Document:

Restricted Stock Agreement (Michael Zukerman)

 Exhibit 10.11 
 RESTRICTED STOCK AGREEMENT 
 (Michael Zukerman) 
 This RESTRICTED STOCK AGREEMENT (this “Agreement”) is dated as of December 18, 2006, by and between GEOVERA INSURANCE GROUP
HOLDINGS, LTD. (formerly known as HFF&L (Cayman) Holdings, Ltd.), a Cayman Islands exempted company (the “Company”), and MICHAEL ZUKERMAN (the “Stockholder”). 
 WHEREAS, the Company wishes to issue to the Stockholder a certain number of the Company’s Ordinary Shares (as defined in Section 1
hereof) on the terms and subject to the restrictions contained in this Agreement; and 
 NOW, THEREFORE, in consideration of the
mutual promises and agreements set forth herein, the Company and the Stockholder agree as follows: 
 1. DEFINITIONS. As used
herein, the following terms shall have the meanings specified below: 
 “Act” has the meaning specified in Section 5(a)
hereof. 
 “Affiliate” has the meaning specified in the Members Agreement. 
 “After-Tax Percentage” means 54%. 
 “After-Tax Vested Share Distribution” has the meaning specified in Section 7.1(a). 
 “Agreement” has the meaning specified in the preamble hereto. 
 “Board” means the Board of
Directors of the Company. 
 “Company” has the meaning specified in the preamble hereto. 
 “Distributions” has the meaning specified in Section 7.1. 
 “Employer” means Geovera Holdings, Inc. (formerly known as HFF&L (U.S.) Holdings, Inc.), a Delaware corporation and an indirect
wholly-owned Subsidiary of the Company. 
 “Event of Default” has the meaning specified in the Note. 
 “Members Agreement” means the Management Members’ Agreement, dated as of November 1, 2005, among the Company, the Sponsor
Members of the Company party thereto and the Management Members of the Company party thereto, as amended and in effect from time to time. 
 “Note” has the meaning specified in specified in Section 2(a). 
 “Ordinary Shares” means the
ordinary shares, par value $0.001 per share, of the Company. 
 “Original Price Per Share” means $5 per Share for each
Ordinary Share. 
 “Person” an individual, partnership, limited liability company, corporation, association, trust, joint
venture, unincorporated organization, or any government, governmental department or agency or political subdivision thereof. 
  

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 “Sale of the Company” means any of the following events: (a) the acquisition of the
Company by another Person by means of any transaction or series of related transactions (including, without limitation, any reorganization, merger, scheme of arrangement, consolidation, recapitalization or other similar transaction) in which the
Company’s members of record immediately prior to such acquisition will, immediately after such acquisition (by virtue of securities issued as consideration for the Company’s acquisition or otherwise) fail to hold at least fifty percent
(50%) of the voting power of the resulting or surviving corporation or other surviving entity, as applicable, following such acquisition, or (b) the sale of all or substantially all of the Company’s and its Subsidiaries’ assets,
taken as a whole. 
 “Shares” has the meaning set forth in Section 2(a) of this Agreement and includes all other shares
of capital stock issued with respect thereto by way of dividend or stock split or in connection with any merger, consolidation, recapitalization or reorganization affecting the Company’s capital stock. 
 “Stockholder” has the meaning specified in the preamble hereto. 
 “Subsidiary” means any corporation, association, trust, or other business entity, of which the designated parent shall at any time own
or control directly or indirectly through a Subsidiary or Subsidiaries at least a majority (by number of votes) of the outstanding shares of capital stock (or other shares of beneficial interest) which are (a) entitled ordinarily, in the
absence of contingencies, to vote for the election of a majority of such business entity’s directors (or Persons exercising similar functions), even though the right so to vote has been suspended by the happening of such a contingency, or
(b) entitled at the time to vote for the election of a majority of such business entity’s directors (or Person exercising similar functions), whether or not the right so to vote exists by reason of the happening of a contingency.

 “Termination of Employment” means the termination of the Stockholder’s employment with the Company or any of its
Subsidiaries for any reason, including, without limitation, for resignation, death or Disability of the Stockholder, and whether or not for Cause. 
 “Transfer” has the meaning specified in Section 4 hereof. 
 “Unvested Shares” has the
meaning specified in Section 3.1 hereof. 
 “Vested Shares” has the meaning specified in Section 3.1 hereof.

 “Vesting Date” has the meaning specified in Section 7.1(b). 
 “Vesting Date Payment” has the meaning specified in Section 7.1(b). 
 2. PURCHASE AND SALE OF SHARES. (a) Subject to (i) the terms and conditions hereinafter set forth and in reliance on the
representations and warranties contained herein, and (ii) the Company’s receipt of any and all necessary consents, authorizations and approvals of the transactions contemplated by this Agreement, and in consideration of the services to be
provided by the Stockholder to the Company and its Subsidiaries, the Company hereby agrees to issue to the Stockholder, on the date hereof 78,227 Ordinary Shares (the “Shares”). On the date hereof, the Company shall deliver to the
Stockholder a certificate or certificates representing the Shares (each such certificate to bear the legends set forth in Section 6 hereof). The Employer agrees to loan to the Stockholder an amount of up to $194,316 to fund payment of the U.S.
federal and state income tax obligations of the Stockholder resulting from the grant of the Shares hereunder (the “Loan”). The Loan will be made at the time such tax obligations are paid by the Stockholder and will be evidenced by a
limited recourse stockholder promissory note, substantially in the form attached hereto as Exhibit A (the “Note”). On or prior to the date of the Loan, the Stockholder will (i) duly execute and deliver to the Employer the
Note and (ii) deliver and pledge all of the Shares to the Employer pursuant to the terms of the Note, together with undated shares transfers or other appropriate instruments of assignment thereof duly executed in blank by the Stockholder. The Note
will be secured by the Shares. 
  

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 (b) The Company represents and warrants that, after giving effect to the purchase and sale effected
hereby and all other agreements to purchase capital stock and securities of the Company as of the date hereof, (i) the authorized share capital of the Company is $50,000 and consists of 50,000,000 Ordinary Shares, 44,352,718 shares of which are
issued and outstanding on the date hereof, (ii) all such outstanding share capital is owned as set forth on Schedule 1 hereto and is validly issued and outstanding, fully paid and non-assessable and (iii) there are no
commitments for the purchase or sale of, and no options, warrants or other rights to subscribe for or purchase, any securities of the Company other than as set forth on Schedule 1 hereto. 
 (c) Concurrently with the execution and delivery of this Agreement, the Stockholder shall become a party to the Members Agreement pursuant to
documentation in form and substance reasonably satisfactory to the Company. 
 3. VESTING AND REPURCHASE OF SHARES. 

3.1. Vesting of Shares. Initially, all of the Shares shall be considered “Unvested Shares”. On each anniversary
of October 1, 2006 prior to the Termination of Employment, commencing with October 1, 2007, 25% of the original number of Shares shall become “Vested Shares”, such that all of the Shares shall be Vested Shares as of and
after October 1, 2010 if the Termination of Employment does not occur prior to such date. If a Sale of the Company occurs prior to a Termination of Employment (the first such event or sale, a “Vesting Acceleration Event”), the
then Unvested Shares shall become Vested Shares upon the occurrence of such Vesting Acceleration Event. No Shares which have not already become Vested Shares shall become Vested Shares upon or after the Termination of Employment for any reason.

 3.2. Repurchase Rights of the Company and the Sponsor Members. Upon the Termination of Employment, the Company and
the Sponsor Members (as defined in the Members Agreement) shall have the rights to purchase all or a portion of the Shares in accordance with the terms of Article IV of the Members Agreement. 
 4. RESTRICTIONS ON TRANSFER. The Stockholder may not sell, assign, transfer, pledge, gift or otherwise dispose of
(“Transfer”) any of the Shares, except in accordance with Article III of the Members Agreement. 
 5. INVESTMENT
REPRESENTATIONS. (a) The Stockholder represents that the Shares are being acquired by him for his own account for investment and not with a view to the distribution thereof. The Stockholder understands that the Shares have not been
registered under the Securities Act of 1933, as amended (the “Act”), on the grounds that the offer and sale of the Shares to him are exempt from the registration requirements of the Act under Section 4(2) thereof as a transaction
not involving any public offering of the Shares. The Stockholder understands that the Company’s reliance on such exemption is predicated in part on the representations of the Stockholder which are contained herein. 
 (b) The Stockholder understands that he must bear the economic risk of his investment in the Shares for an indefinite period of time because the Shares
have not been registered under the Act and, therefore, cannot be sold unless they are subsequently registered under the Act or an exemption from such registration is available. The Stockholder agrees that he will not offer to Transfer any of the
Shares except as expressly permitted by the Members Agreement and then only after the Company has received an opinion of its counsel that such offer or Transfer is not in violation of the registration requirements of the Act or other applicable law.

 (c) The Stockholder represents that he is an “accredited investor” (as defined in Rule 501 under the Act). 
 6. LEGENDS; STOP TRANSFER. (a) Each certificate representing the Shares shall bear legends in or substantially in the following form:

 “THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NO TRANSFER, SALE OR
OTHER DISPOSITION OF 

  

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THESE SHARES MAY BE MADE UNLESS A REGISTRATION STATEMENT WITH RESPECT TO THESE SHARES HAS BECOME EFFECTIVE UNDER SAID ACT, OR THE COMPANY HAS BEEN FURNISHED
WITH AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 
 THE SHARES EVIDENCED BY THIS CERTIFICATE ARE
ALSO SUBJECT TO CERTAIN REPURCHASE RIGHTS IN FAVOR OF THE COMPANY AND CERTAIN PROVISIONS REGARDING RESTRICTIONS UPON TRANSFER CONTAINED IN A RESTRICTED STOCK AGREEMENT, DATED AS OF DECEMBER 18, 2006, COPIES OF WHICH WILL BE FURNISHED BY THE
COMPANY TO THE HOLDER OF THE SHARES EVIDENCED BY THIS CERTIFICATE UPON WRITTEN REQUEST AND WITHOUT CHARGE. 
 THE SHARES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO THE TERMS OF A CERTAIN MANAGEMENT MEMBERS’ AGREEMENT, DATED AS OF NOVEMBER 1, 2005, AS AMENDED, AMONG THE ISSUER OF THIS CERTIFICATE AND CERTAIN OF ITS MEMBERS. THE MANAGEMENT MEMBERS’ AGREEMENT CONTAINS CERTAIN
RESTRICTIVE PROVISIONS RELATING TO THE VOTING AND TRANSFER OF SHARES REPRESENTED HEREBY. A COPY OF THE MANAGEMENT MEMBERS’ AGREEMENT IS ON FILE AT THE COMPANY’S PRINCIPAL OFFICES. UPON WRITTEN REQUEST TO THE COMPANY’S SECRETARY, A
COPY OF THE MANAGEMENT MEMBERS’ AGREEMENT WILL BE PROVIDED WITHOUT CHARGE TO THE HOLDER OF THIS CERTIFICATE.” 
 (b) In addition,
the Company shall make a notation regarding the restrictions on transfer of the Shares in the stock books of the Company, and such Shares shall be transferred on the books of the Company only if and when transferred or sold in compliance with all of
the terms and conditions of this Agreement. 
 7. DIVIDEND AND OTHER DISTRIBUTIONS ON THE SHARES 
 7.1. Distributions on the Shares. If any dividends or other distributions are paid on Ordinary Shares (collectively,
“Distributions”): 
 (a) the Stockholder shall be entitled to receive and retain any Distributions in respect of any Vested
Shares; provided, however, that so long as the Note is outstanding the After-Tax Percentage of any Distributions in respect of any Vested Shares (each, an “After-Tax Vested Share Distribution”) shall be used
solely as follows: (i) first, to pay all accrued and unpaid interest of the Note; and (ii) then, to repay the outstanding principal balance of the Note. Notwithstanding the foregoing, if any Event of Default has occurred and
is continuing the entire amount of any Distribution in respect of Vested Shares shall be applied in the manner contemplated by the proviso to the foregoing sentence. 
 (b) the Company shall retain any Distribution in respect of any Unvested Shares until such time as such Unvested Shares become Vested Shares in accordance with the terms of this Agreement, and on the applicable
vesting date (each, a “Vesting Date”), the Company shall pay to the Stockholder an amount (each such amount, a “Vesting Date Payment”) equal to the sum of (X) the amount of any Distributions that have been
retained by the Company in accordance with this clause (b) on the Unvested Shares that have become Vested Shares on such Vesting Date, plus (Y) interest thereon from the date of the applicable Distribution until such Vesting Date
calculated at an annual rate set by the Board that is approximately equal to the rate that represents the yield on the Company’s operating Subsidiaries cash and investments during such period; provided, however, that so long as
the Note is outstanding the After-Tax Percentage of any Vesting Date Payment shall be used solely as follows: (i) first, to pay all accrued and unpaid interest of the Note; and (ii) then, to repay the outstanding principal
balance of the Note. Notwithstanding the foregoing, if any Event of Default has occurred and is continuing the entire amount of any Distribution in respect of Unvested Shares shall be retained by the Company in the manner contemplated by the
previous sentence. Upon the Termination of Employment at any time and for any reason, the Stockholder shall automatically forfeit any right to any Distributions that have been retained by the Company in accordance with this clause
(b) (including any interest thereon) in respect of any Unvested Shares that have not 

  

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become Vested Shares as of the date of the Termination of Employment. Any payments under this clause (b) shall be made solely from the general assets of
the Company. The Company shall have no obligation and does not intend to establish, maintain or contribute to any trust, insurance contract, or other fund for the purpose of making or reserving for payments of dividends on Unvested Shares. The
Stockholder shall have no greater rights to any of the assets of the Company as a result of becoming entitled to a dividend on the vesting of previously Unvested Shares than the rights of any other general unsecured creditor of the Company.

 7.2. Authorization. The Stockholder hereby irrevocably authorizes and directs the Company and the Employer to
directly apply each After-Tax Share Distribution and the After-Tax Percentage of any Vesting Date Payment against payments of interest on and principal of the Note in the manner contemplated by Section 7.1. 
 8. GENERAL. 
 8.1.
Notices. All notices, demands and other communications hereunder shall be in writing or by written telecommunication, and shall be deemed to have been duly given if delivered personally or if mailed by certified mail, return receipt
requested, postage prepaid, or if sent by overnight courier, or sent by written telecommunication, as follows: 
 If to the
Company, to: 
 c/o Friedman Fleischer & Lowe, LLC 
 One Maritime Plaza 
 Suite 1000 
 San Francisco, California 94111 
 Attention: David L. Lowe 
 Fax No.: (415) 402-2111 
 and 
 c/o Hellman & Friedman LLC 
 One Maritime Plaza, 12th Floor 
 San Francisco, California
94111 
 Attention: David R. Tunnell 
  Arrie R. Park 
 Fax No.: (415) 788-0176 
 With copies sent simultaneously to: 
 Bingham McCutchen LLP 
 399 Park Avenue 
 New York, New York 10022 
 Attention: Neil W. Townsend, Esq. 
 Fax No: (212) 752-5378 
 and 
 Weil, Gotshal & Manges LLP 
 100 Federal Street, 34th Floor 
 Boston, MA 02110

 Attention: James Westra, Esq. 
 Fax No.: (617) 772-8333 
 If to the Stockholder, to: 
 Michael Zukerman 
 310 La Salle Ave. 
 Piedmont, CA 94610 
  

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 Any such notice shall be effective (a) if delivered personally, when received, (b) if sent by
overnight courier, when receipted for, (c) if mailed, five (5) days after being mailed as described above, and (d) if sent by written telecommunication, when dispatched. 
 8.2. Equitable Remedies. Each of the parties hereto acknowledges and agrees that upon any breach by the Stockholder of his
obligations under Sections 3.2 or 4 hereof, the Company will have no adequate remedy at law, and accordingly will be entitled to specific performance and other appropriate injunctive and equitable relief. 
 8.3. Severability. If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect under any law,
the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired. 
 8.4.
Waivers. No delay or omission by either party hereto in exercising any right, power or privilege hereunder shall impair such right, power or privilege, nor shall any single or partial exercise of any such right, power or privilege
preclude any further exercise thereof or the exercise of any other right, power or privilege. 
 8.5. Counterparts. This
Agreement may be executed in multiple counterparts (including by facsimile), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 8.6. Assigns. This Agreement shall not be assignable or transferable by the Stockholder without the Company’s prior written
consent thereto. 
 8.7. Entire Agreement. This Agreement contains the entire understanding of the parties, supersedes
all prior agreements and understandings relating to the subject matter hereof and shall not be amended except by a written instrument hereafter signed by each of the parties hereto. Nothing in this Agreement shall be construed as a grant to the
Stockholder of any right to continuing employment with the Company or any Subsidiary (including the Employer) or to restrict in any way the right to terminate the Stockholder’s employment at any time. 
 8.8. Governing Law. This Agreement and the obligations of the parties hereunder shall be governed by, and construed, interpreted and
enforced, in accordance with, the laws of the State of New York, without reference to applicable principles of conflicts of laws that would mandate the applicable of the laws of another jurisdiction. 
 9. SECTION 83(B) ELECTION. The Stockholder and the Company acknowledge that the Stockholder is electing, in accordance with Section 83(b)
of the Internal Revenue Code of 1986, as amended, to recognize ordinary income in this calendar year with respect to the acquisition of the Shares. The Stockholder and the Company agree that the fair market value of the Shares on the date hereof is
equal to the aggregate Original Price Per Share of the Shares, and shall reflect such fair market value to the extent required on any Federal, state or local income tax return or filing. The Stockholder further agrees that he will file a Section
83(b) election form with the Internal Revenue Service within thirty (30) days after the date hereof. 
 [Remainder of page intentionally left
blank; signature page follows] 
  

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 IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties hereto have caused this
Agreement to be duly executed as of the date and year first above written. 
  

									
	THE COMPANY:	 		 	 GEOVERA INSURANCE GROUP
 HOLDINGS,
LTD.

				
		 		 	By:	 	/s/    DAVID L. LOWE        
		 		 		 		 	David L. Lowe
		 		 		 		 	President
			
	THE STOCKHOLDER:	 		 	
				
		 		 		 	/s/    MICHAEL ZUKERMAN        
		 		 		 		 	Michael Zukerman

  
  
  
 [Signature Page to Restricted Stock Agreement] 
  

 7Employment Agreement (Kevin Nish)

 Exhibit 10.12 
 EMPLOYMENT AGREEMENT 
 This EMPLOYMENT AGREEMENT (this “Agreement”) is dated
as of August 2, 2005, by and between HFF&L (U.S.) Holdings, Inc., a Delaware corporation (the “Employer”), and Kevin Nish (the “Employee”). 
 WHEREAS, pursuant to that certain Stock Purchase Agreement, dated as of August 2, 2005 (as in effect from time to time, the “Purchase
Agreement”), by and among United States Fidelity and Guaranty Company, a Maryland property and casualty insurance company (the “Seller”), the Employer and certain other parties that are signatories thereto, the Employer has
agreed to purchase from the Seller, and the Seller has agreed to sell to the Employer, all of the outstanding shares of capital stock of certain insurance companies owned by the Seller (the “CATRisk Companies”); 
 WHEREAS, the Employee is currently employed as an executive officer by The Travelers Indemnity Company, an affiliate of the Seller (“St.
Paul”), and serves as the chief executive officer of the business and operations of the CATRisk Companies; 
 WHEREAS, the
Employer wishes to employ the Employee as an executive officer of the Employer effective upon the Commencement Date (as hereinafter defined), and the Employee wishes to work as an executive officer of the Employer effective upon the Commencement
Date; and 
 WHEREAS, the Employer and the Employee wish to enter into this Agreement on the terms and conditions set forth below.

 NOW, THEREFORE, it is hereby agreed as follows: 
 1. EMPLOYMENT. Effective upon the Commencement Date, the Employer agrees to employ the Employee, and the Employee agrees to accept such employment, upon the terms and subject to the conditions
hereinafter set forth. For purposes of this Agreement, the term “Commencement Date” shall mean the Closing Date (as defined in the Purchase Agreement); provided, that the following conditions (the
“Conditions”) shall have been satisfied: (a) as of the Closing Date, the Executive shall remain in good health (as determined in good faith by the Board (as hereinafter defined)) and employed by St. Paul on a full-time basis
and in substantially the same capacity and with the same responsibilities and duties as the Employee has with St. Paul on the date hereof; and (b) as of the Closing Date, no De Facto Cause Event (as defined below) shall have occurred. If either
(A) the Purchase Agreement shall have terminated prior to the Closing Date for any reason whatsoever or (B) the Closing Date shall have occurred, but one or both of the Conditions shall have not been satisfied and the Employer shall have
provided written notice to the Employee on or prior to the Closing Date of its election to terminate this Agreement, then this Agreement shall terminate and be of no further force or effect, the Commencement Date shall be deemed not to have
occurred, and there shall be no liability or obligation hereunder on the part of the Employer or the Employee. A “De Facto Cause Event” shall have occurred if during the period from the date of this Agreement through (and including)
the Closing Date (the “Interim Period”) the Board acting in good faith shall have determined that there shall have occurred any act, event or condition that would constitute (or 

  

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with notice or lapse of time or both would constitute) grounds for termination of the Employee’s employment for Cause under Section 6 hereof
(assuming that “St. Paul” is “the Employer” referred to in Section 6 hereof and in any other Section of this Agreement referred to in Section 6 hereof and making such other changes to Section 6 hereof as are
appropriate to reflect that the Employee is an employee of St. Paul during the Interim Period, provided that, for the avoidance of doubt, the Board of the Employer (not St. Paul) shall make any determination as to whether the grounds for a De
Facto Cause Event have occurred). 
 2. DUTIES. Effective upon the Commencement Date, the Employee shall be employed as the
Chief Executive Officer of the Employer. In such capacity, the Employee shall have such executive responsibilities and duties as are assigned by the Employer’s Board of Directors (the “Board”) and are consistent with such
position. 
 3. TERM. Unless earlier terminated pursuant to
Section 6, the initial term of employment of the Employee hereunder shall commence on the Commencement Date and shall continue until the fifth (5th) anniversary of the Commencement Date (the “Initial Term”), and shall be automatically renewed for additional one (1) year terms thereafter unless terminated by either party
by written notice to the other given at least thirty (30) days prior to the expiration of the then current term. 
 4.
COMPENSATION AND BENEFITS. In consideration for the services of the Employee hereunder, the Employer shall compensate the Employee as follows: 
 (a) Base Salary. Commencing on the Commencement Date until the termination of the Employee’s employment hereunder, the Employer shall pay the Employee, in accordance with the Employer’s payroll
practices, a base salary (the “Base Salary”). The Base Salary will be paid at an annual rate of $400,000. The Base Salary will be reviewed by the Board annually and may be increased from time to time at the sole discretion of the
Board. 
 (b) Bonus. The Employee shall be entitled to receive a performance based bonus equal to the Pro Rated Bonus Amount
(as defined below) with respect to the fiscal year of the Employer ending December 31, 2005. The Employee shall be entitled to receive an annual performance based bonus targeted at $350,000 with respect to each fiscal year of the Employer
ending after December 31, 2005. The bonus criteria for each fiscal year (i) will be determined by the Board in its sole discretion, and (ii) will be based on the achievement of individual performance criteria and on the achievement by
the Employer of elements of its business plan. The performance based bonus for any fiscal year, if earned for such fiscal year, shall be payable to the Employee on or about May 15 of the following fiscal year. On or about May 15, 2006, the
Employer shall pay to the Employee an amount (if any) equal to the accrued and unpaid bonus amount contained in the books and records of the CATRisk Companies in respect of the portion of 2005 ending on the Commencement Date. As used herein,
(i) the term “Pro Rata Fraction” means a fraction, the numerator of which is the number of days between the Commencement Date and December 31, 2005, and the denominator of which is 365 and (ii) the term “Pro
Rated Bonus Amount” means an amount equal to (A) the $350,000, multiplied by (B) the Pro Rata Fraction. 
  

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 (c) Vacation. Employee will be entitled to arrangements for paid time off, including
vacation and sick leave, in accordance with the Employer’s policies and practices which, as to the Employee, shall be consistent with the polices applicable to the Employee in his capacity as an employee of St. Paul as of the date of this
Agreement. Any vacation shall be taken at the reasonable and mutual convenience of the Employer and the Employee. 
 (d)
Insurance. Accident, disability, life and health insurance for the Employee shall be provided by the Employer under group accident, disability, life and health insurance plans maintained by the Employer for its full-time, salaried
employees as such employment benefits may be modified from time to time by the Board for all full-time, salaried employees. The amount and extent of such accident, disability, life and health insurance coverage shall be subject to the discretion of
the Board. 
 (e) Equity Arrangements. On the Commencement Date, the Employee shall purchase and receive the equity and
convertible securities or other rights described on Exhibit A hereto (the “Equity Arrangements”). It is contemplated that the issuer of the equity and convertible securities or other rights will be a foreign holding company
formed to indirectly own all of the stock of the CATRisk Companies (“Holdings”). The Employer and the Employee will work together to finalize the definitive documents incorporating the terms set forth on Exhibit A hereto and
governing the Equity Arrangements as soon as reasonably practicable following the date of this Agreement. 
 5. EXPENSES. The
Employer shall reimburse the Employee for all reasonable expenses of types authorized by the Employer and incurred by the Employee in the performance of his duties hereunder. The Employee shall comply with such budget limitations and approval,
reporting and documentation requirements with respect to expenses as the Employer may establish from time to time. 
 6.
TERMINATION. The Employee’s employment hereunder shall commence on the Commencement Date and continue until the expiration of the Initial Term, and any extension of such term pursuant to Section 3, except that the employment of
the Employee hereunder shall earlier terminate: 
 (a) Death or Disability. Upon the death of the Employee during the term of
his employment hereunder or, subject to applicable law, at the option of the Employer, in the event of the Employee’s disability, upon thirty (30) days written notice. The Employee shall be deemed disabled if the Board (in its sole
discretion) determines that the Employee is disabled by reason of any medically determinable physical or mental impairment in a manner which seriously interferes with his ability to perform his responsibilities under this Agreement. 
 (b) For Cause. For “Cause” immediately upon written notice by the Employer to the Employee. For purposes of this Agreement, a
termination shall be for Cause if the Board shall determine in good faith that any one or more of the following has occurred: 
 (i) the
Employee shall have committed an act of fraud, embezzlement, misappropriation or breach of fiduciary duty against the Employer or any of its subsidiaries (collectively, the “Companies”), including, but not limited to, the offer,

  

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payment, solicitation or acceptance of any unlawful bribe or kickback with respect to the business of any of the Companies; or 
 (ii) the Employee shall have been convicted by a court of competent jurisdiction of, or pleaded guilty or nolo contendere to, any felony or any crime
involving moral turpitude; or 
 (iii) the Employee shall have breached in any material respects any one or more of the covenants, terms and
provisions of Section 7 or 8 hereof; or 
 (iv) the Employee shall have breached in any material respects any one or more of the
provisions of this Agreement (excluding Section 7 or 8 hereof) or any one or more of the provisions of the members agreement to be entered into by and among Holdings and certain of its management members, and, in each case, such breach
shall have continued for a period of ten (10) days after written notice to the Employee specifying such breach in reasonable detail; or 
 (v) the Employee shall have refused, within ten (10) days after explicit written notice, to obey any lawful resolution of or direction by the Board that is reasonable and consistent with his duties under this Agreement; or 

(vi) the Employee shall have been chronically absent from work (excluding vacations, disabilities or other illnesses or leaves of absence approved by
the Board) and shall have failed, within ten (10) days after explicit written notice, to devote his full time and best efforts to the performance of his duties to the Employer; or 
 (vii) the Employee shall have engaged in the unlawful use (including being under the influence) or possession of illegal drugs or shall have possessed
illegal, unpermitted or unregistered weapons, in each case on the premises of any of the Companies or any of their affiliates; or 
 (viii)
any De Facto Cause Event shall have occurred; or 
 (ix) during the Interim Period, the Employee shall have repeatedly threatened to
terminate his employment with the Employer or shall have notified St. Paul or the Employer in writing of his intention to terminate his employment, on or after the Closing Date. 
 (c) Resignation or Termination Without Cause. At any time, upon written notice by either the Employer or the Employee to the other party
hereto. 
 (d) Resignation For Good Reason. The Employee may terminate his employment for “Good Reason” upon thirty
(30) days prior written notice to the Employer specifying in reasonable detail the basis for such termination. For purposes of this Agreement, the term “Good Reason” shall mean the occurrence of any of the events or conditions
described in subparagraphs (A) or (B) below without the Employee’s consent and the Employer’s failure to correct such event(s) or condition(s) after written notice from the Employee and a reasonable opportunity to 

  

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cure, provided that such written notice is given by the Employee within ninety (90) days of the occurrence of the applicable event or condition:

 (A) a material reduction in the Employees title or duties from those set forth in this Agreement; or 
 (B) the relocation of the Employer’s [chief executive office] [office where the Employee performs his duties] to a location outside a ______________
(            ) mile radius of ________________. 
 (e) Rights and Remedies
on Termination. 
 (i) If the Employee’s employment is terminated pursuant to Section 6(a) or Section 6(b), by the
Employee pursuant to Section 6(c) or pursuant to Section 3 in connection with the expiration of the Initial Term or any subsequent term hereunder then the Employee (or his estate, as applicable) shall be entitled to receive his Base Salary
through the date of termination or expiration. 
 (ii) If the Employee’s employment hereunder is terminated by the Employer pursuant to
Section 6(c) or by the Employee for Good Reason pursuant to Section 6(d), then the Employee shall be entitled to receive as severance pay, (A) payment of Base Salary in effect at the time of such termination (the “Termination
Date”), in accordance with the Employer’s then current payroll practices for a twenty-four (24) month period following the Termination Date (the “Severance Period”) and (B) two payments equal to the target
bonus amount set forth in Section 4(b) hereof for the fiscal year in which the Termination Date occurs, the first such payment to be payable on or about April 30 of the fiscal year following the Termination Date and the second such payment
to be payable on or about April 30 of the second fiscal year following the Termination Date. Anything to the contrary notwithstanding, the Employee’s right to receive any of the foregoing payments in this Section 6(e)(ii) is expressly
conditioned upon receipt by the Employer within twenty-one (21) days following the Termination Date of a written release executed by the Employee, in the form of Exhibit B hereto, and the expiration of the revocation period described
therein without such release having been revoked. In the event that the Employee (x) breaches any of the covenants, terms or provisions of Section 7 or Section 8 hereof or (y) engages in any Competitive Activity (as defined
below) as described in Section 9 hereof, without limiting any other rights that the Employer may have, the Employer’s obligation to make payments under this Section 6(e)(ii) shall immediately terminate. 
 (iii) Except as otherwise set forth in this Section 6(e), the Employee shall not be entitled to any severance, bonus or other compensation after
termination other than payment of any expense reimbursements under Section 5 hereof for expenses incurred in the performance of his duties after the Commencement Date and prior to termination or benefits or compensation to which the Employee is
entitled pursuant to applicable law (e.g. COBRA). 
  

 5 

 7. INVENTIONS; ASSIGNMENT. All rights to discoveries, inventions, improvements and
innovations (including all data and records pertaining thereto) related to the business of any of the Companies as conducted at the time of the discovery, invention, improvement or innovation, whether or not patentable, copyrightable or reduced to
writing, that the Employee may discover, invent or originate during the term of his employment hereunder, and for a period of six (6) months thereafter, either alone or with others and whether or not during working hours or by the use of the
facilities of any of the Companies or any of their affiliates (“Inventions”), shall be the exclusive property of the Employer and/or the other Companies. The Employee shall promptly disclose all Inventions to the Employer, shall
execute at the request of the Employer any assignments or other documents the Employer may reasonably deem necessary to protect or perfect the Companies’ rights therein, and shall assist the Employer, at the Employer’s expense, in
obtaining, defending and enforcing the Companies’ rights therein. The Employee hereby appoints the Employer as his attorney-in-fact to execute on his behalf any assignments or other documents reasonably deemed necessary by the Employer to
protect or perfect its rights to any Inventions. 
 The Employee hereby acknowledges and confirms that he understands that this assignment of
Inventions is limited by California Labor Code Section 2870, which provides: 
 “(a) Any provision in an employment agreement which
provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer’s
equipment, supplies, facilities, or trade secret information except for those inventions that either: 
 (1) Relate at the time of conception
or reduction to practice of the invention to the employer’s business, or actual or demonstrably anticipated research or development of the employer; or 
 (2) Result from any work performed by the employee for the employer. 
 (b) To the extent a provision in an
employment agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable.” 

Nothing in this Agreement is intended to expand the scope of protection provided the Employee by Sections 2870 through 2872 of the California Labor Code. 

8. CONFIDENTIAL INFORMATION; NON-INTERFERENCE. (a) The Employee recognizes and acknowledges that certain assets of the Companies
and their respective affiliates, including, without limitation, information regarding customers, pricing policies, methods of operation, proprietary computer programs, sales, profits, costs, markets, key personnel, technical processes, and trade
secrets (hereinafter called “Confidential Information”) are valuable, special, and unique assets of the Companies and their respective affiliates. The Employee shall not, during or after his term of employment, use or disclose any
Confidential Information to any person, firm, corporation, association or any other entity, for any reason or purpose whatsoever, directly or indirectly, except as may be required pursuant to his 

  

 6 

 
employment hereunder or as required by law, unless and until such Confidential Information becomes publicly available other than as a consequence of the
breach by the Employee of his confidentiality obligations hereunder. In the event of the termination of his employment, whether voluntary or involuntary and whether by the Employer or the Employee, the Employee shall deliver to the Employer all
documents and data pertaining to the Confidential Information and shall not take with him any documents or data of any kind or any reproductions (in whole or in part) or extracts of any items relating to any Confidential Information. 
 (b) The Employee further recognizes and acknowledges that the pursuit of the activities forbidden by this subsection (b) would necessarily involve
the use and disclosure of Confidential Information in breach of the Employee’s obligations under this Section 8. To protect against such use, disclosure and breach, and in consideration of the employment under this Agreement, the Employee
agrees that for a period of twenty-four (24) months after termination of employment for any reason, the Employee will not directly or indirectly (including, without limitation, as an employee, consultant or advisor of another business
organization or person), (i) solicit, induce, or influence any employee (including any person the Employee actually knows was offered employment by one of the Companies), consultant, agent, broker or independent contractor of any of the
Companies to terminate his or her employment or relationship or change an existing commercial relationship with any of the Companies or to work for any other business organization or person; (ii) solicit (other than on behalf of any of the
Companies), divert, or attempt to divert, the business, or change the existing commercial relationship, of any client, customer, policyholder or vendor of any of the Companies or (iii) engage in the non-admitted homeowners insurance business
with or through Hull & Company, Inc. in any jurisdiction in the United States. 
 9. NON-COMPETITION. If the Employee
engages in any Competitive Activity during the Severance Period, the Employee’s right to receive any remaining severance payments under clause (A) or (B) of Section 6(e)(ii) hereof shall immediately terminate. The Employee shall
be deemed to be engaged in a “Competitive Activity” if he anywhere within the United States engages, directly or indirectly, alone or as a shareholder (other than as a holder of less than one percent (1%) of the common stock of
any publicly traded corporation), partner, officer, director, employee, consultant or advisor, or otherwise in any way participates in or becomes associated with, any other business organization that is engaged or becomes engaged in the personal
lines earthquake insurance business in California or the homeowners insurance business in any State that any of the Companies is conducting homeowners insurance business at the time of the Employee’s termination or has notified the Employee
that it proposes to conduct homeowners insurance business and for which any of the Companies have, prior to the time of such termination, expended substantial resources. 
 10. GENERAL. 
 (a) Notices. All notices and other communications hereunder shall
be in writing or by written telecommunication, and shall be deemed to have been duly given if delivered personally or if mailed by certified mail, return receipt requested, postage prepaid or sent by written telecommunication, to the relevant
address set forth below, or to such other address as the recipient of such notice or communication shall have specified to the other party hereto in accordance with this Section 10(a): 
  

 7 

 If to the Employer, to: 
 c/o Friedman Fleischer & Lowe LLC 
 One Maritime Plaza 
 Suite 1000 
 San Francisco, CA 94111

 Attention: David Lowe 
 Fax:
(415) 402-2111 
 and 
 c/o
Hellman & Friedman LLC 
 One Maritime Plaza, 12th Floor 
 San
Francisco, CA 94111 
 Attention: David R. Tunnell 
                Arrie R. Park Fax: (415) 788-0176 
 With a copy to: 
 Bingham McCutchen LLP 
 399 Park Avenue 
 New York, NY 10022

 Attention: Neil W. Townsend, Esq. 
 Fax: (212) 752-5378 
 and 
 Weil, Gotshal & Manges LLP 
 100 Federal
Street, 34th Floor 
 Boston, MA 02110 
 Attention: James Westra, Esq. 
 Fax: (617)772-8333 
 If to the Employee, to:

 Kevin Nish 
 2643 Seminole
Circle 
 Fairfield, CA 94533 
 Any such notice shall be effective (i) if delivered personally, when received, (ii) if sent by overnight courier, when receipted for, (iii) if mailed, five (5) days after being mailed as described above, and (iv) if
sent by written telecommunication, when dispatched. 
 (b) Equitable Remedies. The Employee acknowledges and agrees that upon
any breach by the Employee of his obligations under Sections 7 and/or 8 hereof, the Employer will have no adequate remedy at law, and accordingly will be entitled to specific performance and other appropriate injunctive and equitable relief.

  

 8 

 (c) Severability. If any provision of this Agreement is or becomes invalid, illegal or
unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired. 
 (d) Waivers. No delay or omission by either party hereto in exercising any right, power or privilege hereunder shall impair such right, power or privilege, nor shall any single or partial exercise or any
such right, power or privilege preclude any further exercise thereof or the exercise of any other right, power or privilege. 
 (e)
Withholding. All amounts payable by the Employer to the Employee hereunder (including, but not limited to, Base Salary, bonus payments (if any) and severance payments (if any)) shall be reduced prior to the delivery of such payment to
the Employee by an amount sufficient to satisfy any applicable federal, state, local or other withholding tax requirements. 
 (f)
Counterparts. This Agreement may be executed in multiple counterparts (including by facsimile), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 (g) Assigns. This Agreement shall be binding upon and inure to the benefit of the heirs and successors of each of the parties hereto.

 (h) Key Man Life Insurance. The Employee acknowledges that the Employer may elect to purchase key man life insurance
covering the life of the Employee. The Employee agrees to provide to the Employer all such assistance as the Employer may reasonably request in obtaining and maintaining such insurance. 
 (i) Entire Agreement. This Agreement contains the entire understanding of the parties, supersedes all prior agreements and understandings
relating to the subject matter hereof and shall not be amended except by a written instrument hereafter signed by each of the parties hereto. 
 (j) Governing Law. This Agreement and the performance hereof shall be construed and governed in accordance with the laws of the State of California, without reference to applicable principles of conflicts of law
that would mandate the application of the laws of another jurisdiction. 
 [Remainder of Page Intentionally Left Blank.] 
  

 9 

 IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties hereto have caused this
Employment Agreement to be duly executed as of the date and year first above written. 
  

	
	HFF&L HOLDINGS (U.S.), INC.
	
	By: /s/ David
Lowe                                
	      Name: David Lowe
	      Title: President
	
	/s/ Kevin
Nish                                       
 
	Kevin Nish

  

 10

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