Document:

EX-10.14

 Exhibit 10.14 
 INDEMNIFICATION AGREEMENT 
 This Agreement, made and entered into as
of this 6th day of August, 2013 (“Agreement”),
among and between National General Holdings Corp., a Delaware corporation (the “Company”), and the individual listed on the signature page hereof (the “Indemnitee”); 
 WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify such persons to the fullest extent permitted by applicable law so that he will serve or
continue to serve the Company free from undue concern that he will not be so indemnified; and 
 WHEREAS, Indemnitee is willing to serve, for or
on behalf of the Company, on the condition that he be so indemnified; 
 NOW THEREFORE, in consideration of the premises and the covenants
contained herein, the Company and Indemnitee do hereby covenant and agree as follows: 
 SECTION 1. Service by Indemnitee. Indemnitee
agrees to continue to serve as a director and/or officer of the Company. Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation of law). 

SECTION 2. Indemnification - General. The Company shall indemnify, and advance Expenses (as hereinafter defined) to Indemnitee as provided by
applicable law in effect on the date hereof and to such greater extent as applicable law may thereafter from time to time permit. The rights of Indemnitee provided under the preceding sentence shall include, but shall not be limited to, the rights
set forth in the other Sections of this Agreement. 
 The indemnification provided under this Agreement is in addition to and not in lieu of any
other indemnification provided to Indemnitee by any other agreement or by operation of law. 
 SECTION 3. Proceedings Other Than Proceedings
by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 3 if, by reason of his Corporate Status (as hereinafter defined), he is, or is threatened to be made, a party to or a
participant in any threatened, pending, or completed Proceeding (as hereinafter defined), other than a Proceeding by or in the right of the Company. Pursuant to this Section 3, Indemnitee shall be indemnified against Expenses, judgments,
penalties, fines and amounts paid in settlement actually and reasonably incurred by him or on his behalf in connection with such Proceeding or any claim, issue or matter therein, if he acted in good faith and in a manner he reasonably believed to be
in or not opposed to the best interests of the Company, and, with respect to any criminal Proceeding, had no reasonable cause to believe his conduct was unlawful. 
 SECTION 4. Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 4 if, by reason of his Corporate Status, he is,
or is threatened to be made, a party to or a participant in any threatened, pending or completed Proceeding brought by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section, Indemnitee shall be indemnified
against Expenses actually and reasonably incurred by him or on his behalf in connection with such Proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company.
Notwithstanding the foregoing, no indemnification against such expenses shall be made in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been adjudged to be liable to the Company if applicable law prohibits
such indemnification; provided, however, that, if applicable law so permits, indemnification against Expenses shall nevertheless be made by the Company in such event if and only to the extent that the Court in which such Proceeding shall have been
brought or is pending, shall determine. 
 SECTION 5. Indemnification for Expenses of a Party Who is Wholly or Partly Successful.
Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, he shall be indemnified against all Expenses
actually and reasonably incurred by him or on his behalf in connection therewith. If Indemnitee is not wholly 

 
successful in such Proceeding, but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify
Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter. For the purposes of this Section and without limitation, the termination of any claim,
issue or matter in such a Proceeding by settlement or dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 
 SECTION 6. Indemnification for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a witness in any
Proceeding, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. 

SECTION 7. Advancement of Expenses. The Company shall advance all reasonable Expenses incurred by or on behalf of Indemnitee in connection with
any Proceeding within twenty (20) days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such
statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by an undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it shall ultimately be determined
that Indemnitee is not entitled to be indemnified against such Expenses. 
 SECTION 8. Procedure for Determination of Entitlement to
Indemnification. It is the intent of this Agreement to secure for Indemnitee rights of indemnity that are as favorable as may be permitted under the General Corporation Law of the State of Delaware (the “DGCL”) and the public policy of
the State of Delaware. Accordingly, the parties agree that the following procedures and presumptions shall apply in the event of any question as to whether Indemnity is entitled to indemnification under this Agreement: 

(a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Secretary of the Company a written request, including therein or
therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon
receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification. 
 (b)
Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 8(a) hereof, a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific
case: (i) if a Change in Control (as hereinafter defined) shall have occurred, by Independent Counsel (as hereinafter defined) in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee; (ii) if a
Change in Control shall not have occurred, (A) by the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors (as hereinafter defined), or (B) if a quorum of the Board of Directors consisting of
Disinterested Directors is not obtainable or, even if obtainable, such quorum of Disinterested Directors so directs, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee or
(C) by the stockholders of the Company; or (iii) as provided in Section 9(b) of this Agreement; and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days
after such determination. 
 Indemnitee shall cooperate with the person, persons or entity making such determination with respect to
Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is
reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorney’s fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such
determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. 

 (c) In the event the determination of entitlement to indemnification is to be made by Independent Counsel
pursuant to Section 8(b) hereof, the Independent Counsel shall be selected as provided in this Section 8(c). If a Change in Control shall not have occurred, the Independent Counsel shall be selected by the Board of Directors, and the
Company shall give written notice to the Indemnitee advising him of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall
request that such selection be made by the Board of Directors, in which event the preceding sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either
event, Indemnitee or the Company, as the case may be, may within seven (7) days after such written notice of selection shall have been given, deliver to the Company or the Indemnitee, as the case may be, a written objection to such selection.
Such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 17 of this Agreement, and the objection shall set forth with
particularity the factual basis of such assertion. If such written objection is made, the Independent Counsel so selected may not serve as Independent Counsel unless and until a court has determined that such objection is without merit. If, within
twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 8(a) hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition
the Supreme Court of the State of New York in New York County or other court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel
and/or for the appointment as Independent Counsel of a person selected by the Court or by such other person as the court shall designate, and the person with respect to whom an objection is so resolved or the person so appointed shall act as
Independent Counsel under Section 8(b) hereof. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to Section 8(b) hereof, and the
Company shall pay all reasonable fees and expenses incident to the procedures of this Section 8(c), regardless of the manner in which such Independent Counsel was selected or appointed. Upon the due commencement of any judicial proceeding or
arbitration pursuant to Section 19(a)(iii) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

 SECTION 9. Presumptions and Effect of Certain Proceedings. 
 (a) If a Change in Control shall have occurred, in making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall presume
that Indemnitee is entitled to indemnification under this Agreement, if Indemnitee has submitted a request for indemnification in accordance with Section 8(a) of this Agreement, and the Company shall have the burden of proof to overcome that
presumption in connection with the making by any person or entity or any determination contrary to that presumption. 
 (b) If the person or
entity empowered or selected under Section 8 of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor,
the requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) misstatement by Indemnitee of a material fact, or an omission of a material
fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such sixty
(60) day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person or entity making the determination with respect to entitlement to indemnification in good faith requires such additional
time for the obtaining or evaluating of documentation and/or information relating thereto; and provided further, that the foregoing provisions or this Section 9(b) shall not apply (i) if the determination of entitlement to indemnification
is to be made by the stockholders pursuant to Section 8(b) of this Agreement and (A) within fifteen (15) days after receipt by the Company of the request for such determination the Board of Directors has resolved to submit such
determination to the stockholders for their consideration at an annual meeting thereof to be held within seventy (70) days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders (i) is
called within fifteen (15) days after such receipt for the purposes of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called and such determination is made thereat, or
(ii) if the determination of entitlement to indemnification is to made by the Independent Counsel pursuant to Section 8(b) of this Agreement. 

 (c) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order,
settlement or conviction, or upon a plea of nolo contendre or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely effect the right of Indemnitee to indemnification or create a presumption that
Indemnitee did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any Criminal Proceeding, that Indemnitee had reasonable cause to believe that his
conduct was unlawful. 
 SECTION 10. Remedies of Indemnitee 
 (a) In the event that (i) a determination is made pursuant to Section 8 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of
Expenses is not timely made pursuant to Section 7 of this Agreement, (iii) the determination of entitlement of indemnification is to be made by Independent Counsel pursuant to Section 8(b) of this Agreement and such determination
shall not have been made and delivered in a written opinion within ninety (90) days after receipt by the Company of the request for indemnification, or (iv) payment of indemnification is not made pursuant to Section 6 of this
Agreement within ten (10) days after receipt by the Company of a written request therefore, or (v) payment of indemnification is not made within ten (10) days after a determination has been made that Indemnitee is entitled to
indemnification or such determination is deemed to have been made pursuant to Section 8 or 9 of this Agreement, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of New York, or in any other court of competent
jurisdiction, of his entitlement to such indemnification or advancement of Expenses. Alternatively, Indemnitee, at his option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the rules of the American Arbitration
Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 10(a). The
Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration. 
 (b) In the event that a determination
shall have been made pursuant to Section 8 of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration, commenced pursuant to this Section 10 shall be conducted in all respects as a de novo
trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. If a Change in Control shall have occurred, in any judicial proceeding or arbitration commenced pursuant to this Section 10 the
Company shall have the burden of proving that Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be. 

(c) If a determination shall have been made or deemed to have been made pursuant to Section 8 or 9 of this Agreement that Indemnitee is entitled to
indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 10, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material
fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 

(d) The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 10 that the procedures
and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before such arbitrator that the Company is bound by all the provisions of this Agreement. 

(e) In the event that Indemnitee, pursuant to this Section 10, seeks a judicial adjudication of or an award in arbitration to enforce his rights
under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company against, any and all expense (of the types described in the definition of Expense in
Section 17 of this Agreement) actually and reasonably incurred by him, but only if he prevails therein. If it shall be determined in said judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the
indemnification or advancement of expenses sought, the expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated. 

 SECTION 11. Non-Exclusivity; Survival of Rights; Insurance; Subrogation. 

(a) The rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights
to which Indemnitee may at any time be entitled under applicable law, the certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration or termination of this
Agreement or any provision hereof shall be effective as to any Indemnitee with respect to any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or termination. 

(b) To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, agents or
fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in
accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such policy or policies. 
 (c) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required
and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 
 (d) The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received such payment
under any insurance policy, contract, agreement or otherwise. 
 SECTION 12. Duration of Agreement. This Agreement shall continue until
and terminate upon the later of: (a) 10 years after the date that Indemnitee shall have ceased to serve as a director and/or officer, or (b) the final termination of all pending Proceedings in respect of which Indemnitee is granted rights
of indemnification or advancement of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 10 of this Agreement relating thereto. This Agreement shall be binding upon the Company and its successors and assigns and
shall inure to the benefit of Indemnitee and his heirs, executors and administrators. 
 SECTION 13. Severability. If any provision or
provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reasons whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each
portion of any Section of this Agreement containing any such provisions held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the
fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal
or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable. 

SECTION 14. Exception to Right of Indemnification or Advancement of Expenses. Notwithstanding any other provision of this Agreement, Indemnitee
shall not be entitled to indemnification or advancement of Expenses under this Agreement with respect to any Proceeding, or any claim therein: (i) for which payment has actually been made to or on behalf of Indemnitee under any insurance policy
or other indemnity provision, except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; (ii) for an accounting of profits made from the purchase and sale (or sale and purchase) by
Indemnitee of securities of the Company within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory law or common law; (iii) in connection with any Proceeding (or any
part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (a) the Board of Directors
of the Company authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (b) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under the DGCL; or
(iv) if a 

 
final decision by a court of law having jurisdiction in the matter shall determine that such indemnification is not lawful. 
 SECTION 15. Identical Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall
constitute one and the same Agreement. 
 SECTION 16. Heading. The headings of the paragraphs of this Agreement are inserted for
convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 
 SECTION 17.
Definitions. For purposes of this Agreement: 
 (a) “Change in Control” means a change in control of the Company
shall be deemed to have occurred if after the Effective Date (i) any “person” other than principal shareholders or an affiliate thereof as of the Effective Date is or becomes the “beneficial owner” directly or indirectly, of
securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities; or (ii) the Company is a party to a merger, consolidation, sale of assets or other reorganization, as a
consequence of which members of the Board of Directors in office immediately prior to such a transaction or event constitute less than a majority of the Board of Directors thereafter. 
 Company in this Section 17(a) shall mean National General Holdings Corp. and any related or affiliated company in which the Indemnitee is an officer, director or employee. 

(b) “Corporate Status” describes the status of a person who is or was a director, officer, employee, agent or fiduciary of the
Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person is or was serving at the request of the Company. 

(c) “Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect of
which indemnification is sought by Indemnitee. 
 (d) “Effective Date” means August 6, 2013. 

(e) “Expenses” shall include all reasonable attorney’s fees, retainers, court costs, transcript costs, fees of experts,
witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending,
preparing to prosecute or defend, investigating, or being or preparing to be a witness in a Proceeding. 
 (f) “Independent
Counsel” means a law firm, or member of a law firm, which is experienced in matters of corporation law and neither currently is, nor in the past five years has been retained to represent: (i) the Company or Indemnitee in any matter
material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim
for indemnification hereunder. Notwithstanding the forgoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in
representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 
 (g)
“Proceeding” includes any action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other proceeding, including any appeal thereof, whether civil, criminal, administrative or
investigative, except one initiated by an Indemnitee pursuant to Section 10 of this Agreement to enforce his rights under this Agreement. 

SECTION 18. Modification and Waiver. No supplement, modification, or amendment of this Agreement shall be binding unless executed in writing by
both of the parties hereto. No waiver of any of the provisions of this 

 
Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 

SECTION 19. Notice by Indemnitee. Indemnitee agrees as promptly as practicable to notify the Company in writing upon being served with any
summons, citation , subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered hereunder. 

SECTION 20. Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly
given if (i) delivered by hand and receipt for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date
on which it is so mailed: 
  

	 	(a)	If to the Indemnitee, to: 

 The address of the
respective Indemnitee located on the signature page at the end of this Agreement. 
  

	 	(b)	If the Company, to: 

 59 Maiden Lane, 38th Floor 
 New York, NY 10038 

Attn: General Counsel 
 SECTION
21. Governing Law. The parties agree that this Agreement shall be Governed by, and construed and enforced in accordance with, the laws of the State of Delaware. 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written.

  

					
	ATTEST	 		 	 NATIONAL GENERAL HOLDINGS

CORP.

	By:	 		 	By:
	  
	 		 	  

		 		 	Name:
	Secretary	 		 	Title:
			
		 		 	INDEMNITEE
			
		 		 	  

			
		 	Address:EX-10.15

 Exhibit 10.15 
 EMPLOYMENT AGREEMENT 
 This EMPLOYMENT
AGREEMENT (the “Agreement”) is made as of the 1st day of January 2013 (the “Effective Date”) by and between Byron Storms, an individual having an address at 11050 Appomattox Court, Rancho Cucamonga, CA 91737
(“Executive”), and GMAC Insurance Management Corporation, a Delaware corporation, having an address at 500 West Fifth Street, Winston-Salem, NC 27101 (the “Company”; collectively, the
“Parties”). 
 R E C I T A L S:

 WHEREAS, the Parties desire to enter into this Agreement in order to set forth the terms and conditions of
Executive’s employment with the Company following the date of this Agreement, intending to supersede any prior employment agreement, written or oral between Executive and the Company or any of its affiliates. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in
consideration of the mutual covenants and obligations herein contained, the Parties hereto agree as follows: 
 ARTICLE I

 POSITION AND RESPONSIBILITIES 
 1.1 Employment. The Company hereby agrees to employ Executive and Executive hereby accepts such employment on the terms and conditions set forth herein. Upon the Effective Date, this Agreement
shall supersede any and all prior agreements, written or oral, between the Parties regarding any aspect of Executive’s employment relationship with the Company or its affiliates. 

1.2 Term of Employment Agreement. This Employment Agreement shall commence on the Effective Date and end on the second anniversary
of the Effective Date (the “Initial Term”). The Employment Agreement shall automatically renew for one or more additional two-year terms unless either party notifies the other party at least 120 days prior to the end of the
then current term of an intent not to renew. The Initial Term and any renewal terms are referred to herein as the “Contract Term.” 
 1.3 “At-Will” Employment. Executive’s employment with the Company is deemed “at will,” meaning that Executive may resign, or the Company may terminate Executive’s
employment, at any time with or without notice and for any or for no reason. Nothing in this Agreement shall be construed to alter the “at-will” nature of Executive’s employment, nor shall anything in this Agreement be construed as
providing Executive with a definite term of employment. This provision may only be amended by a written instrument executed by both the Company and Executive. 
 1.4 Position and Title. It is the intention for Executive to serve as President of the Company or such other position as determined by the Chairman & Chief Executive Officer of the Company
from time to time and shall serve in such position at the pleasure of the 

 
Chairman & Chief Executive Officer. Executive shall perform those duties generally required of persons in this position or such other duties as the Company may from time to time direct.
Executive will report to Michael Karfunkel, or to any other individual that the Company shall, in its discretion, designate from time to time, which person shall be the Chairman or Chief Executive Officer of the Company. If elected a director or
officer of any subsidiary or affiliate of the Company, Executive shall serve in such positions with no additional compensation. 

1.5 Office Location. Executive shall be employed at the Company’s North Carolina office, which is presently located in
Winston-Salem, North Carolina, subject to such travel requirements as the performance of Executive’s duties may require. It is anticipated and understood that Executive’s position will require substantial travel. In the event that
Executive is requested by the Company to change his primary office location to the Cleveland, Ohio area to be based in the Company’s Cleveland, Ohio regional office, Executive agrees to do so. 

1.6 Devotion of Time. Executive shall devote his full business time and attention, skills and best efforts to the performance of
Executive’s duties hereunder and shall not, during Executive’s employment by the Company, be employed by or otherwise engaged in any other business activity requiring any of his time; provided, however, that Executive
may, to the extent not otherwise prohibited by this Agreement, devote such amount of time as does not, in the discretion of the Company, interfere or compete with the performance of Executive’s duties under this Agreement by: (a) investing
Executive’s personal assets in such manner as will not require services to be rendered by Executive in the operation of the affairs of the companies in which investments are made, or (b) engaging in charitable, community or political
activities, including serving on the boards of directors or committees of related organizations. 
 ARTICLE II 

COMPENSATION AND BENEFITS 
 In exchange for the full, complete and satisfactory performance of Executive’s services, the Company shall provide Executive with the following compensation and benefits. Unless otherwise set forth
to the contrary in this Agreement, the Company is not bound to provide or continue any level, or kind, of compensation or benefit. 
 2.1 Base Salary. The Company will pay to Executive a salary at the annual rate of $750,000 (the “Base Salary”), payable in conformity with the Company’s customary
compensation payment practices; as such practices may be adjusted from time to time. 
 2.2 Incentive Bonus. Executive
will be eligible to earn a bonus equal to 5% of the increase in underwriting income of the auto business (which for the avoidance of doubt shall not include, income from the life settlement, health or accident businesses) of the 10 regulated
insurers owned directly or indirectly by American Capital Acquisition Corporation (“ACAC”) on the date of this Agreement for the applicable calendar year as compared to the underwriting income of the auto business of the 10
regulated insurers owned directly or indirectly by ACAC on the date of this Agreement for the immediately prior calendar year. Notwithstanding the foregoing, Executive shall receive a minimum bonus with respect to any

  
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calendar year of not less than 50% of the bonus received with respect to 2012 and a maximum amount equal to three times Executive’s Base Salary as of the end of the Fiscal Year. Any bonus
paid to Executive pursuant to this subsection shall be paid within two and one-half (2  1/2) months after the end of the Fiscal Year and shall be subject to applicable payroll deductions and withholdings.

 2.3 Benefits. Executive shall be entitled to participate in all savings and retirement plans, policies and
programs as may be made available by the Company to executives generally. In addition, Executive shall be entitled to participate on the same basis with all other employees in the Company’s standard benefits packages, including group health,
disability and life insurance programs. Executive understands that such benefits are provided by the Company at the Company’s discretion and may be changed, increased, decreased or eliminated on an organization-wide basis from time to time.

 2.4 Housing. Executive will be provided with a house to live in the Winston-Salem area, so long as his primary place of
employment remains in the Winston-Salem, North Carolina area. In the event that Executive’s employment with the Company is terminated or this Agreement is not renewed, Executive may continue to stay in such residence for 30 days following
termination, provided that Executive pays the Company monthly rent at market rates as determined by the Company in its reasonable discretion during such period. Executive will consult with his own tax advisors with respect to any tax ramifications
of being provided with housing by the Company. 
 2.5 Reimbursement. The Company shall reimburse Executive upon
presentation of vouchers and other supporting documentation as the Company may require, for reasonable and necessary out-of-pocket expenses incurred by Executive
relating to the business or affairs of the Company or the performance of Executive’s duties hereunder, provided, however, that the incurring of such expenses shall have been approved in accordance with the Company’s
regular reimbursement procedures and practices in effect from time to time. 
 2.6 Taxes and Withholdings. The Company
shall withhold from Executive’s compensation all applicable amounts for federal, state and local taxes and withholdings as required by applicable laws. 
 2.7 Pooled Time Off. Executive will be eligible to earn pooled time off days each calendar year in accordance with the Company’s policies for senior executives in effect from time to time. The
Executive may use pooled time off days at any time during the year, whether or not vested with management approval. Pooled Time Off must be taken in accordance with the policies of the Company. 

ARTICLE III 

TERM AND TERMINATION 
 3.1 Termination. For purposes of determining whether Executive is eligible for severance pay on termination from the Company, the following definitions will apply: 

  
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 3.2(a) Termination For Cause. For the purposes of this Agreement,
“Cause” shall include, but not be limited to, the following: (i) Executive’s habitual or gross negligence in the performance of Executive’s duties and responsibilities with the Company, including a failure by
Executive to perform such duties and responsibilities, provided such performance or neglect is not corrected (assuming it is correctable) by Executive within twenty (20) business days after receipt of written notice from the Company;
(ii) any material breach by Executive of this Agreement or any other agreement with the Company or any of its affiliates to which Executive is a party, provided such performance or neglect is not corrected (assuming a reasonable person would
believe it is correctable) by Executive within twenty (20) business days after receipt of written notice from the Company; (iii) Executive’s breach of a fiduciary duty to the Company or failure to act in the best interests of the
Company; (iv) the arrest (following an investigation of the facts which results in a determination by the Company of the Executive’s culpability) of, conviction of, or admission by, Executive of a felony or crime involving moral turpitude,
whether or not committed in the course of performing services for the Company; (v) the commission by Executive of any acts of moral turpitude, including the commission by Executive of embezzlement, theft or any other fraudulent act; or
(vi) Executive’s material violation of the Company’s policies, provided such violation is not corrected (assuming a reasonable person would believe it is correctable) by Executive within twenty (20) business days after receipt of
written notice from the Company. An act, failure to act or course of conduct shall be considered “grossly negligent” if done, or omitted to be done, by Executive without a reasonable belief that such action, omission or course of conduct
was in the best interest of the Company. Any written notice shall set forth in reasonable detail, the facts and circumstances claimed to constitute Cause. 
 (a) Termination Due to Death or Disability. Executive’s employment with the Company shall terminate upon Executive’s death or, at the election of the Company by written notice to
Executive, upon any Disability of Executive. As used in this Agreement, the term “Disability” shall mean the inability or failure of Executive to perform the essential functions of the position with or without reasonable
accommodation as a result of a mental or physical condition for a period of ninety (90) or more days (whether or not consecutive) during any twelve (12) month period. In the event of a termination due to Disability, Section 5.3 will
not apply to Executive unless Company elects for Section 5.3 to apply and pays Executive Base Salary and current health insurance benefit (with the Executive continuing to make his or her co-pay) for the Non-Compete Period (as defined in
Section 5.3), all as determined in good faith by the Company. Notwithstanding the foregoing, such termination for disability shall not violate any Federal, State of local law. 

(b) Termination Without Cause. Any termination by the Company, other than a termination for Cause or a termination due to death or
Disability or Executive’s resignation, will be deemed a termination without Cause. In the event of such termination, the Company shall pay to Executive severance (in accordance with normal payroll practices) at a per annum rate equal to the
Base Salary in effect at the time of such termination for a period of 12 months following such termination (even if such 12 month period extends past the end of the Contract Term then in effect); provided however, that the
Company shall not be obligated to make any payment to Executive under this section 3.2(c) unless Executive has delivered to the Company a release of all claims in form and substance reasonably satisfactory

  
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to the Company and the release shall have become effective and irrevocable under all applicable law. Executive shall not be entitled to receive severance under any other plans maintained by the
Company for a termination without Cause. The foregoing notwithstanding, the Company’s obligation to pay Executive’s Base Salary will immediately terminate upon: (i) the parties’ mutual agreement to waive enforcement of the
Section 5.3 Non-Compete; or (ii) Executive’s commencement of new or alternative employment (including consulting arrangements), which will reduce the Company’s obligation to continue to pay Executive’s Base Salary by the
base salary received by Executive from such new or alternative employment (or consulting arrangement) for the remainder of the period of time during which severance is due under this Section. In the event Executive accepts such new or alternative
employment during such period of time, Executive agrees to inform the Company of such employment prior to commencing such employment. 
 (c) Termination for Good Reason. Executive may resign and terminate his employment with the Company for “Good Reason.” Executive shall have “Good Reason” to effect
a termination in the event that the Company (i) reduces Executive’s Base Salary, or (ii) requires Executive to relocate more than 50 road miles from Executive’s office (which, for the avoidance of doubt, shall mean the
Company’s office in Cleveland, Ohio in the event Executive changes his primary office location to such office as set forth in Section 1.5) or any subsequent office to which the Executive moves with the Executive’s consent; provided
that Executive provides written notice to the Company as to the details of the basis for such Good Reason within thirty (30) days following the date on which Executive alleges the event giving rise to such Good Reason occurred and the Company
fails to provide a reasonable cure within thirty (30) days after its receipt of such notice. In the event of such termination, Executive will receive the payments and benefits described in Section 3.2(c). The Company shall not be
obligated to make any payment to Executive under this Section 3.2(d) unless Executive has delivered to the Company a release of all claims in form and substance reasonably satisfactory to the Company and the release shall have become
effective and irrevocable under all applicable law. 
 In the event (each, a “Non-Compete Event”) there
is (i) a diminishment of Executive’s position and functional responsibilities in a substantial and negative manner or (ii) a non-renewal of the Agreement by the Company, then Executive may terminate this Agreement; provided that the
Executive provides written notice to the Company as to the details of the basis for such Non-Compete Event within thirty (30) days following the date on which Executive alleges the event giving rise to such Non-Compete Event occurred and the
Company fails to provide a reasonable cure within thirty (30) days after its receipt of such notice. In the event of such termination for a Non-Compete Event, no severance will be due hereunder, but the non-compete in Section 5.3 will not
apply unless the Company agrees to pay the Executive the Executive’s Base Salary for the term of the Non-Compete Period. In the event of a non-renewal of the Agreement by the Company and Executive doesn’t terminate within thirty
(30) days of notice of such non-renewal and the Executive’s employment is subsequently terminated then no severance will be due hereunder, but the non-compete in Section 5.3 will not apply unless the Company agrees to pay the
Executive the Executive’s Base Salary for the term of the Non-Compete Period. 

  
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 ARTICLE IV 
 EFFECTS OF TERMINATION 
 In the event Executive’s employment is
terminated pursuant to Sections 3.2(a) or 3.2(b), the Company shall have no obligations to Executive except (i) for continuation of health insurance benefits to the extent required by applicable law, and (ii) that Executive shall be paid
any Base Salary earned, but unpaid, as the date of termination, any earned but unused vacation, reimbursed for any expenses incurred up to the date of termination and otherwise payable under Section 2.5. In the event Executive’s
employment is terminated pursuant to Sections 3.2(c) or 3.2(d) herein, then Executive shall be entitled to receive all payments described in such sections as well as (i) continuation of health insurance benefits to the extent required by
applicable law, and (ii) any Base Salary earned, but unpaid, as the date of termination and reimbursed for any expenses incurred up to the date of termination and otherwise payable under Section 2.5. 

ARTICLE V 

CONFIDENTIALITY AND PROPRIETARY INFORMATION 
 5.1 Confidentiality. In the course of Executive’s employment, Executive has had and will have access to confidential or proprietary data or information of the Company (and its affiliates) and
its operations. Executive agrees that he will not at any time divulge or communicate to any person, nor shall Executive direct any employee to divulge or communicate to any person (other than to a person bound by confidentiality obligations similar
to those contained herein and other than as necessary in performing Executive’s duties hereunder), or use to the detriment of the Company (or any of its affiliates) or for the benefit of any other person, any of such confidential or proprietary
data or information. The provisions of this Section 5.1 shall survive Executive’s employment hereunder, whether by the normal expiration thereof or otherwise. The term “confidential or proprietary data or
information” as used in this Agreement shall mean all information, whether or not reduced to written or recorded form, that is related to the Company and that is not generally known or accessible to members of the public and/or
competitors of the Company nor intended for general dissemination, whether furnished by the Company or compiled by Executive, including, without limitation, information related to the financial performance of the Company (or any affiliate),
information concerning the customers of the Company (or any affiliate), the existing or proposed future projects, prospects, or business strategies of the Company (or any affiliate), personnel information, financial information, customer lists,
supplier lists, information relating to producer or affinity group relationships or identities, trade secrets, information regarding operations, systems, services, know-how, computer and any other processed or
collated data, computer programs, pricing, marketing and advertising data. Executive understands that it is the Company’s intention to maintain the confidentiality of this information notwithstanding that employees of the Company may have free
access to the information for the purpose of performing their duties with the Company, and notwithstanding that employees who are not expressly bound by agreements similar to this agreement may have access to such information for job purposes.
Executive acknowledges that it is not practical, and shall not be necessary, to mark such information as “confidential,” 

  
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nor to transfer it within the Company by confidential envelope or communication, in order to preserve the confidential nature of the information. 

5.2 Intellectual Property. Executive agrees that Executive will at all times promptly disclose to the Company, in such form and
manner as the Company may reasonably require, any inventions, improvements or procedural or methodological innovations, programs methods, forms, systems, services, designs, marketing ideas, products or processes (whether or not capable of being trade-marked, copyrighted or patented) conceived or developed or created by Executive during or in connection with Executive’s employment hereunder and which relate to the business of the Company or any
affiliates (“Intellectual Property”). Executive agrees that all such Intellectual Property shall be the sole property of the Company. To the extent possible, any Intellectual Property made or conceived by Executive shall be
deemed a “work made for hire” within the meaning of § 101 of the Federal Copyright Act, as amended; with the exception of inventions (including works of authorship) Executive develops entirely on Executive’s own time without
using the Company’s equipment, supplies, facilities or trade secret information, and that do not relate at the time of conception or reduction to practice to the Company’s business, or to the actual or demonstrably anticipated research or
development of the Company, or to any work performed by Executive for the Company. Executive further agrees that Executive will execute such instruments and perform such acts as may reasonably be requested by the Company to transfer to and perfect
in the Company all legally protectible rights in such Intellectual Property. 
 5.3 Non-Compete. While employed by the
Company and for a period of one (1) year thereafter (the “Non-Compete Period”), Executive shall not, without the prior written approval of the Company, become engaged or become interested, directly or indirectly, as a
director, officer, employee or 5% or more stockholder or equity interest owner in, partner in, or consultant to, any business which is competitive with or similar to the business of the Company or any of its affiliates in any state in the United
States (except in the states of North Dakota, South Dakota, Wyoming and Montana) where the Company or any of its affiliates conducts business. Notwithstanding the foregoing, Executive shall not be prohibited from employment or service with an
entity that engages in a competing business if Executive provides evidence satisfactory to the Company, in its sole discretion, that Executive: 
 (a) (i) works in a separate division, department or unit that does not compete with the business of the Company (or any of its affiliates); and (ii) will not have contact with the division,
department or unit that does compete with the business of the Company (or any of its affiliates) or 
 (b) works for or owns an
insurance agency which does not compete with the business of the Company (or any of its affiliates). For purposes of this Agreement, AmTrust Financial Services, Inc. and its subsidiaries and Maiden Holdings Ltd. and its subsidiaries are not deemed
to be affiliates of the Company. 
 5.4 Non-Solicitation. While employed by the Company and for a period of two
(2) years thereafter, Executive shall not, directly or indirectly, on Executive’s own behalf or on behalf of any other person: (a) induce or attempt to induce any agent, producer, affinity group

  
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or policyholder of the Company (or any of its affiliates), or any prior agent, producer, affinity group or policyholder that was an agent, producer, affinity group or policyholder within twelve
months of such contact, to withdraw, decrease or cancel its business with the Company (or any of its affiliates) or otherwise terminate any written or oral agreement or understanding or other relationship with the Company (or any of its affiliates);
(b) solicit the business of any customer of the Company (or any of its affiliates), or any prior agent, producer, affinity group or policyholder that was an agent, producer, affinity group or policyholder within twelve months of such contact,
to the extent the business solicited is similar to, or competitive with, the business of the Company (or any of its affiliates); (c) solicit or attempt to solicit, or hire or attempt to hire, any person who is an employee, individual consultant
or independent contractor of the Company (or any of its affiliates), or any prior employee, individual consultant or independent contractor that was an employee, consultant or independent contractor within twelve months of such contact; or
(d) induce or attempt to induce any person who is an employee, individual consultant or independent contractor of the Company (or any of its affiliates) to terminate or limit his or her employment or other relationship with the Company (or any
of its affiliates), or any prior employee, individual consultant or independent contractor that was an employee, individual consultant or independent contractor within twelve months of such contact. 

5.5 Acknowledgments. 
 (a) Executive acknowledges and agrees that (i) the Company transacts property and casualty insurance business through its affiliates, (ii) the Company and its affiliates have long-term
relationships with their customers that were in many instances developed at considerable expense and difficulty over several years of close and continuing involvement, and (iii) the Company and its affiliates have acquired at considerable
expense the benefits and goodwill associated with such relationships. 
 (b) Executive agrees that following Executive’s
employment with the Company, the Company shall have the right to communicate the terms of this Agreement to any prospective or current employer of Executive. Executive waives any right to assert any claim for damages against the Company or any
officer, employee or agent of the Company arising from such disclosure of the terms of this Agreement. 
 (c) Executive
acknowledges that the purposes of this Article V would be frustrated by measuring the period of restriction from the date of termination of employment where Executive failed to honor the Agreement until directed to do so by court order.
Therefore, should legal proceedings have to be brought by the Company against Executive to enforce this Agreement and should the Company prevail in obtaining injunctive or other equitable relief against Executive, the period of restriction under
this Article V all be deemed to be extended for a period equal to the period of violation by Executive. 
 (d) The
provisions of this Article V shall be independent of any other provision of this Agreement, and the existence of any claim or cause of action by Executive against the Company, whether predicated on this Agreement or otherwise, shall not
constitute a defense to the enforcement of this Article V by the Company. 

  
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 5.6 Return of Property. All written materials, records and documents made by
Executive or coming into Executive’s possession during Executive’s employment concerning any products, processes or equipment, manufactured, used, developed, investigated or considered by the Company (or any of its affiliates) or otherwise
concerning the business or affairs of the Company (or any of its affiliates), shall be the sole property of the Company (or such affiliate), and upon termination of Executive’s employment, or upon request of the Company during Executive’s
employment, Executive shall promptly deliver same to the Company. In addition, upon termination of Executive’s employment, or upon request of the Company during Executive’s employment, Executive will deliver to the Company all other
Company property in Executive’s possession or under Executive’s control, including but not limited to, financial statements, marketing and sales data, patent applications, drawings and other documents, and all Company credit cards and
automobiles. 
 5.7 Equitable Relief. With respect to the covenants contained in Article V of this Agreement,
Executive agrees that any remedy at law for any breach of said covenants may be inadequate and that the Company shall be entitled to seek specific performance or any other mode of injunctive and/or other equitable relief (without the requirement of
posting a bond) to enforce its rights hereunder or any other relief a court might award. 
 ARTICLE VI 

EMPLOYEE’S REPRESENTATIONS 
 Executive represents and warrants that he is not a party to any other employment, non-competition, or other agreement or restriction which could interfere with his
employment with the Company or his or the Company’s rights and obligations hereunder, and that his employment with the Company and the performance of his duties hereunder will not breach the provisions of any contract, agreement, or
understanding to which Executive is party or any duty owed by Executive to any other person. 
 ARTICLE VII 

NOTICES 
 All demands, notices, requests, consents and other communications required or permitted under this Agreement shall be in writing and shall be personally delivered or sent by facsimile machine (with a
confirmation copy sent by one of the other methods authorized in this Section), commercial (including FedEx) or the U.S. Postal Service overnight delivery service, or, deposited with the U.S. Postal Service mailed first class, registered or
certified mail, postage prepaid, as set forth below: 

  
 - 9 -

 If to the Company, addressed to: 

GMAC Insurance Management Corporation 

500 West Fifth Street 
 Winston-Salem, NC 27101 
 Attention: Chairman & Chief Executive
Officer 
 Telephone No: 212-380-9495 

Facsimile No.: 212-380-9499 
 With a copy to: 
 GMAC Insurance Management Corporation

 500 West Fifth Street 
 Winston-Salem, NC 27101 
 Attention: General Counsel 

Telephone No: 212-380-9479 
 Facsimile No.: 212-380-9499 
 If to Executive, addressed to: 

Byron Storms 
 11050 Appomattox Court 
 Rancho Cucamonga, CA 91737 

Notices shall be deemed given upon the earlier to occur of (i) receipt by the party to whom such notice is directed; (ii) if
sent by facsimile machine, on the day such notice is sent if sent (as evidenced by the facsimile confirmed receipt) prior to 5:00 p.m. Eastern Time and, if sent after 5:00 p.m. Eastern Time, on the day after which such notice is sent; (iii) on
the first business day following the day the same is deposited with the commercial carrier if sent by commercial overnight delivery service; or (iv) the fifth day following deposit thereof with the aforesaid Postal Service as aforesaid. Each
party, by notice duly given in accordance therewith may specify a different address for the giving of any notice hereunder. 

ARTICLE VIII 
 ENFORCEMENT AND WAIVERS 
 8.1 Governing Law. This Agreement
shall be construed, interpreted and enforced in accordance with laws of the State of North Carolina without regard to conflict or choice of law principles applicable therein. Any action, suit or other proceeding initiated by any party under or in
connection with this Agreement must be brought in any Federal or State court in the State of North Carolina and both parties consent to the jurisdiction and venue of any Federal or State court in the State of North Carolina and agree that North
Carolina is a convenient forum within which to litigate such dispute. 
 8.2 Waivers. No delay in exercising any right
under this Agreement shall operate as a waiver of that or any other right. A waiver or consent given by the Company on any one 

  
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occasion shall be effective only in that instance and shall not be construed as a bar or waiver of any right on any other occasion. 

ARTICLE IX 

COMPLIANCE WITH SECTION 409A OF THE CODE 
 The provisions of this Article IX shall apply solely to the extent that a payment under this Agreement is subject to Section 409A of the Internal Revenue Code (the “Code”).

 9.1 General Suspension of Payments. If Executive is a “specified employee,” as such term is defined within
the meaning of Section 409A of the Code, any payments or benefits payable or provided as a result of Executive’s termination of employment that would otherwise be paid or provided prior to the first day of the seventh month following such
termination (other than due to death) shall instead be paid or provided on the earlier of (i) the six months and one day following Executive’s termination, (ii) the date of Executive’s death, or (iii) any date that otherwise
complies with Section 409A of the Code. In the event that Executive is entitled to receive payments during the suspension period provided under this Section, Executive shall receive the accumulated benefits that would have been paid or provided
under this Agreement within the suspension period on the earliest day that would be permitted under Section 409A of the Code. 
 9.2 Release Payments. In the event that Executive is required to execute a release to receive any payments from the Company that constitute nonqualified deferred compensation under
Section 409A of the Code, payment of such amounts shall not be made or commence until the sixtieth (60th) day following such termination of employment. Any payments that are suspended during the sixty (60) day period shall be paid on
the date the first regular payroll is made immediately following the end of such period. 
 9.3 Reimbursement Payments.
The following rules shall apply to payments of any amounts under this Agreement that are treated as “reimbursement payments” under Section 409A of the Code: (i) the amount of expenses eligible for reimbursement in one calendar
year shall not limit the available reimbursements for any other calendar year (other than an arrangement providing for the reimbursement of medical expenses referred to in Section 105(b) of the Code); (ii) Executive shall file a claim for
all reimbursement payments not later than thirty (30) days following the end of the calendar year during which the expenses were incurred, (iii) the Company shall make such reimbursement payments within thirty (30) days following the
date Executive delivers written notice of the expenses to the Company; and (iv) Executive’s right to such reimbursement payments shall not be subject to liquidation or exchange for any other payment or benefit. 

9.4 Separation from Service. For purposes of this Agreement, any reference to “termination” of Executive’s
employment shall be interpreted consistent with the meaning of the term “separation from service” in Section 409A(a)(2)(A)(i) of the Code and no portion of the Severance Payments shall be paid to Executive prior to the date such
Executive incurs a separation from service under Section 409A(a)(2)(A)(i) of the Code. 

  
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 9.5 Installment Payments. For purposes of Section 409A of the Code and the
regulations and other guidance thereunder and any state law of similar effect (including without limitation Treasury Regulations Section 1.409A-2(b)(2)(iii)), all payments made under this Agreement (whether severance payments or otherwise) will
be treated as a right to receive a series of separate payments and, accordingly, each installment payment under this Agreement will at all times be considered a separate and distinct payment. 

9.6 General. Notwithstanding anything to the contrary in this Agreement, it is intended that the severance benefits and other
payments payable under this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Section 409A of the Code provided under Treasury Regulations Sections 1.409A-1(b)(4), 1.409A-1(b)(5), and 1.409A-(b)(9) and
this Agreement will be construed to the greatest extent possible as consistent with those provisions. The commencement of payment or provision of any payment or benefit under this Agreement shall be deferred to the minimum extent necessary to
prevent the imposition of any excise taxes or penalties on the Company or Executive. 
 ARTICLE X 

MISCELLANEOUS 
 10.1 Captions. The captions of the sections of this Agreement are for convenience of reference only and in no way define, limit or affect the scope or substance of any section of this Agreement.

 10.2 Severability. In the case any provision of this Agreement shall be invalid, illegal or otherwise unenforceable,
the validity, legality and enforceability of the remaining provisions shall in no way be affected or impaired thereby. In addition, should a court of competent jurisdiction declare any of the covenants set forth in Article V unenforceable,
the parties agree to the extent permitted under the law of the State of North Carolina that such court shall be authorized to modify such covenants so as to render the remaining covenants and the modified covenants valid and enforceable to the
maximum extent possible, and as so modified, to enforce this Agreement in accordance with its terms. In accordance with and subject to the foregoing, if any provision of this Article X shall be held to be excessively broad, it shall be
limited to the extent necessary to comply with applicable law. 
 10.3 Gender and Number. The gender and number used in
this Agreement are used as reference terms only and shall apply with the same effect whether the parties are of the masculine, neuter or feminine gender, corporate or other form, and the singular shall likewise include the plural. 

10.4 Assignment. This Agreement may be assigned by the Company. The obligations of Executive are personal and shall not be assigned
or delegated by Executive. 
 10.5 Amendment and Modification. This Agreement may be amended or modified only by a written
instrument executed by both the Company and Executive. No waiver by either party of any breach by the other or any provision hereof shall be deemed to be a waiver of any later or other breach thereof or as a waiver of any other provision of this
Agreement. 

  
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 10.6 Entire Agreement. This Agreement constitutes the entire agreement between the
Parties and supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter of this Agreement. The terms and conditions of the employment with the Company as set forth herein are integrated with and
supersede any contrary verbal discussions concerning conditions of employment. 
 [SIGNATURE PAGE FOLLOWS] 

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

			
	 EXECUTIVE:

	
	 /s/ Byron Storms

	 Byron Storms

	
	 GMAC Insurance Management Corporation

		
	By:	 	/s/ Michael Karfunkel
		 	Michael Karfunkel
		 	Chairman & Chief Executive Officer

  
 - 14 -

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