OPTION AGREEMENTOption Agreement • April 24th, 2019 • Positive Physicians Holdings,inc. • Fire, marine & casualty insurance • Pennsylvania
This OPTION AGREEMENT (this “Agreement”) is entered into as of March 27, 2019, among Insurance Capital Group, LLC, a Delaware limited liability company (“ICG”), Diversus, Inc., a Delaware corporation (“Diversus”), Positive Physicians Holdings, Inc., a Pennsylvania corporation (“Positive”), and the additional parties who have executed this Agreement on the signature pages below (such parties, collectively and together with ICG, the “Positive Shareholders”).
MEDICAL PROFESSIONAL LIABILITY EXCESS OF LOSS REINSURANCE CONTRACT EFFECTIVE: JANUARY 1, 2018 between PHYSICIANS INSURANCE PROGRAM EXCHANGE KING OF PRUSSIA, PENNSYLVANIA (hereinafter called the “Company”) and HANNOVER RUCK SE AIIN Reference 1340125...Reinsurance Contract • January 22nd, 2019 • Positive Physicians Holdings,inc. • Fire, marine & casualty insurance • Pennsylvania
Excess of Loss Coverage “A”: Professional Liability100.00% share Coverage “B”: Professional Liability100.00% share Coverage “C”: Professional Liability100.00% share
MANAGEMENT AGREEMENTManagement Agreement • April 24th, 2019 • Positive Physicians Holdings,inc. • Fire, marine & casualty insurance • Pennsylvania
As of the Effective Date, the parties have not established specific service levels. If requested by Positive, the parties agree to work in good faith to document and establish service levels that are generally consistent with the service levels performed by the Management Company as of the Effective Date.
STANDBY STOCK PURCHASE AGREEMENTStandby Stock Purchase Agreement • January 22nd, 2019 • Positive Physicians Holdings,inc. • Fire, marine & casualty insurance • Pennsylvania
This STANDBY STOCK PURCHASE AGREEMENT (this “Agreement”), dated as of June 8, 2018, is entered into by and among Positive Physicians Holdings, Inc. a Pennsylvania corporation (the “Company”), Positive Physicians Insurance Exchange, a Pennsylvania domiciled reciprocal inter-insurance exchange (“PPIX”), Physician’s Insurance Program Exchange, a Pennsylvania domiciled reciprocal inter-insurance exchange (“PIPE”), and Professional Casualty Association, a Pennsylvania domiciled reciprocal inter-insurance exchange (“PCA”, and collectively with PPIX and PIPE, or each individually as the context requires, the “Exchanges”), and Insurance Capital Group, LLC (the “Standby Purchaser”).
AMENDED AND RESTATED SUPPLEMENTAL AGREEMENTSupplemental Agreement • January 22nd, 2019 • Positive Physicians Holdings,inc. • Fire, marine & casualty insurance
This AMENDED AND RESTATED SUPPLEMENTAL AGREEMENT (this “Agreement”), dated as of September 21, 2018, is entered into by and among Diversus, Inc., a Delaware corporation (“Diversus”), Positive Physicians Holdings, Inc. a Pennsylvania corporation (the “Company”), Positive Physicians Insurance Exchange, a Pennsylvania domiciled reciprocal inter-insurance exchange (“PPIX”), Physician’s Insurance Program Exchange, a Pennsylvania domiciled reciprocal inter-insurance exchange (“PIPE”), and Professional Casualty Association, a Pennsylvania domiciled reciprocal inter-insurance exchange (“PCA”, and collectively with PPIX and PIPE, or each individually as the context requires, the “Exchanges”), and Insurance Capital Group, LLC (the “Standby Purchaser”).
AMENDMENT TO STANDBY STOCK PURCHASE AGREEMENTStandby Stock Purchase Agreement • January 22nd, 2019 • Positive Physicians Holdings,inc. • Fire, marine & casualty insurance • Pennsylvania
This AMENDMENT TO STANDBY STOCK PURCHASE AGREEMENT (this “Agreement”), dated as of September 21, 2018, is entered into by and among Positive Physicians Holdings, Inc. a Pennsylvania corporation (the “Company”), Positive Physicians Insurance Exchange, a Pennsylvania domiciled reciprocal inter-insurance exchange (“PPIX”), Physician’s Insurance Program Exchange, a Pennsylvania domiciled reciprocal inter-insurance exchange (“PIPE”), and Professional Casualty Association, a Pennsylvania domiciled reciprocal inter-insurance exchange (“PCA”, and collectively with PPIX and PIPE, or each individually as the context requires, the “Exchanges”), and Insurance Capital Group, LLC (the “Standby Purchaser”).
MEDICAL PROFESSIONAL LIABILITY EXCESS OF LOSS REINSURANCE CONTRACT EFFECTIVE: JANUARY 1, 2018 between POSITIVE PHYSICIANS INSURANCE EXCHANGE KING OF PRUSSIA, PENNSYLVANIA (hereinafter called the “Company”) and HANNOVER RUCK SE AIIN Reference 1340125...Reinsurance Contract • January 22nd, 2019 • Positive Physicians Holdings,inc. • Fire, marine & casualty insurance • Pennsylvania
of the liability of the layer(s) described in the attached Contract including the same corresponding proportional participation of the Reinsurers’ additionalobligations set forth therein.
Positive Physicians Holdings, Inc. Up to 4,830,000 Shares COMMON STOCK ($0.01 Par Value) Subscription Price $10.00 Per Share AGENCY AGREEMENTAgency Agreement • January 22nd, 2019 • Positive Physicians Holdings,inc. • Fire, marine & casualty insurance • Pennsylvania
Positive Physicians Holdings, Inc., a Pennsylvania business corporation (“HoldCo”), Positive Physicians Insurance Exchange (“PPIX”), Professional Casualty Association (“PCA”), and Physicians’ Insurance Program Exchange (“PIPE” and together with HoldCo, PPIX, and PCA, the “PPHI Parties”), hereby confirm, jointly and severally, their agreement (the “Agreement”) with Griffin Financial Group, LLC (the “Agent”), as follows:
GOVERNANCE AGREEMENTGovernance Agreement • January 22nd, 2019 • Positive Physicians Holdings,inc. • Fire, marine & casualty insurance • New York
This GOVERNANCE AGREEMENT (this “Agreement”), dated as of September 19, 2018, is entered into by and among Insurance Capital Group, LLC, a Delaware limited liability company (“ICG”), and Enstar Holdings (US) LLC, a Delaware limited liability company (“Enstar”).
AMENDMENT #2 TO STANDBY STOCK PURCHASE AGREEMENTStandby Stock Purchase Agreement • January 22nd, 2019 • Positive Physicians Holdings,inc. • Fire, marine & casualty insurance • Pennsylvania
This AMENDMENT #2 TO STANDBY STOCK PURCHASE AGREEMENT (this “Agreement”), dated as of December 6, 2018, is entered into by and among Positive Physicians Holdings, Inc. a Pennsylvania corporation (the “Company”), Positive Physicians Insurance Exchange, a Pennsylvania domiciled reciprocal inter-insurance exchange (“PPIX”), Physician’s Insurance Program Exchange, a Pennsylvania domiciled reciprocal inter-insurance exchange (“PIPE”), and Professional Casualty Association, a Pennsylvania domiciled reciprocal inter-insurance exchange (“PCA”, and collectively with PPIX and PIPE, or each individually as the context requires, the “Exchanges”), and Insurance Capital Group, LLC (the “Standby Purchaser”).
LOAN AGREEMENTLoan Agreement • April 24th, 2019 • Positive Physicians Holdings,inc. • Fire, marine & casualty insurance • New York
THIS LOAN AGREEMENT is dated as of March 29, 2019 (this agreement, together with all amendments and restatements hereto, this “Agreement”), between DIVERSUS, INC., a Delaware corporation (“Borrower”), and POSITIVE PHYSICIANS HOLDINGS, INC., a Pennsylvania corporation (“Lender”).
MANAGEMENT SERVICES AGREEMENTManagement Services Agreement • April 24th, 2019 • Positive Physicians Holdings,inc. • Fire, marine & casualty insurance • Pennsylvania
MANAGEMENT SERVICES AGREEMENT (this “Agreement”) made as of March 27, 2019 (the “Effective Date”), between POSITIVE PHYSICIANS HOLDINGS, INC., a Pennsylvania corporation (“Holdings”), and DIVERSUS MANAGEMENT, INC., a Pennsylvania corporation (“Diversus”).
SUPPLEMENTAL AGREEMENTSupplemental Agreement • September 27th, 2018 • Positive Physicians Holdings,inc. • Fire, marine & casualty insurance
This SUPPLEMENTAL AGREEMENT (this “Agreement”), dated as of June 8, 2018, is entered into by and among Diversus, Inc., a Delaware corporation (“Diversus”), Positive Physicians Holdings, Inc. a Pennsylvania corporation (the “Company”), Positive Physicians Insurance Exchange, a Pennsylvania domiciled reciprocal inter-insurance exchange (“PPIX”), Physician’s Insurance Program Exchange, a Pennsylvania domiciled reciprocal inter-insurance exchange (“PIPE”), and Professional Casualty Association, a Pennsylvania domiciled reciprocal inter-insurance exchange (“PCA”, and collectively with PPIX and PIPE, or each individually as the context requires, the “Exchanges”), and Insurance Capital Group, LLC (the “Standby Purchaser”).
NON-QUALIFIED STOCK OPTION AGREEMENT BETWEEN POSITIVE PHYSICIANS HOLDINGS, INC. AND LEWIS SHARPS, MD.Non-Qualified Stock Option Agreement • October 2nd, 2019 • Positive Physicians Holdings, Inc. • Fire, marine & casualty insurance
THIS AGREEMENT, dated September 27, 2019, is made by and between Positive Physicians Holdings, Inc., a Pennsylvania corporation (the “Company”) and Lewis Sharps, MD, (“Optionee”), President and CEO of the Company.
ESCROW AGREEMENTEscrow Agreement • January 22nd, 2019 • Positive Physicians Holdings,inc. • Fire, marine & casualty insurance • New York
This ESCROW AGREEMENT (as the same may be amended or modified from time to time pursuant hereto, this “Agreement”) is made and entered into as of February __, 2019, by and among Griffin Financial Group, LLC, a Pennsylvania limited liability company (the “Placement Agent”), Positive Physicians Holdings, Inc., a Pennsylvania corporation (the “Company”, and together with the Placement Agent, sometimes referred to individually as “Party” or collectively as the “Parties”) and Computershare Trust Company, N.A. (the “Escrow Agent”).
