Document:

EX-10.11

 Exhibit 10.11 
 RELEASE AND NON-COMPETITION AGREEMENT 
 This Release and Noncompetition
Agreement (this “Agreement”) is entered into as of February 1, 2014 (the “Effective Date”), by and between Astro-Med, Inc., a Rhode Island corporation (the “Company”) and Everett V. Pizzuti
(the “Pizzuti”). 
 RECITALS: 
 WHEREAS, Pizzuti, who is currently employed as the Chief Executive Officer (“CEO”) of the Company, has tendered his resignation as CEO effective as of the Effective Date;

 WHEREAS, the parties desire and intend to fully resolve and conclude the employment relationship between them,
including all claims and potential claims against any of the Released Parties (as defined herein) as set forth herein; and 

WHEREAS, in order to protect the Company from being economically harmed by the loss of goodwill associated with its business,
Pizzuti has agreed not to compete with the Company pursuant to the terms and conditions set forth herein. 
 NOW
THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

 

	 	1.	Separation of Employment; Additional Compensation.  

 (a) As of the Effective Date, the employment of Pizzuti as the CEO of the Company shall be terminated, and Pizzuti shall have a “Separation from Service” for the purposes of Section 409A of
the Internal Revenue Code (the “Code”) as of such date. 
 (b) In consideration of
Pizzuti’s commitments set forth herein, the Company agrees to pay Pizzuti $500,000 (the “Additional Compensation”), payable in twenty-four (24) equal monthly installments commencing on the Effective Date. 

 

	 	2.	Non-Disclosure of Confidential Information. Except in respect of Pizzuti continuing as a member of the Company’s Board of Directors, Pizzuti shall not,
except as required by law, at any time disclose or use any confidential information or proprietary data of the Company or any of its subsidiaries or affiliates or predecessors, unless such confidential information or proprietary data becomes
publicly known through no fault of Pizzuti. Pizzuti agrees that, among other things, all information concerning the identity of the customers of the Company and the relations of the Company with its customers is confidential information. This
Section 2 shall survive the termination or expiration of this Agreement. 

  

	 	3.	 Non-Competition Provisions. Pizzuti agrees that during the twenty-four (24)-month period immediately following the Effective Date (the
“Non-Competition Period”), Pizzuti will not (i) without the prior written consent of the Company, engage in, become 

  
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interested in, directly or indirectly, as a sole proprietor, as a partner in a partnership, or as a shareholder in a corporation, or become associated with, in the capacity of employee, director,
officer, principal, agent, trustee or in any other capacity whatsoever, any business that competes with the Company and is located in the United States (in each case, a “Competing Business”); provided, however, that this provision
shall not prohibit Pizzuti from (i) owning up to one percent (1%) of the outstanding common stock of any Competing Business if such common stock is publicly traded, (ii) soliciting, inducing, or hiring away, or causing others to
solicit, induce or hire away, any employee of the Company or any of its subsidiaries from the employment of such entities; and (iii) soliciting (whether by mail, telephone, personal meeting or any other means, excluding general solicitations of
the public that are not based in whole or in part on any list of customers of the Company or any of its subsidiaries) any customer of the Company or any of its subsidiaries to transact business with any Competing Business, or to reduce or refrain
from doing any business with the Company or its subsidiaries, or interfere with or damage (or attempt to interfere with or damage) any relationship between the Company and any such customers. 

 

	 	4.	Non-Disparagement. Except to the extent required by law, Pizzuti agrees during the term of the Non-Competition Period not to make or cause to be made any oral or
written statement, or take any other action, which disparages, criticizes, damages the reputation of, or is hostile to, the Company or any of its subsidiaries, or its administration, employees, management, officers, shareholders, agents and/or
directors. 

  

	 	5.	Section 409A. The parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision
of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code. For avoidance of doubt, to the extent that
any portion of the Additional Compensation is determined to be made in substitution for payment of any deferred compensation subject to Section 409A of the Code payable to Pizzuti, such amount will be paid on the earlier of (i) the first
business day that is six months and one day following the Effective Date or (ii) the date of Pizzuti’s death. The Company does not make any representation or warranty and shall not have any liability to Pizzuti or any other person if any
provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section. 

 

	 	6.	General Release.  

 (a) Pizzuti (on his own behalf and on behalf of his heirs, executors, administrators, trustees, legal representatives, successors and assigns) hereby unconditionally and irrevocably releases, waives,
discharges and gives up, to the full extent permitted by law, any and all actions, charges, controversies, demands, causes of action, suits, rights, and/or claims whatsoever for debts, sums of money, wages, salary, severance pay, commissions, fees,
bonuses, unvested stock options or other equity 

  
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compensation, vacation pay, sick pay, fees and costs, notice, attorneys’ fees, losses, penalties, damages, including damages for pain and suffering and emotional harm, arising, directly or
indirectly, out of any promise, agreement, offer letter, contract, understanding, common law, tort, the laws, statutes, and/or regulations of the State of Rhode Island, or any other state and the United States (“Employee Claims”),
that Pizzuti may have against the Company, together with its past and present direct and indirect subsidiaries, affiliated entities, related companies and divisions and each of their respective past and present officers, directors, employees,
shareholders, trustees, members, and partners, (in each case, individually and their official capacities), and each of their respective employee benefit plans (and such plans’ fiduciaries, agents, administrators and insurers, in their
individual and their official capacities), as well as any predecessors, future successors or assigns or estates of any of the foregoing (the “Released Parties”), arising on or prior to the date hereof. 

(b) Notwithstanding Section 6(a), nothing in this Agreement shall constitute a release or waiver by Pizzuti of his
rights (i) to enforce the Company’s obligations set forth herein, (ii) to pursue claims which the Company may not release pursuant to applicable laws and regulations, (iii) to receive COBRA continuation coverage in accordance
with applicable law, (iv) to receive a bonus under the Company’s Management Bonus Plan for the fiscal year ended January 31, 2014, (v) to indemnification pursuant to the Company’s Articles of Incorporation and/or by-laws,
and/or director and officer liability insurance policies, or (vi) with respect to vested benefits under any employee benefit plans (including, without out limitation, options to purchase shares of the Company’s common stock, restricted
stock units and other equity based awards that have vested as of the Effective Date pursuant to their terms or any resolution of the Board of Directors of the Company (the “Board”) or the Compensation Committee of the Board), which
rights, if any, shall be governed by the terms of applicable plan documents or agreements or such resolution, if any. 
 (c) Pizzuti hereby represents and warrants that (i) Pizzuti has not filed, caused or permitted to be filed any pending proceeding (nor has Pizzuti lodged a complaint with any governmental or
quasi-governmental authority) against any of the Released Parties, nor has Pizzuti agreed to do any of the foregoing, (ii) Pizzuti has not assigned, transferred, sold, encumbered, pledged, hypothecated, mortgaged, distributed, or otherwise
disposed of or conveyed to any third party any right against any of the Released Parties which has been released in this Agreement, (iii) Pizzuti has not directly or indirectly assisted any third party in filing, causing or assisting to be
filed, any Employee Claim against any of the Released Parties, and (iv) Pizzuti has been properly paid for all hours worked for the Company through the date hereof and, with the exception of the payment of the Additional Compensation, he has
received (or will have received) full payment of all compensation, benefits and other payments due to him by the Company. 
  

	 	7.	 Cooperation with Litigation. Except for any litigation as to which Pizzuti is an adverse party relative to the Company or any of its affiliates,
Pizzuti shall cooperate fully with the 

  
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Company in connection with any existing or future litigation and any investigations or regulatory matters against or involving the Company or any of its affiliates, whether administrative, civil
or criminal in nature, which relate to events or matters that occurred prior to the Effective Date and to the extent that the Company deems his cooperation necessary. The Company will, to the extent practicable, provide Pizzuti with reasonable
notice of the need for such cooperation and will make a good faith effort to accommodate Pizzuti’s reasonable scheduling needs in coordinating such cooperation. 

 

	 	8.	Successors and Assigns. 

 (a) The Company will require any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of its business and/or assets, by agreement
in form and substance satisfactory to Pizzuti, expressly, absolutely and unconditionally to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession
or assignment had taken place. Any failure of the Company to obtain such agreement prior to the effectiveness of any such succession or assignment shall be a material breach of this Agreement. 

(b) This Agreement and all rights of Pizzuti shall inure to the benefit of and be enforceable by Pizzuti’s personal
or legal representatives, estate, executors, administrators, heirs and beneficiaries. Except as provided in this Section 8, no party may assign this Agreement or any rights, interests, or obligations hereunder without the prior written approval
of the other party. Subject to the preceding sentence, this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns pursuant to Section 8(a). This Agreement
shall not be terminated by the voluntary or involuntary dissolution of the Company. 
  

	 	9.	Enforcement. 

 (a) It is the intention of the parties hereto that the provisions of this Agreement shall be enforced to the fullest extent permissible under all applicable laws and public policies, but that the
unenforceability or the modification to conform with such laws or public policies of any provision hereof shall not render unenforceable or impair the remainder of the Agreement. Accordingly, if any provision shall be determined to be invalid or
unenforceable either in whole or in part, this Agreement shall be deemed amended to delete or modify as necessary the invalid or unenforceable provisions to alter the balance of this Agreement in order to render the same valid and enforceable.

 (b) Pizzuti acknowledges that any breach of Sections 2, 3 or 4 of this Agreement will result in irreparable
damage to the Company for which the Company will not have an adequate remedy at law. In addition to any other remedies and damages available to the Company, Pizzuti further acknowledges that the Company shall be entitled to seek injunctive relief
hereunder to enjoin any breach of Sections 2, 3 or 4 of 

  
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this Agreement, and the parties hereby consent to any injunction issued in favor of the Company by any court of competent jurisdiction, without prejudice to any other right or remedy to which the
Company may be entitled. Pizzuti represents and acknowledges that, in light of his experience and capabilities, Pizzuti can obtain employment with other than a Competing Business or in a business engaged in other lines and/or of a different nature
than those engaged in by the Company or its subsidiaries or affiliates, and that the enforcement of a remedy by way of injunction will not prevent Pizzuti from earning a livelihood. In the event of a breach of this Agreement by Pizzuti, Pizzuti
acknowledges that in addition to or in lieu of the Company seeking injunctive relief, the Company may also seek to recoup some or all of the amount paid by the Company pursuant to Section 1 hereof. Each of the remedies available to the Company
in the event of a breach by Pizzuti shall be cumulative and not mutually exclusive. 
  

	 	10.	Amendment. This Agreement may be amended or modified at any time by a written instrument executed by the parties. 

 

	 	11.	Notice. Any communication required or permitted to be given under this Agreement, including any notice, direction, designation, consent, instruction, objection
or waiver, shall be in writing and shall be deemed to have been given at such time as it is delivered personally, or five days after mailing if mailed, postage prepaid, by registered or certified mail, return receipt requested, addressed to such
party at the address listed below or at such other address as one such party may by written notice specify to the other party: 

  

			
	If to Company:            	 	Astro-Med, Inc.
		 	600 East Greenwich Avenue
		 	West Warwick, RI 024893
		 	Attn: Gregory A. Woods, President
		 	Facsimile: (401) 821-5314
		
	Copy to:            	 	Hinckley, Allen & Snyder LLP
		 	50 Kennedy Plaza, Suite 1500
		 	Providence, RI 02903
		 	Attn: Margaret D. Farrell, Esq.
		 	Facsimile: (401) 457-5103
		
	If to Pizzuti:            	 	115 Sanctuary Drive
		 	East Greenwich, RI 02818

  

	 	12.	Waiver. Failure to insist upon strict compliance with any of the terms, covenants or conditions hereof shall not be deemed a waiver of such term, covenant or
condition. A waiver of any provision of this Agreement must be made in writing, designated as a waiver, and signed by the party against whom its enforcement is sought. Any waiver or relinquishment of any right or power hereunder at any one or more
times shall not be deemed a waiver or relinquishment of such right or power at any other time or times. 

  
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	 	13.	Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and
the same Agreement. 

  

	 	14.	Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Rhode Island applicable to contracts
entered into and to be performed entirely within the State of Rhode Island, except to the extent that federal law controls. 

  

	 	15.	Headings and Construction. The headings of sections in this Agreement are for convenience of reference only and are not intended to qualify the meaning of any
section. Any reference to a section number shall refer to a section of this Agreement, unless otherwise stated. 

  

	 	16.	Entire Agreement. This instrument contains the entire agreement of the parties relating to the subject matter hereof, and supersedes in its entirety any and all
prior agreements, understandings or representations relating to the subject matter hereof. 

 [Signature Page
Follows] 

  
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 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly
authorized officer, and Pizzuti has signed this Agreement, effective as of the date first written above. 
  

	
	PIZZUTI:
	
	/s/ Everett V. Pizzuti
	Everett V. Pizzuti

  

			
	ASTRO-MED, INC.
		
	By:	 	/s/ Gregory A. Woods
	 Name:
 Title:
	 	 Gregory A. Woods

President

  
 7EX-10.1

 Exhibit 10.1 

COMMUTATION AGREEMENT 

AND MUTUAL RELEASE 
 This Commutation
Agreement and Mutual Release (the “Agreement”), by and between United Guaranty Residential Insurance Company, an insurance company organized under the laws of North Carolina (“United Guaranty”), and WM Mortgage Reinsurance
Company, Inc., an insurance company organized under the laws of Hawaii (“Reinsurer”), is entered into as of February 28, 2014. The parties to the Agreement shall be referred to collectively as the “Parties” and individually
as a “Party”. 
 WHEREAS, the Parties entered into the following reinsurance agreements (each, a “Reinsurance Agreement”
and collectively, the “Reinsurance Agreements”): 
  

	 	1.	No. 3-93, effective August 1, 1999, as amended; 

	 	2.	No. 3-93B, effective January 1, 2002, as amended; 

	 	3.	No. 3-58, effective January 1, 1998, as amended; 

	 	4.	No. 3-46, effective January 1, 1998, as amended; and 

	 	5.	No. 3-46B, effective January 1, 2002, as amended; 

 whereby United Guaranty agreed to cede to
Reinsurer and Reinsurer agreed to assume from United Guaranty certain insurance risks in exchange for the payment by United Guaranty of certain reinsurance premiums to Reinsurer; and 

WHEREAS, in connection with the Reinsurance Agreements, the Parties and US Bank, National Association (the “Trustee”), entered into
a trust agreement dated December 31, 1998 (“Trust Agreement”), pursuant to which Reinsurer established a trust account (the “Trust Account”) for the benefit of United Guaranty in order to secure the obligations of Reinsurer
under the Reinsurance Agreements; and 
 WHEREAS, United Guaranty and Reinsurer wish to fully and finally settle and commute all rights,
obligations and liabilities, known and unknown, of Reinsurer and United Guaranty under the Reinsurance Agreements and Trust Agreement, to terminate the Reinsurance Agreements and Trust Agreement in their entirety, and fully and finally settle,
discharge and release any and all of each of their respective liabilities, rights, duties and obligations under the Reinsurance Agreements and Trust Agreement; 

NOW, THEREFORE, in consideration of this commutation, the mutual promises herein contained and for other valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, and intending to be legally bound, the Parties hereto mutually agree as follows: 
  

	 	1.	 Subject to obtaining the consents, waivers and approvals set forth in Paragraph 11 and as soon as practicable thereafter, the Parties shall direct the
Trustee to terminate the Trust Account and the Trust Agreement and to take all steps necessary to liquidate all assets in the Trust Account into cash and pay to United Guaranty, as soon as practicable after such notification, a cash amount equal to
seventeen million seven hundred thousand and six hundred and forty-six dollars (US $17,700,646.00) (the “Commutation Amount”) from 

  
 Page 1 of 7 

	 	
the Trust Account, in commutation, payment and full and final satisfaction of all amounts owed, owing, or which may be owing, at any time to United Guaranty regarding, in connection with, and/or
arising under the Reinsurance Agreements or Trust Agreement; provided, however, that the Parties agree that Reinsurer shall have the right to designate which assets in the Trust Account shall be liquidated in order to effect the payment of the
Commutation Amount to United Guaranty. Reinsurer acknowledges and agrees that, notwithstanding any contrary provision of the Trust Agreement, the Commutation Amount may be used by United Guaranty and applied for any legitimate purpose. Reinsurer
shall remain responsible for payment to the Trustee of such compensation and fees as may be due to the Trustee through the date of termination of the Trust Agreement. In connection with the payment of the Commutation Amount United Guaranty shall
direct the Trustee to pay to Reinsurer all remaining cash and assets in the Trust Account (the “Remainder Amount”) contemporaneously with the remittance to United Guaranty of the Commutation Amount and United Guaranty acknowledges and
agrees that, notwithstanding any contrary provision of the Trust Agreement, the Remainder Amount may be used by the Reinsurer and applied for any legitimate purpose. 

 

	 	2.	Upon execution of this Agreement and after satisfaction of all conditions and requirements set forth in Paragraph 11, United Guaranty and Reinsurer hereby declare and agree that the Reinsurance Agreements are terminated
and shall be fully and finally commuted with no further action required by either Party hereto, and the Parties shall have no further rights, obligations, duties, and/or liabilities to each other under, or in any way related to, the Reinsurance
Agreements or the Trust Agreement. In consideration of this commutation, no other payment for losses, loss adjustment expenses, premiums or other sums shall ever be owing to United Guaranty or Reinsurer in connection with the Reinsurance Agreements
or Trust Agreement. 

  

	 	3.	Reinsurer and United Guaranty further agree that, upon satisfaction of all conditions and requirements set forth in Paragraph 11, the Parties shall deliver to the Trustee a joint written notice of their intention to
terminate the Trust Agreement, which notice shall be in the form and substance reasonably satisfactory to the Parties and shall include a copy of this executed Agreement . United Guaranty and Reinsurer hereby expressly waive the notice provision of
Section 10 of the Trust Agreement and authorize the Trustee to terminate the Trust Agreement immediately, in accordance with this Commutation Agreement. United Guaranty and Reinsurer shall execute a Notice of Termination and any other
documentation reasonably requested by the Trustee or required by the Trust Agreement as soon as reasonably practicable to effect such termination and to effectuate the liquidation and release of the Trust Assets to United Guaranty, as further
described in Paragraph 1 above. 

  

	 	4.	 Reinsurer, on behalf of itself and its Affiliates, and their respective predecessors, successors, assigns, shareholders, officers, directors,
employees and agents (collectively with Reinsurer, the “Reinsurer Releasors”), for good and valuable consideration given, hereby forever releases, acquits and discharges United Guaranty, its predecessors, successors, assigns, Affiliates,
subsidiaries, and parent companies, and their respective shareholders, officers, directors, employees, and agents (collectively with United Guaranty, the “United Guaranty Releasees”), of and from any and all past, present and future
liabilities and obligations arising out of, related to, on account of, growing out of, 

  
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under or relating in any way to the Reinsurance Agreements or the Trust Agreement, whether written or oral, known or unknown, reported or unreported, and whether previously existing, currently
existing or arising in the future, whether grounded in law or equity, in contract or in tort, including, but not limited to, all actions, causes of action, suits, arbitral proceedings, premiums, dues, debts, claims, sums of money, covenants,
contracts, controversies, agreements, reckonings, bonds, bills, promises, doings, omissions, costs, offsets, duties, damages, judgments, arbitrations, mediations, expenses, adjustments, accounts, executions, losses and demands whatsoever in law or
equity, contract or in tort, which any of the Reinsurer Releasors now have, claim to have, or may in the future have against any of the United Guaranty Releasees under the terms, provisions, endorsements, addenda, conditions of, or otherwise arising
out of, related to, on account of, growing out of, under or relating in any way to, the Reinsurance Agreements or the Trust Agreement, provided however, that this release does not discharge obligations of United Guaranty that have been undertaken or
imposed by the terms of this Agreement. As used in this Agreement, “Affiliate” means, with respect to a Party or entity, a person or entity that, directly or indirectly, is controlled by, controls, or is under common control with, that
Party or entity. 

  

	 	5.	United Guaranty, on behalf of itself and its Affiliates, and their respective predecessors, successors, assigns, shareholders, officers, directors, employees and agents (collectively with United Guaranty, the
“United Guaranty Releasors”), for good and valuable consideration given, hereby forever releases, acquits and discharges Reinsurer, its predecessors, successors, assigns, Affiliates, subsidiaries, and parent companies, and their respective
shareholders, officers, directors, employees, and agents (collectively with Reinsurer, the “Reinsurer Releasees”), of and from any and all past, present and future liabilities and obligations arising out of, related to, on account of,
growing out of, under or relating in any way to the Reinsurance Agreements or the Trust Agreement, whether written or oral, known or unknown, reported or unreported, and whether previously existing, currently existing or arising in the future,
whether grounded in law or equity, in contract or in tort, including, but not limited to, all actions, causes of action, suits, arbitral proceedings, premiums, dues, debts, claims, sums of money, covenants, contracts, controversies, agreements,
reckonings, bonds, bills, promises, doings, omissions, costs, offsets, duties, damages, judgments, arbitrations, mediations, expenses, adjustments, accounts, executions, losses and demands whatsoever in law or equity, contract or in tort, which any
of the United Guaranty Releasors now have, claim to have, or may in the future have against any of the Reinsurer Releasees under the terms, provisions, endorsements, addenda, conditions of, or otherwise arising out of, related to, on account of,
growing out of, under or relating in any way to, the Reinsurance Agreements or the Trust Agreement, provided however, that this release does not discharge obligations of the Reinsurer that have been undertaken or imposed by the terms of this
Agreement. 

  

	 	6.	In the event that any party shall bring an action to enforce the terms of this Agreement or to declare rights hereunder, the prevailing party in any such action, shall be entitled to costs and reasonable attorneys’
fees to be paid by the non-prevailing party as fixed by a court of appropriate jurisdiction, including, but not limited to, reasonable attorneys’ fees and court costs incurred in courts of original jurisdiction, bankruptcy courts and appellate
courts. 

  
 Page 3 of 7 

	 	7.	This Agreement constitutes the entire agreement among the parties pertaining to the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings of the parties in connection herewith.
No modification of this Agreement shall be binding upon a party unless in writing and signed by the party against whom enforcement is sought. In the event of any conflict between the terms of the Reinsurance Agreements or the Trust Agreement and
this Agreement, the provisions of this Agreement shall supersede and prevail. 

  

	 	8.	Except as otherwise provided herein, the terms and conditions of this Agreement shall be kept confidential by the Parties and neither Party may disclose the terms and conditions of this Agreement to any third party
without the prior written consent of the other Party or as may be required by law and/or in compliance with a subpoena after giving reasonable notice to the other Party (to the extent that such notice is permitted by law). Notwithstanding the above,
the foregoing prohibition on disclosure shall not prevent Reinsurer from making such disclosures as are necessary or appropriate upon advice of counsel to comply with Federal and state securities laws or from disclosing the terms and conditions of
this Agreement to the parties identified in Paragraph 11 for purposes of obtaining the necessary consents, waivers and approvals. In addition, the foregoing prohibition shall also not apply to necessary disclosures to: (i) the Trustee as set
forth in Paragraphs 1 and 3 above; (ii) independent auditors, accountants, actuaries, consultants and attorneys of either Party and the captive management representative of Reinsurer; (iii) any state or federal regulator pursuant to its
regulations or demands; or iv) any Government Sponsored Enterprise. 

  

	 	9.	This Agreement shall be binding upon, and inure to the benefit of, the Parties hereto, their respective successors and permitted assigns and their liquidators and rehabilitators. Neither Party may assign this Agreement,
or any of its rights or obligations hereunder, without the prior written consent of the other Party. All notices, requests, demands and other communications under this Agreement must be in writing and will be deemed to have been duly given or made
as follows: (a) if sent by registered or certified mail in the United States return receipt requests, upon receipt; (b) if sent by reputable overnight air courier two business days after mailing; (c) if sent by facsimile transmission,
with a copy mailed on the same day in the manner provided in (a) or (b) above, when transmitted and receipt is confirmed by telephone; or (d) if otherwise actually personally delivered, when delivered, and shall be delivered as
follows: 

  

	 	a.	If to United Guaranty: 

 United Guaranty Residential Insurance Company 

230 North Elm Street, Greensboro, NC 27401 

Attention: John Gaines 
  

	 	b.	If to the Reinsurer: 

 WM Mortgage Reinsurance Company, Inc. 

  
 Page 4 of 7 

 1201 Third Avenue, Suite 3000 

Seattle, WA 98101 
 Facsimile
206-432-8879 
 Attention: Peter L. Struck 

With a copy to: 
 Ms. Lynn
Saito 
 Vice President, Captive Solutions 

Marsh Management Services, Inc. 

745 Fort Street, Suite 1100 

Honolulu, HI 96813 
  

	 	10.	The Parties represent that they enter into this Agreement freely, voluntarily and at arms-length, in reliance on their own judgment, belief, and knowledge and with and upon the advice of counsel of their own choice and
that the person executing this Agreement on behalf of the Party has the necessary and appropriate authority to do so; that neither Party has notice of any pending action, agreements, transactions, or negotiations to which it is a party or is likely
to be made a party that would render this Agreement or any part thereof void, voidable, or unenforceable; and any authorization, consent, or approval of any governmental entity, required to make this Agreement valid and binding has been obtained.

  

	 	11.	The Parties agree that this Agreement shall not be effective unless and until all necessary approvals, consents and waivers are obtained from (a) the requisite Holders of the 13% Senior First and Second Lien Notes
issued by WMI Holdings Corp. pursuant to Indentures dated March 19, 2012, (b) the requisite Lenders of the WMI Holdings Corp. Financing Agreement dated March 19, 2013, and (c) the State of Hawaii Insurance Department. In the
event any of such consents, waivers and approvals, as the case may be, are not obtained, this Agreement shall be null and void. (Capitalized terms in sections (a), (b), and (c) of this paragraph refer to the capitalized terms defined in the
specific agreements referenced.) 

  

	 	12.	This Agreement and the legal relations between the parties shall be governed by and construed in accordance with the laws of the State of North Carolina. 

 

	 	13.	Any capitalized terms not specifically defined in this Agreement are defined in the Reinsurance Agreements or Trust Agreement. 

  
 Page 5 of 7 

	 	14.	This Agreement may be executed in counterparts, each of which shall be deemed an original, and the counterparts shall constitute but one and the same instrument which shall be sufficiently evidenced by any one
counterpart. 

 [THE REST OF THE PAGE INTENTIONALLY LEFT BLANK] 

  
 Page 6 of 7 

 IN WITNESS WHEREOF, UNITED GUARANTY and Reinsurer have caused this Agreement to be executed by their respective
duly authorized representatives indicated below. 
  

													
		 	UNITED GUARANTY RESIDENTIAL INSURANCE COMPANY
					
		 	By:	 	 /s/ John E. Gaines
	  	Date:	  	 4/2/14

			
		 	Print Name and Title:	  	 John E. Gaines, SVP

		 	
					
		 	By:	 	 /s/ Jason H. Hanflick
	  	Date:	  	 4/2/14

			
		 	Print Name and Title:	  	 Jason H. Hanflick, AVP

		
		 	WM MORTGAGE REINSURANCE COMPANY, INC.
					
		 	By:	 	 /s/ Charles Edward Smith
	  	Date:	  	 4/3/14

			
		 	Print Name and Title:	  	 Charles Edward Smith, President

					
		 	By:	 	  
	  	Date:	  	  

			
		 	Print Name and Title:	  	  

  
 Page 7 of 7

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