Document:

Exhibit 10.2

 

TRANSITION SERVICES AGREEMENT 

BY AND AMONG 

KINGSWAY AMERICA INC., 

AND 

1347 PROPERTY INSURANCE HOLDINGS, LLC

DATED AS OF MARCH 24, 2014 

 

THIS TRANSITION SERVICES AGREEMENT (this
“Agreement”) is made and entered into as of March 24, 2014, (the “Effective Date”) by and
among Kingsway America Inc., a Delaware corporation (“Kingsway”), and 1347 Property Insurance Holdings, Inc,
a Delaware corporation (“PIH”). Each of Kingsway and PIH is sometimes referred to herein as a “Party”
and collectively, as the “Parties”.

 

RECITALS 

 

WHEREAS, the Board of Directors of Kingsway
has determined that it is appropriate, desirable and in the best interests of Kingsway and its stockholders to separate PIH and
its subsidiaries Maison Insurance Company and Maison Managers LLC into a separate, publicly traded company (the "IPO");
and

 

WHEREAS, on the date of this Agreement
and in connection with the IPO, and in order to provide for an orderly transition in connection with the IPO, each of Kingsway
and PIH desire to provide to the other certain services for specified periods following the Effective Date, all in accordance with
and subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the
foregoing recitals and the mutual covenants and agreements contained in this Agreement, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, upon the terms and subject to the conditions set forth in this Agreement,
the Parties, intending to be legally bound, hereby agree as follows:

 

STATEMENT OF AGREEMENT 

 

1. Agreement to Provide Transition Services.

 

1.1. Agreement. With respect to
each Transition Service (as defined in Section 1.2), the Party required to provide such Transition Service is the “Service
Provider” and the Party receiving such Transition Service is the “Service Recipient.” When the “Service
Provider” or “Service Recipient” refers to Kingsway, the “Service Provider’s Group” or the
“Service Recipient’s Group”, as the case may be, shall mean members of the Kingsway holding company system; and
when the “Service Provider” or “Service Recipient” refers to PIH, the “Service Provider’s Group”
or the “Service Recipient’s Group”, as the case may be, shall mean members of the PIH holding company system.
The “Service Provider” and “Service Recipient” with respect to each Transition Service shall be set forth
on the Schedules (as defined below). The Service Provider hereby agrees to provide, or cause one or more members of the Service
Provider’s Group or a contractor, subcontractor, vendor or other third party provider (each, a “Third Party Provider”)
to provide, upon the terms and subject to the conditions set forth herein, certain Transition Services to the Service Recipient,
and the Service Recipient hereby agrees to pay to the Service Provider the applicable fees for such Transition Services (the “Service
Fees”) set forth on the schedules attached hereto (the “Schedules”); provided, that the Service
Provider shall obtain the consent of the Service Recipient (not to be unreasonably withheld, delayed or conditioned) in the event
any such Transition Service is to be provided by a Third Party Provider if such Transition Service was not historically provided
by such Third Party Provider to the Service Recipient and provided further that (x) any Service Fees payable hereunder shall
not, subject to the requirements of Section 2.1(i), be increased as a result of any such outsourcing and (y) the
Service Provider shall remain primarily responsible for the performance by any such Third Party Provider of the Service Provider’s
obligations hereunder. Irrespective of whether the Service Provider, a member of the Service Provider’s Group or a Third
Party Provider is providing a Transition Service, the Service Recipient may direct that any such Transition Service be provided
directly to the Service Recipient or any other members of the Service Recipient’s Group.

 

    	 

    	 

    

 

1.2. Transition Services.

 

(i) As used in this Agreement, the term
“Transition Services” means the services described in the Schedules (and any additional services provided pursuant
to Section 1.2(iii)). Notwithstanding anything to the contrary contained herein or in any Schedule, unless otherwise
agreed in writing by the Service Provider and the Service Recipient, the Service Provider shall have no obligation under this Agreement
to: (A) provide or cause to be provided to the Service Recipient any services or functions that were not provided to the Service
Recipient or any members of the Service Recipient’s Group by the Service Provider or members of the Service Provider’s
Group in the ordinary course during the twelve-month period prior to the Effective Date (unless otherwise set forth in the Schedules);
(B) operate the Service Recipient or any members of the Service Recipient’s Group or any portion thereof; (C) advance
funds; (D) engage in any unlawful activity; (E) implement systems, processes, technologies, plans or initiatives developed,
acquired or utilized by the Service Recipient after the Effective Date; (F) perform or cause to be performed any of the Transition
Services for the benefit of any third party; or (G) expand its facilities, incur long-term capital expenses or (unless otherwise
set forth in the Schedules) employ additional personnel in order to provide the Transition Services. The respective obligations
of the Service Provider to provide the Transition Services are conditioned upon being provided with reasonable access during regular
business hours to, and all necessary rights to utilize, the Service Recipient’s facilities, personnel, assets, systems and
technologies to the extent reasonably requested by the Service Provider in connection with the performance of its obligations hereunder.
The Service Provider and Service Recipient shall, and shall cause the respective members of the Service Recipient’s Group,
and its and their agents and representatives to, cooperate with each other and will cause their respective employees, agents and
representatives to facilitate the provision of Transition Services.

 

(ii) The Service Recipient acknowledges
that the Service Provider may be providing similar services (or services that involve the same resources as those used to provide
the Transition Services) to the Service Provider’s internal organizations, members of the Service Provider’s Group
and/or third parties. The Service Recipient reserves the right to modify the Transition Services in connection with changes to
its internal organization in the ordinary course of business, subject to any limitations set forth in the applicable Schedule(s)
and, in the case of any modification that would materially reduce the benefits provided to the Service Recipient hereunder, to
a downward adjustment in the amount of the Service Fee attributable to such Transition Service, as negotiated in good faith between
the Parties.

 

(iii) If the Service Recipient desires
to have the Service Provider provide services that (A) were provided to the Service Recipient during the twelve-month period
prior to the Effective Date, (B) are reasonably necessary for the operation of the business of the Service Recipient as conducted
as of the Effective Date and (C) are unable to be obtained from a Third Party Provider, then the Parties hereto shall negotiate
in good faith to agree on the terms upon which the Service Provider or a member of the Service Provider’s Group would provide
such services. If any such services are agreed among the Parties, the Parties will enter into an amendment to this Agreement amending
the Schedules to reflect such new service.

 

(iv) Other than as contemplated by Section 1.2(iii),
the Parties may from time to time supplement the Schedules to add, remove and/or modify the Transition Services; provided,
that any such supplement shall be in a writing signed by each of the Parties and at the sole discretion of each of the Parties.
Without limiting the foregoing, from time to time the Service Recipient may request additional services by providing the Service
Provider with reasonable prior written notice. If the Service Recipient and the Service Provider agree that such additional services
shall be provided, (A) the mutually agreed upon terms of such additional services, including the cost thereof and/or fees
therefor, shall be added to the applicable Schedule and (B) such revised Schedule shall be attached to and become a part of
this Agreement from and after the agreed effective date thereof.

 

1.3. Transition Period.

 

(i) The Service Provider shall provide
or cause to be provided each Transition Service during the period commencing from IPO for such Transition Service, as set forth
on the Schedules, and continuing until the Final Transition Date set forth on the Schedules with respect to such Transition Service,
unless otherwise agreed in writing by the Parties (for each Transition Service, such period during which such Transition Service
is to be provided being herein referred to as the “Transition Period”).

 

    	 

    	 

    

 

(ii) Each Transition Service provided
hereunder shall be terminated at the end of its applicable Transition Period, unless otherwise terminated earlier by the Service
Recipient pursuant to Section 10.14 or the terms of the applicable Schedule(s). The Service Provider shall be under
no obligation to provide a Transition Service to the Service Recipient after the Transition Period applicable to such Transition
Service, except if the Service Recipient requests in writing at least 60 days prior to the end of the initial Transition Period
for such Transition Service that the Service Provider continue to provide such Transition Services to the Service Recipient after
the initial Transition Period, then the Service Provider may choose to provide such Transition Services for the additional period
so requested, provided that the Service Recipient continues to pay the Service Provider the Service Fees after the applicable initial
Transition Period, as increased pursuant to the applicable provisions of Section 2.1.

 

1.4. Transition Planning. Service
Recipient shall, as promptly as reasonably practicable following the Effective Date, develop a transition plan with respect to
transfer or termination of the Transition Services they are to receive, which shall describe Service Recipient’s proposed
transition activities and any transition assistance Service Recipient requests from the Service Provider in connection with such
transfer or termination. The transition plan shall provide for a completion date that is no later than the end of the applicable
Transition Period. Without limiting the obligations of the Service Provider under an applicable Schedule, during the applicable
Transition Period, the Service Provider shall cooperate with and offer such commercially reasonable assistance to the Service Recipient
as is necessary to implement the Service Recipient’s transition plans and the transfer of responsibility for the provision
of the Transition Services to Service Recipient or a new provider.

 

1.5. Limitations on Transition Services.

 

(i) The Service Provider shall not be
required to provide any Transition Service to the extent that the performance of such Transition Service would require the Service
Provider to violate any applicable Laws.

 

(ii) The Service Provider’s obligations
to deliver certain Transition Services may be conditional upon the Service Provider’s obtaining the consent, where necessary,
of certain third parties; provided, however, that if the Service Provider is unable to obtain such consent, the Service
Provider shall use its commercially reasonable efforts to arrange for alternative methods of delivering such Transition Services.

 

(iii) All employees and representatives
of the Service Provider and members of the Service Provider’s Group shall be deemed for all purposes of this Agreement to
be employees or representatives of the Service Provider or the Service Provider’s Group, as applicable, and not employees
or representatives of the Service Recipient or members of the Service Recipient’s Group. In performing the Transition Services,
such employees and representatives shall be under the direction, control and supervision of the Service Provider and/or members
of the Service Provider’s Group, as applicable, and the Service Provider and/or members of the Service Provider’s Group,
as applicable, shall have the sole right to exercise all authority with respect to the employment (including termination of employment),
assignment and compensation of such employees and representatives.

 

1.6. Divestiture, Sale or Transfer
of Assets. Nothing in this Agreement shall be deemed to limit the Service Provider’s ability to divest, sell or otherwise
transfer any of its assets necessary to provide the Transition Services; provided, that, subject to Section 1.2(ii),
the Service Provider’s obligations to provide or cause to be provided the Transition Services in accordance with this Agreement
for the Duration of the applicable Transition Period shall not be abrogated or affected thereby.

 

2. Payment for Transition Services.

 

2.1. Service Fees.

 

(i) In consideration for each Transition
Service provided by the Service Provider to the Service Recipient, the Service Recipient shall pay to the Service Provider (or
any designee of Service Provider) the Service Fees for such Transition Service in an amount equal to the amount set forth in the
applicable Schedule(s) in respect of such Transition Service; provided, that if a Schedule is silent regarding fees for
a particular Transition Service, such amount shall be equal to the sum of (A) the Service Provider’s allocated costs
for any of the employees of the Service Provider or Service Provider’s Group who are involved in providing such Transition
Service, (B) the cost incurred in using third-party vendors to provide Transition Service, and (C) other reasonable miscellaneous
out-of-pocket costs and expenses incurred in connection with such Transition Service.

 

    	 

    	 

    

 

2.2. Invoicing of Service Fees.
Promptly after the end of each calendar month during the applicable Transition Period, the Service Provider will submit a statement
of account to the Service Recipient with respect to the Service Fees for all of the Transition Services performed during such calendar
month (the “Invoiced Amount”). Unless the Parties otherwise agree in writing, all payments hereunder shall be
invoiced and paid in United States dollars. All invoices shall be paid by the Service Recipient to the Service Provider by wire
transfer of immediately available funds not later than thirty (30) calendar days after receipt by Service Recipient of the
Service Provider’s invoice in accordance with the wiring instructions provided by the Service Provider. The Service Provider
agrees to afford the Service Recipient, upon reasonable written notice, access to such information, records and documentation of
the Service Provider as the Service Recipient may reasonably request in order to verify the Invoiced Amount and (at Service Recipient’s
expense) allow the Service Recipient to make copies of such records and documentation; provided, however that the
Service Recipient shall provide the Service Provider with at least ten (10) days’ prior written notice of its desire
to verify any such amounts and provided further that such verification shall not unduly interrupt the ordinary course
of business operations of the Service Provider. To the extent that the Service Recipient and the Service Provider mutually determine
that any amounts which have been invoiced hereunder are inaccurate, the Service Provider and the Service Recipient shall effect
a “true-up” to reimburse the Service Recipient or the Service Provider, as applicable, promptly after such mutual determination
(but in no event later than five (5) Business Days following such mutual determination). To the extent that one Party makes
such determination and the other Party disagrees with such determination or the amount of the disputed inaccuracy, the Parties
shall first comply with the dispute resolution procedures set forth in Section 10.12 below. If the Parties are unable
to resolve such dispute after complying with Section 10.12, then the first Party shall provide the other Party with
written notice of its proposed reimbursement and the Service Recipient and the Service Provider shall negotiate in good faith to
resolve such dispute; provided, however, that if such dispute is not resolved within sixty (60) days following
the receipt of notice of such proposed reimbursement, the Service Recipient and the Service Provider shall submit any such disagreement
to an internationally recognized accounting firm jointly selected by the Parties (the “Accountant”) for determination.
The determination of the Accountant with respect to any such dispute shall be completed within fifteen (15) days after the
appointment of the Accountant (or as soon thereafter as the Accountant is able to render its determination), shall be determined
in accordance with this Agreement and shall be final, binding and non-appealable upon the Service Recipient and the Service Provider
(and the “true-up” payment shall be made to the other Party in accordance with the Accountant’s determination
no later than five (5) Business Days following such determination). With respect to the resolution of the disputed item, the
Accountant shall adopt (x) the position of the Service Recipient, (y) the position of the Service Provider or (z) a
position in between (but not outside of) that of the Service Recipient or the Service Provider. The fees and expenses of the Accountant
shall be apportioned between the Parties in proportion to the deviation of the final position adopted by the Accountant from the
position of each of the Service Provider or Service Recipient by which the greater the deviation, from a Party’s position,
the greater the relative apportionment to such Party. Any claims with respect to overbilling or underbilling, as applicable, shall
be made within 180 calendar days after receipt by the Service Recipient of the Service Provider’s invoice.

 

2.3. No Right of Setoff. The Service
Recipient will have no right to set off, discount, or otherwise reduce or refuse to pay any Service Fees due to the Service Provider,
whether because of: alleged payments, damages or liabilities owed by the Service Provider to the Service Recipient; alleged or
actual claims against the Service Provider; or any other financial obligation of the Service Provider to the Service Recipient
in each case, whether under this Agreement or otherwise.

 

2.4. Payment only for Services Received.
The Service Recipient shall compensate the Service Provider only for Transition Services actually received. The Service Recipient
shall not make, or shall receive an appropriate credit with respect to, payment for Transition Services that are not provided to
the Service Recipient for any reason.

 

    	 

    	 

    

 

2.5. Audits. The Service Recipient
shall have the right to audit the accounting records of the Service Provider with respect to the charges for any Transition Services
hereunder for a period of 180 calendar days from the recipient by the Service Recipient of the Service Provider’s invoice
with respect to such Transition Services (the “Audit Period”). The Service Provider’s accounting records
shall be maintained in sufficient detail to enable an auditor to verify the accuracy, completeness and appropriateness of the charges
for the Transition Services hereunder. The Service Provider shall retain such accounting records and make them available to the
Service Recipient’s auditors for the Audit Period, provided, however, that the Service Provider may, at its
option, transfer such accounting records to the Service Recipient. If an audit of the charges for a Transition Service reveals
an overbilling or underbilling, as applicable, by the Service Provider and overpayment or underpayment, as applicable, by the Service
Recipient not otherwise addressed in accordance with Section 2.2, the Service Provider or the Service Recipient, as
applicable, shall reimburse the Service Provider or Service Recipient, as applicable, within thirty calendar (30) days.

 

2.6. Record Keeping. The Service
Provider shall maintain true and correct records of all receipts, invoices, reports and other documents relating to the Transition
Services rendered hereunder in accordance with its standard accounting practices and procedures, consistently applied. The Service
Provider shall retain such accounting records and make them available to the Service Recipient’s auditors (other than for
the purposes of Section 2.5) to comply with Applicable Law for a period of not less than seven (7) years from
the close of each fiscal year of the Service Recipient during which Transition Services were provided, provided, however,
that the Service Provider may, at its option, transfer such accounting records to the Service Recipient. The Service Provider shall
notify the Service Recipient in writing no less than sixty (60) days (the “Destruction Notice Period”)
prior to the destruction or disposal of any receipts, invoices, reports or other documents relating to the Transition Services
rendered hereunder. The Service Recipient may, at its option, arrange to take delivery of any such documents (at the Service Recipient’s
expense) during the Destruction Notice Period.

 

2.7. Taxes. Each Party shall be
responsible for any taxes imposed on net income or receipts and franchise, excess profits, net worth, capital or capital gains
taxes, or any payroll related taxes or costs of each Party’s personnel. Each Party shall be responsible for all ad valorem
or property taxes applicable to property owned by such Party. The Service Recipient shall pay all VAT, GST, sales, use, value added,
goods and services, and all other similar taxes imposed by any federal, state, or local governmental entity in connection with
the provision of the Transition Services, excluding taxes based solely on Service Provider’s income or property. The Service
Recipient shall pay such taxes, if any, in addition to any applicable Service Fees provided that the Service Provider itemizes
such taxes on the Invoiced Amounts. If the Service Recipient is required to withhold or deduct any taxes from any payment required
to be made hereunder, the Service Recipient shall not be required to “gross up” the amount of any such payment and
shall pay the total amount reflected on the Invoiced Amount less any applicable withholding taxes. The Parties shall cooperate
in good faith to minimize taxes to the extent legally permissible. Each Party shall provide and make available to the other Party
any resale certificates, treaty certification and other exemption information reasonably requested by the other Party.

 

3. Service Standards and Warranty Disclaimer.

 

3.1. Service Standard. Subject
to Section 1.2(ii) and any requirements set forth in the applicable Schedule(s), the Service Provider shall, and shall
cause the respective members of the Service Provider’s Group or other Persons to, perform the Transition Services in compliance
with applicable Law and with the same degree of care, skill and diligence and in substantially the same manner as corresponding
services were provided to the Service Recipient during the twelve month period immediately prior to the Effective Date.

 

3.2. Disclaimer of Warranty. EXCEPT
AS EXPRESSLY PROVIDED IN THIS AGREEMENT, THE SERVICE PROVIDER AND THE SERVICE RECIPIENT HEREBY EXPRESSLY DISCLAIM ALL REPRESENTATIONS
AND WARRANTIES, EXPRESS OR IMPLIED, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR ANY PARTICULAR
PURPOSE, WITH RESPECT TO THE TRANSITION SERVICES. UNLESS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, ALL TRANSITION SERVICES
ARE PROVIDED ON AN “AS IS, WHERE IS” BASIS WITHOUT WARRANTY OF ANY KIND.

 

4. Force Majeure. Except for the
obligation to pay for Transition Services provided, no Party shall be liable for any failure of performance attributable to acts,
events or causes (including war, riot, rebellion, civil disturbances, capital markets disruptions, terrorism, power failures, failures
of telephone lines and equipment, strikes, lockouts, labor disputes, flood, storm, fire and earthquake or other acts of God or
conditions or events of nature, or any Law, demand or requirement of any Governmental Entity, each, a “Force Majeure Event”)
beyond its reasonable control. Subject to the foregoing, the affected provisions and other requirements of this Agreement shall
be suspended during the period of such Force Majeure Event and the affected Party shall have no liability to any other Party in
connection therewith. The affected Party shall use commercially reasonable efforts to remove such Force Majeure Event as soon as
and to the extent reasonably possible.

 

    	 

    	 

    

 

5. Limitation of Liability. IN NO
EVENT SHALL THE SERVICE PROVIDER, MEMBERS OF THE SERVICE PROVIDER’S GROUP OR ANY OF THEIR SHAREHOLDERS, OWNERS, DIRECTORS,
OFFICERS, EMPLOYEES, AGENTS OR REPRESENTATIVES BE LIABLE FOR ANY PUNITIVE, SPECIAL, INCIDENTAL, INDIRECT, OR CONSEQUENTIAL DAMAGES,
INCLUDING LOST PROFITS OR LOSS OF BUSINESS OPPORTUNITY, BUSINESS INTERRUPTION LOSS, LOSS OF FUTURE REVENUE, PROFITS OR INCOME,
LOSS OF BUSINESS REPUTATION, LOSS OF CUSTOMERS OR OPPORTUNITY OR SIMILAR DAMAGES THAT IN ANY WAY ARISE OUT OF, RELATE TO OR ARE
A CONSEQUENCE OF ITS PERFORMANCE OR NONPERFORMANCE HEREUNDER, OR THE PROVISION OF OR FAILURE TO PROVIDE ANY OF THE TRANSITION SERVICES
HEREUNDER, EXCEPT TO THE EXTENT SUCH DAMAGES RESULT FROM FRAUD, GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT.

 

6. Access to Service Providers.
The Service Provider shall, and shall cause the Service Provider’s Group to, (i) give the Service Recipient’s
employees and agents access during regular business hours to individuals of the Service Provider and the Service Provider’s
Group who are responsible for the Transition Services, and (ii) provide to the Service Recipient’s employees and agents
information, materials, data and records as they may reasonably request and that are necessary for the purposes of allowing such
Persons to exercise general oversight and to monitor the performance of the Transition Services. The Service Recipient shall bear
all of the out-of-pocket costs and expenses (including attorneys’ fees, but excluding reimbursement for general overhead,
salaries and employee benefits) reasonably incurred by the Service Provider and the Service Provider’s Group in connection
with the foregoing.

 

7. Confidentiality. Each Party acknowledges
that each other Party possesses, and will continue to possess, information that has been created, discovered or developed by such
other Party and/or in which Intellectual Property rights have been assigned or otherwise conveyed to such other Party, which information
has commercial value and is not in the public domain. The proprietary information and Intellectual Property of each Party will
be and remain the sole property of such Party and its assigns and nothing in this Agreement is to be construed as an assignment
or grant of any right, title or interest in any such proprietary information or Intellectual Property. All proprietary information
shall be considered “confidential information” and shall be held by the other Party hereto in strict confidence in
the same manner as if it were its own confidential information.

 

8. Intellectual Property.

 

8.1. Unless expressly agreed otherwise
in any contract or other documents, the Service Recipient agrees that any Intellectual Property of the Service Provider and the
Service Provider’s Group or licensors that make Intellectual Property available to the Service Recipient and/or the Service
Recipient’s Group in connection with the Transition Services, and any derivative works, additions, modifications, translations
or enhancements thereof created by the Service Provider or the Service Provider’s Group pursuant to this Agreement, are and
shall remain the sole property of the Service Provider and the Service Provider’s Group.

 

8.2. Unless otherwise agreed at the time
or expressly set forth in an applicable Schedule(s), all Intellectual Property created by the Service Provider during the Transition
Period at the request and solely for the benefit of any of the Service Recipient and paid for by the Service Recipient shall be
the property of the Service Recipient, and, to the extent title to any such Intellectual Property vests in the Service Provider
by operation of law, the Service Provider hereby assigns and shall cause the members of the Service Provider’s Group to assign
to the Service Recipient or any member of the Service Recipient’s Group, all right, title and interest in such Intellectual
Property and agrees to provide such assistance and execute such documents as the Service Recipient may reasonably request to vest
in the Service Recipient all right, title and interest in such Intellectual Property.

 

9. Insurance. During the provision
of Transition Services, the Service Provider shall maintain appropriate insurance customarily carried in connection with the provision
of the Transition Services including, without limitation, general liability insurance, including for personal injury, bodily injury
and property damage liability, wrongful death and coverage for contractual liability that may arise from any of the Transition
Services being performed by the Service Provider hereunder, and the Service Recipient shall be named an additional insured on the
Service Provider’s policy. Upon written request, the Service Provider shall provide the Service Recipient with certificates
of insurance evidencing the insurance coverage required by this Agreement.

 

    	 

    	 

    

 

10. General Provisions.

 

10.1. Assignment. This Agreement
shall not be assignable, in whole or in part, directly or indirectly, by any Party without the prior written consent of the other
Parties (not to be unreasonably withheld or delayed), and any attempt to assign any rights or obligations arising under this Agreement
without such consent shall be void; provided, that a Party may assign this Agreement in whole in connection with a merger
transaction in which such Party is not the surviving entity or the sale by such Party of all or substantially all of its assets;
provided, that the surviving entity of such merger or the transferee of such assets shall agree in writing, reasonably satisfactory
to the other Parties, to be bound by the terms of this Agreement as if named as a “Party” hereto.

 

10.2. Successors and Assigns. The
provisions of this Agreement and the obligations and rights hereunder shall be binding upon, inure to the benefit of and be enforceable
by (and against) the Parties and their respective successors and permitted transferees and assigns.

 

10.3. Other Definitional and Interpretative
Provisions. The headings contained in this Agreement are for reference purposes only and will not affect in any way the meaning
or interpretation of this Agreement. The use of the masculine, feminine or neuter gender or the singular or plural form of words
herein shall not limit any provision of this Agreement. The use of the terms “including” or “include” shall
in all cases herein mean “including, without limitation” or “include, without limitation,” respectively.
The use of the term “ordinary course of business” shall in all cases herein mean “ordinary course of business
consistent with past practices.” Reference to any Person includes such Person’s successors and assigns to the extent
such successors and assigns are permitted by the terms of any applicable agreement, and reference to a Person in a particular capacity
excludes such Person in any other capacity or individually. Reference to any agreement (including this Agreement), document or
instrument means such agreement, document or instrument as amended or modified and in effect from time to time in accordance with
the terms thereof and, if applicable, the terms hereof. Reference to any Law means such Law as amended, modified, codified, replaced
or re-enacted, in whole or in part, including rules, regulations, enforcement procedures and any interpretations promulgated thereunder,
all as in effect on the date hereof. Underscored references to Articles, Sections, Subsections or Schedules shall refer to those
portions of this Agreement. The use of the terms “hereunder,” “hereof,” “hereto” and words
of similar import shall refer to this Agreement as a whole and not to any particular Article, Section or clause of or Schedule
to this Agreement.

 

10.4. Amendments. This Agreement
may not be amended or modified except by an instrument in writing signed by each of the Parties against whom the amendment is to
be effective.

 

10.5. Counterparts; Effectiveness.
This Agreement may be executed in one or more counterparts, and by the different Parties in separate counterparts, each of which
will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one
and the same agreement. The exchange of copies of this Agreement and of signature pages by facsimile or electronic mail transmission
shall constitute effective execution and delivery of this Agreement as to the Parties and may be used in lieu of the original Agreement
for all purposes.

 

10.6. Severability. If any term
or other provision of this Agreement is held invalid, illegal or incapable of being enforced by any rule of law or public policy,
all other terms and provisions of this Agreement will nevertheless remain in full force and effect and there shall be deemed substituted
for the provision at issue a valid, legal and enforceable provision that effects the original intent of the Parties as closely
as possible in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent
possible.

 

10.7. Governing Law; Jurisdiction.

 

(i) This Agreement will be governed by,
and construed in accordance with, the Laws of the State of Delaware.

 

    	 

    	 

    

 

(ii) Subject to the provisions of Section 10.12,
each of the Parties irrevocably submits to the exclusive jurisdiction of (a) the Circuit Court of DuPage County, Illinois,
or (b) the United States District Court for the Northern District of Illinois (the “Illinois Courts”),
for the purposes of any suit, action or other proceeding arising out of or relating to this Agreement and to the non-exclusive
jurisdiction of the Illinois Courts for the enforcement of any award issued thereunder. Each of the Parties further agrees that
service of any process, summons, notice or document by U.S. registered mail to such Party’s respective address set forth
below shall be effective service of process for any action, suit or proceeding in the Illinois Courts with respect to any matters
to which it has submitted to jurisdiction in this Section 10.7. Each of the Parties irrevocably and unconditionally
waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement or the transactions
contemplated hereby in the Illinois Courts, and hereby further irrevocably and unconditionally waives and agrees not to plead or
claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient
forum.

 

10.8. Waiver of Jury Trial. EACH
OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT
TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
BY THIS AGREEMENT. EACH OF THE PARTIES HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.8.

 

10.9. Conflicts. In the case of
a conflict between the terms and conditions of this Agreement and any Schedule to this Agreement, the terms and conditions of such
Schedule shall control and govern as it relates to the Transition Services to which such terms and conditions apply.

 

10.10. No Agency, Authority or Franchise.
The Service Provider will perform the Transition Services in its capacity of an independent contractor. Neither the Service Recipient
nor the Service Provider shall act or represent or hold itself out as having authority to act as an agent or partner of the other,
or in any way bind or commit the other to any obligations. Nothing contained in this Agreement shall be construed as creating a
partnership, joint venture, agency, trust or other association of any kind, each Party being individually responsible only for
its obligations as set forth in this Agreement.

 

10.11. Administrative Contacts; Transition
Managers. Kingsway designates ________ as its administrative contact for purposes of this Agreement and PIH designates _________
as its administrative contact for purposes of this Agreement. All initial contacts between the Parties regarding issues and matters
arising under this Agreement or any other administrative matters in connection with the transactions contemplated hereby shall
be directed to each Party’s administrative contact. The administrative contact for each Party shall be authorized by the
applicable Party to provide verbal or written consent to approve any changes to the Schedules. Any Party may from time to time
change its administrative contact by providing written notice thereof to the other Parties.

 

10.12. Dispute Resolution. Prior
to initiating any legal action in accordance with Section 10.7 or the dispute resolution procedures outlined in Section 2.2
with respect to invoiced Service Fees, any dispute, controversy or claim arising out of, relating to or in connection with this
Agreement, or the breach, termination or validity thereof (a “Dispute”), shall be resolved by submitting such
Dispute first to the service managers of the Parties most immediately responsible for the issue giving rise to the Dispute who
shall seek to resolve such Dispute through informal good faith negotiation. If the Dispute is not resolved at that level of management
within seven (7) Business Days after the claiming party verbally notifies the other party of the Dispute, then the Dispute
shall be escalated to the applicable Parties’ administrative contact set forth in Section 10.11 for resolution.
In the event such contacts fail to meet or, if they meet, fail to resolve the Dispute within an additional seven (7) Business
Days, then the claiming Party will provide the other Party with a written “Notice of Dispute”, describing the
nature of the Dispute, and the Dispute shall be escalated to a joint management board (the “Joint Management Board”)
consisting of the Chief Financial Officer and/or Controller of each Party. The members of the Joint Management Board shall meet
within seven (7) Business Days after such Notice of Dispute is provided by the claiming Party to the other Party and confer
in a good faith effort to resolve the Dispute. If the members of the Joint Management Board fail to resolve the Dispute within
seven (7) Business Days after they begin meeting, then the Dispute (other than Disputes pursuant to invoiced Service Fees,
which shall be finally settled in accordance with Section 2.2) shall be finally settled in accordance with Section 10.7
(and subject to Section 10.8). A Party’s failure to comply with this Section 10.12 shall constitute
cause for dismissal without prejudice of any legal proceeding. For the avoidance of doubt, the Parties shall continue to provide
Transition Services as required under this Agreement during the resolution of any Disputes hereunder.

 

    	 

    	 

    

 

10.13. Specific Performance. Either
Party may seek relief in the form of specific performance to enforce any payment or performance due hereunder of the Parties from
and after the date hereof in connection with any non-performance, of any term, provision, covenant, or agreement contained herein
and, along with the right to seek injunctive relief.

 

10.14. Term of Agreement. This
Agreement will terminate and be of no further force or effect immediately upon the date that the last Transition Period ends (as
such Transition Period may be extended pursuant to the provisions hereof); provided, however, that the Service Recipient
may, by giving 60 days (or such other period as agreed by the Parties (acting reasonably in consideration of the nature of the
Transition Service in question) in writing) notice to the Service Provider, terminate this Agreement with respect to a particular
Transition Service effective immediately upon the expiration of such period, except as otherwise expressly provided in the applicable
Schedule(s) or, if such Transition Service is being provided by a Third Party Provider, the timing of the effectiveness of such
early termination shall be mutually agreed upon by the Service Provider and the Service Recipient so that there is no material
disruption to, or additional costs to be incurred with respect to, any services provided by such Third Party Provider (including
services provided by such Third Party Provider that are outside of the scope of this Agreement. The Service Provider and the Service
Recipient acknowledge and agree that after partial termination of this Agreement with respect to any particular Transition Service,
the Service Recipient shall no longer have any payment obligations pursuant to Section 1 or Section 2 hereof
with respect to such Transition Service and that a partial termination of this Agreement with respect to any particular Transition
Service will in no event affect the Service Provider’s obligation to perform any other Transition Services hereunder. Additionally,
any Party may terminate this Agreement in its entirety if the other Party commits a material breach of any of the provisions of
the Agreement and does not cure such breach within sixty (60) days after receipt of written notice thereof. Upon termination
or expiration of this Agreement, Sections 2 (as to (i) any unpaid amounts for Transition Services rendered prior to
the termination or expiration of this Agreement or (i) audit rights), 3, 5, 7 and 10 will survive
any termination or expiration of this Agreement.

 

10.15. Schedules. All Schedules
annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein.

 

10.16. No Third-Party Beneficiaries.
This Agreement is not intended to, and will not, confer any rights or remedies upon any Person other than the Parties and their
respective successors and permitted assigns.

 

10.17. Entire Agreement. This Agreement
(including the Schedules hereto) constitutes the entire agreement of the Parties hereto with respect to the subject matter hereof
and supersede all prior agreements and undertakings with respect to the subject matter hereof, both written and oral.

 

10.18. Time Periods. Unless specified
otherwise, any action required hereunder to be taken within a certain number of days shall be taken within that number of calendar
days (and not Business Days); provided, however, that if the last day for taking such action falls on a weekend or
a holiday in the United States, the period during which such action may be taken shall be automatically extended to the next Business
Day.

 

10.19. Notices. All notices, requests,
claims, demands and other communications hereunder will be in writing and will be given or made (and will be deemed to have been
duly given or made upon receipt, if delivered by hand, one Business Day after being sent, if sent by a reputable, overnight courier
service, three (3) Business Days, if sent by registered or certified mail and at the time when confirmation of successful
transmission is received by the sending facsimile machine, if sent by facsimile) by delivery in person, by courier service, by
confirmed telecopy, or by registered or certified mail (postage prepaid, return receipt requested) to the Parties at the following
addresses (or at such other address for a Party as will be specified by like notice):

 

    	 

    	 

    

 

(i) if to Kingsway:

Kingsway America Inc.

150 Pierce Road, 6th Floor

Itasca, IL 60143

Attn:    General Counsel (with
a copy to Larry G. Swets, Jr., President & CEO)

Fax:     (847) 952-7079

 

(ii) if to PIH:

 

1347 Property Insurance Holdings, LLC

 

Attn:    

Fax:     ( )

 

[SIGNATURE PAGE FOLLOWS THIS PAGE]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the Parties have caused
this Agreement to be duly executed by their respective authorized officers as of the day and year first written above.

 

	 	KINGSWAY AMERICA INC.
	 	 	 
	 	By:	/s/ William A. Hickey,
    Jr.
	 	Name:	William A. Hickey, Jr.
	 	Title:	Vice President
	 	 	 
	 	By:	/s/ Leeann
    Repta
	 	Name:	Leeann Repta
	 	Title:	Vice President
	 	 	 
	 	1347 PROPERTY INSURANCE HOLDINGS, INC
	 	 	 
	 	By:	/s/ Douglas N. Raucy
	 	Name:	Douglas N. Raucy
	 	Title:	CEO and President

 

    	 

    	 

    

 

 

1347 Property Insurance Holdings, Inc.

 

List of Transition Services from Kingsway America Inc. (KAI)

 

	Service	 	Training Period	 	Final Transition Date
	
        Accounting – General Ledger

         

        Journal Entries

         

        Investment Accounting

         

        Escheat Accounting

         

        Account Reconciliations
	 	
        ·  October
        1, 2014 (accounting department established at Maison)

        ·  October
2014 – Maison staff to document policies and procedures while observing September month-end close

        ·  November
        and December 2014 - Joint month-end close with KAI for months of October and November
	 	January 1, 2015 (Maison completes December 2014 month-end close)
	 	 	 	 	 
	
        Accounting – Accounts Payable

         

        Check Issuance

         

        1099 Reporting

         

        Premium Tax Payments (Apr 15;
        Jul 15; Oct 15)

         

        Sales Tax Payments

         

        Fair Plan Assessment

         

        Regulatory Taxes
	 	
        ·  October
        1, 2014 (accounting department established at Maison)

        ·  Fourth
        quarter 2014 - Maison staff to document policies and procedures over the accounts payable process
	 	
        January 1, 2015

         

	 	 	 	 	 
	
        Financial Reporting - Statutory

         

        ·  Quarterly
        Statutory Statement, including preparation and filing for Q1, Q2 and Q3 2014

        ·  2013
        Statutory Audit Report, including preparation and filing
	 	 	 	January 1, 2015 (Maison completes December 31, 2014 Annual Statement)

 

    	 

    	 

    

 

 

	
        Financial Reporting – GAAP

        10Q Filings, including preparation of Financial
        Statements and Footnotes; organization of overall document; XBRL tagging and electronic filing with the SEC for Q1, Q2 and
        Q3 2014
	 	 	 	January 1, 2015 (Maison completes December 31, 2014 10K Filing)
	 	 	 	 	 
	
        Financial Reporting – GAAP MD&A

         

        Preparation of MD&A included in the 10Q is the
        responsibility of Maison management. KAI will provide MD&A template, including required disclosures.
	 	April 1, 2014 – KAI to provide MD&A template to Maison management.	 	April 30, 2014
	 	 	 	 	 
	
        Tax

        ·  Manage
        services performed by Simkin CPA for 2013 and stub period for the 2014 tax returns.

        ·  2013
        and Q1 2014 GAAP and Stat tax provisions.
	 	 	 	 
	 	 	 	 	 
	
        External Audit Assistance

         

        ·  GAAP
        – respond to external audit requests related to Q1, Q2 and Q3 2014 reviews

        ·  Statutory
        – respond to external audit requests related to the 2013 statutory audit report
	 	 	 	January 1, 2015
	 	 	 	 	 
	
        Sarbanes-Oxley (SOX)

         

        KAI to provide SOX documentation and assist external
        staff with testing related to 2014
	 	 	 	January 1, 2015
	 	 	 	 	 
	Premium Tax Return, including preparation and filing	 	 	 	January 1, 2015  

 

 

    	 

    	 

    

 

 

	Control and management of all bank accounts	 	 	 	April 1, 2014
	 	 	 	 	 
	Asset Management Relationships	 	 	 	April 1, 2014
	 	 	 	 	 
	Payroll Processing, including 401k control and management	 	 	 	July 1, 2014
	 	 	 	 	 
	Benefit Policy Administration	 	 	 	July 1, 2014
	 	 	 	 	 
	
        Human Resource Function, including transfer of all files for
        Federal Compliance

         

        $2,446.30 per month
	 	 	 	July 1, 2014
	 	 	 	 	 
	Use of and access to financial IT systems (G/L, statutory statement, SEC reporting, premium taxes, fixed assets)	 	 	 	January 1, 2015
	 	 	 	 	 
	General IT and desktop support (email, internet, etc.)	 	 	 	January 1, 2015Exhibit 10.6

 

TRADEMARK LICENSE AGREEMENT 

 

This TRADEMARK LICENSE AGREEMENT (this
“Agreement”) is made and effective as of February 28, 2014 (the “Effective Date”) by and
between 1347 Advisors LLC a limited liability company organized under the laws of the State of Delaware (the “Licensor”),
and 1347 Property Insurance Holdings, Inc., a corporation organized under the laws of the State of Delaware (“Corporation”)
(each a “party,” and collectively, the “parties”).

 

RECITALS 

 

WHEREAS, Licensor is the owner of the trade
name “1347” (the “Licensed Mark”) in the United States of America (the “Territory”);

 

WHEREAS, Corporation is an insurance holding
company with a focus on homeowner’s insurance;

 

WHEREAS, Licensor provides strategic consulting,
corporate development, corporate finance and actuarial services to its parent company, Kingsway Financial Services Inc., its affiliates
and third-party clients; and

  

WHEREAS, Corporation desires to use the
Licensed Mark in its corporate name and the corporate name which appears in its official logo as of January 8, 2014 (the “Official
Logo”), a copy of which is attached hereto and incorporated herein as Exhibit A, and Licensor is willing to
permit Corporation to use the Licensed Mark, subject to the terms and conditions of this Agreement;

 

NOW, THEREFORE, in consideration of the
mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties agree as follows:

 

ARTICLE 1

LICENSE GRANT

 

1.1 License. Subject to the terms
and conditions of this Agreement, Licensor hereby grants to Corporation, and Corporation hereby accepts from Licensor, a personal,
non-exclusive, royalty-free right and license to use the Licensed Mark solely and exclusively as an element of Corporation’s
name “1347 Property Insurance Holdings, Inc.” and as an element of the Corporation’s Official Logo. Except as
provided above, neither Corporation nor any affiliate, owner, director, officer, employee, or agent thereof shall otherwise revise,
amend, change or use the Licensed Mark or any derivative thereof without the prior express written consent of Licensor in its sole
and absolute discretion. All rights not expressly granted to Corporation hereunder shall remain the exclusive property of Licensor.

 

1.2 Licensor’s Use. Nothing
in this Agreement shall preclude Licensor, its affiliates, or any of their respective successors or assigns from using or permitting
other entities to use the Licensed Mark whether or not such entity directly or indirectly competes or conflicts with Corporation’s
business in any manner.

 

    	 

    	 

    

 

ARTICLE 2

OWNERSHIP

 

2.1 Ownership. Corporation acknowledges
and agrees that Licensor is the owner of all right, title, and interest in and to the Licensed Mark, and all such right, title,
and interest shall remain with the Licensor. Corporation shall not otherwise contest, dispute, or challenge Licensor’s right,
title, and interest in and to the Licensed Mark.

 

2.2 Goodwill. All goodwill and reputation
generated by Corporation’s use of the Licensed Mark shall inure to the benefit of Licensor. Corporation shall not by any
act or omission use the Licensed Mark in any manner that disparages or reflects adversely on Licensor or its business or reputation.
Except as expressly provided herein, neither party may use any trademark or service mark of the other party without that party’s
prior written consent, which consent shall be given in that party’s sole discretion.

 

ARTICLE 3

COMPLIANCE

 

3.1 Quality Control. In order to
preserve the inherent value of the Licensed Mark, Corporation agrees to use reasonable efforts to ensure that it maintains the
quality of the Corporation’s business and the operation thereof equal to the standards prevailing in the operation of Licensor’s
and Corporation’s business as of the date of this Agreement. The Corporation further agrees to use the Licensed Mark in accordance
with such quality standards as may be reasonably established by Licensor and communicated to the Corporation from time to time
in writing, or as may be agreed to by Licensor and the Corporation from time to time in writing.

 

3.2 Compliance With Laws. Corporation
agrees that the business operated by it in connection with the Licensed Mark shall comply with all laws, rules, regulations and
requirements of any governmental body in the Territory or elsewhere as may be applicable to the operation, advertising and promotion
of the business, and shall notify Licensor of any action that must be taken by Corporation to comply with such law, rules, regulations
or requirements.

 

3.3 Notification of Infringement.
Each party shall immediately notify the other party and provide to the other party all relevant background facts upon becoming
aware of (i) any registrations of, or applications for registration of, marks in the Territory that do or may conflict with any
Licensed Mark, and (ii) any infringements, imitations, or illegal use or misuse of the Licensed Mark in the Territory.

 

    	- 2 -

    	 

    

 

ARTICLE 4

REPRESENTATIONS AND WARRANTIES

 

4.1 Mutual Representations. Each
party hereby represents and warrants to the other party as follows:

 

(a) Due Authorization. Such party
is a corporation duly incorporated and in good standing as of the Effective Date, and the execution, delivery and performance of
this Agreement by such party have been duly authorized by all necessary action on the part of such party.

 

(b) Due Execution. This Agreement
has been duly executed and delivered by such party and, with due authorization, execution and delivery by the other party, constitutes
a legal, valid and binding obligation of such party, enforceable against such party in accordance with its terms.

 

(c) No Conflict. Such party’s
execution, delivery and performance of this Agreement do not: (i) violate, conflict with or result in the breach of any provision
of the charter or by-laws (or similar organizational documents) of such party; (ii) conflict with or violate any law or governmental
order applicable to such party or any of its assets, properties or businesses; or (iii) conflict with, result in any breach of,
constitute a default (or event which with the giving of notice or lapse of time, or both, would become a default) under, require
any consent under, or give to others any rights of termination, amendment, acceleration, suspension, revocation or cancellation
of any contract, agreement, lease, sublease, license, permit, franchise or other instrument or arrangement to which it is a party.

 

ARTICLE 5

TERM AND TERMINATION

 

5.1 Term. Unless otherwise agreed
to in writing by the parties hereto, the term of this Agreement shall expire upon (i) the liquidation or dissolution of the Corporation
or (ii) sixty (60) days written notice to the other party by either Licensor or Corporation.

 

5.2 Upon Termination. Upon expiration
or termination of this Agreement, all rights granted to Corporation under this Agreement with respect to the Licensed Mark shall
cease, and Corporation shall immediately discontinue use of the Licensed Mark.

 

ARTICLE 6

MISCELLANEOUS

 

6.1 Assignment. This Agreement shall
be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Neither party
may assign, delegate or otherwise transfer this Agreement or any of its rights or obligations hereunder without the prior written
consent of the other party. No assignment by either party permitted hereunder shall relieve the applicable party of its obligations
under this Agreement. Any assignment by either party in accordance with the terms of this Agreement shall be pursuant to a written
assignment agreement in which the assignee expressly assumes the assigning party’s rights and obligations hereunder.

 

6.2 Independent Contractor. Except
as expressly provided or authorized, neither party shall have, or shall represent that it has, any power, right or authority to
bind the other party to any obligation or liability, or to assume or create any obligation or liability on behalf of the other
party.

 

    	- 3 -

    	 

    

 

6.3 Notices. All notices, requests,
claims, demands and other communications hereunder shall be in writing and shall be given or made (and shall be deemed to have
been duly given or made upon receipt) by delivery in person, by overnight courier service (with signature required), by facsimile,
or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses:

 

	If to Licensor:	 	If to Corporation:
	 	 	 
	1347 Advisors LLC	 	1347 Property Insurance Holdings, Inc.
	150 Pierce Road, 6th Floor	 	9100 Bluebonnet Centre Blvd., Ste. 502
	Itasca, Illinois  60143	 	Baton Rouge, LA  70809
	ATTN: LEGAL DEPARTMENT	 	ATTN:  PRESIDENT

 

6.4 Governing Law. This Agreement
shall be governed by, and construed in accordance with, the laws of the State of Delaware without giving effect to the principles
of conflicts of law rules. The parties unconditionally and irrevocably consent to the exclusive jurisdiction of the courts located
in the State of Delaware and waive any objection with respect thereto, for the purpose of any action, suit or proceeding arising
out of or relating to this Agreement or the transactions contemplated hereby.

 

6.5 Amendment. This Agreement may
not be amended or modified except by an instrument in writing signed by all parties hereto.

 

6.6 No Waiver. The failure of either
party to enforce at any time for any period the provisions of or any rights deriving from this Agreement shall not be construed
to be a waiver of such provisions or rights or the right of such party thereafter to enforce such provisions, and no waiver shall
be binding unless executed in writing by all parties hereto.

 

6.7 Severability. If any term or
other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other terms
and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance
of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination
that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good
faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner
in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

 

6.8 Headings. The descriptive headings
contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation
of this Agreement.

 

6.9 Counterparts. This Agreement
may be executed in one or more counterparts, each of which when executed shall be deemed to be an original instrument and all of
which taken together shall constitute one and the same agreement.

 

    	- 4 -

    	 

    

 

6.10 Entire Agreement. This Agreement
constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements and
undertakings, both written and oral, between the parties with respect to such subject matter.

 

6.11 Third party Beneficiaries.
Nothing in this Agreement, either express or implied, is intended to or shall confer upon any third party any legal or equitable
right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

[Remainder of Page Intentionally Blank]

 

    	- 5 -

    	 

    

 

IN WITNESS WHEREOF, each party has caused
this Agreement to be executed as of the Effective Date by its duly authorized officer.

 

	 	LICENSOR:
	 	 	 
	 	By:	 
	 	Name:	Larry G. Swets
	 	Title:	 Manager
	 	 	 
	 	LICENSOR:
	 	 	 
	 	By:	 
	 	Name:	Hassan R. Baqar
	 	Title:	Managing Director
	 	 	 
	 	CORPORATION:
	 	 	 
	 	By:	 
	 	Name:	Douglas N. Raucy
	 	Title:	President

 

[Signature Page to License Agreement]

 

    	 

    	 

    

 

Exhibit A

 

 

[Signature Page to License Agreement]

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