SEC Contract Filing

Filing Date: 2020-05-08

Document Content:
<DOCUMENT>
<TYPE>EX-10.16
<SEQUENCE>9
<FILENAME>hrtg-ex1016_337.htm
<DESCRIPTION>EX-10.16
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hrtg-ex1016_337.htm
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.16</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">Heritage Insurance Holdings, Inc.</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">Restricted Stock Award Agreement</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This Restricted Stock Award Agreement (the &#8220;Agreement&#8221;) is entered into as of February 12, 2018 (the &#8220;Award Date&#8221;) between Heritage Insurance Holdings, Inc. (the &#8220;Company&#8221;) and Timothy Moura (the &#8220;Participant&#8221;). Any term capitalized but not defined in the Agreement shall have the meaning set forth in the Heritage Insurance Holdings, Inc. Omnibus Incentive Plan, as may be amended from time to time (the &#8220;Plan&#8221;).</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Plan provides that the Administrator may grant restricted stock to employees, directors, and independent contractors of the Company or its Affiliates.&nbsp;&nbsp;In the Administrator&#8217;s exercise of discretion under the Plan, the Administrator has determined that the Participant should receive a restricted stock award under the Plan and, accordingly, the Company and the Participant hereby agree as follows:</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Grant</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.&nbsp;&nbsp;The Company hereby grants to the Participant a restricted stock award (the &#8220;RS Award&#8221;) of 50,000 shares of Stock (the &#8220;Award Shares&#8217;).&nbsp;&nbsp;The RS Award shall be subject to the terms and conditions of the Plan and the Agreement.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Stock <font style="font-style:italic;">Certificates</font></p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.&nbsp;&nbsp;The Company may, but shall not be required to, issue certificates for the Award Shares in the Participant&#8217;s name, in which event the Company (or its designee) shall hold the certificates until the Award Shares either are forfeited or become vested.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Rights <font style="font-style:italic;">as</font> <font style="font-style:italic;">Shareholder</font></p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.&nbsp;&nbsp;On and after the Award Date, and except to the extent provided in Section 9, the Participant may exercise full voting rights with respect to the Award Shares and the Participant will be entitled to receive dividends on Award Shares if and when dividends are payable on Stock to shareholders of record after the Award Date.&nbsp;&nbsp;If the Participant forfeits any rights he/she may have under the RS Award in accordance with Section 4, the Participant shall, on the day following the event of forfeiture:&nbsp;&nbsp;(i) cease to have any rights as a shareholder with respect to the Award Shares or any interest therein and, including rights to any dividends on such stock and (ii) Participant shall repay to the Company any dividends that were paid on any forfeited Award Shares.&nbsp;&nbsp;Neither unvested shares of Award Shares, nor the right to vote such shares and receive dividends thereon, may be sold, assigned, transferred, exchanged, pledged, hypothecated or otherwise encumbered; provided, however, that the Participant may grant to another person a revocable proxy to vote unvested shares of Award Shares at a Company stockholder meeting.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vesting; <font style="font-style:italic;">Effect</font> <font style="font-style:italic;">of</font> <font style="font-style:italic;">Termination</font> <font style="font-style:italic;">of</font> <font style="font-style:italic;">Employment</font></p>
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