Document:

exhibit101

   1    EXECUTION VERSION  STOCK PURCHASE AGREEMENT   THIS STOCK PURCHASE AGREEMENT is entered into effective as of the 8th day of  September, 2022 (“Effective Date”), by and among FedNat Holding Company, a Florida corporation  (“Seller”), and the purchasers identified on Schedule A hereto (collectively, the “Hale Investors”).   W I T N E S S E T H :   WHEREAS, Seller and the Hale Investors are party to that certain Stock Investment and  Subscription Agreement dated as of May 13, 2022 (the “Subscription Agreement”) by and among the  Hale Investors, FedNat Insurance Company (“FNIC”), Seller and Monarch National Insurance Company  (the “Issuer”), as amended by that certain Omnibus Amendment Agreement dated as of June 30, 2022  among the Issuer, FNIC, Seller, Hale Partnership Capital Management, LLC, and the Hale Investors,  pursuant to which Seller acquired 120,000 shares of the common stock, $10 par value per share (the  “Common Stock”), of the Issuer evidenced by stock certificate no. 10 (the “Seller Certificate”) and the  Hale Investors acquired in the aggregate 180,000 shares of the Common Stock of the Issuer; and   WHEREAS, pursuant to that certain Term Sheet – Monarch National Insurance Company Stock  dated June 30, 2022 executed by Seller and Hale Partnership Capital Management, LLC, Seller has  delivered to the Hale Investors notice of its intention to exercise its right to put to the Hale Investors an  aggregate of 30,000 shares of the Issuer’s Common Stock owned by Seller (the “Put Shares”) at an  aggregate price of $2,500,000.00 (the “Exercise Notice”); and  WHEREAS, Seller shall sell, assign and transfer to the Hale Investors, and the Hale Investors  shall purchase, accept and receive from Seller, the Put Shares on the terms and subject to the conditions  hereinafter set forth.   NOW, THEREFORE, in consideration of the foregoing premises and further in consideration  of the mutual covenants herein contained, the parties hereto hereby agree as follows:  ARTICLE 1. PURCHASE AND SALE OF PUT SHARES   On the terms and subject to the conditions herein set forth, Seller hereby agrees to sell, transfer  and deliver to the Hale Investors the Put Shares, and the Hale Investors hereby agree to purchase the Put  Shares from Seller, each Hale Investor to purchase that number of Put Shares indicated on Schedule A  attached hereto. For the avoidance of doubt, the sale and purchase pursuant to this Agreement is for the  entire amount of Put Shares and, should any Hale Investor be unable or unwilling to fund its pro rata  portion of such purchase, then the remaining Hale Investors collectively hereby covenant and agree to  make up such difference (the “Shortfall Covenant”).  ARTICLE 2. PURCHASE PRICE AND PAYMENT TERMS  2.1 Purchase Price.  The aggregate purchase price for the Put Shares is $2,500,000.00 (the  “Purchase Price”), and unless required to act upon the Shortfall Covenant, each Hale Investor shall pay  that portion of the Purchase Price set forth on Schedule A attached hereto.  For avoidance of doubt and  

 

   2    per the Shortfall Covenant, in no event will the aggregate amount paid by the Hale Investors to Seller  hereunder be less than the Purchase Price.  2.2 Payment Terms.  At the closing of the purchase and sale of the Put Shares (the  “Closing”), the Hale Investors shall make an aggregate cash payment to Seller in the amount of the  Purchase Price by wire transfer of immediately available funds to the account designated in writing by  Seller on the Exercise Notice.    ARTICLE 3. CLOSING   Subject to the satisfaction of the conditions set forth in this Agreement (or the waiver thereof by  the party entitled to waive such condition), the Closing will take place at the offices of Nelson Mullins  Broad and Cassel, 2 South Biscayne Boulevard, Suite 2100, Miami, Florida 33131, or virtually via  teleconference or video conference and email, at 10:00 a.m. on a date mutually agreeable to the parties.   The date on which the Closing occurs is referred to in this Agreement as the “Closing Date.”    ARTICLE 4. REPRESENTATIONS AND WARRANTIES OF SELLER   In connection with, and as an inducement to the Hale Investors to enter into this Agreement and  for the Hale Investors to be bound by the terms of this Agreement, Seller hereby represents and warrants  to the Hale Investors that, as of the Closing Date:  4.1 Authority.  Seller has all requisite power and authority to execute and deliver this  Agreement and the other instruments described in Section 6.2 hereof (together with this Agreement, the  “Transaction Documents”), to perform its obligations hereunder and thereunder, and to consummate the  transaction contemplated hereby.  The execution and delivery by Seller of the Transaction Documents  and the performance by it of the transactions contemplated hereby have been duly and validly authorized  and approved by all requisite corporate action on its part, and no other proceeding on the part of Seller is  necessary to authorize the Transaction Documents.  Each Transaction Document, as applicable,  constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms,  subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and  similar laws affecting creditors’ rights generally and subject, as to enforceability, to general principles of  equity.  4.2 Put Shares.  Seller is the owner of the Put Shares, free and clear of any claims, security  interests, liens, encumbrances or restrictions of any nature, and Seller is conveying to the Hale Investors  good and marketable title to the Put Shares.  4.3 No Litigation.  There is currently no pending or, to the knowledge of Seller, threatened  complaint, claim, action, demand, lawsuit, arbitration, inquiry, notice of violation, proceeding, litigation,  or investigation against Seller relating to the Put Shares.  4.4 No Violation.  The execution, delivery and performance by Seller of the Transaction  Documents do not and will not, violate any provision of any law, statute, rule or regulation or any order,  writ, judgment, injunction, decree, determination or award of any court, governmental agency or  arbitrator having applicability to Seller.    4.5 No Other Representations or Warranties.  Seller makes no other representations or  warranties with respect to the Put Shares, except as expressly contained in this Agreement.  

 

   3      ARTICLE 5. REPRESENTATIONS AND WARRANTIES OF THE HALE INVESTORS   In connection with and as an inducement to Seller to enter into and be bound by the terms of this  Agreement, the Hale Investors warrants and represents to Seller that, as of the Closing Date:  5.1 Authority.  Each Hale Investor has all requisite power and authority to execute and  deliver this Agreement, to perform its obligations hereunder, and to consummate the transaction  contemplated hereby.  The execution and delivery by the Hale Investors of this Agreement and the  performance by it of the transactions contemplated hereby have been duly and validly authorized and  approved by all requisite entity action on its part, and no other proceeding on the part of such Hale  Investor is necessary to authorize this Agreement.  This Agreement constitutes a legal, valid and binding  obligation, enforceable against each Hale Investor in accordance with its terms, subject to applicable  bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting  creditors’ rights generally and subject, as to enforceability, to general principles of equity.  5.2 No Violation.  The execution, delivery and performance by each the Hale Investors of  this Agreement do not and will not, violate any provision of any law, statute, rule or regulation or any  order, writ, judgment, injunction, decree, determination or award of any court, governmental agency or  arbitrator having applicability to the Hale Investors.  5.3 Investment Representations.  The representations of the Hale Investors set forth in  Sections 5.7 and 5.8 of the Subscription Agreement as applied to the Put Shares are true and correct as  of the date hereof.    ARTICLE 6. CLOSING DELIVERIES   On the Closing Date, the Hale Investors and Seller shall execute and deliver this Agreement and  the following sums, items, documents, instruments and agreements, together with such other items,  documents, instruments and agreements as the other party (or its counsel) may reasonably request to  consummate the purchase and sale contemplated hereby:  6.1 By the Hale Investors to Seller:  The Hale Investors shall pay the Purchase Price to  Seller.  6.2 By Seller to the Hale Investors:  Seller shall deliver to the Hale Investors (a) a stock  power in favor of the Hale Investors relating to the Put Shares, (b) certificates evidencing all of the Put  Shares being purchased and sold hereunder, (c) evidence of the cancellation of the Stock Certificate and  the issuance to Seller of a certificate evidencing the shares retained by Seller and (d) a copy of the  resolutions of the Board of Directors and Strategic Review Committee of Seller authorizing Seller’s  entrance into this Agreement and the transactions described herein.  ARTICLE 7. INDEMNIFICATION  The parties agree that the provisions of Article X of the Subscription Agreement shall apply to  the sale and purchase of the Put Shares (including without limitation the representations and warranties  given herein), and that (a) Seller’s representations in Sections 4.1 and 4.2 of this Agreement shall be  considered “Fundamental Representations” as defined in Section 10.1 of the Subscription Agreement;  

 

   4    and (b) the period for survival of representations in this Agreement shall begin on the Closing Date  hereunder and shall continue for the periods as set forth in Section 10.1 of the Subscription Agreement.  ARTICLE 8. GENERAL PROVISIONS  8.1 Parties in Interest and Assignment.  All the terms and provisions of this Agreement shall  be binding upon and inure to the benefit of and be enforceable by the personal representatives,  successors and permitted assigns of Seller and the Hale Investors, it being understood and agreed,  however, that neither party may assign this Agreement without the prior written approval of the other  party and that any such assignment shall in no way relieve the party making such assignment from its  responsibilities and obligations under this Agreement.  8.2 Notices.  All notices, requests, demands and other communications hereunder shall be in  writing addressed to the respective party as set forth below, and may be personally served or sent by  overnight courier service or United States mail:  (a) If to any Hale Investor or, following the Closing, the Issuer:  [Addressee]   c/o Hale Partnership Capital Management  2115 E. 7th Street, Suite 101  Charlotte, NC 28204  Attention: Steven A. Hale II  Phone No.: 336-552-6228  Email: steve@halepartnership.com    with a copy (which shall not constitute notice) to:  Moore & Van Allen PLLC  100 North Tryon Street, 47th Floor  Charlotte, North Carolina 28202  Attention:  Ryan M. Smith  Email:  ryansmith@mvalaw.com  (b) If to Seller:  14050 NW 14th Street, Suite 180      Sunrise, FL 33323      Attention: Bruce F. Simberg, Chairman of the Board      Email: bsimberg@fednat.com    with a copy (which shall not constitute notice) to:  Nelson Mullins Riley & Scarborough LLP  2 South Biscayne Boulevard, 21st Floor  Miami, Florida 33131  Attention:  Nina S. Gordon  Email:  nina.gordon@nelsonmullins.com   

 

   5    Any notice given pursuant to this Section 8.2 shall be deemed to have been given: (i) if delivered  in person, when delivered; (ii) if delivered by overnight courier, one (1) business day after delivery to  such courier properly addressed; or (iii) if by United States mail, four (4) business days after depositing  in the United States mail, with postage prepaid and properly addressed. Any party hereto may change  the address at which such party is to receive notices hereunder by notice to the other party in writing in  the foregoing manner.  8.3 Further Assurances.  From time to time (without further consideration), Seller or the Hale  Investors, as the case may be, shall cause to be executed and delivered to the other party all such other  instruments and shall take or cause to be taken such further or other action as may reasonably and in  good faith be deemed by the other party to be necessary or desirable in order to further assure the  performance by Seller or the Hale Investors, as the case may be, of any of their respective obligations  under this Agreement.  8.4 Entire Agreement; Amendment.  This Agreement expresses the entire agreement among  the parties with respect to the purchase and sale contemplated hereby, there being no representations,  warranties or other agreements (oral or written) not expressly set forth or provided for herein. This  Agreement may be amended or modified in whole or in part, only by a duly authorized agreement in  writing executed in the same manner as this Agreement and that makes reference to this Agreement.  8.5 Counterparts.  This Agreement may be executed in one or more counterparts and  transmitted electronically, each of which shall be deemed an original, but all of which together shall  constitute one and the same instrument.   8.6 Expenses.  Seller shall pay both its and the Hale Investors’ costs and expenses incurred in  connection with this Agreement and the transactions contemplated hereby, provided that fees and  expenses of a party’s outside counsel shall be reimbursable up to $15,000 for each of Seller and the Hale  Investors.  The Hale Investors agree to provide to Seller a written accounting of their reasonable and  documented out-of-pocket fees, costs and expenses (including the reasonable and documented out-of- pocket fees, costs and expenses of counsel and consultants) for the preparation, negotiation, execution  and delivery of this Agreement and the additional deliveries in connection herewith.  8.7 Governing Law.  This Agreement shall be deemed to be a contract made under the laws  of the State of New York, and for all purposes it, plus any related or supplemental documents and  notices, shall be construed in accordance with and governed by the laws of such state.  8.8 Waiver.  No failure on the part of either party to exercise, and no delay in exercising, any  right or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of  any right or remedy hereunder preclude any other or further exercise thereof or the exercise of any other  right or remedy granted hereby or by any related document or by law.  8.9 Waiver of Jury Trial.  Each party hereby irrevocably waives, to the fullest extent  permitted by applicable law, any right it may have to a trial by jury in any legal proceeding directly or  indirectly arising out of or relating to this Agreement or the transactions contemplated hereby whether  based in contract, tort or any other theory. This waiver is a material inducement for both parties to enter  into this agreement. Each party has reviewed this waiver with its counsel.  (Signature pages follow.)  

 

       4884-9786-5775 v.4  IN WITNESS WHEREOF, Seller and the Hale Investors have executed and delivered this Agreement,  effective as of the Effective Date.  SELLER:  FedNat Holding Company    By:  ___/s/ David K. Patterson    Name: David K. Patterson  Title: Interim Chief Executive Officer      (Signatures continued on following pages.)  

 

       4884-9786-5775 v.4  BUYER:      HALE PARTNERSHIP FUND, LP    By:  Hale Partnership Capital Management, LLC, its Investment  Advisor      By:  /s/ Steven A. Hale II             Steven A. Hale II, Manager        MGEN II – HALE FUND, LP    By:  Hale Partnership Capital Management, LLC, its Investment  Advisor    By: /s/ Steven A. Hale II             Steven A. Hale II, Manager      CLARK – HALE FUND, LP    By:  Hale Partnership Capital Management, LLC, its Investment  Advisor    By: /s/ Steven A. Hale II             Steven A. Hale II, Manager      SMITH – HALE FUND, LP    By:  Hale Partnership Capital Management, LLC, its Investment  Advisor    By: /s/ Steven A. Hale II             Steven A. Hale II, Manager      DICKINSON – HALE FUND, LP    By:  Hale Partnership Capital Management, LLC, its Investment  Advisor    By:  /s/ Steven A. Hale II             Steven A. Hale II, Manager    (Signatures continued on following page.)  

 

       4884-9786-5775 v.4    THE VANDERBILT UNIVERSITY “VUA HALE SMA”    By:  Hale Partnership Capital Management, LLC, its investment  advisor      By:  /s/ Steven A. Hale II            Steven A. Hale II, Manager      HALE ICFG FUND, LP    By:  Hale Partnership Capital Management, LLC, its Investment  Advisor      By:  /s/ Steven A. Hale II            Steven A. Hale II, Manager      NATIONAL CONSUMER TITLE INSURANCE COMPANY      By:   /s/ Steven A. Hale II     Name:  Steven A. Hale II  Title:    Chairman and CEO       

 

       4884-9786-5775 v.4  SCHEDULE A    Hale Investors      Hale Investor  Portion of  Purchase Price  Portion of   Put Shares  Hale ICFG Fund, LP $166,667.00  2,000  The Vanderbilt University  “VUA Hale SMA”  $250,000.00  3,000  Hale Partnership Fund, LP $1,516,666.00  18,200  Clark – Hale Fund, LP $250,000.00  3,000  Dickinson – Hale Fund, LP $50,000.00  600  National Consumer Title  Insurance Company  $100,000.00  1,200  Smith – Hale Fund, LP $166,667.00  2,000  TOTAL $2,500,000.00 30,000Exhibit
4.1

 

NUMBER
UNITS

U-

 

SEE
REVERSE FOR CERTAIN DEFINITIONS

 

CUSIP
G8708L138

 

TENX
KEANE ACQUISITION

 

UNITS
CONSISTING OF ONE ORDINARY SHARE

AND
ONE RIGHT

 

THIS
CERTIFIES THAT                 is the owner of                  Units.

 

Each
Unit (“Unit”) consists of one (1) ordinary share, par value $0.0001 per share (“Ordinary Share”),
of TenX Keane Acquisition, a Cayman Islands exempted company (the “Company”) and one (1) right (“Right”).
Each Right entitles the holder to receive two-tenths (2/10) of one Ordinary Share. The Ordinary Shares and Rights comprising the
Units represented by this certificate are not transferable separately prior to [ ], unless Maxim Group LLC elects to allow earlier separate
trading, subject to the Company’s filing of a Current Report on Form 8-K with the Securities and Exchange Commission containing
an audited balance sheet reflecting the Company’s receipt of the gross proceeds of the offering and issuing of a press release
announcing when separate trading will begin. The terms of the Rights are governed by a Rights Agreement dated as of [ ], 2022, between
the Company and American Stock Transfer & Trust Company, LLC, as Right Agent and are subject to the terms and provisions contained
therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof. Copies of the Rights Agreement
are on file at the office of the Right Agent at 6201 15th Avenue, Brooklyn, New York 11219, and are available to any Right holder on
written request and without cost.

 

This
certificate is not valid unless countersigned by the Transfer Agent and Registrar of the Company.

 

This
certificate shall be governed by and construed in accordance with the internal laws of the State of New York.

 

Witness
the facsimile signature of its duly authorized officers.

 

	 	 	 
	Secretary	 	Chief
    Executive Officer

 

TenX
Keane Acquisition

 

The
Company will furnish without charge to each unitholder who so requests, a statement of the powers, designations, preferences and relative,
participating, optional or other special rights of each class of shares or series thereof of the Company and the qualifications, limitations,
or restrictions of such preferences and/or rights.

 

The
following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written
out in full according to applicable laws or regulations:

 

	TEN
    COM	—	as
    tenants in common	UNIF
    GIFT MIN ACT	—	 	Custodian	 
	 	 	 	 	 	(Cust)	 	(Minor)
	TEN
    ENT	—	as
    tenants by the entireties	 	 	 	 	 
	 	 	 	 	 	Under
    Uniform Gifts to Minors
	 	 	 	 	 	 
	JT
    TEN	—	as
    joint tenants with right of survivorship and not as tenants in common	 	 	Act

    (State)

 

Additional
abbreviations may also be used though not in the above list.

 

    	 

    	 

    

 

For
value received,                    hereby sell, assign and transfer unto

 

PLEASE
INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

	 
	(PLEASE
    PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

     

	 

 

	 	 	 

 

_____________________Units
represented by the within Certificate, and do hereby irrevocably constitute and appoint

 

____________________Attorney
to transfer the said Units on the books of the within named Company with full power of substitution in the premises.

 

Dated
_____________

 

Notice:   The
signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration
or enlargement or any change whatever.

 

    	 

    	 

    

 

Signature(s)
Guaranteed:

 

	THE
    SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE

    GUARANTOR
    INSTITUTION (BANKS, STOCKBROKERS,

    SAVINGS
    AND LOAN ASSOCIATIONS AND CREDIT UNIONS

    WITH
    MEMBERSHIP IN AN APPROVED SIGNATURE

    GUARANTEE
    MEDALLION PROGRAM, PURSUANT

 

TO
S.E.C. RULE 17Ad-15 (OR ANY SUCCESSOR RULE UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED).

 

In
each case, as more fully described in the Company’s final prospectus dated [        ], 2022, the holder(s) of this certificate shall be
entitled to receive a pro-rata portion of certain funds held in the trust account established in connection with the Company’s
initial public offering only in the event that (i) the Company redeems the Ordinary Shares sold in its initial public offering and liquidates
because it does not consummate an initial business combination by [       ], 2022, (ii) the Company redeems Ordinary Shares sold in its initial
public offering in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association
to modify the substance or timing of the Company’s obligation to redeem 100% of the Ordinary Share if it does not consummate an
initial business combination by [       ], 2022, or (iii) if the holder(s) seek(s) to redeem for cash his, her or its respective Ordinary Shares
in connection with a tender offer (or proxy solicitation, solely in the event the Company seeks shareholder approval of the proposed
initial business combination) setting forth the details of a proposed initial business combination. In no other circumstances shall the
holder(s) have any right or interest of any kind in or to the trust account.

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