Document:

EMPLOYMENT AGREEMENT

    

    

    THIS AGREEMENT, effective as of _________, 2019 (the "Effective Date") by and between Protective Insurance Corporation, an Indiana
      corporation (together with its successors and assigns, the "Company"), and Bahr Omidfar (the "Executive");

    

    

    WITNESSETH:

    

    

    WHEREAS, the Company desires to employ the Executive as its Chief Information Officer; and

    

    

    WHEREAS, the Executive desires to accept employment with the Company, subject to the terms and provisions of this Agreement.

    

    

    NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the
      receipt of which is mutually acknowledged, the Company and the Executive (collectively, the "Parties") agree as follows:

    

    

    1. Definitions.  Capitalized terms not otherwise defined herein shall have the meanings set forth in Exhibit A.

    

    

    2. Term.  The "Term" of this Agreement is the period during which the Executive is employed by the Company, beginning on the Effective Date, and the date on which his employment ends is referred to in this
        Agreement as the "Separation Date."  The parties agree that the Executive shall continue to be employed by the Company on an at-will basis during the Term which means that he may terminate his employment at any time for any or no reason, and
        that the Company may terminate his employment at any time for any or no reason.

    

    

    3. Positions,
          Duties and Location.

    

    

    (a) During the Term, the Executive
        shall serve as the Chief Information Officer of the Company (“CIO").  The Executive shall (i) have all authorities, duties and responsibilities customarily exercised by a chief information officer serving at an entity of the size and nature
        of the Company and the Company's Subsidiaries (as applicable); and (ii) have such additional duties and responsibilities, consistent with the foregoing, as may from time to time be assigned by the Chief Executive Officer (CEO).  In his capacity as
        CIO, the Executive shall report directly to the CEO or his/her designee. The terms and conditions of this Agreement shall remain in full force and effect regardless of whether additional titles or roles currently held by the Executive (either for
        the Company or any of its Subsidiaries) change by reason of position elimination, reassignment, removal, or otherwise.

    

    

    (b) During the Term, the Executive
        shall devote substantially all of his business time and efforts to the business and affairs of the Company.

    

    

    (c) During the Term, the Executive's
        principal office, and principal place of employment, shall be in Carmel, Indiana, or within 40 miles thereof; provided, however, that the Executive understands and agrees that he will be required to travel from time to time for business reasons.

    

    

    
      
        

    

    4. Compensation.  Beginning on the Effective Date, the Executive shall receive compensation consistent with the attached Offer Letter.  The Executive’s compensation shall be reviewed no less frequently than annually by the CEO
        and may be modified in the sole discretion of the Company.

    

    

    5. Other Benefits.

    

    

    (a) Employee
            Benefits.  During the Term, the Executive shall be eligible to participate in all employee benefit plans, programs and arrangements, and all fringe benefit arrangements, made available
        generally to other senior executives of the Company, in each case in accordance with their terms; provided, that the Company reserves the right to unilaterally revise, amend, suspend or terminate any employee benefit and fringe plans, programs, and
        arrangements the Company makes available from time to time to other senior executives generally.

    

    

    (b) Paid
            Time Off. During the Term, the Executive shall be entitled to paid time off, in accordance with the Company’s vacation policies and procedures in effect from time to time, provided that the Executive shall schedule the timing and
        duration of his time off in a reasonable manner taking into account the needs of the business of the Company.

    

    

    (c) Reimbursement
            of Business and Other Expenses.  During the Term, the Executive shall be promptly reimbursed for all expenses reasonably incurred by him in connection with his service under this Agreement,
        subject to documentation in accordance with standard policies and procedures adopted by the Company.

    

    

    (d) Relocation/Temporary
            Housing Expenses.  The Company shall pay Executive a cash relocation package equal to $100,000, subject to applicable withholding and deductions.  The cash relocation package will be payable
        in a lump sum in accordance with the Company’s first regular payroll after the Effective Date.  If, prior to March 16, 2020, the Executive’s employment hereunder is terminated by the Company for Cause or by the Executive without Good Reason, then
        the Executive shall repay to the Company the full $100,000 amount of the relocation package.

    6. Stock Grant.    In connection with the execution of this Agreement, the Executive shall receive $300,000 worth of restricted shares of the Company’s Class B Common
        Stock (the “Stock Grant’) under the Company’s Long-Term Incentive Plan.  The Stock Grant shall vest subject to the Executive’s continuing employment according to the following schedule unless otherwise provided within this Agreement or the
        applicable award agreement: (i) 40% of the shares shall vest as of December 31, 2020; (ii) 30% of the shares shall vest as of December 31, 2021; and (iii) the remaining 30% of the shares will vest as of December 31, 2022.   The Executive shall be
        eligible to receive all dividends earned on the shares during the applicable vesting period.   The actual number of shares granted will be determined based on the stock price on the date of the Stock Grant, which shall be within seven (7) days of
        the execution of this Agreement.

    

    

    
      
        

    

    7. Termination
            of Employment. The Company may terminate the Executive's employment at any time, and for any reason. The Executive may terminate the Executive's employment hereunder at any time, and for any
        reason, by delivering written notice to the CEO.  During any such notice period, the Company reserves the right to suspend any or all of the Executive's access, duties or responsibilities and limit the Executive's communications with any customers,
        suppliers, agents, or employee of the Company, as the Company determines in its sole discretion.  Upon any termination of employment, the Executive shall be entitled to receive (1) payment of any Base Salary earned but unpaid through the
        Termination Date, and (2) any vested amounts or benefits required to be paid in accordance with the terms of any applicable plan, program, agreement, corporate governance document or other arrangement of the Company and its Affiliates.

    

    

    (a) Termination
            Without Cause or Resignation for Good Reason. Subject to the terms and conditions of this Agreement, in the event that the Executive’s employment hereunder is terminated due to his resignation for Good Reason or the Executive’s
        employment hereunder is terminated by the Company other than for Cause, the Executive shall receive:

    

    

    (i) an amount, payable in cash equal
        to his annualized Base Salary in effect as of the Termination Date, plus his Target STIP plus his Target LTIP bonuses applicable to the year in which the Separation Date occurs;

    

    

    (ii) full vesting for any unvested
        restricted stock, restricted stock unit award, or any other award granted under the LTIP (the vesting described in this clause (iii) being the “Award Vesting”); and

    

    

    (iii) if the Executive timely elects
        continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall provide the Executive with a reimbursement of the premiums associated with the continuation of his medical, dental
        and vision benefits under COBRA for a period equal to the earliest of (1) twelve (12) months following the Termination Date, (2) the date the Executive first becomes eligible to receive health benefits under another employer-provided plan or (3)
        the date the Executive is no longer eligible for continuation benefits under COBRA.  Notwithstanding the forgoing, if the Company’s making payments under this Section 7(a)(v) would violate the nondiscrimination rules applicable to non-grandfathered
        plans under the Affordable Care Act or any successor law (the “ACA”), or result in the imposition of penalties under the ACA and the related regulations and guidance promulgated thereunder, the Parties agree to reform this Section 8(c)(v) in
        a manner as is necessary to comply with the ACA.

     

    

    (b) Change
            in Control. Subject to the terms and conditions of this Agreement, in the event that (i) the Executive's employment hereunder is terminated (x) by the Company without Cause and in anticipation of a Change in Control to be effectuated
        within one hundred twenty (120) days prior to the Termination Date or (y) by either Party on or before the twenty-four (24) month anniversary of the occurrence of a Change of Control, then Executive shall receive the benefits included under Section
        7(a) (relating to terminations without Cause or resignation for Good Reason).

    

    

    
      
        

    

    (c) No
            Mitigation; No Offset. In the event of any termination of the Executive's employment hereunder, the Executive shall be under no obligation to seek other employment or otherwise mitigate the obligations of the Company under this
        Agreement, and there shall be no offset against amounts or benefits due the Executive under this Agreement or otherwise on account of (x) any Claim that the Company may have against him except for any outstanding loans to the extent then due and
        payable by him to the Company or (y) any remuneration or other benefit earned or received by the Executive after such termination.  There shall also be no reduction of, or offset against, any amount due under any provision of this Agreement by any
        amount due under any other provision of this Agreement.  Any amounts due under this Section 8 are considered to be reasonable by the Company and are not in the nature of a penalty.

    

    

    (d) General
            Waiver and Release. The Executive shall not be entitled to the payments and benefits described in Section 7 unless (x) he first timely executes and delivers the Company's standard mutual release of claims (the " Release"),
        within the time period set forth in the Release, containing a general waiver and release of the Company and its employees, officers, directors, owners and members from any and all claims, obligations and liabilities of any kind whatsoever,
        including those arising from or in connection with the Executive’s employment or termination of employment with the Company or this Agreement (including, without limitation, civil rights claims) and (y) such Release has become irrevocable by him in
        accordance with its terms.

    

    

    8. Section
            280G Parachute Payment.

    

    

    (a) If (i) the aggregate of all amounts
        and benefits due to the Executive, under this Agreement or under any Company plan, program, agreement or arrangement, would, if received by the Executive in full and valued under Section 280G of the Code, constitute "parachute payments" as such
        term is defined in and under Section 280G of the Code (collectively, "280G Benefits"), and if (ii) such aggregate would, if reduced by all federal, state and local taxes applicable thereto, including the excise tax imposed pursuant to
        Section 4999 of the Code, be less than the amount the Executive would receive, after all taxes, if the Executive received aggregate 280G Benefits equal (as valued under Section 280G of the Code) to only three times the Executive's "base amount", as
        defined in and under Section 280G of the Code, less $1.00, then (iii) such cash 280G Benefits (in reverse order of maturity, to the extent that the reduction of such cash 280G Benefits can achieve the intended result) shall be reduced or eliminated
        to the extent necessary so that the 280G Benefits received by the Executive will not constitute parachute payments.  The determinations with respect to this Section 9(a) shall be made by an independent auditor (the "Auditor") paid by the
        Company.  The Auditor shall be the Company's regular independent auditor unless the Executive reasonably objects to the use of that firm, in which event the Auditor will be a nationally recognized firm chosen by the Parties.

    

    

    (b) It is possible that after the
        determinations and selections made pursuant to Section 9(a) the Executive will receive 280G Benefits that are, in the aggregate, either more or less than the amount provided under Section 9(a) (hereafter referred to as an "Excess Payment" or
        "Underpayment", respectively).  If it is established, pursuant to a final determination of a court or an Internal Revenue Service proceeding that has been finally and conclusively resolved, that an Excess Payment has been made, such Excess
        Payment shall be deemed for all purposes to be a loan to the Executive made on the date the Executive received the Excess Payment and the Executive shall promptly repay the Excess Payment to the Company, together with interest on the Excess Payment
        at the applicable federal rate (as defined in and under Section 1274(d) of the Code) from the date of the Executive's receipt of such Excess Payment until the date of such repayment.  In the event that it is determined (x) by arbitration pursuant
        to Section 14, (y) by a court or (z) by the Auditor upon request by any of the Parties, that an Underpayment has occurred, the Company shall promptly pay an amount equal to the Underpayment to the Executive, together with interest on such amount at
        the applicable federal rate from the date such amount would have been paid to the Executive had the provisions of Section 9(a) not been applied until the date of payment.

    

    

    
      
        

    

    9. Indemnification.  If the Executive is made a party, is threatened to be made a party, or reasonably anticipates being made a party, to any Proceeding by reason of the fact that he is or was a director, officer, member,
        employee, agent, manager, trustee, consultant or representative of the Company or any of its Affiliates or is or was serving at the request of the Company or any of its Affiliates, or in connection with his service hereunder, as a director,
        officer, member, employee, agent, manager, trustee, consultant or representative of another Person, or if any Claim is made, is threatened to be made, or is reasonably anticipated to be made, that arises out of or relates to the Executive's service in any of the foregoing capacities, then the Executive shall promptly be indemnified and held harmless (and advanced expenses) to the fullest extent permitted or authorized by the
        Certificate of Incorporation or Bylaws of the Company.

    

    

    10. Restrictive
          Covenants.

    

    

    (a) Confidentiality. The Executive acknowledges and agrees that he shall maintain the confidentiality of this Agreement and shall not disclose it to any other employee of the Company or other person; provided, however, he may
        disclose it to his spouse and/or legal counsel or as required by law and he may disclose or discuss any items of this Agreement which the Company has disclosed in its annual proxy statement filed in accordance with applicable law.

    

    

    The Executive acknowledges and agrees that the Confidential Information, and all physical embodiments thereof, are valuable, special and unique assets of the business of the Company and its
      Subsidiaries (the "Company Group") and have been developed by the Company Group at considerable time and expense. Such Confidential Information is the sole property of the Company Group and the Executive has no individual right or ownership
      interest in any of the Confidential Information. The Executive further acknowledges that access to Confidential Information will be needed in connection with the performance of his duties and responsibilities during his employment with the Company.
      Therefore, the Executive agrees that, except as necessary in regard to his assigned duties and responsibilities with the Company, he shall hold in confidence all Confidential Information and will not reproduce, use, distribute, disclose, publish, or
      otherwise disseminate any Confidential Information, in whole or in part, and will take no action causing, or fail to take any reasonable action necessary to prevent causing, any Confidential Information to lose its character as Confidential
      Information, nor willfully make use of such information for his/her own purposes or for the benefit of any person, firm, corporation, association, or other entity (except the Company Group) under any circumstances.

    

    

    Notwithstanding the above, the Executive may disclose Confidential Information pursuant to a court order, subpoena, or other legal process, provided that, at least ten (10) days (or such lesser period
      as is practicable given the terms of any order, subpoena or other legal process) in advance of any legal disclosure, he shall furnish the Company with a copy of the judicial or administrative order requiring that such information be disclosed
      together with a written description of the information to be disclosed (which description shall be in sufficient detail to allow the Company to determine the nature and scope of the information proposed to be disclosed), and the Executive agrees to
      cooperate with the Company Group to deliver the minimum amount of information necessary to comply with such order.

    

    

    
      
        

    

    Executive agrees to maintain in trust, as the Company's property, all documents, information and Confidential Information, both in tangible and intangible form, concerning the Company's Business or the
      Executive's role for the Company. The Executive agrees to return to the Company all documents or other property belonging to the Company, including any and all copies thereof (whether in tangible or intangible form) in the possession or under the
      control of the Executive upon separation of employment or at any other time upon request of the Company.

    

    

    The provisions of this Section 10(a) shall apply to Confidential Information during the Term and at all times thereafter, and shall survive the termination of the Executive's employment. This Agreement
      supplements and does not supersede Executive's obligations under all statute(s) and common law(s) that protect the Company's trade secrets and/or property. However, nothing in this Agreement or elsewhere shall prohibit the Executive from making
      disclosures of Confidential Information (w) when requested to do so by a governmental or quasi-governmental agency with apparent jurisdiction, or when disclosure is protected by law (e.g., by whistleblower statutes), (x) in the course of any
      proceeding under Section 10(c) or 13 of this Agreement, (y) in confidence to an attorney for the purpose of securing legal advice, or (z) retaining (for personal use only) copies of documents relating to his personal rights, obligations and tax
      liabilities.

    

    

    (b) Unless otherwise determined by the
        Board in writing, the Executive shall not, for his own benefit or the benefit of any other Person, without the prior written consent of the Company and other than in connection with his services hereunder during the Term:

    

    

    (i) During the Term and for a period
        of twelve (12) months thereafter, serve as an executive officer of any Competitor, or in any other position with a Competitor in which the executive would provide services or perform duties in competition with the Company;

    

    

    (ii) During the Term and for a period
        of twelve (12) months thereafter, personally solicit, aid in the solicitation of, induce or otherwise encourage (whether directly or indirectly) any individual who is or was, at the time of such encouragement or within the six (6) months prior to
        such encouragement, employed as an executive, highly-compensated employee, or managerial/supervisory employee of the Company or a Subsidiary, to cease such employment or interfere in any way with the relationship between the Company or a Subsidiary
        and such employee; or

    

    

    (iii) During the Term and for a period
        of twelve (12) months thereafter, directly or indirectly solicit, aid in the solicitation of, induce, or otherwise encourage (whether directly or indirectly) any Customer for the purpose of (a) selling Competitive Services or Products to such
        Person in competition with the Company or (b) inducing such Person to cancel, transfer or cease doing their business with the Company; provided, that the restrictions set forth in clauses (i), (ii) and (iii) of this Section 11(b) shall immediately
        expire in the event that the Company, or any of its Affiliates, shall have materially breached, on or after the Termination Date, any of their material obligations to the Executive under this Agreement or otherwise, which breach shall have
        continued uncured for ten (10) days after the Executive has given written notice requesting cure.

    

    

    
      
        

    

    (c) The Executive acknowledges and
        agrees that the business of the Company is highly competitive, and that the restrictions contained in this Section 10 are reasonable and necessary to protect the Company's legitimate business interests. The Executive further acknowledges that any
        actual or prospective breach may irreparably cause damage to the Company for which money damages may not be adequate. Therefore, in the event of any actual or threatened breach by the Executive of any of the provisions of Section 10(a) or 10(b)
        above, the Company shall each be entitled to seek, through arbitration in accordance with Section 13 or from any court with jurisdiction over the matter and the Executive, temporary, preliminary and permanent equitable/injunctive relief restraining
        the Executive from violating such provision and to seek money damages, together with any and all other remedies available under applicable law.

    

    

    (d) The Executive agrees that he will
        not make or cause to be made any oral or written statements that defame or disparage the Company, its policies or programs, or its past or present officers, directors, employees, agents, or business associates, including but not limited to its past
        or present suppliers or vendors, or take any actions that are harmful to the business affairs of the Company or its employees.  Similarly, Company, as to its Board of Directors and executive management employees only, will not make or cause to be
        made any oral or written statements that defame or disparage the Executive or take any actions that are harmful to his business affairs.

    

    

    (e) The purpose of this Section 10,
        among other things, is to protect the Company from unfair or inappropriate competition, to protect its confidential information and trade secrets, and to prevent competitors from raiding employees of the Company. If the scope or enforcement of this
        Section 10 is ever disputed, a court, arbitrator or other trier of fact may modify and enforce its provisions to the extent it believes is lawful and appropriate. If any provision of this Section 10 is construed to be invalid, illegal or
        unenforceable, then the remaining provisions therein shall not be affected thereby and shall be enforceable without regard thereto.

    

    

    11. Assignability;
          Binding Nature.

    

    

    (a) This Agreement shall be binding
        upon and inure to the benefit of the Parties and their respective successors, heirs (in the case of the Executive) and assigns.

    

    

    (b) No rights or obligations of the
        Company under this Agreement may be assigned or transferred by the Company except that such rights and obligations may be assigned or transferred pursuant to a merger, consolidation or other combination in which the Company is not the continuing
        entity, or a sale or liquidation of all or substantially all of the business and assets of the Company.  In the event of any merger, consolidation, other combination, sale of business and assets, or liquidation as described in the preceding
        sentence, the Company shall use its best reasonable efforts to cause such assignee or transferee to promptly and expressly assume the liabilities, obligations and duties of the Company hereunder.

    

    

    (c) No rights or obligations of the
        Executive under this Agreement may be assigned or transferred by the Executive other than his rights to compensation and benefits, which may be transferred only by will or by operation of law, or as otherwise provided in Section 18(e).

    

    

    
      
        

    

    12. Representations.

    

    

    (a) The Company represents and warrants
        that (i) it is fully authorized by action of its Board (and of any other Person or body whose action is required) to enter into this Agreement and to perform its obligations under this Agreement, (ii) the execution, delivery and performance of this
        Agreement by it does not violate any applicable law, regulation, order, judgment or decree or any agreement, arrangement, plan or corporate governance document to which it is a party or by which it is bound, and (iii) upon the execution and
        delivery of this Agreement by the Parties, this Agreement shall be its valid and binding obligation, enforceable against the Company in accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy,
        insolvency or similar laws affecting the enforcement of creditors' rights generally.

    

    

    (b) The Executive represents and
        warrants that (i) the  delivery and performance of this Agreement by him does not violate any law or regulation applicable to the Executive, (ii) delivery and performance of this Agreement by him does not violate any applicable order, judgment or
        decree or any agreement to which the Executive is a party or by which he is bound and (iii) upon the execution and delivery of this Agreement by the Parties, this Agreement shall be a valid and binding obligation of the Executive, enforceable
        against him in accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally.

    

    

    13. Resolution
            of Disputes. Any dispute, controversy, or claim arising out of or relating to this Agreement, any other agreement between the Executive and the Company or its Affiliates, the Executive's
        employment with the Company, or any termination thereof shall (except to the extent otherwise provided in Section 10(c) with respect to certain requests for injunctive relief) be resolved by binding confidential arbitration, to be held in
        Indianapolis, Indiana, in accordance with the Commercial Arbitration Rules (and not the National Rules for Resolution of Employment Disputes) of the American Arbitration Association and this Section 13b. This Agreement is intended to benefit and
        bind certain third party non-signatories.  The interpretation and enforcement of this provision shall be governed exclusively by the Federal Arbitration Act.  Judgment upon the award rendered by the arbitrator(s) may be entered in any court having
        jurisdiction thereof.

    

    

    
      
        

    

    14. Tax
            Matters.  Notwithstanding anything anywhere to the contrary, this Agreement is intended to be interpreted and applied so that the payment and the benefits set forth herein shall either be
        exempt from the requirements of Section 409A of the Code or any regulations or guidance thereunder ("Section 409A") or shall comply with the requirements of Section 409A. To the extent that any amounts payable in accordance with this
        Agreement are subject to Section 409A, this Agreement shall be interpreted and administered in such a way as to comply with Section 409A to the maximum extent possible. Notwithstanding anything anywhere to the contrary, if the Executive is a
        "specified employee" (within the meaning of Section 409A), any payments or arrangements due upon a termination of the Executive's employment under any arrangement that constitutes a "deferral of compensation" (within the meaning of Section 409A),
        and which do not otherwise qualify under the exemptions under Treas. Reg. Section 1.409A, shall be delayed and paid or provided on the earlier of (i) the date which is six months after the Executive's "separation from service" (as such term is
        defined in Section 409A) for any reason other than death, and (ii) the date of the Executive's death. Each series of payments under this Agreement or otherwise shall be treated as separate payments for purposes of Section 409A. "Termination of
        employment," "resignation" or words of similar import, as used in this Agreement shall mean with respect to any payments subject to Section 409A, the Executive's "separation from service" as defined by Section 409A. If any payment subject to Section 409A is contingent on the delivery of a release by the Executive and could occur in either of two calendar years, the payment will occur in the second calendar year. To the extent that reimbursements
        or other in-kind benefits under this Agreement constitute "nonqualified deferred compensation" subject to Section 409A, (x) all such expenses or other reimbursements hereunder shall be paid on or prior to the last day of the taxable year following
        the taxable year in which such expenses were incurred by the Executive, (y) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for
        reimbursement, or in-kind benefits to provided, in any other taxable year, and (z) the Executive's right to such reimbursement or in-kind benefits shall not be subject to liquidation or exchange for any other benefit. Nothing in this Agreement
        shall be construed as a guarantee of any particular tax treatment to the Executive. The Executive shall be solely responsible for the tax consequences with respect to all amounts payable under this Agreement, and in no event shall the Company have
        any responsibility or liability if this Agreement does not meet any applicable requirements of Section 409A.

    

    

    15. Notices. Any notice, consent, demand, request, or other communication given to a Person in connection with this Agreement shall be in writing and shall be deemed to have been given to such Person (x) when delivered
        personally to such Person, (y) provided that a written acknowledgment of receipt is obtained, five (5) days after being sent by prepaid certified or registered mail, or two days after being sent by a nationally recognized overnight courier, to the
        address (if any) specified below for such Person (or to such other address as such Person shall have specified by ten days' advance notice given in accordance with this Section 16), or (z), on the first business day after it is sent by portable
        document format ("pdf") to the email address set forth below (or to such other email address as shall have specified by ten days' advance notice given in accordance with this Section 16).

    

    

    If to the Company: Protective Insurance Corporation

    111 Congressional Blvd., Suite 500

    Carmel, IN 46032

    Attention: General Counsel

    Email: swignall@protectiveinsurance.com

    

    

    
      
        	If to the Executive:	
                The address of the Executive’s principal residence (or his personal email address) as it appears in the Company’s records, with a copy to him (during the Term) at the Company’s office in Carmel, IN.

              

      

    

    

    

    
      
        

    

    

    

    16. Recoupment/Clawback. Notwithstanding any other provisions in this Agreement to the contrary, any incentive-based compensation, or any other compensation, paid to the Executive pursuant to this Agreement or
        any other agreement or arrangement with the Company or any of its affiliates, which may be subject to recovery under any law, government regulation, or stock exchange listing requirement, as may be amended from time to time, will be subject to such
        deductions and clawback as may be required to be made pursuant to such law, government regulation, or stock exchange listing requirement (either in existence on the Effective Date or adopted thereafter), as may be amended from time to time, to the
        extent reasonably required by any such law, government regulation, or stock exchange listing requirement, as determined by the Board in its sole and absolute discretion.

    17. Miscellaneous.

    

    

    (a) Entire
            Agreement. This Agreement contains the entire understanding and agreement among the Parties concerning the subject matter hereof and supersedes in its entirety, as of the Effective Date, any
        prior agreement (written or oral) between the Executive and the Company with respect to its subject matter.

    

    

    (b) Amendment
            or Waiver. No provision in this Agreement may be amended unless such amendment is set forth in a writing that expressly refers to the provision of this Agreement that is being amended and that
        is signed by the Executive and by an authorized officer of the Company. No waiver by any Party of any breach of any condition or provision contained in this Agreement shall be deemed a waiver of any similar or dissimilar condition or provision at
        the same or any prior or subsequent time. To be effective, any waiver must be set forth in a writing signed by the waiving Party.

    

    

    (c) Inconsistencies. In the event of any inconsistency between any provision of this Agreement and any provision of any company plan, program, agreement or arrangement, the provisions of this Agreement shall control unless the
        Executive otherwise agrees in a writing that expressly refers to the provision of this Agreement whose control he is waiving.

    

    

    (d) Headings. The headings of the Sections and sub-sections contained in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any provision of this Agreement.

    

    

    (e) Survivorship. Except as otherwise set forth in this Agreement, the respective rights and obligations of the Parties hereunder shall survive any termination of the Executive's employment.

    

    

    (f) Severability. To the extent that any provision or portion of this Agreement shall be determined to be invalid or unenforceable for any reason, in whole or in part, the remaining provisions of this Agreement shall remain in
        full force and effect so as to achieve the intentions of the Parties, as set forth in this Agreement, to the maximum extent possible.

    

    

    
      
        

    

    (g) Withholding
            Taxes. The Company may withhold from any amount or benefit payable under this Agreement taxes that it is required to withhold pursuant to any applicable law or regulation.

    

    

    (h)  Cooperation. During the Term and thereafter, the Executive agrees to cooperate with the Company and be available to the Company with respect to continuing and/or future matters related to his employment with the Company (if
        occurring after termination of employment, to the extent not interfering with the Executive's other business endeavors or personal commitments), whether such matters are business-related, legal, regulatory or otherwise (including, without
        limitation, the Executive appearing at the Company's request to give testimony without requiring service of a subpoena or other legal process, volunteering to the Company all pertinent information and turning over to the Company all relevant
        documents which are or may come into the Executive's possession). Following the Term, the Company shall reimburse the Executive for all reasonable out of pocket expenses incurred by the Executive in rendering such services that are approved by the
        Company.

    

    

    (i) Governing
            Law. This Agreement shall be governed, construed, performed and enforced in accordance with its express terms, and otherwise in accordance with the laws of the State of Indiana, without
        reference to principles of conflict of laws.

    

    

    (j) Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall be deemed to be one and the same instrument. Signatures delivered by
        facsimile (including, without limitation, by "pdf") shall be effective for all purposes.

    

    

    [signature page follows]

    
      
        

    

    IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first set forth above.

    

    

    Protective Insurance Corporation

    

    

    By:  _________________________

    

    

    Name: Jeremy D. Edgecliffe-Johnson

    

    

    Title: Chief Executive Officer

    

    

    

    

    The Executive

    

    

    _______________________________

    Bahr Omidfar

    

    

    
      
        

    

    EXHIBIT A

    

    

    DEFINITIONS

    

    

    (a) "Affiliate" of a Person shall mean any Person that
        directly or indirectly controls, is controlled by, or is under common control with, such Person.

    

    

    (b) “Agreement” shall mean this Employment Agreement, which
        includes for all purposes its Exhibits.

    

    

    (c) "Cause" shall mean, for purposes of this Agreement, the
        occurrence of any of the following events:

    

    

    (i) the Executive commits, is convicted
        of, or pleads guilty or nolo contendere to, any crime;

    

    

    (ii) the Executive's perpetration of an
        act of fraud, embezzlement, theft or any other material violation of law that occurs in the course of the Executive's employment with the Company;

    

    

    (iii) the Executive's intentional
        damage to the assets of the Company or any of its Affiliates;

    

    

    (iv) the Executive's intentional and
        material disclosure of Confidential Information contrary to this Agreement or any agreements between the Executive and the Company or any of its Affiliates;

    

    

    (v) the Executive's material breach of
        his obligations under this Agreement or any agreement between the Executive and the Company or any of its Affiliates;

    

    

    (vi) the Executive's engagement in any
        competitive activity which would constitute a breach of the Executive's duty of loyalty or of his obligations under this Agreement or any agreement between the Executive and the Company or any of its Affiliates;

    

    

    (vii) the Executive's material breach
        of any of the Company's written policies;

    

    

    (viii) the Executive's willful and
        continued failure to substantially perform his duties under this Agreement (other than as a result of incapacity due to physical or mental illness);

    

    

    (ix) any regulatory agency recommends
        or determines that Executive is ineligible, unauthorized, or unfit to hold any director or officer position with the Company or any of its subsidiaries or Affiliates; or

    

    

    (x) any misconduct or omission by the
        Executive that is materially injurious to the business or financial reputation of the Company or any of its Affiliates.

    

    

    
      
        

    

    For purposes of determining whether an event of Cause has occurred, an act, or a failure to act, shall not be deemed willful or intentional, as those terms are defined herein, unless it is done, or
      omitted to be done, by the Executive in bad faith or without a reasonable belief that his action or omission was in the best interest of the Company. "Cause" also includes any of the above grounds for dismissal regardless of whether the Company
      learns of it before or after terminating the Executive's employment.

    

    

    (d) “Change in Control” shall mean the occurrence of any of
        the following events:

    

    

    (i) Any Person (as defined
        below)acquires ownership of the Class A Common Stock that, together with Class A Common Stock previously held by the acquirer, constitutes more than fifty percent (50%) of the total market value or Voting Securities of the Company's outstanding
        stock  If any Person is considered to own more than fifty percent (50%) of the total market value or Voting Securities of the Company's outstanding stock, the acquisition of additional stock by the same Person does not cause such a change in
        ownership.  An increase in the percentage of stock owned by any Person as a result of a transaction in which the Company acquires its stock in exchange for property, is treated as an acquisition of stock; 

    

    

    (ii) Any Person acquires ownership of
        the Company's stock possessing at least thirty percent (30%) of the Company's Voting Securities;

    

    

    (iii) The Company combines with another
        entity and is the surviving entity, or (y) all or substantially all of the assets or business of the Company is disposed of pursuant to a sale, merger, consolidation, liquidation, dissolution or other transaction or series of transactions (each of
        (x) and (y) being a "Triggering Event") unless the holders of Voting Securities of the Company immediately prior to such Triggering Event own, directly or indirectly, more than two-thirds of the Voting Securities (measured both by number of Voting
        Securities and by voting power) of  (1) in the case of a combination in which the Company is the surviving entity, the surviving entity and (2) in any other case, the entity (if any) that succeeds to all or substantially all of the Company's
        business and assets; or

    

    

    (iv) Any Person acquires (assets from a
        corporation that have a total gross fair market value equal to at least forty percent (40%) of the total gross fair market value of all the Company's assets immediately prior to the acquisition or acquisitions.  Gross fair market value means the
        value of the Company's assets, or the value of the assets being disposed of, without regard to any liabilities associated with these assets.

    

    

    In determining whether a Change of Control occurs, the attribution rules of Code Section 318 apply to determine stock ownership.  For purposes of the definition of Change of Control, a "Person" shall
      mean any person, entity or "group" within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act of 1934, as amended, except that such term shall not include (a) the Company or any of its subsidiaries, (b) a trustee or
      other fiduciary holding securities under an employee benefit plan of any member of the Company Group, (c) an underwriter temporarily holding securities pursuant to an offering of such securities or (d) an entity owned, directly or indirectly, by the
      stockholders of the Company in substantially the same proportions as their ownership of shares of the Company.

    

    

    
      
        

    

    (e) “Claim” shall include, without limitation, any claim,
        demand, request, investigation, dispute, controversy, threat, discovery request, or request for testimony or information.

    

    

    (f) "Code" shall mean the Internal Revenue Code of 1986, as
        amended. Any reference to a particular section of the Code shall include any provision that modifies, replaces or supersedes such section.

    

    

    (g) "Competitive Services or Products" shall mean those
        products offered by or in development by the Company, as provided in a list of Competitive Services and Products to be provided to Executive no later than seven (7) days after the Effective Date, which list may be updated during the Term by the
        Company.

    

    

    (h) "Competitor" shall mean any existing or newly-formed
        Person or entity, including divisions or subsidiaries thereof that offers, markets or administers Competitive Products or Services, in any geographic area in which the Company offers such products or services.

    

    

    (i) "Confidential Information" shall mean all confidential
        or proprietary information developed or used by the Company or its Affiliates relating to their business, operations, employees, customers, suppliers or distributors including, but not limited to: confidential or proprietary customer lists,
        purchase orders, financial data, pricing information and price lists; confidential or proprietary business plans and market strategies and arrangements; confidential or proprietary books, records, manuals, advertising materials, catalogues,
        correspondence, mailing lists, production data, sales materials, sales records, purchasing materials, purchasing records, personnel records and quality control records; confidential or proprietary trademarks, copyrights and patents, and
        applications therefor; trade secrets; confidential or proprietary inventions, processes, procedures, research records, market surveys and marketing know-how; and confidential or proprietary technical papers, software, computer programs, data bases
        and documentation thereof, including but not limited to source codes, algorithms, processes, formulae and flow charts. The term "Confidential Information" shall not include any document, record, data compilation, or other information that
        (x) has previously been disclosed to the public, or is in the public domain, other than as a result of the Executive's breach of Section 10(a), or (y) is known or generally available to the public or within any trade or industry of the Company or
        any of its Affiliates.

    

    

    (j) "Customer" shall mean any Person to whom the Company or
        a Subsidiary sold or distributed products or services during the two years prior to the Termination Date, and any prospective customer who the Company has provided a proposal for products or services at the time of Termination (or within the prior
        six (6) month period).

    

    

    (k) “Good Reason” shall mean, for purposes of this
        Agreement, the occurrence of any of the following events without the Executive's prior written consent:

    

    

    (i) any material diminution in the
        Executive's responsibilities or authorities; or any material change in the Executive’s reporting structure; or

    

    

    
      
        

    

    (ii) any relocation of the Executive's
        principal office, or principal place of employment, to a location that is more than 40 miles from its location in Carmel, Indiana; provided, however, that no event or condition described in sub clauses (i) or (ii) above shall
        constitute Good Reason unless (A) the Executive gives the Company written notice of his objection to such event or condition within 90 days following the occurrence of such event or condition, (B) such event or condition is not corrected, in all
        material respects, by the Company within 30 days following the Company’s receipt of such notice (or if such event or condition is not susceptible to correction within such 30-day period, the Company has taken all reasonable steps within such 30-day
        period to correct such event or condition) and (C) the Executive resigns from his employment with the Company not more than 30 days following the expiration of the 30-day period described in the foregoing clause (B).

    

    

    (iii) Individuals who are Continuing
        Independent Directors cease for any reason to constitute a 1/2 majority of the independent members of the Board;

    

    

    
      	
              a.

            	
              “Continuing Independent Director” means an individual (i) who is as of the Effective Date, an independent director of the Company, or (ii) who becomes an independent director of the Company after the Effective
                Date and whose initial election, or nomination for election by the Company’s shareholders, was vetted and recommended by the Nominating & Governance Committee and approved by at least a 1/2 majority of the then Continuing Independent
                Directors, but excluding, for the purposes of this clause (ii), an individual whose initial assumption of office occurs as a result of an actual or threatened proxy contest relating to the election of directors.

            

    

    

    

    (l)  "Person" shall mean any individual, corporation,
        partnership, limited liability company, joint venture, trust, estate, board, committee, agency, body, employee benefit plan, or other person or entity.

    

    

    (m) "Proceeding" shall include, without limitation, any
        actual, threatened or reasonably anticipated action, suit or proceeding, whether civil, criminal, administrative, investigative, appellate, formal, informal or other.

    

    

    (n) “Pro-Rata STIP” shall mean an amount equal to the
        product obtained by multiplying (x) the aggregate amount of the Target STIP that the Executive would have been eligible to receive for the calendar year in which his employment hereunder terminated, if his employment hereunder had continued times
        (y) a fraction, the numerator of which is 365 minus the number of days remaining in such year after the Termination Date and the denominator of which is 365.  Any Pro-Rata STIP shall be paid in a cash lump sum by the sixty-fifth (65th)
        day following the Termination Date.

    

    

    (o) “Pro-Rata LTIP” shall mean an amount equal to the
        product obtained by multiplying (x) the aggregate amount of the Target LTIP that the Executive would have been eligible for the calendar year in which his employment hereunder terminated, if his employment hereunder had continued times (y) a
        fraction, the numerator of which is 365 minus the number of days remaining in such year after the Termination Date and the denominator of which is 365.  Any Pro-Rata LTIP shall be paid in a cash lump sum by the sixty-fifth (65th) day
        following the Termination Date.

    

    

    
      
        

    

    (p) "Subsidiary" shall mean any entity for which the
        Company owns a majority of the entity's Voting Securities.

    

    

    (q) "Voting Securities" shall mean issued and outstanding
        securities of any class or classes having general voting power, under ordinary circumstances in the absence of contingencies, to elect, the members of the board of directors (or similar governing body) of the issuer.PROTECTIVE INSURANCE CORPORATION

    LONG-TERM INCENTIVE
        PLAN AWARD AGREEMENT

     

      

    	
            This Award Agreement (this “Award Agreement”), and including any Exhibit attached hereto (the “Exhibit”),
              is made and entered into as of ]Insert date], by and between Protective Insurance Corporation, an Indiana corporation (the “Company”), and  [Insert employee name] (the “Employee” or “you”).

          	 

    

    

    1. General.  Unless otherwise defined herein, the terms defined in the Protective
        Insurance Corporation Long-Term Incentive Plan (the “Plan”) shall have the same defined meanings in this Award Agreement.  The Plan and the Employee’s
        Agreement(s) (as defined below), which are incorporated by reference, and this Award Agreement, constitute the entire understanding and agreement between Employee and the Company regarding the target number of Performance Units and restricted
        shares in your account.

    

    

    
      	
              a.

            	
              “Employee’s Agreement” shall mean the [Insert
                  name and date of any employment or Non-Compete/Severance agreement with Employee]

            

    

    

    

    
      	
              b.

            	
              “Performance Units” means the right of a Participant to receive cash or Shares, upon achievement of the Performance Goals, in accordance with the
                Plan.

            

    

    

    

    
      	
              c.

            	
              “Share” shall mean one share of the Company’s Class B Common Stock.

            

    

    

    

    2. Grant of Shares and Performance Units.  Subject to the terms and conditions of the
        Plan, the Employee’s Agreement(s), and this Award Agreement, the Company grants to Employee restricted Shares and/or Performance Units as detailed in the Exhibit(s).

    

    

    3. Vesting of Shares and Performance Units.  Subject to the terms and conditions of the
        Plan and this Award Agreement, the Shares, Performance Units and any related accrued Dividend Equivalents shall vest as specified in the applicable Exhibit, provided that you remain continuously employed by the Company or a Subsidiary on the
        Vesting Dates.

    

    

    4. Form and Timing of Payment.  Subject to the terms and conditions of the Plan, the
        Employee’s Agreement(s) and this Award Agreement, each vested Performance Unit, plus any related Dividend Equivalents, regardless of form, will be paid as soon as practical after its Vesting Date, but in no event later than seventy-four (74) days
        following its Vesting Date; provided, however, that you will not be permitted, directly or indirectly, to designate the taxable year of the distribution.

    

    

    5. Dividends or Dividend Equivalents.  As specified in the applicable Exhibit, Share and
        Performance Unit awards may entitle you to earn Dividends or Dividend Equivalents.  “Dividends” are the cash dividends on issued but unvested Shares.  Any Dividends or Dividend Equivalent will be in the form of cash, will be subject to the same
        terms and vesting date as the corresponding Shares or Performance Units (including the attainment of the vesting terms specified in the applicable Exhibit), and will be paid at the same time as payment is made on the corresponding Performance
        Units.  Any Dividend or Dividend Equivalent payment will be included in the Employee’s regular payroll as gross wages, when paid to you.  IRS
        regulations require that Dividends paid by the Company on restricted shares prior to vesting be taxed as ordinary income.  Dividend Equivalents will vest at the same time as their corresponding Performance Units and convert into the right to
        receive payment only to the extent the underlying Performance Units vest and become payable.

    

    

    
      
        

    

    6. Effect of Termination of Employment

    
      
        	

              	6.1	
                Termination of Employment with or without Cause; Resignation for any Reason. 
                  If your employment with the Company or a Subsidiary is terminated with or without Cause or you resign your employment with the Company or a Subsidiary for any reason, any unvested Shares (and any related Dividends), all outstanding
                  Performance Units (and any related Dividend Equivalents), and any vested Performance Units (and any related Dividend Equivalents) that have not yet been settled, will immediately be cancelled and forfeited without payment.

              

      

    

    

    

    
      
        	

              	6.2	
                Termination of Employment Due to Disability or death.  If your employment
                  with the Company or a Subsidiary is terminated on account of death or Disability, (i) any awarded but unvested Shares will vest in accordance with the
                  applicable Exhibit and payment (if any) will be made in accordance with Section 4 or as otherwise provided in the applicable Exhibit and (ii) any outstanding Performance Units (and related Dividend Equivalents)  shall be immediately
                  cancelled and forfeited without payment.

              

      

    

    

    

    
      
        	

              	6.3	
                Termination of Employment without Cause following a Change of Control. 
                  Unless specifically prohibited by the Plan or unless the Committee provides otherwise prior to a Change of Control, upon the occurrence of a Change of Control and a termination of your employment with the Company or a Subsidiary without
                  Cause on or before the first anniversary of the occurrence of a Change of Control, (i) any unvested Shares shall vest and be payable in accordance with Section 4 and (ii) any outstanding Performance Units shall be payable in accordance
                  with Section 10(b) of the Plan.

              

      

    

    

    

    
      
        	

              	6.4	
                Specified Employees.  Notwithstanding anything herein to the contrary, if
                  you are a “specified employee” within the meaning of Section 409A(a)(2)(B)(i), as determined under the Company’s established methodology for determining specified employees, at the time of your separation from service, any payment
                  hereunder that provides for a “deferral of compensation” within the meaning of Section 409A shall not be paid or commence to be paid on any date prior to the first business day after the date that is six months following your separation
                  from service; provided, however, that a payment delayed pursuant to this Section 6.4 shall commence earlier in the event of your death prior to the end of the six-month period.

              

      

    

    

    

    7. Tax Withholding.

    

    

    
      
        	

              	7.1	
                You acknowledge and agree that Company may refuse to issue or deliver Shares or the proceeds of the sale of Shares to you until satisfactory arrangements (as
                  determined by the Company) have been made for the payment of income, employment, payroll tax, fringe benefit tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you,
                  including in connection with the vesting and settlement of the Performance Units, the subsequent sale of Shares acquired upon settlement of the Performance Units [and the receipt of any Dividend Equivalents] (“Tax-Related Items”) that the Company determines must be withheld.

              

      

    

    

    

    
      
        	

              	7.2	
                 The Company has the right (but not the obligation) to satisfy any Tax-Related Items by (i) withholding from proceeds of the sale of Shares acquired upon the
                  settlement of the Performance Units through a sale arranged by the Company (on your behalf pursuant to this authorization without further consent), (ii) requiring you to pay cash, (iii) withholding from any wages or other cash
                  compensation payable to you by the Company or your employer (the “Employer”), and/or (iv) reducing the number of Shares otherwise deliverable to
                  you.  The Company will have discretion to determine the method of satisfying Tax-Related Items consistent with its current policy.  In this regard, you authorize the Company and/or the Employer, or their respective agents, at their
                  discretion, to satisfy any applicable withholding obligations with regard to all Tax-Related Items by one or a combination of the aforementioned withholding methods.  Depending on the withholding method, the Company may withhold or
                  account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates, in which case you will receive a refund of any over-withheld amount in
                  cash with no entitlement to the Share equivalent or if not refunded, you may seek a refund from the local tax authorities.   If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, you are deemed
                  to have been issued the full number of Shares subject to the vested Performance Units, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items.

              

      

    

    

    

    
      
        

    

    
      
        	

              	7.3	
                Regardless of any action of the Company, you acknowledge that the ultimate liability for all Tax-Related Items is and remains your responsibility and may exceed the
                  amount actually withheld by the Company or the Employer.  You further acknowledge that the Company and the Employer (x) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect
                  of the Performance Units; and (y) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Performance Units to reduce or eliminate your liability for Tax-Related Items or achieve any
                  particular tax result.

              

      

    

    

    

    

    

    8. Acknowledgements and Award Agreements.  You agree, accept and acknowledge the
        following:

    (a) THE PERFORMANCE UNITS AND THIS AWARD AGREEMENT DO NOT CREATE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED EMPLOYMENT FOR ANY PERIOD, AND WILL NOT INTERFERE IN ANY WAY WITH YOUR
        RIGHT OR THE RIGHT OF THE COMPANY OR THE EMPLOYER TO TERMINATE YOUR EMPLOYMENT AT ANY TIME, WITH OR WITHOUT CAUSE.

    (b) All decisions or interpretations of the Committee or the Company regarding the Plan, this Award Agreement, and the Performance Units that are consistent with the terms of this
        Award Agreement shall be binding, conclusive and final on you and all other interested persons.

    (c) The Plan is established voluntarily by the Company, it is discretionary in nature, and may be modified, amended, suspended or terminated by the Company at any time, to the
        extent permitted by the Plan.

    (d) The grant of Performance Units is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of Performance Units, or
        benefits in lieu of Performance Units, even if Performance Units have been granted in the past.  All decisions regarding future Awards, if any, will be at the discretion of the Company.

    (e) No claim or entitlement to other compensation or damages shall arise from forfeiture of the Performance Units resulting from the termination of your employment or other service
        relationship (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are employed or the terms of your Employee’s Agreement(s)).

    9. No Advice Regarding Grant.  The Company is not providing any tax, legal or financial
        advice, nor is the Company making any recommendations regarding your participation in the Plan, or your acquisition or sale of the underlying Shares. 

    10. Section 409A Compliance.  The Performance Units are intended to comply with Section
        409A or an exemption thereunder, and, accordingly, to the maximum extent permitted, the Performance Units and this Award Agreement shall be interpreted and administered in compliance therewith.  Notwithstanding any other provision of this Award
        Agreement, payments provided pursuant to this Award Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption.  Any payments pursuant to this Award Agreement that may be excluded from
        Section 409A as a short-term deferral shall be excluded from Section 409A to the maximum extent possible.  To the extent that any provision of this Award Agreement would cause a conflict with the requirements of Section 409A or would cause the
        administration of the Performance Units to fail to satisfy Section 409A or an applicable exemption, such provision shall be deemed null and void to the extent permitted by applicable law.  Nothing herein shall be construed as a guarantee of any
        particular tax treatment.  The Company makes no representation that this Award Agreement or the Performance Units comply with Section 409A and in no event shall the Company be liable for the payment of any taxes and penalties that you may incur
        under Section 409A.

     

      

    
      
        

    

    11. Rights as Shareholder.  Neither you nor any person claiming under or through you will
        have any of the rights or privileges of a shareholder of the Company in respect of any Shares deliverable hereunder unless and until Shares have been issued hereunder and recorded on the records of the Company or its transfer agents or registrars.

    12. Notices.  Any notice to be given under this Award Agreement to the Company will be
        addressed to: Protective Insurance Corporation, 111 Congressional Blvd, Suite 500; Carmel, IN 46032, Attention:  Secretary of the Company.  Any notice to be given under this Award Agreement to you will be provided to the physical or electronic mail
        address maintained in the Company’s records; or in either case, at such other address as the Company or you, as the case may be, may hereafter designate in writing.

    13. Governing Law; Venue.  To the extent not preempted by federal law, the Performance
        Units and this Award Agreement will be governed by and construed in accordance with the laws of the State of Indiana, without regard to its conflicts of law provisions.  The parties agree that any legal action, suit or proceeding arising from or
        related to this Award Agreement shall be instituted exclusively in the state courts of Indiana located in Hamilton County or in the federal courts for the United States for the Southern District of Indiana and no other courts.  The parties consent
        to the personal jurisdiction of such courts over them, waive all objections to the contrary, and waive any and all objections to the exclusive location of legal proceedings in Hamilton County or in the federal courts for the United States for the
        Southern District of Indiana.

    14. Award Not Transferable.  The Performance Units and any rights and privileges conferred
        by the Performance Units may not be transferred, assigned, pledged or hypothecated in any manner (whether by operation of law or otherwise) other than by will or by the laws of descent or distribution.  The terms of the Plan and this Award
        Agreement shall be binding upon your executors, administrators, heirs, successors and assigns.

    15. Additional Conditions to Issuance of Shares.  If at any time the Company determines,
        in its discretion, that the listing, registration or qualification of the Shares upon any securities exchange or under any foreign, state, federal law, or the consent or approval of any governmental regulatory authority is necessary or desirable as
        a condition to the issuance of Shares to you (or your estate), such issuance will not occur unless and until such listing, registration, qualification, consent or approval will have been effected or obtained free of any conditions not acceptable to
        the Company.

    16. Imposition of Other Requirements.  The Company reserves the right to impose other
        requirements on your participation in the Plan, on the Performance Units and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal, regulatory or administrative reasons, and to require
        you to sign any additional Award Agreements or undertakings that may be necessary to accomplish the foregoing.

     

      

    
      
        

    

    17. Insider-Trading/Market-Abuse Laws.  You acknowledge that you may be subject to
        insider-trading restrictions and/or market-abuse laws, which may affect your ability to acquire or sell Shares acquired under the Plan during such times as you are considered to have “inside information” regarding the Company.  Any restrictions
        under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider-trading policy.  You are responsible for complying with any applicable restrictions and are encouraged to
        speak to your personal legal advisor for further details regarding any applicable insider-trading and/or market-abuse laws.

    18. Severability.  In the event any provision of this Award Agreement shall be held
        illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Award Agreement, and the Award Agreement shall be construed and enforced as if the illegal or invalid provision had not been included.

    19. Modifications to this Award Agreement.  Amendments or modifications to this Award
        Agreement that adversely affect your rights under this Award Agreement in any material way may only be made with your express written consent.   Notwithstanding anything to the contrary in the Plan or this Award Agreement, the Company reserves the
        right to revise this Award Agreement as it deems necessary, in its reasonable discretion and without your consent (provided there is no loss of economic value), to comply with Section 409A or to otherwise avoid imposition of any additional tax or
        income recognition under Section 409A in connection to the Performance Units, or to comply with other applicable laws.

    20. Inconsistencies.  In the event of any inconsistency between any provision of this
        Award Agreement and any provision of the Employee’s Agreement(s), the provisions of this Award Agreement shall control unless you otherwise expressly agree in a writing signed by you.  By signing below, you acknowledge and agree that the award
        described in Exhibit A shall not be considered a “Bonus” under the Employee’s Agreement(s) and shall not be subject to any provisions of the Employee’s Agreement(s) which trigger accelerated vesting of outstanding equity awards.

    21. Waiver.  You and the Company acknowledge that a waiver of any breach of any provision
        of this Award Agreement shall not operate or be construed as a waiver of any other provision of this Award Agreement or of any subsequent breach of this Award Agreement.  No waiver of any provision of this Award Agreement shall be effective unless
        such a waiver is expressly agreed upon in a writing that is signed by the party against whom it is sought to be enforced.

    

    

    _________________________________________

    Employee Signature

    

    

    _________________________________________

    Date

    

    

    

    

    ___________________________

    Company Signature

    

    

    ___________________________

    DateEXHIBIT A –  November Stock Grant

    

    

    

    

    
      
        

    

    Stock Grant of Shares.  The Employee is
      eligible for a Stock Grant pursuant to the offer of employment.   Effective as of  [Insert date], the Company grants to Employee [Insert value] worth of restricted Shares of  its Class B common stock, subject to the terms and conditions of the Plan, the Award Agreement, the
      Employment Agreement and this Exhibit B.   The number of Shares granted will be equal to the equity grant value divided by the closing price of the Company’s Class B Shares on [Insert date] (the “Grant Date”), and rounded up the nearest whole share amount.

    

    

    Time-Based Vesting Criteria.  The restricted
      Class B shares of common stock issued pursuant to the Stock Grant shall vest, subject to your continued employment, as of [Insert date].   Upon vesting, the Executive shall be eligible to receive all dividends earned on the shares during the applicable vesting period. 

    

    

    Accelerated Vesting.  Should Employee’s
      employment with the Company be terminated by either the Company or the Employee prior to [Insert date], the Employee’s rights to any portion of
      the unvested Stock Grant shall be forfeited.

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