Document:

Exhibit 10.4

 

 

May 20, 2015

 

James River Group Holdings, Ltd.

JRG Reinsurance Company Ltd.

44 Church Street

P.O. Box 1502

Hamilton HM FX, Bermuda

Attention of Gregg Davis, Chief Financial Officer

 

		Re:	Certain Fronting Fees

 

Ladies and Gentlemen:

 

Reference
hereby is made to the Credit Agreement dated as of June 5, 2013 among James River Group Holdings, Ltd. and JRG Reinsurance Company
Ltd., as Borrowers, certain Lenders party thereto, and KeyBank National Association, as Administrative Agent and Letter of Credit
Issuer (as amended, the “Credit Agreement”). Capitalized terms used herein and not otherwise defined herein
shall have the meanings ascribed to such terms in the Credit Agreement.

 

By
way of background, Section 2.12(b) of the Credit Agreement requires the Borrowers to pay a Letter of Credit Issuer a one-eighth
percent (0.125%) per annum fronting fee in respect of each Letter of Credit issued by such Letter of Credit Issuer. Letters
of Credit are available under both the Secured Facility and the Unsecured Facility, in each case upon and subject to the terms
and conditions of the Credit Agreement.

 

In
its capacity as a Letter of Credit Issuer, and as an accommodation to the Borrowers, KeyBank National Association (“KeyBank”)
hereby confirms its revocable agreement not to charge any fronting fee from and after the date of this letter in respect of Secured
Facility Letters of Credit issued by it pursuant to the Credit Agreement (whether currently outstanding or issued hereafter).

 

The accommodation provided
for pursuant to the immediately preceding paragraph, (i) is limited to its express terms, (ii) may be revoked by KeyBank, in its
sole discretion, at any time hereafter by written notice of revocation to the Borrowers, in which case the fronting fee shall accrue
from and after the date of such notice of revocation on all Secured Facility Letters of Credit then and thereafter outstanding
issued by KeyBank, (iii) shall apply only with respect to Secured Facility Letters of Credit issued by KeyBank and shall not apply
to Secured Facility Letters of Credit issued by any other Letter of Credit Issuer, (iv) shall apply only with respect to Secured
Facility Letters of Credit issued by KeyBank and shall not apply to Unsecured Facility Letters of Credit issued by KeyBank or any
other Letter of Credit Issuer, (v) is not intended to,

 

    	 

    	 

    

 

James River Group Holdings, Ltd., et al.

May 20, 2015

Page 2

 

and shall not, establish any course of dealing
between the Borrowers and KeyBank, any other Letter of Credit Issuer or any other Lender Party that is inconsistent with the express
terms of the Credit Agreement, (vi) shall not operate as a waiver or impairment of any other right, power, or remedy of KeyBank
or any other Lender Party under the Credit Agreement or any other Loan Document, at law or in equity, and (vii) shall not be construed
as an agreement or understanding by KeyBank or any other Lender Party to grant any other accommodation in the future with respect
to any provision of the Credit Agreement or any other Loan Document.

 

This letter shall be
governed by and construed in accordance with the laws of the State of New York and shall bind and inure to the benefit of the Borrowers,
KeyBank and their respective successors and assigns. This letter is between KeyBank and the Borrowers only and shall not be construed
to amend any of the terms and conditions of the Credit Agreement and the other Loan Documents, which remain unmodified and in full
force and effect.

 

EACH PARTY HERETO IRREVOCABLY
WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS LETTER OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

This letter is not effective
unless and until both Borrowers and James River confirm their receipt of this letter and their agreement to its terms and conditions
by executing and delivering a copy hereof on the space provided below and returning same to KeyBank.

 

KEYBANK NATIONAL ASSOCIATION

 

	By: 	/s/ James Cribbet	 
	 	 James Cribbet	 
	 	 Senior Vice President	 

 

    	 

    	 

    

 

James River Group Holdings, Ltd., et al.

May 20, 2015

Page 3

 

Confirmations

 

Borrowers:

 

The Borrowers hereby confirm
as of the date first above written their receipt of the foregoing letter and their agreement to the terms and conditions thereof.

 

	JAMES RIVER GROUP HOLDINGS, LTD.	 	JRG REINSURANCE COMPANY LTD.
	 	 	 	 	 
	By:	/s/ Gregg Davis	 	By:	/s/ Kevin B. Copeland

	 	 	 	 	Kevin B. Copeland
	 	 	 	 	CFO

 

Guarantor:

 

The Guarantor hereby confirms
as of the date first above written its receipt of the foregoing letter and that such letter shall not impair or otherwise affect
its obligations under its Payment Guaranty and each other Loan Document to which it is a party.

 

	 	JAMES RIVER GROUP, INC.	 
	 	 	 	 
	 	By:	/s/ Gregg DavisEX-10.9

 Exhibit 10.9 

THIS PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS
BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED. 
 PROMISSORY NOTE 
  

			
	Principal Amount: $150,000	  	Dated as of August 6, 2015
		  	New York, New York

 Gores Holdings, Inc., a Delaware corporation and blank check company (the “Maker”), promises
to pay to the order of Gores Sponsor LLC or its registered assigns or successors in interest (the “Payee”), or order, the principal sum of One Hundred Fifty Thousand Dollars ($150,000) in lawful money of the United States of
America, on the terms and conditions described below. All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee may from time to time
designate by written notice in accordance with the provisions of this Note. 
 1. Principal. The principal balance of Note shall be payable on the
earlier of: (i) December 31, 2015, or (ii) the date on which Maker consummates an initial public offering of its securities. The principal balance may be prepaid at any time. 

2. Interest. No interest shall accrue on the unpaid principal balance of this Note. 

3. Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this
Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note. 

4. Events of Default. The following shall constitute an event of default (“Event of Default”): 

(a) Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five
(5) business days of the date specified above. 
 (b) Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case
under any applicable bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar
official) of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by
Maker in furtherance of any of the foregoing. 
 (c) Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a
court having jurisdiction in the premises in respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar
official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days. 

 5. Remedies. 

(a) Upon the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by written notice to Maker, declare this Note
to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which
are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding. 
 (b) Upon
the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of this Note, and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases
without any action on the part of Payee. 
 6. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for
payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by
virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption
from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or
in part in any order desired by Payee. 
 7. Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance,
performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time,
renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and
agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder. 

8. Notices. All notices, statements or other documents which are required or contemplated by this Agreement shall be: (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such
other address or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be designated in writing by
such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic
transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail. 
 9.
Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF. 

10. Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction. 

 11. Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all
right, title, interest or claim of any kind (“Claim”) in or to any distribution of or from the trust account to be established in which the proceeds of the initial public offering (the
“IPO”) conducted by the Maker (including the deferred underwriters discounts and commissions) and the proceeds of the sale of the warrants issued in a private placement to occur prior to the effectiveness of the IPO
are to be deposited, as described in greater detail in the registration statement and prospectus to be filed with the Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or
satisfaction for any Claim against the trust account for any reason whatsoever. 
 12. Amendment; Waiver. Any amendment hereto or waiver of any
provision hereof may be made with, and only with, the written consent of the Maker and the Payee. 
 13. Assignment. No assignment or transfer of
this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void.

 [Signature page follows] 

 IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to
be duly executed by the undersigned as of the day and year first above written. 
  

			
	GORES HOLDINGS, INC.
		
	By:	 	 /s/ Kyle Wheeler

		 	Name: Kyle Wheeler
		 	Title: President, Chief Financial Officer and Secretary

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