Document:

Exhibit 10.5b

 

KINSALE CAPITAL GROUP, INC. 

DIRECTOR STOCK OPTION GRANT NOTICE AND
OPTION AGREEMENT 

(2016 Omnibus Incentive Plan)

 

As a member of the Board of Directors of
Kinsale Capital Group, Inc. (the “Company”), you have been granted an option to purchase shares of the Company’s
common stock. This award is subject to the terms and conditions of the Kinsale Capital Group, Inc. 2016 Omnibus Incentive Plan,
this Grant Notice, and the following Stock Option Agreement. The details of this award are indicated below.

 

	Optionee:	 
	Date of Grant: 	 
	Number of Shares subject to the Option: 	 
	Exercise Price Per Share: 	 
	Term of Option: 	 
	Vesting Period: 	 
	Type of Option: 	Nonqualified Stock Option	 

 

Acknowledged and agreed as of the Date of Grant

 

________________________

 

Name: ______________

 

    	 

    	 

    

DIRECTOR STOCK OPTION
AGREEMENT

 

THIS STOCK OPTION AGREEMENT (together with
the above grant notice (the “Grant Notice”), the “Agreement”) is made and entered into as
of the date set forth on the Grant Notice by and between Kinsale Capital Group, Inc., a Delaware corporation (the “Company”),
and the individual (the “Optionee”) set forth on the Grant Notice.

 

A.            Pursuant
to the Kinsale Capital Group, Inc. 2016 Omnibus Incentive Plan (the “Plan”), the Administrator has determined
that it is to the advantage and best interest of the Company to grant to the Optionee an option to purchase the number of Shares
(the “Shares”) set forth on the Grant Notice, at the exercise price per Share set forth on the Grant Notice,
and in all respects subject to the terms, definitions and provisions of the Plan, which is incorporated herein by reference,
and this Agreement (the “Option”). 

 

B.            Unless otherwise defined herein, capitalized
terms used in this Agreement shall have the meanings set forth in the Plan. For purposes of this Agreement, the following definitions
shall apply:

 

1.            “Termination” shall
mean the termination of service of the Optionee with the Company and all Affiliates thereof shall terminate

 

2.            “Termination Date”
shall mean the date of the Termination.

 

NOW, THEREFORE, in consideration of the
mutual agreements contained herein, the Optionee and the Company hereby agree as follows:

 

1.             Acceptance of Agreement. Optionee has reviewed all of the provisions of the Plan and this Agreement. Optionee hereby
agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator on questions relating to
the Plan and this Agreemen. The Optionee’s electronic signature of this Agreement shall have the same validity and effect
as a signature affixed by hand. The Company may, in its sole discretion, decide to deliver any documents related to the Optionee’s
current or future participation in the Plan by electronic means.  The Optionee hereby consents to receive such documents by
electronic delivery and agrees to participate in the Plan through an on-line or electronic system, if any, established and maintained
by the Company or a third party designated by the Company.

 

2.             Grant and Terms of Stock Option.

 

2.1           Grant of Option. Pursuant to this Agreement, the Company has granted to the Optionee the right and option to purchase,
subject to the terms and conditions set forth in the Plan and this Agreement, all or any part of the number of Shares set forth
on the Grant Notice at a purchase price per Share equal to the exercise price per Share set forth on the Grant Notice. An Option
granted pursuant to the Grant Notice and this Agreement shall be a Nonqualified Stock Option.

 

2.2           Vesting and Term of Option. This Section 2.2 is subject to the provisions of the Plan and the other provisions of
this Agreement.

 

2.2.1        This Option shall vest and become exercisable in equal annual installments during the Vesting Period on each anniversary
of the Date of Grant (each such date, a “Vesting Date”) subject to the Optionee not experiencing a Termination
prior to an applicable Vesting Date.

 

2.2.2        The “Term” of this Option shall begin on the Date of Grant set forth in the Grant Notice and end on the
expiration of the Term specified in the Grant Notice. No portion of this Option may be exercised after the expiration of the Term.

 

    	-2-

    	 

    

2.2.3        In the event of Termination for any reason other than death, Disability, or Cause:

 

2.2.3.1     
the portion of this Option that is not vested and exercisable as of the Termination Date shall not continue to vest and
shall be immediately cancelled and terminated; and

 

2.2.3.2     
the portion of this Option that is vested and exercisable as of the Termination Date shall terminate and be cancelled on
the earlier of:

 

 (a)            the expiration of the Term
and

 

 (b)            ninety (90) days after such
Termination Date.

 

2.2.4        In the event of Termination due to death or Disability:

 

2.2.4.1     
the portion of this Option that is not vested and exercisable as of the Termination Date shall not continue to vest and
shall be immediately cancelled and terminated; and

 

2.2.4.2     
the portion of this Option that is vested and exercisable as of the Termination Date shall terminate and be cancelled on
the earlier of (a) the expiration of the Term and (b) the date that is six (6) months after such of the Termination Date.

 

2.2.5        In the event of Termination for Cause, or if, after the Termination, the Administrator determines that Cause existed before
such Termination, this entire Option shall not continue to vest, shall be cancelled and terminated as of the Termination Date,
and shall no longer be exercisable as to any Shares, whether or not previously vested.

 

3.             Method of Exercise.

 

3.1            Method of Exercise. Each election to exercise the Option shall be subject to the terms and conditions of the Plan
and shall be in writing, signed by the Optionee or by his or her executor, administrator, or permitted transferee (subject to any
restrictions provided under the Plan), made pursuant to and in accordance with the terms and conditions set forth in the Plan and
received by the Company at its principal offices, accompanied by payment in full as provided in the Plan or in this Agreement.
Notwithstanding any of the foregoing, the Administrator shall have the right to specify all conditions of the manner of exercise,
which conditions may vary by country and which may be subject to change from time to time. Upon the Company’s determination
that the Option has been validly exercised as to any of the Shares, the Company may issue certificates in the Optionee’s
name for such Shares. However, the Company shall not be liable to the Optionee for damages relating to any reasonable delays in
issuing the certificates to the Optionee, any loss of the certificates, or any mistakes or errors in the issuance of the certificates
or in the certificates themselves which it promptly undertakes to correct.

 

3.2            Restrictions on Exercise. No Shares will be issued pursuant to the exercise of this Option unless and until there
shall have been full compliance with all applicable requirements of the Securities Act of 1933, as amended (whether by registration
or satisfaction of exemption conditions), all applicable listing requirements of any national securities exchange or other market
system on which the Common Stock is then listed and all applicable requirements of any Applicable Laws and of any regulatory bodies
having jurisdiction over such issuance. As a condition to the exercise of this Option, the Company may require the Optionee to
make any representation and warranty to the Company as may be necessary or appropriate, in the judgment of the Administrator, to
comply with any Applicable Law.

 

3.3            Method of Payment. Payment of the exercise price shall be made in full at the time of exercise (a) by the delivery
of cash or check acceptable to the Administrator, including an amount to cover the withholding taxes (as provided in Section 7.11)
with respect to such exercise, or (b) any other method, if any, approved by the Administrator, including (i) by means of consideration
received under any cashless exercise procedure, if any, approved by the Administrator (including the withholding of Shares otherwise
issuable upon exercise) or (ii) any other form of consideration approved by the Administrator and permitted by Applicable
Laws.

 

    	-3-

    	 

    

3.4            No Rights as a Stockholder. Until the Shares are issued to the Optionee (as evidenced by the appropriate entry on
the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other
rights as a stockholder will exist with respect to the Shares, notwithstanding the exercise of the Option.

 

4.             Non-Transferability of Option. Except as provided below, this Option may not be sold, assigned transferred in any
manner, pledged or otherwise encumbered other than by will or by the laws of descent or distribution or to a beneficiary designated
pursuant to the Plan, and may be exercised during the lifetime of Optionee only by Optionee or the Optionee’s guardian or
legal representative. Subject to all of the other terms and conditions of this Agreement, following the death of Optionee, this
Option may, to the extent it is vested and exercisable by Optionee in accordance with its terms on the Termination Date, be exercised
by Optionee’s executor or administrator, or the person or persons to whom the Optionee’s rights under this Agreement
shall pass by will or by the laws of descent and distribution as the case may be. Any heir or legatee of the Optionee shall take
rights herein granted subject to the terms and conditions hereof.

 

5.             Restrictions; Restrictive Legends. Ownership and transfer of Shares issued pursuant to the exercise of this Option
will be subject to the provisions of, including ownership and transfer restrictions (including, without limitation, ownership and
transfer restrictions imposed by applicable gaming laws) contained in, the Company’s Certificate of Incorporation, as amended
from time to time, restrictions imposed by Applicable Laws and restrictions set forth or referenced in legends imprinted on certificates
representing such Shares.

 

6.             Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, to the extent
that this Option had not been previously exercised, it will terminate immediately prior to the consummation of such proposed dissolution
or liquidation. In such instance, the Administrator may, in the exercise of its sole discretion, declare that this Option will
terminate as of a date fixed by the Administrator and give the Optionee the right to exercise this Option prior to such date as
to all or any part of the optioned stock, including Shares as to which this Option would not otherwise be exercisable.

 

7.             General.

 

7.1            Governing Law. This Agreement shall be governed by and construed under the laws of the State of Delaware applicable
to agreements made and to be performed entirely in Delaware, without regard to the conflicts of law provisions of Delaware or any
other jurisdiction.

 

7.2            Community Property. Without prejudice to the actual rights of the spouses as between each other, for all purposes
of this Agreement, the Optionee shall be treated as agent and attorney-in-fact for that interest held or claimed by his or her
spouse with respect to this Option and the parties hereto shall act in all matters as if the Optionee was the sole owner of this
Option. This appointment is coupled with an interest and is irrevocable.

 

7.3            Services as a Director. Optionee acknowledges and agrees that the vesting of this Option is earned only by his or
her continuing services as a director of the Company (not through the act of being appointed as a director, being granted this
Option or acquiring shares hereunder). Optionee further acknowledges and agrees that nothing in this Agreement, nor in the Plan
which is incorporated herein by reference, shall confer upon Optionee any right with respect to continuation of his or her services
as a director, nor shall it interfere in any way with the right to terminate his or her services as a director of the Company at
any time, with or without cause.

 

7.4            Application to Other Stock. In the event any capital stock of the Company or any other corporation shall be distributed
on, with respect to, or in exchange for Shares as a stock dividend, stock split, reclassification or recapitalization in connection
with any merger or reorganization or otherwise, all restrictions, rights and obligations set forth in this Agreement shall apply
with respect to such other capital stock to the same extent as they are, or would have been applicable, to the Shares on or with
respect to which such other capital stock was distributed, and references to "Company" in respect of such distributed
stock shall be deemed to refer to the company to which such distributed stock relates.

 

    	-4-

    	 

    

7.5            No Third-Party Benefits. Except as otherwise expressly provided in this Agreement, none of the provisions of this
Agreement shall be for the benefit of, or enforceable by, any third-party beneficiary.

 

7.6            Successors and Assigns. Except as provided herein to the contrary, this Agreement shall be binding upon and inure
to the benefit of the parties, their respective successors and permitted assigns.

 

7.7            No Assignment. Except as otherwise provided in this Agreement, the Optionee may not assign any of his, her or its
rights under this Agreement without the prior written consent of the Company, which consent may be withheld in its sole discretion.
The Company shall be permitted to assign its rights or obligations under this Agreement so long as such assignee agrees to perform
all of the Company's obligations hereunder.

 

7.8            Severability. The validity, legality or enforceability of the remainder of this Agreement shall not be affected even
if one or more of the provisions of this Agreement shall be held to be invalid, illegal or unenforceable in any respect.

 

7.9            Equitable Relief. The Optionee acknowledges that, in the event of a threatened or actual breach of any of the provisions
of this Agreement, damages alone will be an inadequate remedy, and such breach will cause the Company great, immediate and irreparable
injury and damage. Accordingly, the Optionee agrees that the Company shall be entitled to injunctive and other equitable relief,
and that such relief shall be in addition to, and not in lieu of, any remedies it may have at law or under this Agreement.

 

7.10          Jurisdiction. Any suit, action or proceeding with respect to this Agreement, or any judgment entered by any court
in respect of any thereof, shall be brought in any court of competent jurisdiction in the State of Delaware, and the Company and
the Optionee hereby submit to the exclusive jurisdiction of such courts for the purpose of any such suit, action, proceeding or
judgment. The Optionee and the Company hereby irrevocably waive (i) any objections which it may now or hereafter have to the laying
of the venue of any suit, action or proceeding arising out of or relating to this Agreement brought in any court of competent jurisdiction
in the State of Delaware, (ii) any claim that any such suit, action or proceeding brought in any such court has been brought in
any inconvenient forum and (iii) any right to a jury trial.

 

7.11          Taxes. By signing this Agreement, the Optionee represents that he or she has reviewed with his or her own tax advisors
the federal, state, local and foreign tax consequences of the transactions contemplated by this Agreement and that he or she is
relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Optionee
understands and agrees that he or she (and not the Company) shall be responsible for any tax liability that may arise as a result
of the transactions contemplated by this Agreement.

 

7.12          Headings. The section headings in this Agreement are inserted only as a matter of convenience, and in no way define,
limit, extend or interpret the scope of this Agreement or of any particular section.

 

7.13          Number and Gender. Throughout this Agreement, as the context may require, (a) the masculine gender includes the feminine
and the neuter gender includes the masculine and the feminine; (b) the singular tense and number includes the plural, and the plural
tense and number includes the singular; (c) the past tense includes the present, and the present tense includes the past; (d) references
to parties, sections, paragraphs and exhibits mean the parties, sections, paragraphs and exhibits of and to this Agreement; and
(e) periods of days, weeks or months mean calendar days, weeks or months.

 

7.14          Data Privacy. Optionee agrees that all of Optionee’s information that is described or referenced in this Agreement
and the Plan may be used by the Company, its affiliates and the designated broker and its affiliates to administer and manage Optionee’s
participation in the Plan.

 

7.15          Acknowledgments of Optionee. Optionee has reviewed the Plan and this Agreement in their entirety, has had an opportunity
to obtain the advice of counsel prior to executing this Agreement, fully understands all provisions of the Plan and this Agreement
and, by accepting the Notice of Grant, acknowledges and agrees to all of the provisions of the Grant Notice, the Plan and this
Agreement.

 

    	-5-

    	 

    

7.16          Complete Agreement. The Grant Notice, this Stock Option Agreement and the Plan constitute the parties’ entire
agreement with respect to the subject matter hereof and supersede all agreements, representations, warranties, statements, promises
and understandings, whether oral or written, with respect to the subject matter hereof. In the event of any inconsistency between
the Plan and this Agreement, the terms of the Plan shall control.

 

7.17          Waiver.  The Optionee acknowledges that a waiver by the Company of a breach of any provision of this Agreement
shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by the Optionee.

 

7.18          Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with
the same effect as if the signatures thereto and hereto were upon the same instrument.

 

7.19          Amendments and Termination.  To the extent permitted by the Plan, this Agreement may be wholly or partially
amended, altered or terminated at any time or from time to time by the Administrator or the Board, but no amendment, alteration
or termination shall be made that would materially impair the rights of an Optionee under the Option without such Optionee’s
consent. If it is determined that the terms of this Agreement have been structured in a manner that would result in adverse tax
treatment under Section 409A of the Code, the parties agree to cooperate in taking all reasonable measures to restructure the arrangement
to minimize or avoid such adverse tax treatment without materially impairing Optionee’s economic rights.

 

7.20          Waiver of Jury Trial. TO THE EXTENT EITHER PARTY INITIATES LITIGATION INVOLVING THIS AGREEMENT OR ANY ASPECT OF THE
RELATIONSHIP BETWEEN US (EVEN IF OTHER PARTIES OR OTHER CLAIMS ARE INCLUDED IN SUCH LITIGATION), ALL OF THE PARTIES WAIVE THEIR
RIGHT TO A TRIAL BY JURY. THIS WAIVER WILL APPLY TO ALL CAUSES OF ACTION THAT ARE OR MIGHT BE INCLUDED IN SUCH ACTION, INCLUDING
CLAIMS RELATED TO THE ENFORCEMENT OR INTERPRETATION OF THIS AGREEMENT, ALLEGATIONS OF STATE OR FEDERAL STATUTORY VIOLATIONS, FRAUD,
MISREPRESENTATION, OR SIMILAR CAUSES OF ACTION, AND IN CONNECTION WITH ANY LEGAL ACTION INITIATED FOR THE RECOVERY OF DAMAGES BETWEEN
OR AMONG US OR BETWEEN OR AMONG ANY OF OUR OWNERS, AFFILIATES, OFFICERS, EMPLOYEES OR AGENTS.

 

    	-6-Exhibit 10.8

 

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement, dated as
of [●], 2016 (this “Agreement”), is entered into between Kinsale Capital Group, Inc., a Delaware corporation
(the “Company”), and (“Indemnitee”).

 

WHEREAS, it is essential to the Company to
retain and attract as directors and officers the most capable persons available;

 

WHEREAS, Indemnitee is a director and/or officer
of the Company;

 

WHEREAS, both the Company and Indemnitee recognize
the increased risk of litigation and other claims being asserted against directors and officers of public companies in today’s
environment;

 

WHEREAS, the Company’s Amended and Restated
Certificate of Incorporation, as amended from time to time (the “Certificate of Incorporation”), and Amended and Restated
Bylaws, as amended from time to time (the “Bylaws”), require the Company to indemnify and advance expenses to its directors
and officers to the fullest extent permitted by law and Indemnitee has been serving and continues to serve as a director and/or
officer of the Company in part in reliance on such Certificate of Incorporation and Bylaws;

 

WHEREAS, uncertainties as to the availability
of indemnification may increase the risk that the Company will be unable to retain and attract as directors and officers the most
capable persons available;

 

WHEREAS, the board of directors of the Company
(the “Board”) has determined that enhancing the ability of the Company to retain and attract as directors and officers
the most capable persons is in the best interests of the Company and that the Company therefore should seek to assure such persons
that indemnification and insurance coverage will be available in the future; and

 

WHEREAS, in recognition of Indemnitee’s
need for protection against personal liability in order to enhance Indemnitee’s continued service to the Company in an effective
manner, and in part to provide Indemnitee with specific contractual assurance that the protection promised by the Certificate of
Incorporation and Bylaws will be available to Indemnitee (regardless of, among other things, any amendment to or revocation of
such Certificate of Incorporation and Bylaws or change in the composition of the Board or acquisition transaction relating to the
Company), the Company wishes to provide in this Agreement for the indemnification of and the advancing of expenses to Indemnitee
to the fullest extent (whether partial or complete) permitted by law and as set forth in this Agreement, and to the extent insurance
is maintained, for the continued coverage of Indemnitee under the directors’ and officers’ liability insurance policy
of the Company.

 

    	 

    	 

    

NOW, THEREFORE, in consideration of the premises
and of Indemnitee’s agreement to serve or continue to serve the Company as a director and/or officer directly or, at its
request, of another enterprise, and intending to be legally bound hereby, the parties hereto agree as follows:

 

1.             Certain Definitions. In addition to terms defined elsewhere herein, the following terms have the following meanings
when used in this Agreement:

 

		(a)	Change in Control: shall be deemed to have occurred if (i) any “person” (as such term is used in Sections
13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), other than (A) Moelis Capital
Partners Opportunity Fund I, L.P., Moelis Capital Partners Opportunity Fund I-A, L.P. and their respective affiliates, (B) a trustee
or other fiduciary holding securities under an employee benefit plan of the Company or (C) a corporation or other entity owned
directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of shares of
common stock of the Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of securities of the Company representing 20% or more of the total voting power represented by the Company’s
then-outstanding Voting Securities, or (ii) during any period of two consecutive years, individuals who at the beginning of such
period constitute the Board and any new director whose election by the Board or nomination for election by the Company’s
stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors
at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to
constitute a majority thereof, or (iii) the stockholders of the Company approve a merger or consolidation of the Company with any
other entity other than a merger or consolidation which would result in the Voting Securities of the Company outstanding immediately
prior thereto continuing to represent (either by remaining outstanding or by being converted into Voting Securities of the surviving
entity) at least 80% of the total voting power represented by the Voting Securities of the Company or such surviving entity outstanding
immediately after such merger or consolidation, or the stockholders of the Company approve a plan of complete liquidation of the
Company or an agreement for the sale or disposition by the Company of (in one transaction or a series of transactions) all or substantially
all of the Company’s assets.

 

		(b)	Claim: means any threatened, asserted, pending or completed action, suit or proceeding, whether civil, criminal, regulatory,
administrative, investigative or other, including any arbitration or other alternative dispute resolution mechanism, or any appeal
of any kind thereof, or any inquiry or investigation, whether instituted by (or in the right of) the Company or any governmental
agency or any other person or entity, in which Indemnitee was, is, may be or will be involved as a party, witness or otherwise.

 

		(c)	ERISA: means the Employee Retirement Income Security Act of 1974, as amended.

 

    	2

    	 

    

 

		(d)	Expenses: include attorneys’ fees and all other direct or indirect costs, expenses and obligations, including
judgments, fines, penalties, interest, appeal bonds, amounts paid in settlement with the approval of the Company (which approval
shall not be unreasonably delayed, withheld or conditioned), and counsel fees and disbursements (including, without limitation,
experts’ fees, court costs, retainers, appeal bond premiums, transcript fees, duplicating, printing and binding costs, as
well as telecommunications, postage and courier charges) paid or incurred in connection with investigating, prosecuting, defending,
settling, arbitrating, being a witness in or participating in (including on appeal), or preparing to investigate, prosecute, defend,
settle, arbitrate, be a witness in or participate in, any Claim relating to any Indemnifiable Event, and shall include (without
limitation) all attorneys’ fees and all other expenses incurred by or on behalf of an Indemnitee in connection with preparing
and submitting any requests or statements for indemnification, advancement or any other right provided by this Agreement (including,
without limitation, such fees or expenses incurred in connection with legal proceedings contemplated by Section 2(d) hereof).

 

		(e)	Indemnifiable Amounts: means (i) any and all liabilities, Expenses, damages, judgments, fines, penalties, ERISA excise
taxes and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with
or in respect of such liabilities, Expenses, damages, judgments, fines, penalties, ERISA excise taxes or amounts paid in settlement)
arising out of or resulting from any Claim relating to an Indemnifiable Event, (ii) any liability pursuant to a loan guaranty or
otherwise, for any indebtedness of the Company or any subsidiary of the Company, including, without limitation, any indebtedness
which the Company or any subsidiary of the Company has assumed, and (iii) any liabilities which an Indemnitee incurs as a result
of acting on behalf of the Company (whether as a fiduciary or otherwise) in connection with the operation, administration or maintenance
of an employee benefit plan or any related trust or funding mechanism (whether such liabilities are in the form of excise taxes
assessed by the United States Internal Revenue Service, penalties assessed by the United States Department of Labor, restitutions
to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan, trust or other funding mechanism,
or otherwise). To the fullest extent permitted by law, Indemnifiable Amounts shall include any punitive, special or exemplary damages,
and the multiple portion of a multiplied damages award.

 

		(f)	Indemnifiable Event: means any event or occurrence, whether occurring before, on or after the date of this Agreement,
related to the fact that Indemnitee is or was (or agreed to serve as) a director and/or officer or fiduciary of the Company, or
is or was serving (or agreed to serve) at the request of the Company as a director, officer, employee, manager, member, partner,
tax matter partner, trustee, agent, fiduciary or in a similar capacity, of or for another company, corporation, limited liability
company, partnership, joint venture, employee benefit plan, trust or other entity or enterprise, or by reason of anything done
or not done by Indemnitee in any such capacity (in all cases whether or not Indemnitee is acting or serving in any such capacity
or has such status at the time any Indemnifiable Amount is incurred for which indemnification, advancement or any other right can
be provided by this Agreement). The term “Company,” where the context requires when used in this Agreement, may be
construed to include such other company, corporation, limited liability company, partnership, joint venture, employee benefit plan,
trust or other entity or enterprise.

 

    	3

    	 

    

 

		(g)	Indemnitee-Related Entity: means any company, corporation, limited liability company, partnership, joint venture, trust,
employee benefit plan or other entity or enterprise (other than the Company or any other company, corporation, limited liability
company, partnership, joint venture, trust, employee benefit plan or other entity or enterprise Indemnitee has agreed, on behalf
of the Company or at the Company’s request, to serve as a director, officer, employee or agent and which service is covered
by the indemnity described in this Agreement) from whom an Indemnitee may be entitled to indemnification or advancement of Expenses
with respect to which, in whole or in part, the Company may also have an indemnification or advancement obligation.

 

		(h)	Independent Legal Counsel: means an attorney or firm of attorneys (following a Change in Control, selected in accordance
with the provisions of Section 3 hereof) who or which is experienced in matters of corporate law and who or which shall not have
otherwise performed services for the Company or Indemnitee on any matter material to such party within the last three years (other
than with respect to matters concerning the rights of Indemnitee under this Agreement, or of other indemnitees under similar indemnity
agreements).

 

		(i)	Jointly Indemnifiable Claim: means any Claim for which Indemnitee may be entitled to indemnification from both an Indemnitee-Related
Entity and the Company pursuant to applicable laws, any indemnification agreements or the certificate of incorporation, Bylaws,
partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or comparable organizational
documents of the Company or an Indemnitee-Related Entity.

 

		(j)	Reviewing Party: means any appropriate person or body consisting of a member or members of the Board or any other person
or body appointed by the Board who or which is not a party to the particular Claim for which Indemnitee is seeking indemnification,
or Independent Legal Counsel.

 

		(k)	Voting Securities: means any securities of the Company which vote generally in the election of directors.

 

2.             Basic Indemnification Arrangement; Advancement of Expenses.

 

		(a)	In the event Indemnitee was, is or becomes a party to or witness or other participant in, or is threatened to be made a party
to or witness or other participant in, a Claim by reason of (or arising in part out of) an Indemnifiable Event, the Company shall
indemnify Indemnitee to the fullest extent permitted by applicable law as soon as practicable but in any event no later than thirty
(30) days after written demand is presented to the Company, and hold Indemnitee harmless against any and all Indemnifiable Amounts.

 

    	4

    	 

    

 

		(b)	If so requested by Indemnitee, the Company shall advance promptly (and in any event within five (5) business days of such request)
any and all Expenses incurred by Indemnitee (an “Expense Advance”). The Company shall, in accordance with such request
(but without duplication), either (i) pay such Expenses on behalf of Indemnitee or (ii) if Indemnitee shall have elected to pay
such Expenses and have such Expenses reimbursed, reimburse Indemnitee for such Expenses. Subject to Section 2(d), Indemnitee’s
right to an Expense Advance is absolute and shall not be subject to any prior determination by the Reviewing Party that Indemnitee
has satisfied any applicable standard of conduct for indemnification.

 

		(c)	Notwithstanding anything in this Agreement to the contrary, Indemnitee shall not be entitled to indemnification or advancement
of Expenses pursuant to this Agreement in connection with any Claim initiated by Indemnitee unless (i) the Company has joined in
or the Board has authorized or consented to the initiation of such Claim or (ii) the Claim is one to enforce Indemnitee’s
rights under this Agreement.

 

		(d)	Notwithstanding the foregoing, (i) the indemnification obligations of the Company under Section 2(a) shall be subject to the
condition that the Reviewing Party shall not have determined (in a written legal opinion, in any case in which the Independent
Legal Counsel is involved as required by Section 3 hereof) that Indemnitee would not be permitted to be indemnified under applicable
law and (ii) the obligation of the Company to make an Expense Advance pursuant to Section 2(b) shall be subject to the condition
that, if, when and to the extent that the Reviewing Party determines (in a written legal opinion, in any case in which the Independent
Legal Counsel is involved as required by Section 3 hereof) that Indemnitee would not be permitted to be so indemnified under applicable
law, the Company shall be entitled to be reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for all such amounts
theretofore paid (it being understood and agreed that the foregoing agreement by Indemnitee shall be deemed to satisfy any requirement
that Indemnitee provide the Company with an undertaking to repay any Expense Advance if it is ultimately determined that Indemnitee
is not entitled to indemnification under applicable law); provided, however, that if Indemnitee has commenced or thereafter commences
legal proceedings in a court of competent jurisdiction to secure a determination that Indemnitee should be indemnified under applicable
law, any determination made by the Reviewing Party that Indemnitee would not be permitted to be indemnified under applicable law
shall not be binding and Indemnitee shall not be required to reimburse the Company for any Expense Advance until a final judicial
determination is made that Indemnitee is not permitted to be indemnified under applicable law (as to which all rights of appeal
therefrom have been exhausted or lapsed). Indemnitee’s undertaking herein to repay such Expense Advances shall be unsecured
and interest-free. If there has not been a Change in Control, the Reviewing Party shall be selected by the Board, and if there
has been such a Change in Control, the Reviewing Party shall be the Independent Legal Counsel referred to in Section 3 hereof.
If there has been no determination by the Reviewing Party within thirty (30) days after written demand is presented to the Company
or if the Reviewing Party determines that Indemnitee would not be permitted to be indemnified in whole or in part under applicable
law, Indemnitee shall have the right to commence litigation in any court in the State of Delaware having subject matter jurisdiction
thereof and in which venue is proper seeking an initial determination by the court or challenging any such determination by the
Reviewing Party or any aspect thereof, including the legal or factual bases therefor, and the Company hereby consents to service
of process and to appear in any such proceeding. Any determination by the Reviewing Party otherwise shall be conclusive and binding
on the Company and Indemnitee.

 

    	5

    	 

    

3.                 
Change in Control. The Company agrees that if there is a Change in Control then with respect to all matters thereafter
arising concerning the rights of Indemnitee to indemnity payments and Expense Advances under this Agreement or any provision of
the Certificate of Incorporation or Bylaws now or hereafter in effect, the Company shall seek legal advice only from Independent
Legal Counsel selected by Indemnitee and approved by the Company (which approval shall not be unreasonably delayed, conditioned
or withheld). Such counsel, among other things, shall render its written opinion to the Company and Indemnitee as to whether and
to what extent Indemnitee would be permitted to be indemnified under applicable law. The Company agrees to pay the reasonable fees
of the Independent Legal Counsel and to indemnify fully such counsel against any and all expenses (including attorneys’ fees),
claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

4.                 
Indemnification for Additional Expenses. The Company shall indemnify Indemnitee against any and all Expenses and,
if requested by Indemnitee, shall advance such Expenses to Indemnitee subject to and in accordance with Section 2(b), which are
incurred by Indemnitee in connection with any action brought by Indemnitee for (i) indemnification or an Expense Advance by the
Company under this Agreement or any provision of the Certificate of Incorporation or Bylaws now or hereafter in effect or (ii)
recovery under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether
Indemnitee ultimately is determined to be entitled to such indemnification, Expense Advance or insurance recovery, as the case
may be; provided that Indemnitee shall be required to reimburse such Expenses in the event that a final judicial determination
is made (as to which all rights of appeal therefrom have been exhausted or lapsed) that such action brought by Indemnitee, or the
defense by Indemnitee of an action brought by the Company or any other person, as applicable, was frivolous or in bad faith.

 

5.                 
Partial Indemnity, Etc. If Indemnitee is entitled under any provision of this Agreement to indemnification by the
Company for some or a portion of the Expenses or other Indemnifiable Amounts in respect of a Claim but not, however, for all of
the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.
Moreover, notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful on the merits
or otherwise in defense of any or all Claims relating in whole or in part to an Indemnifiable Event or in defense of any issue
or matter therein, including dismissal without prejudice, Indemnitee shall be indemnified against all Expenses incurred in connection
therewith.

 

    	6

    	 

    

6.                 
Burden of Proof, Etc. In connection with any determination by the Reviewing Party or otherwise as to whether Indemnitee
is entitled to be indemnified hereunder, the Reviewing Party, any court, any finder of fact or any other relevant person shall
presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the burden of
proof shall be on the Company (or any other person or entity disputing such conclusions) to establish, by clear and convincing
evidence, that Indemnitee is not so entitled.

 

7.                 
Reliance as Safe Harbor. For purposes of this Agreement, and without creating any presumption as to a lack of good
faith if the following circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner he or
she reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action
or proceeding, without reasonable cause to believe Indemnitee’s conduct was unlawful, if Indemnitee’s actions or omissions
to act were taken in good faith reliance upon the records of the Company or any of its subsidiaries, including its financial statements,
or upon information, opinions, reports or statements furnished to Indemnitee by the officers or employees of the Company or any
of its subsidiaries in the course of their duties, or by committees of the Board, or by any other person (including legal counsel,
accountants and financial advisors) as to matters Indemnitee reasonably believed at the time were within such other person’s
professional or expert competence and who had been selected with reasonable care by or on behalf of the Company. In addition, the
knowledge and actions, or failures to act, of any director, officer, agent or employee of the Company shall not be imputed to Indemnitee
for purposes of determining the right to indemnity hereunder.

 

8.                 
No Other Presumptions. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement
(whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create
a presumption that Indemnitee did not meet any particular standard of conduct or did not have any particular belief or that a court
has determined that indemnification is not permitted by applicable law. In addition, neither the failure of the Reviewing Party
to have made a determination as to whether Indemnitee met any particular standard of conduct or had any particular belief, nor
an actual determination by the Reviewing Party that Indemnitee did not meet any particular standard of conduct or did not have
any particular belief, prior to the commencement of legal proceedings by Indemnitee to secure a judicial determination that Indemnitee
should be indemnified under applicable law, shall be a defense to Indemnitee’s claim or create a presumption that Indemnitee
did not meet any particular standard of conduct or did not have any particular belief.

 

9.                 
Nonexclusivity, Etc. The rights of Indemnitee hereunder shall be in addition to any other rights Indemnitee may have
under the Certificate of Incorporation or Bylaws, the General Corporation Law of the State of Delaware or otherwise. To the extent
that a change in applicable law (whether by statute or judicial decision) permits greater indemnification by agreement than would
be afforded as of the date hereof under the Certificate of Incorporation or Bylaws or this Agreement, it is the intent of the parties
hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. To the extent that there
is a conflict or inconsistency among the terms of this Agreement, the Certificate of Incorporation and Bylaws, it is the intent
of the parties hereto that Indemnitee shall enjoy the greatest benefits regardless of whether contained herein or in the Certificate
of Incorporation or Bylaws. No agreement or amendment or alteration of the Certificate of Incorporation or Bylaws or of any agreement,
other than of this Agreement pursuant to the terms hereof, shall adversely affect the rights provided to Indemnitee under this
Agreement. No change in applicable law shall have the effect of reducing the benefits available to Indemnitee hereunder.

 

    	7

    	 

    

10.             
Liability Insurance. The Company shall maintain a policy or policies of insurance with insurance companies (with
an A.M Best rating of A or higher in the case of primary coverage and with an A.M. Best rating of A- or higher in the case of excess
coverage) providing directors and officers with coverage for any liability asserted by reason of the fact that they are serving
as a director or officer or have agreed to serve as a director, officer, employee or agent of another enterprise. Indemnitee shall
be covered by such policies in accordance with their terms to the maximum extent of the coverage available for any of the Company’s
directors and officers. If the Company receives from Indemnitee any notice of the commencement of an action, suit, proceeding or
Claim, the Company shall give prompt notice of the commencement of such action, suit, proceeding or Claim to its insurers thereunder
in accordance with the procedures set forth therein. The Company shall thereafter take all necessary or desirable actions to cause
such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of any such action, suit, proceeding or Claim in
accordance with the terms of such policies.

 

11.             
Period of Limitations. No legal action shall be brought and no claim or cause of action shall be asserted by or in
the right of the Company against Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal representatives after
the expiration of two (2) years from the date of accrual of such claim or cause of action, and any claim or cause of action of
or on behalf of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within
that two-year period; provided, however, that if any shorter period of limitations is otherwise applicable to such claim or cause
of action, such shorter period shall govern.

 

12.             
Amendments, Etc. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing
by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed to, or shall, constitute a
waiver of any other provisions hereof (whether or not similar), nor shall such a waiver constitute a continuing waiver.

 

13.             
Subrogation. Subject to Section 14 hereof, in the event of payment under this Agreement, the Company shall be subrogated
to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers reasonably required
and shall do everything that may be reasonably necessary to secure such rights, including the execution of such documents necessary
to enable the Company effectively to bring suit to enforce such rights. The Company shall pay or reimburse all Expenses actually
and reasonably incurred by Indemnitee in connection with such subrogation.

 

14.             
Jointly Indemnifiable Claims. Given that certain Jointly Indemnifiable Claims may arise due to the relationships
between an Indemnitee-Related Entity and the Company and the service of Indemnitee as a director and/or officer of the Company
at the request of that Indemnitee-Related Entity, the Company acknowledges and agrees that the Company shall be the indemnitor
of first resort and shall be fully and primarily responsible for the payment to Indemnitee in respect of indemnification and advancement
of expenses in connection with any such Jointly Indemnifiable Claim, pursuant to and in accordance with the terms of this Agreement,
irrespective of any right of recovery Indemnitee may have from the Indemnitee-Related Entity. Under no circumstance shall the Company
be entitled to any right of subrogation or contribution by the Indemnitee-Related Entity, and no right of recovery Indemnitee may
have from the Indemnitee-Related Entity shall reduce or otherwise alter the rights of Indemnitee or the obligations of the Company
hereunder. In the event that any Indemnitee-Related Entity shall make any payment to Indemnitee in respect of indemnification or
advancement of Expenses with respect to any Jointly Indemnifiable Claim, the Company agrees that such payment or advancement shall
not extinguish or affect in any way the rights of Indemnitee under this Agreement and further agrees that the Indemnitee-Related
Entity making such payment shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee against
the Company. Every Indemnitee-Related Entity shall be a third-party beneficiary with respect to this Section 14, entitled to enforce
this Section 14 against the Company as though such Indemnitee-Related Entity were a party to this Agreement.

 

    	8

    	 

    

15.             
No Duplication of Payments. Subject to Section 14 hereof, the Company shall not be liable under this Agreement to
make any payment in connection with any Claim made against Indemnitee to the extent that Indemnitee has otherwise actually received
payment of such amount otherwise indemnifiable hereunder, whether under any insurance policy, provision of the Certificate of Incorporation
or Bylaws, or otherwise.

 

16.             
Defense of Claims. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable
Event or to assume the defense thereof, with counsel reasonably satisfactory to Indemnitee; provided that if Indemnitee believes,
after consultation with counsel selected by Indemnitee, that (i) the use of counsel chosen by the Company to represent Indemnitee
would present such counsel with an actual or potential conflict of interest, (ii) the named parties in any such Claim (including
any impleaded parties) include both the Company, or any subsidiary of the Company, and Indemnitee, and Indemnitee concludes that
there may be one or more legal defenses available to him or her that are different from or in addition to those available to the
Company or such subsidiary, or (iii) any such representation by such counsel would be precluded under the applicable standards
of professional conduct then prevailing, then Indemnitee shall be entitled to retain separate counsel (but not more than one law
firm plus, if applicable, local counsel in respect of any particular Claim) at the Company’s expense. The Company shall not
be liable to Indemnitee under this Agreement for any amounts paid in settlement of any Claim relating to an Indemnifiable Event
effected without the Company’s prior written consent. The Company shall not, without the prior written consent of Indemnitee,
effect any settlement of any Claim relating to an Indemnifiable Event to which Indemnitee is, was or could have been a party unless
such settlement solely involves the payment of money and includes a complete and unconditional release of Indemnitee from all liability
on all claims that are the subject matter of such Claim. Neither the Company nor Indemnitee shall unreasonably withhold, condition
or delay its or his or her consent to any proposed settlement; provided that Indemnitee may withhold consent to any settlement
that does not provide a complete and unconditional release of Indemnitee. In no event shall Indemnitee be required to waive, prejudice
or limit attorney-client privilege or work-product protection or other applicable privilege or protection.

 

17.             
No Adverse Settlement. The Company shall not seek, nor shall it agree to, consent to, support, or agree not to contest
any settlement or other resolution of, any Claim, action, proceeding, demand, investigation or other matter that has the actual
or purported effect of extinguishing, limiting or impairing Indemnitee’s rights hereunder, including, without limitation,
any entry of a bar order or other order, decree or stipulation, pursuant to 15 U.S.C. § 78u-4 (the Private Securities Litigation
Reform Act) or any similar foreign, federal or state statute, regulation, rule or law.

 

    	9

    	 

    

18.             
Binding Effect, Etc. This Agreement shall be binding upon, inure to the benefit of and be enforceable by the parties
hereto and their respective successors (including any direct or indirect successor or continuing company by purchase, merger, consolidation
or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs, executors and
personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect and whether by
purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, by written
agreement in form and substance satisfactory to Indemnitee and his or her counsel, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken
place. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as an officer and/or director
of the Company or of any other entity or enterprise at the Company’s request.

 

19.             
Security. To the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time
to time provide security to Indemnitee for the obligations of the Company hereunder through an irrevocable bank line of credit,
a funded trust or other collateral or by other means. Any such security, once provided to Indemnitee, may not be revoked or released
without the prior written consent of such Indemnitee.

 

20.             
Severability. If any provision of this Agreement is held to be invalid, illegal or unenforceable for any reason whatsoever,
(i) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, all
portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are
not themselves invalid, illegal or unenforceable) will not in any way be affected or impaired thereby and (ii) to the fullest extent
possible, the provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing
any such provision held to be invalid, illegal or unenforceable) will be construed so as to give effect to the intent manifested
by the provision held invalid, illegal or unenforceable and to give effect to the terms of this Agreement.

 

21.             
Specific Performance, Etc. The parties recognize that if any provision of this Agreement is violated by the Company,
Indemnitee may be without an adequate remedy at law. Accordingly, in the event of any such violation, Indemnitee shall be entitled,
if Indemnitee so elects, to institute proceedings, either in law or at equity, to obtain damages, enforce specific performance,
enjoin that violation, or obtain any relief or any combination of the foregoing as Indemnitee may elect to pursue.

 

    	10

    	 

    

22.             
Notices. Any notice, request, consent or other communication hereunder to any party shall be deemed to be sufficient
if contained in a written document delivered in person or sent by facsimile, nationally recognized overnight courier or personal
delivery, addressed to such party at the address or addresses indicated below. Such a communication shall be sent instead to such
other address as may designated from time to time in writing by a party to the other party.

 

		(a)	If to the Company, to:

Kinsale Capital Group, Inc.

2221 Edward Holland Drive, Suite 600

Richmond, VA 23230

Attention: Michael P. Kehoe (President and Chief Executive Officer)

Telephone Number: (804) 289-1300

with a copy (which shall not constitute notice) to:

Skadden, Arps, Slate, Meagher & Flom LLP

Four Times Square

New York, New York 10036

Attention: Dwight S. Yoo

Telephone Number: (212) 735-3000

Fax Number: (212) 735-2000

 

		(b)	If to Indemnitee, to the address set forth below his or her signature hereto.

 

All such notices, requests, consents and other communications
shall be deemed to have been given or made if and when received (including by overnight courier) by the parties at the aforementioned
addresses, with confirmation received, to the facsimile numbers specified above (or at such other address or facsimile number for
a party as shall be specified by like notice). Any notice delivered by any party hereto to any other party hereto shall also be
delivered to each other party hereto simultaneously with delivery to the first party receiving such notice.

 

23.             
Counterparts. This Agreement may be executed in counterparts, each of which shall for all purposes be deemed to be
an original but all of which together shall constitute one and the same agreement. Only one such counterpart signed by the party
against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

24.             
Headings. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall
not be deemed to constitute part of this Agreement or to affect the construction or interpretation hereof.

 

25.             
Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the
State of Delaware applicable to contracts made and to be performed in such state without giving effect to the principles of conflicts
of laws.

 

    	11

    	 

    

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

 

 

	 	KINSALE CAPITAL GROUP, INC.
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	 
	 	[Name]
	 	Indemnitee
	 	 	 	 
	 	 	 	 
	 	Indemnitee’s Address:
	 	 	 	 
	 	 	 	 
	 	 
	 	 
	 	 

 

 

 

 

 

 

 

 

 

[Director and Officer Indemnification
Agreement]

 

 

 

 

 

 

 

 

    	12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00260-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00260-of-00352.parquet"}]]