Document:

EX-10.1

 Exhibit 10.1 

Standby Letter of Credit Agreement 

(Standard Version) 
 To induce Wells Fargo
Bank, National Association and/or any of its branches or affiliates (individually and collectively, “Bank”), in its sole discretion, to issue one or more standby letters of credit (as may be amended from time to time, each a
“Credit” and collectively, the “Credits”) at the request of the undersigned (individually and collectively, “Applicant”; jointly and severally, if more than one) and for the account of Applicant
named in the Application (as defined below), Applicant agrees that the following terms and conditions of this Standby Letter of Credit Agreement (this “Agreement”) shall apply to any Credit: 

1. Applications/Instructions. The request to issue or amend a Credit (an “Application”) shall be irrevocable and in such form
as Bank shall from time to time require or agree to accept (including any type of electronic form or means of communication). Inquiries, communications and instructions (whether written, facsimile or in other electronic form approved by Bank)
regarding a Credit, each Application and this Agreement are each referred to herein as “Instructions”. Bank’s records of the content of any Instruction will be conclusive. 

2. Applicant’s Reimbursement and Payment Obligations and Terms. 
  

	 	(a)	United States Dollar Drawings. For each Credit payable or purporting to be payable in United States Dollars, Applicant shall, as to clause (i) below, reimburse Bank, and as to all other clauses below, pay
Bank: 

  

	 	(i)	the amount of each drawing paid by Bank under the Credit on the same Business Day (as defined below) such drawing is paid by Bank, if under a sight draft or demand presentation paid by Bank under such Credit, and at
least one (1) Business Day prior to the date when payment is to be made under a time draft (or acceptance relating thereto) or deferred payment obligation; 

  

	 	(ii)	a letter of credit fee (the “Letter of Credit Fee”) at a per annum rate equal, for each Credit, to the Applicable Rate multiplied by the maximum undrawn amount thereof as of the date of determination,
payable annually in advance with respect to each Credit (i) upon issuance and (ii) thereafter, upon the commencement of each annual renewal or extension period (each, an “Anniversary Date”). Applicant shall not be entitled
to any refund or credit for any portion of any previously paid Letter of Credit Fee for any reason, including cancellation, termination, drawing or expiration of a Credit, a rating change or a change from the Unsecured Option to the Secured Option
(including a change to the Secured Option required by Section 2(c)); 

  

	 	(iii)	in addition to the Letter of Credit Fee, commissions, fees and charges in respect of the Credit (including, commissions and fees for issuance, transfer, assignment of proceeds, amendments and drawings and of any
adviser, confirming institution or entity or other nominated person), at such rates, amounts and times as Bank and Applicant shall mutually agree (or if no agreement, the rates then customarily charged by Bank); 

	 	(iv)	interest on each amount payable under this Agreement for each day from and including the date such payment is due through the date of payment, on demand, at a rate per annum (calculated on the basis of a 360-day year
for the actual number of days elapsed) equal to the lesser of (A) the Prime Rate (as defined below) plus 4% and (B) the highest rate permitted by applicable law; 

 

	 	(v)	Bank’s charges, costs and expenses (including the reasonable legal fees, charges and disbursements of any counsel (including in-house counsel fees and allocated costs) to Bank incurred in connection with the
protection or enforcement of Bank’s rights under this Agreement and any correspondent’s charges, with interest from the date paid or incurred by Bank through the date of payment by Applicant, on demand, at a rate per annum equal to the
lesser of (A) the Prime Rate plus 4% and (B) the highest rate permitted by applicable law; 

  

	 	(vi)	if as a result of any Change in Law (as defined below), Bank determines that the cost to Bank of issuing or maintaining any Credit is increased, or any amount received or receivable by Bank under this Agreement is
reduced, or Bank is required to make any payment in connection with any transaction contemplated hereby, then such additional amount or amounts, on demand, as Bank determines will compensate Bank for such increased cost, reduction or payment (save
for those amounts which are attributable to a FATCA Deduction required to be made by Applicant); and 

  

	 	(vii)	as used in this Agreement, the following capitalized terms have the meanings ascribed to such terms: 

  

	 	(A)	“Anniversary Date” is defined in Section 2(a)(ii). 

  

	 	(B)	“Applicable Rate” means, for any period, the percentage rate per annum at which the Letter of Credit Fee is accruing during such period as set forth in the Pricing Schedule, based on Applicant’s
selection of the Secured Option or Unsecured Option as set forth herein. 

  

	 	(C)	“Applicant” is defined in the introductory paragraph of this Agreement. 

  

	 	(D)	“Application” is defined in Section 1. 

  

	 	(E)	“Bank” is defined in the introductory paragraph of this Agreement. 

  

	 	(F)	“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks are authorized or required to close at the place where Bank is obligated to honor a presentation or
otherwise act under a Credit. 

  

	 	(G)	 “Change in Law” means the occurrence after the date of this Agreement of: (a) the adoption or effectiveness of any law, rule,
regulation, judicial ruling, judgment or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or 

  
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application by any Governmental Authority of any law, rule, regulation or treaty, or (c) the making or issuance by any Governmental Authority of any request, rule, guideline or directive,
whether or not having the force of law; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in
connection therewith and (y) all requests, rules, guidelines or directives concerning capital adequacy promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or
any regulatory authorities shall, in each case, be deemed to be a “Change in Law,” regardless of the date enacted, adopted or issued. 

  

	 	(H)	“Credit” is defined in the introductory paragraph of this Agreement. 

  

	 	(I)	“Drawing Document” is defined in Section 2(g)(ii). 

  

	 	(J)	“Event of Default” is defined in Section 7. 

  

	 	(K)	“FATCA” means: (a) sections 1471 to 1474 of the US Internal Revenue Code 1986 or any associated regulations or other official guidance; (b) any treaty, law, regulation or other official
guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of clause (a) above; or (c) any agreement pursuant
to the implementation of clauses (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction. 

 

	 	(L)	“FATCA Deduction” means a deduction or withholding from a payment under a Credit or this Agreement required by FATCA. 

 

	 	(M)	“Funds at Lloyd’s” has the meaning attributed to such term in Lloyd’s Membership Byelaw (no. 5 of 2005). 

  

	 	(N)	“Governmental Authority” means the government of any nation or any political subdivision thereof, whether at the national, state, territorial, provincial, municipal or any other level, and any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of, or pertaining to, government (including any supra-national
bodies such as the European Union or the European Central Bank). 

  

	 	(O)	“Guarantor” is defined in Section 7(a). 

  

	 	(P)	“Guaranty” means the Parent Guaranty by Parent in favor of Bank, as amended, restated, supplemented or otherwise modified from time to time. 

 

	 	(Q)	“Indemnified Person” is defined in Section 4(a). 

  
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	 	(R)	“Instructions” is defined in Section 1. 

  

	 	(S)	“ISP” is defined in Section 4(b). 

  

	 	(T)	“Letter of Credit Fee” is defined in Section 2(a)(ii). 

  

	 	(U)	“Lloyd’s” means, as the context so requires, the Society incorporated by Lloyd’s Act 1871 by the name of Lloyd’s and/or the Council of Lloyd’s established by Lloyd’s Act 1892.

  

	 	(V)	“Lloyd’s Credit” means a Credit that has been or will be included in Applicant’s Funds at Lloyd’s. 

  

	 	(W)	“Member” means a corporate member of Lloyd’s. 

  

	 	(X)	“Obligations” is defined in Section 2(g). 

  

	 	(Y)	“Parent” means ProAssurance Corporation, a Delaware corporation. 

  

	 	(Z)	“Person” is defined in Section 2(g). 

  

	 	(AA)	“Pricing Schedule” means the Schedule attached hereto identified as such. 

  

	 	(BB)	“Prime Rate” means the rate of interest most recently announced within Bank at its principal office as its “Prime Rate”, with the understanding that the Prime Rate is one of Bank’s base
rates and serves as the basis upon which effective rates of interest are calculated for those loans making reference thereto, and is evidenced by the recording thereof after its announcement in such internal publication or publications as Bank may
designate. Each change in the Prime Rate shall be effective from and including the date such change is announced as being effective. 

  

	 	(CC)	“Required Balance” is defined in Section 2(c). 

  

	 	(DD)	“Secured Option” is defined in Section 2(c). 

  

	 	(EE)	“Security Agreement” means a Pledge and Security Agreement between Parent and Bank in substantially the form heretofore agreed between the parties, as amended, restated, supplemented or otherwise
modified from time to time. 

  

	 	(FF)	“Senior Credit Agreement” means the Credit Agreement, dated as of April 15, 2011, entered into between, amongst others, Parent as borrower, U.S. Bank N.A. as administrative agent, lead arranger and
sole bookrunner, Wells Fargo Bank, N.A. as syndication agent and the lenders named therein, as amended by an amendment agreement dated September 28, 2012 and as may be further amended, amended and restated, supplemented, extended or replaced
(however fundamentally) from time to time. 

  
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	 	(GG)	“Standard Letter of Credit Practice” is defined in Section 4(b). 

  

	 	(HH)	“Syndicate” means Syndicate Number 1729 at Lloyd’s. 

  

	 	(II)	“Taxes” is defined in Section 2(d). 

  

	 	(JJ)	“UCP” is defined in Section 4(b). 

  

	 	(KK)	“Unsecured Option” is defined in Section 2(c). 

  

	 	(b)	Foreign Currency Drawings. If the amount drawn or demanded to be paid under any Credit is not in United States Dollars, Applicant agrees to reimburse or pay under Section 2(a) above the United States Dollar
equivalent of the amount computed at Bank’s selling rate, as of the date of Applicant’s reimbursement or payment. Notwithstanding the foregoing, Bank may, at its sole and absolute discretion, require or permit Applicant to reimburse or pay
under Section 2(a) above in the applicable non-United States Dollars currency. 

  

	 	(c)	 Pricing Options. Subject to the terms hereof, Applicant may request from time to time that the Applicable Rate be determined pursuant to either
the secured pricing option (the “Secured Option”) or the unsecured pricing option (the “Unsecured Option”). Each election of a pricing option shall take effect on the date of issuance or Anniversary Date of a
Credit, as the case may be, and shall remain in effect until the next Anniversary Date (or until termination, cancellation or expiration of such Credit, if sooner or if such Credit is not thereafter renewed or extended). In order to request the
Secured Option, (i) Applicant shall deliver written notice to Bank not less than 30 days prior to the next scheduled Anniversary Date (provided that such notice shall not be required if the Secured Option will apply as of the date of
issuance of the initial Credit), (ii) Parent shall execute and deliver to Bank the Security Agreement and any deposit account control agreement (a “Control Agreement”) required by Bank, and (iii) Applicant shall deliver to
the deposit account subject to the Security Agreement (the “Account”) in a manner satisfactory to Bank cash collateral in an amount not less than 110% of the U.S. Dollar equivalent of the aggregate undrawn amount of all Credits
then issued and outstanding (the “Required Balance”), and (iv) Bank shall have a valid, perfected, first-priority lien upon and security interest in the Account and such cash collateral as contemplated by the Security Agreement
and any Control Agreement required by Bank. For so long as the Secured Option is in effect,(i) cash collateral shall be maintained in the Account in an amount not less than the Required Balance (but Parent shall have the ability to withdraw funds
from the Account, so long as the Required Balance is maintained), and (ii) in the event and on such occasion that the Required Balance exceeds the amount of cash collateral in the Account (whether as a result of currency fluctuations or
otherwise), Applicant or Parent shall, within three Business Days of notification by Bank thereof or, if earlier, within five Business Days of Applicant or Parent becoming aware thereof, post additional cash collateral to the Account in an amount at
least equal to such excess. Once the Secured Option applies, Applicant may thereafter elect the Unsecured Option upon 30 days’ prior written notice to Bank and subject to the terms hereof, and on the effective date of such election, Bank shall
release its lien upon and security interest in the Account and cash collateral as provided herein and in the Security Agreement; provided that Applicant may not elect the Unsecured Option (and Bank shall not be obligated to release its lien
and security interest) if an Event of Default has occurred and is continuing. All Credits shall collectively be subject to only one pricing option at any time. For purposes 

  
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of calculating the Required Balance, Bank may determine its selling rate and make such calculation at any time and from time to time in its discretion. Notwithstanding the foregoing or any other
provision of this Agreement or any other Credit Document, Applicant shall be required immediately to elect the Secured Option, post cash collateral to the Account in an amount at least equal to the Required Balance, and satisfy the other conditions
to the Secured Option set forth herein upon the occurrence of any of the following: (i) Bank ceases to be a lender under the Senior Credit Agreement; (ii) an Event of Default occurs and is continuing; or (iii) Parent’s
obligations under the Senior Credit Agreement are required to be secured by collateral. 

  

	 	(d)	Immediately Available Funds; No Withholding. All reimbursements and payments shall be made in immediately available funds, free and clear of and without deduction (other than a FATCA Deduction) for any present or
future Taxes (as defined below), set-off or other liabilities, at such time and to such location as Bank may designate from time to time. Applicant shall pay all withholding, stamp and other Taxes imposed by any taxing authority on reimbursement or
payment under any Credit and this Agreement, and shall indemnify Bank against all liabilities, costs, claims and expenses resulting from Bank having to pay or from any omission to pay or delay in paying any Tax save that such indemnity shall not
apply to the extent a liability, cost, claim or expense relates to a FATCA Deduction required to be made by Applicant. “Taxes” means all taxes, fees, duties, levies, imposts, deductions, charges or withholdings of any kind (other
than federal and state income taxes and franchise taxes imposed on Bank). 

  

	 	(e)	FATCA Deductions. 

  

	 	(i)	Each party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no party shall be required to increase any payment in respect of which it
makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. 

  

	 	(ii)	Each party shall promptly upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction) notify the party to whom it is making the payment.

  

	 	(f)	Automatic Debit and Set-Off. Bank may (but shall not be required to), without demand for reimbursement or payment or notice to Applicant, and in addition to any other right of set-off that Bank may have, debit
any account or accounts maintained by Applicant with any office of Bank (now or in the future) and set-off and apply (i) any balance or deposits (general, special, time, demand, provisional, final, matured, unmatured, contingent or absolute) in
the account(s) and (ii) any sums due or payable from Bank, to the payment of any and all amounts owed by Applicant to Bank. 

  

	 	(g)	Obligations Absolute. Applicant’s reimbursement and payment obligations under this Section 2 are absolute, unconditional and irrevocable and shall be performed strictly in accordance with the terms of
this Agreement under any and all circumstances whatsoever, including, without limitation: 

  

	 	(i)	any lack of validity, enforceability or legal effect of any Credit or this Agreement or any term or provision therein or herein; 

  
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	 	(ii)	payment against presentation of any draft, demand or claim for payment under any Credit or other document presented for purposes of drawing under any Credit (individually, a “Drawing Document” and
collectively, the “Drawing Documents”) that does not comply in whole or in part with the terms of the applicable Credit or which proves to be fraudulent, forged or invalid in any respect or any statement therein being untrue or
inaccurate in any respect, or which is signed, issued or presented by a Person (as defined below) or a transferee of such Person purporting to be a successor or transferee of the beneficiary of such Credit; 

 

	 	(iii)	Bank or any of its branches or affiliates being the beneficiary of any Credit; 

  

	 	(iv)	Bank or any correspondent honoring a drawing against a Drawing Document up to the amount available under any Credit even if such Drawing Document claims an amount in excess of the amount available under the Credit;

  

	 	(v)	the existence of any claim, set-off, defense or other right that Applicant or any other Person may have at any time against any beneficiary, any assignee of proceeds, Bank or any other Person; 

 

	 	(vi)	any time, waiver or consent granted to, or composition with, Applicant or any other Person; 

  

	 	(vii)	any insolvency or similar proceedings; or 

  

	 	(viii)	any other event, circumstance or conduct whatsoever, whether or not similar to any of the foregoing that might, but for this Section, reduce, release, prejudice, discharge, or provide a right of set-off against, the
Obligations (as defined below), whether against Bank, the beneficiary or any other Person; 

 provided, however, that
subject to Section 4(b) below, the foregoing shall not release Bank from such liability to Applicant as may be finally determined pursuant to Section 11 below against Bank following reimbursement and/or payment of the Obligations.
“Obligations” means all obligations and liabilities, including without limitation, reimbursement and other payment obligations and liabilities, of Applicant to Bank arising under, or in connection with, this Agreement, including,
without limitation, Section 4 below, any Application or any Credit, whether matured or unmatured, absolute or contingent, now existing or hereafter incurred. “Person” means any natural person, corporation, limited liability
company, trust, joint venture, association, company, partnership, governmental authority or other entity. 
 3. Applicant’s
Responsibility. Applicant is responsible for preparing and/or approving the final text of the Credit as issued by Bank, irrespective of any assistance Bank may provide such as drafting or recommending text or by Bank’s use or refusal to
use text submitted by Applicant. Applicant understands that the final form of any Credit may be subject to such revisions and changes as are deemed necessary or appropriate by Bank and Applicant hereby consents to such revisions and changes.
Applicant is solely responsible for the suitability of the Credit for Applicant’s purposes. Applicant will examine the copy of the Credit and any other documents sent by Bank in connection with the Credit and shall promptly notify Bank of any
non-compliance with Applicant’s Instructions and of any discrepancy in any document under any presentment or other irregularity. Applicant understands and agrees that Bank is not required to extend the expiration date of any Credit for any
reason, and with respect to any Credit containing an 

  
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“automatic amendment” to extend the expiration date of such Credit, Bank, in its sole and absolute discretion, may give notice of nonrenewal of such Credit and, if Applicant does not at
any time want such Credit to be renewed, Applicant will so notify Bank at least fifteen (15) calendar days before Bank is required to notify the beneficiary of such Credit or any advising bank of such nonrenewal pursuant to the terms of such
Credit. 
 4. Indemnification: Limitation of Liability. 
  

	 	(a)	Indemnification. Applicant agrees to indemnify and hold harmless Bank (including its branches and affiliates), its correspondents and each of their respective directors, officers, employees, attorneys and agents
(each, including Bank, an “Indemnified Person”) from and against any and all claims, suits, judgments, liabilities, losses, fines, damages, penalties, interest, costs and expenses (including expert witness fees and reasonable legal
fees, charges and disbursements of any counsel (including in-house counsel fees and allocated costs) and all expenses of arbitration or litigation and in preparation thereof), which may be incurred by or awarded against any Indemnified Person (the
“Costs”), and which arise out of or in connection with, or as a result of: 

  

	 	(i)	any Credit or any pre-advice of its issuance; 

  

	 	(ii)	any transfer, sale, delivery, surrender or endorsement of any Drawing Document at any time(s) held by any Indemnified Person in connection with any Credit; 

 

	 	(iii)	any action or proceeding arising out of, or in connection with, any Credit or this Agreement (whether administrative, judicial or in connection with arbitration), including any action or proceeding to compel or restrain
any presentation or payment under any Credit, or for the wrongful dishonor of, or honoring a presentation under, any Credit; 

  

	 	(iv)	any independent undertakings issued by the beneficiary of any Credit; 

  

	 	(v)	any unauthorized Instruction or error in computer or electronic transmission; 

  

	 	(vi)	an adviser, confirmer or other nominated person seeking to be reimbursed, indemnified or compensated; 

  

	 	(vii)	any third party seeking to enforce the rights of an applicant, beneficiary, nominated person, transferee, assignee of Credit proceeds or holder of an instrument or document; 

 

	 	(viii)	the fraud, forgery or illegal action of parties other than the Indemnified Person; 

  

	 	(ix)	Bank’s performance of the obligations of a confirming institution or entity that wrongfully dishonors a confirmation; or 

  

	 	(x)	the acts or omissions, whether rightful or wrongful, of any present or future de jure or de facto governmental or regulatory authority or cause or event beyond the control of such Indemnified Person;

 in each case, including that resulting from Bank’s own negligence; provided, however. that such indemnity shall
not be available to any Person claiming indemnification under 

  
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clauses (i) through (x) above to the extent that such Costs are finally determined pursuant to Section 11 below to have resulted directly from the gross negligence or willful
misconduct of the Indemnified Person claiming indemnity. Applicant hereby agrees to pay Bank on demand from time to time all amounts owing under this Section. If and to the extent that the Obligations of Applicant under this Section are
unenforceable for any reason, Applicant agrees to make the maximum contribution to the Costs permissible under applicable law. This indemnity provision shall survive termination of this Agreement and all Credits. 

 

	 	(b)	Direct Damages; No Punitive Damages. The liability of Bank (or any other Indemnified Person) under, in connection with and/or arising out of this Agreement or any Credit (or pre-advice), regardless of the form or
legal grounds of the action or proceeding, shall be limited to direct damages suffered by Applicant that are caused directly by Bank’s gross negligence or willful misconduct in (i) honoring a presentation under a Credit that on its face
does not at least substantially comply with the terms and conditions of such Credit, (ii) failing to honor a presentation under a Credit that strictly complies with the terms and conditions of such Credit or (iii) retaining Drawing
Documents presented under a Credit. Bank shall be deemed to have acted with due diligence and reasonable care if Bank’s conduct is in accordance with Standard Letter of Credit Practice (as defined below) or in accordance with this Agreement.
“Standard Letter of Credit Practice” means, for Bank, any domestic or foreign law or letter of credit practices applicable in the city in which Bank issued the applicable Credit or for its branch or correspondent, such laws and
practices applicable in the city in which it has advised, confirmed or negotiated such Credit, as the case may be. Such practices shall be (A) of banks that regularly issue Credits in the particular city, and (B) required or permitted
under the ISP (as defined below) or UCP (as defined below), as chosen in the applicable Credit. “ISP” means, International Standby Practices 1998 (International Chamber of Commerce Publication No. 590) and any subsequent
revision thereof adopted by the International Chamber of Commerce on the date such Credit is issued. “UCP” means, Uniform Customs and Practice for Documentary Credits 2007 Revision, International Chamber of Commerce Publication
No. 600 and any subsequent revision thereof adopted by the International Chamber of Commerce on the date such Credit is issued. Applicant’s aggregate remedies against Bank and any Indemnified Person for wrongfully honoring a presentation
under any Credit or wrongfully retaining honored Drawing Documents shall in no event exceed the aggregate amount paid by Applicant to Bank in respect of the honored presentation in connection with such Credit under Section 2 above, plus
interest. Notwithstanding anything to the contrary in this Agreement, neither Bank nor any other Indemnified Person shall, under any circumstances whatsoever, be liable in contract, tort or otherwise for any punitive, exemplary, consequential,
indirect or special damages or losses regardless of whether or not Bank or any other Indemnified Person shall have been advised of the possibility thereof or the form of action in which such damages or losses may be claimed. Applicant shall take
action to avoid and mitigate the amount of any damages claimed against Bank or any other Indemnified Person, including by enforcing its rights in the underlying transaction. Any claim by Applicant under or in connection with this Agreement or any
Credit shall be reduced by an amount equal to the sum of (X) the amount (if any) saved by Applicant as a result of the breach or alleged wrongful conduct complained of; and (Y) the amount (if any) of the loss that would have been avoided
had Applicant taken all reasonable steps to mitigate any loss, and in case of a claim of wrongful dishonor, by specifically and timely authorizing Bank to effect a cure. 

  
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	 	(c)	No Responsibility or Liability. Without limiting any other provision of this Agreement, Bank and each other Indemnified Person (if applicable) shall not be responsible to Applicant for, and/or Bank’s rights
and remedies against Applicant and the Obligations shall not be impaired by: 

  

	 	(i)	honor of a presentation under any Credit that on its face substantially complies with the terms and conditions of such Credit, even if the Credit requires strict compliance by the beneficiary; 

 

	 	(ii)	honor of a presentation of any Drawing Document that appears on its face to have been signed, presented or issued (A) by any purported successor or transferee of any beneficiary or other Person required to sign,
present or issue such Drawing Document or (B) under a new name of the beneficiary; 

  

	 	(iii)	acceptance as a draft of any written or electronic demand or request for payment under a Credit, even if nonnegotiable or not in the form of a draft, and/or Bank may disregard any requirement that such draft, demand or
request bear any or adequate reference to the Credit; 

  

	 	(iv)	the identity or authority of any presenter or signer of any Drawing Document or the form, accuracy, genuineness or legal effect of any Drawing Document (other than Bank’s determination that such Drawing Document
appears on its face substantially to comply with the terms and conditions of the Credit); 

  

	 	(v)	acting upon any Instruction that it in good faith believes to have been given by a Person authorized to give such Instructions; 

  

	 	(vi)	any errors, omissions, interruptions or delays in transmission or delivery of any message, advice or document (regardless of how sent or transmitted) or for errors in interpretation of technical terms or in translation;

  

	 	(vii)	any delay in giving or failing to give notice to Applicant; 

  

	 	(viii)	any acts, omissions or fraud by, or the solvency of, any beneficiary, any nominated person or entity or any other Person; 

  

	 	(ix)	any breach of contract between the beneficiary and Applicant or any of the parties to the underlying transaction; 

  

	 	(x)	assertion or waiver of any provision of the ISP or UCP that primarily benefits an issuer of a letter of credit, including any requirement that any Drawing Document be presented to it at a particular hour or place;

  

	 	(xi)	payment to any paying or negotiating bank (designated or permitted by the terms of the applicable Credit) claiming that it rightfully honored or is entitled to reimbursement or indemnity under Standard Letter of Credit
Practice applicable to it; 

  

	 	(xii)	acting or failing to act as required or permitted under Standard Letter of Credit Practice applicable to where it has issued, confirmed, advised or negotiated such Credit, as the case may be; 

  
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	 	(xiii)	honor of a presentation after the expiration date of any Credit notwithstanding that a presentation was made prior to such expiration date and dishonored by Bank if subsequently Bank or any court or other finder of fact
determines such presentation should have been honored; 

  

	 	(xiv)	dishonor of any presentation that does not strictly comply or that is fraudulent, forged or otherwise not entitled to honor; or 

  

	 	(xv)	honor of a presentation that is subsequently determined by Bank to have been made in violation of international, federal, state, national or local restrictions on the transaction of business with certain prohibited
Persons. 

 5. Representations and Warranties. Applicant hereby represents and warrants to Bank that the following matters are
true and correct in all respects (all of which representations and warranties will be repeated as true and correct as of the date of each new Application submitted by Applicant to Bank and as of the date of issuance of any Credit requested in each
such Application): 
  

	 	(a)	Organization, etc. Applicant is duly organized or formed, validly existing and (to the extent applicable under the laws of the relevant jurisdiction) in good standing under the laws of the jurisdiction of its
organization or formation, and is duly qualified or licensed to do business (and in good standing as a foreign corporation or entity, if applicable) in all jurisdictions in which such qualification or licensing is required or in which the failure to
so qualify or to be so licensed could have a material adverse effect on Applicant. 

  

	 	(b)	Power and Authority. Applicant has the requisite power and authority to execute and deliver this Agreement and each Application and to perform and observe the terms and conditions stated herein and therein, and
has taken all necessary corporate or other action to authorize its execution, delivery and performance of this Agreement and each Application. 

  

	 	(c)	Valid and Binding Obligation. This Agreement constitutes, and each Application when signed and delivered by Applicant to Bank will constitute, its legal, valid and binding obligation, enforceable against it in
accordance with its terms, subject to bankruptcy, insolvency and similar laws of general application affecting the rights of creditors and to general principles of equity. 

 

	 	(d)	No Violation or Breach. Applicant’s execution, delivery and performance of this Agreement and each Application and the payment of all sums payable hereunder and thereunder do not and will not:
(i) violate or contravene (A) its articles of association or other organizational or constitutional documents; (B) any order, writ, law, treaty, rule, regulation or determination of any governmental or regulatory authority (domestic
or foreign), in each case applicable to or binding upon it or any of its property; or (ii) result in the breach of any provision of, or in the imposition of any lien or encumbrance under, or constitute a default or event of default under, any
agreement or arrangement to which it is a party or by which it or any of its property is bound, the contravention of which agreement or arrangement would have a material adverse effect on Applicant. 

 

	 	(e)	Approvals. No authorization, approval or consent of, or notice to or filing with, any governmental or regulatory authority is required to be made in connection with the execution and delivery by Applicant of this
Agreement or the issuance by Bank of any Credit for the account of Applicant pursuant to this Agreement and related Application. 

  
 11 

	 	(f)	Compliance with Laws. Applicant is in compliance with all applicable laws and regulations, except where the noncompliance with which would not have a material adverse effect on Applicant, and no Application,
Credit or transaction under any Application and/or Credit will contravene any laws, treaties, rules or regulations of any governmental or regulatory authority (state, federal, national, local or foreign), including, without limitation, any foreign
exchange control laws, restrictive measures applied by the European Union in pursuance of the Common Foreign and Security Policy objectives set out in the Treaty on European Union or regulations, United States foreign assets control laws or
regulations or currency reporting laws and regulations, now or hereafter applicable, except where the noncompliance with which would not have a material adverse effect on Applicant. 

 

	 	(g)	No Default Under Applicant’s Other Agreements. Applicant is not in default under any agreement, obligation or duty to which it is a party or by which it or any of its property is bound, which could have a
material adverse effect on Applicant. 

  

	 	(h)	No Arbitration Proceeding or Litigation. There is no pending or to the knowledge of Applicant, threatened arbitration proceeding, litigation or action which may materially adversely affect its financial condition
or business or which purports to affect the validity or enforceability of this Agreement, any Credit or any transaction related to any Credit. 

  

	 	(i)	Filed All Tax Returns and Paid All Taxes. Applicant has filed all required tax returns, and all Taxes, assessments and other governmental charges due from it have been fully paid, except for Taxes which are being
contested in good faith. Applicant has established on its books reserves adequate for the payment of all federal, state, other income tax and corporation tax liabilities, including those being contested in good faith. 

 

	 	(j)	Financial Statements. The financial statements most recently furnished to Bank by Applicant are complete and correct and fairly present in all material respects the financial condition of Applicant as at the date
of such financial statements in accordance with generally accepted accounting principles, and there has been no material adverse change in Applicant’s business, condition (financial or otherwise) or results of operation since the date of
Applicant’s most recent annual financial statements. 

 6. Covenants. Applicant hereby agrees and covenants to do the
following: 
  

	 	(a)	Compliance with Laws. Comply with all federal, state, national and foreign exchange regulations and other laws and regulations of any governmental or regulatory authority (federal, state, national, local and
foreign) now or hereafter applicable to Applicant, this Agreement, any Application or to any transactions or payments under or in connection with any Application and/or Credit, except where the noncompliance would not have a material adverse effect
on Applicant. 

  

	 	(b)	Keep Adequate Books and Records. Keep adequate records and books of account in which complete entries will be made in accordance with accounting principles acceptable to Bank, consistently applied, reflecting all
of Applicant’s financial transactions. 

  

	 	(c)	 Permit Visits by Bank. Permit Bank’s employees or representatives from time to time, during customary business hours and after giving
reasonable prior written notice, to visit and inspect Applicant’s properties, inspect, review and make copies of such books, 

  
 12 

	 	
records and files as reasonably requested by Bank, and discuss with Applicant’s executives, Applicant’s business, assets, liabilities, indebtedness, financial condition and results of
operations. 

  

	 	(d)	Agreement to Deliver Evidence of Authority. Duly complete, execute and promptly deliver to Bank concurrent with the execution of this Agreement, duly executed evidence of authority, in a form deemed acceptable to
the Bank, certifying Applicant’s capacity and authority to execute this Agreement and the transactions contemplated hereby on behalf of Applicant. 

  

	 	(e)	Syndicate Financial Information. As soon as available and in any event within 30 days after being made available to Applicant (but not less than semi-annually), deliver or cause to be delivered to Bank the
Syndicate’s periodic financial statements and reports. 

  

	 	(f)	Use of Lloyd’s Credits, etc. Ensure that (i) each Lloyd’s Credit is used solely for the purpose of Applicant’s Funds at Lloyd’s, (ii) Applicant is not a member of any syndicate at
Lloyd’s other than the Syndicate and does not enter into any other reinsurance arrangements pursuant to which Funds at Lloyd’s are required to be furnished by Applicant, and (iii) no Lloyd’s Credit is the subject of any
arrangement whereby (x) it is also included (through interavailability or otherwise) in the Funds at Lloyd’s of any other Member or (y) it is or can be applied for any purpose other than meeting losses of Applicant. 

 

	 	(g)	Breach of Lloyd’s Rules. If the Syndicate, the managing agent of the Syndicate or Applicant is in breach of any rule, regulation, requirement or guideline imposed upon it by Lloyd’s, and such breach
shall remain unremedied for 30 days after the earlier of the date on which Applicant becomes aware of such failure or written notice thereof shall have been given to Applicant by Bank, then Applicant will, upon written request of Bank, use
commercially reasonable efforts to procure the return of each Credit issued in favor of Lloyd’s (whether by obtaining a replacement letter of credit from another issuer or otherwise). 

 

	 	(h)	Notices. Provide prompt written notice to Bank of (i) any pending or threatened investigation or regulatory proceeding (other than routine periodic investigations or reviews) by Lloyd’s or any
governmental or regulatory authority, including (without limitation) the Prudential Regulation Authority and the Financial Conduct Authority, concerning Applicant’s business, practices or operations, or any other development, event or
condition, which could reasonably be expected to have a material adverse effect on its business, operations, assets, liabilities or condition (financial or otherwise), and (ii) any default or Event of Default under this Agreement.

  

	 	(i)	Syndicate Matters. Use commercially reasonable efforts to provide Bank written notice of the occurrence of any event or condition that could reasonably be expected to materially increase the likelihood of a
drawing on a Lloyd’s Credit. 

  

	 	(j)	Other Information. Deliver to Bank such other information (financial or otherwise) as Bank may from time to time request, including information regarding the Syndicate. 

 

	 	(k)	 Further Assurances. At Applicant’s costs and expense, execute and deliver to Bank such additional certificates, instruments and/or
documents and take such additional action as may be reasonably requested by Bank to enable Bank to issue any Credit pursuant to 

  
 13 

	 	
this Agreement and related Application, to protect, exercise and/or enforce Bank’s rights and interests under this Agreement and/or to give effect to the terms and provisions of this
Agreement or any Application. Applicant irrevocably and by way of security appoints Bank and any of its delegates as its attorney and authorizes Bank and such delegates, without notice to Applicant, to execute and deliver all such documents and to
take all such actions on behalf of Applicant. Applicant ratifies and confirms whatever any attorney does or purports to do under its appointment in this Section. 

7. Events of Default. Each of the following shall be an “Event of Default” under this Agreement: 

 

	 	(a)	Failure to Reimburse or Pay. The failure by Applicant or any Person that has guaranteed or provided credit or collateral support for all or any part of the Obligations (each such Person, a
“Guarantor”) to reimburse or pay any principal, interest, fee or other amount when due under or in connection with this Agreement or any Credit. 

  

	 	(b)	Breach of Representation and Warranty. Any representation, warranty, certification or statement made or furnished by Applicant or any Guarantor under or in connection with this Agreement or any Application or as
an inducement to Bank to issue a Credit shall be false, incorrect or incomplete in any material respects when made. 

  

	 	(c)	Failure to Perform or Observe Covenants. Applicant’s or any Guarantor’s failure to perform or observe any term, covenant or agreement contained in this Agreement (other than those referred to in
subsections (a) and (b) of this Section), the Guaranty, the Security Agreement or any other Credit Document (as defined in the Guaranty), or the breach of any other obligation owed by Applicant or any Guarantor to Bank, and with respect to
any such failure or breach that by its nature can be cured, such failure or breach shall continue or remain unremedied for thirty (30) calendar days after such failure or breach occurs; or the occurrence of an “Event of Default” (as
defined in the Security Agreement). 

  

	 	(d)	Defaults with Other Bank Agreements. The occurrence and continuance of any default or defined event of default under any other agreement, document or instrument signed or made by Applicant or any Guarantor with
or in Bank’s favor, including (without limitation) any “Event of Default” as defined in the Senior Credit Agreement. 

  

	 	(e)	Insolvency Proceedings, Etc. 

  

	 	(i)	Any corporate action, legal proceedings or other procedure or step is taken in relation to: 

  

	 	(A)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration, bankruptcy, examination or reorganization (by way of voluntary or involuntary proceeding, arrangement, scheme of
arrangement or otherwise) of Applicant or any Guarantor (provided that in the case of any such involuntary proceeding instituted against Parent under US federal or state bankruptcy or insolvency law, such proceeding continues undismissed or
unstayed for a period of 30 consecutive days); 

  

	 	(B)	a composition, compromise, assignment or arrangement with any creditor of Applicant or any Guarantor; 

  
 14 

	 	(C)	the appointment of a liquidator, receiver, administrative receiver, administrator, examiner, compulsory manager or other similar officer in respect of Applicant or any Guarantor or any of its assets (provided
that in the case of any such appointment for Parent or its assets under US federal or state bankruptcy or insolvency law, such appointment continues undischarged for a period of 30 consecutive days); or 

 

	 	(D)	enforcement of any security over any assets of Applicant or any Guarantor, 

 or any analogous
procedure or step is taken in any jurisdiction. 
  

	 	(ii)	Subsection (i) shall not apply to any winding-up petition which in the opinion of Bank is frivolous or vexatious and is discharged, stayed or dismissed within 14 days of commencement. 

 

	 	(f)	Insolvency. 

  

	 	(i)	Applicant or any Guarantor: 

  

	 	(A)	is unable or admits inability to pay its debts as they fall due; 

  

	 	(B)	is deemed to, or is declared to, be unable to pay its debts under applicable law; 

  

	 	(C)	suspends or threatens to suspend making payments on any of its debts; or 

  

	 	(D)	commences negotiations with one or more of its creditors (excluding Bank) with a view to rescheduling any of its indebtedness. 

  

	 	(ii)	The value of the assets of Applicant or any Guarantor is less than its liabilities (taking into account contingent and prospective liabilities). 

 

	 	(iii)	A moratorium is declared in respect of any indebtedness of Applicant or any Guarantor. If a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium.

  

	 	(g)	Death; Legal Incompetency, etc. If any Guarantor or any general partner or member of Applicant is a natural person, the death or judicial declaration of incompetency or mental incapacity of any such Guarantor or
any such general partner or member. 

  

	 	(h)	Sale of Assets; Reorganization or Merger; Dissolution. There shall occur in one or a series of transactions: (i) the sale, assignment or transfer of all or a substantial portion of the assets of Applicant or
of any Guarantor; (ii) a reorganization, merger or consolidation of Applicant or any Guarantor (or the making of any agreement therefor) shall occur without the prior written consent of Bank; or (iii) the dissolution, cancellation or
termination of Applicant or any Guarantor; or Applicant shall cease to be a wholly-owned subsidiary of Parent. 

  

	 	(i)	 Default of Third Party Indebtedness. Applicant’s or any Guarantor’s failure to pay or perform when due any indebtedness or other
obligation Applicant or such Guarantor has 

  
 15 

	 	
to any Person other than Bank in an aggregate principal amount of $25,000,000 or more (or the equivalent thereof in currencies other than U.S. Dollars) if such failure gives the payee of such
indebtedness or the beneficiary of the performance of such obligation the right to accelerate the time of payment of such indebtedness or the performance of such obligation. 

 

	 	(j)	Creditors’ process. Any expropriation, attachment, sequestration, distress or execution or any analogous process in any jurisdiction affects any material amount of assets of Applicant or any Guarantor.

  

	 	(k)	Judgment. The filing of a notice of judgment lien against Applicant or any Guarantor; or the recording of any abstract of judgment against Applicant or any Guarantor in any jurisdiction in which Applicant or such
Guarantor has an interest in real property; or the entry of a judgment against Applicant or any Guarantor; in each case which involves an amount in excess of $25,000,000 (or the equivalent thereof in currencies other than U.S. Dollars) and which is
not paid, bonded, stayed or discharged within 30 days. 

  

	 	(l)	Collateral. Parent or Applicant shall fail to deliver cash collateral when required pursuant to Section 2(c) or as otherwise specified in the Credit Documents, or the Security Agreement (after execution and
delivery thereof) shall for any reason (other than pursuant to the terms hereof or thereof) cease to create a valid, perfected and first priority lien upon and security interest in the collateral purported to be covered thereby; provided that
if the amount of collateral falls below the Required Balance, such circumstance shall not constitute an Event of Default if the collateral is restored to the Required Balance within three Business Days of notification by Bank of such failure or, if
earlier, within five Business Days of Applicant or Parent becoming aware of such failure. 

 8. Remedies. Upon the occurrence
and during the continuance of any Event of Default: 
  

	 	(a)	The full undrawn amount of each Credit, together with any additional amounts payable hereunder, shall, at Bank’s option, become due and payable immediately without demand upon or notice to Applicant; provided,
however, that in the case of any Event of Default specified in Sections 7(e) or (f) above, the amount of each Credit, together with any additional amounts payable hereunder, shall, automatically and without any notice to Applicant or any
other act by Bank, become immediately due and payable; 

  

	 	(b)	Bank may exercise from time to time any of the rights, powers and remedies available to Bank under this Agreement, under any other documents now or in the future evidencing or securing the Obligations or under
applicable law, and all such remedies shall be cumulative and not exclusive; and 

  

	 	(c)	Upon written request of Bank, Applicant will procure the return of each Credit issued in favor of Lloyd’s (whether by obtaining a replacement letter of credit from another issuer or otherwise). 

With respect to Bank’s exercise of any of the foregoing rights, powers and/or remedies, Applicant hereby waives presentment, protest, dishonor, notice of
dishonor, demand, notice of protest, notice of non-payment, notice of acceptance of this Agreement and any other notice or demand of any kind from Bank. 

9. Subrogation. The Bank, at its option, shall be subrogated to Applicant’s rights against any Person who may be liable to Applicant on any
transaction or obligation underlying any Credit, to the rights of any holder in due course or Person with similar status against Applicant, and to the rights of any beneficiary or any successor or assignee of any beneficiary. 

  
 16 

 10. Governing Law; UCP: ISP: Standard Letter of Credit Practice. This Agreement, each Credit and
any non-contractual obligations arising out of or in connection with them shall be governed by and construed in accordance with (a)(1) in the case of each Credit, the substantive laws of the jurisdiction specified in the applicable Credit, or if no
governing law is so specified, the laws of England, and (2) in the case of this Agreement, the laws of England (as applicable, the “Jurisdiction”) and (b) the ISP or UCP, as set forth in each Credit, which is, as
applicable, incorporated herein by reference into this Agreement and which shall control (to the extent not prohibited by the law of the Jurisdiction) in the event of any inconsistent provisions of such law. Unless Applicant specifies otherwise in
its Application for a Credit, Applicant agrees that Bank may issue a Credit subject to the ISP or UCP. Bank’s privileges, rights and remedies under the ISP and/or UCP shall be in addition to, and not in limitation of, its privileges, rights,
and remedies expressly provided for herein. The ISP and UCP shall serve, in the absence of proof to the contrary, as evidence of Standard Letter of Credit Practice with respect to matters covered therein. To the extent permitted by applicable law,
(i) this Agreement shall prevail in case of conflict between this Agreement and/or Standard Letter of Credit Practice, (ii) the ISP shall prevail in case of conflict between the ISP and other Standard Letter of Credit Practice if the
Credit is governed by the ISP, and (iii) the UCP shall prevail in case of a conflict between the UCP and other Standard Letter of Credit Practice if the Credit is governed by the UCP. 

11. Jurisdiction. 
  

	 	(a)	The courts of England have exclusive jurisdiction to settle any disputes arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this
Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a “Dispute”). 

  

	 	(b)	The parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no party will argue to the contrary. 

12. Consent to Jurisdiction Venue and Service of Process. 
  

	 	(a)	Bank shall be entitled to require the appointment of an agent for service of process in relation to Applicant and/or any Guarantor on terms acceptable to Bank. 

 

	 	(b)	If Applicant or any Guarantor fails to appoint an agent for service of process or if any person appointed as an agent for service of process is unable for any reason to act as agent for service of process, Applicant
must immediately (and in any event within 15 days of such event taking place) appoint another agent on terms acceptable to Bank. Failing this, Bank may appoint another agent for this purpose. 

13. Bankruptcy and Forfeiture Reinstatement. If any consideration transferred to Bank in payment of, or as collateral for, or in satisfaction of
the Obligations, shall be voided in whole or in part as a result of (a) a subsequent bankruptcy or insolvency proceeding; (b) any forfeiture or seizure action or remedy; (c) any fraudulent transfer or preference action or remedy; or
(d) any other civil, criminal or equitable proceeding or remedy, then Bank’s claim to recover the voided consideration shall be a new and independent claim arising under this Agreement and shall be jointly and severally due and payable
immediately by Applicant. 

  
 17 

 14. Notices. Unless otherwise expressly provided herein, all notices, Instructions, approvals,
requests, demands, consents and other communications provided for hereunder (collectively, “notices”) shall be in writing (including by facsimile or other electronic transmission approved by Bank). All notices shall be sent by
regular mail or certified mail prepaid, by facsimile or other electronic transmission approved by Bank, by hand delivery, by Federal Express (or other comparable domestic or international delivery service) prepaid to the applicable address,
facsimile number or electronic mail address set forth on the signature page hereof in the case of Applicant. All notices to Bank shall be directed to the office of Bank issuing the Credit and, if Bank approves of receiving notices by email, to the
email address of Bank provided from time to time by Bank to Applicant. Bank may, but shall not be obligated to, require authentication of any electronic transmission. Notices sent by hand, Federal Express (or other comparable domestic or
international delivery service) or certified mail shall be deemed to have been given when received; notices sent by regular mail shall be deemed to have been received five (5) days after deposit into the mail, notices sent by facsimile or other
electronic transmission shall be deemed to have been given when sent and receipt has been confirmed. Applicant or Bank may change its address for notices by notifying the other of the new address in any manner permitted by this Section. 

15. Waiver and Amendments. No modification, amendment or waiver of, or consent to any departure by Applicant from, any provision of this
Agreement will be effective unless made in a writing signed by Bank, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Bank’s consent to any amendment, waiver or modification
does not mean that Bank will consent or has consented to any other or subsequent Instruction to amend, modify or waive a term of this Agreement or any Credit. No delay by Bank in exercising any of its rights or remedies shall operate as a waiver,
nor shall any single or partial waiver of any right or remedy preclude any other further exercise of that right or remedy, or the exercise of any other right or remedy. 

16. Successors and Assigns. This Agreement will be binding on Applicant’s heirs, executors, administrators, legal representatives,
successors and permitted assigns, and shall inure to the benefit of Bank’s successors and assigns. Bank may assign this Agreement and its rights to reimbursement regarding any Credit, in whole or in part, without Applicant’s consent.
Applicant may not assign or transfer any of its interests, rights or remedies related to this Agreement or any Credit, in whole or in part, without the prior written consent of Bank. 

17. Severability. Whenever possible, each provision of the Agreement shall be interpreted in a manner as to be effective and valid under
applicable law, but if any provision of the Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity without invalidating the remainder of such
provision or any remaining provisions of this Agreement. 
 18. Entire Agreement. This Agreement, together with any Application(s) accepted by
Bank and any other agreement, document or instrument referred to herein, constitute the final, exclusive and entire agreement and understanding of, and supersede all prior or contemporaneous, oral or written, agreements, understandings,
representations and negotiations between, the parties relating to the subject matter of this Agreement, provided that this Agreement shall not supersede any reimbursement agreement (however titled) that has been entered into specifically with
respect to any “direct pay” standby letter of credit or other similar standby letter of credit where the terms of such reimbursement agreement have been drafted to specifically address the particular attributes of, or the particular
circumstances of the underlying transaction supported by, such standby letter of credit. 
 19. Counterparts. This Agreement may be executed in any
number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement. 

  
 18 

 20. Continuing Agreement. This Agreement is a continuing agreement and may not be terminated by
Applicant except upon (a) thirty (30) days’ prior written notice of such termination by Applicant to Bank at the address set forth on the most recent Credit issued hereunder, (b) reimbursement and/or payment of all Obligations,
and (c) the expiration or cancellation of all Credits issued hereunder. Notwithstanding the foregoing sentence, if a Credit is issued in favor of a sovereign or commercial entity, which is to issue a guarantee or undertaking on Applicant’s
behalf in connection therewith, or is issued as support for such a guarantee, Applicant shall remain liable with respect to such Credit until Bank is fully released in writing by such entity. 

21. Joint and Several Liability. If this Agreement is signed by two or more Applicants: 

 

	 	(a)	each shall be deemed to make to Bank all the representations, warranties and covenants contained herein, and each shall be jointly and severally liable under this Agreement; and 

 

	 	(b)	each Applicant hereby waives any defense to its liability for reimbursement, payment and/or performance of the Obligations based upon or arising by reason of: (i) principles of suretyship or any disability or other
defense of any other Applicant or any other Person; (ii) the cessation or limitation from any cause whatsoever, other than reimbursement and/or payment in full, of the liability of the other Applicant(s) or any other Person for the Obligations;
(iii) any lack of authority of any officer, director, partner, agent or other Person acting or purporting to act on behalf of the other Applicant(s) or any defect in the formation of the other Applicant(s); (iv) any act or omission by Bank
which directly or indirectly results in or aids the discharge of the other Applicant(s) by operation of law or otherwise, or which in any way impairs or suspends any rights or remedies of Bank against the other Applicant(s); (v) any impairment
of the value of any interest in any security for the payment and performance under this Agreement, including without limitation, the failure to obtain or maintain perfection or recordation of any interest in any such security, the release of any
such security without substitution, and/or the failure to preserve the value of, or to comply with applicable law in disposing of, any such security; or (vi) any modification of the obligations or liabilities of the other Applicant(s) for the
Obligations, including without limitation the renewal, extension, acceleration or other change in time for reimbursement or payment of, or other change in the terms of, the indebtedness of any Applicant for the Obligations, including increase or
decrease of the rate of interest thereon. 

 Until all Obligations shall have been paid in full, no Applicant shall have any right of
subrogation. Each Applicant hereby waives all rights and defenses it may have arising out of (A) any election of remedies by Bank, even though that election of remedies destroys its rights of subrogation or its rights to proceed against the
other Applicant(s) for reimbursement, or (B) any loss of rights it may suffer by reason of any rights, powers or remedies of the other Applicant(s) in connection with any laws limiting, qualifying or discharging any Applicant’s
indebtedness for the Obligations. Until all Obligations shall have been paid in full, each Applicant hereby waives any right to enforce any remedy which Bank now has or may hereafter have against the other Applicant(s) or any other Person, and
waives any benefit of, or any right to participate in, any security now or hereafter held by Bank. Unless otherwise agreed by Bank, Bank in its discretion may accept an Application or seek or receive Instruction from, or give or send notice to, any
Applicant regarding a Credit, including, without limitation, any amendment thereto or waiver of any discrepancy thereunder, and until Bank at the office at which the relevant Credit is issued actually receives written notice of revocation, each
Applicant shall be bound by and hereby affirms the Instructions of the other. 

  
 19 

 EXECUTION: 

The parties have shown their acceptance of the terms of this Agreement by executing it, in the case of Applicant as a deed, on the following page(s). This
document is the deed of Applicant even if it has not been duly executed by Bank or has been executed by Bank but not as a deed. 

  
 20 

			
	APPLICANT:
	
	SIGNED AND DELIVERED for and on behalf of and as the deed of
	
	PRA Corporate Capital Limited
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

		
	OR	 	
		
	By:	 	 /s/ Edward L. Rand, Jr.

		
	Name:	 	 Edward L. Rand, Jr.

		
	Title:	 	 Director

  

					
	in the presence of:	  	
			
	(Signature of Witness): 	 	 /s/ Lawrence K Cochran
	  	
			
	(Name of Witness):	 	 Lawrence K Cochran
	  	
			
	(Address of Witness):	 	 100 Brookwood Place Birmingham AL 35209
	  	
			
	(Occupation of Witness):	 	 Investment manager
	  	

  
 21 

	
	Address:
	
	 100 Brookwood Place Birmingham AL USA 35209

	
	  

	
	  

			
		
	Facsimile:	 	 (205  ) 868 4068

		
	Email:	 	 erand@proassurance.com

	
	Date: as of November 8, 2013

  
 22 

					
	BANK:	 		 	
			
	Signed as a deed by	 		 	
			
	Wells Fargo Bank, National Association	 		 	
			
	acting by	 		 	
			
	 Keith Endersen
	 		 	(Name of authorized signatory)
			
	 /s/ Keith Endersen
	 		 	(Signature of authorized signatory)
			
	 Reginald M. Goldsmith III
	 		 	(Name of authorized signatory)
			
	 /s/ Reginald M. Goldsmith III
	 		 	(Signature of authorized signatory)

  
 23 

 PRICING SCHEDULE 
  

																					
	 APPLICABLE RATE
	  	LEVEL I
STATUS	 	 	LEVEL II
STATUS	 	 	LEVEL III
STATUS	 	 	LEVEL IV
STATUS	 	 	LEVEL V
STATUS	 
	 Unsecured Option
	  	 	1.125	% 	 	 	1.25	% 	 	 	1.375	% 	 	 	1.625	% 	 	 	1.875	% 
	 Secured Option
	  	 	0.50	% 	 	 	0.50	% 	 	 	0.50	% 	 	 	0.50	% 	 	 	0.50	% 

 For the purposes of this Schedule, the following terms have the following meanings, subject to the final
paragraph of this Schedule: 
 “Level I Status” exists at any date if, on such date, Parent’s Moody’s Rating is A3 or
better and Parent’s S&P Rating is A- or better. 
 “Level II Status” exists at any date if, on such date, (i) Parent
has not qualified for Level I Status and (ii) Parent’s Moody’s Rating is Baal or better and Parent’s S&P Rating is BBB+ or better. 

“Level III Status” exists at any date if, on such date, (i) Parent has not qualified for Level I Status or Level II Status and
(ii) Parent’s Moody’s Rating is Baa2 or better and Parent’s S&P Rating is BBB or better. 
 “Level IV
Status” exists at any date if, on such date, (i) Parent has not qualified for Level I Status or Level II Status or Level III Status and (ii) Parent’s Moody’s Rating is Baa3 or better and Parent’s S&P Rating is BBB-
or better. 
 “Level V Status” exists at any date if, on such date, Parent has not qualified for Level I Status, Level II Status,
Level III Status or Level IV Status. 
 “Moody’s Rating” means, at any time, the rating issued by Moody’s Investors
Service, Inc. and then in effect with respect to Parent’s senior unsecured long-term debt securities without third-party credit enhancement. 

“S&P Rating” means, at any time, the rating issued by Standard & Poor’s Ratings Services, a division of the McGraw
Hill Companies, Inc., and then in effect with respect to Parent’s senior unsecured long-term debt securities without third-party credit enhancement. 

“Status” means either Level I Status, Level II Status, Level III Status, Level IV Status or Level V Status. 

The Applicable Rate shall be determined in accordance with the foregoing table based on Parent’s Status as determined from its then-current Moody’s
and S&P Ratings. The credit rating in effect on any date for the purposes of this Schedule is that in effect at the close of business on such date. In order to qualify for a particular Status for the Applicable Rate either (i) each of the
Moody’s Rating and the S&P Rating required for that Status must be attained or (ii) if there is a split rating, the higher rating shall apply, except that in the event of a split rating of more than one level, the applicable rating
shall be one level above the lower rating. If only one rating agency is supplying a rating, then the rating supplied by that rating agency shall be used. If an Event of Default shall have occurred and be continuing, Level V Status shall be
applicable for as long as the same shall continue. If at any time Parent has no Moody’s Rating or no S&P Rating, Level V Status shall exist.EX-10.2

 Exhibit 10.2 

PARENT GUARANTY 
 This
PARENT GUARANTY (this “Agreement”), dated as of November 8, 2013, is made by and among PROASSURANCE CORPORATION, a Delaware corporation (the “Guarantor”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, including
without limitation any of its foreign or domestic branches (the “Lender”). 
 RECITALS 

WHEREAS, PRA Corporate Capital Limited, a private limited company organized under the laws of England and Wales and an indirect wholly-owned
subsidiary of the Guarantor (the “Applicant”), has entered into a Standby Letter of Credit Agreement dated the date hereof with the Lender (as amended, restated, supplemented or otherwise modified from time to time, the
“Letter of Credit Agreement”; capitalized terms used herein without definition shall have the meanings ascribed thereto in the Letter of Credit Agreement), pursuant to which the Applicant has requested the Lender (acting through its
London branch) to issue in favor of The Society and Council of Lloyd’s an irrevocable standby letter of credit in the stated amount of £41,860,800 (the “Letter of Credit”). 

WHEREAS, the Guarantor will derive substantial direct and indirect benefits from the issuance of the Letter of Credit pursuant to the Letter
of Credit Agreement. 
 WHEREAS, it is a condition precedent to the issuance of the Letter of Credit by the Lender pursuant to the Letter of
Credit Agreement that the Guarantor shall have executed and delivered this Agreement. 
 NOW, THEREFORE, in consideration of the premises
and in order to induce the Lender to issue the Letter of Credit and enter into any Treasury Management Agreements from time to time, the Guarantor hereby agrees as follows: 

ARTICLE I 
 DEFINITIONS

 For purposes of this Agreement, the following terms shall have the following meanings: 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under
common control with such Person. 
 “Credit Documents” means the Letter of Credit Agreement, this Agreement, the Security
Agreement, and all other agreements, documents and instruments executed and delivered by any Credit Party in connection herewith or therewith, in each case as amended, restated, supplemented or otherwise modified from time to time; provided
that as used only in this Agreement (but not for purposes of the Letter of Credit Agreement or any other Credit Document), the term “Credit Documents” shall include Treasury Management Agreements. 

“Credit Party” means each of the Applicant, the Guarantor, and any subsidiary or Affiliate of the Guarantor that is a party
to a Treasury Management Agreement (it being understood that each of Dale Partners Limited and Dale Syndicate Services Limited shall be deemed a Credit Party for all purposes of this Agreement and the other Credit Documents). 

 “Guarantor” has the meaning set forth in the Preamble hereof. 

“Indemnitee” has the meaning specified in Section 6.04. 

“Lender” has the meaning set forth in the Preamble hereof. In addition, for all purposes of this Agreement and the other
Credit Documents with respect to Treasury Management Agreements, the term “Lender” shall also include any Affiliate of Wells Fargo Bank, National Association in its capacity as a party to such Treasury Management Agreement. 

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the directors, officers, employees,
agents, attorneys and representatives of it and its Affiliates. 
 “Security Agreement” means the Pledge and Security
Agreement, dated as of the date hereof, between the Guarantor and the Lender, as amended, restated, supplemented or otherwise modified from time to time. 

“Senior Credit Agreement” has the meaning given to such term in the Letter of Credit Agreement; provided that solely
for purposes of Sections 5.01 and 5.02 (but not for purposes of the Letter of Credit Agreement or any other Credit Document), “Senior Credit Agreement” means the Credit Agreement, dated as of April 15, 2011, among the
Guarantor, as borrower, the lenders named therein, and U.S. Bank National Association, as administrative agent, as amended by Amendment No. 1 thereto dated as of September 28, 2012, as such agreement is in effect as of the date hereof,
without giving effect to (a) any amendment, restatement, supplement or other modification thereto or waiver or consent thereunder unless the Lender has agreed (in its capacity as a lender thereunder) in writing to such amendment, restatement,
supplement or modification thereto or waiver or consent thereunder, in which case such amendment, restatement, supplement, modification, waiver or consent shall automatically become effective hereunder, or (in the event the Lender is no longer a
lender thereunder) the Lender has separately agreed in writing to give effect hereunder to such amendment, restatement, supplement, modification, waiver or consent, or (b) any termination thereof. 

“Subordinated Obligations” has the meaning specified in Section 4.01(b). 

“Termination Date” has the meaning specified in Section 6.06. 

“Treasury Management Agreement” means any agreement to provide cash management or other treasury services, including
treasury, depository, overdraft, controlled disbursement, foreign exchange, credit, debit or procurement card, electronic funds transfer, ACH transfer and other cash management services, which agreement is entered into between the Lender and any
Credit Party. 

  
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 ARTICLE II 

AGREEMENT TO GUARANTEE OBLIGATIONS 

Section 2.01 Guaranty. The Guarantor, hereby absolutely, unconditionally and irrevocably (a) guarantees, as primary obligor
and not merely as surety, the due and prompt payment, at any time and from time to time as and when due (whether at the stated maturity, by acceleration or otherwise), of (i) all Obligations of the Applicant under the Letter of Credit
Agreement, including all reimbursement obligations with respect to any drawing on the Letter of Credit and all interest, commissions, fees, charges, expenses, indemnities and other amounts payable by the Applicant under the Letter of Credit
Agreement (including interest accruing after the filing of a petition or commencement of a case by or with respect to the Applicant seeking relief under any Bankruptcy Law, whether or not the claim for such interest is allowed in such proceeding),
and (ii) all obligations and liabilities of each Credit Party under or in respect of each Treasury Management Agreement, in each case under clauses (i) and (ii) whether now existing or hereafter created or arising and whether direct
or indirect, absolute or contingent, due or to become due (all obligations and liabilities described in this clause (a), collectively, the “Guaranteed Obligations”), and (b) agrees to pay the reasonable out-of-pocket fees and
expenses of counsel to, and reimburse upon demand all reasonable out-of-pocket costs and expenses incurred or paid by, the Lender in connection with the preparation, execution and delivery of this Agreement and the other Credit Documents and any
amendments, modifications or waivers of the provisions hereof or thereof and in connection with any suit, action or proceeding to enforce or protect any of its rights hereunder or under any other Credit Document. The Guarantor further agrees that
all or part of the Guaranteed Obligations may be increased, extended, substituted, amended, renewed or otherwise modified without notice to or consent from the Guarantor and such actions shall not affect the liability of the Guarantor hereunder.
Without limiting the generality of the foregoing, the Guarantor’s liability shall extend to all amounts that constitute part of the Guaranteed Obligations and would be owed by any Credit Party to the Lender but for the fact that they are
unenforceable or not allowable due to the existence of a proceeding with respect to any Bankruptcy Law involving such Credit Party. 

Section 2.02 Limitation of Liability. Notwithstanding anything contained herein to the contrary, the obligations of the Guarantor
hereunder at any time shall be limited to the maximum amount as will result in the obligations of the Guarantor under this Agreement not constituting a fraudulent transfer or conveyance for purposes of any Bankruptcy Law to the extent applicable to
this Agreement and the obligations of the Guarantor hereunder. 
 Section 2.03 Reinstatement. The Guarantor agrees that its
guaranty hereunder shall continue to be effective or be reinstated, as the case may be, if at any time all or part of any payment of any Guaranteed Obligation is rescinded or must otherwise be returned by the Lender or any other Person upon the
insolvency, bankruptcy or reorganization of any Credit Party or otherwise. 
 ARTICLE III 

GUARANTY ABSOLUTE AND UNCONDITIONAL; WAIVERS 

Section 3.01 Guaranty Absolute and Unconditional; No Waiver of Obligations. The Guarantor guarantees that the Guaranteed
Obligations will be paid strictly in accordance with the terms of the Credit Documents, regardless of any law, regulation or order of any Governmental Authority now or hereafter in effect. The obligations of the Guarantor hereunder are independent
of the Guaranteed Obligations. A separate action may be brought against the 

  
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Guarantor to enforce this Agreement, whether or not any action is brought against any Credit Party or whether or not any Credit Party is joined in any such action. The liability of the Guarantor
hereunder is irrevocable, continuing, absolute and unconditional and the obligations of the Guarantor hereunder, to the fullest extent permitted by applicable law, shall not be discharged or impaired or otherwise effected by, and the Guarantor
hereby irrevocably waives any defenses to enforcement it may have (now or in the future) by reason of: 
 (a) any illegality or lack of
validity or enforceability of any Guaranteed Obligation, the Letter of Credit Agreement, any other Credit Document or any related agreement or instrument; 

(b) any change in the time, place or manner of payment of, or in any other term of, the Guaranteed Obligations or any other obligation of the
Applicant or any other Credit Party under any Credit Document, or any rescission, waiver, amendment or other modification of the Letter of Credit Agreement or any other Credit Document, including any increase in the Guaranteed Obligations resulting
from any extension of additional credit or otherwise; 
 (c) any taking, release, impairment, amendment, waiver or other modification of any
guaranty or security for the Guaranteed Obligations; 
 (d) any default, failure or delay, willful or otherwise, in the performance of the
Guaranteed Obligations; 
 (e) any change, restructuring or termination of the corporate structure, ownership or existence of any Credit
Party or any insolvency, bankruptcy, reorganization or other similar proceeding affecting any Credit Party or its assets or any resulting release or discharge of any Guaranteed Obligation; 

(f) any exercise of any right or remedy available under the Credit Documents, at law, in equity or otherwise in respect of any collateral for
the Guaranteed Obligations or for any guaranty or other liability in respect thereof, in any order and by any manner thereby permitted, including foreclosure on any such collateral by any manner of sale thereby permitted; 

(g) any failure of the Lender to disclose to the Guarantor any information relating to the business, condition (financial or otherwise),
operations, performance, properties or prospects of the Applicant or any other Credit Party now or hereafter known to the Lender; the Guarantor waiving any duty of the Lender to disclose such information; 

(h) the failure of the Lender to assert any claim or demand or to exercise or enforce any right or remedy under the provisions of the Letter
of Credit Agreement, any other Credit Document or otherwise; 
 (i) any defense, set-off or counterclaim (other than a defense of payment or
performance) that may at any time be available to, or be asserted by, any Credit Party against the Lender; or 
 (j) any other circumstance
(including, without limitation, any statute of limitations) or manner of administering the Letter of Credit or any other Credit Document or any existence of 

  
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or reliance on any representation by the Lender that might vary the risk of the Guarantor or otherwise operate as a defense available to, or a legal or equitable discharge of, the Applicant, any
other Credit Party or any other guarantor or surety. 
 Section 3.02 Waivers and Acknowledgements. 

(a) The Guarantor hereby unconditionally and irrevocably waives any right to revoke this Agreement and acknowledges that this Agreement is
continuing in nature and applies to all presently existing and future Guaranteed Obligations. 
 (b) The Guarantor hereby unconditionally
and irrevocably waives promptness, diligence, notice of acceptance, presentment, demand for performance, notice of non-performance, default, acceleration, protest or dishonor and any other notice with respect to any of the Guaranteed Obligations and
this Agreement. 
 (c) The Guarantor hereby unconditionally and irrevocably waives any defense based on any right of set-off or recoupment
or counterclaim against or in respect of the obligations of the Guarantor hereunder. 
 (d) The Guarantor acknowledges that the Lender may,
at its election and without notice to or demand upon the Guarantor, compromise or adjust any part of the Guaranteed Obligations, make any other accommodation with any Credit Party or any other guarantor or exercise any other right or remedy
available to it against any Credit Party or any other guarantor or in respect of any collateral, without affecting or impairing in any way the liability of the Guarantor hereunder. The Guarantor hereby waives any defense arising out of such election
even though such election operates, pursuant to applicable law, to impair or to extinguish any right of subrogation, reimbursement, exoneration, contribution or indemnification or other right or remedy of the Guarantor against any other Credit Party
or any collateral. 
 ARTICLE IV 

GUARANTOR RIGHTS OF SUBROGATION, ETC. 

Section 4.01 Agreement to Pay; Subrogation, Subordination, Etc. 

(a) Without limiting any other right that the Lender has at law or in equity against the Guarantor, if the Applicant or any other Credit Party
fails to pay any Guaranteed Obligation when and as due, whether at maturity, by acceleration, after notice of prepayment or otherwise, the Guarantor agrees to promptly pay the amount of such unpaid Guaranteed Obligations to the Lender in cash in
U.S. Dollars. Upon payment by the Guarantor of any sums to the Lender as provided herein, all of the Guarantor’s rights of subrogation, exoneration, contribution, reimbursement, indemnity or otherwise arising therefrom against the Applicant or
any other Credit Party or any collateral shall, until the Termination Date (as hereinafter defined), be subordinate and junior in right of payment to the prior indefeasible payment in full in cash of all Guaranteed Obligations. In addition, any
indebtedness of the Applicant or any other Credit Party now or hereafter held by the Guarantor shall, until the Termination Date, be subordinated in right of payment to the prior indefeasible payment in full in cash of the Guaranteed Obligations. If
after the occurrence and during the continuance of an Event of Default, any payment shall be paid to the Guarantor in violation of the immediately preceding sentence on account of (i) such 

  
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subrogation, exoneration, contribution, reimbursement, indemnity or similar right or (ii) any such indebtedness of the Applicant or any other Credit Party, such amount shall be held in trust
for the benefit of the Lender, segregated from other funds of the Guarantor, and promptly paid or delivered to the Lender in the same form as so received (with any necessary endorsement or assignment) to be credited against the payment of the
Guaranteed Obligations, whether due or to become due, in accordance with the terms of the Credit Documents. 
 (b) The Guarantor hereby
subordinates any and all obligations owed to the Guarantor by the Applicant or any other Credit Party (the “Subordinated Obligations”) to the Guaranteed Obligations to the extent provided below: 

(i) Except during the continuance of an Event of Default (including the commencement and continuation of any proceeding against the Applicant
or any other Credit Party under any Bankruptcy Law), the Guarantor may receive regularly scheduled payments of principal and interest on the Subordinated Obligations from the Credit Parties. After the occurrence and during the continuance of any
Event of Default (including the commencement and continuation of any proceeding against the Applicant or any other Credit Party under any Bankruptcy Law), the Guarantor shall not accept, demand or take any action to collect any payment on the
Subordinated Obligations without the prior written consent of the Lender. 
 (ii) The Guarantor agrees that the Lender shall be entitled to
receive full payment in cash of all Guaranteed Obligations (including post-petition interest) in any proceeding under any Bankruptcy Law against the Applicant or any other Credit Party before the Guarantor receives any payment on account of any
Subordinated Obligations. 
 (iii) After the occurrence and during the continuance of any Event of Default (including the commencement and
continuation of any proceeding against the Applicant or any other Credit Party under any Bankruptcy Law), upon the request of the Lender, the Guarantor shall collect, enforce and receive payments on the Subordinated Obligations as trustee for the
Lender and deliver such payments to the Lender on account of the Guaranteed Obligations (including post-petition interest), together with any necessary endorsements or other instruments of transfer, without reducing or affecting the liability of the
Guarantor under this Agreement in any respect. 
 (iv) After the occurrence and during the continuance of any Event of Default (including
the commencement and continuation of any proceeding against the Applicant or any other Credit Party under any Bankruptcy Law), the Lender is authorized and empowered (but not obligated), in its discretion, (x) in the name of the Guarantor, to
collect and enforce, and to submit claims in respect of, Subordinated Obligations and to apply any amount so received to the Guaranteed Obligations (including post-petition interest), and (y) to require the Guarantor (A) to collect and
enforce and to submit claims in respect of, Subordinated Obligations and (B) to pay any amounts received on such obligations to the Lender for application to the Guaranteed Obligations (including post-petition interest). 

  
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 ARTICLE V 

REPRESENTATIONS AND WARRANTIES; COVENANTS 

Section 5.01 Representations and Warranties. The representations and warranties contained in Article V of the Senior Credit
Agreement (other than Section 5.8) are hereby incorporated by reference in their entirety as in effect on the date hereof, with the defined terms used therein having the meanings given to such terms in the Senior Credit Agreement and being
incorporated herein by reference as in effect on the date hereof, in each case mutatis mutandis, and the Guarantor hereby represents and warrants that such representations and warranties are true and correct as of the date hereof. 

Section 5.02 Covenants. The covenants contained in Article VI of the Senior Credit Agreement are hereby incorporated by reference
in their entirety as in effect on the date hereof, with the defined terms used therein having the meanings given to such terms in the Senior Credit Agreement and being incorporated herein by reference as in effect on the date hereof, in each case
mutatis mutandis, and the Guarantor hereby agrees to observe, perform and comply with such covenants incorporated herein for the benefit of the Lender as if such covenants were set forth directly in this Agreement (including by furnishing to
the Lender, as and when required to be furnished to the administrative agent and the lenders under the Senior Credit Agreement, the financial statements, notices and other information described in Sections 6.1 and 6.3 of the Senior Credit Agreement;
provided that for so long as the Lender is a lender under the Senior Credit Agreement, such requirement shall be deemed satisfied by compliance with the applicable provisions of Sections 6.1 and 6.3 of the Senior Credit Agreement). If at any
time any covenants contained in Article VI of the Senior Credit Agreement shall be more restrictive to the Guarantor than those contained in this Agreement (as incorporated herein by reference), then such covenants shall automatically be
incorporated herein by reference in their entirety, with the defined terms used in the Senior Credit Agreement having the meanings given to such terms therein. 

ARTICLE VI 

MISCELLANEOUS 

Section 6.01 Taxes. Any and all payments by the Guarantor under or in respect of this Agreement shall be made free and clear of,
and without any deduction for or on account of any present or future Taxes. Should any payments by the Guarantor under this Agreement be subject to any deductions or withholdings whatsoever, the Guarantor shall pay additional amounts equal to all
amounts deducted or withheld with the effect that the Lender receives and retains all amounts it would have received and retained if no deductions or withholdings were made. 

Section 6.02 Right of Set-off. If an Event of Default shall have occurred and be continuing, each of the Lender and each of its
Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, and without prior notice to the Guarantor or the Applicant, any such notice being expressly waived by the Guarantor, to set off and
appropriate and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by the Lender or any such Affiliate to or for
the credit or the account of the Guarantor against any and all of the obligations of the Guarantor now or hereafter existing under this Agreement or any other Credit Document to the Lender or its Affiliates whether direct or indirect, absolute or
contingent, matured or unmatured, and irrespective of whether or not the Lender or such Affiliate shall have made any demand under this Agreement or any other Credit 

  
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Document and although such obligations of the Guarantor are owed to a branch, office or Affiliate of the Lender different from the branch, office or Affiliate holding such deposit or obligated on
such indebtedness. The rights of the Lender and each of its Affiliates under this Section are in addition to other rights and remedies including other rights of set-off) that the Lender or such Affiliate may have. The Lender agrees to notify the
Guarantor promptly after any such set off and appropriation and application; provided that the failure to give such notice shall not affect the validity of such set off and appropriation and application. 

Section 6.03 Amendments. No term or provision of this Agreement may be waived, amended, supplemented or otherwise modified except
in a writing signed by the Guarantor and the Lender. 
 Section 6.04 Indemnification. 

(a) The Guarantor hereby agrees to indemnify and hold harmless the Lender and each Related Party of the Lender (each such Person being called
an “Indemnitee”) from any losses, damages, liabilities, claims and related expenses (including the reasonable fees and expenses of counsel), incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the
Guarantor) arising out of, in connection with or resulting from this Agreement or the other Credit Documents (including, without limitation, enforcement of this Agreement or the other Credit Documents), the issuance of the Letter of Credit or the
use of the proceeds thereof, or any failure of any Guaranteed Obligations to be the legal, valid, and binding obligations of the Credit Parties purporting to be bound thereby, enforceable against such Credit Parties in accordance with their terms,
whether brought by a third party or by the Guarantor, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages,
liabilities or related expenses (i) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee, or (ii) result from a claim
brought by the Guarantor against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Credit Document, if the Guarantor has obtained a final and nonappealable judgment in its favor on such claim as
determined by a court of competent jurisdiction; and provided further that with respect to fees and expenses in respect of counsel for the Indemnitees in connection with any of the foregoing, the Guarantor shall only be required to pay for
the reasonable fees and expenses of one outside counsel (and up to one local counsel in each applicable local jurisdiction and any applicable regulatory counsel) for the Indemnitees, unless any Indemnitee (or its counsel) determines that it would
create actual or potential conflicts of interest to not have individual counsel, in which case such Indemnitee may have its own counsel which may be reimbursed in connection with the foregoing. 

(b) To the fullest extent permitted by applicable law, the Guarantor hereby agrees not to assert, and hereby waives, any claim against any
Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, the Letter of Credit Agreement, any
other Credit Document or any agreement or instrument contemplated hereby or thereby, the transactions contemplated hereby or thereby, the issuance of the Letter of Credit or the use of the proceeds thereof. 

  
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 (c) All amounts due under this Section shall be payable promptly after demand therefor. 

(d) Without prejudice to the survival of any other agreement of the Guarantor under this Agreement or any other Credit Document, the
agreements and obligations of the Guarantor contained in Section 2.01 (with respect to enforcement expenses), Section 2.03, Section 6.01 and this Section shall survive termination of this Agreement and the other
Credit Documents and payment in full of the Guaranteed Obligations and all other amounts payable under this Agreement and the other Credit Documents. 

Section 6.05 Notices. 

(a) Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (or by
e-mail as provided in paragraph (b) below), all notices and other communications provided for herein shall be made in writing and mailed by certified or registered mail, delivered by hand or overnight courier service, or sent by facsimile as
follows: 
 (i) If to the Guarantor, to it at 100 Brookwood Place, Birmingham, Alabama 35209, Attention: Larry Cochran (Facsimile No.
(205) 868-4068; Telephone No. (205) 877-4425). 
 (ii) If to the Lender at Wells Fargo Bank, National Association, 420 North 20th Street, Birmingham, Alabama 35203, Attention: Hans-W Sitarz, Jr. (Facsimile No. (205) 254-6600; Telephone No. (205) 254-6635). 

Notices mailed by certified or registered mail or sent by hand or overnight courier service shall be deemed to have been given when received. Notices sent by
facsimile during the recipient’s normal business hours shall be deemed to have been given when sent (and if sent after normal business hours shall be deemed to have been given at the opening of the recipient’s business on the next business
day). 
 (b) Electronic Communications. Notices and other communications to the Lender hereunder may be sent by electronic
communication (including e-mail and Internet or intranet websites) in accordance with procedures approved by the Lender. 
 Unless the
Lender specifies otherwise, (i) notices and other communications sent by e-mail shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail
address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor; provided that, in the case of clauses (i) and (ii) above, if such
notice, email or other communication is not sent during the recipient’s normal business hours, such notice, email or communication shall be deemed to have been sent at the recipient’s opening of business on the next business day. 

(c) Change of Address, Etc. Any party hereto may change its address or facsimile number for notices and other communications hereunder
by notice to the other parties hereto. 

  
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 Section 6.06 Continuing Guaranty; Assignments Under the Letter of Credit Agreement.
This Agreement is a continuing guaranty and shall (i) remain in full force and effect until the latest of (x) the indefeasible payment in full in cash of the Guaranteed Obligations and all other amounts payable under this Agreement and the
other Credit Documents (other than contingent indemnification obligations not then due and payable), (y) the date of cancellation or expiration of the Letter of Credit and (z) the date of expiration or termination of all Treasury
Management Agreements (the “Termination Date”), (ii) be binding on the Guarantor, its successors and assigns, and (iii) inure to the benefit of and be enforceable by the Lender and its successors and assigns. The Lender
may assign or otherwise transfer all or any portion of its rights and obligations to the extent permitted under the Letter of Credit Agreement and the other Credit Documents to any other Person, and such other Person shall thereupon become vested
with all the benefits in respect thereof granted to the Lender herein or otherwise. The Guarantor shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of the Lender. 

Section 6.07 No Waiver. The rights and remedies of the Lender expressly set forth in this Agreement and the other Credit Documents
are cumulative and in addition to, and not exclusive of, all other rights and remedies available at law, in equity or otherwise. No failure or delay on the part of the Lender in exercising any right, power or privilege shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege or be construed to be a waiver of any default or Event of
Default. No course of dealing between the Guarantor and the Lender or their agents or employees shall be effective to amend, modify or discharge any provision of this Agreement or any other Credit Document or to constitute a waiver of any default or
Event of Default. No notice to or demand upon the Guarantor in any case shall entitle the Guarantor to any other or further notice or demand in similar or other circumstances or constitute a waiver of the right of the Lender to exercise any right or
remedy or take any other or further action in any circumstances without notice or demand. 
 Section 6.08 Counterparts; Integration;
Effectiveness; Electronic Execution. This Agreement and any amendments, waivers, consents or supplements hereto may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an
original, but all taken together shall constitute a single contract. This Agreement constitutes the entire contract among the parties with respect to the subject matter hereof and supersede all previous agreements and understandings, oral or
written, with respect thereto. This Agreement shall become effective when it shall have been executed by the Lender and when the Lender shall have received a counterpart hereof that bears the signature of the Guarantor. Delivery of an executed
counterpart of a signature page to this Agreement by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement. 

  
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 Section 6.09 Governing Law; Jurisdiction; Etc. 

(a) Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York (including
Sections 5-1401 and 5-1402 of the New York General Obligations Law, but excluding all other choice of law and conflicts of law rules). 

(b) Submission to Jurisdiction. The Guarantor irrevocably and unconditionally agrees that it will not commence any action, litigation
or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Lender or any Related Party thereof in any way relating to this Agreement or any other Credit Document or the transactions
relating hereto or thereto, in any forum other than any New York State court or federal court of the United States of America sitting in New York City, and any appellate court from any thereof, and each of the parties hereto irrevocably and
unconditionally submits, for itself and its property, to the jurisdiction of such courts and agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined in any such New York State court or, to the
extent permitted by applicable law, in such federal court in New York City. Each of the parties hereto agrees that a final judgment in any such action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit
on the judgment or in any other manner provided by law. Nothing herein or in any other Credit Document shall affect any right that the Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Credit
Document against the Guarantor or its properties in the courts of any jurisdiction. 
 (c) Waiver of Venue. The Guarantor irrevocably
and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any such suit, action or proceeding arising out of or relating to this Agreement in any
New York State or federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Service of Process. Each party hereto irrevocably consents to the service of process in the manner provided for notices in
Section 6.05 and agrees that nothing herein will affect the right of any party hereto to serve process in any other manner permitted by applicable law. 

Section 6.10 Waiver of Jury Trial. EACH OF THE GUARANTOR AND THE LENDER HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN
ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF THE LENDER IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF. 

Section 6.11 Severability. To the extent any provision of this Agreement is prohibited by or invalid under the applicable law of
any jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity and only in such jurisdiction, without prohibiting or invalidating such provision in any other jurisdiction or the remaining provisions of
this Agreement in any jurisdiction. 

  
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 Section 6.12 Judgment Currency. If, for the purposes of obtaining judgment in any court,
it is necessary to convert a sum due hereunder or any other Credit Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Lender could purchase the first
currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of the Guarantor in respect of any such sum due from it to the Lender hereunder or under the other Credit Documents shall,
notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement Currency”), be
discharged only to the extent that on the Business Day following receipt by the Lender of any sum adjudged to be so due in the Judgment Currency, the Lender may in accordance with normal banking procedures purchase the Agreement Currency with the
Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Lender from the Guarantor in the Agreement Currency, the Guarantor agrees, as a separate obligation and notwithstanding any such
judgment, to indemnify the Lender against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Lender in such currency, the Lender agrees to return the amount of any excess to the Guarantor
(or to any other Person who may be entitled thereto under applicable law). 

  
 12 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date
first written above by their respective officers thereunto duly authorized. 
  

					
	Guarantor:
	PROASSURANCE CORPORATION
		
	By:	 	 /s/ Edward L. Rand, Jr.

		 	Name:	 	Edward L. Rand, Jr.
		 	Title:	 	Chief Financial Officer

  

					
	Lender:
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By	 	  

		 	Name:	 	Hans Sitarz, Jr.
		 	Title:	 	Senior Vice President

  
 [Parent Guaranty]

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date
first written above by their respective officers thereunto duly authorized. 
  

					
	Guarantor:
	PROASSURANCE CORPORATION
		
	By:	 	  

		 	Name:	 	Edward L. Rand, Jr.
		 	Title:	 	Chief Financial Officer

  

					
	Lender:
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By	 	 /s/ Hans Sitarz, Jr.

		 	Name:	 	Hans Sitarz, Jr.
		 	Title:	 	Senior Vice President

  
 [Parent Guaranty]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00223-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00223-of-00352.parquet"}]]