Exhibit 10.1
EXECUTIVE OFFICER EMPLOYMENT AGREEMENT
This Executive Officer Employment Agreement (this “Agreement”) is being entered into as of June 30, 2023 but effective as of July 24, 2023 (the “Effective Date”) by and between AMERISAFE, Inc., a Texas corporation with its principal place of business in DeRidder, Louisiana (the “Company”) and Ray Wise, a competent individual of the lawful age of majority (the “Employee”).
WITNESSETH:
WHEREAS, Employee desires to induce the Company to continue to employ him and Employee desires to continue to engage in an employment relationship with the Company and the Company desires to induce Employee to continue his employment with the Company and the Company desires to continue an employment relationship with Employee under the specific terms and conditions as set forth below;
NOW, THEREFORE, in exchange for good and valuable consideration, the sufficiency and receipt of which is hereby acknowledged and in exchange for the mutual covenants and obligations contained in this Agreement, the Company and Employee hereby covenant and agree as follows:
{N2956879.2} - 1
NAI-1500798701v1
{N2956879.2} - 2
NAI-1500798701v1
During the Employment Term, Employee shall:
{N2956879.2} - 3
NAI-1500798701v1
{N2956879.2} - 4
NAI-1500798701v1
provided, however, that no Company Termination for Cause shall be deemed to have occurred unless Employee is first given the opportunity to cure any acts or omissions giving rise to a Company Termination for Cause (other than those acts or omissions set forth in subsection 9(b)(i)) within 30 days of Employee’s receipt of notice of such acts or omissions.
{N2956879.2} - 5
NAI-1500798701v1
provided, however, that Employee may not terminate or separate employment for purposes of Employee Termination for Good Cause unless (i) within 60 days after the date on which Employee obtains actual knowledge of the condition or event giving rise to Employee Termination for Good Cause, Employee gives notice to the Company that Employee does not wish to remain in the employ of the Company as a result of such condition or event, (ii) the Company does not cure such condition or event within 30 days after receiving the notice described in the preceding clause (i), and (iii) Employee terminates employment within 180 days after the date on which Employee obtains actual knowledge of the existence of such condition or event. Any failure by Employee to terminate employment within such 180 day period after the initial existence of any condition or event giving rise to Employee Termination for Good Cause shall constitute a waiver by Employee of the Employee’s right to claim an Employee Termination for Good Cause as a result of such condition or event.
{N2956879.2} - 6
NAI-1500798701v1
{N2956879.2} - 7
NAI-1500798701v1
{N2956879.2} - 8
NAI-1500798701v1
{N2956879.2} - 9
NAI-1500798701v1
{N2956879.2} - 10
NAI-1500798701v1
It is understood and agreed that should any portion of any clause or paragraph of this Agreement be deemed too broad to permit enforcement to its full extent or should any portion of any clause or paragraph of this Agreement be deemed unreasonable, then said clause or paragraph shall be reformed and enforced to the maximum extent permitted by law.
[signature page follows]
{N2956879.2} - 11
NAI-1500798701v1
IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the date first written above.
AMERISAFE, INC.
By: | /s/ G. Janelle Frost, |
G. Janelle Frost, | |
Chief Executive Officer |
EMPLOYEE:
| /s/ Ray Wise, |
Ray Wise |
{N2956879.2} - 12
NAI-1500798701v1
ATTACHMENT “A”
Employment Agreement
“Restricted Area”
The following states constitute the “Restricted Area” for purposes of the Employment Agreement, including Section 10, entitled “Restrictive Covenants”, entered into between the Company and the Employee:
States of Alabama, Alaska, Arkansas, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Mexico, New York, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin and Wyoming.
{N2956879.2} - 13
NAI-1500798701v1