[sheet: Cover]

[sheet: Cover]
Field | Value
Document Title | Exhibit A — Payment Allocation Schedule
Parent Agreement | Settlement Agreement and Mutual Release dated December 19, 2023
Case Caption | Verimark Hospitality Group Inc. v. Ironclad Indemnity Corp. et al.
Court | Eleventh Judicial Circuit of Florida, Miami-Dade County
Case Number | 2022-CA-031547
Presiding Judge | Hon. Catherine Embry
Date of Exhibit | December 19, 2023
Governing Law | Florida
Prepared By | Calderwood & Harkness LLP (Engagement No. 1021-00003)
Aggregate Settlement Amount | $47,300,000.00
Payment Deadline | February 2, 2024 (45 days from execution of Settlement Agreement)
Payment Method | Wire transfer to Calderwood & Harkness LLP Attorney Trust Account (see Wire Instructions sheet)
Confidentiality | Settlement amount is confidential per Section 12.1 of the Settlement Agreement; existence of settlement may be disclosed
[sheet: Allocation Schedule]
Layer | Carrier Full Legal Name | Carrier Short Name | Domicile / Jurisdiction | Policy Number | Policy Period | Layer Limit | Attachment Point | Annual Premium | Settlement Amount | % of Layer Limit Recovered | Defense Counsel | Payment Due Date
Primary | Ironclad Indemnity Corporation | Ironclad | Connecticut | IIC-PRP-2022-07541 | July 1, 2022 – July 1, 2023 | $25,000,000.00 | $500,000.00 deductible | $980,000.00 | $24,500,000.00 | 98.00% (of $25M limit; effectively full primary layer net of $500K deductible) | Fendowell Rourke & Stanton LLP (Gregory Stanton) | February 2, 2024
1st Excess | Pinnacle Surplus Lines Inc. | Pinnacle | Texas | PSL-XS1-2022-3390 | July 1, 2022 – July 1, 2023 | $15,000,000.00 | $25,000,000.00 | $410,000.00 | $12,200,000.00 | 81.33% | Fendowell Rourke & Stanton LLP (Gregory Stanton) | February 2, 2024
2nd Excess | Montclair Assurance Company | Montclair | New York | MAC-XS2-2022-09817 | July 1, 2022 – July 1, 2023 | $10,000,000.00 | $40,000,000.00 | $265,000.00 | $6,800,000.00 | 68.00% | Delvecchio & Kraus LLP (Patricia Kraus) | February 2, 2024
3rd Excess | Sovereign Re Ltd. | Sovereign Re | Bermuda | SRL-XS3-2022-04152 | July 1, 2022 – July 1, 2023 | $10,000,000.00 | $50,000,000.00 | $185,000.00 | $3,800,000.00 | 38.00% | Delvecchio & Kraus LLP (Patricia Kraus) | February 2, 2024
TOTAL | — | — | — | — | — | $60,000,000.00 | — | $1,840,000.00 | $47,300,000.00 | 78.83% (of total $60M tower) | — | —
[sheet: Claim Summary]
Property Name | Address | Rooms | Pre-Loss ADR | Pre-Loss Occupancy | Closure Start Date | Reopening Date | Full Closure Days | Claimed BI Loss | Notes
Verimark Grand Key Resort | Mile Marker 48, Marathon, FL 33050 | 312 | $389.00 | 82% | September 18, 2022 | March 15, 2023 | 178 | $31,400,000.00 | Luxury resort & marina; most significant loss; storm surge & wind damage
Verimark Harborview Hotel & Conference Center | 1400 Estero Boulevard, Fort Myers Beach, FL 33931 | 224 | $295.00 | 74% | September 18, 2022 | January 31, 2023 | 135 | $18,700,000.00 | Includes 40,000 sq. ft. conference facility; includes conference revenue losses
Verimark Sunset Shores | 7200 Gulf Boulevard, St. Pete Beach, FL 33706 | 186 | $342.00 | 79% | September 18, 2022 | November 30, 2022 (partial); full capacity February 28, 2023 | 73 | $9,900,000.00 | Boutique resort; 73 full-closure days plus partial-closure period through Feb 2023
TOTAL | — | 722 | — | — | — | — | — | $60,000,000.00 | Aggregate BI claim as submitted in sworn proof of loss (Nov 15, 2022); Settlement Recovery Rate = 78.83%
[sheet: Wire Instructions]
Field | Value
Beneficiary Name | Calderwood & Harkness LLP Attorney Trust Account
Beneficiary Address | 333 SE 2nd Avenue, Suite 4400, Miami, FL 33131
Bank Name | [Redacted — to be provided under separate cover per settlement agreement]
Bank Address | [Redacted]
ABA Routing Number | [Redacted]
Account Number | [Redacted]
SWIFT Code (for international wires — Sovereign Re) | [Redacted]
Reference Line — Ironclad Payment | VHG v. Ironclad et al. / Case No. 2022-CA-031547 / Ironclad Indemnity Corporation / $24,500,000.00
Reference Line — Pinnacle Payment | VHG v. Ironclad et al. / Case No. 2022-CA-031547 / Pinnacle Surplus Lines Inc. / $12,200,000.00
Reference Line — Montclair Payment | VHG v. Ironclad et al. / Case No. 2022-CA-031547 / Montclair Assurance Company / $6,800,000.00
Reference Line — Sovereign Re Payment | VHG v. Ironclad et al. / Case No. 2022-CA-031547 / Sovereign Re Ltd. / $3,800,000.00
Payment Due Date | February 2, 2024
Payment Method | Lump-sum wire transfer; each carrier to remit its allocated share separately
Contact for Wire Confirmation | Tiffany Rosenthal, Calderwood & Harkness LLP
Contact Phone | [Phone number]
Contact Email | [Email address]
Note | Wire instructions for Ironclad ($24,500,000) and Pinnacle ($12,200,000) transmitted to Fendowell Rourke & Stanton LLP (Gregory Stanton) per letter dated December 20, 2023
Note | Wire instructions for Montclair ($6,800,000) and Sovereign Re ($3,800,000) transmitted to Delvecchio & Kraus LLP (Patricia Kraus) per letter dated December 20, 2023
[sheet: Payment Tracking]
Carrier | Allocated Amount | Payment Due Date | Date Received | Amount Received | Variance | Status | Wire Reference / Confirmation No. | Notes
Ironclad Indemnity Corporation | $24,500,000.00 | February 2, 2024 | [To be completed upon receipt] | [To be completed] | [To be calculated] | Pending | [To be completed] | Payment via Fendowell Rourke & Stanton LLP
Pinnacle Surplus Lines Inc. | $12,200,000.00 | February 2, 2024 | [To be completed upon receipt] | [To be completed] | [To be calculated] | Pending | [To be completed] | Payment via Fendowell Rourke & Stanton LLP
Montclair Assurance Company | $6,800,000.00 | February 2, 2024 | [To be completed upon receipt] | [To be completed] | [To be calculated] | Pending | [To be completed] | Payment via Delvecchio & Kraus LLP
Sovereign Re Ltd. | $3,800,000.00 | February 2, 2024 | [To be completed upon receipt] | [To be completed] | [To be calculated] | Pending | [To be completed] | International wire; payment via Delvecchio & Kraus LLP
TOTAL | $47,300,000.00 | — | — | [To be completed] | [To be calculated] | — | — | —