SEC Contract Filing

Filing Date: 2015-03-12

Document Content:
<DOCUMENT>
<TYPE>EX-10.21
<SEQUENCE>3
<FILENAME>t1500493_ex10-21.htm
<DESCRIPTION>EXHIBIT 10.21
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.21</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 1in"><B>JAMES RIVER GROUP HOLDINGS,
LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 1in">Clarendon House</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 1in">2 Church Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 1in">Hamilton HM 11 Bermuda</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dated as of November 18, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Mr. Gregg Davis</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dear Gregg:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The purpose of this letter (this &ldquo;<U>Agreement</U>&rdquo;)
is to confirm that we have agreed to amend and restate as of the Effective Date (as hereinafter defined) our prior agreement with
respect to the terms of your continued employment by James River Group Holdings, Ltd. (f/k/a Franklin Holdings (Bermuda), Ltd.),
a Bermuda company (the &ldquo;<U>Parent Company</U>&rdquo;), and its subsidiary James River Group, Inc., a Delaware corporation
(the &ldquo;<U>Company</U>&rdquo;) which prior agreement was effective October 1, 2012 (the &ldquo;<U>Prior Agreement</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Parent Company has filed a registration statement with the Securities
and Exchange Commission to conduct an initial public offering (the &ldquo;<U>Offering</U>&rdquo;) of common shares of the Parent
Company, and the Parent Company and you desire to amend and restate the Prior Agreement on such date that the Offering is consummated
and immediately prior to the consummation of the Offering (the &ldquo;<U>Effective Date</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In consideration of the mutual promises contained in this Agreement,
the parties to this Agreement hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>EMPLOYMENT
AND TERM</U>.&nbsp;&nbsp;Effective as of the Effective Date, the Parent Company and the Company, respectively, agree to continue
to employ you (the &ldquo;<U>Executive</U>&rdquo;) as Chief Financial Officer of the Parent Company and Chief Financial Officer
of the Company, and Executive hereby accepts such employment on the terms hereinafter set forth.&nbsp;&nbsp;The term of this Agreement
shall be one year commencing as of the Effective Date and ending on the date immediately preceding the first anniversary of the
Effective Date, subject to the termination provisions of Section 6.&nbsp;&nbsp;The term of this Agreement shall thereafter be automatically
renewed for additional one year periods unless written notice to the contrary shall be given by either party to the other not less
than 60 days prior to the end of the initial or any renewal term that the term shall not thereafter be renewed (&ldquo;<U>Non-Renewal
Notice</U>&rdquo;), subject to the termination provisions of Section 6.&nbsp;&nbsp;The initial term plus any renewals thereof shall
hereafter be referred to as the &ldquo;<U>Term</U>.&rdquo;&nbsp;&nbsp;In furtherance of the foregoing, in the event that the Offering
is not consummated on or before June 30, 2015 for any reason whatsoever, this Agreement shall not be effective and the Prior Agreement
shall continue in effect pursuant to the terms thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp