Document:

HEALTH
INSURANCE INNOVATIONS, INC.

LONG TERM INCENTIVE PLAN

 

Restricted
Stock Award Agreement

 

You
have been granted Restricted Stock (this “Award”) on the following terms and subject to the provisions of Attachment
A and the Long Term Incentive Plan (the “Plan”) of Health Insurance Innovations, Inc. (the “Company”).
Unless defined in this Award (including Attachment A, this “Agreement”), capitalized terms will have
the meanings assigned to them in the Plan. In the event of a conflict among the provisions of the Plan, this Agreement and any
descriptive materials provided to you, the provisions of the Plan will prevail.

 

	Participant	[                           ]
	 	 
	Number
    of Shares Underlying Award	[                           ]
    Shares (to the extent not vested as of any applicable date, the “Restricted Shares”)
	 	 
	Grant
    Date	[                           ],
20[___]
	 	 
	Vesting
    Schedule

    (subject to Section 3 of Attachment A)
	 
	Vesting
    Schedule	Subject
    to Section 3 of Attachment A, the Restricted Shares shall vest and become non-forfeitable at a rate of 25% on
    each of the first four anniversaries of the Grant Date. 

 

    	 	 	 

     

    

 

Attachment
A

 

Restricted
Stock Award Agreement

Terms and Conditions

 

Grant
to: [                    ]

 

Section
1. Grant of Restricted Stock Award. Subject to the terms and conditions of the Plan and this Agreement, the Company hereby
grants this Award to the Participant on the Grant Date on the terms set forth on the cover page of this Agreement, as more fully
described in this Attachment A. This Award is granted under the Plan, which is incorporated herein by this reference and
made a part of this Agreement.

 

Section
2. Issuance of Shares.

 

(a)
The Restricted Shares shall be evidenced by entry into the register of stockholders of the Company; provided, however, that the
Committee may determine that the Restricted Shares shall be evidenced in such other manner as it deems appropriate, including
the issuance of a share certificate or certificates. In the event that any share certificate is issued in respect of the Restricted
Shares, such certificate shall (i) be registered in the name of the Participant, (ii) bear an appropriate legend referring to
the terms, conditions and restrictions applicable to the Restricted Shares and (iii) be held in custody by the Company.

 

(b)
Voting Rights. The Participant shall have voting rights with respect to the Restricted Shares.

 

(c)
Dividends. All cash and other dividends and distributions, if any, that are paid with respect to the Restricted Shares
shall be paid to the Participant at the time that the portion of this Award to which such dividends or other distributions relate
vests and becomes non-forfeitable.

 

(d)
Transferability. Unless and until the Restricted Shares become vested in accordance with this Agreement, the Restricted
Shares shall not be assigned, sold, transferred or otherwise be subject to alienation by the Participant, and any purported assignment,
sale, transfer or other alienation not permitted hereunder shall be void.

 

    	 	A-1	 

     

    

 

(e)
Section 83(b) Election. If the Participant chooses, the Participant may make an election under Section 83(b) of the Code
with respect to the Restricted Shares, which would cause the Participant currently to recognize income for U.S. federal income
tax purposes in an amount equal to the excess (if any) of the Fair Market Value of the Restricted Shares (determined as of the
Grant Date) over the amount, if any, that the Participant paid for the Restricted Shares, which excess will be subject to U.S.
federal income tax. The form for making a Section 83(b) election is available from the Company at the address indicated in Section
4(a). The Participant acknowledges that (i) the Participant is solely responsible for the decision whether or not to make a
Section 83(b) election, and the Company is not making any recommendation with respect thereto, (ii) it is the Participant’s
sole responsibility to timely file the Section 83(b) election within 30 days after the Grant Date, if the Participant decides
to make such election, and (iii) if the Participant does not make a valid and timely Section 83(b) election, the Participant will
be required to recognize ordinary income at the time of vesting on any future appreciation on the Restricted Shares.

 

(f)
Withholding Requirements. The Company may withhold any tax (or other governmental obligation) that becomes due with respect
to the Restricted Shares (or any dividend or distribution thereon), and the Participant shall make arrangements satisfactory to
the Company to enable the Company to satisfy all such withholding requirements. Notwithstanding the foregoing, the Committee,
in its sole discretion, may permit the Participant to satisfy any such withholding requirement by transferring to the Company
pursuant to such procedures as the Committee may require, effective as of the date on which such requirement arises, a number
of vested Shares owned and designated by the Participant having an aggregate Fair Market Value as of such date that is equal to
the minimum amount required to be withheld. If the Committee permits the Participant to satisfy any such withholding requirement
pursuant to the preceding sentence, the Company shall remit to the Internal Revenue Service and appropriate state and local revenue
agencies, for the credit of the Participant, an amount of cash withholding equal to the Fair Market Value of the Shares transferred
to the Company as provided above.

 

Section
3. Termination of Service; Acceleration of Vesting Upon Change of Control.

 

(a)
Termination of Service. [In the event of the Participant’s Termination of Service at any time, any Restricted Shares
that are unvested as of the Termination Date shall automatically be forfeited without any payment to the Participant regardless
of the reason for termination.]1

 

 

1
ALTERNATIVE PARAGRAPH OPTION: [The Restricted Shares shall vest and become non-forfeitable in accordance with the Vesting
Schedule set forth on the cover page of this Agreement; provided that no Termination of Service occurs with respect
to the Participant on or prior to such vesting date. In the event of the Participant’s Termination of Service at any time
on or prior to such vesting due to Termination Upon Death (as defined in Participant’s employment agreement), Termination
For Disability (as defined in Participant’s employment agreement), Termination Without Cause (as defined in Participant’s
employment agreement) or Resignation For Good Reason (as defined in Participant’s employment agreement), all Restricted
Shares shall become 100% vested and non-forfeitable.]

 

    	 	A-2	 

     

    

 

(b)
Change of Control. If the Participant holds Restricted Shares at the time a Change in Control occurs, the Restricted Shares
shall become 100% vested and non-forfeitable on the date of the Change in Control immediately prior to the consummation thereof.

 

(c)
Effect of Vesting. Subject to the provisions of this Agreement, upon the vesting of any of the Restricted Shares, the restrictions
under this Award with respect to such Shares shall lapse. Subject to any applicable Lock Up Agreement, such Shares shall be fully
assignable, saleable and transferable by the Participant, and the Company shall deliver such Shares to the Participant by transfer
to the Depository Trust Company for the benefit of the Participant or by delivery of a share certificate registered in the Participant’s
name and such transfer shall be evidenced in the register of members of the Company.

 

Section
4. Change in Control. Without limiting the Committee’s power under the Plan, upon the occurrence of a Change in Control,
the Committee is authorized (but not obligated) to make adjustments to the terms and conditions of the Restricted Shares without
the need for the consent of the Participant, including, without limitation, the following (or any combination thereof):

 

(a)
The Committee may provide for the continuation or assumption of the Restricted Shares and this Agreement by the acquiring or successor
entity (or parent thereof), including the Company if it is the surviving entity, or for the substitution of the Restricted Shares
and this Agreement with a substitute award with terms comparable to the Restricted Shares and this Agreement (in each case with
appropriate adjustments as to the number and type of Shares (or other securities) underlying the Award or substitute award). The
determination of such appropriate adjustments and comparability shall be made by the Committee.

 

    	 	A-3	 

     

    

 

(b)
The Committee may provide for the cancellation of all or any portion of the Restricted Shares for value (payable in the form of
cash, stock, securities, other property or any combination thereof) based upon the price per Share received or to be received
by other stockholders of the Company in the Change in Control transaction.

 

Section
5. Miscellaneous Provisions.

 

(a)
Notices. All notices, requests and other communications under this Agreement shall be in writing and shall be delivered
in person (by courier or otherwise), mailed by certified or registered mail, return receipt requested, or sent by facsimile transmission,
as follows:

 

if
to the Company, to:

 

Health
Insurance Innovations, Inc.

15438
N. Florida Avenue, Suite 201

Tampa,
Florida 33613

Attention:
Chief Financial Officer

Telecopy:
(877) 376-5832

 

if
to the Participant, to the address that the Participant most recently provided to the Company, or to such other address or facsimile
number as such party may hereafter specify for the purpose by notice to the other party hereto. All such notices, requests and
other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. on
a business day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed received on the next
succeeding business day in the place of receipt.

 

(b)
Entire Agreement. This Agreement, the Plan and any other agreements referred to herein and therein and any attachments
referred to herein or therein, constitute the entire agreement and understanding between the parties in respect of the subject
matter hereof and supersede all prior and contemporaneous arrangements, agreements and understandings, both oral and written,
whether in term sheets, presentations or otherwise, between the parties with respect to the subject matter hereof.

 

    	 	A-4	 

     

    

 

(c)
Amendment; Waiver. No amendment or modification of any provision of this Agreement shall be effective unless signed in
writing by or on behalf of the Company and the Participant, except that the Committee may amend or modify this Agreement without
the Participant’s consent in accordance with the provisions of the Plan or as otherwise set forth in this Agreement. No
waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent breach or condition
whether of like or different nature. Any amendment or modification of or to any provision of this Agreement, or any waiver of
any provision of this Agreement, shall be effective only in the specific instance and for the specific purpose for which made
or given.

 

(d)
Assignment. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof
shall be assignable by the Participant.

 

(e)
Successors and Assigns; No Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon
the Company and the Participant and their respective heirs, successors, legal representatives and permitted assigns. Nothing in
this Agreement, expressed or implied, is intended to confer on anyone other than the Company and the Participant, and their respective
heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason
of this Agreement.

 

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

 

(g)
Plan. The Participant acknowledges and understands that material definitions and provisions concerning this Award and the
Participant’s rights and obligations with respect thereto are set forth in the Plan. The Participant has read carefully,
and understands, the provisions of the Plan.

 

    	 	A-5	 

     

    

 

(h)
Governing Law. The Agreement shall be governed by the laws of the State of Florida, without application of the conflicts
of law principles thereof.

 

(i)
No Right to Continued Service. The granting of the Award evidenced hereby and this Agreement shall impose no obligation
on the Company or any Affiliate to continue the service of the Participant and shall not lessen or affect the right that the Company
or any Affiliate may have to terminate the service of the Participant.

 

(j)
WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

[Signature
Page Follows]

 

    	 	A-6	 

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first written above.

 

	 	HEALTH
    INSURANCE INNOVATIONS, INC.
	 	 	 
	 	By:	                  
	 	Name:	 
	 	Its:	 
	 	 	 
	 	PARTICIPANT
	 	 	 
	 	Name:	 

 

    	 	A-7HEALTH
INSURANCE INNOVATIONS, INC.

LONG
TERM INCENTIVE PLAN

(FOR
NON-EMPLOYEE DIRECTORS)

 

Restricted
Stock Award Agreement

 

You
have been granted Restricted Stock (this “Award”) on the following terms and subject to the provisions of Attachment
A and the Long Term Incentive Plan (the “Plan”) of Health Insurance Innovations, Inc. (the “Company”).
Unless defined in this Award Agreement (including Attachment A, this “Agreement”), capitalized terms will have
the meanings assigned to them in the Plan. In the event of a conflict among the provisions of the Plan, this Agreement and any
descriptive materials provided to you, the provisions of the Plan will prevail.

 

	Participant	 	[________]
	 	 	 
	Number
    of Shares Underlying Award	 	[_____]
    Shares (to the extent not vested as of any applicable date, the “Restricted Shares”)
	 	 	 
	Grant
    Date	 	[_____]

 

Vesting
Schedule

(subject
to Section 3 of Attachment A)

 

	Vesting	 	Subject
                                         to Section 3 of Attachment A, the Restricted Shares shall vest and become
                                         non-forfeitable in four tranches, on the following dates in the following amounts:

         

        [______]:
        [_____]

        [______]:
        [_____]

 

    	 	 	 

    	 

    

 

Attachment
A

 

Restricted
Stock Award Agreement 

Terms
and Conditions

 

Grant
to: [_____]

 

Section
1. Grant of Restricted Stock Award. Subject to the terms and conditions of the Plan and this Agreement, the Company hereby
grants this Award to the Participant on the Grant Date on the terms set forth on the cover page of this Agreement, as more fully
described in this Attachment A. This Award is granted under the Plan, which is incorporated herein by this reference and made
a part of this Agreement.

 

Section
2. Issuance of Shares. 

 

(a)
Generally. The Restricted Shares shall be evidenced by entry into the register of members of the Company; provided,
however, that the Committee may determine that the Restricted Shares shall be evidenced in such other manner as it deems
appropriate, including the issuance of a share certificate or certificates. In the event that any share certificate is issued
in respect of the Restricted Shares, such certificate shall (i) be registered in the name of the Participant, (ii) bear an appropriate
legend referring to the terms, conditions and restrictions applicable to the Restricted Shares and (iii) be held in custody by
the Company.

 

(b)
Voting Rights. The Participant shall have voting rights with respect to the Restricted Shares.

 

(c)
Dividends. All cash and other dividends and distributions, if any, that are paid with respect to the Restricted Shares
shall be paid to the Participant at the time that the portion of this Award to which such dividends or other distributions relate
vests and becomes nonforfeitable.

 

(d)
Transferability. Unless and until the Restricted Shares become vested in accordance with this Agreement, the Restricted
Shares shall not be assigned, sold, transferred or otherwise be subject to alienation by the Participant, and any purported assignment,
sale, transfer or other alienation not permitted hereunder shall be void.

 

(e)
Section 83(b) Election. If the Participant chooses, the Participant may make an election under Section 83(b) of the Code
with respect to the Restricted Shares, which would cause the Participant currently to recognize income for U.S. federal income
tax purposes in an amount equal to the excess (if any) of the Fair Market Value of the Restricted Shares (determined as of the
Grant Date) over the amount, if any, that the Participant paid for the Restricted Shares, which excess will be subject to U.S.
federal income tax. The form for making a Section 83(b) election is available from the Company at the address indicated in Section
4(a). The Participant acknowledges that (i) the Participant is solely responsible for the decision whether or not to make a
Section 83(b) election, and the Company is not making any recommendation with respect thereto, (ii) it is the Participant’s
sole responsibility to timely file the Section 83(b) election within 30 days after the Grant Date, if the Participant decides
to make such election, and (iii) if the Participant does not make a valid and timely Section 83(b) election, the Participant will
be required to recognize ordinary income at the time of vesting on any future appreciation on the Restricted Shares.

 

    	 	A-1	 

    	 

    

 

(f)
Withholding Requirements. The Company may withhold any tax (or other governmental obligation) that becomes due with respect
to the Restricted Shares (or any dividend or distribution thereon), and the Participant shall make arrangements satisfactory to
the Company to enable the Company to satisfy all such withholding requirements. Notwithstanding the foregoing, the Committee,
in its sole discretion, may permit the Participant to satisfy any such withholding requirement by transferring to the Company
pursuant to such procedures as the Committee may require, effective as of the date on which such requirement arises, a number
of vested Shares owned and designated by the Participant having an aggregate Fair Market Value as of such date that is equal to
the minimum amount required to be withheld. If the Committee permits the Participant to satisfy any such withholding requirement
pursuant to the preceding sentence, the Company shall remit to the Internal Revenue Service and appropriate state and local revenue
agencies, for the credit of the Participant, an amount of cash withholding equal to the Fair Market Value of the Shares transferred
to the Company as provided above.

 

Section
3. Vesting; Change in Control; Forfeiture upon Termination of Service.

 

(a)
Vesting. The Restricted Shares shall vest and become non-forfeitable (subject to Section 3(b)) in accordance with
the Vesting Schedule set forth on the cover page of this Agreement; provided that the Restricted Shares shall vest on any
date in such Vesting Schedule only if no Termination of Service occurs with respect to the Participant on or prior to such vesting
date. In the event of the Participant’s Termination of Service at any time and for any reason, the unvested Restricted Shares
shall be forfeited in their entirety without any payment to the Participant.

 

(b)
Termination for Cause. In the event of the Participant’s Termination of Service for Cause (as determined by the Committee
in good faith), all of the Participant’s Shares of Restricted Stock granted under this Agreement, including those that are
otherwise vested, shall be forfeited in their entirety simultaneously with the Termination of Service without any payment to the
Participant.

 

(c)
Change of Control. If the Participant holds Restricted Shares at the time a Change in Control occurs, the Restricted Shares
shall become 100% vested and non-forfeitable on the date of the Change in Control immediately prior to the consummation thereof.

 

(d)
Effect of Vesting. Subject to the provisions of this Agreement, upon the vesting of any of the Restricted Shares, the restrictions
under this Award with respect to such Shares shall lapse. Subject to any applicable Lock Up Agreement, such Shares shall be fully
assignable, saleable and transferable by the Participant, and the Company shall deliver such Shares to the Participant by transfer
to the Depository Trust Company for the benefit of the Participant or by delivery of a share certificate registered in the Participant’s
name and such transfer shall be evidenced in the register of members of the Company.

 

    	 	A-2	 

    	 

    

 

Section
4. Change in Control. Without limiting the Committee’s power under the Plan, upon the occurrence of a Change in Control,
the Committee is authorized (but not obligated) to make adjustments to the terms and conditions of the Restricted Shares without
the need for the consent of the Participant, including, without limitation, the following (or any combination thereof):

 

(a)
The Committee may provide for the continuation or assumption of the Restricted Shares and this Agreement by the acquiring or successor
entity (or parent thereof), including the Company if it is the surviving entity, or for the substitution of the Restricted Shares
and this Agreement with a substitute award with terms comparable to the Restricted Shares and this Agreement (in each case with
appropriate adjustments as to the number and type of Shares (or other securities) underlying the Award or substitute award). The
determination of such appropriate adjustments and comparability shall be made by the Committee.

 

(b)
The Committee may provide for the cancellation of all or any portion of the Restricted Shares for value (payable in the form of
cash, stock, securities, other property or any combination thereof) based upon the price per Share received or to be received
by other stockholders of the Company in the Change in Control transaction.

 

Section
5. Miscellaneous Provisions.

 

(a)
Notices. All notices, requests and other communications under this Agreement shall be in writing and shall be delivered
in person (by courier or otherwise), mailed by certified or registered mail, return receipt requested, or sent by facsimile transmission,
as follows:

 

if
to the Company, to:

 

Health
Insurance Innovations, Inc.

15438
N. Florida Avenue, Suite 201

Tampa,
Florida, 33613

Attention:
Chief Financial Officer

Facsimile:
(877) 376-5832

 

if
to the Participant, to the address that the Participant most recently provided to the Company,

 

or
to such other address or facsimile number as such party may hereafter specify for the purpose by notice to the other parties hereto.
All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if
received prior to 5:00 p.m. on a business day in the place of receipt. Otherwise, any such notice, request or communication shall
be deemed received on the next succeeding business day in the place of receipt.

 

(b)
Entire Agreement. This Agreement, the Plan and any other agreements referred to herein and therein and any attachments
referred to herein or therein, constitute the entire agreement and understanding between the parties in respect of the subject
matter hereof and supersede all prior and contemporaneous arrangements, agreements and understandings, both oral and written,
whether in term sheets, presentations or otherwise, between the parties with respect to the subject matter hereof.

 

    	 	A-3	 

    	 

    

 

(c)
Amendment; Waiver. No amendment or modification of any provision of this Agreement shall be effective unless signed in
writing by or on behalf of the Company and the Participant, except that the Committee may amend or modify this Agreement without
the Participant’s consent in accordance with the provisions of the Plan or as otherwise set forth in this Agreement. No
waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent breach or condition
whether of like or different nature. Any amendment or modification of or to any provision of this Agreement, or any waiver of
any provision of this Agreement, shall be effective only in the specific instance and for the specific purpose for which made
or given.

 

(d)
Assignment. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof
shall be assignable by the Participant.

 

(e)
Successors and Assigns; No Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon
the Company and the Participant and their respective heirs, successors, legal representatives and permitted assigns. Nothing in
this Agreement, expressed or implied, is intended to confer on anyone other than the Company and the Participant, and their respective
heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason
of this Agreement.

 

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

 

(g)
Plan. The Participant acknowledges and understands that material definitions and provisions concerning this Award and the
Participant’s rights and obligations with respect thereto are set forth in the Plan. The Participant has read carefully,
and understands, the provisions of the Plan.

 

(h)
Governing Law. The Agreement shall be governed by the laws of the State of Florida, without application of the conflicts
of law principles thereof.

 

(i)
No Right to Continued Service. The granting of the Award evidenced hereby and this Agreement shall impose no obligation
on the Company or any Affiliate to continue the service of the Participant and shall not lessen or affect the right that the Company
or any Affiliate may have to terminate the service of such Participant.

 

(j)
WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

    	 	A-4	 

    	 

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first written above.

 

	 	HEALTH INSURANCE INNOVATIONS,
    INC.
	 	 	 
	 	By:	 
	 	 	[_________]
	 	 	 
	 	PARTICIPANT
	 	 	 
	 	[_________]

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