Document:

Exhibit

Exhibit 10.4

CONSULTING AGREEMENT

This CONSULTING AGREEMENT (“Agreement”), dated as of the 28th day of February 2020 (the “Effective Date”), is made and entered into by and between William A. Hickey, Jr., an individual residing in the State of Illinois (“Consultant”), and Kingsway America Inc., a Delaware corporation (the “Company”). 

RECITALS

WHEREAS, Consultant was previously employed by the Company, which employment terminated on the Effective Date; 

WHEREAS, Consultant and the Company wish to memorialize the terms upon which Consultant may, from time to time, perform certain services for and on behalf of the Company from and after the Effective Date, which services are described in more detail on Exhibit A attached hereto (the “Services”); and

WHEREAS, it is the intention of Consultant and the Company to establish an independent contractor relationship for all purposes and not continue an employee and employer relationship;

NOW, THEREFORE, in consideration of the foregoing premises, the mutual covenants and agreements herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

AGREEMENT

1.Engagement of Consultant; Performance of the Services. The Company hereby engages Consultant to provide the Services, and Consultant hereby accepts such engagement and agrees to perform the Services, on the terms and subject to the conditions set forth herein. Consultant will determine the method, details, and means of performing the Services; provided, however, Consultant shall perform the Services in a diligent and professional manner in accordance with the highest standards of professional conduct and in strict compliance with all applicable laws, rules, regulations and professional standards. 

2.Consulting Fee; Payment. During the Initial Term (as defined below), Consultant shall be entitled to receive a consulting fee of Thirty Thousand Dollars ($30,000) per month, payable in arrears in semi-monthly installments of Fifteen Thousand Dollars ($15,000) each in accordance with the Company’s normal payroll schedule for its employees. During any Renewal Term (as defined below), Consultant shall be entitled to receive a consulting fee equal to One Hundred Sixty-Five Dollars ($165) per hour worked (rounded to the nearest quarter (1/4) hour). Consultant shall also be entitled to the reimbursement of reasonable, documented, out of pocket expenses incurred by him in connection with the provision of the Services and approved in advance by the Company. Within five (5) business days after the end of each month during any Renewal Term in which Services are provided, Consultant shall submit an invoice to the Company. Each invoice must summarize all work performed during the month and include the number of hours spent performing the Services. The Company shall pay all such invoices within fifteen (15) days of receipt. In the event of a disputed charge, the Company shall notify Consultant in writing of the disputed amount within thirty (30) days after receipt of the invoice, specifically identify the reason for the dispute, and pay all undisputed amounts owed while the dispute is being resolved.

3.Term and Termination. The initial term of this Agreement shall commence on the Effective Date and end on April 30, 2020 (the “Initial Term”). The Initial Term may be renewed for additional periods of one (1) month each by mutual agreement of the parties (each such one (1) month period being referred to as a “Renewal Term”, and all such Renewal Terms, collectively with the Initial Term, the “Term”). This Agreement may be terminated only as follows: (a) the Company may terminate this Agreement at any time by providing written notice of termination to Consultant; (b) Consultant may terminate this Agreement at any time during the Initial Term by providing written notice of termination to the Company, only if the Company has breached this Agreement; and (c) Consultant may terminate this Agreement at any time during a Renewal Term by providing not less than five (5) business days’ prior written notice of termination to the Company, provided that such advance notice shall not be required in the event the Company has breached any material provision of this Agreement.

4.Effect of Termination. If this Agreement is terminated by the Company during the Initial Term other than as a result of a material breach of this Agreement by Consultant, Consultant shall continue to be entitled to receive 

Exhibit 10.4

the consulting fee for the remainder of the Initial Term, but no other consulting fee shall thereafter be due and payable. If this Agreement is terminated by the Company, except as described in the immediately preceding sentence, or by Consultant at any time, Consultant shall only be entitled to receive that portion of the consulting fee earned prior to the date notice of termination has been given (pro-rated through such date in the event of a termination during the Initial Term). Upon termination for any reason at any time, Consultant shall be entitled to reimbursement for all approved expenses incurred by him prior to the date notice of termination has been given.

5.Relationship of Parties; Taxes. The parties intend that an independent contractor relationship be created by this Agreement. Consultant agrees that Consultant will not be or become an agent, employee, partner or joint venturer of the Company or any of its Affiliates (as defined below) (collectively with the Company, the “Group Companies”) and will have no authority to act on behalf of any of the Group Companies or to bind any of the Group Companies to any contract or otherwise. Consultant will not imply or state the contrary to third parties. Consultant shall not be entitled to any of the rights or benefits that any of the Group Companies provides to their respective employees. Consultant acknowledges and agrees that Consultant will not be entitled to worker’s compensation insurance benefits or unemployment compensation insurance benefits from any of the Group Companies as a result of this Agreement or any work performed by Consultant under this Agreement. It is agreed that Consultant shall act as an independent contractor in the provision of all Services under this Agreement. Accordingly, Consultant shall bear all liability for Taxes (as defined below) that results from the provision of Services under this Agreement, including, without limitation, remittances for any personal taxes, payroll taxes, insurance premiums or any other duties, levies or taxes (collectively, “Taxes”) and shall indemnify, defend and save the Group Companies, and their respective officers, directors, employees and agents, harmless from and against any and all liability, loss, cost or expense (including reasonable attorneys’ fees and costs of enforcement) incurred by any of them as a result of any failure, or alleged failure, of Consultant to pay, collect or remit any such Taxes. For purposes of this Agreement, the term “Affiliate” means, with respect to any person, any other person directly or indirectly controlling, controlled by or under common control with such person. Notwithstanding the foregoing, or anything else contained herein to the contrary, Consultant has agreed to remain as an officer and director of Kingsway Amigo Insurance Company (“Amigo”) until the earlier of the following to occur: (a) his successor(s) has/have been duly appointed and qualified; or (b) the termination of this Agreement. Accordingly, Consultant shall retain the rights, responsibilities, powers and privileges necessary and appropriate to discharge his duties as an officer and director of Amigo during his tenure as such, including, without limitation, coverage under the Company’s directors’ and officers’ liability insurance policies.

6.Confidentiality. Consultant agrees that he will not (a) use any Confidential Information (as defined below) for any purpose other than as necessary to perform the Services in accordance with the terms of this Agreement, (b) disclose, copy, reproduce, reveal, publish or disseminate in any manner whatsoever any Confidential Information, or give access thereto, to any individual or entity, or (c) create any derivative works based on the Confidential Information or reverse engineer, decompile or disassemble any of such Confidential Information. For purposes of this Agreement, “Confidential Information” shall mean and include any and all confidential, proprietary, sensitive or other information of or about any of the Group Companies, howsoever and whensoever obtained by Consultant, whether or not protected or protectable under intellectual property, trade secret or other applicable laws, and whether or not labeled as such, including, without limitation: information relating to the financial condition and projections of any of the Group Companies; business, marketing or strategic plans; customer lists; price lists; databases; trade secrets; product prototypes; formulas; business strategies and methodologies, technologies, processes, know-how, procedures, software programs (including any and all source code), techniques, specifications, revenue models, manuals, confidential reports, and other similar proprietary information relating to the business operations of the Group Companies; and all reports, analyses, compilations, memoranda, notes, studies or other documents or records or electronic media prepared by Consultant that contain or otherwise reflect or are generated from any such information. Notwithstanding anything contained herein to the contrary, “Confidential Information” shall not include any information which is now or subsequently becomes generally available to the public through no fault or breach of this Agreement on Consultant’s part. Without limitation of the foregoing, Consultant (x) understands that an Affiliate of the Company is a publicly traded company on the New York Stock Exchange, and (y) acknowledges that he is aware that United States securities laws prohibit any person who has material, non-public information concerning a company (i) from purchasing or selling securities of that company, (ii) from communicating such information to any other person when it is reasonably foreseeable that the person is likely to purchase or sell such securities and (iii) from otherwise permitting another to make an investment decision with such information.

7.Work Product Ownership. Subject to any third party rights in licensed elements approved by the Company, all written materials, documentation, electronic files, data, models, spreadsheets, work papers, memoranda, media, designs, inventions and/or other work product, including any adaptations thereof (collectively, “Work Product”) developed by Consultant on the Company’s behalf, or developed using the Company’s Confidential Information, are and 

Exhibit 10.4

shall be the sole and exclusive property of the Company. Consultant agrees that the Work Product is specially ordered or commissioned by the Company and constitutes works made for hire authored by the Company under 17 U.S.C. §101. To the extent that any of the Work Product is not works made for hire, Consultant hereby conveys, grants, and assigns to the Company all right, title and interest worldwide in and to such Work Product, all physical elements thereof, all intangible rights thereto, and all contractual rights and obligations relating thereto, for all uses and purposes whether now known or hereafter created. Consultant agrees that Consultant shall have no proprietary interest in any such Work Product. Consultant represents, warrants and covenants that no Work Product produced by Consultant under this Agreement or methods or processes used by Consultant in performing services under this Agreement, will infringe the rights of any third party under the intellectual property and similar laws of the United States, any state or any foreign country (including without limitation rights and laws related to copyrights, patents, trademarks, service marks, trade secrets and rights of publicity). 

8.Delivery of Work Product and Return of Confidential Information. At any time upon written demand therefor (and at any rate not later than five (5) business days following termination of this Agreement), Consultant shall promptly return all Confidential Information and all Work Product in his possession, including any Confidential Information and Work Product that is in electronic (including digital media) or written or other physical form, including all copies, reproductions, or extracts thereof. Consultant shall not retain any copies of any Confidential Information or Work Product, except as necessary to comply with applicable laws, rules, regulations and court orders.

9.Survival. The provisions of Sections 4 through 17 of this Agreement (and any defined terms used therein) shall survive the termination of this Agreement indefinitely.

10.Advice of Counsel. Consultant acknowledges that it has had the opportunity to receive independent legal advice or such other advice as it has deemed necessary in relation to this Agreement. Consultant further acknowledges that Consultant understands its rights and obligations under this Agreement, is voluntarily signing this Agreement and accepts the terms of this Agreement.

11.Successors and Assigns; Assignment. This Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and permitted assigns. Notwithstanding the foregoing, this Agreement may not be assigned (in whole or in part) by Consultant, nor may any of Consultant’s duties hereunder be delegated, without the prior written consent of the Company. 

12.Entire Agreement. This Agreement constitutes the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes any and all prior or contemporaneous agreements and understandings (whether written or oral) with respect to such subject matter. There are no representations, warranties, covenants or agreements regarding the subject matter hereof (whether written or oral), except as set forth herein.

13.Amendment, Modification and Waiver. This Agreement may not be amended or modified, nor may any provision hereof be waived, except pursuant to a written instrument that has been signed by the party against whom enforcement of such amendment, modification or waiver is sought.

14.Severability. If any provision or portion of this Agreement is determined by a court of competent jurisdiction to be invalid or unenforceable for any reason, in whole or in part, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect to the fullest extent permitted by applicable law, and this Agreement shall be reformed, construed and enforced in such jurisdiction so as to best give effect to the intent of the parties under this Agreement.

15.Notices. Any and all notices or other communications required or permitted to be given hereunder shall be in writing and shall be deemed properly served (a) on the date sent if transmitted by hand delivery with receipt therefore, (b) on the date of transmittal if sent by email on a business day during the hours of 9:00 a.m. and 6:00 p.m. Central time or, if not, on the next succeeding business day, (c) one business day after the notice is deposited with an overnight courier, or (d) three (3) days after being sent by registered or certified mail, return receipt requested, first class postage prepaid. All such notices and other communications shall be addressed to the party to receive such notice as follows: in the case of the Company, to the attention of the Company’s General Counsel at the Company’s principal executive offices; and, in the case of Consultant, to the last known address (physical or electronic) for Consultant in the Company’s records. Either party may change its address or other contact information for notice by giving notice to the other party in accordance with this Section 15.

Exhibit 10.4

16.Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the State of Illinois, without reference to any jurisdiction’s principles of conflicts of laws to the contrary. 

17.Counterparts. This Agreement may be executed in multiple original, facsimile or electronic counterparts, each of which will be deemed an original, all of which when taken together shall constitute one and the same document.

[Signature Page Follows]

Exhibit 10.4

    
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the Effective Date.

“COMPANY”

KINGSWAY AMERICA INC.

By: /s/ John T. Fitzgerald            

Printed: John T. Fitzgerald            

Title: President                

“CONSULTANT”

/s/ William A. Hickey, Jr.            
William A. Hickey, Jr.

Exhibit 10.4

EXHIBIT A

Description of the Services

At the request of the Company, Consultant shall provide the following services from time to time during the Term:

1.Provide a comprehensive report of Consultant’s former duties and responsibilities within the Company;

2.Provide support and advice in connection with the Company’s financial reporting, including, without limitation, required filings with the Securities and Exchange Commission;

3.Assist with the transition of duties to the Company’s newly appointed Chief Financial Officer;

4.Provide insight and information regarding the Company’s historic strategic transactions; 

5.Provide support, assistance and advice, including testimony as may be appropriate, in connection with litigation matters that the Company may be involved in from time to time; and

6.Other matters as may be agreed on by the parties after the execution of this Agreement during the Term.Exhibit 10(l)(xiii)

RESTRICTED
UNIT AWARD AGREEMENT

 

Pursuant to the

 

ALBANY INTERNATIONAL CORP.

2003 RESTRICTED STOCK UNIT PLAN

 

* * * * *

 

 

Participant:   Greg Harwell

 

Award Date:November 4, 2019

 

Number of Restricted Units Awarded: 7,292

 

* * * * *

 

THIS AWARD AGREEMENT, dated
as of the Award Date specified above, is entered into by and between Albany International Corp. (the “Company”),
and the Participant specified above, pursuant to the Amended and Restated Albany International Corp. 2003 Restricted Stock Unit
Plan, as in effect and as amended from time to time (the “Plan”); and

 

WHEREAS, as an incentive
to encourage the Participant to remain in the employ of the Company and its subsidiaries by affording the Participant a greater
interest in the success of the Company and its subsidiaries, the Company desires to grant the Participant the Restricted Units
provided herein;

 

WHEREAS, the Participant
desires to obtain such Restricted Units on the terms and conditions provided for herein;

 

NOW, THEREFORE, in consideration
of the premises, the mutual covenants herein set forth and other good and valuable considerations receipt of which is hereby acknowledged,
the Company and the Participant agree as follows:

 

1.
             
Incorporation by Reference; Plan Document Receipt. Except as otherwise provided herein,
this Award Agreement is subject in all respects to the terms and provisions of the Plan (including, without limitation, any amendments
thereto adopted at any time and from time to time and which are expressly intended to apply to the grant of the Restricted Units
provided for herein), all of which terms and provisions are made a part of and incorporated in this Award Agreement as if they
were expressly set forth herein. Any capitalized term not defined in this Award Agreement shall have the same meaning as is ascribed
thereto in the Plan. The Participant hereby acknowledges receipt of a true copy of the Plan and that the Participant has read the
Plan carefully and fully understands its content. In the event of a conflict between the terms of this Award Agreement and the
terms of the Plan, the terms of the Plan shall control.

    Page 1 of 4

     

    

2.
             
Award of Restricted Units; Credit to Restricted Unit Account. Subject to the terms
hereof and the Plan, the Company hereby grants to the Participant, as of the Award Date specified above, the number of Restricted
Units specified above. The Company shall record such Restricted Units in the Participant’s Restricted Unit Account.

3.
             
Vesting. As permitted in Section 5.1 of the Plan, the following Vesting Dates shall
apply with respect to the Restricted Units (including any additional Restricted Units credited as Cash Dividend Equivalents with
respect to such Restricted Units) awarded hereunder and shall supersede any contrary provision in Section 5.1:

		a.	Twenty-four and nineteen one-hundredths percent (24.19%) of such Restricted Units (including any additional Restricted Units
credited as Cash Dividend Equivalents with respect to such Restricted Units) shall vest on November 4, 2020, subject to the Participant
being employed with the Albany Group on such Vesting Date;

		b.	Thirty-five and forty-eight one-hundredths percent (35.48%) of such Restricted Units (including any additional Restricted Units
credited as Cash Dividend Equivalents with respect to such Restricted Units) shall vest on November 4, 2021, subject to the Participant
being employed with the Albany Group on such Vesting Date; and

		c.	Forty and thirty-three one-hundredths percent (40.33%) of such Restricted Units (including any additional Restricted Units
credited as Cash Dividend Equivalents with respect to such Restricted Units) shall vest on November 4, 2022, subject to the Participant
being employed with the Albany Group on such Vesting Date.

 

4.
             
Additional Special Vesting. The special vesting provisions set forth in Section 5.2
of the Plan shall apply to the Restricted Units (including any additional Restricted Units credited as Cash Dividend Equivalents
with respect to such Restricted Units) awarded hereunder. 

5.              
Settlement; Payment Delay. The Restricted Units (including any additional Restricted Units credited as Cash Dividend
Equivalents with respect to such Restricted Units) credited to Participant’s Restricted Unit Account pursuant to this Award
Agreement shall be settled in accordance with the provisions of the Plan, including without limitation Section 6.1. Notwithstanding
any provision to the contrary, if, pursuant to the provisions of Section 409A of the Internal Revenue Code of 1986, as amended,
and the regulations promulgated thereunder (the “Code”), any payment is required to be delayed as a result of the Participant
being deemed to be a “specified employee” within the meaning of that term under Section 409A(a)(2)(B) of the Code,
then any such payments under the Plan shall not be made prior to the earlier of (A) the expiration of the six month period measured
from the date of the “separation from service” (as such term is defined in Treasury Regulations issued under Section
409A of the Code) or (B) the date of the Participant’s death. Upon the expiration of such period, all payments under the
Plan delayed pursuant to this paragraph 6 shall be paid to the Participant in a lump sum, and any remaining payments due under
the Plan shall be paid or provided in accordance with the normal payment dates specified for them herein.

6.
             
Amendment and Waiver. Neither this Award Agreement nor any provision hereof may be
amended, modified, changed, discharged, terminated or waived orally, by any course of dealing or purported course of dealing or
by any other means except (a) in the case of an amendment, modification, change or waiver that does not impair the rights of the
Participant with respect to outstanding Restricted Units or that is deemed by

    Page 2 of 4

     

    

the Committee to be advisable to avoid
the imposition of any tax under Section 409A of the Code, by written notice to the Participant or (b) an agreement in writing signed
by the Company and the Participant. No such written notice of agreement shall extend to or affect any provision of this Award Agreement
not expressly amended, modified, changed, discharged, terminated or waived or impair any right consequent on such a provision.
The waiver of or failure to enforce any breach of this Award Agreement shall not be deemed to be a waiver of or acquiescence in
any other breach hereof.

7.
             
Notices. Any notice required or permitted under this Award Agreement shall be in writing
and shall be deemed properly given:

7.1 in the case of notice
to the Company, if delivered in person to the Secretary of the Company, or mailed to the Company to the attention of the Secretary
by registered mail (return receipt requested) at 216 Airport Drive, Rochester, New Hampshire, 03867, or at such other address as
the Company may from time to time hereafter designate by written notice to the Participant; and

 

7.2 in the case of notice
to the Participant, if delivered to him or her in person, or mailed to him or her by registered mail (return receipt requested)
at the last known residence address provided by Participant to the Company or at such other address as the Participant may from
time to time hereafter designate by written notice to the Company.

 

8.
             
Governing Law. This Award Agreement shall be governed by and construed in accordance
with the laws of the State of New York.

9.
             
Binding Agreement; Assignment. This Award Agreement shall inure to the benefit of,
be binding upon, and be enforceable by the Company and its successors and assigns. The Participant shall not assign any part of
this Award Agreement without the prior express written consent of the Company.

10.
         
Counterparts. This Award Agreement may be executed in one or more counterparts, each
of which shall be deemed to be an original, but all of which shall constitute one and the same instrument.

11.
         
Headings. The titles and headings of the various sections of this Award Agreement have
been inserted for convenience of reference only and shall not be deemed to be a part of this Award Agreement.

12.
         
Further Assurances. Each party hereto shall do and perform (or shall cause to be done
and performed) all such further acts and shall execute and deliver all such other agreements, certificates, instruments and documents
as any other party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Award Agreement
and the Plan and the consummation of the transactions contemplated thereunder.

13.
         
Severability. The invalidity or unenforceability of any provisions of this Award Agreement
in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Award Agreement in such
jurisdiction or the validity, legality or enforceability of any provision of this Award Agreement in any other jurisdiction, it
being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by
law.

    Page 3 of 4

     

    

14.
         
Acceptance of Restricted Units. Unless, within 45 days following the date of this Award
Agreement, the Company has received written notice from the Participant rejecting the Restricted Units, this Award Agreement shall
be deemed to have been accepted by the Participant and shall constitute a legal and binding agreement between the Participant and
the Company.

IN WITNESS WHEREOF,
the Company has duly executed this Award Agreement as of the Award Date specified above.

 

ALBANY INTERNATIONAL CORP.

 

 

 By:  /s/ Alice McCarvill___________________________

Name: Alice McCarvill

Title: Executive Vice President
Human Resources

and Chief Human Resources Officer

 

 

 

 

/s/ Greg Harwell___________________________

 

Greg Harwell

 

    Page 4 of 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00305-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00305-of-00352.parquet"}]]