Document:

Document

Exhibit 10.11

			
	
	REGISTRATION RIGHTS AGREEMENT
BY AND BETWEEN
THE FORTEGRA GROUP, INC.
AND
TIPTREE HOLDINGS LLC
DATED AS OF [●], 2021

TABLE OF CONTENTS
									
	ARTICLE I EFFECTIVENESS	1
	Section 1.1.	Effectiveness	1
			
	ARTICLE II DEFINITIONS	1
	Section 2.1.	Definitions	1
	Section 2.2.	Other Interpretve Provisions	5
			
	ARTICLE III REGISTRATION RIGHTS	6
	Section 3.1.	Demand Registration	6
	Section 3.2.	Shelf Registration	8
	Section 3.3.	Piggyback Registration	11
	Section 3.4.	Lock-Up Agreements	13
	Section 3.5.	Registration Procedures	13
	Section 3.6.	Underwritten Offerings	19
	Section 3.7.	No Inconsistent Agreements; Additional Rights	20
	Section 3.8.	Registration Expenses	21
	Section 3.9.	Indemnification	21
	Section 3.10.	Rules 144 and 144A and Regulation S	25
	Section 3.11.	Existing Registration Statements	25
			
	ARTICLE IV MISCELLANEOUS	26
	Section 4.1.	Authority; Effect	26
	Section 4.2.	Notices	26
	Section 4.3.	Termination and Effect of Termination	27
	Section 4.4.	Permitted Transferees	28
	Section 4.5.	Remedies	28
	Section 4.6.	Amendments and Waivers	28
	Section 4.7.	Governing Law	28
	Section 4.8.	Consent to Jurisdiction	29
	Section 4.9.	WAIVER OF JURY TRIAL	29
	Section 4.10.	Merger; Binding Effect, Etc	30
	Section 4.11.	Counterparts; Electronic Signatures	30
	Section 4.12.	Severability	30
	Section 4.13.	No Recourse	30
	Section 4.14.	Enforcement	30
	Section 4.15.	Further Assurances	31

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This REGISTRATION RIGHTS AGREEMENT (as it may be amended from time to time in accordance with the terms hereof, the “Agreement”), dated as of [●], 2021, is made by and among The Fortegra Group, Inc., a Delaware corporation (the “Company”), and Tiptree Holdings LLC, a Delaware limited liability company (“Tiptree” and, together with its Permitted Transferees that become party hereto and listed on the signature pages hereto, the “Investors”).
RECITALS
WHEREAS, on the date hereof, the Company has converted from The Fortegra Group, LLC, a Delaware limited liability company (the “LLC”), into a Delaware corporation pursuant to a statutory conversion and changed its name to The Fortegra Group, Inc. (the “Corporate Conversion”);
WHEREAS, in connection with the Corporate Conversion, the Company has filed with the Delaware Secretary of State a certificate of incorporation dated as of [●], 2021 (as may be amended from time to time, the “Company Charter”);
WHEREAS, on the date hereof, the Company priced an initial public offering of shares of its Common Stock, par value $0.01 per share (together with any securities issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation, exchange or other similar reorganization, the “Common Stock”) (the “IPO”); and
WHEREAS, the parties believe that it is in the best interests of the Company and Tiptree to set forth their agreements regarding registration rights following the closing of the IPO (the “Closing”);
NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
ARTICLE I
EFFECTIVENESS
Section 1.1.    Effectiveness.  This Agreement shall become effective upon the Closing.
ARTICLE II
DEFINITIONS
Section 2.1.    Definitions.  As used in this Agreement, the following terms shall have the following meanings:
“Adverse Disclosure” means public disclosure of material non-public information that, in the good faith judgment of the board of directors of the Company: (i) would be required to be made in any Registration Statement filed with the SEC by the Company so that such Registration 

Statement, from and after its effective date, does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; (ii) would not be required to be made at such time but for the filing, effectiveness or continued use of such Registration Statement; and (iii) the Company has a bona fide business purpose for not disclosing publicly.
“Affiliate” means, with respect to any specified Person, (a) any Person that directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person, and (b) any investment fund advised or managed by, or under common control or management with, such specified Person; provided that the Company and each of its subsidiaries shall be deemed not to be Affiliates of any Investor.  As used in this definition, the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise.  
“Agreement” shall have the meaning set forth in the preamble.
“Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law to be closed in the City of New York.
“Closing” shall have the meaning set forth in the Recitals.
“Common Stock” shall have the meaning set forth in the Recitals.
“Company Charter” shall have the meaning set forth in the Recitals.
“Company Indemnitee” shall have the meaning set forth in Section 3.9.5.
“Corporate Conversion” shall have the meaning set forth in the Recitals.
“Demand Notice” shall have the meaning set forth in Section 3.1.3.
“Demand Registration” shall have the meaning set forth in Section 3.1.1(a).
“Demand Registration Request” shall have the meaning set forth in Section 3.1.1(a).
“Demand Registration Statement” shall have the meaning set forth in Section 3.1.1(c).
“Demand Suspension” shall have the meaning set forth in Section 3.1.6.
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and regulations promulgated thereunder, all as the same shall be in effect from time to time.
“FINRA” means the Financial Industry Regulatory Authority.
“Holders” means Investors who then hold Registrable Securities under this Agreement.
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“Investors” shall have the meaning set forth in the preamble.
“IPO” shall have the meaning set forth in the Recitals.
“Issuer Free Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act, relating to an offer of the Registrable Securities.
“LLC” shall have the meaning set forth in the Recitals.
“Loss” shall have the meaning set forth in Section 3.9.1.
“Participation Conditions” shall have the meaning set forth in Section 3.2.5(b).
“Permitted Transferee” means (i) any Affiliate of a Holder and (ii) such other Persons designated by the Holders of a majority of the Registrable Securities under this Agreement.
“Person” means any individual, partnership, corporation, company, association, trust, joint venture, limited liability company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof.
“Piggyback Notice” shall have the meaning set forth in Section 3.3.1.
“Piggyback Registration” shall have the meaning set forth in Section 3.3.1.
“Potential Takedown Participant” shall have the meaning set forth in Section 3.2.5(b).
“Pro Rata Portion” means, with respect to each Holder requesting that its shares be registered or sold in an Underwritten Public Offering, a number of such shares equal to the aggregate number of Registrable Securities requested to be registered or sold in such Public Offering (excluding any shares to be registered or sold for the account of the Company) multiplied by a fraction, the numerator of which is the aggregate number of Registrable Securities then held by such Holder, and the denominator of which is the aggregate number of Registrable Securities then held by all Holders requesting that their Registrable Securities be registered or sold. 
“Prospectus” means (i) the prospectus included in any Registration Statement, all amendments and supplements to such prospectus, including post-effective amendments and supplements, and all other material incorporated by reference in such prospectus, and (ii) any Issuer Free Writing Prospectus.
“Public Offering” means the offer and sale of Registrable Securities for cash pursuant to an effective Registration Statement under the Securities Act (other than a Registration Statement on Form S-4 or Form S-8 or any successor form). 
“Registrable Securities” means (i) all shares of Common Stock issued or issuable upon exercise, conversion or exchange of any option, warrant or convertible security and (ii) all shares of Common Stock directly or indirectly issued or then issuable with respect to the securities 
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referred to in clause (i) above by way of unit or stock dividend or unit or stock split, or in connection with a combination of units or shares, recapitalization, merger, consolidation or other reorganization.  As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (w) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been disposed of in accordance with such Registration Statement, (x) such securities shall have been Transferred pursuant to Rule 144, (y) such holder is able to immediately sell such securities  under Rule 144 without any restrictions on transfer (including without application of paragraphs (c), (d), (e), (f) and (h) of Rule 144), as determined in the reasonable opinion of the holder (it being understood that a written opinion of the Company’s outside legal counsel to the effect that such securities may be so sold and any restrictive legends may be so removed shall be conclusive evidence this clause has been satisfied), or (z) such securities shall have ceased to be outstanding.   “Registration” means registration under the Securities Act of the offer and sale of shares of Common Stock under a Registration Statement.  The terms “register”, “registered” and “registering” shall have correlative meanings.
“Registration Expenses” shall have the meaning set forth in Section 3.8.
“Registration Statement” means any registration statement of the Company filed with, or to be filed with, the SEC under the Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including pre- and post-effective amendments, and all exhibits and all material incorporated by reference in such registration statement other than a registration statement (and related Prospectus) filed on Form S-4 or Form S-8 or any successor form thereto.
“Representatives” means, with respect to any Person, any of such Person’s officers, directors, employees, agents, attorneys, accountants, actuaries, consultants, equity financing partners or financial advisors or other Person associated with, or acting on behalf of, such Person.
“Rule 144” means Rule 144 under the Securities Act (or any successor rule).
“SEC” means the Securities and Exchange Commission or any successor agency having jurisdiction under the Securities Act.
“Securities Act” means the Securities Act of 1933, as amended, and any successor thereto, and any rules and regulations promulgated thereunder, all as the same shall be in effect from time to time.
“Selling Stockholder Information” shall have the meaning set forth in Section 3.9.1.
“Shelf Period” shall have the meaning set forth in Section 3.2.3.
“Shelf Registration” shall have the meaning set forth in Section 3.2.1(a).
“Shelf Registration Notice” shall have the meaning set forth in Section 3.2.2.
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“Shelf Registration Request” shall have the meaning set forth in Section 3.2.1(a).
“Shelf Registration Statement” shall have the meaning set forth in Section 3.2.1(a).
“Shelf Suspension” shall have the meaning set forth in Section 3.2.4.
“Shelf Takedown Notice” shall have the meaning set forth in Section 3.2.5(b).
“Shelf Takedown Request” shall have the meaning set forth in Section 3.2.5(a). 
“Tiptree” shall have the meaning set forth in the preamble and shall include its successors, by merger, acquisition, reorganization or otherwise.
“Transfer” means, with respect to any Registrable Security, any interest therein, or any other securities or equity interests relating thereto, a direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition thereof, including the grant of an option or other right, whether directly or indirectly, whether voluntarily, involuntarily, by operation of law, pursuant to judicial process or otherwise. “Transferred” shall have a correlative meaning.  
“Underwritten Public Offering” means an underwritten Public Offering, including any bought deal or block sale to a financial institution conducted as an underwritten Public Offering.
“Underwritten Shelf Takedown” means an Underwritten Public Offering pursuant to an effective Shelf Registration Statement. 
“WKSI” means any Securities Act registrant that is a well-known seasoned issuer as defined in Rule 405 under the Securities Act at the most recent eligibility determination date specified in paragraph (2) of that definition.
Section 2.2.    Other Interpretive Provisions.  (a)  The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.
(b)    The words “hereof”, “herein”, “hereunder” and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement; and any subsection and section references are to this Agreement unless otherwise specified.
(c)    The terms “include” and “including” are not limiting and shall be deemed to be followed by the phrase “including without limitation.”
(d)    The captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this Agreement.
(e)    Whenever the context requires, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms.
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ARTICLE III
REGISTRATION RIGHTS  
The Company will perform and comply, and cause each of its subsidiaries to perform and comply, with such of the following provisions as are applicable to it.  Each Holder will perform and comply with such of the following provisions as are applicable to such Holder.
Section 3.1.    Demand Registration.
Section 3.1.1.    Request for Demand Registration.
(a)    Following the consummation of the IPO, each Holder shall have the right to make a written request from time to time (a “Demand Registration Request”) to the Company for Registration of all or part of the Registrable Securities held by any Holder. Any such Registration pursuant to a Demand Registration Request shall hereinafter be referred to as a “Demand Registration.”  
(b)    Each Demand Registration Request shall specify (x) the aggregate amount of Registrable Securities to be registered, and (y) the intended method or methods of disposition thereof.
(c)    Upon receipt of a Demand Registration Request, the Company shall as promptly as practicable and in no event later than forty-five (45) days of receipt file a Registration Statement (a “Demand Registration Statement”) relating to such Demand Registration, and use its reasonable best efforts to cause such Demand Registration Statement to be promptly declared effective under the Securities Act.
Section 3.1.2.    Limitation on Demand Registrations.  The Company shall not be obligated to take any action to effect any Demand Registration if (x) a Demand Registration or Piggyback Registration was declared effective or an Underwritten Shelf Takedown was consummated within the preceding ninety (90) days or (y) the value of the Registrable Securities proposed to be sold is not at least the lesser of ten million dollars ($10 million) and all of the Holders’ Registrable Securities. Notwithstanding the foregoing, Tiptree may make no more than four (4) Demand registration Requests in any twelve (12)-month period to the extent the Company is ineligible to file a Registration Statement on Form S-3 (or similar short-form Registration Statement).
Section 3.1.3.    Demand Notice.  Promptly upon receipt of a Demand Registration Request pursuant to Section 3.1.1 (but in no event more than two (2) Business Days thereafter), the Company shall deliver a written notice (a “Demand Notice”) of any such Demand Registration Request to all other Holders and the Demand Notice shall offer each such Holder the opportunity to include in the Demand Registration that number of Registrable Securities as each such Holder may request in writing.  Subject to Section 
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3.1.7, Company shall include in the Demand Registration all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within three (3) Business Days after the date that the Demand Notice was delivered.  
Section 3.1.4.    Demand Withdrawal.  Each Holder that has requested the inclusion of Registrable Securities in a Demand Registration pursuant to Section 3.1.3 may withdraw all or any portion of its Registrable Securities included in a Demand Registration from such Demand Registration at any time prior to the effectiveness of the applicable Demand Registration Statement.  Upon receipt of a notice to such effect with respect to all of the Registrable Securities included in such Demand Registration by such Holders, the Company shall cease all efforts to secure effectiveness of the applicable Demand Registration Statement. Any such withdrawn Demand Registration Statement shall count as a Demand Registration with respect to any participating Holder unless such Holder reimburses the Company its pro rata portion (based on shares requested to be included in such Registration) of the Registration Expenses incurred prior to the withdrawal.
Section 3.1.5.    Effective Registration.  The Company shall use reasonable best efforts to cause the Demand Registration Statement to become effective and remain effective for not less than one hundred eighty (180) days plus the duration of any suspension period (or such shorter period as will terminate when all Registrable Securities covered by such Demand Registration Statement have been sold or withdrawn), or, if such Demand Registration Statement relates to an Underwritten Public Offering, such longer period as in the opinion of counsel for the underwriter or underwriters a Prospectus is required by law to be delivered in connection with sales of Registrable Securities by an underwriter or dealer.  
Section 3.1.6.    Delay in Filing; Suspension of Registration.  If the filing, initial effectiveness or continued use of a Demand Registration Statement at any time would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, the Demand Registration Statement (a “Demand Suspension”); provided, however, that the Company shall not be permitted to exercise a Demand Suspension (i) more than twice during any twelve (12)-month period, or (ii) for a period exceeding ninety (90) days.  In the case of a Demand Suspension, the Holders agree to suspend use of the applicable Prospectus in connection with any sale or purchase, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above.  The Company shall immediately notify the Holders in writing upon (a) the Company’s decision to file or seek effectiveness of such Demand Registration Statement following such Demand Suspension and (b) the effectiveness of such Demand Registration Statement. Notwithstanding the provisions of this Section 3.1.6, the Company may not postpone the filing or effectiveness of, or suspend use of, a Demand Registration Statement past the date upon which the applicable Adverse Disclosure is disclosed to the public or ceases to be material. During a Demand Suspension, the Company shall be prohibited from filing a registration statement for its own account or 
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for the account of any other Holder or holder of its securities and, upon termination of any Demand Suspension, the Company shall promptly amend or supplement the Prospectus, if necessary, so it does not contain any untrue statement or omission and furnish to the Holders such numbers of copies of the Prospectus as so amended or supplemented as the Holders may reasonably request.  The Company shall, if necessary, supplement or amend the Demand Registration Statement, if required by the registration form used by the Company for the Demand Registration or by the instructions applicable to such registration form or by the Securities Act or the rules or regulations promulgated thereunder or as may reasonably be requested by the Holders of a majority of Registrable Securities that are included in such Demand Registration Statement.  
Section 3.1.7.    Priority of Securities Registered Pursuant to Demand Registrations.  If the managing underwriter or underwriters of a proposed Underwritten Public Offering of the Registrable Securities included in a Demand Registration, advise the Company in writing that, in its or their opinion, the number of securities requested to be included in such Demand Registration exceeds the number that can be sold in such offering without being likely to have an adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the securities to be included in such Registration shall be in the case of any Demand Registration (x) first, allocated to each Holder that has requested to participate in such Demand Registration an amount equal to the lesser of (i) the number of such Registrable Securities requested to be registered or sold by such Holder, and (ii) a number of such shares equal to such Holder’s Pro Rata Portion,  and (y) second, and only if all the securities referred to in clause (x) have been included, the number of other securities that, in the opinion of such managing underwriter or underwriters  can be sold without having such adverse effect.  
Section 3.2.    Shelf Registration.
Section 3.2.1.    Request for Shelf Registration.  
(a)    At such time as the Company is eligible to file a Registration Statement on Form S-3, upon the written request of any Holder from time to time (a “Shelf Registration Request”), the Company shall promptly file with the SEC a shelf Registration Statement pursuant to Rule 415 under the Securities Act  (“Shelf Registration Statement”) relating to the offer and sale of Registrable Securities by any Holders thereof from time to time in accordance with the methods of distribution elected by such Holders and the Company shall use its reasonable best efforts to cause such Shelf Registration Statement to promptly become effective under the Securities Act. Any such Registration pursuant to a Shelf Registration Request shall hereinafter be referred to as a “Shelf Registration.”  
(b)    If on the date of the Shelf Registration Request the Company is a WKSI, then the Shelf Registration Request may request Registration of an unspecified amount of Registrable Securities to be sold by unspecified Holders.  If on the date of the Shelf Registration Request the Company is 
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not a WKSI, then the Shelf Registration Request shall specify the aggregate amount of Registrable Securities to be registered. The Company shall provide to the Holders the information necessary to determine the Company’s status as a WKSI upon request.
Section 3.2.2.    Shelf Registration Notice.  Promptly upon receipt of a Shelf Registration Request (but in no event more than two (2) Business Days thereafter (or such shorter period as may be reasonably requested in connection with an underwritten “block trade”), the Company shall deliver a written notice (a “Shelf Registration Notice”) of any such request to all other Holders, which notice shall specify, if applicable, the amount of Registrable Securities to be registered, and the Shelf Registration Notice shall offer each such Holder the opportunity to include in the Shelf Registration that number of Registrable Securities as each such Holder may request in writing.   The Company shall include in such Shelf Registration all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within three (3) Business Days (or such shorter period as may be reasonably requested in connection with an underwritten “block trade”) after the date that the Shelf Registration Notice has been delivered. 
Section 3.2.3.    Continued Effectiveness.  The Company shall use its reasonable best efforts to keep such Shelf Registration Statement continuously effective under the Securities Act in order to permit the Prospectus forming part of the Shelf Registration Statement to be usable by Holders until the earlier of: (i) the date as of which all Registrable Securities have been sold pursuant to the Shelf Registration Statement or another Registration Statement filed under the Securities Act (but in no event prior to the applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder); and (ii) the date as of which no Holder holds Registrable Securities  (such period of effectiveness, the “Shelf Period”).  Subject to Section 3.2.4, the Company shall be deemed not to have used its reasonable best efforts to keep the Shelf Registration Statement effective during the Shelf Period if the Company voluntarily takes any action or omits to take any action that would result in Holders of the Registrable Securities covered thereby not being able to offer and sell any Registrable Securities pursuant to such Shelf Registration Statement during the Shelf Period, unless such action or omission is required by applicable law.
Section 3.2.4.    Suspension of Registration.  If the continued use of such Shelf Registration Statement at any time would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt written notice of such action to the Holders, suspend use of the Shelf Registration Statement (a “Shelf Suspension”); provided, however, that the Company shall not be permitted to exercise a Shelf Suspension (i) more than twice during any twelve (12)-month period or (ii) for a period exceeding ninety (90) days.  In the case of a Shelf Suspension, the Holders agree to suspend use of the applicable Prospectus in connection with any sale or purchase of, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above.  The Company shall immediately notify the Holders in writing upon the 
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termination of any Shelf Suspension, and upon such termination, promptly amend or supplement the Prospectus, if necessary, so it does not contain any untrue statement or omission and furnish to the Holders such numbers of copies of the Prospectus as so amended or supplemented as the Holders may reasonably request.  The Company shall, if necessary, supplement or amend the Shelf Registration Statement, if required by the registration form used by the Company for the Shelf Registration Statement or by the instructions applicable to such registration form or by the Securities Act or the rules or regulations promulgated thereunder or as may reasonably be requested by the Holders of a majority of Registrable Securities that are included in such Shelf Registration Statement. 
Section 3.2.5.    Shelf Takedown.  
(a)    At any time the Company has an effective Shelf Registration Statement with respect to Registrable Securities, by notice to the Company specifying the intended method or methods of disposition thereof, any Holder may make a written request (a “Shelf Takedown Request”) to the Company to effect a Public Offering, including an Underwritten Shelf Takedown, of all or a portion of such Holder’s Registrable Securities that are registered on such Shelf Registration Statement, and as soon as practicable the Company shall amend or supplement the Shelf Registration Statement as necessary for such purpose. 
(b)    Promptly upon receipt of a Shelf Takedown Request (but in no event more than two (2) Business Days thereafter (or such shorter period as may be reasonably requested in connection with an underwritten “block trade”) for any Underwritten Shelf Takedown, the Company shall deliver a notice (a “Shelf Takedown Notice”) to each other Holder with Registrable Securities covered by the applicable Registration Statement, or to all other Holders if such Registration Statement is undesignated (each a “Potential Takedown Participant”). The Shelf Takedown Notice shall offer each such Potential Takedown Participant the opportunity to include in any Underwritten Shelf Takedown such number of Registrable Securities as each such Potential Takedown Participant may request in writing.  The Company shall include in the Underwritten Shelf Takedown all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within three (3) Business Days (or such shorter period as may be reasonably requested in connection with an underwritten “block trade”) after the date that the Shelf Takedown Notice has been delivered. Any Potential Takedown Participant’s request to participate in an Underwritten Shelf Takedown shall be binding on the Potential Takedown Participant; provided that each such Potential Takedown Participant that elects to participate may condition its participation on the Underwritten Shelf Takedown being completed within ten (10) Business Days of its acceptance at a price per share (after giving 
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effect to any underwriters’ discounts or commissions) to such Potential Takedown Participant of not less than ninety percent (90%) (or such lesser percentage specified by such Potential Takedown Participant) of the closing price for the shares on their principal trading market on the Business Day immediately prior to such Potential Takedown Participant’s election to participate (the “Participation Conditions”). Notwithstanding the delivery of any Shelf Takedown Notice, but subject to the Participation Conditions (to the extent applicable), all determinations as to whether to complete any Underwritten Shelf Takedown and as to the timing, manner, price, size and other terms of any Underwritten Shelf Takedown contemplated by this Section 3.2.5 shall be determined by the initiating Holders.  
(c)    The Company shall not be obligated to take any action to effect any Underwritten Shelf Takedown if a Demand Registration or Piggyback Registration was declared effective or an Underwritten Shelf Takedown was consummated within the preceding ninety (90) days.
Section 3.2.6.    Priority of Securities Sold Pursuant to Shelf Takedowns.  If the managing underwriter or underwriters of a proposed Underwritten Shelf Takedown pursuant to Section 3.2.5 advise the Company in writing that, in its or their opinion, the number of securities requested to be included in the proposed Underwritten Shelf Takedown exceeds the number that can be sold in such Underwritten Shelf Takedown without being likely to have an adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, the number of Registrable Securities to be included in such offering shall be (x) first, allocated to each Holder that has requested to participate in such Underwritten Shelf Takedown an amount equal to the lesser of (i) the number of such Registrable Securities requested to be registered or sold by such Holder, and (ii) a number of such shares equal to such Holder’s Pro Rata Portion, and (y) second, and only if all the securities referred to in clause (x) have been included, the number of other securities that, in the opinion of such managing underwriter or underwriters can be sold without having such adverse effect.
Section 3.3.    Piggyback Registration.
Section 3.3.1.    Participation.  If the Company at any time proposes to file a Registration Statement under the Securities Act or to conduct a Public Offering with respect to any offering of its equity securities for its own account or for the account of any other Persons (other than (i) a Registration under Sections 3.1 or 3.2, (ii) a Registration on Form S-4 or Form S-8 or any successor form to such forms or (iii) a Registration of securities solely relating to an offering and sale to employees or directors of the Company or its subsidiaries pursuant to any employee stock plan, employee stock purchase plan, dividend reinvestment program or other employee benefit plan arrangement), then, as soon as practicable (but in no event fewer than ten (10) Business Days prior to the proposed date of filing of such Registration Statement or, in the case of 
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a Public Offering under a Shelf Registration Statement, the anticipated pricing or trade date), the Company shall give written notice (a “Piggyback Notice”) of such proposed filing or Public Offering to all Holders, and such Piggyback Notice shall offer the Holders the opportunity to register under such Registration Statement, or to sell in such Public Offering, such number of Registrable Securities as each such Holder may request in writing (a “Piggyback Registration”).  Subject to Section 3.3.2, the Company shall include in such Registration Statement or in such Public Offering as applicable, all such Registrable Securities that are requested to be included therein within five (5) Business Days after the receipt by such Holder of any such notice; provided, however, that if at any time after giving written notice of its intention to register or sell any securities and prior to the effective date of the Registration Statement filed in connection with such Registration, or the pricing or trade date of a Public Offering under a Shelf Registration Statement, the Company determines for any reason not to register or sell or to delay Registration or the sale of such securities, the Company shall promptly give written notice of such determination to each Holder and, thereupon, (i) in the case of a determination not to register or sell, the Company shall be relieved of its obligation to register or sell any Registrable Securities in connection with such Registration or Public Offering (but not from its obligation to pay the Registration Expenses in connection therewith), without prejudice, however, to the rights of any Holders entitled to request that such Registration or sale be effected as a Demand Registration under Section 3.1 or an Underwritten Shelf Takedown under Section 3.2, as the case may be, and (ii) in the case of a determination to delay Registration or sale, in the absence of a request for a Demand Registration or an Underwritten Shelf Takedown, as the case may be, shall also be permitted to delay registering or selling any Registrable Securities for the same period as the delay in registering or selling such other securities. If the offering pursuant to such Registration Statement or Public Offering is to be an Underwritten Public Offering, then each Holder making a request for a Piggyback Registration pursuant to this Section 3.3.1 shall, and the Company shall, make such arrangements with the managing underwriter or underwriters so that each such Holder may, participate in such underwritten offering. If the offering pursuant to such Registration Statement or Public Offering is to be on any other basis, then each Holder making a request for a Piggyback Registration pursuant to this Section 3.3.1 shall be permitted to, and the Company shall, make such arrangements so that each such Holder may participate in such offering on such basis.  Any Holder shall have the right to withdraw all or part of its request for inclusion of its Registrable Securities in a Piggyback Registration by giving written notice to the Company of its request to withdraw.
Section 3.3.2.    Priority of Piggyback Registration.  If the managing underwriter or underwriters of any proposed offering of Registrable Securities included in a Piggyback Registration informs the Company and the participating Holders in writing that, in its or their opinion, the number of securities that such Holders and any other Persons intend to include in such offering exceeds the number that can be sold in such offering without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the securities to be included in such Registration shall be (i) first, one hundred percent (100%) of the 
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securities that the Company proposes to sell, and (ii) second, and only if all the securities referred to in clause (i) have been included, the number of Registrable Securities that, in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect, with such number to be allocated among the Holders that have requested to participate in such Registration based on an amount equal to the lesser of (i) the number of such Registrable Securities requested to be sold by such Holder, and (ii) a number of such shares equal to such Holder’s Pro Rata Portion and (iii) third, and only if all of the Registrable Securities referred to in clause (ii) have been included in such Registration, any other securities eligible for inclusion in such Registration.
Section 3.3.3.    No Effect on Other Registrations.  No Registration of Registrable Securities effected pursuant to a request under this Section 3.3 shall be deemed to have been effected pursuant to Sections 3.1 and 3.2 or shall relieve the Company of its obligations under Sections 3.1 and 3.2.
Section 3.4.    Lock-Up Agreements.   In connection with each Registration or sale of Registrable Securities pursuant to Section 3.1, 3.2 or 3.3 conducted as an Underwritten Public Offering, each Holder agrees, if requested, to become bound by and to execute and deliver a lock-up agreement with the underwriter(s) of such Public Offering restricting such Holder’s right to (a) Transfer, directly or indirectly, any equity securities of the Company held by such Holder or (b) enter into any swap or other arrangement that transfers to another any of the economic consequences of ownership of such securities during the period commencing on the date of the final Prospectus relating to such Public Offering  and ending on the date specified by the underwriters (such period not to exceed ninety (90) days.  The terms of such lock-up agreements shall be negotiated among the Holders, the Company and the underwriters and shall include customary carve-outs from the restrictions on Transfer set forth therein.
Section 3.5.    Registration Procedures.
Section 3.5.1.    Requirements.  In connection with the Company’s obligations under Sections 3.1, 3.2 and 3.3, the Company shall use its reasonable best efforts to effect such Registration and to permit the sale of such Registrable Securities in accordance with the intended method or methods of distribution thereof as expeditiously as reasonably practicable, and in connection therewith the Company shall: 
(a)    as promptly as practicable, prepare and file the required Registration Statement, including all exhibits and financial statements required under the Securities Act to be filed therewith and Prospectus, and, before filing a Registration Statement or Prospectus or any amendments or supplements thereto, (x) furnish to the underwriters, if any, and to the Holders of the Registrable Securities covered by such Registration Statement, copies of all documents prepared to be filed, which documents shall be subject to the review of such underwriters and such Holders and their respective counsel, (y) make such changes in such documents concerning the Holders prior to the filing thereof as such Holders, or their counsel, may reasonably request and (z) except in the case of a Registration under 
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Section 3.3, not file any Registration Statement or Prospectus or amendments or supplements thereto to which the participating Holders, in such capacity, or the underwriters, if any, shall reasonably object;
(b)    prepare and file with the SEC such amendments and post-effective amendments to such Registration Statement and supplements to the Prospectus as may be (x) reasonably requested by any participating Holder with Registrable Securities covered by such Registration Statement, (y) reasonably requested by any participating Holder (to the extent such request relates to information relating to such Holder), or (z) necessary to keep such Registration Statement effective for the period of time required by this Agreement, and comply with provisions of the applicable securities laws with respect to the sale or other disposition of all securities covered by such Registration Statement during such period in accordance with the intended method or methods of disposition by the sellers thereof set forth in such Registration Statement;
(c)    notify the participating Holders and the managing underwriter or underwriters, if any, and (if requested) confirm such notice in writing and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by the Company (a) when the applicable Registration Statement or any amendment thereto has been filed or becomes effective, and when the applicable Prospectus or any amendment or supplement thereto has been filed, (b) of any written comments by the SEC, or any request by the SEC or other federal or state governmental authority for amendments or supplements to such Registration Statement or such Prospectus, or for additional information (whether before or after the effective date of the Registration Statement) or any other correspondence with the SEC relating to, or which may affect, the Registration, (c) of the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or any order by the SEC or any other regulatory authority preventing or suspending the use of any preliminary or final Prospectus or the initiation or threatening of any proceedings for such purposes, (d) if, at any time, the representations and warranties of the Company in any applicable underwriting agreement cease to be true and correct in all material respects and (e) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose;
(d)    promptly notify each selling Holder and the managing underwriter or underwriters, if any, when the Company becomes aware of the happening of any event as a result of which the applicable Registration Statement or the Prospectus included in such Registration Statement (as then in effect) 
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contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements therein (in the case of such Prospectus or any preliminary Prospectus, in light of the circumstances under which they were made) not misleading, when any Issuer Free Writing Prospectus includes information that may conflict with the information contained in the Registration Statement, or, if for any other reason it shall be necessary during such time period to amend or supplement such Registration Statement or Prospectus in order to comply with the Securities Act and, as promptly as reasonably practicable thereafter, prepare and file with the SEC, and furnish without charge to the selling Holders and the managing underwriter or underwriters, if any, an amendment or supplement to such Registration Statement or Prospectus, which shall correct such misstatement or omission or effect such compliance;
(e)    to the extent the Company is eligible under the relevant provisions of Rule 430B under the Securities Act, if the Company files any Shelf Registration Statement, the Company shall include in such Shelf Registration Statement such disclosures as may be required by Rule 430B under the Securities Act (referring to the unnamed selling security holders in a generic manner by identifying the initial offering of the securities to the Holders) in order to ensure that the Holders may be added to such Shelf Registration Statement at a later time through the filing of a Prospectus supplement rather than a post-effective amendment;
(f)    to prevent, or obtain the withdrawal of, any stop order or other order or notice preventing or suspending the use of any preliminary or final Prospectus;
(g)    promptly incorporate in a Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment such information as the managing underwriter or underwriters and the participating Holders agree should be included therein relating to the plan of distribution with respect to such Registrable Securities; and make all required filings of such Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment as soon as reasonably practicable after being notified of the matters to be incorporated in such Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment;
(h)    furnish to each selling Holder and each underwriter, if any, without charge, as many conformed copies as such Holder or underwriter may reasonably request of the applicable Registration Statement and any amendment or post-effective amendment or supplement thereto, including financial statements and schedules, all documents incorporated therein by reference and all exhibits (including those incorporated by reference);
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(i)    deliver to each selling Holder and each underwriter, if any, without charge, as many copies of the applicable Prospectus (including each preliminary Prospectus) and any amendment or supplement thereto and such other documents as such Holder or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities by such Holder or underwriter (it being understood that the Company shall consent to the use of such Prospectus or any amendment or supplement thereto by each of the selling Holders and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such Prospectus or any amendment or supplement thereto);
(j)    on or prior to the date on which the applicable Registration Statement becomes effective, use its reasonable best efforts to register or qualify, and cooperate with the selling Holders, the managing underwriter or underwriters, if any, and their respective counsel, in connection with the Registration or qualification of such Registrable Securities for offer and sale under the securities or “Blue Sky” laws of each state and other jurisdiction as any such selling Holder or managing underwriter or underwriters, if any, or their respective counsel reasonably request in writing and do any and all other acts or things reasonably necessary or advisable to keep such Registration or qualification in effect for such period as required by Section 3.1 or Section 3.2, as applicable, provided that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to taxation or general service of process in any such jurisdiction where it is not then so subject;
(k)    cooperate with the selling Holders and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends; and enable such Registrable Securities to be in such denominations and registered in such names as the managing underwriters may request prior to any sale of Registrable Securities to the underwriters;
(l)    to cause the Registrable Securities covered by the applicable Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable Securities;
(m)    not later than the effective date of the applicable Registration Statement, provide a CUSIP number for all Registrable Securities if other than the CUSIP for the publicly traded Common Stock and if one has then been assigned;
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(n)    make such representations and warranties to the Holders being registered, and the underwriters or agents, if any, in form, substance and scope as are customarily made by issuers in public offerings similar to the offering then being undertaken;
(o)    enter into such customary agreements (including underwriting and indemnification agreements) and take all such other actions as the participating Holders or the managing underwriter or underwriters, if any, reasonably request in order to expedite or facilitate the Registration and disposition of such Registrable Securities;
(p)    obtain for delivery to the Holders being registered and to the underwriter or underwriters, if any, an opinion or opinions from counsel for the Company dated the most recent effective date of the Registration Statement or, in the event of an Underwritten Public Offering, the date of the closing under the underwriting agreement, in customary form, scope and substance, which opinions shall be reasonably satisfactory to such Holders or underwriters, as the case may be, and their respective counsel;
(q)    in the case of an Underwritten Public Offering, obtain for delivery to the Company and the managing underwriter or underwriters, with copies to the Holders included in such Registration or sale, a comfort letter from the Company’s independent certified public accountants or independent auditors (and, if necessary, any other independent certified public accountants or independent auditors of any subsidiary of the Company or any business acquired by the Company for which financial statements and financial data are, or are required to be, included in the Registration Statement) in customary form and covering such matters of the type customarily covered by comfort letters as the managing underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought down to the closing under the underwriting agreement;
(r)    cooperate with each seller of Registrable Securities and each underwriter, if any, participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA;
(s)    to comply with all applicable securities laws and, if a Registration Statement was filed, make available to its security holders, as soon as reasonably practicable, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated thereunder;
(t)    provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the applicable Registration Statement;
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(u)    to cause all Registrable Securities covered by the applicable Registration Statement to be listed on each securities exchange on which any of the Company’s equity securities are then listed or quoted and on each inter-dealer quotation system on which any of the Company’s equity securities are then quoted.
(v)    make available upon reasonable notice at reasonable times and for reasonable periods for inspection by a representative appointed by the participating Holders, by any underwriter participating in any disposition to be effected pursuant to such Registration Statement and by any attorney, accountant or other agent retained by such Holders or any such underwriter, all pertinent financial and other records and pertinent corporate documents and properties of the Company, and cause all of the Company’s officers, directors and employees and the independent public accountants who have certified its financial statements to make themselves available to discuss the business of the Company and to supply all information reasonably requested by any such Person in connection with such Registration Statement; 
(w)    in the case of an Underwritten Public Offering, cause the senior executive officers of the Company to participate in the customary “road show” presentations that may be reasonably requested by the managing underwriter or underwriters in any such offering and otherwise to facilitate, cooperate with, and participate in each proposed offering contemplated herein and customary selling efforts related thereto;
(x)    take no direct or indirect action prohibited by Regulation M under the Exchange Act; 
(y)    take all reasonable action to ensure that any Issuer Free Writing Prospectus utilized in connection with any Registration complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken together with the related Prospectus, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; and
(z)    take all such other commercially reasonable actions as are necessary or advisable in order to expedite or facilitate the disposition of such Registrable Securities in accordance with the terms of this Agreement or as otherwise requested by the Holders.
Section 3.5.2.    Company Information Requests.  The Company may require each seller of Registrable Securities as to which any Registration or sale is being effected to 
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furnish to the Company such information regarding the distribution of such securities and such other information relating to such Holder and its ownership of Registrable Securities as the Company may from time to time reasonably request in writing.  Each Holder agrees to furnish such information to the Company and to cooperate with the Company as reasonably necessary to enable the Company to comply with the provisions of this Agreement.
Section 3.5.3.    Discontinuing Registration.  Each Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3.5.1(d), such Holder will discontinue disposition of Registrable Securities pursuant to such Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 3.5.1(d), or until such Holder is advised in writing by the Company that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus, or any amendments or supplements thereto, and if so directed by the Company, such Holder shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Registrable Securities current at the time of receipt of such notice.  In the event the Company shall give any such notice, the period during which the applicable Registration Statement is required to be maintained effective shall be extended by the number of days during the period from and including the date of the giving of such notice to and including the date when each seller of Registrable Securities covered by such Registration Statement either receives the copies of the supplemented or amended Prospectus contemplated by Section 3.5.1(d) or is advised in writing by the Company that the use of the Prospectus may be resumed.
Section 3.6.    Underwritten Offerings.
Section 3.6.1.    Shelf and Demand Registrations.  If requested by the underwriters for any Underwritten Public Offering, pursuant to a Registration or sale under Sections 3.1 or 3.2, the Company shall enter into an underwriting agreement with such underwriters, such agreement to be reasonably satisfactory in substance and form to each of the Company, the participating Holders and the underwriters, and to contain such representations and warranties by the Company and such other terms as are generally prevailing in agreements of that type, including indemnities no less favorable to the recipient thereof than those provided in Section 3.9.  The Holders of the Registrable Securities proposed to be distributed by such underwriters shall cooperate with the Company in the negotiation of the underwriting agreement and shall give consideration to the reasonable suggestions of the Company regarding the form thereof, and such Holders shall complete and execute all questionnaires, powers of attorney and other documents reasonably requested by the underwriters and required under the terms of such underwriting arrangements.  Any such Holder shall not be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Holder, such Holder’s title to the Registrable Securities, such Holder’s intended method of distribution 
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and any other representations to be made by the Holder as are generally prevailing in agreements of that type, and the aggregate amount of the liability of such Holder under such agreement shall not exceed such Holder’s proceeds from the sale of its Registrable Securities in the offering, net of underwriting discounts and commissions but before expenses.
Section 3.6.2.    Piggyback Registrations.  If the Company proposes to register or sell any of its securities under the Securities Act as contemplated by Section 3.3 and such securities are to be distributed through one or more underwriters, the Company shall, if requested by any Holder pursuant to Section 3.3 and, subject to the provisions of Section 3.3.2, use its reasonable best efforts to arrange for such underwriters to include on the same terms and conditions that apply to the other sellers in such Registration or sale all the Registrable Securities to be offered and sold by such Holder among the securities of the Company to be distributed by such underwriters in such Registration or sale.  The Holders of Registrable Securities to be distributed by such underwriters shall be parties to the underwriting agreement between the Company and such underwriters, which underwriting agreement shall contain such representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of such Holders as are customarily made by issuers to selling stockholders in secondary public offerings. Any such Holder shall complete and execute all questionnaires, powers of attorney and other documents reasonably requested by the underwriters and required under the terms of such underwriting arrangements.  Any such Holder shall not be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Holder, such Holder’s title to the Registrable Securities, such Holder’s intended method of distribution and any other representations to be made by the Holder as are generally prevailing in agreements of that type, and the aggregate amount of the liability of such Holder shall not exceed such Holder’s proceeds from the sale of its Registrable Securities in the offering, net of underwriting discounts and commissions but before expenses.
Section 3.6.3.    Selection of Underwriters; Selection of Counsel.  In the case of an Underwritten Public Offering under Sections 3.1 or 3.2, the managing underwriter or underwriters to administer the offering shall be determined by the Holders; provided that such underwriter or underwriters shall be reasonably acceptable to the Company. In the case of an Underwritten Public Offering under Section 3.3, the managing underwriter or underwriters to administer the offering shall be determined by the Company; provided that such underwriter or underwriters shall be reasonably acceptable to the Holders of a majority of the Registrable Securities being sold. In the case of an Underwritten Public Offering under Sections 3.1, 3.2 or 3.3, legal counsel for the Holders shall be selected by the Holders.
Section 3.7.    No Inconsistent Agreements; Additional Rights.  Neither the Company nor any of its subsidiaries shall hereafter enter into, and neither the Company nor any of its subsidiaries is currently a party to, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders by this Agreement.  Neither the Company nor any of its 
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subsidiaries shall enter into any agreement granting registration or similar rights to any Person, and the Company hereby represents and warrants that, as of the date hereof, no registration or similar rights have been granted to any other Person other than pursuant to this Agreement. 
Section 3.8.    Registration Expenses.  All expenses incident to the Company’s performance of or compliance with this Agreement shall be paid by the Company, including (i) all registration and filing fees, and any other fees and expenses associated with filings required to be made with the SEC or FINRA, (ii) all fees and expenses in connection with compliance with any securities or “Blue Sky” laws (including reasonable fees and disbursements of counsel for the underwriters in connection with blue sky qualifications of the Registrable Securities), (iii) all printing, duplicating, word processing, messenger, telephone, facsimile and delivery expenses (including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company and of printing Prospectuses), (iv) all fees and disbursements of counsel for the Company and of all independent certified public accountants or independent auditors of the Company and any subsidiaries of the Company (including the expenses of any special audit and comfort letters required by or incident to such performance), (v) Securities Act liability insurance or similar insurance if the Company so desires or the underwriters so require in accordance with then-customary underwriting practice, (vi) all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange or quotation of the Registrable Securities on any inter-dealer quotation system, (vii) all fees and expenses incurred in connection with the distribution or Transfer of Registrable Securities to or by a Holder or its Permitted Transferees in connection with a Public Offering, (viii) all applicable rating agency fees with respect to the Registrable Securities, (ix) all reasonable fees and disbursements of one legal counsel for the Holders, (x) all fees and expenses of any special experts or other Persons retained by the Company in connection with any Registration or sale, (xi) all of the Company’s internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties) and (xii) all expenses related to the “road show” for any Underwritten Public Offering (including the reasonable out-of-pocket expenses of the Holders and underwriters, if so requested).  All such expenses are referred to herein as “Registration Expenses”.  The Company shall not be required to pay any fees and disbursements to underwriters not customarily paid by the issuers of securities in an offering similar to the applicable offering, including underwriting discounts and commissions and transfer taxes, if any, attributable to the sale of Registrable Securities.
Section 3.9.    Indemnification.  
Section 3.9.1.      Indemnification by the Company.  The Company shall indemnify and hold harmless, to the full extent permitted by law, each Holder, each shareholder, member, limited or general partner of such Holder, each shareholder, member, limited or general partner of each such shareholder, member, limited or general partner, each of their respective Affiliates, officers, directors, shareholders, employees, advisors, and agents and each Person who controls (within the meaning of the Securities Act or the Exchange Act) such Persons and each of their respective Representatives from and against any and all losses, penalties, judgments, suits, costs, claims, damages, liabilities and expenses, joint or several (including reasonable costs of investigation and legal 
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expenses) (each, a “Loss” and collectively “Losses”) arising out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which such Registrable Securities are registered or sold under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein) or any other disclosure document produced by or on behalf of the Company or any of its subsidiaries including any report or other document filed under the Exchange Act, (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not misleading or (iii) any violation or alleged violation by the Company or any of its subsidiaries of any federal, state, foreign or common law rule or regulation applicable to the Company or any of its subsidiaries and relating to action or inaction in connection with any such registration, disclosure document or other document or report; provided, that no selling Holder shall be entitled to indemnification pursuant to this Section 3.9.1 in respect of any untrue statement or omission contained in any information relating to such selling Holder furnished in writing by such selling Holder to the Company specifically for inclusion in a Registration Statement and used by the Company in conformity therewith (such information, “Selling Stockholder Information”).  This indemnity shall be in addition to any liability the Company may otherwise have.  Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any indemnified party and shall survive the Transfer of such securities by such Holder and regardless of any indemnity agreed to in the underwriting agreement that is less favorable to the Holders.  The Company shall also indemnify underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the distribution, their officers and directors and each Person who controls such Persons (within the meaning of the Securities Act and the Exchange Act) to the same extent as provided above (with appropriate modification) with respect to the indemnification of the indemnified parties.
Section 3.9.2.      Indemnification by the Selling Holders.  Each selling Holder agrees (severally and not jointly) to indemnify and hold harmless, to the fullest extent permitted by law, the Company, its directors and officers and each Person who controls the Company (within the meaning of the Securities Act or the Exchange Act) from and against any Losses resulting from (i) any untrue statement of a material fact in any Registration Statement under which such Registrable Securities were registered or sold under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein) or (ii) any omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not misleading, in each case to the extent, but only to the extent, that such untrue statement or omission is contained in such selling Holder’s Selling Stockholder Information.  In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the proceeds from the sale of its Registrable Securities 
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in the offering giving rise to such indemnification obligation, net of underwriting discounts and commissions but before expenses, less any amounts paid by such Holder pursuant to Section 3.9.4 and any amounts paid by such Holder as a result of liabilities incurred under the underwriting agreement, if any, related to such sale.    
Section 3.9.3.      Conduct of Indemnification Proceedings.  Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or failure to so notify the indemnifying party shall relieve the indemnifying party of its obligations hereunder only to the extent, if at all, that it forfeits substantive rights by reason of such delay or failure) and (ii) permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided, however, that any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such Person unless (i) the indemnifying party has agreed in writing to pay such fees or expenses, (ii) the indemnifying party shall have failed to assume the defense of such claim within a reasonable time after receipt of notice of such claim from the Person entitled to indemnification hereunder and employ counsel reasonably satisfactory to such Person, (iii) the indemnified party has reasonably concluded (based upon advice of its counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, or (iv) in the reasonable judgment of any such Person (based upon advice of its counsel) a conflict of interest may exist between such Person and the indemnifying party with respect to such claims (in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such Person).  If the indemnifying party assumes the defense, the indemnifying party shall not have the right to settle such action without the prior written consent of the indemnified party.  No indemnifying party shall consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of an unconditional release from all liability in respect to such claim or litigation without the prior written consent of such indemnified party. If such defense is not assumed by the indemnifying party, the indemnifying party will not be subject to any liability for any settlement made without its prior written consent, but such consent may not be unreasonably withheld or delayed. Notwithstanding the foregoing, if at any time an indemnified party shall have requested that an indemnifying party reimburse the indemnified party for reasonable fees and expenses of counsel as contemplated by this paragraph, the indemnifying party shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into in good faith more than sixty (60) days after receipt by the indemnifying party of such request and more than thirty (30) days after receipt of the proposed terms of such settlement and (ii) the indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement It is understood that the indemnifying party or parties shall not, except as 
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specifically set forth in this Section 3.9.3, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements or other charges of more than one separate firm (in addition to any local counsel) at any one time unless (x) the employment of more than one counsel has been authorized in writing by the indemnifying party or parties, (y) an indemnified party has reasonably concluded (based on the advice of counsel) that there may be legal defenses available to it that are different from or in addition to those available to the other indemnified parties or (z) a conflict or potential conflict exists or may exist (based upon advice of counsel to an indemnified party) between such indemnified party and the other indemnified parties, in each of which cases the indemnifying party shall be obligated to pay the reasonable fees and expenses of such additional counsel or counsels.
Section 3.9.4.    Contribution.  If for any reason the indemnification provided for in Section 3.9.1 and Section 3.9.2 is unavailable to an indemnified party or insufficient in respect of any Losses referred to therein (other than as a result of exceptions or limitations on indemnification contained in Section 3.9.1 and Section 3.9.2), then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified party or parties on the other hand in connection with the acts, statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations.  In connection with any Registration Statement filed with the SEC by the Company, the relative fault of the indemnifying party on the one hand and the indemnified party on the other hand shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.  The parties hereto agree that it would not be just or equitable if contribution pursuant to this Section 3.9.4 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in this Section 3.9.4.  No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.  The amount paid or payable by an indemnified party as a result of the Losses referred to in Sections 3.9.1 and 3.9.2 shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim.  Notwithstanding the provisions of this Section 3.9.4, in connection with any Registration Statement filed by the Company, a selling Holder shall not be required to contribute any amount in excess of the dollar amount of the proceeds from the sale of its Registrable Securities in the offering giving rise to such contribution obligation, net of underwriting discounts and commissions but before expenses, less any amounts paid by such Holder pursuant to Section 3.9.2 and any amounts paid by such Holder as a result of liabilities incurred under the underwriting agreement, if any, related to such sale.  If indemnification is available under this Section 3.9, the indemnifying parties shall 
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indemnify each indemnified party to the full extent provided in Sections 3.9.1 and 3.9.2 hereof without regard to the provisions of this Section 3.9.4.  The remedies provided for in this Section 3.9 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity.
Section 3.9.5.    Indemnification Priority.  The Company hereby acknowledges and agrees that any of the Persons entitled to indemnification pursuant to Section 3.9.1 (each, a “Company Indemnitee” and collectively, the “Company Indemnitees”) may have certain rights to indemnification, advancement of expenses and/or insurance provided by other sources. The Company hereby acknowledges and agrees (i) that it is the indemnitor of first resort (i.e., its obligations to a Company Indemnitee are primary and any obligation of such other sources to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Company Indemnitee are secondary) and (ii) that it shall be required to advance the full amount of expenses incurred by a Company Indemnitee and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement without regard to any rights a Company Indemnitee may have against such other sources. The Company further agrees that no advancement or payment by such other sources on behalf of a Company Indemnitee with respect to any claim for which such Company Indemnitee has sought indemnification, advancement of expenses or insurance from the Company shall affect the foregoing, and that such other sources shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Company Indemnitee against the Company.
Section 3.10.    Rules 144 and 144A and Regulation S.  The Company shall file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Company is not required to file such reports, it will, upon the request of any Holder, make publicly available such necessary information for so long as necessary to permit sales that would otherwise be permitted by this Agreement pursuant to Rule 144, Rule 144A or Regulation S under the Securities Act, as such rules may be amended from time to time or any similar rule or regulation hereafter adopted by the SEC), and it will take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities without Registration under the Securities Act in transactions that would otherwise be permitted by this Agreement and within the limitation of the exemptions provided by (i) Rule 144, Rule 144A or Regulation S under the Securities Act, as such rules may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Holder, the Company will deliver to such Holder a written statement as to whether it has complied with such requirements and, if not, the specifics thereof.
Section 3.11.    Existing Registration Statements.  Notwithstanding anything herein to the contrary and subject to applicable law and regulation, the Company may satisfy any obligation hereunder to file a Registration Statement or to have a Registration Statement become effective by a specified date by designating, by notice to the Holders, a Registration Statement that 
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previously has been filed with the SEC or become effective, as the case may be, as the relevant Registration Statement for purposes of satisfying such obligation, and all references to any such obligation shall be construed accordingly; provided that such previously filed Registration Statement may be, and is, amended or, subject to applicable securities laws, supplemented to add the number of Registrable Securities, and, to the extent necessary, to identify as selling stockholders those Holders demanding the filing of a Registration Statement pursuant to the terms of this Agreement.  To the extent this Agreement refers to the filing or effectiveness of other Registration Statements,  by or at a specified time and the Company has, in lieu of then filing such Registration Statements or having such Registration Statements become effective, designated a previously filed or effective Registration Statement as the relevant Registration Statement for such purposes, in accordance with the preceding sentence, such references shall be construed to refer to such designated Registration Statement, as amended or supplemented in the manner contemplated by the immediately preceding sentence.
ARTICLE IV
MISCELLANEOUS
Section 4.1.    Authority; Effect.  Each party hereto represents and warrants to and agrees with each other party that the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized on behalf of such party and do not violate any agreement or other instrument applicable to such party or by which its assets are bound.  This Agreement does not, and shall not be construed to, give rise to the creation of a partnership among any of the parties hereto, or to constitute any of such parties members of a joint venture or other association.  The Company and its subsidiaries shall be jointly and severally liable for all obligations of each such party pursuant to this Agreement.
Section 4.2.    Notices.  Any notices, requests, demands and other communications required or permitted in this Agreement shall be effective if in writing and (i) delivered 
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personally, (ii) sent by email, or (iii) sent by overnight courier, in each case, addressed as follows:
						
	If to the Company, to:	
		
		The Fortegra Group, Inc.
		10751 Deerwood Park Blvd., Suite 200, 
		Jacksonville, Florida 32256
		Email: CRomaine@fortegra.com 
		Attn:    Christopher Romaine
		
	If to Tiptree or an Investor, to:
		
		Tiptree Inc.
		299 Park Avenue, 13th Floor
		New York, New York 10171
		Email: NRifkind@tiptreeinc.com
		Attn:    Neil C. Rifkind
		
	And in each case, with a copy to:
		
		Ropes & Gray LLP
		1211 Avenue of the Americas
		New York, New York 10036-8704
		Email:  Michael.Littenberg@ropesgray.com
		William.Michener@ropesgray.com 
		Attn:    Michael Littenberg
		William Michener

Notice to the holder of record of any Registrable Securities shall be deemed to be notice to the holder of such securities for all purposes hereof.
Unless otherwise specified herein, such notices or other communications shall be deemed effective (i) on the date received, if personally delivered, (ii) on the date received if delivered by email on a Business Day, or if not delivered on a Business Day, on the first Business Day thereafter and (iii) two (2) Business Days after being sent by overnight courier.  Each of the parties hereto shall be entitled to specify a different address by giving notice as aforesaid to each of the other parties hereto.
Section 4.3.    Termination and Effect of Termination.  This Agreement shall terminate upon the date on which no Holder holds any Registrable Securities, except for the provisions of Sections 3.9 and 3.10, which shall survive any such termination.  No termination under this Agreement shall relieve any Person of liability for breach or Registration Expenses incurred prior 
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to termination.  In the event this Agreement is terminated, each Person entitled to indemnification or contribution rights pursuant to Section 3.9 hereof shall retain such indemnification or contribution rights with respect to any matter that (i) may be a liability subject to indemnification or contribution thereunder and (ii) occurred prior to such termination.
Section 4.4.    Permitted Transferees.  The rights of a Holder hereunder may be assigned (but only with all related obligations as set forth below) in connection with a Transfer of Registrable Securities to a Permitted Transferee of that Holder.  Without prejudice to any other or similar conditions imposed hereunder with respect to any such Transfer, no assignment permitted under the terms of this Section 4.4 will be effective unless the Permitted Transferee to which the assignment is being made, if not a Holder, has delivered to the Company a written acknowledgment and joinder agreement in form and substance reasonably satisfactory to the Company that the Permitted Transferee will be bound by, and will be a party to, this Agreement (such written joinder agreement to include such Permitted Transferee’s contact information for the delivery of notice).  A Permitted Transferee to whom rights are transferred pursuant to this Section 4.4 may not again transfer those rights to any other Permitted Transferee, other than as provided in this Section 4.4. 
Section 4.5.    Remedies.  The parties to this Agreement shall have all remedies available at law, in equity or otherwise in the event of any breach or violation of this Agreement or any default hereunder.  The parties acknowledge and agree that in the event of any breach of this Agreement, in addition to any other remedies that may be available, each of the parties hereto shall be entitled to specific performance of the obligations of the other parties hereto and, in addition, to such other equitable remedies (including preliminary or temporary relief) as may be appropriate in the circumstances.  No delay of or omission in the exercise of any right, power or remedy accruing to any party as a result of any breach or default by any other party under this Agreement shall impair any such right, power or remedy, nor shall it be construed as a waiver of or acquiescence in any such breach or default, or of any similar breach or default occurring later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach or default occurring before or after that waiver.
Section 4.6.    Amendments and Waivers.  This Agreement may not be orally amended, modified, extended or terminated, nor shall any oral waiver of any of its terms be effective.  This Agreement may be amended, modified, extended or terminated, and the provisions hereof may be waived, only by an agreement in writing signed by the Company and the Holders of a majority of the Registrable Securities under this Agreement, which must include Tiptree for as long as Tiptree holds Registrable Securities.  Each such amendment, modification, extension or termination shall be binding upon each party hereto.  In addition, each party hereto may waive any right hereunder by an instrument in writing signed by such party.  
Section 4.7.    Governing Law.  This Agreement and all claims arising out of or based upon this Agreement or relating to the subject matter hereof shall be governed by and construed in accordance with the domestic substantive laws of the State of New York without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction.
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Section 4.8.    Consent to Jurisdiction.  Each party to this Agreement, by its execution hereof, (i) hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the State of New York for the purpose of any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof, (ii) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, and agrees not to allow any of its subsidiaries to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that any such proceeding brought in one of the above-named courts is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or by such court and (iii) hereby agrees not to commence or maintain any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof or thereof other than before one of the above-named courts nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation to any court other than one of the above-named courts whether on the grounds of inconvenient forum or otherwise.  Notwithstanding the foregoing, to the extent that any party hereto is or becomes a party in any litigation in connection with which it may assert indemnification rights set forth in this Agreement, the court in which such litigation is being heard shall be deemed to be included in clause (i) above.  Notwithstanding the foregoing, any party to this Agreement may commence and maintain an action to enforce a judgment of any of the above-named courts in any court of competent jurisdiction.  Each party hereto hereby consents to service of process in any such proceeding in any manner permitted by New York law, and agrees that service of process by registered or certified mail, return receipt requested, at its address specified pursuant to Section 4.2 hereof is reasonably calculated to give actual notice.
Section 4.9.    WAIVER OF JURY TRIAL.  TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER IN CONTRACT, TORT OR OTHERWISE.  EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 4.9 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH IT IS RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY.  ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 4.9 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.
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Section 4.10.    Merger; Binding Effect, Etc.  This Agreement constitutes the entire agreement of the parties with respect to its subject matter, supersedes all prior or contemporaneous oral or written agreements or discussions with respect to such subject matter, and shall be binding upon and inure to the benefit of the parties hereto and thereto and their respective heirs, representatives, successors and permitted assigns.  Except as otherwise expressly provided herein, no Holder or other party hereto may assign any of its respective rights or delegate any of its respective obligations under this Agreement without the prior written consent of the other parties hereto, and any attempted assignment or delegation in violation of the foregoing shall be null and void.
Section 4.11.    Counterparts; Electronic Signatures.  This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one instrument. Counterpart signature pages to this Agreement may be delivered by electronic delivery (i.e., by email of a PDF signature page) and each such counterpart signature page will constitute an original for all purposes. The Company and each Holder hereto hereby agree that this Agreement may be executed by way of electronic signatures and that the electronic signature has the same binding effect as a physical signature. For the avoidance of doubt, the Company and each Holder further agree that this Agreement, or any part hereof, shall not be denied legal effect, validity or enforceability solely on the ground that it is in the form of an electronic record.
Section 4.12.    Severability.  In the event that any provision hereof would, under applicable law, be invalid, illegal or unenforceable in any respect, such provision shall be construed by modifying or limiting it so as to be valid, legal and enforceable to the maximum extent compatible with, and possible under, applicable law.  The provisions hereof are severable, and in the event any provision hereof should be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise affect any other provision hereof.
Section 4.13.    No Recourse.  Notwithstanding anything that may be expressed or implied in this Agreement, the Company and each Holder covenant, agree and acknowledge that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any current or future director, officer, employee, stockholder, general or limited partner or member of any Holder or of any Affiliate or assignee thereof, as such, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any Holder or any current or future member of any Holder or any current or future director, officer, employee, stockholder, partner or member of any Holder or of any Affiliate or assignee thereof, as such, for any obligation of any Holder under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation.
Section 4.14.    Enforcement.  Each party hereto acknowledges that money damages would not be an adequate remedy in the event that any of the covenants or agreements in this 
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Agreement are not performed in accordance with its terms, and it is therefore agreed that in addition to and without limiting any other remedy or right it may have, the non-breaching party will have the right to an injunction, temporary restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically the terms and provisions hereof.
Section 4.15.    Further Assurances.  At any time or from time to time after the date hereof, the parties agree to cooperate with each other, and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further action as the other party may reasonably request in order to evidence or effectuate the consummation of the transactions contemplated hereby and to otherwise carry out the intent of the parties hereunder.
 [Signature pages follow]
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IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.
									
	Company:	THE FORTEGRA GROUP, INC.
			
	

	By:	
	

		Name:
			Title:

[Signature Page to Registration Rights Agreement]

									
	Investor:	
			
		TRIPTREE HOLDINGS LLC
			
			
			
	

	By:	
	

		Name:
			Title:

[Signature Page to Registration Rights Agreement]Document

Exhibit 10.13

AMENDED & RESTATED
TAX-SHARING AGREEMENT
THIS AMENDED & RESTATED TAX-SHARING AGREEMENT (hereinafter referred to as the “Agreement”), dated and effective [ ], 2021, is made by and among Tiptree Inc., a Maryland corporation (“Tiptree”) and the parties listed on Attachment ‘A’ incorporated herein (hereinafter referred to collectively as the “Subsidiaries” or individually as “Subsidiary”). Tiptree and its Subsidiaries shall hereinafter be referred to as the “Group” which is intended to capture the affiliated group of corporations as defined under Section 1504(a) of the Code (defined below).
WITNESSETH:
WHEREAS, Tiptree and its Subsidiaries previously entered into the Tax Sharing Agreement, dated and effective as of January 1, 2016, as amended by Amendments No. 1, 2, 3, 4 and 5 (together, the “TSA”);
WHEREAS, The Fortegra Group, Inc., a Delaware corporation (“Fortegra”), a Subsidiary of Tiptree, priced an initial public offering of shares of its Common Stock, par value $0.01 per share (the “IPO”);
WHEREAS, Tiptree and its Subsidiaries desire to amend and restate the TSA on the terms and conditions as set forth herein and set forth their agreement as to the matters herein following the closing of the IPO and upon Deconsolidation (defined below). 
NOW, THEREFORE, the parties hereto agree as follows:
1. DEFINITIONS
In addition to other terms operationally defined, for purposes of this Agreement, the following terms shall have the meanings provided in this Section 1.
“Code” means the Internal Revenue Code of 1986, as amended, and Regulations promulgated thereunder.
“Deconsolidation” means, with respect to any Party, the event that reduces the amount of stock of a Party owned directly or indirectly by Tiptree to be less than the amount required for Tiptree to control that Party within the meaning of Section 1504(a)(2) of the Code.
“Deconsolidation Date” means the date the Deconsolidation occurs.
“Deconsolidation Year” means the taxable year in which the Deconsolidation Date occurs.
“Life Company” means a life insurance company as defined in Code Section 816, or its successor provision.
“Nonlife Company” means a company that is not a Life Company,
“Parties” and ”Parties to the Agreement” means the companies listed in Attachment “A” hereto and any corporation which joins in the filing of a consolidated return as provided in Section 2 below, either by completing a Form 1120, 1120-L, or otherwise. 
“Taxable year subject to this Agreement” means a taxable year for which a consolidated Federal or State, as applicable, income tax return is filed pursuant to Section 2 of this Agreement.
2. FILING OF CONSOLIDATED RETURN 
(a)Federal Taxes. For its taxable year ending December 31, 2016, and for each taxable year ending thereafter, Tiptree shall prepare and file a consolidated tax return and other returns, documents or statements required to be filed with the IRS with respect to the determination of federal income tax liability of the Group. In its sole discretion, Tiptree shall have the right with respect to any Consolidated Returns which it has filed or will file, (i) to determine the manner in which such returns, documents or statement shall be prepared and filed, including, without limitation, the 

manner in which any item of income, gain, loss, deduction or credit shall be reported, the elections that will be made by any Subsidiary, (ii) to contest, compromise or settle any adjustment or deficiency proposed, asserted or assessed as a result of any audit or such returns by the IRS, (iii) to file, prosecute, compromise or settle any claim for refund and (iv) to determine whether any refunds, to which the Group may be entitled, shall be paid by way of refund or credited against the tax liability of the Group. Subsidiaries hereby irrevocably appoint Tiptree as its agent and attorney-in-fact to take such actions (including the execution of documents) as Tiptree may deem necessary or appropriate to effect the foregoing.  All tax returns and other returns, documents or statements required to be filed with the IRS with respect to the determination of federal income tax filed with federal and state tax authorities of the United States for the Deconsolidation Year and for two taxable years following the Deconsolidation Year by Tiptree or by Fortegra shall be prepared (in the absence of a controlling change in law or circumstances or consent of Tiptree with such consent not to be unreasonably withheld) consistent with past practices, elections, accounting methods, conventions, and principles of taxation used for the most recent taxable periods for which tax return and other returns and other returns, documents or statements required to be filed with the IRS with respect to the determination of federal income tax involving similar items have been filed prior to the Deconsolidation Date.
(b)State, Local and Foreign Taxes. Each Subsidiary agrees, at the request of Tiptree, to join Tiptree or any direct or indirect subsidiary of 'Tiptree in any consolidated, combined state, local, or foreign income or franchise tax return for any taxable year for which Tiptree or any direct or indirect subsidiary of Tiptree files such return that may include such Subsidiary. In its sole discretion, Tiptree shall have the right with respect to any combined or consolidated tax returns which it has filed or will file, (i) to determine the manner in which such returns, documents or statement shall be prepared and filed, including, without limitation, the manner in which any item of income, gain, loss, deduction or credit shall be reported, the elections that will be made by any Subsidiary, (ii) to contest, compromise or settle any adjustment or deficiency proposed, asserted or assessed as a result of any audit of such returns by the relevant jurisdiction, (iii) to file, prosecute, compromise or settle any claim for refund and (iv) to determine whether any refunds, to which the Group may be entitled, shall be paid by way of refund or credited against the tax liability of the Group.  Subsidiaries hereby irrevocably appoint Tiptree as its agent and attorney-in-fact to take such actions (including the execution of documents) as Tiptree may deem necessary or appropriate to effect the foregoing.
3. PRIOR AGREEMENTS SUPERCEDED 
All prior tax sharing agreements by and between Tiptree and any Subsidiary or between any Subsidiary and another Subsidiary shall be cancelled without continuing effect, including the Corporate Tax Sharing Agreement dated as of January 4, 1996, and all revisions and amendments through April 25, 2014, by and among Life of the South Corporation and its subsidiaries (hereinafter, the “Former Agreement”). Further, all obligations under the Former Agreement shall be settled and paid by December 31, 2016.
4. PAYMENT OF CONSOLIDATED TAX LIABILITY 
Tiptree shall pay the consolidated Federal (and State, as applicable) income tax liability of the Group (whether determined upon audit or otherwise) for each taxable year subject to this Agreement.
After consultation with the Subsidiaries, Tiptree shall determine, and timely pay the amount of each quarterly estimated Federal (and State, as applicable) tax deposit to be made by the Group.
Each Subsidiary shall reimburse Tiptree for its respective share of the amount so determined by the due date of the quarterly deposit, but no earlier than 10 days before due date of the quarterly deposit. Each Subsidiary shall reimburse Tiptree for its respective share of the tax determined to be due at the time the original tax return is filed (or an extension is requested) with the Internal Revenue Service less any quarterly deposits already paid, but no earlier than 10 days before the tax return is filed. 

In addition, Tiptree shall determine in conjunction with the Subsidiaries the amount of tax deposit required to be paid for any extension request. Each Subsidiary shall reimburse Tiptree for its respective share of the amount of the tax deposit determined by the appropriate due date, but no earlier than 10 days before the due date of the extension.
5. CALCULATION OF SUBSIDIARY PAYABLE OR RECEIVABLE 
The Separate Return Payable or Separate Return Receivable of each Subsidiary shall be the Federal income tax liability or receivable that the Subsidiary would have had for the period it was included in such consolidated return had it not been so included. For purposes of the calculation of the Separate Return Payable or Receivable, the separate income tax liability does not include any Alternative Minimum Tax under Code Section 55 or any Environmental Tax under Code Section 59A.
(a)If, in the computation of a Subsidiary's separate company taxable income, the sum of the items of deduction exceeds the sum of the items of income, the Subsidiary shall be deemed to have a Separate Return Receivable to the extent the tax benefit is realizable, and shall be settled at a time not before such tax benefit is in fact realized.
(b)If in the computation of a Subsidiary's separate company taxable income, the credits against tax exceed the tax computed without regard to the credits, the Subsidiary shall be deemed to have a Separate Return Receivable to the extent the tax benefit is realizable, and shall be settled at a time not before such tax benefit is in fact realized.
(c)The Separate Return Payable or Receivable may be calculated without regard to certain intercompany transactions deemed to be extraordinary by Tiptree.
(d)Disputes. In the event of a disagreement between Tiptree and a Subsidiary with respect to any determination required to be made pursuant to this Agreement, the negotiated determination of the Chief Financial Officer of Tiptree and the Subsidiary, in the absence of manifest error, shall be conclusive. To the extent the disagreement cannot be resolved by the negotiated determination of the Chief Financial Officer of Tiptree and the Subsidiary, such disagreement shall be resolved by a nationally recognized independent accounting firm chosen by and mutually acceptable to the Tiptree and such Subsidiary (an “Accounting Referee”). Such Accounting Referee shall be chosen by the Parties within fifteen (15) business days from the date on which one Party serves written notice on the other Party requesting the appointment of an Accounting Referee, provided that such notice specifically describes the calculations to be considered and resolved by the Accounting Referee. In the event the Parties cannot agree on the selection of an Accounting Referee, then the Accounting Referee shall be any office or branch of the public accounting firm of Deloitte & Touche LLP. The Accounting Referee shall resolve any such disagreements as specified in the notice within thirty (30) days of appointment; provided, however, that no Party shall be required to deliver any document or take any other action pursuant to this Section 5(d) if it determines that such action would result in the waiver of any legal privilege or any detriment to its business. Any resolution of an issue submitted to the Accounting Referee shall be final and binding on the Parties hereto without further recourse. The Parties shall share the costs and fees of the Accounting Referee equally.
(e)State Taxes. If the liability for any state or local income or franchise taxes of (i) a Subsidiary and (ii) Tiptree or any other Subsidiary is determined on a consolidated or combined basis, the determination of such consolidated or combined liability shall be made in the reasonable discretion of Tiptree and any payments to be made pursuant to this Agreement with respect to any such consolidated or combined liability shall be allocated among the applicable Subsidiaries as determined in the reasonable discretion of Tiptree; provided, however, that this Section 5 shall be applied in a like manner to all matters relating to such taxes.

6. ALLOCATION OF CONSOLIDATED FEDERAL INCOME TAX LIABILITY 
For each Taxable Year subject to this Agreement, the consolidated Federal income tax liability of the Group shall be allocated among the members as follows:
A: For Life Companies
(a)the Separate Return Payable or Separate Return Receivable for each Life Company shall be computed according to the principles of Section 5;
(b)the Separate Return Payable or Separate Return Receivable shall be the amount attributed to each Life Company.
B: For Nonlife Companies
(a)the Separate Return Payable or Separate Return Receivable for each Nonlife Company shall be computed according to the principles of Section 5;
(b)the Separate Return Payable or Separate Return Receivable shall be the amount attributed to each Nonlife Company.
C: Additional savings/losses
If for any taxable year the consolidated Federal income tax liability of the Group, calculated in a manner reasonably determined by Tiptree, varies from the sum of the amounts payable and receivable by the Subsidiaries, such variance shall be negotiated between the parties to reflect the economic benefits/loss of the additional savings/loss.
D: Additional principles
Notwithstanding any other provision hereof, including Section 5, for purposes of allocating the aggregate liability imposed on the Group under Section 951A of the Code (the “Section 951A Liability”), if any, for any taxable year of the Group, each of the Fortegra Group, Inc. and its subsidiaries and Tiptree Inc. and its subsidiaries shall be treated as a separate hypothetical stand-alone consolidated group for U.S. federal income tax purposes (the “Deemed Fortegra Group” and the “Deemed Tiptree Group”, respectively, and each, a “Deemed Group”). The portion of the Section 951A Liability for any taxable year that is allocable to the Deemed Fortegra Group and Deemed Tiptree Group shall be determined by a hypothetical calculation of the “net CFC tested income”, as defined in Section 951A(c)(1) of the Code, of each of the Deemed Fortegra Group and the Deemed Tiptree Group on a stand-alone basis. If a Deemed Group does not have any “net CFC tested income” on a stand-alone basis for a taxable year, this Agreement shall not require any payment in respect of the Section 951A Liability for that taxable year by or to that Deemed Group. 
To the extent Section 163(j) of the Code imposes a restriction on the ability of the Group to utilize any interest expense deductions in any taxable year, the impact of such restriction shall be allocated, to the greatest extent feasible, by applying the principles of Section 163(j) of the Code to each of the Deemed Fortegra Group and the Deemed Tiptree Group on a stand-alone basis. 
7.OVERPAYMENTS BY SUBSIDIARY 
In the event that a Subsidiary shall have made a reimbursement payment to Tiptree for any Taxable Year subject to this Agreement in excess of its liability computed pursuant to Sections 5 and 6 (whether determined upon audit or otherwise), the amount of any such overpayment will be refunded to the Subsidiary by Tiptree, together with the interest (if any) in the amount that would have been refunded by the -Internal Revenue Service if the Subsidiary had not joined in filing a consolidated Federal income tax 

return. Such payments shall be made to the Subsidiary no later than the date such payments would have been made to the Subsidiary by the Internal Revenue Service had the subsidiary filed a separate return on the same date the consolidated return for the taxable year is filed, but no later than 30 days after the tax return is filed.
8.UNDERPAYMENTS BY SUBSIDIARY 
In the event that a Subsidiary shall have made reimbursement payments to Tiptree for any taxable year subject to this Agreement in a total amount less than its liability computed pursuant to Sections 5 and 6 of this Agreement (whether determined upon audit or otherwise), the Subsidiary shall pay to Tiptree the amount of such deficiency (excluding penalties) together with the interest (if any) that would have been required by the Internal Revenue Service if the Subsidiary had not joined in the filing of a consolidated Federal income tax return. Such payments shall be made by the Subsidiary no earlier than 10 days before the date such payments would have been made by the Subsidiary to the Internal Revenue Service had the Subsidiary filed a separate return on the same date the consolidated return for the taxable year is filed.
9.REALIZATION OF TAX BENEFITS
As stated in Section 5, above, a Subsidiary Receivable related to a tax benefit will not be settled before such benefit is actually realized.  
The term “realized” as used in this Section 9 is defined as follows in the below situations:
a)Offset of Current Period Income
When a Subsidiary contributes excess deductions or credits to the Group during a period, and those deductions or credits are utilized against other Subsidiaries’ current taxable income in the same period, the tax benefit from those excess deductions and credits is deemed to be realized.
b)Attribution of Carryforward Utilization
When a Subsidiary contributes excess deductions or credits to the Group during a period, and those deductions or credits contribute to loss or credit carryforward generation during the period, the tax benefits from those loss or credit carryforwards are only deemed realized once the loss or credit carryforward is utilized in a future period to reduce cash taxes that would otherwise be payable by the Group to a taxing authority.
c)Carryback claims
In the event the Group makes a carryback claim for a refund, the tax benefit of the losses carried back will be deemed realized only after (i) the cash associated with the refund has been received and (ii) any subsequent or forthcoming refund review process by any taxing authority has been completed. Such review process includes, but is not limited to, a Joint Committee on Taxation review or examination triggered by the refund request.
To the extent permissible under the Code, Tiptree’s tax benefits will be realized before those of any other member of the Group.
10.TERMINATION OF AGREEMENT
Unless sooner terminated as hereinafter provided, this Agreement shall apply to the taxable year ending December 31, 2016, and to each taxable year ending thereafter, and to any other taxable year that remains open to audit as of the date of this Agreement. Tiptree may at any time, at its option, terminate the Agreement as to any Subsidiary upon notice to such Subsidiary.

No such termination shall affect the application of this Agreement to any taxable year ending prior to the date of termination, and no carryback of any loss, credit or deduction of that Subsidiary from a year after the date of termination shall be taken into account in applying this Agreement to any taxable year prior to termination. If a loss, credit or deduction of a Subsidiary for a taxable year to which this Agreement applied would have been available to the Subsidiary as a carryover to a taxable year that ends after the termination of this Agreement, Tiptree will pay to such Subsidiary the amount, if any, by which such Subsidiary's tax liability for such subsequent taxable year was increased on account of the utilization of such loss, credit or deduction in calculating the consolidated Federal income tax liability of the Group for such prior taxable year and shall be entitled to receive from each other Subsidiary an amount calculated pursuant to Sections 5 and 6.
11.CREDIT AGREEMENT
To the extent any payment required under this Agreement violates any credit agreement provisions of Tiptree or any Subsidiary, then such payment will not be paid. However, such payment amounts will be accrued and a cumulative catch-up will be made in the next succeeding year in which the credit agreement provisions are not violated by such payment.
12.COOPERATION AND EXCHANGE OF INFORMATION
Tiptree and the Subsidiaries to this agreement shall cooperate fully at such time and to the extent reasonably requested by any party in connection with the preparation and filing of any tax returns and other returns, documents or statements  or claim for refund, or the conduct of any audit, dispute, proceeding, suit or action concerning any issues or other matters considered in this Agreement. Such cooperation shall include, without limitation, the following: the retention and provision on demand of tax returns and other returns, documents or statements , books, records, documentation or other information relating to the tax returns and other returns, documents or statements, including accompanying schedules, related workpapers, and documents relating to rulings or other determinations by taxing authorities, until the expiration of the applicable statute of limitations (giving effect to any extension, waiver or mitigation thereof).  Upon Deconsolidation of Fortegra, Tiptree and Fortegra shall cooperate with each other with respect to negotiating and entering into separate tax sharing agreements for Tiptree and its subsidiaries and Fortegra and its subsidiaries. This provision shall survive the termination of this agreement. 
13.COMPENSATION
For Response Indemnity Company of California, compensation for performance under this agreement is limited to reimbursement of actual costs and expenses incurred by the administrator pursuant to the Administrative Services Agreement between Response Indemnity Company of California and its affiliate LOTSolutions, Inc. For all other entities, compensation for performance under this agreement is subject to the compensation schedule set forth in the agreement between the entity and its affiliate LOTSolutions, Inc.
13.SIGNATURES 
This Agreement may be executed in any number of counterparts with the same effect as if the signatures thereto and hereto were upon the same instrument.
14.HEADINGS 
The headings contained in this Agreement are for reference purposes and shall not affect the meaning or interpretation of this Agreement.

15.SEVERABILITY 
If any provision of this Agreement is declared void or unenforceable for any reason, such provision shall be deemed excised from this Agreement, and all other provisions hereof shall otherwise remain in full force and effect.
16.BINDING EFFECT
This agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns, provided that any assignment is performed in accordance with other provisions of this Agreement.
17.WAIVER 
No waiver of any provision of this Agreement shall be deemed, or shall constitute, waiver of any other provision, whether or not similar, nor shall any waiver constitute a continuing waiver. No waiver shall be binding unless executed in writing by the party making a waiver. Failure of any party to exercise or delay in exercising any right or power granted under this Agreement shall not operate as a waiver of any such right or power.
18.NOTICES.
Any notice, payment, demand or communication (collectively, a "notice") required or permitted to be given by this Agreement or by law shall be in writing and sent by first class mail, overnight courier, hand delivery or telephone conversation or e-mail; except, unless waived by the recipient, if such notice is made by telephone conversation or e-mail, such telephone conversation or e-mail shall be followed within 48 hours thereof by written notice sent by first class mail, overnight courier or hand delivery. Charges for any notice hereunder shall be prepaid and addressed as follows, or to such other address as such Person may from time to time specify by notice to the Company, as the case may be:
If to Tiptree or a Subsidiary, at the following address:
c/o Tiptree Inc.
299 Park Avenue, 13th Floor
New York, NY 10171
Facsimile: (212) 446-1409
Attention: Neil Rifkind, Vice President, General Counsel and Secretary
Email: nrifkind@tiptreefinancial.com
Any party may by notice given in accordance with this Section 16 to the other parties designate another address or person for receipt of notices hereunder.
17. CONTROLLING LAW
This agreement is made under the laws of the State of New York, which shall be controlling in all matters relating to the interpretation, construction, or enforcement hereof
18. ENTIRE AGREEMENT 
This Agreement constitutes the entire agreement between the parties hereto and may not be modified except in written instrument executed by the parties hereto affected by the amendment.

IN WITNESSNESS WHEREOF, Tiptree and each other Party has executed this Agreement as of the date first above written.
						
	TIPTREE INC
TCO GP, LLC

		
		
	By:	
	Name:  Jonathan Ilany
Title:     Chief Executive Officer

		
	TIPTREE HOLDINGS LLC
RELIANCE HOLDING, LLC
TIPTREE ASSET MANAGEMENT COMPANY, LLC
TIPTREE DIRECT HOLDING, LLC
WINSTED PARENT HOLDINGS LLC

		
		
	BY: TIPTREE INC, its Managing Member
		
	By:	
	Name:  Jonathan Ilany
Title:     Chief Executive Officer

		
		
	TIPTREE LOAN MANAGEMENT, LLC
		
	By: TIPTREE ASSET MANAGEMENT COMPANY, LLC, its Managing Member

		
	By:	
	Name:  Jonathan Ilany
Title:     Chief Executive Officer

		
		
		
		
		
	RELIANCE FIRST CAPITAL, LLC
		
		
	By:	
	Name:  Hugh Miller
Title:    President & Chief Executive Officer

						
	TIPTREE MARINE LLC
		
		
	By:	
	Name:  Stefanos Kasselakis
Title:    Chief Executive Officer

		
		
	FORTEGRA FINANCIAL CORP.
4WARRANTY CORPORATION
AUTO KNIGHT MOTOR CLUB, INC.
BLUE RIDGE INDEMNITY COMPANY
CONTINENTAL CAR CLUB, INC.
TIPTREE REASSURANCE COMPANY, LTD
DIGITAL LEASH LLC
INSURANCE COMPANY OF THE SOUTH
LIFE OF THE SOUTH INSURANCE COMPANY
LOTS INTERMEDIATE CO.
FORTEGRA INDEMNITY INSURANCE COMPANY, LTD.
LOTSOLUTIONS, INC.
LOTSOLUTIONS FLORIDA LLC
LYNDON SOUTHERN INSURANCE COMPANY
PACIFIC BENEFITS GROUP NORTHWEST, LLC
RESPONSE INDEMNITY COMPANY OF CALIFORNIA
SOUTH BAY ACCEPTANCE CORPORATION
SOUTH BAY FINANCIAL SERVICES, LLC
SOUTH BAY FUNDING LLC
SOUTHERN FINANCIAL INSURANCE COMPANY
THE SERVICE DOC, INC.
UNITED MOTOR CLUB OF AMERICA, INC.
THE FORTEGRA GROUP, INC.
FORTEGRA WARRANTY HOLDING, LLC
FORTEGRA Intermediate Warranty Holdings, LLC
TIPTREE REASSURANCE COMPANY, LTD.
FORTEGRA SPECIALTY INSURANCE COMPANY
FORTEGRA SPECIALTY INSURANCE COMPANY
NEW SKY SERVICES LLC

		
		
	By:	
	Name:  Richard Kahlbaugh
Title:    Chief Executive Officer

						
	ACCELERATED SERVICE ENTERPRISE, LLC
SAC HOLDINGS, INC.
SAC ADMIN INC.
SAC INSURANCE COMPANY
SMART AUTOCARE INC.
SMART AUTOCARE ADMINISTRATION SOLUTIONS INC.
FREEDOM INSURANCE COMPANY, LTD.
INDEPENDENT DEALER GROUP, INC.
OWNERSHIELD, INC.
		
		
	By:	
	Name:  Peter Masi
Title:    President

ATTACHMENT A-1
to the
TAX SHARING AGREEMENT

by and among
TIPTREE INC.
and the following
SUBSIDIARIES
									
		Entity	Effective Date
	1.	Fortegra Financial Corp.	January 1, 2016
	2.	Lyndon Southern Insurance Company	January 1, 2016
	3.	Fortegra Indemnity Insurance Company, Ltd.	January 1, 2016
	4.	Tiptree Reassurance Company Ltd.	January 1, 2016
	5.	LOTSolutions, Inc.	January 1, 2016
	6.	South Bay Acceptance Corporation	January 1, 2016
	7.	Continental Car Club, Inc.	January 1, 2016
	8.	United Motor Club of America, Inc.	January 1, 2016
	9.	Auto Knight Motor Club, Inc.	January 1, 2016
	10.	4Warranty Corporation	January 1, 2016
	11.	The Service Doc, Inc.	January 1, 2016
	12.	Response Indemnity Company of California	January 1, 2016
	13.	Southern Financial Life Insurance Company	January 1, 2016
	14.	Winsted Parent Holdings LLC*	January 1, 2016
	15.	Reliance Holdings LLC*	January 1, 2016
	16.	Reliance First Capital, LLC	January 1, 2016
	17.	Tiptree Direct Holdings LLC*	January 1, 2016
	18.	Tiptree Asset Management Company, LLC*	January 1, 2016
	19.	Tiptree Holdings LLC*	January 1, 2016
	20.	Pacific Benefits Group Northwest, LLC*	January 1, 2016
	21.	South Bay Financial Services, LLC*	January 1, 2016
	22.	LOTSolutions Florida LLC*	January 1, 2016
	23.	Digital Leash LLC*	January 1, 2016
	24.	LOTS Intermediate Co.	January 1, 2016
	25.	Insurance Company of the South	January 1, 2016
	26.	Life of the South Insurance Company	January 1, 2016
	27.	Tiptree Loan Management, LLC*	January 1, 2016
	28.	TCO GP, LLC*	January 1, 2016
	29.	Blue Ridge Indemnity Company	April 1, 2017
	30.	The Fortegra Group, Inc.	March 2, 2018
	31.	Fortegra Warranty Holdings, LLC*	March 2, 2018
	32.	South Bay Funding LLC*	July 1, 2019
	33.	Fortegra Specialty Insurance Company	January 1, 2020

									
	34.	Fortegra Intermediate Warranty Holdings, LLC*	January 1, 2020
	35.	Tiptree Reassurance Company, Ltd.	January 1, 2020
	36.	SAC Holdings, Inc.	January 1, 2020
	37.	SAC Admin Inc. 	January 1, 2020
	38.	SAC Insurance Company	January 1, 2020
	39.	Smart AutoCare Inc. 	January 1, 2020
	40.	Smart AutoCare Administration Solutions Inc. 	January 1, 2020
	41.	Freedom Insurance Company, Ltd. 	January 1, 2020
	42.	Independent Dealer Group, Inc. 	January 1, 2020
	43.	Dealer Motor Services, Inc. 	January 1, 2020
	44.	Ownershield, Inc.	January 1, 2020
	45.	Accelerated Service Enterprise, LLC*	January 1, 2020
	46.	Fortegra Specialty Insurance Company	September 14, 2020
	47.	New Sky Services LLC* 	December 31, 2020
	48.	Tiptree Marine LLC	December 31, 2020

Note: *Disregarded Entity (“DRE”) for Federal Income Tax purposes

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