Document:

Nanophase Technologies Corporation 10-Q

 

Exhibit 10.2

 

LOAN AGREEMENT

 

  THIS LOAN
AGREEMENT (“Agreement”) is made between Nanophase Technologies Corporation (“Borrower”), and
Libertyville Bank & Trust Company, N.A. (“Lender”).

 

  The U.S. Small
Business Administration (“SBA”) has authorized a guaranty (“Authorization”) of a loan from Lender
to Borrower (“Loan”) having 2020 SBA Loan Number 31931171-00 which may be evidenced by an agreement between SBA
and Lender for the amount and under the terms stated in the Authorization. In consideration of the promises in this Agreement
and for other good and valuable consideration, Borrower and Lender agree as follows:

 

	
 

	
1.

	
Subject to the terms and conditions of the Authorization and SBA’s Participating Lender Rules as defined in the Guarantee Agreement between Lender and SBA and the program requirements of the SBA’s Paycheck Protection Program, as set out in the Coronavirus Aid, Relief, and, Economic Security Act and SBA regulations promulgated thereunder (collectively, the “Act”), Lender agrees to make the Loan if Borrower complies with the following “Borrower Requirements.” Borrower must:

 

	
 

	
a.

	
Provide Lender with all certifications, documents or other information Lender is required by the Act and the Authorization to obtain from Borrower or any third party;

 

	
 

	
b.

	
Execute a note (“Note”) and any other documents required by Lender (“Loan Documents”); and

 

	
 

	
c.

	
Do everything necessary for Lender to comply with the terms and conditions of the Act and the Authorization.

 

	
 

	
2.

	
The terms and conditions of this Agreement:

 

	
 

	
a.

	
Are binding on Borrower and Lender and their successors and assigns; and

 

	
 

	
b.

	
Will remain in effect after the closing of the Loan.

 

	
 

	
3.

	
Failure to abide by any of the Borrower Requirements will constitute an event of default under the note and other loan documents.

 

	
 

	
4.

	
Borrower further certifies to Lender as follows:

 

	
 

	
a.

	
Borrower was in operation on February 15, 2020 and had employees for whom it paid salaries and payroll taxes or paid independent contractors, as reported on a Form 1099-MISC.

 

	
 

	
b.

	
Current economic uncertainty makes this loan request necessary to support the ongoing operations of Borrower.

 

	
 

	
c.

	
The loan proceeds will be used to retain workers and maintain payroll; up to 25 percent of the loan proceeds may be used for mortgage interest payments, lease payments, and utility payments, and any other uses allowable under the Act and applicable regulations. Borrower understands and acknowledges that if the funds are used for unauthorized purposes, the SBA will direct Borrower to repay those amounts without potential eligibility for loan forgiveness (as described in paragraph 4(e) of this Agreement); if funds are knowingly used for unauthorized purposes, the federal government may hold Borrower legally liable for fraudulent use of funds.

 

    1 

     

    

 

	
 

	
d.

	
Documentation verifying the number of full-time equivalent employees on payroll as well as the dollar amounts of payroll costs, covered mortgage interest payments, covered lease payments, and covered utilities for the eight- week period after the loan is made will be provided to Lender.

 

	
 

	
e.

	
In accordance with the then-applicable law and guidance of the United States Treasury Department and the SBA and subject to Paragraph 4(j) of this Agreement, Loan forgiveness will be provided for the sum of documented payroll costs, covered mortgage interest payments, covered lease payments, and covered utilities, except that not more than 25 percent of the forgiven amount may be for non-payroll costs.

 

	
 

	
f.

	
During the period beginning on February 15, 2020 and ending on December 31, 2020, Borrower has not and will not receive another loan under this program.

 

	
 

	
g.

	
The information provided in
this Agreement and Borrower’s Loan application submitted to Lender, and the information provided in all supporting
documents and forms is true and accurate in all material respects. Borrower understands that knowingly making a false
statement to obtain a guaranteed loan from the SBA is punishable under the law, including: (i) under 18 USC 1001 and 3571 by
imprisonment of not more than five years and/or a fine of up to $250,000; (ii)
under 15 USC 645 by imprisonment of not more than two years and/or a fine of not more than $5,000; and, (iii) if submitted to
a federally insured institution, under 18 USC 1014 by imprisonment of not more than thirty years and/or a fine of not more
than $1,000,000.

 

	
 

	
h.

	
Borrower has the right and
power and is duly authorized to execute and deliver each Loan Document to which it is a party and to perform and observe the
provisions of the Loan Documents to which it is a party; Borrower is duly authorized to borrow monies hereunder; the
individual(s) executing the Loan Documents on behalf of Borrower has been duly authorized to execute the Loan Documents on
behalf of Borrower. The execution, delivery and performance by Borrower of each Loan Document to which it is a party, and the
borrowings by the Borrower hereunder, do not and will not (a) require any consent or approval of any Governmental Authority
or agency (other than any consent or approval that has been obtained and is in full force and effect), or (b) conflict with,
violate, result in any breach of any of the provisions of, or constitute a default under, (i) any law, rule, regulation,
order, writ, judgment, injunction, decree, determination or award that is applicable to or binding on any Borrower, (ii) the charter, by-laws or other
organizational documents of Borrower or (iii) any agreement, indenture, instrument or other document, or any judgment, order
or decree, that is binding upon any Borrower.

 

    2 

     

    

 

	
 

	
i.

	
Borrower is eligible to receive the Loan under the rules that have been issued by the SBA implementing the Paycheck Protection Program under the Act. Borrower shall comply with all rules and regulations of the Paycheck Protection Program in existence at the time of the Loan and thereafter promulgated.

 

	
 

	
j.

	
Borrower understands and acknowledges that forgiveness of the Loan is only available for principal that is used for the limited purposes that qualify for forgiveness under the Paycheck Protection Program under the Act and the rules and regulations promulgated thereunder. Forgiveness is not automatic, and Borrower must request forgiveness and provide Lender with documentation in accordance with the rules and regulations implementing the Paycheck Protection Program. Borrower understands and acknowledges that Borrower shall remain responsible under the Loan for any amounts not forgiven. Borrower acknowledges that it is not relying on Lender for its understanding of the Paycheck Protection Program requirements for forgiveness.

  

	
 

	
k.

	
Borrower acknowledges and agrees that Borrower’s liability under the Note for the Loan will continue with respect to any amounts the SBA may pay Lender based on an SBA guarantee of the Note. Any agreement between the Lender and SBA under which SBA may guarantee the Note does not create any third party rights or benefits for Borrower, and regardless if SBA pays Lender under any such agreement, SBA or Lender may seek recovery from Borrower of all amounts due on the Loan under the Note.

 

	
 

	
5.

	
Borrower has received a copy of the Equal Employment Opportunity Poster (SBA Form 722), and will display such poster at Borrower’s place of business where it is clearly visible to employees, job applicants, and the general public.

 

	
 

	
6.

	
Borrower understands, acknowledges and agrees that Lender is relying solely on Borrower’s representations, warranties, certifications, confirmations or other statements of, and information from, the Borrower and/or any of its affiliates, officers, directors, owners, principals, agents, and/or controlling persons as to the Borrower, its business or activities, its eligibility for the proposed Loan, its use of the proceeds or any other benefits of the Loan, the existence of any hardship or other condition, the eligibility of the Borrower for forgiveness of all or any portion of the Loan, the amount of any Loan forgiveness, or any other matters of compliance with the Act or SBA requirements without limitation or without Lender’s examination of any other information not included in the Borrower’s Loan application which may be in Borrower’s possession.

 

	
 

	
7.

	
Waiver; Amendments. No failure or delay on the part of the Lender in the exercise of any right, power, privilege or remedy shall operate as a waiver thereof, nor shall any single or partial exercise by Lender of any right, power, privilege or remedy preclude other or further exercise thereof, or the exercise of any other right, power, privilege or remedy. No amendment, modification or waiver of, or consent with respect to, any provision of this Agreement or the other Loan Documents shall in any event be effective unless the same shall be in writing and signed and delivered by the Lender (and in the case of an amendment, the Borrower), and then such amendment, modification, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

 

    3 

     

    

 

	
 

	
8.

	
Severability. Whenever possible each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. All obligations of the Borrower and rights of the Lender expressed herein or in any other Loan Document shall be in addition to and not in limitation of those provided by applicable law.

 

	
 

	
9.

	
Waiver of Class Actions. The terms “Claim” or “Claims” refer to any disputes, controversies, claims, counterclaims, allegations of liability, theories of damage, or defenses between Borrower, its subsidiaries and affiliates, on the one hand, and the Lender, on the other hand (all of the foregoing each being referred to as a “Party” and collectively as the “Parties”). Whether in state court, federal court, or any other venue, jurisdiction, or before any tribunal, the Parties agree that all aspects of litigation and trial of any Claim will take place without resort to any form of class or representative action. Thus the Parties may only bring Claims against each other in an individual capacity and waive any right they may have to do so as a class representative or a class member in a class or representative action. THIS CLASS ACTION WAIVER PRECLUDES ANY PARTY FROM PARTICIPATING IN OR BEING REPRESENTED IN ANY CLASS OR REPRESENTATIVE ACTION REGARDING A CLAIM.

 

	
 

	
10.

	
INDEMNIFICATION BY THE BORROWER. IN CONSIDERATION OF THE EXECUTION AND DELIVERY OF THIS AGREEMENT BY THE LENDER AND THE AGREEMENT TO EXTEND THE COMMITMENTS PROVIDED HEREUNDER, THE BORROWER HEREBY AGREES TO INDEMNIFY, EXONERATE AND HOLD THE LENDER AND EACH OF THE LENDER’S OFFICERS, DIRECTORS, EMPLOYEES, AFFILIATES, LENDER AGENTS AND OTHER AGENTS (EACH A “LENDER PARTY”) FREE AND HARMLESS FROM AND AGAINST ANY AND ALL ACTIONS, CAUSES OF ACTION, SUITS, LOSSES, LIABILITIES, DAMAGES AND EXPENSES, INCLUDING ATTORNEY COSTS (COLLECTIVELY, THE “INDEMNIFIED LIABILITIES”), INCURRED BY THE LENDER PARTIES OR ANY OF THEM AS A RESULT OF, OR ARISING OUT OF, OR RELATING TO (A) THE LENDER’S ACTIONS ARISING FROM OR RELATED TO THE ACT, AND (B) THE EXECUTION, DELIVERY, PERFORMANCE OR ENFORCEMENT OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT BY ANY OF THE LENDER PARTIES, EXCEPT FOR ANY SUCH INDEMNIFIED LIABILITIES ARISING ON ACCOUNT OF THE APPLICABLE LENDER PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT AS DETERMINED BY A FINAL, NONAPPEALABLE JUDGMENT OF A COURT OF COMPETENT JURISDICTION. IF AND TO THE EXTENT THE FOREGOING UNDERTAKING MAY BE UNENFORCEABLE FOR ANY REASON, THE BORROWER HEREBY AGREES TO MAKE THE MAXIMUM CONTRIBUTION TO THE PAYMENT AND SATISFACTION OF EACH OF THE INDEMNIFIED LIABILITIES THAT IS PERMISSIBLE UNDER APPLICABLE LAW. ALL OBLIGATIONS PROVIDED FOR IN THIS SECTION SHALL SURVIVE REPAYMENT OF THE LOAN, CANCELLATION OF THE NOTE, OR ANY MODIFICATION, RELEASE, DISCHARGE OR TERMINATION OF, ANY OR ALL OF THIS AGREEMENT.

 

    4 

     

    

 

	
 

	
11.

	
FORUM SELECTION AND CONSENT TO JURISDICTION. ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, SHALL BE BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF THE STATE OF ILLINOIS OR IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS; PROVIDED THAT NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE LENDER FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION. THE BORROWER HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF ILLINOIS AND OF THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE. THE BORROWER HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

	
 

	
12.

	
WAIVER OF JURY TRIAL. EACH OF THE BORROWER AND THE LENDER HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT, ANY NOTE, ANY OTHER LOAN DOCUMENT AND ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR THAT MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY LENDING RELATIONSHIP EXISTING IN CONNECTION WITH ANY OF THE FOREGOING, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

 

Remainder of page left blank intentionally – signature page to follow.

 

    5 

     

    

 

BORROWER:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Nanophase Technologies Corporation

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	 	
 

	
Date:

	
Apr 16, 2020

	
 

	
Name:

	
Jess Jankowski

	
 

	
 

	
 

	
 

	
Its:

	
President

	
 

	
 

	
 

	
 

 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	
Date:

	
Apr 16, 2020

	
 

	
Name:

	
    

	
 

	
 

	
 

	
 

	
Its:

	
   

	
 

	
 

	
 

	
 

 

LENDER:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Libertyville Bank & Trust Company, N.A.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	 	
 

	
Date:

	
Apr 16, 2020

	
 

	
Name:

	
Ben Johnson

	
 

	
 

	
 

	
 

	
Its:

	
Bank Officer

	
 

	
 

	
 

	
 

 

 

    6Exhibit

Ex. 10.01

STATE AUTO FINANCIAL CORPORATION
2017 LONG-TERM INCENTIVE PLAN

PERFORMANCE UNIT AWARD AGREEMENT

State Auto Financial Corporation, an Ohio corporation (the “Company”), hereby grants to the undersigned employee of the Company (the “Participant”) the following Performance Units Award (“Performance Units”) pursuant to the terms and conditions of the State Auto Financial Corporation 2017 Long-Term Incentive Plan (the “Plan”), and this Performance Unit Award Agreement (this “Award Agreement”).  

	
		
	1.  Name of Participant:
	               [ l]               

	2.  Grant Date:
	      [  l]      , 20[ l ] (the “Grant Date”)

	3.  Performance Period:
	Three-year period commencing on January 1, 20[ l ]and ending on December 31, 20[l](the “Performance  Period”)

	4.  Performance Units Granted:
	      [l  ]      

	5.  Vesting:
	Except as otherwise provided in this Award Agreement, the Performance Units will vest as of the last day of the Performance Period only if and to the extent that (a) the Participant is employed by the Company or an Affiliate on the last day of the Performance Period; and (b) the Compensation Committee determines that the Performance Goals set forth in Section 6 of this Award Agreement (the “Performance Goals”) have been satisfied.

	6.  Performance Goals:
	The Performance Goals applicable to the Performance Units granted to the Participant pursuant to this Award Agreement shall be (a) compound annual premium growth, and (b) combined ratio, during the Performance Period, as determined by the multiple (the “Performance Multiple”) under the matrix attached to this Award Agreement as Exhibit A (the “Performance Matrix”). 
At the end of the Performance Period, if the Performance Matrix does not yield a Performance Multiple, the Performance Units awarded under this Award Agreement shall be forfeited and no longer considered outstanding or to be held by the Participant as of the close of business on the date on which the Compensation Committee certifies that the Performance Matrix does not yield a Performance Multiple.  If the Performance Matrix yields a Performance Multiple, the Performance Units awarded under this Award Agreement shall remain outstanding and held by the Participant.  

	
		
	7.  Determination of  Award Value: 
	Except as otherwise provided in this Award Agreement, if the Performance Units awarded under this Award Agreement remain outstanding as of the last day of the Performance Period under the provisions of Section 6 of this Award Agreement, the value of such Performance Units (the “Award Value”) will be determined  pursuant to the following formula:  
(a × b) × c, where
a = The number of Performance Units granted under this Award Agreement
b = The Performance Multiple determined by the Compensation Committee pursuant to the provisions of Section 6 of this Award Agreement; and
c = The Fair Market Value of a share of Stock on the date on which the Compensation Committee approves the final payment of the Award granted under this Award Agreement (the “Share Valuation Date”).

	8.  Settlement:
	Except as otherwise provided in this Award Agreement, at the time that the Award Value is determined pursuant to Section 7 or any other section of this Award Agreement, such Award Value will be paid to the Participant (or in the event of the Participant’s death, the Participant’s beneficiary) in cash, shares of Stock or a combination of cash and shares of Stock, as determined by the Committee.  To the extent that any portion of the Award Value is to be paid in shares of Stock, a quotient shall be determined by dividing the Award Value (or portion thereof to be paid in shares of Stock) by the Fair Market Value of a share of Stock on the Share Valuation Date, and rounding down to the next whole number.  The quotient resulting from the calculation under the preceding sentence of this Section 8 of this Award Agreement will determine the Participant’s “Award Units” under this Award Agreement.  Upon determination of the Participant’s Award Units, the Participant (or, in the event of the Participant’s death, the Participant’s beneficiary) will receive one (1) share of Stock for each Award Unit.  Performance Units settled under this Award Agreement are intended to be exempt from Section 409A under the exemption for short term deferrals.  Accordingly, Performance Units will be settled in cash, shares of Stock or a combination of cash and shares of Stock no later than the 15th day of the third month following the end of the fiscal year of the Company (or if later the calendar year) in which the Performance Units vest.  

	
		
	9.  Death or Disability:
	If the Participant’s employment with the Company or any Affiliate terminates by reason of the Participant’s death or Disability before the end of the Performance Period, then, notwithstanding any provision contained in this Award Agreement, the Performance Units granted under this Award Agreement shall become vested as of the date of the Participant’s death or Disability.  The Award Value of such Performance Units will be determined as of the date of the Participant’s death or Disability pursuant to the following formula:  
(a × b) × c, where
a = The number of Performance Units granted under this Award Agreement;
b = A Performance Multiple equal to 1.0; and
c = The Fair Market Value of a share of Stock on the date of the Participant’s death or Disability.  
Upon the determination of the Award Value pursuant to this Section 9 of this Award Agreement, such Performance Units will be settled in the manner described in Section 8 of this Award Agreement; provided, that, (i) in determining the Participant’s Award Units under Section 8, the Fair Market Value of a share of Stock on the date of the Participant’s death or Disability will be substituted for the Fair Market Value of a share of Stock on the Share Valuation Date; and (ii) the Performance Units will be settled in cash, shares of Stock or a combination of cash and shares of Stock no later than the 15th day of the third month following the end of the calendar year in which the Participant’s death or Disability occurs.  

	10.  Retirement:
	If the Participant’s employment with the Company or any Affiliate terminates by reason of the Participant’s Retirement before the end of the Performance Period, then, notwithstanding any provision contained in this Award Agreement, the Performance Units granted under this Award Agreement shall become vested in accordance with the provisions of Sections 5 and 6 of this Award Agreement; provided, that, for this purpose, the Participant will be deemed to have been employed by the Company or an Affiliate on the last day of the Performance Period.  The Award Value of such Performance Units, if any, will be determined in accordance with the provisions of Section 7 of this Award Agreement and settled at the time and in the manner described in Section 8 of this Award Agreement.

	
		
	11.  Reduction in Force:
	If the Participant’s employment with the Company or any Affiliate is terminated before the end of the Performance Period through a reduction in force (as determined in the sole discretion of the Compensation Committee), then, notwithstanding any provision contained in this Award Agreement, the Performance Units granted under this Award Agreement shall become vested in accordance with the provisions of Sections 5 and 6 of this Award Agreement; provided, that, for this purpose, the Participant will be deemed to have been employed by the Company or an Affiliate on the last day of the Performance Period.  The Award Value of such Performance Units, if any, will be determined in accordance with the provisions of Section 7 of this Award Agreement; provided, that, for purposes of this Section 11 of this Award Agreement, the Award Value determined pursuant to the provisions of Section 7 of this Award Agreement shall be multiplied by a fraction, the numerator of which is the number of days that the Participant was employed during the Performance Period, and the denominator of which is the total number of days in the Performance Period.  Upon the determination of the Award Value of the Performance Units pursuant to this Section 11 of this Award Agreement, such Performance Units will be settled at the time and in the manner described in Section 8 of this Award Agreement.

	12.  Termination of Employment for any Reason other than Retirement, Death, Disability or Reduction in Force:
	If the Participant’s employment with the Company or any Affiliate terminates for any reason other than the Participant’s Retirement, death, Disability or a reduction in force before the last day of the Performance Period, then all Performance Units granted under this Award Agreement will be forfeited as of the date of the Participant’s termination of employment.

	13.  Conditions:
	In the event the Committee determines to settle all or a portion of the Award Value in shares of Stock, the Company’s obligation to deliver shares of Stock is subject to the satisfaction of the following conditions: (a) the Participant is not, at the time of settlement, in material breach of any of his or her obligations under this Award Agreement, or under any other agreement with the Company or any Affiliate; (b) no preliminary or permanent injunction or other order against the delivery of the shares of Stock issued by a federal or state court of competent jurisdiction in the United States shall be in effect; (c) there shall not be in effect any federal or state law, rule or regulation which prevents or delays delivery of the shares of Stock or payment, as appropriate; and (d) the Participant shall confirm any factual matters reasonably requested by the Compensation Committee, the Company or counsel for the Company.  

	14.  Shareholder Rights:
	The Participant shall have none of the rights of a shareholder with respect to the shares of Stock underlying the Performance Units, until the Participant becomes the recordholder of the shares of Stock underlying the Performance Units.  

	15.  Effect of Plan:
	The Performance Units are subject in all cases to the terms and conditions set forth in the Plan, which are incorporated into and made a part of this Award Agreement.  In the event of a conflict between the terms of the Plan and the terms of this Award Agreement, the terms of the Plan will govern.  All capitalized terms that are used in this Award Agreement but are not defined in this Award Agreement shall have the meanings ascribed to such terms in the Plan.

	
		
	16.  Acknowledgment:
	By receipt of this Award, the Participant acknowledges and agrees that the Performance Units are subject to all of the terms and conditions of the Plan and this Award Agreement.  

	17.  Forfeiture:
	Notwithstanding any other provision of this Award Agreement, the Performance Units granted hereunder shall be subject to (a) the Forfeiture for Cause provisions contained in Section 4.7 of the Plan; and (b) any clawback or similar policy that may be implemented by the Company which is applicable to the Performance Units.  

	18.  Effect on Other Agreements:
	The parties acknowledge and agree that the provisions of this Award Agreement shall supersede any and all other agreements and rights that the Participant has under any agreements or arrangements between the Participant and the Company, whether in writing or otherwise, with respect to the matters set forth herein.  

EXHIBIT A

            Long-Term Incentive Plan (LTIP) Matrix

	
															
	

Premium
Growth
	__%
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_

	__%
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_

	__%
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_

	__%
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_

	__%
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_

	__%
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_

	__%
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_

	__%
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_

	__%
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_

	__%
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_

	__%
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_

	__%
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_

	__%
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_

	__%
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_

	__%
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_

	__%
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_

	__%
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_

	__%
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_

	__%
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_

	__%
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_

	__%
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_

	__%
	_
	_
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	_
	_
	_
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	_
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	_
	_
	_

	__%
	_
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	_
	_
	_
	_
	_
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	_
	_
	_

	__%
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_
	_

	__%
	_
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	_
	_
	_
	_
	_
	_
	_
	_
	_
	_

	__%
	_
	_
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	_
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	_
	_
	_

	 
	__%
	__%
	__%
	__%
	__%
	__%
	__%
	__%
	__%
	__%
	__%
	__%
	__%

	Combined Ratio

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