Document:

exv10w47

Exhibit 10.47

STOCK PLEDGE AGREEMENT

     This Stock Pledge Agreement (this “Agreement”) is made effective as of the 30th day of March,
2006 (the “Effective Date”) by and between SunCoast Holdings, Inc., a Delaware corporation
(“Pledgor”) and Brooke Credit Corporation, a Kansas corporation (“Pledgee”).

RECITALS

     A. Pledgor owns 100% of the issued and outstanding capital stock of Brandywine
Insurance Holdings, Inc., a Delaware corporation (“BIH”, and collectively with Pledgor and
Patriot Risk Services, Inc., a Delaware corporation, the “Borrowers”) and 100% of the issued
and outstanding capital stock of Patriot Risk Management, Inc., a Delaware corporation
(“PRM”) (the “Shares”).

     B. Pledgee has agreed to make a loan to Borrowers (the “Loan”) pursuant to that
certain promissory note (the “Note”) of even date herewith made payable by Borrowers to
Pledgee in the principal amount of $8,652,000 and the related loan documents. The Note,
together with this Agreement and all other loan agreements, security agreements, guaranties,
pledge agreements and all other documents and instruments that evidence and/or secure the
Loan
are referred to herein as the “Loan Documents.”

     C. Pledgor agreed to pledge the Pledged Shares (as defined below) to Pledgee to
secure Borrowers’ obligations under the Loan Documents.

TERMS AND CONDITIONS

     NOW, THEREFORE, in consideration of the premises and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows;

     1 Definitions. The following terms when used hereinafter shall have the following
meaning:

     (a) The term “Pledged Shares” means the Shares and any other stock (whether common,
preferred or otherwise) or other securities of BIH and PRM in which Pledgor at any time has
an interest, all whether now owned or at any time hereafter acquired.

     (b) The term “Obligations” means (i) the timely, full and complete payment by
Borrowers when due of all amounts due under the Note, (ii) the timely, full and complete
performance by Borrowers of all of their obligations, liabilities and indebtedness under
the Loan Documents, and (iii) the timely, full and complete performance by Pledgor of all
of its obligations under this Agreement.

     (c) The term “Event of Default,” as used in this Agreement, means (i) any Event of
Default as defined in any of the Loan Documents, (ii) the nonperformance or

 

 

breach by Pledgor of any provision of this Agreement, (iii) the nonperformance or breach by either
of the Borrowers of any provision of any of the Loan Documents, or (iv) the failure of the Pledged
Shares to constitute at least 100% of the capital stock of each of BIH and PRM.

     2. Pledge.

     (a) As security for the payment and performance of the Obligations, Pledgor hereby pledges to
Pledgee the Pledged Shares and grants Pledgee a first priority lien and security interest therein.
Upon the execution of this Agreement, Pledgor shall deliver to Pledgee the original certificate(s)
representing the Pledged Shares, together with duly executed forms of assignment sufficient to
transfer title thereto to Pledgee.

     (b) If, while this Agreement is in effect, Pledgor becomes entitled to receive or receives
any securities or other property in addition to, in substitution of, or in exchange for any of the
Pledged Shares (whether as a dividend or a distribution, and whether in connection with any
merger, recapitalization, reorganization, or reclassification or otherwise), Pledgor shall accept
such securities or other property on behalf of and for the benefit of Pledgee as additional
security for the Obligations and shall promptly deliver such additional security to Pledgee,
together with duly executed forms of assignment, and such additional security shall be deemed for
all purposes to be part of the Pledged Shares hereunder.

     3. Rights of Pledgee.

     (a) If any Event of Default occurs, then in addition to any other rights set forth herein,
Pledgee shall have all the rights of a secured creditor at law or in equity and under the Uniform
Commercial Code in effect at the time in the State of Kansas, including that Pledgee at its sole
option may without demand of performance or other demand, advertisement or notice of any kind
(except notice of the time and place of public or private sale to the extent required by
applicable law) to or upon Pledgor or any other person (all of which are, to the extent permitted
by law, hereby expressly waived), immediately take any one or more of the following actions:

     (i) realize upon the Pledged Shares or any part thereof and retain ownership of such
Pledged Shares, provided that Pledgee complies with all required regulatory approvals in
connection therewith; or

     (ii) realize upon the Pledged Shares or any part thereof and sell or otherwise
dispose of and deliver the Pledged Shares or any part thereof or interest therein, in one
or more lots and at such prices and on such terms as Pledgee may deem best, provided that
Pledgee complies with all required regulatory approvals in connection therewith; or

     (iii) proceed by a suit at law or in equity to foreclose this Agreement and sell the
Pledged Shares, or any portion thereof, under a judgment or decree of a court of
competent jurisdiction; or

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     (iv) proceed against Pledgor for money damages.

     (b) Should Pledgee choose to sell or otherwise dispose of the Pledged Shares following
an Event of Default, the proceeds of any such disposition or other action by Pledgee shall
be applied as follows:

     (i) first, to the costs and expenses incurred in connection therewith or
incidental thereto or to the care or safekeeping of any of the Pledged Shares or in
any way relating to the rights of Pledgee hereunder, including reasonable attorneys’
fees and legal expenses;

     (ii) second, to the satisfaction of the Obligations;

     (iii) third, to the payment of any other amounts required by applicable law;
and

     (iv) fourth, to Pledgor to the extent of any surplus proceeds.

     4. Transfers and Other Liens. Pledgor hereby represents and warrants to Pledgee
that Pledgor has good and valid title to the Shares, free and clear of all liens, security
interests
and encumbrances (other than under this Agreement), and that, so long as the Obligations are
outstanding, the Pledged Shares shall constitute not less than 100% of the issued and
outstanding
capital stock of each of BIH and PRM. Pledgor hereby agrees that Pledgor will not:

     (a) sell, transfer, or otherwise dispose of, or grant any option with respect to, any
of the Pledged Shares; or

     (b) create or permit to exist any lien, security interest, or other charge or
encumbrance upon or with respect to any of the Pledged Shares, except for the security
interest under this Agreement.

     5. Termination. Upon satisfaction of all the Obligations, including all costs and
expenses of Pledgee as provided herein, this Agreement shall terminate and Pledgee shall surrender
the Pledged Shares to Pledgor together with all forms of assignment.

     6. Voting Rights and Distributions.

     (a) So long as no Event of Default occurs, Pledgor shall be entitled to exercise any
and all voting rights pertaining to the Pledged Shares and shall be entitled to receive and
retain any distributions paid or distributed in respect of the Pledged Shares.

     (b) Upon the occurrence and during the continuance of an Event of Default, all rights
of Pledgor to exercise the voting rights or receive and retain distributions that it would
otherwise be entitled to exercise or receive and retain shall cease, and all such rights
shall thereupon automatically become vested in Pledgee, who shall thereupon have the sole
right to exercise such voting rights and to receive and retain such distributions. To
effectuate this, Pledgor shall execute the Proxy attached as Exhibit A hereto,
which is fully incorporated herein, upon the execution of this Agreement. Pledgor shall
execute

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and deliver (or cause to be executed and delivered) to Pledgee any other proxies or
instruments as Pledgee may reasonably request for the purpose of enabling Pledgee to
exercise the voting rights which it is entitled to exercise and to receive the
distributions that it is entitled to receive and retain pursuant to the preceding sentence.

     7. Further Assurances. Pledgor agrees that at any time and from time to time upon the
written request of Pledgee, Pledgor shall execute and deliver such further documents (including
UCC financing statements) and do such further acts and things as Pledgee may reasonably request in
order to effect the purposes of this Agreement. Pledgor hereby authorizes Pledgee to file all UCC
financing statements necessary or desirable in order for Pledgee to perfect its security interest
in the Pledged Shares.

     8. Amendments and Miscellaneous Waivers. Any provision of this Agreement may be
amended or waived if, but only if, such amendment or waiver is in writing and is signed by Pledgor
and Pledgee.

     9. Severability. The provisions of this Agreement shall be deemed severable and the
invalidity, illegality or unenforceability of any one or more of the provisions contained herein
shall not affect, invalidate or render unenforceable any other provision of this Agreement.

     10. Binding Effect; Assignment. This Agreement shall be binding upon and shall inure
to the benefit of the parties hereto and their respective heirs, executors, personal and legal
representatives, successors and assigns. Pledgor shall not assign its rights under this Agreement
without the prior written consent of Pledgee.

     11. Governing Law. This Agreement shall be construed in accordance with and governed
by the laws of the State of Kansas without regard to principles of conflict of laws.

     12. No Waiver; Cumulative Remedies. Pledgee shall not, by any act, delay, omission,
or otherwise, be deemed to have waived any of its rights or remedies hereunder, and no waiver
shall be valid unless in writing, signed by Pledgee, and then only to the extent therein set
forth. A waiver by Pledgee of any right or remedy hereunder on any one occasion shall not be
construed as a bar to any right or remedy which Pledgee would otherwise have on any future
occasion. No failure to exercise nor any delay in exercising on the part of Pledgee, any right,
power, or privilege hereunder shall preclude any other or further exercise thereof or the exercise
of any other right, power, or privilege. The rights and remedies herein provided are cumulative
and may be exercised singly or concurrently, and are not exclusive of any rights or remedies
provided by law.

     13. Entire Agreement. This Agreement and the Loan Documents set forth all of the
provisions, agreements, conditions, understandings, representations and warranties among the
parties hereto with respect to the subject matter hereof, and supersede all prior agreements or
understandings, written or oral, among the parties hereto, with respect to the matters set forth
herein and therein.

     14. Counterparts; Telefacsimile Execution. This Agreement may be executed in one or
more counterparts, each of which will be deemed an original and all of which together will
constitute one and the same Agreement. Delivery of an executed counterpart of this Agreement

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by telefacsimile will be equally as effective as delivery of an original executed counterpart of
this Agreement. Any party delivering an executed counterpart of this Agreement by telefacsimile
also will deliver an original executed counterpart of this Agreement but the failure to deliver an
original executed counterpart will not affect the validity, enforceability, or binding effect
hereof.

     15. Waiver of Jury Trial. PLEDGOR AND PLEDGEE HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO
A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF
THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY
CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. PLEDGOR AND PLEDGEE REPRESENT THAT EACH HAS
REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING
CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED
AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

[Remainder of Page Intentionally Left Blank]

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     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day
and year first above written.

	 	 	 	 	 
	 	PLEDGOR:

SunCoast Holdings, Inc.

 	 
	 	By:  	/s/ Steven M. Mart
 	 
	 	 	Name:  	Steven M. Mart 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 
	 	PLEDGEE:

Brooke Credit Corporation

 	 
	 	By:  	/s/ Michael S. Lowry
 	 
	 	 	Name:  	Michael S. Lowry       	 
	 	 	Title:  	President 	 
	 

6exv10w48

Exhibit 10.48

			
	$1,500,000
	 	Date: June 26, 2008

PROMISSORY NOTE

     FOR VALUE RECEIVED, Patriot Risk Management, Inc. (the “‘Borrower”) promises to pay to
Steven M. Mariano (the “Lender”) at 401 E. Las Olas Blvd., Suite 1540, Ft. Lauderdale, FL
33301, or at such other place as the Lender may direct, the sum of one million five hundred
thousand dollars ($1,500,000) (the “Principal Amount”), in United States currency, together
with interest at the time and in the amounts provided herein.

     This Note is the promissory note of Borrower, issued pursuant to agreement between the
Borrower and the Lender. This Note shall be non-negotiable.

	1.	 	Interest. The unpaid portion of the Principal Amount shall bear interest
(“Interest”) computed from the date hereof, at eight percent (8%) which varies daily
to three percent (3%) above the New York Prime Rate as published in the Wall Street
Journal.
	 
	2.	 	Repayment Date. The Principal Amount of this Note, together with Interest accrued
thereon, shall be due and payable six (6) months after the date set forth above, that is
to say no later than 5:00 p.m. on January 2, 2009. Interest shall be payable monthly and
the Principal Amount shall be repaid in its entirety on January 2, 2009.
	 
	3.	 	Guarantee Fee. Borrower shall pay Lender $60,000 as a loan origination and personal
guarantee fee as a result of Lender obtaining these funds, and personally guaranteeing
full repayment, from an underlying loan instrument between Lender and AIeritas Capital
Corporation. This represents four percent (4%) of the principal amount and comports
with previous personal guarantee fee paid by Borrower to Lender for similar personal
guarantees provided on previous financial transactions between Borrower and Lender.
This Guarantee Fee has been approved by Borrower’s Board of Directors.
	 
	4.	 	Prepayment. This Note may be prepaid, at the option of the Borrower, in whole or in
part, at any time or from time to time, without premium or penalty. Any such payment
shall be applied first to payment of Interest accrued and unpaid, and then to payment
of the Principal Amount outstanding and unpaid.
	 
	5.	 	Events of Default. The occurrence of any of the following shall, at the option of the
Lender, constitute an Event of Default:

 

 

	 	A.	 	Voluntary Liquidation, Rehabilitation, Receivership,
Bankruptcy, Etc. If the
Borrower makes an assignment for the benefit of creditors; or if any action is
brought by or against the Borrower seeking its liquidation, rehabilitation or
receivership under applicable bankruptcy laws; or its dissolution or liquidation of
its assets or seeking the appointment of a trustee, interim trustee, receiver or
other custodian for any of the Borrower’s property; or the Borrower commences a
voluntary case under the Federal Bankruptcy Code; or if any reorganization or
arrangement proceeding is instituted by the Borrower for the settlement,
readjustment, composition or extension of any of its debts upon any terms; or if any
action or petition is otherwise brought by or against the Borrower seeking similar
relief or alleging that it is insolvent or unable to pay its debts as they mature;
	 
	 	B.	 	Involuntary Liquidation, Rehabilitation, Receivership,
Bankruptcy, Etc. If any
action is brought against the Borrower seeking its liquidation, rehabilitation or
receivership under applicable bankruptcy laws; or seeking the dissolution of the
Borrower or liquidation of the Borrower’s assets or seeking the appointment of a
trustee, interim trustee, receiver or other custodian for any of its property; and
such action is consented to or acquiesced in by the Borrower, or is not dismissed,
vacated or stayed within ninety (90) days of the date upon which it was instituted;
or if any proceeding under the Federal Bankruptcy Code is instituted against the
Borrower and (i) an Order for relief is entered in such proceeding, or (ii) such
proceeding is consented to or acquiesced in by the Borrower or is not dismissed,
vacated or stayed within ninety (90) days of the date upon which it was instituted;
or if any reorganization or arrangement proceeding is instituted against the
Borrower for the settlement, readjustment, composition or extension of any of its
debts upon any terms, and such proceeding is consented to or acquiesced in by the
Borrower or is not dismissed, vacated or stayed within ninety (90) days of the date
upon which it was instituted; or if any action or petition is otherwise brought
against the Borrower seeking similar relief or alleging that it is insolvent, unable
to pay its debts as they mature, or generally not paying its debts as they become
due, and such action or petition is consented to or acquiesced in by the Borrower or
is not dismissed, vacated or stayed within ninety (90) days of the date upon which
it was brought; or
	 
	 	C.	 	Failure to Make Punctual Payment. Failure of the Borrower to punctually make
payment of any amount payable hereunder to the Lender, whether of the Principal
Amount or Interest thereon, within ten (10) days of the date the same becomes due
and payable, whether at maturity or by acceleration.

	6.	 	Acceleration and Other Remedies. Upon the occurrence of an Event of Default, as
defined above:

 

 

	 	A.	 	Any of the obligations hereunder may, at the option of the Lender and without
presentment, demand, notice or protest of any kind (all of which are hereby
expressly waived), be declared due and payable, whereupon such obligations shall
become due and payable;
	 
	 	B.	 	The Lender may, at its option, and without notice or demand of any kind,
exercise from time to time any and all rights and remedies available to it
under applicable law or in equity; or
	 
	 	C.	 	The Borrower shall pay all costs and expenses (including reasonable attorneys’
fees) incurred by the Lender in enforcing its rights hereunder after maturity or
acceleration hereof. In the event any claim under this Note is referred to an
attorney for collection, or collected by or through an attorney at law, the Borrower
will be liable to the Lender for all expenses incurred in seeking to collect the
obligations or monies or to enforce its rights hereunder, including, without
limitation, reasonable attorneys’ fees.
	 
	 	D.	 	Notwithstanding the above, Borrower shall have ninety (90) days within which to
cure any Event of Default under this promissory note. This period within which to
cure shall begin to run on the date Lender sends written notification to Borrower of
an Event of Default.

	7.	 	Waiver. The Borrower hereby waives presentment, demand, protest, notice of dishonor
and notice of default.
	 
	8.	 	Governing Law. The Borrower agrees that this Note shall be governed and construed in
accordance with the laws of the State of Florida.
	 
	9.	 	Headings. The headings contained herein are solely for the convenience of the parties
and shall be given no effect in the interpretation and construction of this
Note.

DATED
this 26th day of June, 2008

	 	 	 	 	 
	 	BORROWER

PATRIOT RISK MANAGEMENT, INC.

 	 
	 	By:  	/s/ Theodore G. Bryant
 	 
	 	 	Theodore G. Bryant 	 
	 	 	Secretary

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