SEC Contract Filing

Filing Date: 2018-06-07

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d556924dex101.htm
<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXECUTION VERSION </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SETTLEMENT
AND SUPPORT AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Settlement and Support Agreement (this &#147;<B><I>Agreement</I></B>&#148;), dated June&nbsp;6, 2018, is
entered into by and among the persons and entities listed on <U>Schedule</U><U></U><U>&nbsp;A</U> hereto (collectively, the &#147;<B><I>Icahn Group</I></B>,&#148; and each such person and entity individually, a &#147;<B><I>member</I></B>&#148; of
the Icahn Group), AmTrust Financial Services, Inc. (the &#147;<B><I>Company</I></B>&#148;) and Evergreen Parent, L.P. (&#147;<B><I>Parent</I></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Parent, Evergreen Merger Sub, Inc. (&#147;<B><I>Merger Sub</I></B>&#148;) and the Company are parties to that certain Agreement and
Plan of Merger, dated as of March&nbsp;1, 2018 (the &#147;<B><I>Original Agreement</I></B>&#148;), pursuant to which, among other things and upon the terms and subject to the conditions thereof, Merger Sub will be merged with and into the Company
with the Company surviving the Merger as a wholly owned subsidiary of Parent (the &#147;<B><I>Merger</I></B>&#148;) and, at the effective time of the Merger, each share of Common Stock (other than Excluded Shares and Dissenting Shares) (as each such
term is defined in the Original Agreement) will be converted into the right to receive $13.50 per share in cash, without interest (the &#147;<B><I>Original Merger Consideration</I></B>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, each member of the Icahn Group is the beneficial owner (as defined in Rule <FONT STYLE="white-space:nowrap">13d-3</FONT> under the
Securities Exchange Act of 1934, as amended (the &#147;<B><I>Exchange Act</I></B>&#148;)) of such number of shares of Common Stock as is indicated on <U>Schedule B</U> hereto; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Icahn Partners LP, Icahn Partners Master Fund LP and High River Limited Partnership (collectively, the &#147;<B><I>Icahn
Plaintiffs</I></B>&#148;) are plaintiffs in that litigation commenced in the Delaware Court of Chancery and styled <I>Icahn Partners LP, et al. v. Barry D. Zyskind, et al.</I>, C.A. <FONT STYLE="white-space:nowrap">No.&nbsp;2018-0358-AGB</FONT> (the
&#147;<B><I>Icahn Litigation</I></B>&#148;), wherein the Icahn Plaintiffs assert claims against each of Barry D. Zyskind, George Karfunkel, Leah Karfunkel (collectively, the &#147;<B><I>KZ Defendants</I></B>&#148;) and the Company relating to the
Original Agreement and the Merger; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Parent, Merger Sub and the Company propose to amend the Original Agreement (as so amended,
the &#147;<B><I>Amendment</I></B>&#148;) to provide, among other things, to increase the Original Merger Consideration to $14.75 per share in cash, without interest (the &#147;<B><I>Amended Merger Consideration</I></B>&#148;), such Amendment to be
substantially in the form of <U>Exhibit B</U> hereto; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, subject to and conditioned upon the execution and delivery of the
Amendment, the parties wish to settle and discharge all claims against the KZ Defendants and the Company in the Icahn Litigation without the admission of any liability or wrongdoing of any kind whatsoever by the parties thereto or any other director
or officer of the Company associated with any of the facts or claims alleged in the Icahn Litigation; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, as a material inducement
to the willingness of Parent and Merger Sub to enter into the Amendment, Parent has required that each member of the Icahn Group enter into this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of and reliance upon the mutual covenants and agreements contained in this Agreement, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1. <U>Certain Definitions</U>. Capitalized terms used but not otherwise defined
herein shall have the meanings ascribed thereto in the Merger Agreement. For all purposes of and under this Agreement, the following terms shall have the following respective meanings: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Agreement Effective Time</I></B>&#148; means such time as the Amendment is executed and delivered by the parties thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Affiliate</I></B>&#148; and &#147;<B><I>Associate</I></B>&#148; have the