Document:

Exhibit
10.1

 

AMENDED
AND RESTATED LOAN AGREEMENT

 

This
Amended and Restated Loan Agreement (this “Agreement”) is dated November 29, 2019 and is made and entered into by
and among Hancock WHITNEY BANK, a Mississippi state chartered bank (“Bank”),
and 1347 PROPERTY INSURANCE HOLDINGS, INC., a Delaware corporation (“Borrower”). This Agreement amends and restates
in its entirety that certain Loan Agreement dated August 20, 2019 among Bank and Borrower (the “Prior Agreement”)
pursuant to which Bank made a non-revolving line of credit loan in the maximum principal amount of Seven Million Dollars ($7,000,000.00)
(the “Existing Line of Credit”).

 

A.
THE LOAN. Subject to the terms and conditions of this Agreement and provided Borrower timely and completely performs all obligations
in favor of Bank contained in this Agreement and in any other agreement, whether now existing or hereafter arising, Bank will
increase the Existing Line of Credit by an additional Ten Million Dollars ($10,000,000.00) (the “Line of Credit Increase”),
resulting in a NON-REVOLVING LINE OF CREDIT LOAN (collectively, the “Line of Credit,” which term shall include
all renewals, extensions or modifications thereof) to Borrower in the maximum aggregate principal amount of Seventeen Million
Dollars ($17,000,000.00), bearing interest per annum at the rate or rates provided in that certain Amended and Restated Commercial
Note dated on or about the date hereof (as further amended, modified, restated and/or supplemented at any time or from time to
time, the “Note”) in said principal sum from Borrower in favor of Bank, from date of advance until paid, with all
principal and outstanding interest due and payable on the first to occur of (i) the Closing (as defined and provided in the Equity
Purchase Agreement (as defined in Section D.(4) below)) and (ii) December 31, 2019 (the earliest of such dates, the “Maturity
Date”). The Line of Credit Increase will be drawn by Borrower in a single advance, at any time during the period of time
commencing on the date hereof through and including the day preceding the Maturity Date.

 

B.
EFFECT OF AGREEMENT AND DEFINITIONS. The promissory note or notes referenced in Section A and any renewals, modifications
or replacements for such note(s) and any other notes that may from time to time be delivered by Borrower to Bank are subject to
the terms of this Agreement without further reference. “Loan” shall collectively mean any and all loans made available
to Borrower under Section A of this Agreement (including without limitation the Existing Line of Credit and the Line of Credit
Increase) and all renewals, extensions or modifications therefor as well as any other loans made available to Borrower by Bank
from time to time. “Loan Documents” shall mean this Agreement, any other loan agreement(s), the promissory note(s)
evidencing the Loan, any continuing guaranty(ies) by Borrower, any security document(s) provided for in this Agreement and any
and all other documents by Borrower evidencing or securing the obligations of Borrower to Bank, direct or contingent, due or to
become due, now existing or hereafter arising and any and all other documents evidencing or securing the obligations of Borrower
to Bank, including without limitation, all agreements with respect to any swap, forward, future, or derivative transaction or
option or similar agreement involving, or settled by reference to, one or more interest rates, currencies, commodities, equity
or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk
or value. The Loan and all other obligations of Borrower to Bank, direct or contingent, due or to become due, now existing or
hereafter arising, shall be secured by any security documents provided for in this Agreement, any collateral set forth in any
promissory note executed by Borrower, and any other Loan Documents. “Generally Accepted Accounting Principles” means
Generally Accepted Accounting Principles as set forth in the FASB Accounting Standards Codification as established and
published by the Financial Accounting Standards Board. Accounting principles are applied on a “consistent basis” when
the accounting principles applied in a current period are comparable in all material respects to those accounting principles applied
in a preceding period.

 

C.
USE OF PROCEEDS. The proceeds from the Loan will be used for the purposes of providing short-term working capital to Borrower’s
subsidiaries and other general corporate purposes.

 

    	 	 	 

    	 

    

 

D.
REPRESENTATIONS, WARRANTIES AND COVENANTS. Borrower represents, warrants and covenants to Bank that:

 

	 	(1)	Organization
    and Authorization. Borrower is an entity which is duly organized, validly existing and, if a corporation, in good standing
    under applicable laws. Borrower’s execution, delivery and performance of this Agreement and all other documents delivered
    to Bank has been duly authorized and does not violate Borrower’s articles of incorporation (or other governing documents),
    material contracts or any applicable law or regulations. All documents delivered to Bank are legal and binding obligations
    of Borrower who executed same. Borrower shall not change Borrower’s jurisdiction of organization, domicile, name, legal
    form, taxpayer identification number or state organization or identification number or Borrower’s type or form of organizational
    structure without providing Bank not less than thirty (30) days’ advance written notice thereof.
	 	 	 
	 	(2)	Compliance
    with Tax and other Laws. Borrower shall comply, and cause its subsidiaries to comply, with all laws that are applicable
    to Borrower’s or any such subsidiary’s business activities, including, without limitation, all laws regarding
    (i) the collection, payment and deposit of employees’ income, unemployment, Social Security, sales and excise taxes;
    (ii) the filing of returns and payment of taxes; (iii) pension liabilities including ERISA requirements; (iv) environmental
    protection; and (v) occupational safety and health.
	 	 	 
	 	(3)	Financial
    Information. Borrower shall furnish to Bank such financial and other information, including without limitation, financial
    statements as and when reasonably requested by Bank. All financial statements and financial information submitted to Bank
    in accordance with this Agreement shall include, among other things, detailed information regarding (i) any entities, such
    as corporations, partnerships, or limited liability companies of which the Borrower is the majority owner and (ii) any entities
    of which the Borrower is not the majority owner, but for which Borrower is directly or contingently liable on debts or obligations
    of any kind incurred by those entities. All financial statements or records submitted to Bank via electronic means, including,
    without limitation by facsimile, open internet communications or other telephonic or electronic methods, including, without
    limitation, documents in Tagged Image Format Files (“TIFF”) or Portable Document Format (“PDF”) shall
    be treated as originals, fully binding and with full legal force and effect and the parties waive any rights they may have
    to object to such treatment. The Bank may rely on all such records in good faith as complete and accurate records produced
    or maintained by or on behalf of the party submitting such records.
	 	 	 
	 	(4)	Mergers,
    etc. Without the prior written consent of Bank, Borrower shall not (a) be a party to a merger, or consolidation, (b) acquire
    all or substantially all of the assets of another entity, (c) sell, lease or transfer all, or substantially all, of Borrower’s
    assets, except as provided in the Equity Purchase Agreement (as herein defined); or (d) change Borrower’s jurisdiction
    of organization, domicile, name, legal form or type or organizational structure or state organizational or taxpayer identification
    number. Borrower shall not permit any material change to be made in the character of Borrower’s business as carried
    on at the original date of this Agreement. Borrower shall not purchase, retire or redeem any shares of its capital stock without
    the prior written consent of Bank. “Equity Purchase Agreement” shall mean that certain Equity Purchase Agreement
    dated February 25, 2019 by and among Fednat Holding Company, a Florida corporation, Borrower as “Parent”, and
    Borrower’s subsidiaries Maison Managers, Inc., a Delaware corporation, Maison Insurance Company, a Louisiana corporation,
    and Claimcor, LLC, a Florida limited liability company.
	 	 	 
	 	(5)	Indebtedness
    and Liens. Other than obligations incurred in the ordinary course of business, Borrower shall not create any additional
    obligations for borrowed money. Borrower shall not mortgage or encumber any of Borrower’s assets or suffer any liens
    to exist on any of Borrower’s assets without the prior written consent of Bank, other than purchase money liens incurred
    in the ordinary course of business.

 

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	 	(6)	Other
    Liabilities. (a) Borrower shall not lend to or guarantee, endorse or otherwise become contingently liable in connection
    with the obligations, stock or dividends of any person, firm or corporation, except as currently exists and as reflected in
    the financial statements of Borrower as previously submitted to Bank; (b) Borrower shall not default in the performance, observance
    or fulfillment of any of the obligations, covenants or conditions contained in any indenture, agreement or other instrument
    to which Borrower is a party (the effect of which would materially adversely affect the business or properties of Borrower);
    and (c) except as disclosed or referred to in the financial statements furnished to Bank, there is no litigation, legal or
    administrative proceeding, investigation or other action of any nature pending or, to the knowledge of Borrower, threatened
    against or affecting Borrower which involves the possibility of any judgment or liability not fully covered by insurance,
    and which may materially and adversely affect the business or assets of Borrower or Borrower’s ability to carry on business
    as now conducted.
	 	 	 
	 	(7)	Documentation.
    The Loan Documents shall be on the Bank’s standard forms, with such modifications as may be required or agreed to
    by Bank, or on such other forms as Bank may accept in its sole discretion. Upon the written request of Bank, Borrower shall
    promptly and duly execute and deliver all such further instruments and documents and take such further action as Bank may
    deem necessary to obtain the full benefits of the Loan Documents.
	 	 	 
	 	(8)	[Intentionally
    Omitted].
	 	 	 
	 	(9)	Collateral.
    As security for payment and performance of Loan and any and all other obligations of Borrower to Bank under the Loan Documents,
    whether direct or contingent, due or to become due, now existing or hereafter arising, Borrower has granted to Bank a first
    priority security interest in all of its right to receive the net proceeds of the Cash Consideration (as defined in the Equity
    Purchase Agreement) pursuant to that certain Collateral Assignment and Pledge of Proceeds Under Equity Purchase Agreement
    dated as of August 20, 2019 (as amended, modified, restated and/or supplemented, the “Collateral Assignment”)
    which Borrower shall reaffirm in writing as of the date hereof. Borrower covenants and agrees with Bank that, until such time
    as the Line of Credit has been indefeasibly paid in full and the commitment of Bank thereunder irrevocably terminated, Borrower
    shall not give to the Purchaser (as defined in the Equity Purchase Agreement) any instructions as to payment of the Net Cash
    Proceeds (as defined in the Collateral Assignment) contrary to those set forth in Section 3 of the Collateral Assignment,
    without Bank’s prior written consent in its sole discretion.
	 	 	 
	 	(10)	[Intentionally
    Omitted].
	 	 	 
	 	(11)	Setoff.
    If an event of Default shall have occurred and be continuing, the Bank shall have the right to set off and apply against
    the obligations in such manner as the Bank may determine, at any time and without notice to the Borrower, any and all deposits
    (general or special, time or demand, provisional or final) or other sums at any time credited by or owing from the Bank, or
    any financial institution affiliate of Bank, to the Borrower whether or not the Loan obligations are then due. As further
    security for the Loan obligations, the Borrower hereby grants to the Bank a security interest in all money, instruments, and
    other property of the Borrower now or hereafter held by the Bank, or any financial institution affiliate of Bank, including,
    without limitation, property held in safekeeping. In addition to the Bank’s right of setoff and as further security
    for the Loan obligations, the Borrower hereby grants to the Bank a security interest in all deposits (general or special,
    time or demand, provisional or final) and other accounts of the Borrower now or hereafter on deposit with or held by the Bank,
    or any financial institution affiliate of Bank, and all other sums at any time credited by or owing from the Bank, or any
    financial institution affiliate of Bank, to the Borrower. The rights and remedies of the Bank hereunder are in addition to
    other rights and remedies (including, without limitation, other rights of setoff) which the Bank may have.

 

E.
CONDITIONS PRECEDENT TO LOAN. Bank shall be obligated to make the Loan only so long as: (i) all of the Loan Documents required
by this Agreement have been delivered to Bank, (ii) Borrower is current in the performance of all of the other obligations of
Borrower contained in the Loan Documents, (iii) no Default and no event has occurred which, with the passage of time, would constitute
a Default, and (iv) no adverse material change in the financial condition of any Borrower has occurred.

 

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F.
DEFAULT. The occurrence of any of the following events constitute a default hereunder (each, a “Default”): (i)
the failure of Borrower to make any payment on any Loan when due, (ii) the failure of Borrower to observe or perform promptly
when due any covenant, agreement or obligation under this Agreement or under any of the other Loan Documents that has not been
cured to the reasonable satisfaction of Bank within thirty (30) days after receipt by Borrower of written notice thereof from
Bank or waived in writing by Bank; (iii) the occurrence of any breach of or default under the Collateral Assignment; (iv) the
material inaccuracy at any time of any warranty, representation or statement made to Bank by Borrower under this Agreement or
the other Loan Documents; (v) Borrower shall fail to discharge within a period of thirty (30) days after the commencement of any
attachment, sequestration or similar proceeding or proceedings against any of its assets or properties; (vi) a final judgment
for the payment of money in excess of TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000.00) in the aggregate shall be entered by a
court or courts against Borrower and the same shall not be discharged or a stay of execution shall not be procured, within thirty
(30) days from the date of the entry thereof; (vii) any Borrower shall fail to pay when due any principal of or any interest on
any other debt, or the maturity of such other debt shall have been accelerated; (viii) the filing by or against Borrower of a
proceeding under the United States Bankruptcy Code or for any other relief afforded debtors or affecting rights of creditors generally
under the laws of any jurisdiction; (ix) any material adverse change in the financial condition of Borrower or any material discrepancy
between the financial statement submitted by Borrower and the actual financial condition of Borrower; (x) any statement, warranty
or representation made by Borrower to Bank proves to be untrue in any material respect when made; and (xi) any discontinuance
or termination by any Guarantor of its obligations under any guaranty of any Loan. In the event of a Default, Bank, at its option,
shall have the right to exercise any and all of its rights and remedies under the Loan Documents.

 

G.
MISCELLANEOUS PROVISIONS. Borrower agrees to pay, on demand, all of the costs, expenses and fees incurred in connection with
the making or enforcement of the Loan, including attorneys’ fees and appraisal fees. This Agreement is not assignable by
Borrower and no party other than Borrower is entitled to rely on this Agreement. No condition or other term of this Agreement
may be waived or modified except by a writing signed by Borrower and Bank. This Agreement shall supersede and replace any commitment
letter between Bank and Borrower relating to any Loan. If any provision of this Agreement shall be held to be legally invalid
or unenforceable by any court of competent jurisdiction, all remaining provisions of this Agreement shall remain in full force
and effect.

 

H.
INDEMNIFICATION. THE BORROWER HEREBY INDEMNIFIES THE BANK AND EACH AFFILIATE THEREOF AND THEIR RESPECTIVE OFFICERS, DIRECTORS,
EMPLOYEES, ATTORNEYS, AND AGENTS FROM, AND HOLDS EACH OF THEM HARMLESS AGAINST, ANY AND ALL LOSSES, LIABILITIES, CLAIMS, DAMAGES,
PENALTIES, JUDGMENTS, DISBURSEMENTS, COSTS, AND EXPENSES (INCLUDING REASONABLE ATTORNEYS’ FEES) TO WHICH ANY OF THEM MAY
BECOME SUBJECT WHICH DIRECTLY OR INDIRECTLY ARISE FROM OR RELATE TO (A) THE NEGOTIATION, EXECUTION, DELIVERY, PERFORMANCE, ADMINISTRATION,
OR ENFORCEMENT OF ANY OF THE LOAN DOCUMENTS, (B) ANY OF THE TRANSACTIONS CONTEMPLATED BY THE LOAN DOCUMENTS, (C) ANY BREACH BY
THE BORROWER OF ANY REPRESENTATION, WARRANTY, COVENANT, OR OTHER AGREEMENT CONTAINED IN ANY OF THE LOAN DOCUMENTS, (D) THE PRESENCE,
RELEASE, THREATENED RELEASE, DISPOSAL, REMOVAL, OR CLEANUP OF ANY HAZARDOUS MATERIAL LOCATED ON, ABOUT, WITHIN, OR AFFECTING ANY
OF THE PROPERTIES OR ASSETS OF THE BORROWER OR ANY SUBSIDIARY, OR (E) ANY INVESTIGATION, LITIGATION, OR OTHER PROCEEDING, INCLUDING,
WITHOUT LIMITATION, ANY THREATENED INVESTIGATION, LITIGATION, OR OTHER PROCEEDING, RELATING TO ANY OF THE FOREGOING. WITHOUT LIMITING
ANY PROVISION OF THIS AGREEMENT OR OF ANY OTHER LOAN DOCUMENT, IT IS THE EXPRESS INTENTION OF THE PARTIES HERETO THAT EACH PERSON
TO BE INDEMNIFIED UNDER THIS SECTION SHALL BE INDEMNIFIED FROM AND HELD HARMLESS AGAINST ANY AND ALL LOSSES, LIABILITIES, CLAIMS,
DAMAGES, PENALTIES, JUDGMENTS, DISBURSEMENTS, COSTS, AND EXPENSES (INCLUDING ATTORNEYS’ FEES) ARISING OUT OF OR RESULTING
FROM THE SOLE OR CONTRIBUTORY NEGLIGENCE OF SUCH PERSON BUT NOT SUCH PERSON’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.

 

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I.
LIMITATION OF LIABILITY. Neither the Bank nor any affiliate, officer, director, employee, attorney, or agent of the Bank shall
have any liability with respect to, and the Borrower hereby waives, releases, and agrees not to sue any of them upon, any claim
for any special, indirect, incidental, or consequential damages suffered or incurred by the Borrower in connection with, arising
out of, or in any way related to, this Agreement or any of the other Loan Documents, or any of the transactions contemplated by
this Agreement or any of the other Loan Documents. The Borrower hereby waives, releases, and agrees not to sue the Bank or any
of the Bank’s affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim
in connection with, arising out of, or in any way related to, this Agreement or any of the other Loan Documents, or any of the
transactions contemplated by this Agreement or any of the other Loan Documents.

 

J.
NO DUTY. All attorneys, accountants, appraisers, and other professional persons and consultants retained by the Bank shall
have the right to act exclusively in the interest of the Bank and shall have no duty of disclosure, duty of loyalty, duty of care,
or other duty or obligation of any type or nature whatsoever to the Borrower or any of the Borrower’s shareholders, to any
Borrower or to any other person.

 

K.
BANK NOT FIDUCIARY. The relationship between the Borrower and the Bank is solely that of debtor and creditor, and the Bank
has no fiduciary or other special relationship with the Borrower, and no term or condition of any of the Loan Documents shall
be construed so as to deem the relationship between the Borrower and the Bank to be other than that of debtor and creditor.

 

L.
EQUITABLE RELIEF. The Borrower recognizes that in the event the Borrower fails to pay, perform, observe, or discharge any
or all of its obligations to the Bank, any remedy at law may prove to be inadequate relief to the Bank. The Borrower therefore
agrees that the Bank, if the Bank so requests, shall be entitled to temporary and permanent injunctive relief in any such case
without the necessity of proving actual damages.

 

M.
NO WAIVER; CUMULATIVE REMEDIES. No failure on the part of the Bank to exercise and no delay in exercising, and no course of
dealing with respect to, any right, power, or privilege under this Agreement shall operate as a waiver thereof, nor shall any
single or partial exercise of any right, power, or privilege under this Agreement preclude any other or further exercise thereof
or the exercise of any other right, power, or privilege. The rights and remedies provided for in this Agreement and the other
Loan Documents are cumulative and not exclusive of any rights and remedies provided by law.

 

N.
SUCCESSORS AND ASSIGNS. This Agreement is binding upon and shall inure to the benefit of the Bank and the Borrower and their
respective successors and assigns, except that the Borrower may not assign or transfer any of its rights or obligations under
this Agreement without the prior written consent of the Bank.

 

O.
SURVIVAL. All representations and warranties made in this Agreement or any other Loan Document or in any document, statement,
or certificate furnished in connection with this Agreement shall survive the execution and delivery of this Agreement and the
other Loan Documents and repayment of the Borrower’s obligations to the Bank, and no investigation by the Bank or any closing
shall affect the representations and warranties or the right of the Bank to rely upon them.

 

P.
OFAC. Borrower (i) is not a person whose property or interest in property is blocked or subject to blocking pursuant to Section
1 of Executive Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten
to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)), (ii) does not engage in any dealings or transactions prohibited by
Section 2 of such executive order, or is otherwise associated with any such person in any manner violative of Section 2, or (iii)
is not a person on the list of Specially Designated Nationals and Blocked Persons or subject to the limitations or prohibitions
under any other U.S. Department of Treasury’s Office of Foreign Assets Control regulation or executive order.

 

Q.
Patriot Act. The Bank hereby notifies Borrower that pursuant to the requirements
of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is
required to obtain, verify and record information that identifies Borrower, which information includes the name and address of
such Person and other information that will allow such Bank to identify such Person in accordance with the Patriot Act. Borrower
shall provide such information and take such other actions as are reasonably requested by the Bank in order to assist the Bank
in maintaining compliance with the Patriot Act.

 

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R.
WAIVER OF JURY TRIAL. BANK AND BORROWER KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHTS BORROWER MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING BASED ON, ARISING OUT OF, OR IN ANY WAY RELATED
TO: THIS AGREEMENT; THE OBLIGATIONS; ANY NOTES, LOAN AGREEMENTS, OR ANY OTHER LOAN DOCUMENT OR AGREEMENT EXECUTED OR CONTEMPLATED
TO BE EXECUTED IN CONNECTION WITH ANY OF THE OBLIGATIONS OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. THIS JURY
WAIVER ALSO APPLIES TO ANY CLAIM OR, COUNTERCLAIM, CAUSE OF ACTION OR DEMAND ARISING FROM OR RELATED TO (I) ANY COURSE OF CONDUCT,
COURSE OF DEALING, OR RELATIONSHIP OF BORROWER, OR ANY OTHER PERSON WITH BANK OR ANY EMPLOYEE, OFFICER, DIRECTOR OR ASSIGNEE OF
BANK IN CONNECTION WITH THE OBLIGATIONS WITH BANK; OR (II) ANY STATEMENT (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY
PERSON BY OR ON BEHALF OF BANK TO BORROWER, OR ANY OTHER PERSON IN CONNECTION WITH THE OBLIGATIONS REGARDLESS OF WHETHER SUCH
CAUSE OF ACTION ARISES BY CONTRACT, TORT OR OTHERWISE. BORROWER HEREBY ACKNOWLEDGES THAT THIS WAIVER OF JURY TRIAL IS A MATERIAL
INDUCEMENT TO THE BANK IN EXTENDING CREDIT TO THE BORROWER, THAT THE BANK WOULD NOT HAVE EXTENDED SUCH CREDIT WITHOUT THIS JURY
TRIAL WAIVER, AND THAT BORROWER HAS BEEN REPRESENTED BY AN ATTORNEY OR HAS HAD AN OPPORTUNITY TO CONSULT WITH AN ATTORNEY IN CONNECTION
WITH THIS JURY TRIAL WAIVER AND UNDERSTANDS THE LEGAL EFFECT OF THIS WAIVER. BORROWER FURTHER CERTIFIES THAT NO PERSON HAS REPRESENTED
TO IT, EXPRESSLY OR OTHERWISE, THAT BANK OR ANY OTHER PERSON WOULD NOT, IN THE EVENT OF A LEGAL PROCEEDING, SEEK TO ENFORCE THE
FOREGOING WAIVER.

 

S.
ENTIRE AGREEMENT; AMENDMENT; WAIVERS; NO NOVATION. This Agreement, the Note, and the other Loan Documents referred to herein
embody the final, entire agreement among the parties hereto and supersede any and all prior commitments, agreements, representations,
and understandings, whether written or oral, relating to the subject matter hereof and may not be contradicted or varied by evidence
of prior, contemporaneous, or subsequent oral agreements or discussions of the parties hereto. There are no oral agreements among
the parties hereto. The provisions of this Agreement and the other Loan Documents to which the Borrower is a party may be amended
or waived only by an instrument in writing signed by the parties hereto. This Agreement and the modifications made herein are
modifications to the Prior Agreement and nothing contained herein is intended by the parties to be, nor shall anything herein
be deemed or construed to be, a novation of the Prior Agreement, the Existing Line of Credit or any other Loan Document, nor shall
anything herein affect the lien priority of any collateral securing the Line of Credit.

 

T.
MAXIMUM INTEREST RATE. No provision of this Agreement or any other Loan Document shall require the payment or the collection
of interest in excess of the maximum amount permitted by applicable law. If any excess of interest in such respect is hereby provided
for, or shall be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the
provisions of this Section shall govern and prevail and neither the Borrower nor the sureties, guarantors, successors, or assigns
of the Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance,
or detention of sums loaned pursuant hereto. In the event the Bank ever receives, collects, or applies as interest any such sum,
such amount which would be in excess of the maximum amount permitted by applicable law shall be applied as a payment and reduction
of the principal of the indebtedness evidenced by the Note or any other promissory note executed in connection with the Loan;
and, if the principal of the Note has been paid in full, any remaining excess shall forthwith be paid to the Borrower. In determining
whether or not the interest paid or payable exceeds the Maximum Rate, the Borrower and the Bank shall, to the extent permitted
by applicable law, (a) characterize any non-principal payment as an expense, fee, or premium rather than as interest, (b) exclude
voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total
amount of interest throughout the entire contemplated term of the indebtedness evidenced by the Note so that interest for the
entire term does not exceed the maximum rate allowed by applicable law, as it changes from time to time.

 

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U.
NOTICES. All notices and other communications provided for in this Agreement and the other Loan Documents to which the Borrower
is a party shall be given in writing and made by telecopy or mailed by certified mail return receipt requested, or delivered to
the intended recipient at the “Address for Notices” specified below its name on the signature pages hereof; or, as
to any party at such other address as shall be designated by such party in a notice to the other party given in accordance with
this section. Except as otherwise provided in this Agreement, all such communications shall be deemed to have been duly given
when transmitted by telecopy, subject to mechanical confirmation of receipt, or when personally delivered or, in the case of a
mailed notice, when duly deposited in the mails, in each case given or addressed as aforesaid.

 

V.
GOVERNING LAW; VENUE; SERVICE OF PROCESS. This Agreement is made and delivered in the State of Florida and shall be governed
by and construed in accordance with the laws thereof without reference to the conflicts of law principles that would cause the
application of the laws of another jurisdiction. Borrower hereby irrevocably submits and consents to the exclusive personal jurisdiction
and venue of any state or federal court in Florida located in the same judicial district as the office of Bank specified in the
first paragraph of this Agreement and agrees that all actions or proceedings arising directly, indirectly or otherwise in connection
with, out of, related to or from this Agreement shall be litigated only in one of the foregoing described courts. Borrower, for
itself and its successors and its assigns, and for any person claiming under or through any of them, hereby knowingly and voluntarily
waives any and all rights to have the jurisdiction and venue of any litigation arising directly, indirectly or otherwise in connection
with, out of, related to or from this Agreement in any other court, and hereby knowingly and voluntarily waives any and all rights
to remove this action to, or to transfer, dismiss, or change venue to, any other court. Borrower further acknowledges and agrees
that neither Bank nor any person acting on behalf of Bank has in any way agreed with or represented to Borrower that the provisions
of this paragraph have been waived or will not be fully enforced by Bank. The Borrower agrees that service of process upon it
may be made by certified or registered mail, return receipt requested, at its address specified or determined in accordance with
the provisions of the Notices section above. Nothing herein or in any of the other Loan Documents shall affect the right of the
Bank to serve process in any other manner permitted by law or shall limit the right of the Bank to bring any action or proceeding
against the Borrower or with respect to any of its property in courts in other jurisdictions.

 

W.
COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument.

 

X.
SEVERABILITY. Any provision of this Agreement held by a court of competent jurisdiction to be invalid or unenforceable shall
not impair or invalidate the remainder of this Agreement and the effect thereof shall be confined to the provision held to be
invalid or illegal.

 

Y.
SALE; ASSIGNMENT; PARTICIPATIONS. Borrower acknowledges that the Bank has the right to sell, assign, transfer, negotiate,
or grant participations in all or any part of any Loan and any other Loan Documents, including, without limitation, this Agreement,
any promissory notes representing the Obligations, and all Loan Documents, without notice to the undersigned and that the Bank
may disclose any documents and information which the Bank now has or later acquires relating to the Borrower or any collateral
in connection with such sale, assignment, transfer, negotiation, or grant. Borrower agrees that the Bank may provide information
relating to the Loan and any other Loan Documents or relating to Borrower to the Bank’s parent, affiliates, subsidiaries
and service providers.

 

Z.
CONSTRUCTION. The Borrower and the Bank acknowledge that each of them has had the benefit of legal counsel of its own choice
and has been afforded an opportunity to review this Agreement and the other Loan Documents with its legal counsel and that this
Agreement and the other Loan Documents shall be construed as if jointly drafted by the Borrower and the Bank.

 

AA.
AGREEMENT REGARDING BANKRUPTCY AUTOMATIC STAY. In the event of the filing of any voluntary or involuntary petition in bankruptcy
by or against the Borrower, the Borrower shall not assert or request any other party to assert that the automatic stay provided
in Bankruptcy Code § 362 shall operate or be interpreted to stay, interdict, condition, reduce or inhibit the ability of
the Bank to enforce any rights it has or may come to have by virtue of this Agreement, the Loan Documents, or any other rights
the Bank has or may come to have against the Borrower, or against the collateral securing the Line of Credit; further, in the
event of the filing of any voluntary or involuntary petition in bankruptcy by or against the Borrower, the Borrower will not seek
a supplemental stay or any other relief, whether injunctive or otherwise, pursuant to Bankruptcy Code § 105, or any other
provision of the Bankruptcy Code or applicable federal or state law to stay, interdict, condition, reduce or inhibit the ability
of the Bank to enforce any rights it has or may come to have by virtue of this Agreement, the loan documents, or applicable law
against the Borrower or against the collateral.

 

    	 	Page 7 of 8	 

    	 

    

 

	 	Bank:
	 	 
	 	Hancock
    whitney Bank
	 	 	 
	 	By:	/s/
    Kenneth C. Misemer
	 	Name:	Kenneth
    C. Misemer
	 	Title:
    	Senior
    Vice President
	 	Address
    for Notices: 2202 North Westshore Boulevard, Suite 150, Tampa, Florida 33607
	 	Telephone
    No.: (813) 998-2884
	 	Attention:
    Kenneth C. Misemer, Senior Vice President
	 	 
	 	BORROWER:
	 	 	 
	 	1347 PROPERTY INSURANCE HOLDINGS,
    INC.
	NOTICE OF
    INDEMNIFICATION:	 	 
	BORROWER HEREBY
    ACKNOWLEDGES 	By:	/s/
    John S. Hill
	AND AGREES THAT
    THIS AGREEMENT 	Name:	John S. Hill
	CONTAINS CERTAIN
    	Title:	Vice President, Secretary and CFO
	INDEMNIFICATION
    PROVISIONS 	 	 
	PURSUANT TO SECTION
    H HEREOF.	Address for Notices:
	 	 	4201 Congress Street, Suite 140
	 	 	Charlotte, NC 28209
	 	Telephone No. : 727-709-8851
	 	Attention: D. Kyle Cerminara

 

	
        INTERNAL USE ONLY

         

         

        

 

    	 	Page 8 of 8Exhibit
10.2

 

THIS
AMENDED AND RESTATED COMMERCIAL NOTE AMENDS AND RESTATES IN ITS ENTIRETY THAT CERTAIN COMMERCIAL NOTE DATED AUGUST 20, 2019 IN
THE MAXIMUM PRINCIPAL AMOUNT OF $7,000,000.00 TO BORROWER AND PAYABLE TO BANK (THE “PRIOR NOTE”). THE INDEBTEDNESS
EVIDENCED BY THE PRIOR NOTE SHALL NOW BE PAYABLE IN ACCORDANCE WITH THIS AMENDED AND RESTATED COMMERCIAL NOTE.

 

AMENDED
AND RESTATED COMMERCIAL NOTE

 

	$17,000,000.00	November
    29, 2019

 

For
value received, the undersigned maker(s) (hereinafter referred to individually, collectively, and interchangeably as “Borrower”),
jointly and severally, if more than one, promises to pay to the order of HANCOCK WHITNEY BANK, a Mississippi state chartered bank
(“Bank”), with an office located at 2202 North Westshore Boulevard, Suite 150, Tampa, Florida 33607, the sum
of SEVENTEEN MILLION DOLLARS ($17,000,000.00), or so much thereof as is drawn and remains outstanding, together with interest
thereon, in accordance with the terms set forth in this Amended and Restated Commercial Note (“Note”).

 

REPAYMENT:

 

Principal,
together with all accrued interest thereon, shall be due and payable in a single payment due on the first to occur of (i) the
Closing (as defined and provided in the Equity Purchase Agreement (as defined in Loan Agreement (defined below)) and (ii) December
31, 2019 (the earliest of such dates, the “Maturity Date”).

 

Unless
sooner declared due and payable in accordance with the provisions of this Note, on the Maturity Date, all outstanding principal,
interest, fees, costs and expenses owing by Borrower to Bank shall be due and payable in full without notice or demand. Provided
no other agreement between the Borrower and Bank expressly imposes a prepayment penalty, Borrower may prepay without penalty any
principal on this Note in whole or in part and any prepayments made on this Note shall be applied to the principal payment(s)
due on this Note in the inverse order of their maturity.

 

INTEREST:

 

The
interest rate on this Note is subject to change from time to time based on changes in an independent benchmark which is the One
Month ICE LIBOR (the “Benchmark”). As used in this Note, the term “One Month ICE LIBOR”
shall mean the One Month London InterBank Offered Rate in U.S. Dollars as calculated and published by the Intercontinental Exchange
Benchmark Administration Ltd. (“ICE,” or the successor thereto if ICE is no longer making a London Interbank
Offered Rate available) and in effect on the first day of each calendar month. The Benchmark shall be obtained by Bank from an
intermediary rate reporting source such as Bloomberg, L.P. or other authoritative rate reporting source as selected by Bank, and
is based on an average of interbank offered rates for one month deposits in U.S. Dollars based on quotes from designated banks
in the London market. The Benchmark shall be rounded up to the nearest one-eighth (1/8th) of one percent by Bank to
determine the index (the “Index”). Notwithstanding anything in this Note to the contrary, if the Benchmark
as reported by Bloomberg, L.P or other rate reporting source is less than zero, then it shall be deemed to be zero percent (0.0%)
and the Index shall be rounded up to one-eighth (1/8th) of one percent. Interest on the unpaid balance of this Note
shall accrue at a variable rate equal to the Index plus a margin of 3.000% per annum. The initial Index based on the Benchmark
(rounded up to the nearest one-eighth (1/8th) of one percent or rounded up to one-eighth (1/8th) of one
percent if the reported Benchmark is less than zero) is 1.875% per annum resulting in an initial interest rate on this Note of
4.875% per annum. The Index shall be adjusted on the first day of each calendar month. The Index is not necessarily the lowest
rate charged by Bank for any particular class of borrowers or credit extensions. Borrower understands that Bank may make loans
based on other rates as well. If an announcement has been made that the Benchmark will be discontinued during the term of this
Note or if the Benchmark is officially discontinued, no longer available, or deemed by Bank in its reasonable discretion to no
longer qualify as a valid reference rate during the term of this Note (a “Benchmark Discontinuance Event”),
then Bank reserves the right to select a replacement benchmark (“Replacement Benchmark”) that will be generally
comparable in function and effect to the respective One Month ICE LIBOR term rate referenced by the original Index, or if Bank
determines that an acceptable comparable benchmark cannot be identified, Bank may designate a Replacement Benchmark that is generally
then prevailing for comparable loans made by similar commercial lenders operating in the Bank’s market. In connection with
the designation of Replacement Benchmarks to replace the respective One Month ICE LIBOR term rates, Bank may adjust the interest
rate spread applied to the Replacement Benchmark (the “Replacement Benchmark Spread”) (i) in accordance with
market conventions prevailing at the time the Benchmark is replaced and (ii) such that the effective “all in” rate
on the Note will be substantially equivalent to the effective “all in” rate applied to the Note prior to the designation
of the Replacement Benchmark. The Bank shall have the right upon making a determination as to a Replacement Benchmark and the
Replacement Benchmark Spread, notwithstanding any other provision of this Note to the contrary, to implement the Replacement Benchmark
and Replacement Benchmark Spread, without any further action or consent of the Borrower, and the Note shall be automatically deemed
amended to incorporate the Replacement Benchmark and Replacement Benchmark Spread. Bank shall promptly notify Borrower of the
designation of a Replacement Benchmark and Replacement Benchmark Spread as a result of the occurrence of a Benchmark Discontinuance
Event. Borrower may obtain the current Index or Replacement Benchmark and Replacement Benchmark Spread, as applicable, from Bank
upon Borrower’s request. Bank’s determination of the Index, Replacement Benchmark or Replacement Benchmark Spread,
at any time, shall be conclusive absent demonstrable error. A failure or delay in exercising any right, power, or privilege by
Bank will not be presumed to operate as a waiver of the ability to exercise such rights.

 

    	 	1	 

    	 

    

 

Default
Rate. After maturity, whether that maturity results from acceleration or otherwise, interest shall, to the extent permitted
by applicable law, accrue at the Default Rate. Additionally, upon the occurrence of any Event of Default hereunder other than
a delinquent payment (and from and after the date of such occurrence), interest shall, to the extent permitted by applicable law,
accrue at the Default Rate. The Default Rate shall be 18% per annum but in no event in excess of the maximum rate permissible
under applicable law.

 

All
interest shall be computed on the basis of the actual number of days elapsed over a year composed of 360 days. Interest shall
accrue from the first date that funds are advanced to Borrower until all sums due hereunder are paid in full.

 

Notwithstanding
the foregoing, under no circumstances will the effective rate of interest on this Note exceed the maximum rate permissible under
applicable law. To the extent federal law permits Bank to contract for, charge or receive a greater amount of interest, Bank reserves
the right to rely on federal law for the purpose of determining the maximum rate. It is the intention of Borrower and Bank to
conform strictly to any applicable usury laws. The aggregate of all consideration which constitutes interest under applicable
law that is contracted for, charged or received under this Note shall under no circumstances exceed the maximum amount of interest
allowed by applicable law, and any excess shall be credited to the principal balance on this Note or, if this Note shall have
been paid in full, refunded to Borrower.

 

All
payments to be made by the Borrower to Bank under or pursuant to this Note shall be in immediately available United States currency,
without setoff or counterclaim, and in the event that any payments submitted hereunder are in funds not available until collected,
said payments shall continue to bear interest until collected.

 

LATE
PAYMENT AND NSF CHARGES: In the event any installment payment of principal and/or interest is more than ten (10) days past
due Borrower promises to pay, in addition to the amount otherwise due hereunder, a delinquency charge of 5.00% of the unpaid portion
of the regularly schedule payment, but not more than $1,000.00. In the event that any payment under this Note by check or preauthorized
charge is later dishonored or returned to Bank unpaid due to insufficient funds, Borrower agrees to pay Bank an additional NSF
check charge equal to $25.00.

 

LINE
OF CREDIT: This Note evidences a non-revolving line of credit, which is subject to the terms of that certain Amended and Restated
Loan Agreement (as amended, modified, restated and/or supplemented at any time or from time to time, the “Loan Agreement”)
dated as of the date of this Note, between Bank and Borrower, as the same may be amended from time to time.

 

Advances
may be made by Bank upon the written, telephonic or facsimile request of Borrower, and Bank is authorized to rely conclusively
upon such requests when received from a person purporting to be Borrower or Borrower’s authorized officer or representative.
Borrower covenants and agrees to furnish to Bank written confirmation of any non-written request for an advance within five (5)
days of the resulting loan or advance, but any such loan or advance shall be deemed to be made under and entitled to the benefits
of this Note irrespective of any failure by Borrower to furnish such written confirmation.

 

    	 	2	 

    	 

    

 

The
unpaid principal balance of this Note at any time shall be the total amounts loaned or advanced hereunder by Bank, less the amount
of payments or prepayments of principal made hereon by or for the account of Borrower. It is contemplated that by reason of prepayments
there may be times when no indebtedness is owing hereunder; but notwithstanding such occurrences, this Note and any agreements
and instruments securing the same shall remain valid and shall be in full force and effect as to loans or advances made pursuant
to and under the terms of this Note subsequent to each occurrence. In the event that the unpaid principal amount hereof at any
time, for any reason, exceeds the maximum amount hereinabove specified, Borrower promises and agrees to pay the excess principal
amount promptly upon demand; such excess principal amount shall in all respects be deemed to be included among the loans or advances
made pursuant to the other terms of this Note, shall bear interest at the rate or rates stated herein, and shall be fully secured
by all collateral.

 

BALANCE
OWING: The amount from time to time outstanding under this Note and each payment on this Note shall be evidenced by entries
in Bank’s internal records, which shall be conclusive evidence absent manifest error of (a) the amount of principal and
interest owing on this Note from time to time; (b) the amount of each advance made to Borrower under this Note; and (c) the amount
of each principal and/or interest payment received by Bank on this Note. The failure of Bank to make an accurate entry of advances
and payments shall not limit or otherwise affect the obligation of Borrower to repay funds actually advanced by Bank hereunder.
Any loan or advance shall be conclusively presumed to have been made under the terms of this Note to or for the benefit of Borrower
when made in accordance with such requests and directions, or when made pursuant to the terms of any written agreement executed
in connection herewith between Borrower and Bank, or when said advances are deposited to the credit of the account of Borrower
with Bank regardless of the fact that persons other than those authorized hereunder may have authority to draw against such account,
or when applied as a payment of principal and/or interest to another obligation of Borrower to Bank.

 

OBLIGORS:
Any or each party to this Note (including each maker and endorser) and any or each surety and guarantor of this Note bound
under separate instrument or agreement are hereinafter referred to jointly and severally as “Obligor.”

 

SET-OFF:
Borrower hereby grants to Bank a continuing right of set-off and compensation against all property of Borrower that is now
or hereafter on deposit with, in the possession of, under the control of or held by Bank, including, without limitation, all cash,
deposit accounts, funds on deposit, stocks, bonds, treasury obligations and other securities, investment property, financial assets,
securities accounts, notes, documents, instruments, certificates of deposit, items, chattel paper, and other property (except
IRA, pension, other tax-deferred retirement accounts and any accounts or property held in a trust or fiduciary capacity for which
setoff would be prohibited by law), together with all property added to or substituted for any of the foregoing, and all interest,
dividends, income, fruits, accessions and proceeds of any of the foregoing.

 

EVALUATIONS:
Borrower represents and warrants that the indebtedness evidenced by this Note was contracted for by Borrower at Borrower’s
request based upon Borrower’s own independent determination of need. Borrower and each other Obligor understand and agree
that any appraisals or evaluations made by or for the Bank of the financial condition of any person or the value of any property
were made solely for the Bank’s benefit and Bank in no way has represented or warranted the financial condition of any person
or the value of any property in making or obtaining said appraisals or evaluations or in extending credit to Borrower or any other
Obligor. Borrower and each other Obligor understand and agree that they have no right to rely on Bank’s appraisals or evaluations
in assuming this debt and executing this instrument and that their obligation to pay the debt represented by this Note is independent
of any such appraisals or evaluations.

 

RENEWAL:
If an earlier note of Borrower to Bank is renewed at the time of execution hereof, then this Note constitutes an extension,
but not a novation, of the amount of the unpaid and continuing indebtedness, and all rights held by Bank under the earlier note
shall continue in full force and effect.

 

DEFAULT:
A Default (as defined in the Loan Agreement) shall constitute an “Event of Default” under this Note.

 

    	 	3	 

    	 

    

 

REMEDIES:
Bank shall have the remedies of a secured party under the Uniform Commercial Code of Florida in addition to any and all other
remedies which may be available to it, all of which shall be cumulative and may be pursued singly, successively or together against
any Obligor and/or any security given at any time to secure the payment hereof, all at the sole discretion of Bank. Failure on
the part of Bank to exercise any right described herein or in such other documents shall not constitute a waiver of such right
or preclude Bank’s subsequent exercise thereof. If any notice of sale or other intended disposition of the collateral is
required by law to be given, Borrower hereby agrees that a notice sent in compliance with applicable law or if applicable law
does not define the required notice period then at least ten (10) days prior to such action shall constitute reasonable notice
to Borrower. If the proceeds of any collateral securing this Note disposed of by Bank are insufficient to pay this Note in full,
Obligor shall remain fully obligated for any deficiency.

 

FEES
AND EXPENSES: Obligor agrees to pay on demand all charges, fees, costs and/or taxes levied or assessed against Bank in connection
with this Note or any collateral securing this Note, together with all reasonable attorney’s and paralegal’s fees
and expenses, and all other costs and expenses incurred by Bank in connection with the preparation, enforcement (including, without
limitation, in bankruptcy, probate or administration proceeding or otherwise), workout, restructuring or collection of this Note,
whether or not suit is filed, including such fees incurred in bankruptcy proceedings, at state and/or federal trial and appellate
court levels, together with all other costs and expenses that may be incurred by Bank in connection with the enforcement of this
Note or the preservation or enforcement of any of Bank’s rights or interests with respect to any collateral securing this
Note.

 

WAIVER:
Borrower waive(s), on behalf of itself and each Obligor, presentment, demand, protest, notice of dishonor, notice of demand
or intent to demand, notice of acceleration or intent to accelerate, and all other notices, and agree(s) that no extension or
indulgence to the undersigned (or any of them) or release, substitution or nonenforcement of any security, or release or substitution
of any of the undersigned, any guarantor or any other party, whether with or without notice, shall affect the obligations of any
of the undersigned. The undersigned waive(s) all defenses or right to discharge available under Section 3-605 of the Florida Uniform
Commercial Code and waive(s) all other suretyship defenses or right to discharge and waives any right to receive notice of interest
rate changes.

 

Each
Obligor also agrees Bank may, one or more times, in its sole discretion, without releasing or affecting any of its rights and
without notice to or the consent of such Obligor, take any one or more of the following actions: (a) release, renew, extend or
modify the obligations of Borrower or any other Obligor; (b) release, exchange, modify, or surrender in whole or in part Bank’s
rights with respect to any collateral for this Note; (c) with the consent of Borrower, modify or alter the term, interest rate
or due date of any payment of this Note; (d) grant any postponements, compromises, indulgences, waivers, surrenders or discharges
or modify the terms of its agreements with Borrower or any other Obligor; (e) change its manner of doing business with Borrower
or any other Obligor or person; or (f) impute payments or proceeds of any collateral furnished by any Obligor, in whole or in
part to any costs, interest, or principal due on this Note, or to any other obligation of any Obligor to Bank, or in the event
of a third party claim thereto retain the payments or proceeds as collateral for this Note without applying same toward payment
of this Note, and each Obligor hereby expressly waives any claims or defenses arising from any such actions.

 

COMMERCIAL
USE: Borrower warrants and represents to Bank and all other holders of this Note that all loans evidenced by this Note are
and will be for business, commercial, or other similar purpose and not primarily for personal, family, or household purposes.

 

Sale/Assignment:
Borrower acknowledge(s) that the Bank has the right to sell, assign, transfer, negotiate, or grant participations in all or any
part of this Note and any related obligations, including, without limit, this Note, without notice to the undersigned and that
the Bank may disclose any documents and information which the Bank now has or later acquires relating to the undersigned or to
any collateral or to any Obligor or this Note in connection with such sale, assignment, transfer, negotiation, or grant. Borrower
agree(s) that the Bank may provide information relating to this Note or relating to the undersigned to the Bank’s parent,
affiliates, subsidiaries and service providers.

 

    	 	4	 

    	 

    

 

GOVERNING
LAW, JURISDICTION AND VENUE: This Note is made and delivered in the State of Florida and shall be governed by and construed in
accordance with the laws thereof without reference to the conflicts of law principles that would cause the application of the
laws of another jurisdiction. Borrower AND each other Obligor party to this Note hereby irrevocably submits and consents to the
exclusive personal jurisdiction and venue of any state or federal court in Florida located in the same state judicial circuit
or federal district court and division, as applicable, as the office of Bank specified in the first paragraph of this NOTE and
agrees that all actions or proceedings arising directly, indirectly or otherwise in connection with, out of, related to or from
this Note shall be litigated only in one of the foregoing described courts. Borrower and each other Obligor party to this Note,
for themselves, and their respective heirs, successors and its assigns, and for any person claiming under or through any of them,
hereby knowingly and voluntarily waives any and all rights to have the jurisdiction and venue of any litigation arising directly,
indirectly or otherwise in connection with, out of, related to or from this Note in any other court, and hereby knowingly and
voluntarily waives any and all rights to remove this action to, or to transfer, dismiss, or change venue to, any other court.
Borrower and each other Obligor party to this Note further acknowledges and agrees that neither Bank nor any person acting on
behalf of Bank has in any way agreed with or represented to Borrower or such Obligor that the provisions of this paragraph have
been waived or will not be fully enforced by Bank.

 

WAIVER
OF JURY TRIAL. BORROWER KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY AND ALL RIGHTS BORROWER MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING BASED ON, ARISING OUT OF, OR IN ANY WAY RELATED
TO: THIS NOTE; THE OBLIGATIONS; ANY NOTES, LOAN AGREEMENTS, OR ANY OTHER LOAN DOCUMENT OR AGREEMENT EXECUTED OR CONTEMPLATED TO
BE EXECUTED IN CONNECTION WITH ANY OF THE OBLIGATIONS OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. THIS JURY WAIVER
ALSO APPLIES TO ANY CLAIM, COUNTERCLAIM, CAUSE OF ACTION OR DEMAND ARISING FROM OR RELATED TO (I) ANY COURSE OF CONDUCT,
COURSE OF DEALING, OR RELATIONSHIP OF BORROWER, ANY OBLIGOR, OR ANY OTHER PERSON WITH BANK OR ANY EMPLOYEE, OFFICER, DIRECTOR
OR ASSIGNEE OF BANK IN CONNECTION WITH THE OBLIGATIONS; OR (II) ANY STATEMENT (WHETHER ORAL OR WRITTEN) OR ACTIONS OF ANY PERSON
BY OR ON BEHALF OF BANK TO BORROWER, ANY OBLIGOR, OR ANY OTHER PERSON IN CONNECTION WITH THE OBLIGATIONS, REGARDLESS OF WHETHER
SUCH CAUSE OF ACTION ARISES BY CONTRACT, TORT OR OTHERWISE. BORROWER HEREBY ACKNOWLEDGES THAT THIS WAIVER OF JURY TRIAL IS A MATERIAL
INDUCEMENT TO THE BANK IN EXTENDING CREDIT TO THE BORROWER, THAT THE BANK WOULD NOT HAVE EXTENDED SUCH CREDIT WITHOUT THIS JURY
TRIAL WAIVER, AND THAT BORROWER HAS BEEN REPRESENTED BY AN ATTORNEY OR HAS HAD AN OPPORTUNITY TO CONSULT WITH AN ATTORNEY IN CONNECTION
WITH THIS JURY TRIAL WAIVER AND UNDERSTANDS THE LEGAL EFFECT OF THIS WAIVER. BORROWER FURTHER CERTIFIES THAT NO PERSON HAS REPRESENTED
TO IT, EXPRESSLY OR OTHERWISE, THAT BANK OR ANY OTHER PERSON WOULD NOT, IN THE EVENT OF A LEGAL PROCEEDING, SEEK TO ENFORCE THE
FOREGOING WAIVER.

 

MISCELLANEOUS:
The provisions of this Note may not be waived or modified except in writing, signed by Bank and Borrower. Failure of Bank
to exercise rights, remedies or options Bank may have upon the happening of one or more of the events giving rise to such rights,
remedies or options shall not constitute a waiver of the right to exercise the same or any other right, remedy or option at any
subsequent time in respect to the same or any other event. The acceptance by Bank of any payment hereunder that is less than payment
in full of all amounts due and payable at the time of such payment shall not constitute a waiver of the right to exercise any
of the rights, remedies or options granted herein to Bank at that time or at any subsequent time or nullify any prior exercise
of any such right, remedy or option without the express written acknowledgment of the Bank.

 

If
any provision of this Note shall be held to be legally invalid or unenforceable by any court of competent jurisdiction, all remaining
provisions of this Note shall remain in full force and effect.

 

The
term “Bank” includes transferees, successors, and assigns of Bank, and all rights of Bank hereunder shall inure to
the benefit of its transferees, successors, and assigns. All obligations of Obligor shall bind Obligor’s heirs, legal representatives,
successors, and assigns.

 

The
descriptive headings of the several sections of this Note are inserted for convenience only and shall not in any way affect the
meaning or construction hereof.

 

Bank
may, at its option and in its sole discretion, maintain and rely upon a photocopy, electronic copy or other reproduction of this
Note, and Borrower and each other Obligor, for themselves and their respective heirs, successors, and assigns, and any person
claiming by or through any of them, hereby waive any and all objections to, and claims or defenses based upon, the failure of
Bank to produce the original hereof for any purpose whatsoever.

 

This
Note embodies the final, entire agreement of Borrower and Bank with respect to the subject matter hereof. No course of dealing,
course of performance, usage of trade or evidence of any prior, contemporaneous or subsequent oral agreements or discussions or
other extrinsic evidence of any nature shall be used to contradict, vary, supplement or modify any term of this note. There are
no oral agreements between the parties.

 

[Remainder
of page intentionally blank]

 

    	 	5	 

    	 

    

 

	INTERNAL
    USE ONLY 	 	BORROWER:
	 	 
	 	1347
                                         PROPERTY INSURANCE HOLDINGS, INC.,

                    a
                    Delaware corporation

	 	 	 	 
	 	 	By:	/s/
    John S. Hill
	 	 	Name:	John S. Hill
	 	 	Title:	Vice President,
    Secretary and CFO

 

DOCUMENTARY
STAMP TAX IN THE AMOUNT OF $2,450.00 HAS BEEN PAID DIRECTLY TO THE FLORIDA DEPARTMENT OF REVENUE IN CONNECTION WITH THIS NOTE.

 

    	 	6

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