Document:

Exhibit

Exhibit 10.7
TERMINATION AGREEMENT
This TERMINATION AGREEMENT (this “Agreement”), dated as of July 16 2020, is by and among Altaris Capital Partners, LLC, a Delaware limited liability company (“Advisor”), BIC Holdings LLC, a Delaware limited liability company (“BIC Holdings”), Trean Holdings LLC, a Delaware limited liability company (“Trean Holdings”), and Trean Insurance Group, Inc., a Delaware corporation (“Trean Insurance Group”).  The parties hereto are referred to herein as the “Parties”. 
WITNESSETH:
WHEREAS, Advisor and BIC Holdings entered into that certain Consulting Agreement, dated as of July 31, 2015 (the “BIC Consulting Agreement”);
WHEREAS, Advisor and Trean entered into that certain Amended and Restated Consulting Agreement, dated as of April 29, 2016 (as amended, the “Trean Consulting Agreement” and, collectively with the BIC Consulting Agreement, the “Consulting Agreements”);
WHEREAS, reference is made to that certain Reorganization Agreement, dated as of the date hereof (the “Reorganization Agreement”), by and among Trean Insurance Group, BIC Holdings, Trean Holdings, Trean Corporation, a Minnesota corporation, Trean Compstar Holdings LLC, a Delaware limited liability company, and the Pre-IPO Unitholders (as defined therein), pursuant to which, among other things, all of the assets and obligations of BIC Holdings and Trean Holdings (including those under the Consulting Agreements) were transferred to and assumed by Trean Insurance Group; and
WHEREAS, pursuant to each Consulting Agreement, the Parties have agreed to terminate the Consulting Agreements immediately prior to the IPO (as defined in the Reorganization Agreement), subject to the terms set forth below.
NOW, THEREFORE, in consideration of the foregoing, the mutual promises, covenants and agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
1.    Termination.  The Parties acknowledge and agree that, (i) as promptly as practicable, and in any event within three business days after the consummation of the IPO, Trean Insurance Group (as assignee of BIC Holdings’ obligations under the BIC Consulting Agreement) shall pay or cause to be paid to Advisor Six Million One Hundred Thirty-Eight Thousand Eight Hundred Sixty Dollars ($6,138,860) (the “BIC Exit Fee Amount”), and Trean Insurance Group (as assignee of Trean Holdings’ obligations under the Trean Consulting Agreement) shall pay or cause to be paid to Advisor One Million Five Hundred Thousand Eight-Five Dollars ($1,500,085) (the “Trean Exit Fee Amount” and, collectively with the BIC Exit Fee Amount, the “Exit Fee Amounts”), which represent all amounts owing to Advisor under the Consulting Agreements, including without limitation the outstanding amount of all accrued and unpaid reimbursable expenses and Consulting Fees (as defined in the Trean Consulting Agreement), and (ii) effective at the time of the IPO (but subject to the following sentence) the Consulting Agreements shall be terminated.  Upon payment of the Exit Fee Amounts to Advisor by Trean Insurance Group and such termination of the Consulting Agreements, notwithstanding any provision to the contrary contained in the Consulting Agreements, the Consulting Agreements shall be of no further force or effect, and no party thereto shall have any surviving obligations, rights or duties thereunder, except (a) the obligation of Trean Insurance Group to pay the Exit Fee Amounts to Advisor as provided above, and (b) the obligations of Trean Insurance Group (as assignee 

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of BIC Holdings’ and Trean Holdings’ obligations under the Consulting Agreements) provided under Section 9 of each Consulting Agreement.
2.    Binding Effect.  This Agreement shall be binding upon and inure to the benefit of each Party and its respective successors and assigns.
3.    Further Assurances.  Each Party will execute and deliver such additional documents, instruments, conveyances and assurances and take such further actions as may be reasonably required to carry out the provisions hereof and give effect to the transactions contemplated by this Agreement.
4.    Entire Agreement.  This Agreement contains the entire understanding of the Parties with respect to the subject matter hereof and supersede any prior communication or agreement with respect thereto.
5.    Governing Law.  This Agreement shall be governed by the law of the State of Delaware (regardless of the laws that might otherwise govern under applicable Delaware principles of conflicts of law) as to all matters, including but not limited to matters of validity, construction, effect, performance and remedies.
6.    Severability.  If any term or other provision of this Agreement is held by a court of competent jurisdiction to be invalid, illegal or incapable of being enforced under any applicable law in any particular respect or under any particular circumstances, such finding shall in no event invalidate any other provision of this Agreement.  This Agreement shall be construed and enforced as if such provision were not contained in this Agreement to the fullest extent possible consistent with expressing the original intent of this Agreement.
7.    Counterparts.  This Agreement may be executed in two or more counterparts, including by facsimile or electronic mail, all of which shall be considered one and the same instrument and shall become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Parties.
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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date first written above.

BIC HOLDINGS LLC

By:    /s/ Andrew M. O’Brien            
Name:    Andrew M. O’Brien
Title:     Authorized Signatory

TREAN HOLDINGS LLC

By:    /s/ Andrew M. O’Brien            
Name:    Andrew M. O’Brien
Title:     Authorized Signatory

TREAN INSURANCE GROUP, INC.

By:    /s/ Andrew M. O’Brien            
Name:    Andrew M. O’Brien
Title:     Authorized Signatory

ALTARIS CAPITAL PARTNERS, LLC

By:    /s/ Daniel G. Tully            
Name:    Daniel G. Tully
Title:     Authorized Signatory

2Exhibit 10.1

 

SECOND AMENDMENT TO THE 

GSI TECHNOLOGY, INC. 

EXECUTIVE RETENTION AND SEVERANCE PLAN

 

WHEREAS, GSI Technology, Inc. (the “Company”)
maintains the GSI Technology, Inc. Executive Retention and Severance Plan, as amended (the “Plan”); and

 

WHEREAS, the Compensation Committee of the
Board of Directors of the Company (the “Committee”) wishes to amend the Plan to extend the term of the Plan.

 

NOW, THEREFORE, by virtue and in exercise
of the amending authority reserved to the Compensation Committee of the Board of the Company under Section 16 of the Plan, the
Plan is hereby amended, effective as of August 27, 2020, as follows:

 

1.       The
text of Section 5.2(e) of the Plan is hereby amended and restated in its entirety to read as follows:

 

(e)       Life
Insurance Benefits. Subject to Section 6.2(b), for the Participant’s Base Salary Severance Period, the Company
shall arrange to provide the Participant with life insurance benefits substantially similar to those provided to the Participant
immediately prior to the date of the Participant’s termination of employment (or if greater, immediately prior to the Change
in Control) or shall reimburse the Participant for the cost of obtaining such benefits to the extent described below. Such life
insurance benefits shall be provided to the Participant at the same premium cost to the Participant and at the same coverage level
as in effect immediately prior to the date of the Participant’s termination of employment (or if greater, immediately prior
to the Change in Control). If the Company is not reasonably able to continue life insurance benefits coverage under the Company’s
benefit plans, the Company shall provide substantially equivalent coverage from other sources or will reimburse (without a tax
gross-up) the Participant for premiums (in excess of the Participant’s premium cost described above) incurred by the Participant
to obtain his or her own such coverage.

 

2.       The
text of Section 6.2(b) of the Plan is hereby amended and restated in its entirety to read as follows:

 

(b)       Six-Month
Delay Applicable to Specified Employees. Payments and benefits constituting Section 409A Deferred Compensation to be paid or provided
pursuant to the Plan upon the Separation from Service of a Participant who is a “specified employee” within the meaning
of Section 409A (determined using the identification methodology selected by the Company from time to time, or if none, the
default methodology described in applicable Treasury Regulations) shall be paid or provided only upon the later of (1) the
date that is six (6) months and one (1) day after the date of such Separation from Service or, if earlier, the date of death of
the Participant (in either case, the “Delayed Payment Date”), or (2) the date or dates on which such Section
409A Deferred Compensation would otherwise be paid or provided in accordance with the Plan. All such amounts that would, but for
this Section, become payable prior to the Delayed Payment Date shall be accumulated and paid on the Delayed Payment Date.

 

3.       The
text of Section 12.2 of the Plan is hereby amended and restated in its entirety to read as follows:

 

Application for Benefits. All applications
for payments and/or benefits under the Plan (“Benefits”) shall be submitted to the Company’s Chief Financial
Officer (the “Claims Administrator”). Applications for Benefits must be in writing on forms acceptable to the
Claims Administrator and must be signed by the Participant or beneficiary. The Claims Administrator reserves the right to require
the Participant or beneficiary to furnish such other proof of the Participant’s expenses, including without limitation, receipts,
canceled checks, bills, and invoices as may be required by the Claims Administrator.

 

     

     

    

 

4.       The
text of Section 16 of the Plan is hereby amended and restated in its entirety to read as follows:

 

  Unless
extended by the Board or the Committee, the Plan and all Participation Agreements shall expire on September 30, 2023. Except as
provided by the preceding sentence, the Plan and/or any Participation Agreement executed by a Participant may not be terminated
with respect to such Participant without the written consent of the Participant and the approval of the Board or the Committee.
The Plan and/or any Participation Agreement executed by a Participant may be modified, amended or superseded with respect to such
Participant only by a supplemental written agreement between the Participant and the Company approved by the Board or the Committee.
Notwithstanding any other provision of the Plan to the contrary, the Committee may, in its sole and absolute discretion and without
the consent of any Participant, amend the Plan or any Participation Agreement, to take effect retroactively or otherwise, as it
deems necessary or advisable for the purpose of conforming the Plan or such Participation Agreement to any present or future law
relating to plans of this or similar nature (including, but not limited to, Section 409A of the Code), and to the administrative
regulations and rulings promulgated thereunder.

 

5.       Except
as herein provided, all of the terms, covenants and conditions of the Plan shall remain in full force and effect.

 

IN WITNESS WHEREOF, the undersigned Secretary
of the Company certifies that the foregoing sets forth the First Amendment to the Plan as duly adopted by the Committee on August
27, 2020.

 

	 	/s/ Robert Yau
	 	Robert Yau, Secretary

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