Document:

EX-10.1

 Exhibit 10.1 

RESTRICTED STOCK AWARD AGREEMENT 

This Restricted Stock Award Agreement (the “Agreement”) is entered into as of January 20, 2015 by and between Calavo
Growers, Inc., a California corporation (“Calavo”), and the director of Calavo whose name is set forth on the signature page of this Agreement (the “Director”). 

RECITALS 
 A.
Calavo’s Board of Directors (the “Board”) has adopted the 2011 Management Incentive Plan (the “Plan”), and Calavo’s shareholders have approved the Plan. 

B. The Director is a non-employee director of Calavo. The Board and Calavo’s Compensation Committee (the “Compensation
Committee”) have approved the award and issuance to the Director of One Thousand Seven Hundred Fifty (1,750) shares of Calavo’s common stock, par value $0.001 per share (“Common Stock”) upon the terms set forth in
this Agreement. Each member of the Compensation Committee is (1) an “outside director” within the meaning of Section 162(m) of the Internal Revenue Code of 1986, as amended, (2) a “non-employee director” within the
meaning of Rule 16b-3 under the Securities Exchange Act of 1934, as amended, and (3) an “independent director” under applicable rules and regulations of the Nasdaq Stock Market. 

C. On January 19, 2012, Calavo filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on
Form S-8 that covers issuances of shares of Common Stock under the Plan. 
 NOW, THEREFORE, in consideration of the foregoing and other good
and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, Calavo and the Director hereby agree as follows: 

1. Award of Shares to the Director. Effective as of January 20, 2015, Calavo hereby awards and issues to the Director One
Thousand Seven Hundred Fifty (1,750) shares of Common Stock, which are referred to below as the “Awarded Shares.” 

2. Vesting of the Awarded Shares; Possible Forfeiture of the Awarded Shares. 

(a) As of the date of this Agreement, all of the Awarded Shares are unvested and are not transferable by the Director. Prior to the date
that the Awarded Shares vest as described below, the Director is not entitled to sell, pledge, or otherwise transfer any of the Awarded Shares. 

(b) On January 8, 2016, all of the Awarded Shares shall fully vest, and shall become non-forfeitable and transferable by the
Director, if the Director is serving as a director of Calavo on January 1, 2016. Except as described below in Section 2(c), if the Director’s service as a director of Calavo terminates prior to January 1, 2016, all of the Awarded
Shares (1) shall automatically be forfeited, cancelled on Calavo’s share record books, and re-conveyed to Calavo by the Director on the date of his or her termination of service without the necessity for any payment by Calavo and without
the necessity of any further action by the Director, and (2) the Director shall immediately and automatically cease to have any ownership right as to the Awarded Shares as of such service termination date. 

  
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 (c) All of the Awarded Shares shall fully vest, and shall become non-forfeitable and
transferable by the Director if, prior to January 1, 2016, (1) the Director’s service as a director terminates as a result of his or her death or permanent disability (as such disability shall be determined by a physician approved by
the Board), (2) Calavo’s annual meeting of shareholders is held but the Director is not re-elected as a director at the annual meeting, or (3) a “Change of Control” defined in Section 13.1 of the Plan occurs. The
Awarded Shares shall vest and become non-forfeitable and transferable as of the date of the termination of service, annual meeting, or Change of Control that is described in the preceding sentence, as applicable. 

3. Evidence of Ownership of the Awarded Shares.  

(a) Prior to the date that the Awarded Shares vest pursuant to Section 2 above, Calavo shall not deliver to the Director a stock
certificate evidencing the Awarded Shares and Calavo shall not otherwise deposit the Awarded Shares into a brokerage or other account for the benefit of the Director. However, Calavo shall take necessary or appropriate actions to ensure that
Calavo’s transfer agent recognizes the Director as the owner of the Awarded Shares for purposes of the dividend and voting rights described below in Section 4. 

(b) Promptly after the date that the Awarded Shares vest pursuant to Section 2 above, Calavo shall deliver the Awarded Shares by
book or electronic entry to a brokerage or other account specified by the Director or, if requested by the Director, Calavo shall deliver to the Director a stock certificate evidencing the Awarded Shares, which certificate shall not contain any
restrictive legend. 
 4. Dividend and Voting Rights. Effective as of the date of this Agreement, the Director shall have the
right to vote the Awarded Shares and to receive any dividends with respect to the Awarded Shares that Calavo may declare on the Common Stock. However, such voting and dividend rights with respect to the Awarded Shares shall terminate if and when the
Awarded Shares are forfeited upon the Director’s termination of service prior to January 1, 2016 pursuant to Section 2 above. 

5. Minimum Share Ownership Requirement.  

(a) If the Director owns fewer than 4,000 shares of Common Stock as of the date of this Agreement, the Director must retain ownership of
at least 600 of the Awarded Shares, once vested, until the date that the Director owns at least 4,000 shares of Common Stock. Following the date that the Director owns at least 4,000 shares of Common Stock, the Director shall not be required to
retain any of the Awarded Shares, once vested, so long as the Director at all times thereafter continues to own at least 4,000 shares of Common Stock during the period that he or she is a director of Calavo. Awarded Shares that are owned by the
Director shall be counted toward the satisfaction of the share ownership requirement that is described in this Section 5(a) and in Section 5(b) below, but shares of Common Stock that may be acquired by the Director upon the exercise of a
stock option shall not be treated as being owned by the Director for purposes of the satisfaction of the share ownership requirement until the stock option is exercised. 

  
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 (b) If the Director owns at least 4,000 shares of Common Stock as of the date of this
Agreement, the Director shall not be required to retain any of the Awarded Shares, once vested, but the Director must at all times continue to own at least 4,000 shares of Common Stock during the period that he or she is a director of Calavo. 

(c) Upon the request of Calavo, the Director shall provide evidence to Calavo of the number of shares of Common Stock that he or she
owns. 
 (d) The share ownership requirement described in this Section 5 shall terminate on the date that the Director ceases for
any reason to be a director of Calavo. 
 6. Securities Law Compliance. The Director agrees not to sell, pledge, or otherwise
transfer any of the Awarded Shares or any other shares of Common Stock except in full compliance with (a) Calavo’s Insider Trading Policy and (b) all applicable federal and state securities laws, rules, and regulations, including,
without limitation, the requirement to file a Form 4 on a timely basis with the SEC pertaining to such transaction and the requirement to comply with the terms of Rule 144 under the Securities Act of 1933, as amended. The Director also agrees not to
sell, pledge, or otherwise transfer any of the Awarded Shares prior to the date that they vest pursuant to Section 2 above, and any such attempted sale, pledge, or other transfer shall be null and void. The Director acknowledges and agrees that
neither Calavo nor any of its agents has made any representation to the Director about the advisability of the Director’s retention or sale of the Awarded Shares. 

7. Section 83(b) Election. The Director acknowledges and agrees that: (1) Calavo advised the Director of his or her
right to make an election under Section 83(b) of the Internal Revenue Code of 1986, as amended, regarding the Awarded Shares within thirty days after Calavo’s grant of the Awarded Shares; (2) Calavo has made no recommendation to the
Director regarding whether the Section 83(b) election should be made; (3) it is the Director’s responsibility to consult with his or her tax advisor regarding the advisability of the Section 83(b) election; (4) the Director
is responsible for the payment of any and all federal, state and other taxes that may be imposed on the Director by reason of the grant of the Awarded Shares or the Director’s subsequent sale of the Awarded Shares; and (5) the Director
promptly shall provide Calavo with a copy of any Section 83(b) election that is made by the Director. 
 8. Incorporation by
Reference of the Plan. The Plan and all of its terms, as amended from time to time, are incorporated by reference into this Agreement. The Director acknowledges that he or she has received and reviewed a copy of the Plan. This Agreement is
not a complete restatement of all of the terms of the Plan. Calavo and the Director agree to be bound by the Plan, as amended from time to time, and agree that the terms of the Plan shall govern if and to the extent that there are any
inconsistencies between the Plan and this Agreement. 

  
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 9. No Right to Continue to Serve as a Director. The Director understands that
nothing in the Plan or this Agreement gives the Director a right to continue to serve as a director of Calavo. 
 10. Miscellaneous
Provisions. 
 (a) Further Instruments. Calavo and the Director agree to execute such further instruments and to take
such further actions as may be reasonably necessary to carry out the intent of this Agreement. 
 (b) Provisions Subject to Applicable
Law. If any provision of this Agreement is held by a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions shall nevertheless continue in full force and effect without being impaired or invalidated
in any way and shall be construed in accordance with the purposes and intent of this Agreement. 
 (c) Complete Agreement. This
Agreement and the Plan constitute the complete and exclusive agreement between Calavo and the Director with respect to the subject matter of this Agreement and replace and supersede any and all other prior written and oral agreements or statements
by the parties relating to such subject matter. 
 (d) Successors and Assigns. This Agreement shall be binding upon and inure
to the benefit of Calavo and the Director and their respective successors and assigns. 
 (e) Notices. Any notice required or
permitted to be given to Calavo or the Director must be in writing and shall be deemed to have been duly given (1) when delivered in person, (2) when sent by facsimile transmission (provided confirmation of facsimile transmission is
obtained), (3) on the second business day after dispatch by United States registered or certified mail (postage prepaid and return receipt requested), (4) on the next business day if transmitted by national overnight courier, or
(5) on the date delivered if sent by e-mail (provided confirmation of e-mail receipt is obtained), in each case to the address shown below such party’s signature or to such other address as the party may designate in the foregoing manner
to the other party. 
 (f) Amendment and Termination. This Agreement may be amended or terminated only by a writing executed by
both Calavo and the Director. 
 (g) Counterparts. This Agreement may be executed by facsimile or by e-mail transmission with
the signature page attached in PDF or other format and in two counterparts, each of which shall be deemed an original, but both of which shall constitute one and the same instrument. 

(h) Governing Law; Enforcement of this Agreement. This Agreement shall be governed by, and construed and enforced in accordance
with, the internal laws of the State of California without giving effect to such state’s conflict-of-law principles. Each party to this Agreement is entitled to bring an action for temporary or preliminary injunctive relief at any time in any
court of competent jurisdiction in order to prevent immeasurable and irreparable injury that might result from a breach of this Agreement. To the fullest extent permitted by applicable law, the unsuccessful party to any court action regarding this
Agreement shall pay to 

  
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the prevailing party all costs and expenses, including, without limitation, reasonable attorneys’ fees, incurred in the court action by the successful party, all of which shall be included
in and as a part of the award rendered in the action. For purposes of this paragraph, attorneys’ fees shall include, without limitation, fees incurred in connection with post-judgment and post-award actions. 

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

 

			
	CALAVO GROWERS, INC.
		
	By:		/s/ Lecil E. Cole
			Lecil E. Cole
			Chief Executive Officer
	
	Address:
	
	1141-A Cummings Road
	Santa Paula, California 93060
	Attention: Corporate Controller
	Fax: (805) 921-3223
	E-Mail: jamess@calavo.com
	
	 
	DIRECTOR
	
	Address:
		
	 	 	 
		
	 	 	 

 
			
		
	Fax:		 

 
			
		
	E-Mail:		 

  
 5Exhibit 10.21

 

JAMES RIVER GROUP HOLDINGS,
LTD.

Clarendon House

2 Church Street

Hamilton HM 11 Bermuda

 

Dated as of November 18, 2014

 

Mr. Gregg Davis

 

Dear Gregg:

 

The purpose of this letter (this “Agreement”)
is to confirm that we have agreed to amend and restate as of the Effective Date (as hereinafter defined) our prior agreement with
respect to the terms of your continued employment by James River Group Holdings, Ltd. (f/k/a Franklin Holdings (Bermuda), Ltd.),
a Bermuda company (the “Parent Company”), and its subsidiary James River Group, Inc., a Delaware corporation
(the “Company”) which prior agreement was effective October 1, 2012 (the “Prior Agreement”).

 

The Parent Company has filed a registration statement with the Securities
and Exchange Commission to conduct an initial public offering (the “Offering”) of common shares of the Parent
Company, and the Parent Company and you desire to amend and restate the Prior Agreement on such date that the Offering is consummated
and immediately prior to the consummation of the Offering (the “Effective Date”).

 

In consideration of the mutual promises contained in this Agreement,
the parties to this Agreement hereby agree as follows:

 

1.          EMPLOYMENT
AND TERM.  Effective as of the Effective Date, the Parent Company and the Company, respectively, agree to continue
to employ you (the “Executive”) as Chief Financial Officer of the Parent Company and Chief Financial Officer
of the Company, and Executive hereby accepts such employment on the terms hereinafter set forth.  The term of this Agreement
shall be one year commencing as of the Effective Date and ending on the date immediately preceding the first anniversary of the
Effective Date, subject to the termination provisions of Section 6.  The term of this Agreement shall thereafter be automatically
renewed for additional one year periods unless written notice to the contrary shall be given by either party to the other not less
than 60 days prior to the end of the initial or any renewal term that the term shall not thereafter be renewed (“Non-Renewal
Notice”), subject to the termination provisions of Section 6.  The initial term plus any renewals thereof shall
hereafter be referred to as the “Term.”  In furtherance of the foregoing, in the event that the Offering
is not consummated on or before June 30, 2015 for any reason whatsoever, this Agreement shall not be effective and the Prior Agreement
shall continue in effect pursuant to the terms thereof.

 

    	 

    	 

    

 

2.          COMPENSATION.

 

(a)          Salary.  Commencing
as of the Effective Date, Executive shall be paid a base salary at a rate of not less than $375,000 per year, payable by the Company
in periodic installments in accordance with the Company’s normal payroll practices.  

 

(b)          Bonus
and Long-Term Incentive Plan.  For each fiscal year during the Term in which Executive is employed by the Company
as of the last day of such fiscal year, Executive shall be eligible to receive such discretionary bonuses as the Board of Directors
of the Parent Company (the “Parent Board”) (other than Executive, if Executive is a member of the Parent
Board), in its discretion, may determine based on Executive’s performance during such fiscal year, which shall be paid on
or before March 15 of the subsequent fiscal year.  In addition, Executive shall be eligible to participate in any long-term
incentive plan of the Company Group in effect from time to time.

 

(c)          Vacation,
Benefits.  Executive shall also be entitled, during the Term to participate in all employee benefit plans and other fringe benefits
or plans of the Company generally available to executive employees of the Company Group (as defined in Section 4(a)) or generally
available to the Company’s United States-based executive employees, at the Company’s expense, including:

 

(i)          a
total of six weeks of paid vacation per annum (not subject to carry over to subsequent years), which will be pro-rated for the
first and last year of the Term;

 

(ii)         tax
equalization payments pursuant to the Company’s tax equalization policies (“Tax Equalization Policies”),
provided that such tax equalization payments shall be made no later than the end of the second calendar year after the year
in which the Executive’s income tax return is required to be filed (including any extensions) for the year to which the compensation
subject to the tax equalization payment relates, or, if later, the second calendar year beginning after the latest year in which
the Executive’s foreign tax return or payment is required to be filed or made of the year to which the compensation subject
to the tax equalization payment relates, and further provided that if the right to such tax equalization proceeds arises as a result
of audit, litigation, or similar proceeding, such tax equalization payments are scheduled and made in accordance with the tax gross-up
payment provisions of Treas. Reg. §1.409A-3(j)(1)(v); and

 

(iii)        business
expense reimbursement for all reasonable business expenses (including without limitation travel to Bermuda for business purposes)
upon the presentation of reasonably itemized statements of such expenses in accordance with the Company’s policies and procedures.  The
amount of expenses eligible for reimbursement pursuant to this Agreement during any tax year of Executive shall not affect the
expenses eligible for reimbursement in any other tax year.  The right to reimbursement provided in this Agreement is
not subject to liquidation or exchange for another benefit.  In no event shall the reimbursement of an eligible expense
under this Agreement occur later than the earlier of (i) six months from the date of incurrence and (ii) the end of the calendar
year following the calendar year in which such expense was incurred.

 

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(d)          Chartered
Aircraft.  The Company hereby agrees that from time to time Executive may travel on chartered aircraft in connection
with the performance of his duties hereunder.  The Company further agrees that Executive may continue to charter planes
for business travel as is reasonably necessary to efficiently carry out his duties for the Parent Company in Bermuda.

 

(e)          Claw-Back.  Executive
acknowledges that to the extent required by applicable law or written company policy adopted by the Board to implement the requirements
of such law (including without limitation Section 304 of the Sarbanes Oxley Act and Section 954 of the Dodd Frank Act), any bonus
and other incentive compensation (if any) shall be subject to any clawback, forfeiture, recoupment or similar requirement as the
Parent Board may determine in its sole discretion is necessary or desirable to implement such law or policy.

 

3.          DUTIES.  Executive
shall perform all duties normally associated with the position of Chief Financial Officer of the Parent Company and such other
reasonable duties as may be assigned to him by the Parent Board, and all duties normally associated with the position of Chief
Financial Officer of the Company and such other reasonable duties as may be assigned to him by the Board.  In his capacity
as Chief Financial Officer of the Parent Company, Executive shall report directly to the Chief Executive Officer and to the Parent
Board.  In his capacity as Chief Financial Officer of the Company, Executive shall report directly to the Chairman of
the Board and the Board, and/or at such time, if any, that the Board appoints a Chief Executive Officer of the Company, to such
Chief Executive Officer.  Executive will devote his entire working time, attention, and energies to carrying out and
fulfilling his duties and responsibilities under this Agreement.  Executive agrees to abide by all policies applicable
to employees of the Company Group adopted by the Parent Board.  Executive's duties as Chief Financial Officer of the
Parent Company will be performed primarily at the Parent Company's offices in Hamilton, Bermuda, and the Executive's duties as
Chief Financial Officer of the Company will be performed primarily at the Company's offices in Raleigh, North Carolina; provided,
however, that the foregoing duties may be performed in locations other than the aforementioned locations if the business of
the Company and the Parent Company so require, but at all times the Executive shall comply with the operational guidelines of the
Company and the Parent Company with respect to the scope of duties and activities to be performed in the United States and Bermuda,
as in effect from time to time.  Executive represents that he is able and willing to engage in frequent travel to Bermuda
and other international travel as is necessary to the business interests of the Company Group.

 

4.          CONFIDENTIAL
INFORMATION AND PRIVILEGED INFORMATION.

 

(a)          Executive
will not at any time during the Term or thereafter:

 

(i)          reveal,
divulge, or make known to any person, firm, or corporation or use for his personal benefit or the benefit of others (except the
Parent Company and any of its direct or indirect subsidiaries (hereinafter referred to as “Affiliates,” and
the Company, together with such Affiliates, the “Company Group”)), directly or indirectly, any confidential
or proprietary information received or developed by him during the course of his employment. For the purposes of this Section 4(a)(i)
confidential and

 

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proprietary information (“Confidential
Information”) shall be defined to mean (1) all historical and pro forma projections of loss ratios incurred by the Company
Group; (2) all historical and pro forma actuarial data relating to the Company Group; (3) historical and pro forma financial results,
revenue statements, and projections for the Company Group; (4) all information relating to the Company Group’s systems and
software (other than the portion thereof provided by the vendor to all purchasers of such systems and software); (5) all information
relating to the Company Group’s unique underwriting approach; (6) all information relating to plans for, or internal or external
discussions regarding, acquisitions of or mergers with any business or line of business; (7) non-public business plans; (8) all
other information relating to the financial, business, or other affairs of the Company Group including their customers; and (9)
any information about any shareholder of the Parent Company, or any of the officers or employees of any Company Group entities,
that has been furnished or made available to Executive as a result of his positions with the Parent Company and the Company.  Section
4(a)(i) shall not apply to Executive following the termination of his employment with the Parent Company and the Company with respect
to any Confidential Information known or made generally available to the general public or within the industry by persons other
than Executive or a person acting with or at the request of Executive; or

 

(ii)         reveal,
divulge, or make known to any person, firm, or corporation, or use for his personal benefit or the benefit of others (except the
Company Group), directly or indirectly, the name or names of any Customers (as defined in Section 5 below) of the Company Group,
nor will he reveal, divulge, or make known to any person, firm, or corporation or use for his personal benefit or the benefit of
others (except the Company Group), directly or indirectly, any trade secrets or any knowledge or information concerning any business
methods or operational procedures engaged in by the Company Group (collectively, “Privileged Information”);
provided, however, the restrictions set forth in this Section 4(a)(ii) shall not apply to Executive following the
termination of his employment with the Parent Company and the Company with respect to any Privileged Information known or made
generally available to the general public or within the industry by persons other than Executive or a person acting with or at
the request of Executive.

 

5.          NON-COMPETITION.

 

(a)          Executive
acknowledges and agrees that as the Parent Company’s and the Company’s Chief Financial Officer (i) he will be responsible
for and directly involved in developing customer goodwill and relationships for the benefit of the Company Group, including personal
contact with customers and supervising others who contact customers and develop customer goodwill and relationships; (ii) he will
be provided and have access to the Company Group’s Confidential Information and Privileged Information, and will be compensated
for the development, and supervising the development, of the same and (iii) he will have unique insight into and knowledge of the
skills, talents and capabilities of the Company Group’s key employees.  Executive also acknowledges and agrees
that at the inception of his employment with the Company it was agreed that he would be bound by noncompetition restrictions that
are similar to the restrictions in this Agreement.

 

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(b)          Executive
agrees that during his employment by the Parent Company and/or the Company he will not compete against the Company Group in any
manner, including without limitation by engaging in, or by assisting any other person or entity to engage in, or by having an ownership
interest in, any Competitive Business (as defined below) in the Territory (as defined below), or by engaging in any conduct described
in clauses (c)(i), (ii) or (iii) below.  

 

(c)          Executive
further agrees that after his employment by both the Parent Company and the Company ends for any reason, he will not during the
Restricted Period (as defined below):

 

(i)          compete
against the Company Group by engaging in, or by assisting any other person or entity to engage in, or by having an ownership interest
in, any Competitive Business in the Territory (as defined below);

 

(ii)         compete
against the Company Group by soliciting any Customer (as defined below) in order to provide any goods or services to such Customer
in competition against the Company Group, or by soliciting any Agent (as defined below) in order to obtain referrals from such
Agent in competition against the Company Group;

 

(iii)        induce
or persuade any Customer or Agent not to do business with, or to switch business from, or reduce business with, the Company Group;

 

(iv)        solicit,
or assist others in soliciting, Key Employees (as defined below) to either leave the Company Group or to engage in a Competitive
Business.

 

(d)          For
purposes of this Agreement, the following capitalized terms shall have the meanings set forth below:

 

(i)          “Agent”
shall mean any insurance agent, insurance broker, wholesale agent, general agent, or other person (A) that acted on behalf of any
customer of the Company Group to obtain insurance from any Company Group entity or who referred any insurance business to any Company
Group entity during the Final Year (as defined below) and (B) with respect to which either Executive had either (I) Confidential
Information or Privileged Information or (II) account responsibility either directly or through managing employees with such account
responsibility.

 

(ii)         “Competitive
Business” shall mean the business of acquiring, holding, and/or operating excess and surplus line insurance companies,
and any other material business that the Company Group is engaged in as of the date of this Agreement and as the business of the
Company Group evolves during Executive’s employment with the Company.  For informational purposes only and not
for the purpose of construing or restricting the scope of the term “Competitive Business,” the parties agree that the
following activities in which the Company Group is currently engaged are within the scope of Competitive Business:
providing workers' compensation insurance in North Carolina, South Carolina and Virginia, providing excess and surplus lines
insurance in the United States and  writing working layer casualty reinsurance through a reinsurance company from Bermuda.

 

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(iii)        “Customer”
shall mean any customer of the Company Group that (A) purchased products or services from the Company during the twelve month period
immediately preceding Executive’s last day of employment with the Parent Company and the Company (the “Final Year”),
and (B) about which Executive either had Confidential Information or Privileged Information or personal or management responsibility
for customer contact or service.

 

(iv)        “Key
Employees” shall mean any executive, managerial, sales, finance, actuarial, marketing, or supervisory level employees
of the Company Group under Executive’s direct or indirect management authority during the Final Year.

 

(v)         “Restricted
Period” shall mean 18 months.

 

(vi)        “Territory”
shall mean Bermuda and each and every state or other United States jurisdiction where the Company Group is licensed or admitted
at the end of the Term and/or is then in the process of seeking to be licensed.

 

(e)          The
restrictions contained in this Section 5 shall not prevent the purchase of ownership by Executive of not more than 3% of the securities
of any class of any corporation, whether or not such corporation is engaged in any Competitive Business, which are publicly traded
on any securities exchange or any “over the counter” market.

 

6.          TERMINATION.  Executive’s
employment hereunder shall terminate under the following circumstances:

 

(a)          Termination
for Cause.  The Parent Company and/or the Company may terminate the employment of Executive for Cause at any time
by providing written notice to Executive specifying the cause of the termination. For the purposes of this Agreement, “Cause”
means that:  (i) Executive willfully violated Sections 4 or 5 of this Agreement; (ii) Executive grossly neglected his
duties hereunder; (iii) Executive was convicted of a felony, or a crime involving moral turpitude (meaning a crime that includes
the commission of an act of depravity, dishonesty, or bad morals); (iv) Executive has committed an act of dishonesty, fraud, or
embezzlement against any Company Group entity; (v) Executive willfully and/or knowingly breached any provision of this Agreement
other than Section 4 or Section 5 in any material respect, or willfully and/or knowingly violated the Parent Company’s or
the Company’s written policies; or (vi) Executive willfully failed or refused to follow the lawful instructions of the Chief
Executive Officer of the Parent Company, the Parent Board, the Chairman of the Board, or the Board that are consistent with this
Agreement (“Insubordination”).  In the event that the Parent Company and/or the Company provides written
notice of termination for Cause pursuant to Section 6(a)(ii) or (vi), Executive shall be entitled to cure any alleged neglect of
his duties or Insubordination, to the extent curable, within thirty (30) days of receiving written notice from the Parent Company
or the Company specifying the factual basis for its belief that Executive grossly neglected his duties hereunder or engaged in
Insubordination.  If Executive is terminated for Cause, Executive’s compensation shall terminate on the date of
such termination, and any Parent Company stock options,

 

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whether vested or unvested at that time,
shall be immediately forfeited and canceled effective as of the date of such termination.

 

(b)          Company
Termination Without Cause; Companies Non-Renewal Termination.  The Parent Company and/or the Company may terminate
the employment of Executive at any time without Cause, with or without prior notice.  If (i) the Parent Company and the
Company deliver a timely Non-Renewal Notice and Executive has not timely delivered a timely Non-Renewal Notice, (ii) Executive
continues in employment with the Parent Company or the Company through the last day of the Term, and (iii) the parties have not
executed a written agreement applicable to Executive’s employment after the expiration of the Term, then Executive’s
employment with both the Parent Company and the Company shall terminate on the last day of the Term (a “Companies Non-Renewal
Termination”). If either the Parent Company or the Company terminates Executive’s employment without Cause or delivers
a Non-Renewal Notice, but the other company does not terminate Executive’s employment or delivers a Non-Renewal Notice ,
then this Agreement shall remain in full force and effect as applied to such other company and all obligations of the company that
terminated Executive’s employment shall become obligations of the other company.  

 

(c)          Termination
by Executive for Good Reason.  Executive may, at his option, terminate this Agreement for Good Reason in accordance
with the terms of this Section 6(c).  “Good Reason” shall mean the occurrence of any one or more of
the following events without the prior consent of Executive:

 

(i)          A
material diminution in Executive’s authority, duties or responsibilities, or requiring Executive to report directly to a
person or persons other than as set forth in Section 3 of this Agreement, provided, however, a termination without Cause by either
the Company or the Parent Company, but not both, pursuant to Section 6(b) shall not constitute Good Reason;

 

(ii)         A
material diminution in Executive’s base salary;

 

(iii)        The
Company’s requiring Executive to be based at any office or location more than 35 miles from Raleigh, North Carolina; or

 

(iv)        Any
action or inaction by the Parent Company and/or the Company which constitutes a material breach of the terms of this Agreement;

 

and, in each case, the failure by the
Parent Company or the Company, as applicable, to cure such condition within the 30-day period after receipt of written notice from
Executive specifying in detail the factual basis for his belief that he has Good Reason to resign (“Good Reason Notice”).  Executive
must deliver a Good Reason Notice within 30 calendar days after the initial existence of a Good Reason condition, and, if the Parent
Company or the Company, as applicable, fails to timely cure such Good Reason condition, Executive must terminate his employment
with both the Parent Company and the Company within one year after the initial existence of such Good Reason condition,

 

    	7

    	 

    

 

and any failure by Executive to timely
comply with either of these requirements shall constitute a waiver of Executive’s right to resign for Good Reason for such
condition.    

 

(d)          Termination
due to Death or Disability.  Executive’s employment hereunder shall terminate upon his death.  The
Parent Company and/or the Company may terminate Executive’s employment if he is prevented from performing his responsibilities
under this Agreement because of “Disability.”  A “Disability” means that Executive is
unable to engage in any substantial gainful activity by reason of a medically determinable physical or mental impairment that can
be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or is, by reason
of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last
for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months
under an accident or disability insurance benefit plan covering Company employees (“Disability Plan”).  If
Executive is unable to perform his responsibilities, by reason of any accident, illness, or mental, or physical impairment, for
a period that is reasonably anticipated by the Parent Company and/or the Company to be longer than the waiting period in the Disability
Plan, then, at the Parent Company’s or the Company’s request, Executive shall promptly apply for such income replacement
benefits.

 

(e)          Expiration
of Term.  If (i) Executive delivers a timely Non-Renewal Notice to the Parent Company and/or the Company pursuant
to Section 1 (whether or not the Parent Company and/or the Company have timely delivered a timely Non-Renewal Notice), (ii) Executive
continues in employment with the Parent Company or the Company through the last day of the Term, and (iii) the parties have not
executed a written agreement applicable to Executive’s employment after the expiration of the Term, then Executive’s
employment with both the Parent Company and the Company shall terminate on the last day of the Term.

 

7.          COMPENSATION
AND BENEFITS UPON TERMINATION.

 

(a)          If,
during the Term, the Parent Company and the Company terminate Executive’s employment without Cause, there is a Companies’
Non-Renewal Termination, or Executive terminates his employment for Good Reason, then:

 

(i)          as
soon as practicable following such termination but no later than ten days after the Termination Date (as defined below), the Company
shall pay to Executive his accrued but yet unpaid base salary earned through the Termination Date and any accrued, but unused vacation
pay through the Termination Date (the “Accrued Obligations”);

 

(ii)         within
45 days following the Termination Date, the Company shall reimburse Executive for reasonable expenses incurred, but not paid prior
to the Termination Date;

 

(iii)        any
accrued but unpaid Tax Equalization Policy obligations of the Company shall be paid in accordance with such policy; and

 

    	8

    	 

    

 

(iv)        subject
to the execution and delivery of a general release (which release shall not alter or result in the waiver of Executive’s
right to exercise the portion of any stock options that vested through the Termination Date, or any rights under this Section 7(a))
in a form acceptable to the Parent Company and the Company within 30 days after the Termination Date (the “Release Expiration
Date”), which release has not been revoked, Executive is entitled to receive:

 

(1)         a
gross amount equal to (x) Executive’s base salary in effect on the Termination Date divided by (y) 12, per month, subject
to any applicable deductions and withholdings, for a period of 36 months after the Termination Date, which shall be paid in periodic
installments by the Company  in accordance with the Company’s normal payroll practices in effect as of the Termination
Date commencing on the first payroll cycle which is at least 45 days after the Termination Date, unless such payments are required
to be delayed pursuant to Section 8 below;

 

(2)         the
continuation of coverage under all employee benefit insurance plans in which Executive was a participant as of the Termination
Date, to the extent such post-employment coverage is authorized by such plans, at the Company’s expense for a period of 12
months after the Termination Date, provided, however if post-employment coverage is not authorized under the Company’s health
insurance plan, then the Company will pay Executive the premium cost for health insurance coverage that the Company would have
paid if Executive had continued being a participant in the Company’s health insurance plan during such twelve month period,
and such amount shall be paid at the time such premiums would have been paid if Executive had continued being a participant in
the Company’s health insurance plan during such twelve month period; and

 

(3)         any
unpaid discretionary bonus awarded to Executive for the year prior to the year in which the Termination Date occurs, which shall
be paid in a lump sum on the normal bonus payment date.

 

(v)         In
the event that Employee fails to execute the Release on or prior to the Release Expiration Date, Employee shall not be entitled
to any payments or benefits pursuant to Section 7(a)(iv).  Notwithstanding the foregoing, if the Release could become
effective during the calendar year following the calendar year of the Termination Date, then no such payments that constitute “deferred
compensation” under Internal Revenue Code Section 409A shall be made earlier than the first day of the calendar year following
the calendar year of the Termination Date.

 

(b)          If
Executive’s employment is terminated as a result of death or by the Company for Cause or because of Disability, or if a termination
of employment occurs as a result of Executive’s delivering a timely Non-Renewal Notice:

 

(i)          within
ten days following the Termination Date, the Company shall pay to Executive the Accrued Obligations;

 

    	9

    	 

    

 

(ii)         within
45 days following the Termination Date, the Company shall reimburse Executive for reasonable expenses incurred, but not paid prior
to the Termination Date; and

 

(iii)        any
accrued but unpaid Tax Equalization Policy obligations of the Company shall be paid in accordance with such policy.

 

(c)          Except
for payments provided under Sections 7(a)(i), 7(a)(ii), 7(a)(iii) and 7(b), all compensation and benefits paid pursuant to this
Section 7 shall cease and Executive shall promptly return any amount paid under Section 7(a)(iv) to the Company if Executive violates
any of the terms of Sections 4 or 5 above during the Restricted Period. In addition to these remedies, the Parent Company and the
Company shall have all other remedies provided by this Agreement and by law for the breach of Sections 4 or 5 above.

 

(d)          For
purposes of this Agreement, “Termination Date” means the date of Executive’s “separation from service”
within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations
promulgated thereunder (“Section 409A”).”

 

(e)          Executive’s
rights with respect to the vesting and exercise of any options after the Termination Date for any termination of employment other
than a termination for Cause shall be governed by option agreements between Executive and the Parent Company and the Incentive
Plan.

 

8.          409A
COMPLIANCE.  This Agreement shall be interpreted and administered in a manner so that any amount or benefit payable
hereunder shall be paid or provided in a manner that is either exempt from or compliant with the requirements Section 409A and
applicable Internal Revenue Service guidance and Treasury Regulations issued thereunder (and any applicable transition relief under
Section 409A).  Notwithstanding anything else contained in this Agreement to the contrary, if Executive is a “specified
employee” under the Parent Company’s specified employee policy as in effect on the Termination Date, or if no such
policy is then in effect, within the meaning of Section 409A, any payment required to be made to Executive hereunder upon or following
the Termination Date shall be delayed until after the six-month anniversary of Executive’s “separation from service”
(as such term is defined in Section 409A) to the extent necessary to comply with, and avoid imposition on Executive of any additional
tax, interest, or penalty imposed under, Section 409A.  Should payments be delayed in accordance with the preceding sentence,
the accumulated payment that would have been made but for the period of the delay shall be paid in a single lump sum during the
ten-day period following the six-month anniversary of the Termination Date.  Each payroll period payment described in
Section 7(a)(iv)(1) shall be treated as a separate payment for purposes of Section 409A.

 

9.          UNIQUENESS
OF SERVICES; ACKNOWLEDGEMENTS.  Executive acknowledges that the services to be rendered under the provisions of this
Agreement are of a special, unique, and extraordinary character; involve access to and development of Confidential Information
and Privileged Information; involve developing and protecting customer relationships and goodwill; and that it would be difficult
or impossible to replace such services

 

    	10

    	 

    

 

and that, by reason thereof, Executive agrees
and consents that if he violates any of the provisions of Sections 4 and 5 of this Agreement, the Parent Company and the Company,
in addition to any other rights and remedies available under this Agreement or otherwise, shall be entitled to an injunction to
be issued by a court of competent jurisdiction restricting Executive from committing or continuing any violation of Sections 4
and 5 of this Agreement.

 

10.         FURTHER
ACKNOWLEDGEMENTS.  Executive further acknowledges and agrees that the restrictions contained in Sections 4 and 5
above are reasonable and necessary to protect the legitimate interest of the Company Group, in view of, among other things, the
short duration of the restrictions; the narrow scope of the restrictions; the Company Group’s interests in protecting its
trade secrets, Confidential Information, and Privileged Information (which Executive agrees would be useful to competitors for
more than eighteen (18) months) and its customer relationships and goodwill; Executive’s background and capabilities which
will allow him to seek and accept employment without violation of the restrictions; and Executive’s entitlements under this
Agreement.  If any provision contained in Sections 4 or 5 above is adjudged unreasonable by a court of competent jurisdiction
or arbitrator in any proceeding, then such provision shall be deemed modified as provided in Sections 4 or 5 above or by reducing
the scope of such provision, the period of time during which such provision is applicable and/or the geographic area to which such
provision applies, to the extent necessary for such provision to be adjudged reasonable and enforceable.

 

11.         NOTICES.  Any
notices provided for or permitted by this Agreement shall be in writing and shall be deemed to have been duly given when delivered
in person or three (3) days after it is mailed if delivered by registered or certified mail, return receipt requested, postage
prepaid, addressed to the party for whom intended at such party’s address set forth above or to such other address as such
party may designate by notice in writing given in the manner provided herein.

 

12.         SECTION
HEADINGS.  The section headings in this Agreement are for convenience of reference only, and they form no part of
this Agreement and shall not affect its interpretation.

 

13.         ENTIRE
AGREEMENT; AMENDMENTS; COUNTERPARTS.  This Agreement constitutes the entire agreement and understanding between Executive,
the Parent Company and the Company with respect to the subject matter hereof and shall supersede any and all other prior agreements
and understandings, whether oral or written, relating thereto or the employment of Executive by the Parent Company and the Company,
including without limitation the Prior Agreement.  This Agreement may not be rescinded, modified, or amended, unless
an amendment is agreed to in a writing signed by Executive, by the Chief Executive Officer of the Parent Company, and by the Chairman
or an officer of the Company specifically authorized by the Board (other than Executive), and any waiver shall be set forth in
writing and signed by the party to be charged.  This Agreement may be executed in any number of counterparts, including
by facsimile, each of which shall be an original, but all of which together shall constitute one and the same instrument.

 

    	11

    	 

    

 

14.         PARTIAL
INVALIDITY.  The invalidity or unenforceability, by statute, court decision, or otherwise, of any term or condition
of this Agreement shall not affect the validity or enforceability of any other term or condition hereof.

 

15.         GOVERNING
LAW.  This Agreement shall be construed and administered in accordance with the laws of North Carolina, without regard
to the principles of conflicts of law which might otherwise apply, except that Section 17 shall be governed by the Federal Arbitration
Act, to the extent applicable, and North Carolina law to the extent that the Federal Arbitration Act does not apply.

 

16.         ASSIGNABILITY.  This
Agreement may not be assigned by Executive, and any purported assignment by Executive shall be null and void.  All of
the terms and conditions of this Agreement shall be binding upon and inure to the benefit of the Parent Company and the Company,
and their successors (including without limitation any successor to the Company’s business as the result of a merger or consolidation
of the Company, whether or not the Parent Company’s or the Company survives such merger or consolidation) and assigns.  Successors
to the Company shall include, without limitation, any corporation or corporations acquiring, directly or indirectly, all or substantially
all of the assets of the Company whether by merger, consolidation, purchase, or otherwise and such successor shall thereafter be
deemed the “Company” for purposes hereof.  Successors to the Parent Company shall include, without limitation,
any corporation or corporations acquiring, directly or indirectly, all or substantially all of the assets of the Parent Company
whether by merger, consolidation, purchase, or otherwise and such successor shall thereafter be deemed the “Parent Company”
for purposes hereof.

 

17.         DISPUTE
RESOLUTION.

 

(a)          Arbitration.
In the event of disputes between the parties with respect to the terms and conditions of this Agreement, such disputes shall be
resolved by and through an arbitration proceeding to be conducted under the auspices of the American Arbitration Association (or
any like organization successor thereto) in the city of Raleigh, North Carolina; provided, however, that either party
may seek temporary or preliminary relief with respect to appropriate matters (including, without limitation, enforcement of Sections
4 and 5 above) from a court in aid of arbitration.  Such arbitration proceeding shall be conducted pursuant to the commercial
arbitration rules (formal or informal) of the American Arbitration Association in as expedited a manner as is then permitted by
such rules (the “Arbitration”).  Both the foregoing agreement of the parties to arbitrate any and
all such claims, and the results, determination, finding, judgment, and/or award rendered through such Arbitration, shall be final
and binding on the parties to this Agreement and may be specifically enforced by legal proceedings.  This Section 17(a)
is without prejudice to the Executive’s statutory right to complain to an employment inspector and/or employment tribunal
under Bermuda’s Employment Act 2.

 

(b)          Procedure.  Such
Arbitration may be initiated by written notice from either party to the other which shall be a compulsory and binding proceeding
on each party.  The Arbitration shall be conducted by an arbitrator selected in accordance with the procedures of the
American Arbitration Association.  Time is of the essence of this

 

    	12

    	 

    

 

arbitration procedure, and the arbitrator
shall be instructed and required to render his or her decision within 30 days following completion of the Arbitration.

 

(c)          Venue
and Jurisdiction.  Any action to compel arbitration hereunder or otherwise relating to this Agreement shall be brought
exclusively in a state court or federal court located in Raleigh, North Carolina, provided that, if a federal court
has jurisdiction over the subject matter thereof, then such action shall be brought in federal court, and the Company and Executive
hereby irrevocably submit with regard to any such action or proceeding for itself and in respect to its property, generally and
unconditionally, to the jurisdiction of the aforesaid courts.

 

(d)          Waiver
of Jury Trial.  IN THE EVENT OF ANY LITIGATION WITH RESPECT TO ANY MATTER CONNECTED WITH THIS AGREEMENT OR THE AGREEMENTS
OR TRANSACTIONS CONTEMPLATED HEREUNDER ALL OF THE PARTIES HERETO WAIVE ALL RIGHTS TO A TRIAL BY JURY.

 

18.         COOPERATION.  Executive
agrees that, upon reasonable notice and without the necessity of the Parent Company obtaining a subpoena or court order, Executive
shall provide reasonable cooperation in connection with any suit, action or proceeding (or any appeal from any suit, action or
proceeding), or the decision to commence on behalf of the Parent Company any suit, action or proceeding, and any investigation
and/or defense of any claims asserted against any of the Parent Company’s or its Affiliates’ current or former directors,
officers, employees, shareholders, partners, members, agents or representatives of any of the foregoing, which relates to events
occurring during Executive’s employment hereunder by the Parent Company or the Company as to which Executive may have relevant
information (including but not limited to furnishing relevant information and materials to the Parent Company or the Company or
its designee and/or providing testimony at depositions and at trial), provided that with respect to such cooperation occurring
following termination of Executive’s employment, the Parent Company shall reimburse Executive for expenses reasonably incurred
in connection therewith and shall schedule such cooperation to the extent reasonably practicable so as not to unreasonably interfere
with Executive’s business or personal affairs. Notwithstanding anything to the contrary, in the event the Parent Company
requests cooperation from Executive after his employment with the Parent Company and the Company has terminated and at a time when
Executive is not receiving any severance pay from the Parent Company or the Company, Executive shall not be required to devote
more than 40 hours of his time per year with respect to this Section 18, except that such 40 hour cap shall not include or apply
to any time spent testifying at a deposition or at trial, or spent testifying before or being interviewed by any administrative
or regulatory agency.

 

[Remainder
of Page Intentionally Left Blank]

 

    	13

    	 

    

 

Kindly indicate your acceptance of this Agreement by signing and
returning a copy of this letter to me.  

 

	 	Very truly yours,
	 	 	 	 
	 	JAMES RIVER GROUP HOLDINGS, LTD.
	 	 
	 	By: 	/s/ J. Adam Abram	 

	 	 	Name:	J. Adam Abram
	 	 	Title:	Chairman of the Board of Directors
	 	 	 	and Chief Executive Officer 

 

	 	JAMES RIVER GROUP, INC.
	 	 
	 	By: 	/s/ J. Adam Abram	 

	 	 	Name:	J. Adam Abram
	 	 	Title:	Chairman of the Board of Directors
	 	 	 	and Chief Executive Officer 

 

	ACCEPTED AND AGREED TO AS OF	 
	THIS 18th DATE OF NOVEMBER, 2014	 
	 	 
	/s/ Gregg Davis	 
	Gregg Davis	 

 

[Signature Page to Amended and Restated Employment
Agreement]

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