Document:

Form of Employee Stock Purchase Plan

 Exhibit 10.16 
  
 REPUBLIC COMPANIES GROUP, INC. 
  
 EMPLOYEE STOCK PURCHASE PLAN 
  

1. Purpose. The purpose of the Republic Companies Group, Inc. Employee Stock Purchase Plan (the “Plan”) is to provide eligible
employees with an incentive to advance the interests of Republic Companies Group, Inc., a Delaware corporation (the “Company”), by affording an opportunity to purchase stock of the Company at a favorable price. 
  
 2. Administration of the Plan. The Plan shall be administered by a
committee (the “Committee”) as appointed by the Board of Directors of the Company (the “Board”). Subject to the provisions of the Plan, the Committee shall interpret and construe the Plan and all options granted under the Plan,
shall make such rules as it deems necessary for the proper administration of the Plan, shall make all other determinations necessary or advisable for the administration of the Plan, including the determination of eligibility to participate in the
Plan and limitations on the number of shares subject to a participant’s option under the Plan, and shall correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any option granted under the Plan in the manner
and to the extent that the Committee deems desirable to carry the Plan or any option into effect. The Committee shall, in its sole discretion exercised in good faith, make such decisions or determinations and take such actions as it deems
appropriate, and all such decisions, determinations and actions taken or made by the Committee pursuant to this and the other paragraphs of the Plan shall be conclusive on all parties. The Committee shall not be liable for any decision,
determination or action taken in good faith in connection with the administration of the Plan. 
  
 3. Participating Companies. Each present and future parent or subsidiary corporation of the Company (within the meaning of sections 424(e) and (f) of the Internal Revenue Code of 1986, as amended (the
“Code”)) that is eligible by law to participate in the Plan shall be a “Participating Company” during the period that such corporation is such a parent or subsidiary corporation; provided, however, that the Committee may at any
time and from time to time, in its sole discretion, prevent or terminate a Participating Company’s Plan participation. Any Participating Company may, by appropriate action of its Board of Directors, prevent or terminate its participation in the
Plan. Transfer of employment among the Company and Participating Companies (and among any other parent or subsidiary corporation of the Company) shall not be considered a termination of employment hereunder. 
  
 4. Eligibility. All employees of the Company and the Participating
Companies who are employed (including employees on any authorized leave of absence meeting the requirements of Treasury Regulation § 1.421-1(h)(2)) by the Company or any Participating Company (including any predecessor entity) for at least 180
days as of the applicable Date of Grant (as defined in subparagraph 6(a)) and who are customarily employed at least 20 hours per week and at least 5 months per year shall be eligible to participate in the Plan; provided, however, that no option
shall be granted to an employee if such employee, immediately after the option is granted, owns stock possessing five percent or more of the total combined voting power or value of all classes of stock of the Company or of its parent or subsidiary
corporation (within the meaning of sections 423(b)(3) and 424(d) of the Code) (“Eligible Employee”). 

 5. Stock Subject to the Plan. Subject to the provisions of paragraph 12 (relating to adjustment
upon changes in stock), the aggregate number of shares which may be sold pursuant to options granted under the Plan shall not exceed 500,000 shares of the authorized $.01 par value common stock of the Company (“Stock”), which shares may be
unissued shares or reacquired shares or shares bought on the market for purposes of the Plan. Should any option granted under the Plan expire or terminate prior to its exercise in full, the shares theretofore subject to such option may again be
subject to an option granted under the Plan. Any shares which are not subject to outstanding options upon the termination of the Plan shall cease to be subject to the Plan. 
  
 6. Grant Of Options. 
  
 (a) General Statement; “Date Of Grant”; “Option Period”; “Date Of Exercise”. Upon the effective date of the Plan, as
provided in Section 14, and continuing while the Plan remains in effect, the Company shall offer options under the Plan to all Eligible Employees to purchase shares of Stock. Except as otherwise determined by the Committee and except as provided
below, these options shall be granted on the January 1 or July 1 immediately subsequent to the Plan’s effective date, whichever occurs earlier, and each six month anniversary of such date (each of which dates is herein referred to as a
“Date of Grant”). The term of each option, except as provided below, shall begin on a Date of Grant and shall be for a period ending on the next subsequent June 30 or December 31 (each such 6 month period or shorter period in the case of
the first period shall be referred to as an “Option Period”). The first day of the first Option Period shall be a Date of Grant and the last day of such Option Period shall be a “Date of Exercise.” Notwithstanding the foregoing,
the first Date of Grant shall be October 1, 2005. The number of shares subject to each option and Option Period shall be the quotient of the sum of the payroll deductions withheld on behalf of each participant in accordance with subparagraph 6(b)
for the Option Period and any amount carried forward from the preceding Option Period pursuant to subparagraph 7(a), divided by the “Option Price” (as defined in subparagraph 7(b)) of the Stock, excluding all fractions; provided, however,
that the maximum number of shares that may be subject to any option may not exceed 5,000 shares (subject to adjustment as provided in paragraph 12). 
  
 (b) Election To Participate; Deduction Authorization. Except as provided in subparagraph 6(f), an Eligible Employee may participate in the Plan
only by means of payroll deduction. Except as provided in subparagraph 6(g), each Eligible Employee who elects to participate in the Plan shall deliver to the Company, within the time period prescribed by the Committee, a written payroll deduction
authorization on a form prepared by the Committee whereby he gives notice of his election to participate in the Plan as of the next following Date of Grant, and whereby he designates an integral percentage or specific amount (as determined by the
Committee) of his “Eligible Compensation” (as defined in subparagraph 6(d)) to be deducted from his compensation for each pay period and credited to a book entry account established in his name. The designated percentage or specific amount
may not result in a deduction during any payroll period of an amount less than $5.00. The designated percentage or specific amount may not exceed either of the following: (i) 50% of the amount of Eligible Compensation from which the deduction is
made; or (ii) an amount which will result in noncompliance with the limitations stated in subparagraphs 6(a) or 6(e). 
  

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 (c) Changes in Payroll Authorization. Except as provided in subparagraph 8(a), the payroll
deduction authorization referred to in subparagraph 6(b) may not be changed until the following Date of Grant. 
  
 (d) “Eligible Compensation” Defined. The term “Eligible Compensation” means the gross (before taxes are withheld) total of all
wages, salaries, commissions, overtime and bonuses received during the Option Period, except that such term shall include elective contributions made on an employee’s behalf by the Company or a Participating Company that are not includable in
income under section 125 or section 402(e)(3) of the Code. Notwithstanding the foregoing, “Eligible Compensation” shall not include (i) employer contributions to or payments from any deferred compensation program, whether such program is
qualified under section 401(a) of the Code (other than amounts considered as employer contributions under section 402(e)(3) of the Code) or nonqualified, (ii) amounts realized from the receipt or exercise of a stock option that is not an incentive
stock option within the meaning of section 422 of the Code, (iii) amounts realized at the time property described in section 83 of the Code is freely transferable or no longer subject to a substantial risk of forfeiture, (iv) amounts realized as a
result of an election described in section 83(b) of the Code, and (v) any amount realized as a result of a disqualifying disposition within the meaning of section 421(b) of the Code. 
  
 (e) $25,000 Limitation. No Eligible Employee shall be granted an option under the Plan to the extent such grant would
permit his rights to purchase Stock under the Plan and under all other employee stock purchase plans of the Company and its parent and subsidiary corporations (as such terms are defined in sections 424(e) and (f) of the Code) to accrue at a rate
which exceeds $25,000 of the Fair Market Value of Stock (as defined in subparagraph 7(b)), determined at the time the option is granted, for each calendar year in which any such option granted to such employee is outstanding at any time (within the
meaning of section 423(b)(8) of the Code). 
  
 (f) Leaves of
Absence. During a paid leave of absence approved by the Company and meeting the requirements of Treasury Regulation § 1.421-1(h)(2), a participant’s elected payroll deductions shall continue. If a participant takes an unpaid leave of
absence, then such participant may not make additional contributions under the Plan while on unpaid leave of absence, and the participant’s payroll deductions for the applicable Option Period shall remain subject to the Plan and used to
exercise options on the next following Date of Exercise. 
  
 (g)
Continuing Election. A participant (i) who has elected to participate in the Plan pursuant to subparagraph 6(b) as of a Date of Grant and (ii) who takes no action to change or revoke such election as of the next following Date of Grant, shall
be deemed to have made the same election, including the same attendant payroll deduction authorization, for such next following and/or subsequent Date(s) of Grant as was in effect for the Date of Grant for which he made such election to participate.
A participant who desires to discontinue participation in the Plan for a subsequent Option Period commencing as of the next Date of Grant shall deliver to the Company a notice of withdrawal, on a form prepared by the Committee, at least 30 days
prior to the beginning of such Option Period. 
  

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 7. Exercise of Options. 
  
 (a) General Statement. Each Eligible Employee who is a participant in the Plan, automatically and without any act on
his part, shall be deemed to have exercised his option on each Date of Exercise to the extent that the cash balance then in his account under the Plan is sufficient to purchase at the “Option Price” (as defined in subparagraph 7(b)) whole
shares of Stock. Any balance remaining in his account after payment of the purchase price of those whole shares, to the extent the balance is insufficient to purchase a whole share, shall be carried forward and used towards the purchase of whole
shares in the next following Option Period. To the extent the balance remaining in his account after the payment of the purchase price exceeds the value of a share, at such time, the entire remaining balance shall be returned to the participant.

  
 (b) “Option Price” Defined. The Option Price
per share of Stock to be paid by each optionee on each exercise of his option shall be an amount equal to the lesser of 85% of the Fair Market Value of the Stock on the Date of Exercise or on the Date of Grant. For all purposes under the Plan, the
“Fair Market Value” of a share of Stock means, for a particular day: 
  
 (i) If shares of Stock of the same class are listed or admitted to unlisted trading privileges on any national or regional securities
exchange at the date of determining the Fair Market Value, then the last reported sale price, regular way, on the composite tape of that exchange on that business day or, if no such sale takes place on that business day, the average of the closing
bid and asked prices, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to unlisted trading privileges on that securities exchange or, if no such closing
prices are available for that day, the last reported sale price, regular way, on the composite tape of that exchange on the last business day before the date in question; or 
  
 (ii) If shares of Stock of the same class are not listed or admitted to unlisted trading privileges as
provided in subparagraph (i) and if sales prices for shares of Stock of the same class in the over-the-counter market are reported by the National Association of Securities Dealers, Inc. Automated Quotations, Inc. (“NASDAQ”) National
Market System as of the date of determining the Fair Market Value, then the last reported sales price so reported on that business day or, if no such sale takes place on that business day, the average of the high bid and low asked prices so reported
or, if no such prices are available for that day, the last reported sale price so reported on the last business day before the date in question; or 
  
 (iii) If shares of Stock of the same class are not listed or admitted to unlisted trading privileges as provided in subparagraph (i) and
sales prices for shares of Stock of the same class are not reported by the NASDAQ National Market System (or a similar system then in use) as provided in subparagraph (ii), and if bid and asked prices for shares of Stock of the same class in the
over-the-counter market are reported by NASDAQ (or, if not so reported, by the National Quotation Bureau Incorporated) as of the date of determining the Fair Market Value, then the average of the high bid and low asked prices on that business day
or, if no such prices are available for that day, the average of the high bid and low asked prices on the last business day before the date in question; or 
  

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 (iv) If shares of Stock of the same class are not listed or admitted to unlisted trading
privileges as provided in subparagraph (i) and sales prices or bid and asked prices therefor are not reported by NASDAQ (or the National Quotation Bureau Incorporated) as provided in subparagraph (ii) or subparagraph (iii) as of the date of
determining the Fair Market Value, then the value determined in good faith by the Committee, which determination shall be conclusive for all purposes; or 
  
 (v) If shares of Stock of the same class are listed or admitted to unlisted trading privileges as provided in subparagraph (i) or sales
prices or bid and asked prices therefor are reported by NASDAQ (or the National Quotation Bureau Incorporated) as provided in subparagraph (ii) or subparagraph (iii) as of the date of determining the Fair Market Value, but the volume of trading is
so low that the Board of Directors determines in good faith that such prices are not indicative of the fair value of the Stock, then the value determined in good faith by the Committee, which determination shall be conclusive for all purposes
notwithstanding the provisions of subparagraphs (i), (ii) or (iii). 
  
 (c) Delivery of Share Certificates. As soon as practicable after each Date of Exercise, the Company shall issue one or more certificates representing the total number of whole shares of Stock respecting exercised options in the
aggregate of all of the Eligible Employees hereunder. Any such certificate shall be held by the Company (or its agent) and may be held in street name. If the Company issues a certificate representing the shares of more than one Eligible Employee,
the Company shall keep accurate records of the beneficial interests of each Eligible Employee in each such certificate by means of a Company stock account. Each Eligible Employee shall be provided with such periodic statements as may be directed by
the Committee reflecting all activity in any such Company stock account. In the event the Company is required to obtain from any commission or agency authority to issue any such certificate, the Company shall seek to obtain such authority. Inability
of the Company to obtain from any such commission or agency authority which counsel for the Company deems necessary for the lawful issuance of any such certificate shall relieve the Company from liability to any participant in the Plan except to
return to him the amount of the balance in his account. A participant may, on the form prescribed by the Committee, request the Company to deliver to such participant a certificate issued in his name representing all or a part of the aggregate whole
number of shares of Stock then held by the Company on his behalf under the Plan. Further, upon the termination of a participant’s employment with the Company and its parent or subsidiary corporations for any reason whatsoever, the Company shall
deliver to such employee a certificate issued in his name representing the aggregate whole number of shares of Stock then held by the Company on his behalf under the Plan. While shares of Stock are held by the Company (or its agent), such shares may
not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred, encumbered or disposed of by the employee who has purchased such shares; provided, however, that such restriction shall not apply to the transfer of such shares of
Stock pursuant to (i) a plan of reorganization of the Company, but the stock, securities or other property received in exchange therefor shall be held by the Company pursuant to the provisions hereof or (ii) a divorce. The Committee may cause the
Stock certificates issued in connection with the exercise 
  

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 of options under the Plan to bear such legend or legends, and the Committee may take such other actions, as it deems
appropriate in order to reflect the provisions of this subparagraph 7(c) and to assure compliance with applicable securities laws. Neither the Company nor the Committee shall have any liability with respect to a delay in the delivery of a Stock
certificate pursuant to this subparagraph 7(c). 
  
 (d)
Insufficiency of Shares Available for Issuance. If the total number of shares of Stock remaining available for issuance pursuant to paragraph 5 (the “Share Availability”) is less than the total number of shares of Stock that could
otherwise be acquired pursuant to all options, for a given option period, after application of the limitations in paragraphs 6(a), 6(b) and 6(e) (but not this paragraph 7(d)) (the “Total Share Limit”), then the number of shares of Stock
that could otherwise be acquired pursuant to each option for the given option period shall be reduced such that the ratio of the total number of shares that could be acquired pursuant to each option for the given option period, after adjustments for
the limitations in paragraphs 6(a), 6(b) and 6(e) (but not this paragraph 7(d)), to the Total Share Limit, equals the ratio of the total number of shares that may be acquired pursuant to each option for the given option period, after adjustments for
the limitations in paragraphs 6(a), 6(b), 6(e) and this paragraph 7(d), to the Share Availability. If the application of the adjustment provided in this paragraph 7(d) entitles an Eligible Employee to an option for a fraction of a share of Stock,
the Eligible Employee’s payroll deductions that would be used to purchase that fractional share of Stock shall be returned to the Eligible Employee as soon as administratively feasible. 
  
 8. Withdrawal from the Plan. 
  
 (a) General Statement. Any participant may withdraw in whole from the
Plan at any time prior to 30 days before the Date of Exercise relating to a particular Option Period. Partial withdrawals shall not be permitted. A participant who wishes to withdraw from the Plan must timely deliver to the Company a notice of
withdrawal on a form prepared by the Committee. The Company, promptly following the time when the notice of withdrawal is delivered, shall refund to the participant the amount of the cash balance in his account under the Plan; and thereupon,
automatically and without any further act on his part, his payroll deduction authorization and his interest in unexercised options under the Plan shall terminate. 
  
 (b) Eligibility Following Withdrawal. A participant who withdraws from the Plan shall not be eligible to participate
in the Plan until the following Date of Grant (provided that he is otherwise eligible to participate in the Plan at such time and complies with the enrollment procedures). 
  
 9. Termination of Employment. If the employment of a participant terminates for any reason whatsoever (including
death), his participation in the Plan automatically and without any act on his part shall terminate as of the date of the termination of his employment. The Company shall refund to him the amount of the cash balance in his account under the Plan,
and thereupon his interest in unexercised options under the Plan shall terminate. 
  
 10. Restriction Upon Assignment of Option. An option granted under the Plan shall not be transferable otherwise than by will or the laws of descent and distribution. Each option shall be exercisable, during his
lifetime, only by the employee to whom granted. The 
  

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 Company shall not recognize and shall be under no duty to recognize any assignment or purported assignment by an employee
of his option or of any rights under his option, and any such attempt may be treated by the Company as an election to withdraw from the Plan. 
  
 11. No Rights of Stockholder Until Certificate Issues. With respect to shares of Stock subject to an option, a participant shall not be deemed to
be a stockholder, and he shall not have any of the rights or privileges of a stockholder. A participant shall have the rights and privileges of a stockholder upon, but not until, a certificate for shares has been issued following exercise of his
option. With respect to a participant’s Stock held by the Company (or its agent) pursuant to subparagraph 7(c), the Company shall, as soon as practicable, pay the participant any cash dividends attributable thereto and facilitate the
participant’s voting rights attributable thereto. 
  
 12.
Changes in Stock; Adjustments. Whenever any change is made in the Stock, by reason of a stock dividend or by reason of subdivision, stock split, reverse stock split, recapitalization, reorganization, combinations, reclassification of shares,
or other similar change, appropriate action will be taken by the Committee to adjust accordingly the number of shares subject to the Plan, the maximum number of shares that may be subject to any option, and the number and Option Price of shares
subject to options outstanding under the Plan. 
  
 Upon the
occurrence of a Change in Control, unless a surviving corporation assumes or substitutes new options (within the meaning of section 424(a) of the Code) for all options then outstanding or the Committee elects to continue the options then outstanding
without change, the Date of Exercise for all options then outstanding shall be accelerated to a date fixed by the Committee prior to the effective date of such Change in Control. 
  
 “Change in Control” means the occurrence of any of the following events: 
  
 (a) The agreement to acquire or a tender offer for beneficial ownership
(within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934 (“Exchange Act”)) by any individual, entity or group (within the meaning of section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”),
of 50% or more of either (x) the then outstanding shares of Common Stock of the Company (the “Outstanding Company Common Stock”) or (y) the combined voting power of the then outstanding voting securities of the Company entitled to vote
generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (i), the following acquisitions shall not constitute a Change in Control: (A) any acquisition
directly from the Company, (B) any acquisition by the Company, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company or (D) any acquisition by any
corporation pursuant to a transaction which complies with clauses (A), (B) and (C) of paragraph (c) below; or 
  
 (b) Individuals who constitute the Incumbent Board cease for any reason to constitute at least a majority of the Board; “Incumbent Board” shall
be defined as the individuals who constitute the Board as of the Effective Date and any other individual who becomes a director of the Company after that date and whose election or appointment by the Board or nomination for 
  

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 election by the Company’s stockholders was approved by a vote of at least a majority of the directors then
comprising the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other
actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Incumbent Board; or 
  
 (c) Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company or an
acquisition of assets of another corporation (a “Business Combination”), in each case, unless, following such Business Combination, (A) the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to
such Business Combination represent or are converted into or exchanged for securities which represent or are convertible into more than 50% of, respectively, the then outstanding shares of common stock and the combined voting power of the then
outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of such
transaction owns the Company, or all or substantially all of the Company’s assets either directly or through one or more subsidiaries), (B) no Person (excluding any employee benefit plan (or related trust) of the Company or the corporation
resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power
of the then outstanding voting securities of such corporation except to the extent that such ownership of the Company existed prior to the Business Combination and (C) at least a majority of the members of the board of directors of the corporation
resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 
  
 (d) Approval by the stockholders of the Company of a complete liquidation or
dissolution of the Company. 
  
 13. Use of Funds; No Interest
Paid. All funds received or held by the Company under the Plan shall be included in the general funds of the Company free of any trust or other restriction, and may be used for any corporate purpose. No interest shall be paid to any participant
or credited to his account under the Plan. 
  
 14. Term of the
Plan. The Plan shall be effective as of the date immediately prior to a firm commitment underwritten public offering of the Stock for cash; provided that the Plan is approved by the stockholders of the Company within 12 months of the date of
adoption by the Board. Notwithstanding any provision in the Plan, no option granted under the Plan shall be exercisable prior to such stockholder approval, and, if the stockholders of the Company do not approve the Plan within 12 months after its
adoption by the Board, then the Plan shall automatically terminate. 
  
 15. Amendment or Termination the Plan. The Board in its discretion may terminate the Plan at any time with respect to any shares for which options have not theretofore been granted. The Board and Committee shall have the right to
alter or amend the Plan or any part thereof from time to time without the approval of the stockholders of the Company; provided, that no change in any option theretofore granted may be made which would impair the 
  

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 rights of the participant without the consent of such participant; and provided, further, that the Board and Committee
may not make any alteration or amendment which would increase the aggregate number of shares which may be issued pursuant to the provisions of the Plan (other than as a result of the anti-dilution provisions of the Plan), change the class of
individuals eligible to receive options under the Plan, or cause options issued under the Plan to fail to meet the requirements for employee stock purchase plans as defined in section 423 of the Code without the approval of the stockholders of the
Company. 
  
 16. Securities Laws. The Company shall not be
obligated to issue any Stock pursuant to any option granted under the Plan at any time when the shares covered by such option have not been registered under the Securities Act of 1933, as amended, and such other state and federal laws, rules or
regulations as the Company or the Committee deems applicable and, in the opinion of legal counsel for the Company, there is no exemption from the registration requirements of such laws, rules or regulations available for the issuance and sale of
such shares. Further, all Stock acquired pursuant to the Plan shall be subject to the Company’s policy or policies, if any, concerning compliance with securities laws and regulations, as the same may be amended from time to time. 
  
 17. No Restriction on Corporate Action. Nothing contained in the Plan
shall be construed to prevent the Company or any subsidiary from taking any corporate action which is deemed by the Company or such subsidiary to be appropriate or in its best interest, whether or not such action would have an adverse effect on the
Plan or any award made under the Plan. No employee, beneficiary or other person shall have any claim against the Company or any subsidiary as a result of any such action. 
  
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 EXECUTED this          day of
                    , 2005. 
  

			
	REPUBLIC COMPANIES GROUP, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 10Form of Deferred Compensation Plan for Directors

 Exhibit 10.17 
  
 REPUBLIC COMPANIES GROUP, INC. 
 DEFERRED COMPENSATION PLAN FOR DIRECTORS 
 EFFECTIVE AS OF AUGUST 1, 2005 

 TABLE OF CONTENTS 
  

							
	 ARTICLE I - INTRODUCTION
	  	1
	 	  	1.1  	  	Name and Purpose of the Plan	  	1
	 	  	1.2  	  	Status of Plan	  	1
		
	 ARTICLE II - DEFINITIONS
	  	1
	 	  	2.1  	  	Account	  	1
	 	  	2.2  	  	Board	  	1
	 	  	2.3  	  	Change of Control	  	1
	 	  	2.4  	  	Code	  	2
	 	  	2.5  	  	Common Stock	  	2
	 	  	2.6  	  	Company	  	2
	 	  	2.7  	  	Deferral Agreement	  	2
	 	  	2.8  	  	Director	  	2
	 	  	2.9  	  	Effective Date	  	2
	 	  	2.10	  	Election Form	  	2
	 	  	2.11	  	Elective Deferral	  	3
	 	  	2.12	  	Eligible Payment	  	3
	 	  	2.13	  	Exchange Act	  	3
	 	  	2.14	  	Fair Market Value	  	3
	 	  	2.15	  	Interest Account	  	3
	 	  	2.16	  	Participant	  	3
	 	  	2.17	  	Plan	  	3
	 	  	2.18	  	Plan Administrator	  	3
	 	  	2.19	  	Plan Year	  	3
	 	  	2.20	  	Stock Account	  	3
	 	  	2.21	  	Trust	  	3
	 	  	2.22	  	Trustee	  	3
		
	 ARTICLE III - PARTICIPATION
	  	3
	 	  	3.1  	  	Commencement of Participation	  	3
	 	  	3.2  	  	Continued Participation	  	4
		
	 ARTICLE IV - DEFERRALS
	  	4
	 	  	4.1  	  	Elective Deferrals	  	4
		
	 ARTICLE V - ACCOUNT
	  	4
	 	  	5.1  	  	Accounts	  	4
	 	  	5.2  	  	Investments	  	4
	 	  	5.3  	  	Stock Account	  	4
	 	  	5.4  	  	Interest Account	  	5

  

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	 ARTICLE VI - VESTING
	  	5
	 	  	6.1  	  	General	  	5
		
	 ARTICLE VII - DISTRIBUTION OF FUNDS
	  	5
	 	  	7.1  	  	Distribution Funds	  	5
	 	  	7.2  	  	Time of Payment	  	6
	 	  	7.3  	  	Form of Payment Upon Distribution	  	6
	 	  	7.4  	  	Death Benefits	  	6
		
	 ARTICLE VIII - PLAN ADMINISTRATION
	  	7
	 	  	8.1  	  	Plan Administration and Interpretation	  	7
	 	  	8.2  	  	Powers, Duties and Procedures, Etc	  	7
	 	  	8.3  	  	Information	  	7
	 	  	8.4  	  	Indemnification of Plan Administrator	  	7
		
	 ARTICLE IX - AMENDMENT AND TERMINATION
	  	8
	 	  	9.1  	  	Amendments	  	8
	 	  	9.2  	  	Termination of Plan	  	8
	 	  	9.3  	  	Existing Rights	  	8
		
	 ARTICLE X - MISCELLANEOUS
	  	8
	 	  	10.1  	  	No Funding	  	8
	 	  	10.2  	  	Claims of General Creditors	  	8
	 	  	10.3  	  	No Guarantee of Interests	  	8
	 	  	10.4  	  	Non-Assignability	  	8
	 	  	10.5  	  	Limitation of Participant’s Rights	  	9
	 	  	10.6  	  	Participants Bound	  	9
	 	  	10.7  	  	Receipt and Release	  	9
	 	  	10.8  	  	Governing Law	  	9
	 	  	10.9  	  	Headings and Subheadings	  	9
	 	  	10.10	  	Construction	  	9
	 	  	10.11	  	Successors	  	10

  
  

 ii 

 REPUBLIC COMPANIES GROUP, INC. 
 DEFERRED COMPENSATION PLAN FOR DIRECTORS 
 EFFECTIVE AS OF AUGUST 1, 2005

  
 ARTICLE I 
 INTRODUCTION 
  
 1.1 Name and Purpose of the Plan. The name of this plan is the Republic Companies Group, Inc. Deferred Compensation Plan for Directors (the
“Plan”). The purpose of the Plan is to provide Directors of the Company with the opportunity to defer compensation earned for services performed as a member of the Board. 
  
 1.2 Status of Plan. The Plan is intended to be a plan which is unfunded and is maintained by an employer primarily
for the purpose of providing deferred compensation for a select group of management or highly compensated employees within the meaning of sections 201(2) and 301(a)(3) of the Employee Retirement Income Security Act of 1974 (“ERISA”), and
shall be interpreted and administered to the extent possible in a manner consistent with that intent. 
  
 ARTICLE II 
 DEFINITIONS 
  
 Whenever used herein, the following terms have the meanings set forth below,
unless a different meaning is clearly required by the context: 
  
 2.1 Account means, for each Participant, the account established for his or her benefit under Article V. 
  
 2.2 Board means the Board of Directors of the Company. 
  
 2.3 Change of Control means the occurrence of any of the following events: 
  
 (a) The agreement to acquire or a tender offer for beneficial ownership (within the meaning of Rule 13d-3 promulgated under
the Exchange Act by any individual, entity or group (within the meaning of section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”), of 50% or more of either (x) the then outstanding shares of Stock (the “Outstanding
Stock”) or (y) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for
purposes of this subsection (a), the following acquisitions shall not constitute a Change in Control: (i) any acquisition directly from the Company, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related
trust) sponsored or maintained by the Company or any corporation controlled by the Company or (iv) any acquisition by any corporation pursuant to a transaction which complies with clauses (i), (ii) and (iii) of paragraph (c) below; or 
  

 1 

 (b) Individuals who constitute the Incumbent Board cease for any reason to constitute at least a majority
of the Board; or 
  
 (c) Consummation of a reorganization, merger
or consolidation or sale or other disposition of all or substantially all of the assets of the Company or an acquisition of assets of another corporation (a “Business Combination”), in each case, unless, following such Business
Combination, (i) the Outstanding Stock and Outstanding Company Voting Securities immediately prior to such Business Combination represent or are converted into or exchanged for securities which represent or are convertible into more than 50% of,
respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such
Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company, or all or substantially all of the Company’s assets either directly or through one or more subsidiaries), (ii) no Person
(excluding any employee benefit plan (or related trust) of the Company or the corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock
of the corporation resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such corporation except to the extent that such ownership of the Company existed prior to the Business Combination
and (iii) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the
Board, providing for such Business Combination; or 
  
 (d)
Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 
  
 2.4 Code means the Internal Revenue Code of 1986, as amended, from time to time. Reference to any section or subsection of the Code includes
reference to any comparable or succeeding provisions of any legislation which amends, supplements or replaces such section or subsection. 
  
 2.5 Common Stock means the common stock of the Company, par value $.01 per share. 
  
 2.6 Company means Republic Companies Group, Inc., a Delaware corporation. 
  
 2.7 Deferral Agreement means the written agreement to defer
compensation signed by the Participant and in the form provided by the Plan Administrator and approved by the Board. 
  
 2.8 Director means any member of the Board. 
  
 2.9 Effective Date means August 1, 2005. 
  
 2.10 Election Form means the investment and payment election form as approved and prescribed by the Plan Administrator. 
  

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 2.11 Elective Deferral means the portion of a Participant’s Eligible Payment earned during a
given Plan Year which is deferred by a Participant under Section 4.1. 
  
 2.12 Eligible Payment means any payment (including a payment of Common Stock) due to a Director and declared by the Board as a payment, the income recognition of which may be deferred pursuant to the Plan. 
  
 2.13 Exchange Act means the Securities Exchange Act of 1934, as
amended from time to time, including rules thereunder and successor provisions and rules thereto. 
  
 2.14 Fair Market Value shall have the meaning used in the Republic Companies Group, Inc. 2005 Equity-Based Compensation Plan. 
  
 2.15 Interest Account shall mean the interest account established
under a Participant’s Account pursuant to Section 5.2. 
  
 2.16 Participant means any Director who participates in the Plan in accordance with Article III. 
  
 2.17 Plan means the Republic Companies Group, Inc. Deferred Compensation Plan for Directors, as amended from time to time. 
  
 2.18 Plan Administrator means the person, persons or entity designated
by the Board to administer the Plan and to serve as agent for the Board with respect to the Plan. If no such person or entity is serving as Plan Administrator at any time, the Board shall be the Plan Administrator. 
  
 2.19 Plan Year means, in the case of the first Plan Year, the period
from the Effective Date through December 31, 2005 and, for each Plan Year thereafter, the 12-month period ending December 31. 
  
 2.20 Stock Account shall mean the stock account established under a Participant’s Account pursuant to Section 5.2. 
  
 2.21 Trust means the rabbi trust or trusts which may be established by
the Company to hold assets in connection with the operation of the Plan. 
  
 2.22 Trustee means the trustee or trustees of the Trust. 
  
 ARTICLE III 
 PARTICIPATION 
  
 3.1 Commencement of Participation. Any Director who elects to defer part of his or her Eligible Payment in accordance
with Section 4.1 shall become a Participant in the Plan as of the date such deferral occurs in accordance with Section 4.1. 
  

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 3.2 Continued Participation. A Participant in the Plan shall continue to be a Participant so long
as any amount remains credited to his or her Account. 
  
 ARTICLE IV 
 DEFERRALS 
  
 4.1 Elective Deferrals. Any Director may elect to defer all or a portion of his or her Eligible Payment arising from services performed in a
specified Plan Year by executing a Deferral Agreement setting forth the Director’s election as to: (a) the amount or number of shares of Common Stock of the Director’s Eligible Payment to be deferred for such Plan Year; (b) the payment
date, as described in Article VII, for distribution of the portion of the Participant’s Account attributable to such deferral; and (c) the manner in which such payment is to be made. Any election made pursuant to this Section 4.1 must be made
prior to the first day of the Plan Year to which such election relates. Any person who becomes eligible to participate in the Plan during any Plan Year (including the first Plan Year), may elect, not later than the 30th day after his or her term as
a Director begins (or, in the case of the first Plan Year, not later than the 30th day after the Effective Date), to defer all or a portion of his or her Eligible Payment payable for the portion of such Plan Year following such election. 

 
 The Eligible Payment payable to a Participant for a given Plan Year shall
be reduced by the Participant’s Elective Deferral for that Plan Year and the Elective Deferral shall be credited by the Company to the Participant’s Account as of the date the amounts would have otherwise been paid to the Participant.

  
 ARTICLE V 
 ACCOUNT 
  
 5.1 Accounts. The Plan Administrator shall establish an Account for each Participant reflecting Elective Deferrals made for the Participant’s
benefit, together with any adjustments for income, gain or loss, and any distributions from the Account. Each Account shall consist of a Stock Account and an Interest Account. The Plan Administrator shall establish sub-accounts under the Account for
each Participant who has more than one election in effect under Section 7.2. 
  
 As of the last day of the Plan Year, the Plan Administrator shall provide the Participant with a statement of his or her Account reflecting the income, gains and losses (realized and unrealized), credited Elective
Deferrals, and distributions from the Account since the prior statement. 
  
 5.2 Investments. Any Elective Deferral of an Eligible Payment that, but for its deferral, would have been paid in cash to the Participant shall be credited to Participant’s Interest Account (or such other
sub-account as may be established from time to time by the Plan Administrator). Any Elective Deferral of an Eligible Payment that, but for its deferral, would have been paid in Common Stock to the Participant shall be credited to Participant’s
Stock Account. 
  
 5.3 Stock Account. The portion of the
Elective Deferral credited to the Stock Account shall be deemed to be invested in the number of shares of Common Stock so credited to the Stock 
  

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 Account on the date such Common Stock would have been paid. Whenever a dividend other than a dividend payable in the form
of shares of Common Stock is declared with respect to Common Stock, the number of shares of Common Stock credited to a Participant’s Stock Account shall be increased by a number of shares equal to the amount determined by dividing (x) the
product of (i) the number of shares of Common Stock credited to Participant’s Stock Account on the related dividend record date, and (ii) the amount of any cash dividend declared by the Company on a share of Common Stock (or, in the case of any
dividend distributable in property other than Common Stock, the per share value of such dividend, as determined by the Company for purposes of income tax reporting), by (y) the Fair Market Value of a share of Common Stock on the related dividend
payment date. In the case of any dividend declared on Common Stock which is payable in shares of Common Stock, the number of shares of Common Stock credited to Participant’s Account shall be increased by an amount of Common Stock equal to the
product of (a) the number of shares of Common Stock credited to Participant’s Account on the related dividend record date, and (b) the number of shares of Common Stock (including any fraction thereof) distributable as a dividend on a share of
Common Stock. In the event of any stock split, stock dividend, recapitalization, reorganization or other corporate transaction affecting the capital structure of the Company, the Plan Administrator shall make such adjustments to the number of shares
of Common Stock credited to each Participant’s Account as the Plan Administrator shall deem necessary or appropriate to prevent the dilution or enlargement of such Director’s rights. 
  
 5.4 Interest Account. The portion of any Elective Deferral credited to
the Interest Account shall be deemed invested in accordance with this Section 5.4 as of the date such amounts would have been paid to the Participant. Any amounts credited to the Interest Account shall be credited with interest at
    % per year, compounded daily. 
  
 ARTICLE VI 
 VESTING 
  
 6.1 General. A Participant will be immediately one hundred percent (100%) vested in (i.e., shall have a nonforfeitable right to) all
Elective Deferrals (excluding Common Stock subject to a substantial risk of forfeiture as described in section 83 of the Code), and in all income and gain attributable thereto, credited to his or her Account. Common Stock subject to a substantial
risk of forfeiture, as described in section 83 of the Code, shall continue to be unvested if deferred pursuant to Section 4.1 and will vest (along with dividends paid thereon) in accordance with the terms of the agreement pursuant to which such
Common Stock was granted. 
  
 ARTICLE VII 
 DISTRIBUTION OF FUNDS 
  
 7.1 Distribution Funds. At the time of distribution, payment shall be made from the general assets of the Company or the Trust, if established.
Payments of amounts credited to the Interest Account portion of a Participant’s Account shall be made in the form of cash, and payments of amounts credited to the Stock Account portion of a Participant’s Account shall be distributed in
Common Stock issued pursuant to and in accordance with the terms and conditions of the Republic Group Companies, Inc. 2005 Equity-Based Compensation Plan or any successor plan thereto. 
  

 5 

 7.2 Time of Payment. 
  
 (a) Distribution Election. Distribution of amounts credited to Participant’s Account (or sub-account if
Participant has more than one election in effect under this Section 7.2) shall be made at a time determined according to the Participant’s election on his Election Form following: 
  
 (i) Termination of the Participant’s services as a Director for any reason; 
  
 (ii) A future date certain to be irrevocably determined by the Participant
at the time a deferral is elected; 
  
 (iii) The earlier of (A)
the event described in Section 7.2(a)(i), and (B) the date of a Change in Control; or 
  
 (iv) The earlier of (A) the event described in Section 7.2(a)(i), and (B) the date described in Section 7.2(a)(ii). 
  
 (b) Distribution upon Termination of Service as a Director. If (i) Participant’s service as a Director is terminated for any reason, (ii)
Participant’s distribution has not been made pursuant to this Section 7.2 and (iii) Participant did not elect a date certain distribution pursuant to Section 7.2(a)(ii), then Participant’s Account (or sub-account) shall be distributed as
soon as administratively feasible following the date the Participant ceases to be a Director. 
  
 (c) Distribution on Date Certain. If (i) Participant elected a date certain for the distribution of amounts credited to Participant’s Account (or sub-account) pursuant to Section 7.2(a)(ii) or Section
7.2(a)(iv) and (ii) Participant’s distribution has not been made pursuant to this Section 7.2, then Participant’s Account (or sub-account) shall be distributed as soon as administratively feasible following such date. 
  
 (d) Distribution Due to Change in Control. If (i) a Change in Control
occurs, (ii) Participant’s distribution has not been made pursuant to this Section 7.2 and (iii) Participant has elected a distribution pursuant to Section 7.2(a)(iii), then Participant’s Account (or sub-account) shall be distributed as
soon as administratively feasible following the date of the Change in Control. 
  
 7.3 Form of Payment Upon Distribution. Distribution of amounts credited to Participant’s Account (or sub-account if Participant has more than one election in effect under this Section 7.2) shall be in a
single lump-sum payment. 
  
 7.4 Death Benefits. If the
Participant dies before all payments are made, any unpaid funds shall be paid to the designated beneficiary of the Participant. If the Participant designates more than one beneficiary, the designation shall set forth each beneficiary’s share of
the Participant’s Account. If the shares are not set forth for all designated beneficiaries, the designated beneficiaries shall share the deceased Participant’s Account equally. The Participant may designate a contingent beneficiary that
is entitled to receive the share(s) of designated beneficiary(ies) who predecease(s) the Participant. If no contingent beneficiary(ies) are designated by the Participant and one or more 
  

 6 

 designated beneficiaries predecease the Participant, or no beneficiaries have been appointed by the Participant, and
there are no contingent beneficiaries who survive the Participant, the Participant’s unpaid Account shall be paid to the estate of the Participant. The beneficiary referred to in this Section 7.4 may be designated or changed by the Participant
before the Participant’s death (without the consent of any prior beneficiary, except as provided by applicable laws) by procedures established by the Plan Administrator. 
  
 ARTICLE VIII 
 PLAN ADMINISTRATION 
  
 8.1 Plan Administration
and Interpretation. The Plan Administrator shall oversee the administration of the Plan. The Plan Administrator shall have complete control and authority to determine the rights and benefits of all claims, demands and actions arising out of the
provisions of the Plan of any Participant, beneficiary, deceased Participant, or other person having or claiming to have any interest under the Plan. The Plan Administrator shall have complete discretion to interpret the Plan and to decide all
matters under the Plan. Such interpretation and decision shall be final, conclusive and binding on all Participants and any person claiming under or through any Participant, in the absence of clear and convincing evidence that the Plan Administrator
acted arbitrarily and capriciously. Any individual(s) serving as Plan Administrator who is a Participant will not vote or act on any matter pertaining solely to himself or herself. When making a determination or calculation, the Plan Administrator
shall be entitled to rely on information furnished by a Participant, a beneficiary, the Company, or the Trustee. 
  
 8.2 Powers, Duties and Procedures, Etc. The Plan Administrator shall have such powers and duties, may adopt such rules, may act in accordance with
such procedures, may appoint such officers or agents, and may delegate such powers and duties, as it shall determine in its sole discretion. 
  
 8.3 Information. To enable the Plan Administrator to perform its functions, the Company shall supply full and timely information to the Plan
Administrator on all matters relating to the Eligible Payments of Participants, their service, death, termination of service, and such other pertinent facts as the Plan Administrator may require. Records of the Company for these purposes shall be
conclusive unless determined otherwise by the Plan Administrator. 
  
 8.4 Indemnification of Plan Administrator. The Company agrees to indemnify and to defend to the fullest extent permitted by law any officer(s) or employee(s) who serve as Plan Administrator (including any such individual who formerly
served as Plan Administrator) against all liabilities, damages, costs and expenses (including attorneys’ fees and amounts paid in settlement of any claims approved by the Company) occasioned by any act or omission to act in connection with the
Plan, if such act or omission was performed in good faith. 
  

 7 

 ARTICLE IX 
 AMENDMENT AND TERMINATION 
  
 9.1 Amendments. The Company, upon action of the Board, shall have the right to amend the Plan from time to time, subject to Section 9.3, by an instrument in writing which has been executed on the Company’s behalf by its duly
authorized officer. 
  
 9.2 Termination of Plan. This Plan
is strictly a voluntary undertaking on the part of the Company and shall not be deemed to constitute a contract between the Company and any Eligible Director or consideration for, or an inducement or condition of the performance of the services by
any Director. The Company reserves the right to terminate the Plan at any time, subject to Section 9.3, by an instrument in writing which has been executed on the Company’s behalf by its duly authorized officer. Upon termination, the Company
shall continue to maintain the Trust, if established, to pay benefits hereunder as they become due as if the Plan had not terminated or continue to pay benefits hereunder from the general assets of the Company if a Trust has not been established.

  
 9.3 Existing Rights. No amendment or termination of the
Plan shall adversely affect the rights of any Participant with respect to amounts that have been credited to his or her Account prior to the date of such amendment or termination. 
  
 ARTICLE X 
 MISCELLANEOUS 
  
 10.1 No Funding. The Plan
constitutes a mere promise by the Company to make payments in accordance with the terms of the Plan and Participants and beneficiaries shall have the status of general unsecured creditors of the Company. Nothing in the Plan will be construed to give
any Director or any other person rights to any specific assets of the Company or of any other person. In all events, it is the intent of the Company that the Plan be treated as unfunded for Code purposes and for purposes of Title I of ERISA.

  
 10.2 Claims of General Creditors. All Elective
Deferrals and amounts paid to the Account under this Plan shall remain a part of the general assets of the Company. Accordingly, the Elective Deferrals and amounts paid to the Account under this Plan are subject to the claims of the Company’s
general creditors. 
  
 10.3 No Guarantee of Interests. The
Board and the Company do not guarantee the Common Stock of the Company from loss or depreciation. 
  
 10.4 Non-Assignability. None of the benefits, payments, proceeds or claims of any Participant or beneficiary shall be subject to any claim of any
creditor of any Participant or beneficiary and, in particular, the same shall not be subject to attachment or garnishment or other legal process by any creditor of such Participant or beneficiary. No Participant or beneficiary shall have any right
to alienate, anticipate, commute, pledge, encumber or assign any of the benefits or payments or proceeds which he or she may expect to receive, contingently or otherwise, under the 
  

 8 

 Plan. No Participant may borrow against his or her Account. The Account shall not be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment, execution or levy of any kind, whether voluntary or involuntary. However, if a former spouse of a Participant is awarded an interest in a
Participant’s Account through a judgment or order of a court, the Plan Administrator may, in its sole discretion, direct that the payment of such interest awarded to the former spouse be paid to the former spouse, thereafter, the
Participant’s Account shall be reduced for all Plan purposes by the applicable amount of any such payment. 
  
 10.5 Limitation of Participant’s Rights. Nothing contained in the Plan shall (a) confer upon any person a right to serve as a Director or to
continue to serve as a Director of the Company, or (b) confer upon any Participant any of the rights of a shareholder of the Company unless and until the Participant is duly issued or transferred shares of Common Stock, or a security substituted
therefor, pursuant to Article VII. 
  
 10.6 Participants
Bound. Any action with respect to the Plan taken by the Plan Administrator, the Company or the Trustee or any action authorized by or taken at the direction of the Plan Administrator, the Company or the Trustee shall be conclusive upon all
Participants and beneficiaries entitled to benefits under the Plan. 
  
 10.7 Receipt and Release. Any payment to any Participant or beneficiary in accordance with the provisions of the Plan shall, to the extent thereof, be in full satisfaction of all claims against the Company, the Plan Administrator and
the Trustee under the Plan, and the Plan Administrator may require such Participant or beneficiary, as a condition precedent to such payment, to execute a receipt and release to such effect. If any Participant or beneficiary is determined by the
Plan Administrator to be incompetent, by reason of physical or mental disability, to give a valid receipt and release, the Plan Administrator may cause the payment or payments becoming due to such person to be made to another person for his or her
benefit without responsibility on the part of the Plan Administrator, the Company, or the Trustee to follow the application of such funds. 
  
 10.8 Governing Law. The Plan shall be construed, administered, and governed in all respects under and by the laws of the state of Delaware, without
regard to its choice of laws provisions, except to the extent Delaware law is preempted by federal law. If any provision shall be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof shall
continue to be fully effective. 
  
 10.9 Headings and
Subheadings. Headings and subheadings in this Plan are inserted for convenience only and are not to be considered in the construction of the provisions hereof. 
  
 10.10 Construction. Whenever possible, each provision of the Plan shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of the Plan shall be held to be prohibited by or invalid under applicable law, then (a) such provision shall be deemed amended to, and to have contained from the outset such language as
shall be necessary to, accomplish the objectives of the provision and (b) all other provisions of the Plan shall remain in full force and effect. 
  

 9 

 10.11 Successors. The provisions of the Plan shall bind and inure to the benefit of the Company
and its successors and assigns. The term “successors” as used herein shall include any corporation or other business entity which shall by merger, consolidation, purchase or otherwise, acquire all or substantially all of the business and
assets of the Company and successors of any such corporation or other business entity. 
  

 10 

 REPUBLIC COMPANIES GROUP, INC. 
 DEFERRED COMPENSATION PLAN FOR DIRECTORS 
  
 DEFERRED COMPENSATION AGREEMENT 
  
                      (the “Director”) hereby elects the following deferral(s), to be made under the
Republic Companies Group, Inc. Deferred Compensation Plan for Directors (the “Plan”), of any and all income that would be recognized by the Director, but for this election to defer any portion or all of any Eligible Payment owed to the
Director and approved by the board of directors of Republic Companies Group, Inc. (the “Company”), for services rendered in the Plan Year immediately following the date the Director executes this agreement (or, with respect to services
performed in the Plan Year in which the Director first becomes eligible to participate in the Plan, including the first Plan Year, and after the election date, within 30 days of the Director first becoming a member of the Board, or, in the case of
the first Plan Year, not later than August 30, 2005). Terms capitalized but not defined herein shall have the meaning set forth in the Plan. 
  
 Deferral of Eligible Payment: The Director elects (check one for each category): 
  

	 	A.	Cash Compensation 

  
              No deferral 
  
              I elect to defer
            % or $             of my Eligible Payment for calendar year
            . 
  

	 	B.	Stock Compensation (Excluding restricted stock as described in section 83(a) of the Internal Revenue Code of 1986, as amended) 

  
              No deferral 
  
              I elect to defer
            % or $             of my Eligible Payment for calendar year
            . 
  

	 	C.	Restricted Stock 

  
              No deferral 
  
              I elect to defer
            % or $             of my Eligible Payment for calendar year
            . 
  
 The amounts so deferred by the Director shall be deducted from the amount of cash, stock or other property payable to the Director and may but not need be held in a Company-sponsored grantor trust (the “rabbi trust”) by the
Company, in accordance with the Plan. The total of such amount, adjusted for gains, losses and dividends or other distributions in accordance with the Plan, held under the Plan at any time is sometimes referred to as the Director’s
“Deferred Balance” in this Deferred Compensation Agreement. The Deferred Balance referenced herein shall only apply to the Deferred Balance in connection with the deferral made pursuant to this Deferred Compensation Agreement. All amounts
held for the Director under the Plan are assets of the Company available to the Company’s creditors, regardless of whether the Company deposits such amounts in the rabbi trust, and the Director’s right to payment shall be no greater than
that of a general creditor of the Company. 
  

 1 

 DISTRIBUTABLE EVENT 
  
 The Director elects distribution of the portion of his vested Deferred Balance, deferred pursuant to this Deferred Compensation Agreement,
in accordance with the Plan and the terms herein following (check one): 
  

			
	______	  	                         (provide future date certain for
distribution).
		
	______	  	Termination of the Director’s service as a director of the Company.
		
	______	  	The earlier of (1) termination of the Director’s service as a director of the Company, or (2) a Change in Control as defined in the Plan.
		
	______	  	The earlier of (1) termination of the Director’s service as a director of the Company, or (2)
                     (provide future date certain for distribution).

  
 METHOD OF PAYMENT

  
 When payment commences to the Director or his Beneficiary, his vested
Deferred Balance, deferred pursuant to this Deferred Compensation Agreement, under the Plan will be paid in a single lump sum. 
  
 BENEFICIARY DESIGNATION 
  
 If the Director dies with all or part of his Deferred Balance remaining due under the Plan, such balance shall be paid in a lump sum as soon as practicable after the
Company is duly informed of such death. The Deferred Balance shall be paid to the Director’s designated beneficiary appointed by completing the Beneficiary Designation below. 
  
 My designated beneficiary under the Plan is: 
  

			
	  
  

	  	

	 Beneficiary Name
	  	Beneficiary Social Security Number
		
	  

	  	 
	 Beneficiary Address
	  	 

  

			
	Note:	  	Notwithstanding anything to the contrary set forth herein, the above Beneficiary Designation applies to the Director’s entire Deferred Balance arising in connection with all of the
Director’s prior and future Deferred Compensation Agreements unless and until revoked by the Director. This form supersedes all prior election forms as to such Beneficiary Designation.

  
  

 2 

 As evidence of the Director’s election, as described above, the Director has placed his signature below on the date
specified. 
  

	
	  
  

	 Signature of Director

	
	  

	 Name Printed or Typed

	
	  

	 Date

  
 As evidence of the
Company’s acceptance of this election and of the Company’s agreement to pay the Deferred Balance as specified above, the Company has caused this Deferred Compensation Agreement to be duly executed in its name and behalf as shown below on
the date specified. 
  

			
	 REPUBLIC COMPANIES GROUP, INC.

		
	 By
	 	  

	 Name
	 	  

	 Title
	 	  

	 Date
	 	  

  

 3

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