of its Affiliates,
constitutes a conflict of interest or violates a provision in the Stockholders Agreement or this Agreement, and (D) to confirm that
the proposed activity does not include any disclosure of non-public information without the prior consent of the Board. The Board, or
its delegate, shall act promptly in reviewing and making such determination regarding any proposed activity and Executive shall not engage
in the proposed activity until the Board, or its delegate, makes its determination. Executive's current job description is attached as
Appendix 8 to this Agreement. The Board, or a delegate of the Board, shall review Executive's performance under this Agreement
on an annual basis based on Executive's performance of the duties described in each subsection of the "Major Responsibilities"
Section of Appendix B and Executive's compensation at least every third year and may adjust Executive's salary and/or benefits to
reflect the Board's determinations of Executive's performance, Company performance, business or economic conditions, or changes in Executive's
duties and responsibilities. Any concerns of the Board related to Executive's fulfillment of his duties under the Agreement in consideration
of Executive's participation in activities described in (i), (ii), (iii), (iv), (v) and (vi) above shall be summarized during
Executive's annual performance review.

 

     

     

    

 

3.             Compensation.
During the Agreement Term, Executive will be compensated during the Employment as follows, subject to required income tax and Social
Security/Medicare contribution withholding and any other deduction
required by law or authorized by Executive:

 

(a)            Salary.
Executive's salary will be at least $600,000.00 per year (or a pro- rated weekly amount for any partial year), subject to normal payroll
deductions and payable in accordance with the Company's normal payroll practices.

 

(b)            Annual
Incentive Plan. Executive will participate in the Hagerty Amended and Restated Annual Incentive Plan or any successor Company annual
bonus plan ("Annual Incentive Plan") in accordance with the terms of the plan. The Company will continue an Annual Incentive
Plan under which Executive's target incentive payment for each calendar year will be at least 100% of Executive's Salary, with any payments
under the plan to be determined under the terms of the plan based on attainment of Company goals as provided in the plan, and subject
to Executive's continued Employment with the Company, except as provided in Section 3(i), 6(i) or 7(d).

 

(c)            Long-Term
Incentive Plan. Executive will participate in the Company's Amended and Restated Hagerty Long-Term Incentive Plan or any successor
Company long-term bonus plan ("Long-Term Incentive Plan") in accordance with the terms of that plan. The Company will
continue a Long-Term Incentive Plan under which Executive's target incentive payment for each incentive period established under the plan
will be at least 175% of Executive's Salary and Executive's maximum incentive payment for each incentive period established under the
plan will be 200% of Executive's Salary, with any payments under the plan to be determined under the terms of the plan based on attainment
of Company goals as provided in the plan, and subject to Executive's continued Employment with the Company, except as provided in Sections
3(i), 60) or 7(d).

 

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(d)            Benefits.
Executive will be eligible to part1c1pate in fringe benefit programs covering the Company's salaried employees as a group,
in the Company's qualified 40 l (k) retirement plan, and in any other Company benefit programs and policies applicable under Company
policy to senior executives if such participation is permitted by the Stockholders Agreement and applicable law. The terms of applicable
insurance policies and benefit plans in effect from time to time will govern with regard to specific issues of coverage and benefit eligibility.

 

(e)            Executive
Perquisite Account. Executive will continue to receive the current Executive Perquisite Account payment of at least $100,000.00
per calendar year, to be paid monthly subject to Executive's prompt submission of proper documentation for tax and accounting purposes.
Such expenses will be reimbursed within 30 days after Executive requests reimbursement, but in no event later than the fifteenth day of
the third month after the end of the year in which the expense is incurred.

 

(f)            Stockholder
Director Perquisite Account. Executive will continue to receive the current Stockholder Director Perquisite Account payment
of at least $100,000.00
per calendar year, to be used for payments to personal assistants, with any remaining balance for the year to be paid no later than the
fifteenth day of the third month after the end of the year.

 

(g)            Car
Allowance. Executive will continue to receive an annual car allowance of at least $40,000.00 per calendar year, to be paid
monthly during the year.

 

(h)            Business
Expenses. The Company will reimburse Executive for reasonable, ordinary and necessary business expenses in accordance with
Company policy (Executive's private charter air travel is a reimbursable business expense to the extent such travel is deemed necessary
for efficiency and business needs), subject to Executive's prompt submission of proper documentation for tax and accounting purposes.
Such expenses will be reimbursed within 30 days after Executive requests reimbursement, but in no event later than the fifteenth day of
the third month after the end of the year in which the expense is incurred.

 

(i)             Amendments.
The Board may amend all compensation, incentive, benefit and other plans, programs, policies and practices at any time, and
will continue to review Executive's compensation every three years, but will not reduce any payment or coverage below minimums specifically
identified above in this Section.

 

4.            ·
Termination of Employment Without Severance Pay. Executive
will not be entitled to any further employment-related compensation, payments or benefit coverage from the Company or any Affiliate after
termination of the Executive's Employment pursuant to this Section 4, except those payments specifically identified in subsections
(a) through G) of Section 6.

 

(a)
           Death. The Employment
will terminate automatically upon Executive's death.

 

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(b)            Termination
by Company for Cause. The Company may terminate the Employment for "Cause," which for purposes of this Agreement
means any of (i) Executive's unauthorized use or disclosure of the Company's or any Subsidiary's trade secrets or other confidential
or proprietary information that would cause material harm to the Company and its Subsidiaries taken as a whole; (ii) failure to follow
the reasonable directions of the Board of Directors after receipt of written notice from the Board of Directors setting forth with reasonable
specificity such failure and Executive's failure to initiate corrective action within a reasonable period of time, except to the extent
that any Board direction is contrary to the terms of this Agreement (including any Appendices); (iii) conviction
of any unlawful act that would be materially detrimental to the reputation, character or standing of the Company and its Subsidiaries
taken as a whole; or (iv) commission of a material act of dishonesty, fraud, embezzlement, misappropriation or financial dishonesty
against the Company or any of its Subsidiaries; provided that "Cause" shall not be satisfied solely due to the Board's dissatisfaction
with the quality of the services provided by Executive as an employee.

 

(c)            Discretionary
Termination by Executive. Executive may terminate the Employment at will with at least 30 days' advance written notice to the Company.
If Executive gives such notice of termination, the Company may (but need not) relieve Executive
of some or all of Executive's responsibilities for part or all of such notice period, provided that Executive's pay and benefits are continued
for the lesser of 30 days or the remaining period of the Employment.

 

5.             Termination
With Severance Pay. Executive will not be entitled to any further employment-related compensation, payments or benefit coverage from
the Company or any Affiliate after termination of the Executive's Employment pursuant to this Section 5, except for payments and
benefit coverage as provided in Section 6 and Severance Pay as provided in and subject to the terms of Section 7.

 

(a)            Discretionary
Termination by Company. The Company may terminate the Employment during the Agreement Term at will upon the unanimous vote of the
Board, excluding the vote of Executive if Executive is a member of the Board or Executive's designee on the Board, but if the Company
does so other than as provided in Section 4(b) above, Executive will be entitled to Severance Pay as provided in and subject
to Section 7. A termination of Executive's Employment by the Company under Section 4(b) that is determined in a proceeding
under Section 13 not to be for Cause will be considered to have been a termination under this Section 5(a). Any termination
of the Employment by the Company other than a termination under Section 4(b) ("Cause") or 5(b) ("Disability")
will be considered to have been a termination under this Section 5(a).

 

(b)            Termination
Due to Disability. The Company or Executive may terminate Executive's Employment due to Disability as defined in and subject to the
terms of Appendix A to this Agreement, and in that event the Executive will be entitled to Severance Pay as provided in and subject
to Section 7. If the Company terminates Executive's Employment other than as provided
in Appendix A due to a physical or mental
impairment or its consequences, the termination will be deemed to be a termination under Section 5(a) unless the termination
is for Cause. If Executive terminates the Employment due to a physical or mental impairment
or its consequences other than as provided in Appendix A, the termination will be deemed to be a termination under Section 4(c).

 

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(c)            Termination
by Executive for Good Reason. Executive may terminate the Employment for Good Reason,
and in that event will be entitled to Severance Pay as provided in and subject to Section 7. As used in this Agreement, "Good
Reason" means the occurrence of any of the following:

 

(i)             any
(A) material diminution of Executive's base compensation, (B) the assignment to Executive of any duties inconsistent in any
material adverse respect with Executive's position(s), duties, responsibilities, or status with the Company; or (C) a material adverse
change in Executive's authority or reporting responsibilities with the Company,

 

(ii)            any
requirement by the Company that Executive (A) be based anywhere other than the facility where Executive is located as of the date
of this Agreement or reasonably equivalent facilities within 30 miles of such facility, or

 

(B) engage
in business travel to an extent substantially more burdensome than the normal travel obligations of Executive;

 

(iii)           any
(A) failure of the Company to continue in effect any material benefit, bonus or incentive plan in which Executive or an eligible
dependent of Executive is participating, unless Executive is permitted to participate in another plan providing Executive and Executive's
eligible dependents with substantially comparable after-tax benefits, or receives compensation as a substitute for such plan providing
Executive with a substantially equivalent after-tax economic benefit, or (B) any action by the Company or an affiliate of the Company
which would adversely affect Executive's participation in or materially reduce Executive's benefits or those of any eligible dependent
under any such plan;

 

(iv)           failure
of the Company to obtain any assumption agreement required by or contemplated in Section 15; or

 

(v)            any
other material breach by the Company of its obligations under this Agreement.

 

Executive may not terminate the
employment for Good Reason unless:

 

(i)             Executive
notifies the Board in writing, within 90 days after the occurrence of the act or omission constituting Good Reason, that the act or omission
in question constitutes Good Reason and explaining why Executive considers it to constitute Good Reason;

 

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(ii)            the
Company fails, within 30 days after notice from Executive under (i) above, to revoke the action or correct the omission and make
Executive whole; and

 

(iii)           Executive
gives the Company written notice that the Executive has terminated the Employment for Good Reason, within 30 days after expiration of
the 30-day period under (ii) above.

 

Executive's
failure to give notice as provided in (i) above or to resign under (iii) above will not waive Executive's right to resign for
Good Reason due to a subsequent and different Good Reason, provided that Executive follows the above procedure.

 

(d)           Definitions.     The
following defined terms used in this Agreement will have the following meanings unless the context indicates otherwise:

 

(i)            "Business
Entity" means any corporation (including any non- profit corporation), general partnership, limited partnership, limited liability
partnership, joint venture, estate, trust, business trust, company (including any limited liability company or joint stock company), firm
or other enterprise, association, organization or entity.

 

(ii)            "Subsidiary"
means any corporation (including any non-profit corporation), general partnership, limited partnership, limited liability partnership,
joint venture, estate, trust, business trust, company (including any limited liability company or joint stock company), firm or other
enterprise, association, organization or entity of which the Company or any of its Subsidiaries owns securities having a majority of the
voting power in electing the board of directors or managers directly or through one or more Subsidiaries (or, in the case of a partnership,
limited liability company or other similar entity, securities conveying, directly or indirectly, a majority of the economic interests
in such partnership or entity).

 

6.            Payments
Upon Termination of Employment. Executive will not be entitled to any further employment-related compensation, payments or benefit
coverage from the Company or any Affiliate after termination of the Executive's Employment, except those payments specifically identified
in subsections (a) through (j) of this Section 6
and, if the termination of Employment is pursuant to Section 5, Executive shall also be entitled to Severance Pay as provided in
and subject to Section 7. For payments and benefits which continue as part of Severance Pay under Section 7(a), Section 7(c),
rather than this Section, will apply.

 

(a)            unpaid
salary installments through the end of the week in which the Employment terminates;

 

(b)            any
vested qualified retirement plan account to which Executive is entitled under the terms of such plans;

 

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(c)            payments
of timely submitted benefits claims under the Company's health and dental care plans for health and dental benefits covered by those plans
and incurred on or before the date of termination of the Employment;

 

(d)            COBRA
continuation coverage for Executive and Executive's eligible dependents, at Executive's expense and in accordance with normal COBRA coverage
rules and provided that Executive elects and remains eligible for COBRA continuation coverage;

 

(e)            any
group life insurance and group disability insurance benefits under those Company programs, which are due to Executive in accordance with
the applicable insurance policies as a result of Executive's death or qualifying disability occurring on or before the date of termination
of the Employment;

 

(t) any
unreimbursed business expenses eligible for reimbursement under Section 3(e) or 3(h) and incurred on or before the date
of termination of the Employment;

 

(g)            the
remaining balance of the Stockholder Director Perquisite Account for the year in which the termination of Employment occurs (after deduction
of personal assistant costs as provided in Section 3(t)), if and to the extent applicable as follows:

 

(i)            the
full remaining balance will be paid if Executive's Employment terminates due to death (Section 4(a));

 

(ii)            no
payment will be made if Executive's Employment is terminated by the Company for Cause under Section 4(b); or

 

(iii)           a
prorated payment will be made if Executive resigns as provided under Section 4(c), to be determined by multiplying the remaining
balance by a fraction, the numerator of which is the number of full and partial months of the Executive's Employment in that year and
the denominator of which is 12.

 

(h)            a
final full monthly car allowance for any final partial month of Executive's Employment;

 

(i)            any
final payments under the Annual Incentive Plan, to be determined exclusively as follows subject to the target percentage of salary provisions
of Sections 3(b) and (i) below.

 

(i)             If
Executive's Employment is terminated due to death, disability or retirement (as defined in and determined under the Annual Incentive
Plan), Executive will be entitled to:

 

(A)            a
payment for the most recent year ending before the date of termination of the Employment, if such payment has not yet been made as
of the date of termination, and if Executive would be entitled to such payment based on attainment of Company goals as provided
under the plan, if the Employment had not been terminated; and

 

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(B)            a
prorated payment for the year in which Executive's employment terminates, computed by determining (at the time provided by the plan) any
payment to which Executive would be entitled for that year based on attainment of Company goals as provided under the plan if the Employment
had not terminated, and multiplying that amount by a fraction, the numerator of which is the number of full and partial months in that
year through the date of termination of the Employment and the denominator of which is 12.

 

(ii)            If
Executive's Employment is terminated for any other reason, no further payments under the Annual Incentive Plan will be made after
the termination of Executive's Employment.

 

(i) any
final payments under the Long-Term Incentive Plan, to be determined exclusively under the terms of the Long-Term Incentive Plan, subject
to the target percentage of salary provisions of Sections 3(c).

 

All
payments under (a), (f), (g), (h) and (i) will be made not later than the fifteenth
day of the third month following the end of the calendar year in which termination of the Executive's Employment occurs, or earlier if
required by applicable law. Any payment under (i) with respect to an incentive period under the Long-Term Incentive Plan will be
made at the same time payments are required to be made to other participants under the Long-Term Incentive Plan.

 

7.            Severance
Pay. The Company will pay and provide Executive with the payments and benefit continuation provided in and subject to this Section 7
("Severance Pay") upon Executive's "separation from service," as that term is defined by Section 409A
of the Internal Revenue Code (the "Code"), if Executive's Employment is terminated as provided in Section 5 and
Executive contemporaneously or subsequently experiences a separation from service.

 

(a)            Amount
and Duration of Severance Pay. Subject to the other provisions of this Section 7, Severance Pay will consist of
continuation of the following for twenty- four months after the date of Executive's separation from service or until such earlier
date on which Severance Pay ceases pursuant to Section 7(b)(ii) or 7(d) ("Severance Pay
Period"):

 

(i)            Salary
Continuation. Continuation of Executive's salary under Section 3(a).

 

(ii)            Annual
Incentive Plan. Continuation of Executive's participation in the Annual Incentive Plan under Section 3(b), with any payments
to be determined under the terms of the plan based on attainment of Company goals as provided in the plan, and except as provided in Section 7(c).

 

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(iii)            Long-Term
Incentive Plan. Continuation of Executive's part1c1pation in the Long-Term Incentive Plan under Section 3(c), with any payments
to be determined under the terms of the plan based on attainment of Company goals as provided in the plan, and except as provided in Section 7(c).
Except as provided in Section 7(c), Executive will be paid prorated payments for each incentive period in effect but not completed
as of the date on which the Severance Pay Period ends, computed by determining (at the time provided by the plan as of the end of the
applicable incentive period even though such date is after the end of the Severance Pay Period) any payment for each such incentive period
to which Executive would have been entitled based on attainment of Company goals as provided in the plan if the Employment had not terminated,
and multiplying each such amount by a fraction, the numerator of which is the number of full and partial months in that incentive period
through the date on which the Severance Pay Period ends and the denominator of which is the total number of months in that incentive period.

 

(iv)            Health
and Dental Coverage. Continuation of coverage for Executive and Executive's eligible dependents under the Company's health and dental
plans subject to Executive's payment of the normal employee contribution as in effect from time to time during the Severance Pay Period,
but not greater than the employee contribution in effect immediately prior to the termination of Executive's Employment, or, if the plan
or a plan insurer does not allow such continued coverage or such continued coverage is determined by the Company to potentially have
a material negative tax impact on the Company or Executive: the Company will pay Executive a monthly payment for each month remaining
in the Severance Pay Period equal to the Company's monthly contribution towards Executive's then current employee and dependent health,
prescription drug and dental coverage elections, payable in equal installments over the remainder of the Severance Pay Period pursuant
to the Company's normal payroll process, subject to required
payroll withholding. If Executive is not enrolled in the Company's health, prescription drug
and dental plans, then the monthly contribution will be based on the Company's contribution towards family coverage for such plans determined
at the time Employment terminates. Although the right to payment under this paragraph is based on the Company's health, prescription
drug and dental plan at the time employment terminates and is intended to fund payment for such coverage, the payment is not required
to be used for such coverage and Executive may use the payment for any purpose;

 

(v)            Stockholder
Director Perquisite Account. Notwithstanding the otherwise applicable Severance Pay Period, payment of the Stockholder Director Perquisite
Account shall continue for a maximum of 12 months after termination of Executive's Employment, after which the Stockholder Director Perquisite
Account will terminate. The 12-months payment will be computed and made as follows.

 

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(A)           Executive
will receive any remaining balance of the Stockholder Director Perquisite Account for the year in which the Executive's Employment terminates,
after deduction of personal assistant costs incurred during that year as provided in Section 3(f), to be paid to the Executive not
later than the 5thday of the third month after the end of the year; and

 

(B)            Executive
will receive a prorated portion of the Stockholder Director Perquisite Account for the year following that in which the Employment terminates,
computed by first multiplying the full payment by a fraction, the numerator of which is 12 minus the number of months in the year in which
the Employment terminates after the month in which the Employment terminates and the denominator of which is 12, and then reducing this
prorated amount by personal assistant costs incurred during the proration period as provided in Section 3(f), to be paid to Executive
as soon as administratively feasible after the end of the proration period but no later than December 31st of the year in which the
proration period ends.

 

(vi)            Car
Allowance. Continuation of Executive's car allowance under Section 3(g).

 

(b)           Reduction
of Severance Pay.

 

(i)            Each
salary continuation payment for a Company payroll period under Section 7(a)(i) will be reduced on a dollar-for-dollar basis
by any payments that Executive receives during such payroll period pursuant to (i) the Company's bona fide group long-term disability
insurance policy that covers a substantial number of employees, (ii) the Company's workers' compensation insurance policy, and (iii) any
benefit payments that Executive receives under any individual disability policy maintained by either Executive personally or by the Company
on Executive's behalf (currently such policies are Lloyd's Personal Disability Income Insurance Certificate Number 1260651 and Metlife
Personal Disability Insurance Policy Number                   ).
The reduction may not affect the time of payment of the Salary Continuation payments (other than the forfeiture due to the reduction).

 

(ii)            If
Executive dies during the Severance Pay Period, the Severance Pay Period will continue, including health and dental plan participation
for eligible dependents, or health and dental COBRA premium reimbursement payments, as provided under Section 7(a)(iv), until the
end of the Severance Pay Period unless otherwise terminated under Section 7(a)(iv). Any cash Severance Pay payable upon Executive's
death under this Agreement will be made to any beneficiary designated in writing by Executive or, if none, to Executive's estate.

 

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(c)           Payment
Terms. Salary continuation payments under Section 7(a)(i) will be made on the Company's normal pay date for
each payment.    Payments relating to participation in the Annual Incentive Plan and Long-Tenn Incentive Plan
under Sections 7(a)(ii) and 7(a)(iii) will be made no later than the fifteenth day of the third month following the end of
the calendar year in which the applicable annual or long-term incentive period ends. In any event, no payments of Severance Pay will
be made until the Company's first regular pay date that occurs on or after 60 days after the date of termination of the Executive's
Employment. Any Severance Pay to which Executive would otherwise have been entitled during those 60 days will be accumulated and
paid on the Company's first regular pay date on or after 60 days after termination of the Employment if Executive has signed the
release provided for in Section 7(d)(ii) and continued to honor the release. All Severance Pay under Section 7 that
would otherwise be paid more than 60 days after termination of the Employment will be made as provided in Section 7.
Notwithstanding any other provision of this Agreement, any portion of the salary continuation under Section 7(a)(i) that
exceeds an amount equal to two times the limit under Code Section 40l(a)() 7) as of the termination of Executive's Employment
will be paid in one Jump-sum payment within two and one-half months following the end of the year in which Executive's termination
of Employment occurs.

 

Except
as provided in Section 7(a)(iv) with respect to health and dental COBRA premium reimbursements, Executive will receive the payments
called for by this Section 7 notwithstanding any other earnings that Executive may have.

 

After the end of the Severance Pay Period:

 

(i)             Executive
or Executive's beneficiary or estate will receive any remaining payment due under Section 7(a)(i) (final salary continuation
installment) and Section 7(a)(iv) (final health and dental installment) on the pay date for the next regularly scheduled payroll
period; and

 

(ii)            if
Executive and/or Executive's eligible dependents have continued
to participate in the Company's health and dental plans under Section 7(a)(iv), timely
submitted benefits claims for health and dental benefits covered by those plans and incurred on or before the date on which the Severance
Pay Period ends (or, if coverage of dependents continues under Section 7(b)(ii), before the end of the Agreement Term) will be paid;
and

 

(iii)            Unless
the Severance Pay Period ends under Section 7(d) Executive or Executive's beneficiary or estate will receive:

 

(A)            any
payment due under Section 7(a)(v) (final Stockholder Director Perquisite Account payment) that has not been made by the end
of the Severance Pay Period will be paid as provided in Section 7(a)(v); and, Executive
will receive a final payment under 7(a)(vi) consisting of a full monthly car allowance payment for any final partial month at the
end of the Severance Pay Period, to be paid as provided in Section 3(g), and

 

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(B)            final
Annual Incentive Plan payments under Section 6(i)(i), and final Long-Term Incentive Plan payments under Section 6(j)(i), as
though Executive's Employment had terminated at the end of the Severance Pay Period, except that if the Executive's Employment terminates
due to Disability under Section 5(b), payments under Section 6G)(i) (final Long-Term Incentive Plan payments) will be made
as provided in Section 6G)(i) upon termination of the Executive's Employment, rather than at the end of the Severance Pay Period.

 

(d)            Conditions
to Severance Pay. To be eligible for Severance Pay, Executive must meet the following conditions: (i) Executive must comply
with Executive's obligations under this Agreement that continue after termination of the Employment, and Executive's obligations under
Sections 2.3, 2.4, and 2.5 of the Stockholders Agreement; (ii) Executive must sign a Company-prepared release of claims by a date
designated by the Company (which will be not less than 21 days nor more than 45 days after Executive's Employment is terminated and Executive
is given the release document) waiving and releasing any and all past or future claims or rights that Executive might otherwise have against
the Company, any Company Affiliate, or any of the officers, directors, employees or agents of the Company or any Affiliate, and arising
out of or relating to Executive's Employment by the Company or any Affiliate or the termination of such Employment, provided that the
release will not waive Executive's right to any payments due under this Section 7 or Section 6, nor will the release waive any
right of Executive to liability insurance coverage under any liability or directors' and officers' liability insurance policy or any indemnification
rights that Executive may otherwise have; (iii) Executive
must resign upon written request by Company from all positions with or representing the Company or any Affiliate, including but not limited
to membership on boards of directors; provided, however, that Executive will retain any rights Executive may have under the Stockholders
Agreement to name or serve as a member of the Company's Board; and (iv) Executive must, upon request by the Board, provide the Company
for a period of 90 days after the date on which the Employment terminates with consulting services regarding matters within the scope
of Executive's former duties. Executive will only be required to provide those services by telephone or e-mail at Executive's reasonable
convenience and without substantial interference with Executive's other activities or commitments.

 

8.            Ideas,
Concepts, Inventions and Other Intellectual Property. All business ideas and concepts and all inventions, improvements,
developments and other intellectual property made or conceived by Executive, either solely or in collaboration with others, during the
term of the Executive's Employment by the Company or an Affiliate, whether or not during working hours, and relating to the business
or any aspect of the business of the Company or any Affiliate or to any business or product the Company or any Affiliate is actively
planning to enter or develop, will become and remain the exclusive property of the Company and the Company's successors and assigns.
Executive will disclose promptly in writing to the Company all such inventions, improvements, developments and other intellectual property,
and will cooperate in confirming, protecting, and obtaining legal protection of the Company's ownership rights. Executive's commitments
in this Section will continue in effect after termination of the Employment as to ideas, concepts, inventions, improvements and
developments and other intellectual property made or conceived in whole or in part before the date the Executive's Employment with the
Company terminates. The parties agree that any breach of Executive's covenants in this Section would cause the Company irreparable
harm and that injunctive relief would be appropriate.

 

    	 	- 12 -	 

     

    

 

Executive represents
and warrants that there are no ideas, concepts, inventions, improvements, developments or other intellectual property that Executive invented
or conceived before becoming employed by the Company to which Executive, or any assignee of Executive, now claims title, and that would
be covered by this Section if made or conceived by Employee during the term of Executive's Employment by the Company or any Affiliate.

 

		9.	Restrictive Covenants.

 

(a)            Non-Competition.
Executive shall not, directly or indirectly by or through any Affiliate or agent, whether as principal, agent, owner, investor, lender,
shareholder, member, partner, manager, director, officer, employee, consultant or in any other capacity, (i) during the Employment
and until the later of (A) 12 months after the date of termination of Executive's Employment, or (B) the end of the Severance
Pay Period, if Executive becomes entitled to Severance Pay under Section 7 (the "Restricted Period"), engage or
participate in the Restricted Business anywhere in the world, or (ii) without the written consent of the Board, use the Company's
or any of its Subsidiaries' financial resources, management, employees, business names or other intellectual property, other than in furtherance
of the business of the Company and its Subsidiaries. "Restricted Business" means (i) the vehicle, boat, and collectible
insurance business and ancillary businesses relating to the preservation, safety, and enjoyment of vehicles, boats, and collectibles,
and (ii) any other business in which the Company and its Subsidiaries are engaged during the applicable Restricted Period.

 

(b)            Non-Solicitation.
During the Restricted Period, Executive will not solicit or suggest, or provide assistance to anyone else in seeking to solicit or
suggest, that any customer, vendor, employee, or other person or organization having or contemplating a relationship with the Company
or any Affiliate terminate, reduce, or not initiate their relationship or contemplated relationship with the Company or such Affiliate,
or enter into any similar relationship with anyone else instead of the Company or the Affiliate. The time periods for the covenants in
this Section shall be extended by the same period that Executive is in violation of any such covenant. The parties agree that any
breach of Executive's commitments in this Section would cause the Company irreparable harm and that injunctive relief would be appropriate.

 

    	 	- 13 -	 

     

    

 

I0.            Confidentiality. All
non-public information concerning the business or affairs of the Company or any of its Subsidiaries, including information provided
to Executive as a director or stockholder, shall forever be kept confidential by Executive and shall not be disclosed to any third
party other than (a) Executive's attorneys, accountants and other professional advisors (who shall be advised of and bound by such
confidentiality obligation), (b) Executive's spouse and children in connection with estate planning and their attorneys,
accountants and other professional advisors who shall be advised of and bound by such confidentiality obligation, and (c) a third
party in connection with a proposed sale of Executive's shares of the Company in accordance with the Stockholders Agreement
(provided, that with respect to this Section 10, Executive shall take all reasonable efforts to preserve the confidentiality of
the confidential information, including requesting reliable assurance that confidential treatment will be accorded the confidential
information), without the prior written consent of the Board, unless disclosure is required by applicable law; provided, however,
that confidential information shall not include (x) any information which is already generally known, or which becomes
generally known other than through a breach of this Section 10 or any other obligation by which Executive is bound, or (y) any
information which is required to be disclosed by law or legal process. In the event that Executive, anyone in Executive's Family
Group (as defined in the Stockholders Agreement) or any agent of Executive becomes legally required (by oral questions,
interrogatories, requests for information or documents, subpoena, civil investigative demand, or similar process) to disclose any
confidential information, it is agreed that, to the extent reasonably possible and legally permissible, Executive will:
(i) provide the Company with prompt notice of such request(s) or requirement(s) so that the Company may seek an
appropriate protective order or other appropriate remedy at the cost and expense of the Company (unless the compelled disclosure is
attributable to the action or inaction of Executive) or Executive's compliance with the provisions of this Agreement, or both; and
(ii) consult with the Company as to the advisability of taking legally available steps to resist or narrow such request(s). If such
protective order or other remedy is not obtained, and such waiver is not granted, Executive (or anyone in Executive's Family Group
or any agent of Executive, as applicable) may disclose only that portion of the confidential information which is legally required
to be disclosed; provided, however, that Executive shall take all reasonable efforts to preserve the confidentiality of the
confidential information (including requesting reliable assurance that confidential treatment will be accorded the confidential
information).

 

11.            Amendment
and Waiver. No provisions of this Agreement may be amended, modified, waived or discharged unless the waiver, modification, or discharge
is authorized by the Board and is agreed to in a written document signed by Executive and by an officer of the Company authorized by the
Board to sign such document. No waiver by either party at any time of any breach or nonperformance of this Agreement by the other
party will be deemed a waiver of any prior or subsequent breach or nonperformance.

 

12.            Entire
Agreement. No agreements or representations, oral or otherwise, express or implied, with respect to Executive's Employment with the
Company or any of the subjects covered by this Agreement, have been made by either party that are not set forth expressly in this Agreement
or the Stockholders Agreement, and this Agreement supersedes any pre-existing employment agreements and any other agreements on the subjects
covered by this Agreement, except the Stockholders Agreement. Executive and the Company understand and agree that the rights, duties,
and obligations of the parties under both this Agreement and the Stockholders Agreement are intended to be applied fully as provided by
the terms of the respective agreement.

 

    	 	- 14 -	 

     

    

 

		13.	Dispute Resolution.

 

(a)            Arbitration. The
Company and Executive agree that, except as provided in Section 13(b), the sole and exclusive method for resolving any dispute
between them arising out of or relating to this Agreement will be arbitration under the procedures set forth in this Section. The
arbitrator will be selected pursuant to the Rules for Commercial Arbitration of the American Arbitration Association. The
arbitrator will hold a hearing at which both parties may appear, with or without counsel, and present testimony, evidence and
argument. Pre-hearing discovery will be allowed in the discretion of and to the extent deemed appropriate by the arbitrator, and the
arbitrator will have subpoena power. The procedural rules for an arbitration hearing under this Section will be the
rules of the American Arbitration Association for Commercial Arbitration hearings and any rules as the arbitrator may
determine. The hearing will be completed within 90 days after the arbitrator has been selected and the arbitrator will issue a
written decision within 60 days after the close of the hearing. The hearing will be held in Traverse City, Michigan. The award of
the arbitrator will be final and binding and may be enforced by and certified as a judgment of the 13th Judicial Circuit
Court for the State of Michigan, or any other court of competent jurisdiction. One-half of the fees and expenses of the arbitrator
will be paid by the Company and one-half by Executive.

 

(b)            Section I
3(a) will be inapplicable to a dispute arising out of or relating to Sections 8, 9, or 10 of this Agreement.

 

14.            Assignment.
This Agreement contemplates personal services by Executive, and Executive may not transfer or assign Executive's rights or obligations
under this Agreement, except that Executive may designate beneficiaries for Severance Pay in the event of Executive's death and may designate
beneficiaries for benefits as allowed by the Company's benefit programs. This Agreement may be assigned by the Company to any Subsidiary
or parent entity of the Company, but the Company will remain liable for any Severance Pay due under this Agreement and not paid by any
assignee (except a successor or transferee which assumes this Agreement pursuant to Section 15). The Company is not required to assign
this Agreement, but if the Agreement is assigned as provided above, Executive will be given notice and this Agreement will continue in
effect.

 

		15.	Successors; Binding Agreement.

 

(a)            This
Agreement will not be terminated by any merger or consolidation of the Company whereby the Company is or is not the surviving or resulting
entity or as a result of any transfer of all or substantially all of the assets of the Company. In the event of any such merger, consolidation,
or transfer of assets, the provisions of this Agreement will be binding upon the surviving or resulting entity (the "successor")
or the person or entity to which such assets are transferred.

 

    	 	- 15 -	 

     

    

 

(b)            The
Company agrees that concurrently with any merger, consolidation or transfer of assets referred to in this Section 15 it will
cause any successor or transferee unconditionally to assume, by written instrument delivered to Executive (or Executive's
beneficiary or estate if Executive has died), all of the obligations of the Company hereunder (including incorporation of
Stockholders Agreement definitions referred to in this Agreement as those definitions are worded the day before the date of the
merger, consolidation or transfer of assets . Failure of the Company to obtain such assumption prior to the effectiveness of any
such merger, consolidation, or transfer of assets will be a breach of this Agreement and
will entitle Executive to resign for Good Reason as defined in and subject to Section 5(c). For purposes of implementing the
foregoing, the date on which any such merger, consolidation, or transfer becomes effective will be deemed the date on which Good
Reason occurs. If the successor or transferee assumes this Agreement as provided above, the successor or transferee will be
considered "the Company" as of the date of such assumption, and the successor or transferee, and not the Company, will be
responsible for compliance with this Agreement from that date forward.

 

(c)            This
Agreement will inure to the benefit of and be enforceable by Executive's personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees.

 

16.            Notices.
For purposes of this Agreement, all notices and other communications required or permitted hereunder will be in writing and will be
deemed to have been duly given when delivered or received by facsimile transmission or 5 days after deposit in the United States mail,
certified and return receipt requested, postage prepaid, addressed as follows:

 

If to Executive:

 

McKee} 0 Hagerty

141 River's Edge

Dr. Suite 200 

Traverse City, Michigan
49684

 

If to the Company:

 

Hagerty Holding Corp.

141 River's Edge Dr. Suite 200 

Traverse City, Michigan 49684

 

Attention: General
Counsel

 

or
to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change
of address will be effective only upon receipt.

 

17.            Governing
Law. The validity, interpretation, and construction of this Agreement are to be governed by Michigan law, without regard to choice
of law rules. The parties agree that any judicial action involving
a dispute arising under this Agreement will be filed, heard and decided
in either the 13th Judicial Circuit Court
of the State of Michigan or the U.S. District Court for the Western District of Michigan. The parties agree that they will subject themselves
to the personal jurisdiction and venue of either court, regardless of where Executive or the Company may be located at the time any action
may be commenced. The parties agree that Grand Traverse County is a mutually convenient forum and that each of the parties conducts business
in Grand Traverse County.

 

    	 	- 16 -	 

     

    

 

18.            Counterparts.
This Agreement may be signed in original or by fax in counterparts, each of which will be deemed an original, and together the counterparts
will constitute one complete document.

 

19.            Section 409A.
The parties to this Agreement intend that the Agreement complies with Section 409A of the Code, where applicable, and this Agreement
will be interpreted in a manner consistent with that intention. Notwithstanding any other provisions of this Agreement to the contrary,
and solely to the extent necessary for compliance with Section 409A of the Code, if as of the date of Executive's "separation
from service" (within the meaning of Section 409A of the Code and the applicable regulations) from the Company, (a) Executive
is deemed to be a "Specified Employee" (within the meaning of Section 409A of the Code), and (b) the Company
or any member of a controlled group including the Company is publicly traded on an established securities market or otherwise, no payment
or other distribution required to be made to Executive hereunder (including any payment of cash, any transfer of property and any provision
of taxable benefits) solely as a result of Executive's separation from service will be made earlier than the first day of the seventh
month following the date on which the Executive separates from service with the Company, or if earlier within thirty (30) days of the
Executive's date of death following the date of such separation. Payments to which Executive would otherwise have been entitled during
the 6 month delay period will be accumulated and paid on the first day of the seventh month following the date of Executive's separation
from service. All payments under Section 7 that would otherwise be made more than 6 months following the date of Executive's separation
from service will be made as provided in Section 7. Notwithstanding the foregoing, this provision will not apply to (i) any
payments on separation from service that satisfy the short-term deferral rule of Treas. Reg. §1.409A-l(b)(4), (ii) the
portion of any payments on separation from service that satisfy the requirements for separation pay due to an involuntary separation from
service under Treas. Reg. § I .409A-I (b)(9)(iii), and (iii) any payments that are otherwise exempt from the six month delay
requirement of the Treasury Regulations under Section 409A of the Code. Notwithstanding anything to the contrary herein, a termination
of Employment will not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of amounts
or benefits upon or following a termination of Employment unless such termination is also a "separation
from service" within the meaning of Section 409A of the Code and, for purposes of any such
provision of this Agreement, references to a "resignation," "termination," "termination of employment,"
or like terms will mean a separation from service. For purposes of Section 409A of the Code, each payment made under this Agreement
will be designated as a "separate payment" within the meaning of Section 409A of the Code. Notwithstanding anything
to the contrary herein, except to the extent any expense, reimbursement or in-kind benefit provided pursuant to this Agreement does not
constitute a "deferral of compensation" within the meaning of Section 409A of the Code: (x) the amount of expenses
eligible for reimbursement or in-kind benefits provided to Executive during any calendar year will not affect the amount of expenses eligible
for reimbursement or in-kind benefits provided to Executive in any other calendar year, (y) the
reimbursements for expenses for which Executive is entitled to be reimbursed will be made on or before the last day of the calendar year
following the calendar year in which the applicable expense is incurred, and (z) the right to payment or reimbursement or in-kind
benefits hereunder may not be liquidated or exchanged for any other benefit.

 

    	 	- 17 -	 

     

    

 

20.            Section 280G.
Notwithstanding any other provisions of this Agreement, if any payments or distributions by the Company to or for the benefit
of Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise ("Payments"))
(i) constitute "parachute payments" within the meaning of Section 280G of the Internal Revenue Code (the
"Code") and (ii) but for this Section 20, would trigger application of
the excise tax imposed by Section 4999 of the Code, or any successor Code provision (such excise tax, together with any interest
and penalties, are hereinafter collectively referred to as the "Excise Tax"), then
Executive's Payments will be payable as provided in (a) below.

 

(a)            Executive's
Payments will be payable (i) in full (with Executive paying any excise taxes due), or (ii) in such lesser amount that would
result in no portion of the Payments 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 Payments, notwithstanding that all or some portion of such Payments may be taxable under Section 4999 of the Code.

 

(b)            If
Executive's Payments are to be reduced under Section 20(a)(ii), the Payments will be reduced in the amount necessary to eliminate
the Excise Tax in the following order: (i) the payment under Section 7(a)(iv), (ii) the payment under Section 7(a)(iii),
(iii) the payment under Section 7(a)(ii), and (iv) the payment under Section 7(a)(i).

 

(c)            All
determinations required to be made under this Section 20, including whether and when a reduction in the Payments is required
under Section 20(a) and the amount of such reduction and the assumptions to be utilized in arriving at such determination,
will be made by the public accounting firm that is retained by the Company as of the date immediately prior to the change in control
(the "Accounting Firm") which will provide detailed supporting
calculations both to the Company and Executive within fifteen (15) business days of the receipt of a request from the Company or
Executive (collectively, the "Determination"). In the event that the
Accounting Firm is serving as accountant or auditor for the individual, entity, or group effecting the change in control, Executive
will appoint another nationally recognized public accounting firm to make the Determinations required hereunder (which accounting
firm will then be referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm will be borne solely
by the Company. The Determination by the Accounting Firm will be binding upon the Company and Executive; however, as a result of the
uncertainty in the application of Section 4999 of the Code at the time of the Determination, it is possible that Executive will
have received amounts that should not have been paid (the "Overpayments") or
amounts were reduced that should have been paid (the "Underpayments") under
Section 20(a). If the Accounting Firm determines, based on an Internal Revenue Service
assertion that the Accounting Firm believes has a high probability of success, that an Overpayment has been made, any such
Overpayment will be deemed for all purposes to be a loan to Executive made on the date that Executive received the Overpayment and
Executive will repay the Overpayment to the Company on
demand (but not less than ten days after Executive receives a written demand for payment from the Company) together with interest on
the Overpayment at the applicable federal rate prescribed pursuant to Section 1274(d)(l)(A) of the Code (the "Applicable
Federal Rate") from the date of Executive's receipt of the Overpayment until the date the Overpayment is repaid. If the
Accounting Firm, based on controlling precedent or substantial authority, determines that an Underpayment has been made, the Company
will pay Executive an amount equal to the Underpayment in a lump sum within ten days of such determination together with interest on
the Underpayment at the Applicable Federal Rate from the date such amount would have been paid to Executive until the date the
Underpayment is paid.

 

    	 	- 18 -	 

     

    

 

The parties have signed this Employment Agreement
as of the Effective Date in Section l.

 

	 	HAGERTY HOLDING CORP.

 

	 	By: 	
	 	 	 
	 	Its:	 	 

 

	 	McKEEL O HAGERTY EXECUTIVE
	 	 
	 	

 

    	 	- 19 -	 

     

    

 

APPENDIX A

 

To The Employment Agreement
Effective as of January 1, 2018

 

The Company
or Executive may terminate the Employment under Section 5(b) of the Agreement due to Executive's Disability if the Company or
Executive follows the procedures and meets the standards in this Appendix A and a final and binding determination is issued under those
standards and procedures.

 

Definition:
For purposes of this Appendix A and Section 5(b) of the Agreement, the term "Disability" will mean
a physical or mental impairment ("impairment") due to which Executive has not been able, or will not be able, to substantially
and acceptably perform Executive's duties on a full-time basis for a period of 90 or more days during any 180 calendar day period.

 

The determination
as to whether a Disability exists will be made by a licensed medical doctor located in Michigan who is expert with respect to the impairment
or impairments that may cause a Disability determination, or who has the necessary expertise in consultation with other licensed medical
doctors ("Physician"), if such Physician's determination becomes final and binding under the terms of this Appendix A.

 

(A)          The Company may initiate a Disability determination if it reasonably concludes that Executive may be Disabled. In that case, the Company
will refer Executive for evaluation by a Physician, to be selected by the Company. If the Physician initially selected by the Company
determines that he or she is not qualified to be a Physician as defined above, he or she will so advise the Company and the Company may
appoint a Physician who has the required expertise as the Physician. Within 60 days after the Company appoints the Physician ultimately
selected by the Company, the Physician will issue a written report and determination stating either that Executive is Disabled or that
Executive is not Disabled.

 

If
the Company-appointed Physician determines that Executive is Disabled, and the Executive disagrees with that determination,
Executive may, within 60 days after that determination is furnished to Executive under (F), submit a written report and
determination by a Physician of Executive's choice that Executive is not Disabled. If Executive
does so, subsection {C) will apply. If Executive
does not do so, the Company-appointed Physician's determination will be final and binding and the Company may terminate Executive's
Employment due to Disability within 60 days after the above 60-day period expires. If the
Company does not terminate Executive's Employment during that period, the Company may not later terminate Executive's Employment due
to Disability without again following the process in this Appendix A.

 

{B)          If Executive
initiates a Disability determination, Executive will immediately notify the Company and will be evaluated by a Physician selected by
Executive. Within 60 days after commencement of the evaluation, the Physician will issue a written report and determination stating
either that Executive is Disabled or that Executive is not Disabled. If that
Physician determines that Executive is Disabled, and the Company disagrees with that determination,
the Company may, within 60 days after that determination is furnished to the Company under (F), submit a determination by a
Physician of the Company's choice that Executive is not Disabled. If the
Company does so, (C) will apply. If the Company does not do so,
the Executive-appointed Physician's determination will be final and binding and Executive may terminate Executive's Employment due
to Disability within 60 days after the above 60-day period expires. If Executive does not so
terminate the Employment, Executive may not later terminate the Employment due to Disability without again following the process in
this Appendix A.

 

    	 	- 20 -	 

     

    

 

(C)            If
the two Physicians in (A) or (B) issue conflicting determinations, the Disability determination will be made by a third
Physician, selected by mutual agreement of the two Physicians who have made determinations under (A) or (B). If
the two Physicians in (A) or (B) cannot agree on a third Physician within 30 days after the report and determination
by the second Physician under (A) or (B), each of them will, within 10 days after the end of that period, submit a written report
stating the name and contact information for a proposed third Physician, and the reporting Physician's reasons for recommending that Physician.
Within IO days after the two proposed Physicians are identified, the Company or Executive may initiate a special arbitration proceeding
under Section 13 of the Agreement, in which the sole issue for decision by the arbitrator will be appointment as the third Physician
of one of the two Physicians recommended by the Physicians in (A) or (B), after an arbitration hearing in which the Company, Executive
and the two Physicians in (A) or (B) may testify and present other testimony or evidence deemed admissible by the arbitrator.

 

(D)            Within
60 days after the appointment of the third Physician, the third Physician will issue a written report and determination stating either
that Executive is Disabled or that Executive is not Disabled. That determination will be final and binding.

 

(E)            Executive
will cooperate fully and on a timely basis in evaluation by Physicians appointed under this Appendix A, including but not limited to examinations
by the Physician or other medical professionals designated by the Physician and review of all pertinent medical and other records. If
any Physician appointed by the Company under the above process, or the third Physician appointed under (C), makes a written report
and determination that he or she was unable to make a determination as to Disability within the required time period due to (i) failure
of Executive to attend a scheduled appointment with the Physician or other medical professionals, (ii) failure of Executive to produce
or authorize release of records deemed necessary to a determination by the Physician, or (iii) other specified lack of cooperation
by Executive in the determination process, such report and determination will be deemed a determination that Executive is Disabled, or,
if such Physician was appointed by the Company under (B), not Disabled, and such determination will be final and binding unless Executive,
within 10 days after receiving such determination, initiates a special arbitration proceeding under Section 13 of the Agreement in
which the sole issue for the arbitrator will be whether Executive did in fact fail to cooperate as described above. The determination
under this subsection (E) will be suspended during the pendency of the arbitration proceeding, and confirmed if the arbitrator determines
that Executive did fail to cooperate as described above, or revoked if the arbitrator determines
that Executive did not fail to cooperate as described above.

 

    	 	- 21 -	 

     

    

 

(F)            A
Physician making a written report and determination under this Section or a report and determination under (E) will simultaneously
send a copy of it, by e-mail or fax with an immediate confirmation copy by Federal Express, to Executive and to the General Counsel of
the Company or another person specified in writing by the Company. The Company will pay the Federal Express charges.

 

(G)            Physician
reports and determinations under this Appendix A will include the medical and factual basis for the Physician's conclusions, including
conclusions of any other medical professionals with whom the Physician consulted and the factual and medical bases for such conclusions,
to an extent sufficient for another Physician with expertise in the impairment or impairments at issue to understand and evaluate the
medical and factual bases for the determination. A Physician report under (E) will
include the facts underlying the Physician's determination.

 

(H)            The
Company and Executive each agree to execute such consents and authorizations as a Physician reasonably deems necessary for the Physician
to obtain records or information reasonably determined by the Physician to be necessary to make a determination, and will also promptly
execute an advance general waiver and release acceptable to such Physician of any claims against such Physician, or against any related
person or organization, that might otherwise arise out of or relate to the Physician's services under this Appendix A.

 

(I)            If
a determination becomes final and binding under this Appendix A, it will not be subject to challenge by either the Company or Executive,
by arbitration under this Agreement or otherwise.

 

(J)            By
entering into this Agreement, Executive does not waive Executive's rights as an employee under the Americans With Disabilities Act, HIPAA,
or any other state, federal or local statute, law or regulations relating to disability, discrimination, or privacy/confidentiality of
medical information except, as to privacy/confidentiality of medical information, as provided in records release and other authorizations
furnished pursuant to this Appendix A, and any disclosure in arbitration proceeding under this Appendix A or in any judicial action relating
to such a proceeding or to Executive's Employment. However, if Executive provides the release required as a condition to Severance Pay
under Section 7(d)(ii), that release will include a complete waiver of all such rights to the full extent permitted by law.

 

	 	HAGERTY HOLDING CORP.	 

 

	 	By: 		 
	 	 	 	 
	 	Its:	 	 

 

	 	McKEEL O HAGERTY EXECUTIVE
	 	
	 	 

 

    	 	- 22 -	 

     

    

 

APPENDIX B

 

To The Employment Agreement Effective
as of January 1, 2018

 

Position Description

 

	JOB TITLE:	Chief Executive Officer
	REPORTS TO:	The Board of Directors
	FLSA STATUS:	Exempt

  

Position Summary

 

The
Chief Executive Officer of Hagerty supervises, oversees, and manages all business and general affairs of the company, subject to
the control of the Board. He leads the development of the long-range vision, strategic direction and business development initiatives.
In addition, the CEO is responsible for ensuring the overall operations of the business meet business plan objectives. He shall have direction
of all other officers, agents and employees of the company and may assign such duties to the other officers of the company as he deems
appropriate.

 

Key Relationships

 

	Reports to:	The Board of Directors

 

 

	Reporting Executives:	President
	 	Chief Financial and Administrative Officer
	 	General Counsel
	 	Senior Vice President of Human Resources
	 	Chief Information Officer
	 	Chief Marketing Officer

 

	Other Key Relationships: 	Other executives within the company
	 	Investors/ Family Director 
	 	Carrier partners (Markel, Aviva, Hiscox) 
	 	National partners (All State, Nationwide, Progressive, Farmers)
	 	Strategic hobby partners
	 	Outside advisors

 

Major Responsibilities

 

Define and communicate Hagerty's long-range vision
and strategic direction:

 

		•	Formulates company strategies and policies; communicate a clear vision to the Board, senior executives and key stakeholders

 

		•	With senior management team, develops the company Mission, Vision, BHAG, Values, and Brand Promise

 

     

     

    

 

		•	Articulates and communicates brand promise to all clients, insurance industry, hobby and media

 

Manage relationships with key business partners:

 

		•	Serves as leader for key relationships with insurance carrier partners and national program partners to ensure achievement of growth
objectives and long-range vision
		•	Establishes and builds relationships within the automotive industry, which include leaders of OEM (Original Equipment Manufacturers)
and automotive hobby influencers (Craig Jackson, Peterson Museum)
		•	leverages relationships with other CEOs to build networks and gain insights for growth 

 

Drive audience growth:

 

		•	Accelerates company growth by leveraging Hagerty's unique value propositions by creating a larger audience to attract affinity members,
business partners, clients and agents
		•	Builds Hagerty's reputation by serving as chief company spokesman; leverages influential international recognition to build brand;
directs brand and public relations strategy to maximize Hagerty's brand promise and market reputation
		•	Directs business development strategy
		•	Directs risk-sharing opportunities with insurance carrier to increase profitability 

 

Measure and manage accountability and metrics
of success:

 

		•	Fosters a performance-oriented culture of accountability where employees are motivated and rewarded for both company and individual
contributions
		•	Translates strategy to annual and quarterly business plans including, but not limited to, the formulation of key initiatives and milestones
to ensure annual business plans meet company targets of revenue growth, net promoter score, retention, loss ratio, and EBffDA
		•	Strategic oversight and management of Hagerty Reinsurance limited
		•	Ensures sales, marketing and operating infrastructures are in place to drive and support growth
		•	Develops specific metrics and related accountabilities; leads and manages to the specific metrics and accountabilities to drive growth
		•	Manages all strategic and operating aspects of Hagerty through accountabilities tied to specific financial metrics to achieve the
desired short and long-term financial results
		•	Maintains a strong working relationship with the Board of Directors, Chairman of the Board, and key management committees

 

Lead measurement and monitoring of company-wide of
performance

 

		•	Leads and collaborates with other executives to ensure business plans are translated to goals that provide fair and stretch targets

 

     

     

    

 

		•	Develops and maintains behavioral standards of excellence (i.e., values, competency models, code of conduct)
		•	Fosters a performance-oriented culture of accountability where employees are motivated and rewarded for individual and company contributions
to performance targets
		•	Develops and maintains an employee performance review process and annual incentive program, which includes performance measurement,
feedback, coaching and rewards
		•	Ensures proper talent is in place, clear about its mission and held accountable for results

 

Culture, Leadership Development and Succession:

 

		•	Drives culture, through value statements and actions, to continue to be a great place to work; creates an environment of curiosity,
fosters leadership growth, encourages mentoring and offers stretch assignments
		•	Ensures that the company has an effective management team supporting the CEO, including an active plan for the team's development
and succession
		•	Ensures, in cooperation with the Board, an effective succession plan is in place for the CEO positionExhibit 10.14

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(“Agreement”) is made by THE HAGERTY GROUP, LLC, a Delaware limited liability company (“Company”),
and KELLY SMITH (“Executive”). As used in this Agreement, the term “Affiliate” means any entity
controlling, controlled by or under common control with the Company.

 

1.             Effective
Date and Term. This Agreement will take effect on March 1, 2021 (“Effective Date”), and will remain in effect
until December 31, 2025 (“Term”) and thereafter as to those provisions that expressly state that they will remain
in effect after termination of the Employment. If the parties have not negotiated a new agreement by the end of the Term, the Employment
will continue on an at-will basis with no severance payment obligations.

 

2.             Employment.
Executive will serve as the Company’s Senior Vice President and Chief Strategy Officer or such other management positions with
the Company or an Affiliate as may be assigned by the Company (the “Employment”). Executive will perform duties consistent
with those positions as assigned to Executive from time to time by the Company’s Chief Executive Officer and will comply with all
Company policies. The Employment will be full time and Executive’s entire business time and efforts will be devoted to the Employment,
except that Executive may oversee passive investments and may serve on boards of directors of non-profit organizations, and with written
approval of the Company’s Board of Directors may serve on boards of directors of for-profit organizations, that are not competitive
with the Company or an Affiliate, provided that such activities do not impair Executive’s full-time services under this Agreement
or constitute a conflict of interest.

 

3.             Compensation.
Executive will be compensated during the Employment as follows, subject to required tax deductions and withholdings:

 

(a)            Salary.
Executive’s salary will be $750,000 per year for calendar years 2021 and 2022 and will increase to $800,000 per year for calendar
years 2023, 2024 and 2025. This annual salary will be pro-rated for any partial year, will be subject to normal payroll deductions and
will be payable in accordance with the Company’s normal payroll practices. The Company may review Executive’s salary annually
in accordance with the Company’s normal procedures and may increase (but not decrease) Executive’s salary to reflect the
Company’s determinations of Executive’s performance, Company performance, business or economic conditions, or changes in
Executive’s duties and responsibilities.

 

(b)            Bonus
Payments. In lieu of participating in the Company’s Annual Incentive Plan and Long Term Incentive Plan, Executive will receive
the following bonus payments on or before March 15 of each year of the Term: 2021 payment - $1,186,875; 2022 payment - $1,500,000;
2023 payment - $1,600,000; 2024 payment - $1,800,000; 2025 payment - $1,800,000. Executive must be actively employed by the Company on
the payment date in order to receive the bonus payment.

 

    

     

    

 

(c)            Retention
Payments. Executive will receive a $500,000 retention payment on September 1 of each year of the Term. Executive will receive
an additional retention payment of $1,000,000 on December 31, 2024 and $1,500,000 on December 31, 2025. Executive must be actively
employed by the Company on the payment date in order to receive the retention payment.

 

(d)            Paid
Time Off. Executive will be entitled to a minimum of 4 weeks of paid time off per year, to be administered in accordance with Company
policy, which is subject to change from time to time in the Company’s discretion. Paid time off will be taken at such times as are
consistent with the reasonable business needs of the Company.

 

(e)            Benefits.
Executive will be eligible to participate in fringe benefit programs covering the Company’s salaried employees as a group and in
any other Company benefit programs and policies applicable under Company policy to senior executives. The terms of applicable insurance
policies and benefit plans in effect from time to time will govern with regard to specific issues of coverage and benefit eligibility.
All benefit programs and policies are subject to change from time to time in the Company’s discretion.

 

(f)             Executive
Perquisite Account. Executive will receive an executive perquisite account of up to $10,000 per calendar year, to be paid monthly
subject to Executive’s prompt submission of proper documentation for tax and accounting purposes. Such expenses, less required deductions
and withholdings, will be reimbursed within 30 days after Executive submits such documentation, but in no event later than the fifteenth
day of the third month after the end of the year in which the expense is incurred.

 

(g)            Car
Allowance. Executive will receive an annual car allowance of $20,000 per calendar year, to be paid monthly during the year, less
required deductions and withholdings.

 

(h)            Business
Expenses. The Company will reimburse Executive for reasonable, ordinary and necessary business expenses that are specifically authorized
or are authorized by Company policy, subject to Executive’s prompt submission of proper documentation for tax and accounting purposes.
Such expenses will be reimbursed within 30 days after Executive submits such documentation, but in no event later than the fifteenth
day of the third month after the end of the year in which the expense is incurred.

 

4.             Termination
of Employment Without Severance Pay. Executive will not be entitled to any further employment-related compensation, payments or benefit
coverage from the Company or any Affiliate after termination of the Executive’s Employment pursuant to this Section 4, except
those payments specifically identified in Section 6.

 

(a)            Death.
The Employment will terminate automatically upon Executive’s death.

 

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(b)            Disability.
If Executive is unable to perform Executive’s duties under this Agreement due to physical or mental disability for a continuous
period of 180 days or longer and Executive is eligible for benefits under the Company’s long-term disability insurance policy,
the Company may terminate the Employment under this Section 4(b). If the Company terminates the Employment as the result of Executive’s
inability to perform Executive’s duties for less than 180 days due to a disability, the termination of Employment will be deemed
to be pursuant to Section 5(a) below.

 

(c)            Termination
by Company for Cause. The Company may terminate the Employment for “Cause,” defined as Executive’s: (i) breach
of any provision of Sections 8, 9 or 10 of this Agreement; (ii) continued failure to perform or continued poor performance of duties
after warning and reasonable opportunity to meet reasonable required performance standards; (iii) gross negligence causing or placing
the Company at risk of significant damage or harm; (iv) misappropriation of or intentional damage to Company property; (v) material
fraud or dishonesty; (vi) conviction of a felony; or (vii) intentional act or omission that Executive knows or should know
is significantly detrimental to the interests of the Company.

 

If the Company becomes
aware after termination of the Employment other than for Cause that Executive engaged before the termination of Employment in conduct
constituting Cause, the Company may recharacterize Executive’s termination as having been for Cause.

 

(d)            Discretionary
Termination by Executive. Executive may terminate the Employment at will with at least 30 days’ advance written notice to the
Company. If Executive gives such notice of termination, the Company may (but need not) relieve Executive of some or all of Executive’s
responsibilities for part or all of such notice period, provided that Executive’s pay and benefits are continued for the lesser
of 30 days or the remaining period of the Employment.

 

5.            Termination
With Severance Pay. Executive will not be entitled to any further employment-related compensation, payments or benefit coverage from
the Company or any Affiliate after termination of Executive’s Employment pursuant to this Section 5, except for payments and
benefit coverage as provided in Section 6 and Severance Pay as provided in and subject to the terms of Section 7.

 

(a)            Discretionary
Termination by Company. The Company may terminate the Employment at will, but if the Company does so other than as provided in
Section 4 above, Executive will be entitled to Severance Pay as provided in and subject to Section 7. A termination of
Executive’s Employment by the Company under Section 4(c) that is determined in a proceeding under Section 14
not to be for Cause will be considered to have been a termination under this Section 5(a).

 

(b)            Termination
by Executive for Good Reason. Executive may terminate the Employment for “Good Reason” if and only if the
Company materially breaches the Company’s obligations to Executive under this Agreement. Executive may not resign for Good
Reason unless (i) Executive notifies the Company’s Chief Executive Officer in writing, within 30 days after the act or
omission in question, asserting that the act or omission in question constitutes Good Reason and explaining why, (ii) the
Company fails, within 30 days after the notification, to take all reasonable steps to cure the breach, and (iii) Executive
resigns by written notice within 30 days after expiration of the 30 day period under Section 5(b)(ii). If Executive terminates
the Employment for Good Reason, Executive will be entitled to Severance Pay as provided in and subject to Section 7.

 

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6.              Payments
Upon Termination of Employment. Executive will not be entitled to any further employment-related compensation, payments or benefit
coverage from the Company or any Affiliate after termination of the Executive’s Employment, except (a) unpaid salary installments
through the end of the week in which the Employment terminates, (b) any vested benefits accrued before the termination of Employment
under the terms of any written Company policy or benefit program, and (c) if the termination of Employment is pursuant to Section 5,
Severance Pay to which Executive is entitled under Section 7.

 

7.              Severance
Pay. The Company will pay Executive the payments provided in and subject to this Section 7 (“Severance Pay”)
upon Executive’s “separation from service,” as that term is defined by Section 409A of the Internal Revenue
Code (the “Code”), if Executive’s Employment is terminated during the Term as provided in Section 5 and
Executive contemporaneously or subsequently experiences a separation from service.

 

(a)            Amount
and Duration of Severance Pay. Subject to the other provisions of this Section 7, Severance Pay will consist of the continuation
of Executive’s then current base salary for 12 months. No Severance Pay will be paid, however, until the Company’s first regular
pay date that occurs on or after 60 days after the date of Executive’s separation from service. Any salary continuation payments
to which Executive would otherwise have been entitled during those 60 days will be accumulated and paid on the Company’s first regular
pay date on or after 60 days after separation from service provided Executive has signed the release provided for in Section 7(b)(ii) and
continued to honor the release. All Severance Pay under Section 7 that would otherwise be paid more than 60 days after termination
of the Employment will be made as provided in Section 7 on the Company’s normal pay dates. Payments will be less required deductions
and withholdings. If Executive dies before the end of the Severance Pay period, any unpaid Severance Pay will be forfeited.

 

(b)            Conditions
to Severance Pay. To be eligible for Severance Pay, Executive must meet the following conditions: (i) Executive must comply
with Executive’s obligations under this Agreement that continue after termination of the Employment; (ii) Executive must sign
a Company-prepared release of claims by a date designated by the Company (which will be not less than 21 days nor more than 45 days after
Executive’s Employment is terminated and Executive is given the release document) waiving and releasing any and all claims or rights
that Executive might otherwise have against the Company, any Affiliate, or any of the officers, directors, employees or agents of the
Company or any Affiliate, provided that the release will not waive Executive’s right to any payments due under this Section 7
or Section 6, nor will the release waive any right of Executive to liability insurance coverage under any directors’ and officers’
liability insurance policy or any indemnification rights that Executive may otherwise have; (iii) Executive must resign upon written
request by the Company from all positions with or representing the Company or any Affiliate, including but not limited to membership
on boards of directors; and (iv) Executive must, upon request by the Company, provide the Company, for a period of 90 days after
termination, with consulting services (limited to no more than 8 hours per week) regarding matters within the scope of Executive’s
former duties. Executive will only be required to provide those services by telephone or e-mail at Executive’s reasonable convenience
and without substantial interference with Executive’s other activities or commitments.

 

    - 4 -

     

    

 

(c)            Disability
Benefits Offset to Severance Pay. Any Severance Pay provided under Section 7(a) will be reduced on a dollar-for-dollar basis
by any payments that Executive receives pursuant to the Company’s bona fide group long-term disability insurance policy and/or workers’
compensation insurance policy.

 

 8.              Loyalty and Confidentiality; Certain Property and Information.

 

(a)            Loyalty
and Confidentiality. Executive will be loyal to the Company during the Employment and will forever hold in strictest confidence, and
not use or disclose, any information regarding techniques, processes, developmental or experimental work, trade secrets, customer or prospect
names or information, or proprietary or confidential information relating to the current or planned products, services, sales, pricing,
costs, employees or business of the Company or any Affiliate, except as disclosure or use may be required in connection with Executive’s
work for the Company or any Affiliate or as may be compelled pursuant to court order or subpoena. Executive will also keep the terms of
this Agreement confidential. Executive’s commitment not to use or disclose information does not apply to information that becomes
publicly known without any breach of this Agreement by Executive.

 

(b)            Certain
Property and Information. Upon termination of the Employment, Executive will deliver to the Company any and all property owned or
leased by the Company or any Affiliate and any and all materials and information (in whatever form) relating to the business of the Company
or any Affiliate, including without limitation all customer lists and information, financial information, computers, mobile and smart
phones, business notes, business plans, documents, keys, credit cards and other Company-provided equipment. All Company property will
be returned promptly and in good condition except for normal wear.

 

9.              Ideas,
Concepts, Inventions and Other Intellectual Property. All business ideas and concepts and all inventions, improvements,
developments and other intellectual property made or conceived by Executive, either solely or in collaboration with others, during
the term of the Executive’s employment by the Company or an Affiliate, whether or not during working hours, and relating to
the business or any aspect of the business of the Company or any Affiliate or to any business or product the Company or any
Affiliate is actively planning to enter or develop, will become and remain the exclusive property of the Company and the
Company’s successors and assigns. Executive will disclose promptly in writing to the Company all such inventions,
improvements, developments and other intellectual property, and will cooperate in confirming, protecting, and obtaining legal
protection of the Company’s ownership rights. Executive’s commitments in this Section will continue in effect after
termination of the Employment as to ideas, concepts, inventions, improvements and developments and other intellectual property made
or conceived in whole or in part before the date the Executive’s employment with the Company terminates.

 

    - 5 -

     

    

 

Executive represents
and warrants that there are no ideas, concepts, inventions, improvements, developments or other intellectual property that Executive invented
or conceived before becoming employed by the Company to which Executive, or any assignee of Executive, now claims title, and that would
be covered by this Section if made or conceived by Employee during the term of Executive’s employment by the Company or any
Affiliate.

 

Executive agrees not
to disclose to the Company or use, or induce the Company to use, any proprietary information, trade secret or confidential business information
of any other person or entity, including any previous employer of Executive. Executive also represents that all property, proprietary
information, trade secret and confidential business information belonging to any prior employer has been returned. During the performance
of his duties with the Company, the Company will not request or expect that Executive will disclose confidential or proprietary information
acquired during prior employment. The Company further agrees that in the event Executive must decline to make such a disclosure to the
Company, declining to make the disclosure will have no adverse consequence to Executive’s employment with the Company.

 

10.            Non-Competition;
Non-Solicitation. During the Employment and for 12 months after the date of termination of Executive’s Employment (24 months
if Executive leaves the Employment without Good Reason or the Company terminates Executive for Cause), Executive will not:

 

 (a)            directly or indirectly engage in a Competitive Business; or

 

(b)            be
employed by, perform services for, advise or assist, own any interest in or loan or otherwise provide funds to, any other business that
is engaged (or seeking Executive’s services with a view to becoming engaged) in any Competitive Business; or

 

(c)            solicit
or suggest, or provide assistance to anyone else in seeking to solicit or suggest, that any customer, vendor, employee, or other person
or organization having or contemplating a relationship with the Company or any Affiliate terminate, reduce, or not initiate their relationship
or contemplated relationship with the Company or such Affiliate, or enter into any similar relationship with anyone else instead of the
Company or the Affiliate.

 

“Competitive
Business” means (a) vehicle, boat and collectible insurance business and ancillary businesses relating to the preservation,
safety and enjoyment of vehicles, boats and collectibles and (b) any other business in which the Company and its Affiliates are engaged
or seeking to become engaged during Executive’s employment with the Company. This Section 10 does not prohibit Executive
from owning not more than two percent (2%) of any class of securities of a publicly traded entity, provided that Executive does not engage
in other activity prohibited by this Section 10. Executive represents and warrants that neither the Employment nor the performance
of his obligations for the Company will conflict with or violate any other contract or obligations, legal or otherwise, which Executive
may have.

 

    - 6 -

     

    

 

11.            Equitable
Remedies. Executive agrees that any breach of Sections 8, 9 or 10 of this Agreement will cause irreparable damage to the Company,
that such damage will be difficult to quantify and that money damages alone will not be adequate. Accordingly, Executive agrees that the
Company, in addition to any other legal rights or remedies available to the Company on account of a breach or threatened breach of this
Agreement, shall have the right to obtain an injunction, specific performance or other equitable relief to prevent any actual or threatened
breach, and Executive waives the defense in any equitable proceeding that there is an adequate remedy at law for such breach. The time
periods for the covenants in Sections 8, 9 and 10 above shall be extended by the same period that Executive is in violation of any such
covenant.

 

12.            Amendment
and Waiver. No provisions of this Agreement may be amended, modified, waived or discharged unless the waiver, modification, or discharge
is authorized by the Company’s Chief Executive Officer and is agreed to in a written document signed by Executive and the Chief
Executive Officer. No waiver by either party at any time of any breach or nonperformance of this Agreement by the other party will be
deemed a waiver of any prior or subsequent breach or nonperformance.

 

13.            Entire
Agreement. No agreements or representations, oral or otherwise, express or implied, with respect to Executive’s Employment with
the Company or any of the subjects covered by this Agreement, have been made by the Company that are not set forth expressly in this Agreement,
and this Agreement supersedes any pre-existing employment agreements (including the Employment Agreements dated April 15, 2019 and
October 1, 2019) and any other agreements on the subjects covered by this Agreement.

 

 14.            Dispute Resolution.

 

(a)            Arbitration.
The Company and Executive agree that, except as provided in Section 14(b), the sole and exclusive method for resolving any
dispute between them arising out of or relating to this Agreement will be arbitration under the procedures set forth in this
Section. The arbitrator will be selected pursuant to the Rules for Commercial Arbitration of the American Arbitration
Association. The arbitrator will hold a hearing at which both parties may appear, with or without counsel, and present testimony,
evidence and argument. Pre-hearing discovery will be allowed in the discretion of and to the extent deemed appropriate by the
arbitrator, and the arbitrator will have subpoena power. The procedural rules for an arbitration hearing under this
Section will be the rules of the American Arbitration Association for Commercial Arbitration hearings and any
rules as the arbitrator may determine. The hearing will be completed within 90 days after the arbitrator has been selected and
the arbitrator will issue a written decision within 60 days after the close of the hearing. The hearing will be held in Traverse
City, Michigan. The award of the arbitrator will be final and binding and may be enforced by and certified as a judgment of the
13th Judicial Circuit Court for the State of Michigan, or any other court of competent jurisdiction. One-half of
the fees and expenses of the arbitrator will be paid by the Company and one-half by Executive.

 

    - 7 -

     

    

 

(b)            Section 14(a) will
be inapplicable to a dispute arising out of or relating to Sections 8, 9 or 10 of this Agreement.

 

15.           Assignment.
This Agreement contemplates personal services by Executive, and Executive may not transfer or assign Executive’s rights or obligations
under this Agreement, except that Executive may designate beneficiaries for benefits as allowed by the Company’s benefit programs.
This Agreement may be assigned by the Company to any Affiliate or successor in interest to the Company.

 

16.           Notices.
For purposes of this Agreement, all notices and other communications required or permitted hereunder will be in writing and will be
deemed to have been duly given when delivered or received by facsimile or email transmission or 5 days after deposit in the United States
mail, certified and return receipt requested, postage prepaid, addressed as follows:

 

If to Executive:

 

Kelly Smith 

2310 W. Three Lakes Drive 

Meridian, ID 83646

 

If to the Company:

 

The Hagerty Group, LLC

 141 River’s Edge Dr. 

Suite 200 

Traverse City, Michigan 49684

 

Attention: General Counsel

 

or to such other address as either party may have furnished
to the other in writing in accordance herewith, except that notices of change of address will be effective only upon receipt.

 

17.           Governing
Law. The validity, interpretation, and construction of this Agreement are to be governed by Michigan law, without regard to
choice of law rules. The parties agree that any judicial action involving a dispute arising under this Agreement will be filed,
heard and decided in either the 13th Judicial Circuit Court of the State of Michigan or the U.S. District Court for the
Western District of Michigan. The parties agree that they will subject themselves to the personal jurisdiction and venue of either
court, regardless of where Executive or the Company may be located at the time any action may be commenced. The parties agree that
Grand Traverse County is a mutually convenient forum and that each of the parties conducts business in Grand Traverse
County.

 

    - 8 -

     

    

 

18.           Counterparts.
This Agreement may be signed in original or by electronic counterparts, each of which will be deemed an original, and together the counterparts
will constitute one complete document.

 

19.           Section 409A.
The parties to this Agreement intend that the Agreement be exempt from Section 409A of the Code to the fullest extent possible as
providing for short-term deferrals and involuntary separation pay, and that to the extent this Agreement is not exempt from Section 409A
it is intended to comply with Section 409A, where applicable, and this Agreement will be operated and interpreted in a manner consistent
with those intentions.

 

[signature page follows]

 

    - 9 -

     

    

 

The parties
have signed this Employment Agreement as of the Effective Date in Section 1.

 

	 	THE HAGERTY GROUP, LLC
	 	 
	 	/s/ McKeel Hagerty
	 	McKeel Hagerty
	 	Chief Executive Officer

 

	 	EXECUTIVE
	 	 
	 	/s/ Kelly Smith
	 	Kelly Smith

 

    - 10 -

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