Document:

exv10w79

Exhibit 10.79

FIFTH AMENDMENT TO COMMERCIAL LOAN AGREEMENT

     THIS
FIFTH AMENDMENT dated as of January 13, 2010 (the “Amendment”) is made a part of that
certain Commercial Loan Agreement (the “Commercial Loan Agreement”) and Addendum thereto dated
March 30, 2006 (the “Addendum” and together with the Commercial Loan Agreement, the “Loan
Agreement”) by and between Security Bank & Trust, as servicing agent for participant banks who are
all collectively the successor in interest to Aleritas Capital Corporation f/k/a Brooke Credit
Corporation (“Lender”) and Patriot Risk Management, Inc. (“PRM”) (formerly known as Suncoast
Holdings, Inc.), a Delaware corporation (“PRM”), Patriot National Insurance Group, f/ka/Guarantee
Insurance Group, Inc., f/k/a Brandywine Insurance Holdings, Inc., a Delaware corporation (“PNIG”),
and Patriot Risk Services, Inc., a Delaware corporation (“PRS”), as amended by that certain
Amendment to Commercial Loan Agreement dated as of September 27, 2007 (“First Amendment”) by and
among Lender, PRM, PNIG, PRS, Suncoast Capital, Inc. (“SCI”), PRS Group, Inc. (“PRG”) (formerly
known as Patriot Risk Management, Inc.), and Patriot Risk Management of Florida, Inc. (“PRMF”)
(PRM, PNIG, PRS, SCI, PRG and PRMF are collectively referred to hereinafter individually as a
“Borrower Party” and collectively as “Borrower”), as further amended by that certain Second
Amendment to the Commercial Loan Agreement dated as of November 16, 2007, by and between Borrower
and Lender (“Second Amendment”), as further amended by that certain Third Amendment to the
Commercial Loan Agreement dated as of February 12, 2008, by and between Lender and Borrower (“Third
Amendment”), and as further amended by that certain Fourth Amendment to the Commercial Loan
Agreement dated as of September 11, 2008, by and between Lender and Borrower (“Fourth Amendment”).

     WHEREAS, PRM, PNIG and PRS have collectively executed the Loan Agreement and related “Loan
Documents” (as defined in the Loan Agreement) dated March 30, 2006, including, but not limited to,
a Commercial Promissory Note (the “Original Note”), Guaranty of Steven M. Mariano (the “Guaranty”),
Commercial Security Agreement (the “First Security Agreement”), Stock Pledge Agreement (the “Stock
Pledge Agreement”), and Irrevocable Proxy together with a Consent dated August 2, 2007;

     WHEREAS, Borrower has executed the First Amendment, Second Amendment, Third Amendment, Fourth
Amendment (the “Fourth Amendment”) and related subsequent Loan Documents including, but not
limited to, a Commercial Security Agreement (the “Second Security Agreement” together with all
other loan related documents the “Loan Documents”); and

     WHEREAS, Borrower is contemplating raising new capital by means of a public offering of common
stock (the “Proposed Offering”) and proposes to use all, or a substantial portion of, the proceeds
from the overallotment, if any, to pre-pay Lender, either in part or in full and in connection with
the Proposed Offering desires to obtain certain waivers and consents pursuant to the Addendum,

     FOR GOOD AND VALUABLE CONSIDERATION. the sufficiency and receipt of which are acknowledged, it
is agreed as follows:

	 	1.	 	With respect to Paragraph 8(d) of the Addendum, Lender hereby consents to
issuance of additional shares of common stock of PRM related to the Proposed Offering,
and hereby consents and acknowledges that following the consummation of the Proposed
Offering, Steven M. Mariano shall no longer hold an unencumbered 51% or more of the
ownership and profit interest in PRM, or more than 51% of the voting control of PRM.

 

 

	 	2.	 	With respect to Paragraph 30(g) of the Addendum, Lender hereby acknowledges
notification of the transactions contemplated by, and the terms contained within, that
certain Stock Purchase Agreement for Argonaut-Southwest Insurance Company by and
between Argonaut Insurance Company and PRM dated as of December 18, 2009, attached as
Exhibit A hereto. PRM plans to rename Argonaut-Southwest Insurance Company as Patriot
Fire & Casualty Insurance Company post acquisition.
	 
	 	3.	 	With respect to Paragraph 30(e) of the Addendum, Lender waives any failure of
Borrower to notify Lender of board meetings and shareholder meetings of PNIG and PRM.
	 
	 	4.	 	Paragraph 30(d) of the Addendum is modified to provide that any Borrower Party
may pay any dividends on its outstanding capital stock at any time when PRM’s
stockholders’ equity, calculated on a consolidated basis, is at least $50,000,000.
	 
	 	5.	 	Upon the consummation of the Proposed Offering, Paragraph 30(e) of the Addendum
shall, without further action, be amended to provide that the rights therein granted to
Lender accrue only as such time as PRM’s stockholders’ equity, calculated on a
consolidated basis, is less than $50,000,000.
	 
	 	6.	 	Lender hereby ratifies and adopts the Fourth Amendment and agrees that the
Fourth Amendment and Loan Documents, as may be modified therein, are enforceable
against Lender in accordance with the terms therein.
	 
	 	7.	 	Borrower hereby ratifies and adopts this Fifth Amendment and agrees that the
Fifth Amendment and Loan Documents, as may be modified herein, are enforceable against
Borrower in accordance with the above terms.
	 
	 	8.	 	Borrower further agrees that this Fifth Amendment may be affixed to each and
every Loan Document as evidence of the Fifth Amendment thereof in accordance with the
above terms.
	 
	 	9.	 	Unless specifically amended hereby, all provisions, terms and conditions in the
Stock Pledge Agreement shall otherwise remain unaltered and in full force and effect,
and the respective terms, conditions and covenants thereof are hereby ratified and
confirmed in all respects as originally executed.
	 
	 	10.	 	Lender hereby consents to amendment of the loan documents (the “Ullico Loan
Documents”) evidencing the loan in the original principal amount of $5,450,000 made to
Borrower by Ullico Inc., a Maryland corporation (“Ullico”), in substance similar to the
amendments to the Addendum made hereunder.
	 
	 	11.	 	Lender further consents to the release by Ullico of 500,000 shares of the
capital stock of PRM that have been pledged by Steven M. Mariano as security for Mr.
Marino’s guaranty of the payment and performance of Borrower’s obligations and
liabilities under the Ullico Loan Documents.
	 
	 	12.	 	Lender agrees that, to its knowledge, upon execution of this Amendment,
Borrower will be in compliance with non-financial covenants under the Loan Documents.
	 
	 	13.	 	Lender acknowledges receipt of one-half of the fee due it from Borrower
pursuant to paragraph 12 of the Fourth Amendment and Lender and Borrower further agree
that such paragraph is hereby modified to provide that the remaining one-half (1/2) of
the

2

 

	 	 	 	fee due to Lender thereunder shall be due and payable in full no later than March
15, 2010.
	 
	 	14.	 	This Agreement shall be construed and governed by the laws of the State of
Kansas, except to the extent that the laws of a jurisdiction other than the State of
Kansas are required to govern any enforcement or foreclosure action with respect to any
of the Pledged Shares.

     This Amendment may be executed in any number of counterparts, each of which when so executed
and delivered shall be deemed to be an original and all of which taken together shall constitute
one and the same.

     Unless specifically amended hereby, all provisions, terms and conditions shall remain as set
forth in the Amendment and Loan Documents. Borrower hereby ratifies and approves the Loan
Documents, as modified herein.

[ Signature Follow on Next Page]

3

 

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first
above written.

BORROWER:

PATRIOT RISK MANAGEMENT, INC.

a Delaware corporation

	 	 	 	 	 	 	 
	By:

	 	/s/ Theodore G. Bryant
	 

	 	 
	Printed Name:

	 	Theodore G. Bryant
	 

	 	 	 	 	 	 
	Title:

	 	Senior Vice President, Secretary
	 

	 	 	 

PATRIOT NATIONAL INSURANCE GROUP, INC.

a Delaware corporation

	 	 	 	 	 	 	 
	By:

	 	/s/ Theodore G. Bryant
	 

	 	 
	Printed Name:

	 	Theodore G. Bryant
	 

	 	 	 	 	 	 
	Title:

	 	Senior Vice President, Secretary
	 

	 	 	 

PRS GROUP, INC.

a Delaware corporation

	 	 	 	 	 	 	 
	By:

	 	/s/ Timothy J. Ermatinger
	 

	 	 
	Printed Name:

	 	Timothy J. Ermatinger
	 

	 	 	 	 	 	 
	Title:

	 	Chief Executive Officer
	 

	 	 	 

PATRIOT RISK MANAGEMENT OF FLORIDA, INC.

a Delaware corporation

	 	 	 	 	 	 	 
	By:

	 	/s/ Timothy J. Ermatinger
	 

	 	 
	Printed Name:

	 	Timothy J. Ermatinger
	 

	 	 	 	 	 	 
	Title:

	 	Chief Executive Officer
	 

	 	 	 

LENDER:

SECURITY BANK AND TRUST,

as servicing agent for participant banks

	 	 	 	 	 	 	 
	By:

	 	/s/ Martin D. Gold
	 

	 	 
	Printed Name:

	 	Martin D. Gold
	 

	 	 	 	 	 	 
	Title:

	 	Executive Vice President
	 

	 	 	 

SUNCOAST CAPITAL, INC.,

a Delaware corporation

	 	 	 	 	 	 	 
	By:

	 	/s/ Theodore G. Bryant
	 

	 	 
	Printed Name:

	 	Theodore G. Bryant
	 

	 	 	 	 	 	 
	Title:

	 	Senior Vice President, Secretary
	 

	 	 	 

PATRIOT RISK SERVICES, INC.

a Delaware corporation

	 	 	 	 	 	 	 
	By:

	 	/s/ Timothy J. Ermatinger
	 

	 	 
	Printed Name:

	 	Timothy J. Ermatinger
	 

	 	 	 	 	 	 
	Title:

	 	Chief Executive Officer
	 

	 	 	 

4

 

	 	 	 	 	 
	LENDERS:	 	 
	 
	 	 	 	 
	CARSON BANK (FORMER MULVANE STATE BANK)	 	 
	 
	/s/ Charles A. Morgan III
	 	 
	 	 	 
	By:
	 	Charles A. Morgan III	 	 
	Its:
	 	Sr. Vice President	 	 
	 
	 	 	 	 
	COLUMBUS BANK AND TRUST	 	 
	 
	 	 	 	 
	 	 	 
	By:
	 	 	 	 
	Its:
	 	 	 	 
	 
	 	 	 	 
	COTTONWOOD VALLEY BANK	 	 
	 
	/s/ Illegible
	 	 
	 	 	 
	By:
	 	 	 	 
	Its:
	 	V. Pres.	 	 
	 
	 	 	 	 
	ENTERPRISE BANK	 	 
	 
	 	 	 	 
	 	 	 
	By:
	 	 	 	 
	Its:
	 	 	 	 
	 
	 	 	 	 
	ENTERPRISE BANK (FORMER GREAT AMERICAN BANK)	 	 
	 
	 	 	 	 
	 	 	 
	By:
	 	 	 	 
	Its:
	 	 	 	 
	 
	 	 	 	 
	FIRST NATIONAL BANK OF SEDAN	 	 
	 
	/s/ Timothy A. Hills
	 	 
	 	 	 
	By:
	 	Timothy A. Hills	 	 
	Its:
	 	President	 	 
	 
	 	 	 	 
	FIRST NATIONAL BANK SYRACUSE	 	 
	 
	 	 	 	 
	 	 	 
	By:
	 	 	 	 
	Its:
	 	 	 	 

5

 

	 	 	 	 	 
	FIRST NATIONAL BANK SMITH CENTER	 	 
	 
	 	 	 	 
	 	 	 
	By:
	 	 	 	 
	Its:
	 	 	 	 
	 
	 	 	 	 
	FIRST NATIONAL BANK OF BURLINGAME	 	 
	 
	 	 	 	 
	 	 	 
	By:
	 	 	 	 
	Its:
	 	 	 	 
	 
	 	 	 	 
	FIRST STATE BANK OF HEALY	 	 
	 
	 	 	 	 
	/s/ Allen F. Leiker	 	 
	 	 	 
	By:

	 	Allen F. Leiker	 	 
	Its:

	 	Pres. + CEO	 	 
	 
	 	 	 	 
	FIRST UNITED BANK & TRUST	 	 
	 
	 	 	 	 
	 	 	 
	By:
	 	 	 	 
	Its:
	 	 	 	 
	 
	 	 	 	 
	GREAT AMERICAN BANK	 	 
	/s/ A. L. Wiley	 	 
	 	 	 
	By:

	 	A. L. Wiley	 	 
	Its:

	 	Senior Vice President	 	 
	 
	 	 	 	 
	HERITAGE BANK	 	 
	 
	 	 	 	 
	 	 	 
	By:
	 	 	 	 
	Its:
	 	 	 	 
	 
	 	 	 	 
	IOWA STATE BANK	 	 
	 
	 	 	 	 
	 	 	 
	By:
	 	 	 	 
	Its:
	 	 	 	 
	 
	 	 	 	 

6

 

	 	 	 	 	 
	KENDALL STATE BANK	 	 
	 
	 	 	 	 
	/s/ Jayne L. Coleman	 	 
	 	 	 
	By:

	 	Jayne L. Coleman	 	 
	Its:

	 	President/CEO	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	LNV BEAL	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	By:
	 	 	 	 
	Its:
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	MERIT BANK (FIRST STATE BANK OF GOFF)	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	By:
	 	 	 	 
	Its:
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	MIDWEST COMMUNITY BANK	 	 
	 
	 	 	 	 
	/s/ Monti Keller	 	 
	 	 	 
	By:

	 	Monti Keller	 	 
	Its:

	 	Chief Lending Officer	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	MILLEDGEVILLE STATE BANK	 	 
	 
	 	 	 	 
	/s/ Dan Nederhoff	 	 
	 	 	 
	By:

	 	Dan Nederhoff	 	 
	Its:

	 	Senior Vice President	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	PEABODY STATE BANK	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	By:
	 	 	 	 
	Its:
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	SECURITY BANK AND TRUST	 	 
	 
	 	 	 	 
	/s/ Mark Hall	 	 
	 	 	 
	By:
	 	 	 	 
	Its:

	 	SVP	 	 

7

 

	 	 	 	 	 
	SECURITY STATE BANK	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	/s/ James Arnold	 	 
	 	 	 
	By:

	 	James Arnold	 	 
	Its:

	 	President	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	PEABODY STATE BANK	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	By:
	 	 	 	 
	Its:
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	THUNDER BANK	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	/s/ Mark Obermueller	 	 
	 	 	 
	By:

	 	Mark Obermueller	 	 
	Its:

	 	President	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	TOWN AND COUNTRY BANK	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	By:
	 	 	 	 
	Its:
	 	 	 	 

8exv10w80

Exhibit 10.80

AMENDMENT TO COMMERCIAL LOAN AGREEMENT

     THIS
AMENDMENT dated as of January 14, 2010 (the “Amendment”) is made a part of that certain
Commercial Loan Agreement (the “Commercial Loan Agreement”) and Addendum thereto dated December 31,
2008 (the “Addendum” and together with the Commercial Loan Agreement, the “Loan Agreement”) by and
between Ullico Inc., a Maryland corporation (“LENDER”), and Patriot Risk Management, Inc. (“PRM”),
a Delaware corporation (“PRM”), Patriot National Insurance Group, f/k/a Guarantee Insurance Group,
Inc., a Delaware corporation (“PNIG”), Patriot Risk Services, Inc., a Delaware corporation (“PRS”),
Suncoast Capital, Inc. (“SCI”), and Patriot Risk Management of Florida, Inc. (“PRMF”) (PRM, PNIG,
PRS, SCI, and PRMF are referred to hereinafter individually as a “Borrower Party” and collectively
as “Borrower”).

     WHEREAS, PRM, PNIG and PRS have collectively executed the Loan Agreement and related “Loan
Documents” (as defined in the Loan Agreement) dated December 31, 2008, including, but not limited
to, a Commercial Promissory Note (the “Original Note”), Guaranty of Steven M. Mariano (the
“Guaranty”), Commercial Security Agreement (the “First Security Agreement”), Stock Pledge Agreement
(the “Stock Pledge Agreement”), and Irrevocable Proxy together with a Consent dated December 31,
2008; and

     WHEREAS, Borrower is contemplating raising new capital by means of a public offering of common
stock (the “Proposed Offering”) and proposes to use all, or a substantial portion of, the proceeds
from the overallotment, if any, to pre-pay Lender, either in part or in full in accordance with the
terms of the Loan Agreement and in connection with the Proposed Offering desires to obtain certain
waivers and consents pursuant to the Addendum,

     FOR GOOD AND VALUABLE CONSIDERATION, the sufficiency and receipt of which are acknowledged, it
is agreed as follows:

	 	1.	 	With respect to Paragraph 8(d) of the Addendum, Lender hereby consents to the
issuance of additional shares of common stock of PRM related to the Proposed Offering,
and hereby consents and acknowledges that following the consummation of the Proposed
Offering, Steven M. Mariano shall no longer hold an unencumbered 51% or more of the
ownership and profit interest in PRM, or more than 51% of the voting control of PRM.
	 
	 	2.	 	With respect to Paragraph 30(g) of the Addendum, Lender hereby acknowledges
notification of the transactions contemplated by, and the terms contained within, that
certain Stock Purchase Agreement for Argonaut-Southwest Insurance Company by and
between Argonaut Insurance Company and PRM dated as of December 18, 2009, attached as
Exhibit A hereto. PRM plans to rename Argonaut-Southwest Insurance Company as Patriot
Fire & Casualty Insurance Company post acquisition.
	 
	 	3.	 	With respect to Paragraph 30(e) of the Addendum, Lender waives any failure of
Borrower to notify Lender of board meetings and stockholder meetings of PNIG and PRM.
	 
	 	4.	 	Paragraph 30(d) of the Addendum is modified to provide that any Borrower Party
may pay any dividends on its outstanding capital stock at any time without Lender’s
prior written consent when (i) PRM’s GAAP stockholder’s equity, calculated on a

 

 

	 	 	 	consolidated basis, is at least $50,000,000 and (ii) no Event of Default has
occurred and is continuing.
	 
	 	5.	 	Upon the consummation of the Proposed Offering, Paragraph 30(e) of the Addendum
shall, without further action, be amended to provide that the rights therein granted to
Lender accrue only at such time as PRM’s stockholders’ equity, calculated on a
consolidated basis, is less than $50,000,000.
	 
	 	6.	 	Borrower hereby ratifies and adopts this Amendment and agrees that the
Amendment and Loan Documents, as may be modified herein, are enforceable against
Borrower in accordance with the above terms.
	 
	 	7.	 	Borrower further agrees that this Amendment may be affixed to each and every
Loan Document as evidence of the Amendment thereof in accordance with the above terms.
	 
	 	8.	 	Reference is made to that certain Indemnification and Pledge Agreement, dated
as of January _, 2010, by and between PRM and Steven M. Mariano (“Mariano”) relating to
the Proposed Offering (the “Indemnification Agreement”). In the event that the
Proposed Offering occurs and the Indemnification Agreement goes into effect, as of the
“Effective Date” (as defined in the Indemnification Agreement), Lender covenants and
agrees that it will have been deemed to have released its lien on 500,000 shares of the
capital stock of PRM that were pledged by Mariano as security for the Loan in
accordance with the Stock Pledge Agreement (such shares consisting of the “Mariano
Trust PRM Shares” (as defined in the Indemnification Agreement)). In such event,
Lender covenants and agrees that it will deliver the original stock certificates
evidencing such shares of capital stock of PRM at the direction of Borrower. In the
event that the “Effective Date” does not occur and/or the Indemnification Agreement is
otherwise terminated, Lender’s lien on such shares of capital stock of PRM shall remain
in full force and effect in accordance with the terms of the Stock Pledge Agreement.
Unless specifically amended hereby, all provisions, terms and conditions in the Stock
Pledge Agreement shall otherwise remain unaltered and in full force and effect, and the
respective terms, conditions and covenants thereof are hereby ratified and confirmed in
all respects as originally executed.
	 
	 	9.	 	Lender hereby consents to amendment of the loan documents evidencing the loans
in the original aggregate principal amount of $14,420,000 made to Borrower by Security
Bank & Trust, as servicing agent for participant banks who are all collectively the
successor in interest to Aleritas Capital Corporation f/k/a Brooke Credit Corporation,
in substance similar to the amendments to the Addendum made hereunder.
	 
	 	10.	 	Borrower will pay all reasonable expenses, including the reasonable fees and
expenses of legal counsel for Lender, incurred in connection with the preparation,
negotiation, administration, amendment, modification or enforcement of this Amendment,
the other Loan Documents, the collection or attempted collection of the

 

 

	 	 	 	Loan and Lender’s rights hereunder and under the other Loan Documents, and in any
proceedings (including, without limitation, bankruptcy or other insolvency
proceedings) brought or threatened to enforce repayment of the Loan. Borrower
shall pay such amounts to Lender upon demand.
	 
	 	11.	 	Borrower, on its own behalf and on behalf of its successors and assigns, by its
execution hereof: (i) hereby acknowledges, admits and agrees that, as of the date of
execution and delivery of this Amendment, there are no defenses, affirmative defenses,
counterclaims or offsets relating to its obligations under or in respect of the Loan
Documents or this Amendment or to the enforcement or exercise by Lender of any of its
rights, powers or remedies under or in respect of the Loan Documents; or alternatively
(ii) hereby irrevocably waives, relinquishes and releases any and all such objections,
claims, defenses, counterclaims or offsets, that may exist as of the date hereof
including, without limitation, any and all such objections, claims, defenses,
counterclaims or offsets that are unknown, unsuspected, unanticipated or undisclosed as
of such date.
	 
	 	12.	 	Lender agrees that, to its knowledge, upon execution of this Amendment,
Borrower will be in compliance with non-financial covenants under the Loan Documents
	 
	 	13.	 	This Agreement shall be construed and governed by the laws of the State of
Florida, except to the extent that the laws of a jurisdiction other than the State of
Florida are required to govern any enforcement or foreclosure action with respect to
any of the Pledged Shares.

     This Amendment may be executed in any number of counterparts, each of which when so executed
and delivered shall be deemed to be an original and all of which taken together shall constitute
one and the same.

     Nothing herein shall be deemed to establish any course of dealing between Borrower and Lender
such that Borrower shall have the right to request or receive, or Lender shall have the obligation
to consider, any future waivers of Events of Default. Except as specifically stated herein, the
execution and delivery of this Amendment shall in no way release, diminish, impair, reduce or
otherwise affect the respective obligations and liabilities of Borrower or any other Person under
any of the Loan Documents, all of which as amended hereby, shall continue in full force and effect.
Borrower hereby ratifies and confirms the existence of each of the Loan Documents to which it is a
party, each of the security interests created pursuant to each such Loan Document and each and
every term, condition, obligation, liability, undertaking and covenant therein contained.

[ Signature Follow on Next Page]

 

 

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above
written.

	 	 	 	 	 	 	 	 	 
	BORROWER:	 	 	 	LENDER:
	 
	 	 	 	 	 	 	 	 
	PATRIOT RISK MANAGEMENT, INC.	 	 	 	ULLICO INC.
	a Delaware corporation	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Theodore G. Bryant	 	 	 	By:	 	/s/ David J. Barra
	 

	 	 
	 	 	 	 	 	 
	Printed Name:

	 	Theodore G. Bryant	 	 	 	Printed Name:	 	David J. Barra
	 

	 	 
	 	 	 	 	 	 
	Title:	 	Sr. Vice-President & Secretary	 	 	 	Title:	 	CFO
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	PATRIOT NATIONAL INSURANCE GROUP, INC.	 	 	 	SUNCOAST CAPITAL, INC.,
	a Delaware corporation	 	 	 	a Delaware corporation
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Theodore G. Bryant	 	 	 	By:	 	/s/ Theodore G. Bryant
	 

	 	 
	 	 	 	 	 	 
	Printed Name:

	 	Theodore G. Bryant	 	 	 	Printed Name:	 	Theodore G. Bryant
	 

	 	 
	 	 	 	 	 	 
	Title:

	 	Sr. Vice-President & Secretary	 	 	 	Title:	 	Sr. Vice-President & Secretary
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	PRS GROUP, INC.	 	 	 	PATRIOT RISK SERVICES, INC.
	a Delaware corporation	 	 	 	a Delaware corporation
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Timothy J. Ermatinger	 	 	 	By:	 	/s/ Timothy J. Ermatinger
	 

	 	 
	 	 	 	 	 	 
	Printed Name:

	 	Timothy J. Ermatinger	 	 	 	Printed Name:	 	Timothy J. Ermatinger
	 

	 	 
	 	 	 	 	 	 
	Title:

	 	Chief Executive Officer	 	 	 	Title:	 	Chief Executive Officer
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	PATRIOT RISK MANAGEMENT OF FLORIDA,
INC.	 	 	 	 	 	 
	a Delaware corporation	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:
	 	/s/ Timothy J. Ermatinger	 	 	 	 	 	 
	 

	 	 

	 	 	 	 	 	 
	Printed Name:
	 	Timothy J. Ermatinger	 	 	 	 	 	 
	 

	 	 

	 	 	 	 	 	 
	Title:
	 	Chief Executive Officer

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