EX-10.3



 Exhibit 10.3 

AMENDED AND RESTATED 

SHAREHOLDERS’ AGREEMENT 

between 

BAYSHORE HOLDINGS LIMITED 

and 
 THE
SHAREHOLDERS NAMED HEREIN 
 dated as of 

May 8th, 2014 
  

 







 TABLE OF CONTENTS 

 

											
	 ARTICLE I
	 		 	DEFINITIONS	  	 	1	  
	 ARTICLE II
	 		 	MANAGEMENT AND OPERATION OF THE COMPANY	  	 	7	  
	 Section 2.01
	 		 	Board of Directors.	  	 	7	  
	 Section 2.02
	 		 	Voting Arrangements.	  	 	9	  
	 Section 2.03
	 		 	CEO Matters.	  	 	10	  
	 ARTICLE III
	 		 	TRANSFER OF INTERESTS	  	 	10	  
	 Section 3.01
	 		 	General Restrictions on Transfer.	  	 	10	  
	 Section 3.02
	 		 	Right of First Offer.	  	 	12	  
	 Section 3.03
	 		 	Drag-along Rights.	  	 	15	  
	 Section 3.04
	 		 	Tag-along Rights.	  	 	17	  
	 Section 3.05
	 		 	Enstar Call Right and Trident Put Right.	  	 	19	  
	 ARTICLE IV
	 		 	PRE-EMPTIVE RIGHTS AND OTHER AGREEMENTS	  	 	22	  
	 Section 4.01
	 		 	Pre-emptive Right.	  	 	22	  
	 Section 4.02
	 		 	Corporate Opportunities.	  	 	24	  
	 Section 4.03
	 		 	Confidentiality.	  	 	24	  
	 Section 4.04
	 		 	Registration Rights.	  	 	25	  
	 ARTICLE V
	 		 	INFORMATION RIGHTS	  	 	25	  
	 Section 5.01
	 		 	Financial Statements and Reports.	  	 	25	  
	 Section 5.02
	 		 	Inspection Rights.	  	 	26	  
	 ARTICLE VI
	 		 	REPRESENTATIONS AND WARRANTIES	  	 	26	  
	 Section 6.01
	 		 	Representations and Warranties.	  	 	26	  
	 ARTICLE VII
	 		 	TERM AND TERMINATION	  	 	27	  
	 Section 7.01
	 		 	Termination.	  	 	27	  
	 Section 7.02
	 		 	Effect of Termination.	  	 	28	  
	 ARTICLE VIII
	 		 	MISCELLANEOUS	  	 	28	  
	 Section 8.01
	 		 	Expenses.	  	 	28	  
	 Section 8.02
	 		 	Release of Liability.	  	 	28	  
	 Section 8.03
	 		 	Notices.	  	 	29	  
	 Section 8.04
	 		 	Interpretation.	  	 	30	  
	 Section 8.05
	 		 	Headings.	  	 	30	  
	 Section 8.06
	 		 	Severability.	  	 	30	  
	 Section 8.07
	 		 	Entire Agreement.	  	 	31	  
	 Section 8.08
	 		 	Successors and Assigns.	  	 	31	  
	 Section 8.09
	 		 	No Third-Party Beneficiaries.	  	 	31	  
	 Section 8.10
	 		 	Amendment and Modification; Waiver.	  	 	31	  
	 Section 8.11
	 		 	Governing Law.	  	 	31	  
	 Section 8.12
	 		 	Submission to Jurisdiction; Waiver of Jury Trial.	  	 	32	  
	 Section 8.13
	 		 	Equitable Remedies.	  	 	32	  
	 Section 8.14
	 		 	Counterparts.	  	 	33	  


  
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 AMENDED AND RESTATED 

SHAREHOLDERS’ AGREEMENT 

This Amended and Restated Shareholders’ Agreement (this “Agreement”), dated as of May 8th, 2014, is entered into
among Bayshore Holdings Limited, a Bermuda exempted company (the “Company”), Kenmare Holdings Ltd (the “Enstar Shareholder”), Trident V, L.P., Trident V Parallel Fund, L.P. and Trident V Professionals Fund, L.P.
(each, a “Trident Shareholder” and, collectively, the “Trident Shareholders” and, together with the Enstar Shareholder, the “Initial Shareholders”), Dowling Capital Partners I, L.P. (the
“Dowling Shareholder”), each other Person who after the date hereof acquires Common Shares of the Company and becomes a party to this Agreement by executing a Joinder Agreement (such Persons, collectively with the Initial
Shareholders and the Dowling Shareholder, the “Shareholders”) and, solely for purposes of Section 3.05 hereof, Enstar Group Limited (“Enstar”). 

RECITALS 
 WHEREAS,
immediately prior to the date hereof, the Enstar Shareholder owned 60% of the issued and outstanding Common Shares of the Company and the Trident Shareholders collectively owned 40% of the issued and outstanding Common Shares of the Company; 

WHEREAS, on the date hereof, the Dowling Shareholder will acquire 11,254 Common Shares of the Company from the Initial Shareholders; and 

WHEREAS, the Initial Shareholders, the Dowling Shareholder and the other parties hereto deem it in their best interests and in the best
interests of the Company to amend and restate the Shareholders’ Agreement entered into on April 1, 2014, by and among the Company, the Initial Shareholders and Enstar, and to set forth in this Agreement their respective rights and
obligations in connection with their investment in the Company. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements
hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS

 Capitalized terms used herein and not otherwise defined shall have the meanings set forth in this Article I. 

“Affiliate” means with respect to any Person, any other Person who, directly or indirectly (including through one or
more intermediaries), controls, is controlled by, or is under common control with, such Person. For purposes of this definition, “control,” when 







 
used with respect to any specified Person, shall mean the power, direct or indirect, to direct or cause the direction of the management and policies of such Person, whether through ownership of
voting securities or partnership or other ownership interests, by contract or otherwise; and the terms “controlling” and “controlled” shall have correlative meanings. 

“Agreement” has the meaning set forth in the preamble. 

“Applicable Law” means all applicable provisions of (a) constitutions, treaties, statutes, laws (including the
common law), rules, regulations, decrees, ordinances, codes, proclamations, declarations or orders of any Governmental Authority, (b) any consents or approvals of any Governmental Authority and (c) any orders, decisions, advisory or
interpretative opinions, injunctions, judgments, awards, decrees of, or agreements with, any Governmental Authority. 

“Board” has the meaning set forth in Section 2.01(a). 

“Business Day” means a day other than a Saturday, Sunday or other day on which commercial banks in Bermuda are
authorized or required to close. 
 “Bye-laws” means the bye-laws of the Company, as amended, modified, supplemented
or restated from time to time in accordance with the terms of this Agreement. 
 “Call Right” has the meaning set forth in
Section 3.05(a). 
 “Change of Control” means any transaction or series of related transactions (as a
result of a tender offer, merger, consolidation or otherwise) that results in, or that is in connection with, (a) any Third Party Purchaser or “group” (within the meaning of Section 13(d)(3) of the Exchange Act) of Third Party
Purchasers acquiring beneficial ownership, directly or indirectly, of all or substantially all of the then issued and outstanding Common Shares or (b) the sale, lease, exchange, conveyance, transfer or other disposition (for cash, shares of
stock, securities or other consideration) of all or substantially all of the property and assets of the Company and its Subsidiaries, on a consolidated basis, to any Third Party Purchaser or “group” (within the meaning of
Section 13(d)(3) of the Exchange Act) of Third Party Purchasers (including any liquidation, dissolution or winding up of the affairs of the Company, or any other distribution made, in connection therewith). 

“Commitment Letters” has the meaning set forth in Section 6.01(e). 

“Common Shares” means the common shares, par value $1.00 per share, of the Company and any securities issued in respect
thereof, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation, exchange or similar reorganization. 

  
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 “Company” has the meaning set forth in the preamble. 

“Director” has the meaning set forth in Section 2.01(a). 

“Dowling Shareholder” has the meaning set forth in the preamble and shall also include any Permitted Transferees of the
Dowling Shareholder that become Shareholders pursuant to the terms of this Agreement. 
 “Drag-along Notice” has the
meaning set forth in Section 3.03(b). 
 “Drag-along Sale” has the meaning set forth in
Section 3.03(a). 
 “Drag-along Shareholder” has the meaning set forth in Section 3.03(a).

 “Enstar” has the meaning set forth in the preamble. 

“Enstar Director” has the meaning set forth in Section 2.01(a). 

“Enstar Shareholder” has the meaning set forth in the preamble and shall also include any Permitted Transferees of the
Enstar Shareholder that become Shareholders pursuant to the terms of this Agreement. 
 “Exchange Act” means the
United States Securities Exchange Act of 1934, as amended, or any successor federal statute, and the rules and regulations thereunder, which shall be in effect at the time. 

“Excluded Securities” means any Common Shares or other equity securities issued in connection with (a) a grant to
any existing or prospective consultants, employees, officers or Directors pursuant to any stock option, employee stock purchase or similar equity-based plans or other compensation agreement; (b) the exercise or conversion of options to purchase
Common Shares, or Common Shares issued to any existing or prospective consultants, employees, officers or Directors pursuant to any stock option, employee stock purchase or similar equity-based plans or any other compensation agreement; (c) any
acquisition by the Company of the stock, assets, properties or business of any Person; (d) any merger, consolidation or other business combination involving the Company; (e) the commencement of any Initial Public Offering or any
transaction or series of related transactions involving a Change of Control; (f) a stock split, stock dividend or any similar recapitalization; or (g) any issuance of Financing Equity. 

“Exercise Period” has the meaning set forth in Section 4.01(c). 

“Exercising Shareholder” has the meaning set forth in Section 4.01(d). 

“Extended ROFO Notice Period” has the meaning set forth in Section 3.02(d). 

“Fair Market Value” has the meaning set forth in Section 3.05(c). 

  
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 “Financing Equity” means any Common Shares, warrants or other similar
rights to purchase Common Shares issued to lenders or other institutional investors (excluding the Shareholders) in any arm’s length transaction providing debt financing to the Company. 

“Fiscal Year” means for financial accounting purposes, January 1 to December 31. 

“GAAP” means United States generally accepted accounting principles in effect from time to time. 

“Government Approval” means any authorization, consent, approval, waiver, exception, variance, order, exemption,
publication, filing, declaration, concession, grant, franchise, agreement, permission, permit, or license of, from or with any Governmental Authority, the giving notice to, or registration with, any Governmental Authority or any other action in
respect of any Governmental Authority. 
 “Governmental Authority” means any federal, state, local or foreign
government or political subdivision thereof, or any agency or instrumentality of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory authority or quasi-governmental authority (to the
extent that the rules, regulations or orders of such organization or authority have the force of Law), or any arbitrator, court or tribunal of competent jurisdiction. 

“Independent Appraiser” has the meaning set forth in Section 3.05(c)(i). 

“Information” has the meaning set forth in Section 4.03(b). 

“Initial Public Offering” means any offering of Common Shares of the Company, or shares or other equity interests of any
Material Subsidiary, pursuant to a registration statement filed in accordance with the Securities Act. 
 “Initial
Shareholders” has the meaning set forth in the preamble and shall also include any Permitted Transferees of the Enstar Shareholder and the Trident Shareholders that become Shareholders, but shall not include the Dowling Shareholder.

 “Investors Agreement” has the meaning set forth in Section 6.01(e). 

“Issuance Notice” has the meaning set forth in Section 4.01(b). 

“Joinder Agreement” means the joinder agreement in form and substance of Exhibit A attached hereto. 

“Lien” means any lien, claim, charge, mortgage, pledge, security interest, option, preferential arrangement, right of
first offer, encumbrance or other restriction or limitation of any nature whatsoever. 

  
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 “Lock-up Period” has the meaning set forth in Section 3.01(a). 

“Material Subsidiary” means Torus and any other material direct or indirect Subsidiary of the Company. 

“Memorandum of Association” means the memorandum of association of the Company, as filed on June 20, 2013 with the
Registrar of Companies of Bermuda and as amended, modified, supplemented or restated from time to time in accordance with the terms of this Agreement. 

“New Securities” has the meaning set forth in Section 4.01(a). 

“Non-exercising Shareholder” has the meaning set forth in Section 4.01(d). 

“Offered Shares” has the meaning set forth in Section 3.02(a). 

“Offering Shareholder” has the meaning set forth in Section 3.02(a). 

“Offering Shareholder Notice” has the meaning set forth in Section 3.02(b). 

“Organizational Documents” means the Bye-laws and the Memorandum of Association. 

“Over-allotment Exercise Period” has the meaning set forth in Section 4.01(d). 

“Over-allotment New Securities” has the meaning set forth in Section 4.01(d). 

“Over-allotment Notice” has the meaning set forth in Section 4.01(d). 

“Participation Notice” has the meaning set forth in Section 3.05(b). 

“Permitted Transferee” means with respect to any Shareholder, any Affiliate of such Shareholder. 

“Person” means an individual, corporation, company, partnership, joint venture, limited liability company, Governmental
Authority, unincorporated organization, trust, association or other entity. 
 “Pre-emptive Pro Rata Portion” has the
meaning set forth in Section 4.01(c). 
 “Pre-emptive Shareholder” has the meaning set forth in
Section 4.01(a). 
 “Proposed Transferee” has the meaning set forth in Section 3.04(a). 

“Purchasing Shareholder” has the meaning set forth in Section 3.02(d). 

“Put Notice” has the meaning set forth in Section 3.05(b). 

“Put Notice Period” has the meaning set forth in Section 3.05(b). 

  
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 “Put Right” has the meaning set forth in Section 3.05(a). 

“Related Party Agreement” means any agreement, arrangement or understanding between (a) (i) the Company and
(ii) any Shareholder or any Affiliate of a Shareholder or any Director, officer or employee of the Company, as such agreement may be amended, modified, supplemented or restated in accordance with the terms of this Agreement, and
(b) (i) Torus or any other direct or indirect Subsidiary of the Company and (ii) the Company, any Shareholder or any Affiliate of Torus, the Company, a Shareholder or any Director, officer or employee of Torus or any direct or
indirect Subsidiary of the Company, as such agreement may be amended, modified, supplemented or restated in accordance with the terms of this Agreement. 

“Relevant Shareholder(s)” has the meaning set forth in Section 3.05(c). 

“Representative” means, with respect to any Person, any and all directors, officers, employees, consultants, financial
advisors, counsel, accountants and other agents of such Person and its Affiliates (provided, that portfolio companies of the Trident Shareholders shall not be Representatives). 

“ROFO Notice” has the meaning set forth in Section 3.02(d). 

“ROFO Notice Period” has the meaning set forth in Section 3.02(b). 

“Sale Notice” has the meaning set forth in Section 3.04(b). 

“Securities Act” means the United States Securities Act of 1933, as amended, or any successor federal statute, and the
rules and regulations thereunder, which shall be in effect at the time. 
 “Selling Shareholder” has the meaning set
forth in Section 3.04(a). 
 “Share Purchase Agreement” has the meaning set forth in
Section 6.01(e). 
 “Shareholders” has the meaning set forth in the preamble. 

“Subsidiary” means with respect to any Person, any other Person of which a majority of the outstanding shares or other
equity interests having the power to vote for directors or comparable managers are owned, directly or indirectly, by the first Person. 

“Tag-along Notice” has the meaning set forth in Section 3.04(c). 

“Tag-along Period” has the meaning set forth in Section 3.04(c). 

“Tag-along Sale” has the meaning set forth in Section 3.04(a). 

“Tag-along Shareholder” has the meaning set forth in Section 3.04(a). 

  
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 “Third Party Purchaser” means any Person who, immediately prior to the
contemplated transaction, (a) does not directly or indirectly own or have the right to acquire any outstanding Common Shares or (b) is not a Permitted Transferee of any Person who directly or indirectly owns or has the right to acquire any
Common Shares. 
 “Torus” means Torus Insurance Holdings Limited. 

“Transfer” means to, directly or indirectly, sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose
of, either voluntarily or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation or similar disposition of, any Common Shares
owned by a Person or any interest (including a beneficial interest) in any Common Shares owned by a Person. 
 “Trident
Director” has the meaning set forth in Section 2.01(a). 
 “Trident Shareholder” has the
meaning set forth in the preamble and shall also include any Permitted Transferees of the Trident Shareholder that become Shareholders pursuant to the terms of this Agreement. 

“Waived ROFO Transfer Period” has the meaning set forth in Section 3.02(f). 

ARTICLE II 

MANAGEMENT AND OPERATION OF THE COMPANY 

Section 2.01 Board of Directors. 

(a) The Shareholders agree that the business and affairs of the Company shall be managed through a board of directors (the
“Board”) consisting of five members (each, a “Director”). The Directors shall be elected to the Board in accordance with the following procedures: 

(i) The Enstar Shareholder shall have the right to designate three Directors, who shall initially be Paul O’Shea, Nick Packer and Richard
Harris (the “Enstar Directors”); and 
 (ii) The Trident Shareholders shall have the right to designate two Directors, who
shall initially be Darran A. Baird and James D. Carey (the “Trident Directors”). 
 Notwithstanding the foregoing, the
Enstar Director(s) present at any meeting of the Board or committee thereof shall collectively exercise voting power equal to the Enstar Shareholder’s percentage ownership of the Company divided by the aggregate percentage ownership of the
Company held by the Enstar Shareholder and the Trident Shareholders, and the Trident Director(s) present at any meeting of the Board or committee thereof shall collectively exercise voting power equal to the Trident Shareholders’ percentage
ownership of the Company divided by the aggregate percentage ownership of the Company held by the Enstar Shareholder and the Trident Shareholders. 

  
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 (b) Each Shareholder shall vote all Common Shares over which such Shareholder has voting control
and shall take all other necessary or desirable actions within such Shareholder’s control (including in its capacity as shareholder, director, member of a board committee or officer of the Company or otherwise, and whether at a regular or
special meeting of the Shareholders or by written consent in lieu of a meeting) to elect to the Board any individual designated by an Initial Shareholder pursuant to Section 2.01(a). 

(c) Each Initial Shareholder shall have the right at any time to remove (with or without cause) any Director designated by such Initial
Shareholder for election to the Board and each other Shareholder shall vote all Common Shares over which such Shareholder has voting control and shall take all other necessary or desirable actions within such Shareholder’s control (including in
its capacity as shareholder, director, member of a board committee or officer of the Company or otherwise, and whether at a regular or special meeting of the Shareholders or by written consent in lieu of a meeting) to remove from the Board any
individual designated by such Initial Shareholder that such Initial Shareholder desires to remove pursuant to this Section 2.01(c). Except as provided in the preceding sentence, unless an Initial Shareholder shall otherwise consent in
writing, no other Shareholder shall take any action to cause the removal of any Director(s) designated by an Initial Shareholder. 
 (d) In
the event a vacancy is created on the Board at any time and for any reason (whether as a result of death, disability, retirement, resignation or removal pursuant to Section 2.01(c)), the Initial Shareholder who designated such individual
shall have the right to designate a different individual to replace such Director and each other Shareholder shall vote all Common Shares over which such Shareholder has voting control and shall take all other necessary or desirable actions within
such Shareholder’s control (including in its capacity as shareholder, director, member of a board committee or officer of the Company or otherwise, and whether at a regular or special meeting of the Shareholders or by written consent in lieu of
a meeting) to elect to the Board any individual designated by such Initial Shareholder. 
 (e) The Board shall have the right to establish
any committee of Directors as the Board shall deem appropriate from time to time. Subject to this Agreement, the Organizational Documents and Applicable Law, committees of the Board shall have the rights, powers and privileges granted to such
committee by the Board from time to time. Any delegation of authority to a committee of Directors to take any action must be approved in the same manner as would be required for the Board to approve such action directly. Any committee of Directors
shall be composed of the same proportion of Enstar Directors and Trident Directors as the Initial Shareholders shall then be entitled to appoint to the Board pursuant to this Section 2.01. 

  
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 (f) The presence of a majority of Directors then in office shall constitute a quorum;
provided, that at least one Trident Director is present at such meeting. If a quorum is not achieved at any duly called meeting, such meeting may be postponed to a time no earlier than 48 hours after written notice of such postponement has
been given to the Directors. If no Trident Director is present for three consecutive meetings, then the presence, in person or by proxy, of Directors designated by Shareholders holding at least 51% of the Common Shares shall constitute a quorum for
the next meeting. 
 Section 2.02 Voting Arrangements. In addition to any vote or consent of the Board or the Shareholders of
the Company required by Applicable Law, without the consent of the Trident Shareholders the Company shall not take any action or enter into any commitment to take any action to (and shall cause its Material Subsidiaries to not take any action or
enter into any commitment to take any action to): 
 (a) amend, modify or waive the Organizational Documents or the charter, bye-laws or
other organizational documents of any Material Subsidiary; 
 (b) make any material changes in the tax or accounting methods or policies or
the tax elections of the Company or any Material Subsidiary (other than as required by Applicable Law or GAAP) that would have a materially adverse impact on the Trident Shareholders; 

(c) enter into, amend in any material respect, waive or terminate any Related Party Agreement other than (i) the entry into a Related
Party Agreement that is on an arm’s length basis and on terms no less favorable to the Company or the applicable Material Subsidiary than those that could be obtained from an unaffiliated third party and (ii) any reinsurance or other risk
transfer arrangement with any Affiliate of the Enstar Shareholder in which all or substantially all of the underlying insurance risk is borne by the Affiliate of the Enstar Shareholder, provided, however, that any such reinsurance or other
risk transfer transaction provides the Company a market rate fronting fee; 
 (d) enter into or effect any material transaction or series of
related transactions outside of the ordinary course of business involving the purchase, lease, license, exchange or other acquisition (including by merger, consolidation, acquisition of stock or acquisition of assets) by the Company or any Material
Subsidiary of any assets and/or equity interests of any Person that are material in amount to the Company and its Subsidiaries taken as a whole, other than the amalgamation of a subsidiary of the Company with Torus; 

(e) except for a Change of Control effected in accordance with Section 3.03 which will not require the consent of the Trident
Shareholders, enter into or effect any material transaction or series of related transactions outside of the ordinary course of business involving the sale, lease, license, exchange or other disposition (including by merger, consolidation, sale of
stock or sale of assets) by the Company or any Material Subsidiary of any stock or assets that are material in amount to the Company and its Subsidiaries taken as a whole; 

  
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 (f) grant or authorize the grant of Common Shares or other equity securities of the Company or
any Subsidiary of the Company in an amount greater than 10% of the value of the then-outstanding Common Shares to any existing or prospective officers, directors, employees or consultants of the Company or any Subsidiary of the Company pursuant to
any stock option, employee stock purchase or similar equity-based plans or other compensation agreements; 
 (g) initiate or consummate an
Initial Public Offering or make a public offering and sale of Common Shares or any other securities; or 
 (h) dissolve, wind-up or
liquidate the Company or any Material Subsidiary or initiate a bankruptcy proceeding involving the Company or any Material Subsidiary. 

For purposes of this Section 2.02, the “ordinary course of business” of the Company and its Subsidiaries shall include
the acquisition of insurance and reinsurance companies in run-off and portfolios of insurance and reinsurance business in run-off. 

Section 2.03 CEO Matters. Prior to taking any action or entering into any commitment to take any action to appoint or remove (with
or without cause) the Company’s chief executive officer or enter into or amend any material term of any employment agreement or arrangement with the Company’s chief executive officer, the Company shall obtain the consent of both the Enstar
Shareholder and the Trident Shareholders. The Company shall consult with, but need not obtain the consent of, the Trident Shareholder prior to taking any action or entering into any commitment to take any action to appoint or remove (with or without
cause) any Material Subsidiary’s chief executive officer or enter into or amend any material term of any employment agreement or arrangement with any Material Subsidiary’s chief executive officer. 

ARTICLE III 

TRANSFER OF INTERESTS 

Section 3.01 General Restrictions on Transfer. 

(a) Except as permitted pursuant to Section 3.01(b), each Shareholder agrees that such Shareholder will not, directly or
indirectly, voluntarily or involuntarily Transfer any of its Common Shares prior to April 1, 2019 (the “Lock-up Period”). 

(b) The provisions of Section 3.01(a), Section 3.02, Section 3.03 and Section 3.04 shall not
apply to any of the following Transfers by any Shareholder of any of its Common Shares (i) to a Permitted Transferee, (ii) pursuant to a merger, consolidation or other business combination of the Company with a Third Party Purchaser that
has been approved in 

  
 10 








 
compliance with Section 2.02(e) or (iii) which is otherwise approved in writing by Shareholders holding not less than two-thirds of the issued and outstanding Common Shares of
the Company immediately prior to the Transfer. 
 (c) In addition to any legends required by Applicable Law, each certificate (if any)
representing the Common Shares of the Company shall bear a legend substantially in the following form (and if the Common Shares are not certificated, the Company’s ledger shall include a notation substantially in the following form omitting the
reference to a certificate): 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A SHAREHOLDERS’ AGREEMENT (A COPY OF
WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY). NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SUCH
SHAREHOLDERS’ AGREEMENT AND (A) PURSUANT TO A REGISTRATION STATEMENT EFFECTIVE UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR (B) PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER. THE HOLDER OF THIS CERTIFICATE,
BY ACCEPTANCE OF THIS CERTIFICATE, AGREES TO BE BOUND BY ALL OF THE PROVISIONS OF SUCH SHAREHOLDERS’ AGREEMENT.” 
 (d) Prior
notice shall be given to the Company by the transferor of any Transfer (whether or not to a Permitted Transferee) of any Common Shares. Prior to consummation of any Transfer by any Shareholder of any of its Common Shares, such party shall cause the
transferee thereof to execute and deliver to the Company a Joinder Agreement and agree to be bound by the terms and conditions of this Agreement. Upon any Transfer by any Shareholder of any of its Common Shares, in accordance with the terms of this
Agreement, the transferee thereof shall be substituted for, and shall assume all the rights and obligations under this Agreement of, the transferor thereof. 

(e) Notwithstanding any other provision of this Agreement, each Shareholder agrees that it will not, directly or indirectly, Transfer any of
its Common Shares (i) except as permitted under the Securities Act and other applicable federal, state or foreign securities laws, and then, if requested by the Company, only upon delivery to the Company of an opinion of counsel in form and
substance satisfactory to the Company to the effect that such Transfer may be effected without registration under the Securities Act or any applicable foreign securities laws, (ii) if it would cause the Company or any of its Subsidiaries to be
required to register as an investment company under the United States Investment Company Act of 1940, as amended, or any comparable foreign law, or (iii) if it would cause the assets of the Company or any of its Subsidiaries to be deemed plan
assets as defined under the United States Employee Retirement Income Security Act of 1974 or its accompanying regulations or any comparable foreign law or result in any “prohibited transaction” thereunder involving the Company. In any
event, the Board may 

  
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refuse the Transfer to any Person if (i) such Transfer would have a material adverse effect on the Company as a result of any regulatory or other restrictions imposed by any Governmental
Authority or (ii) any non-de minimis adverse tax consequence to the Company, any Subsidiary of the Company, or any Shareholder or any of their Affiliates would result from such Transfer. 

(f) Any Transfer or attempted Transfer of any Common Shares in violation of this Agreement shall be null and void, no such Transfer shall be
recorded on the Company’s books and the purported transferee in any such Transfer shall not be treated (and the purported transferor shall continue be treated) as the owner of such Common Shares for all purposes of this Agreement. 

Section 3.02 Right of First Offer. 

(a) At any time following the Lock-up Period, and subject to the terms and conditions specified in this Section 3.02, each Initial
Shareholder shall have a right of first offer if any other Shareholder (such Shareholder, an “Offering Shareholder”) proposes to Transfer any Common Shares (the “Offered Shares”) owned by it to any Third Party
Purchaser. Following the Lock-up Period, each time the Offering Shareholder proposes to Transfer any Offered Shares (other than Transfers permitted pursuant to Section 3.01 and Transfers made pursuant to Section 3.03), the
Offering Shareholder shall first make an offering of the Offered Shares to the Initial Shareholders (other than itself, as applicable) in accordance with the following provisions of this Section 3.02. 

(b) The Offering Shareholder shall give written notice (the “Offering Shareholder Notice”) to the Company and the Initial
Shareholders (other than itself, as applicable) stating its bona fide intention to Transfer the Offered Shares and specifying the number of Offered Shares and the material terms and conditions, including the price, pursuant to which the Offering
Shareholder proposes to Transfer the Offered Shares. The Offering Shareholder Notice shall constitute the Offering Shareholder’s offer to Transfer the Offered Shares to such Initial Shareholders, which offer shall be irrevocable for a period of
20 Business Days (the “ROFO Notice Period”). 
 (c) By delivering the Offering Shareholder Notice, the Offering Shareholder
represents and warrants to the Company and to each Initial Shareholder receiving such notice that: (i) the Offering Shareholder has full right, title and interest in and to the Offered Shares; (ii) the Offering Shareholder has all the
necessary power and authority and has taken all necessary action to Transfer such Offered Shares as contemplated by this Section 3.02; and (iii) the Offered Shares are free and clear of any and all Liens other than those arising as
a result of or under the terms of this Agreement. 

  
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 (d) Upon receipt of the Offering Shareholder Notice, each Initial Shareholder receiving such
notice shall have until the end of the ROFO Notice Period to elect to purchase any amount of the Offered Shares by delivering a written notice (a “ROFO Notice”) to the Offering Shareholder and the Company stating that it agrees to
purchase such specified amount of Offered Shares on the terms specified in the Offering Shareholder Notice. Any ROFO Notice shall be binding upon delivery and irrevocable by the applicable Shareholder. Each Initial Shareholder that delivers a ROFO
Notice shall be a “Purchasing Shareholder.” If the Purchasing Shareholder is the Trident Shareholder, then at the same time as the Trident Shareholder delivers a ROFO Notice to the Company it shall also deliver a copy of such notice
to the Dowling Shareholder whereupon the Dowling Shareholder shall be entitled upon written notice to the Offering Shareholder, the Company and the Trident Shareholder within ten (10) Business Days after the end of the ROFO Notice Period (the
“Extended ROFO Notice Period”) to participate in such right of first offer under this Section 3.02 as if it were an Initial Shareholder in accordance with and subject to the terms of this Section 3.02 (and
references to the Purchasing Shareholder and the Initial Shareholder for the purposes of this Section 3.02 shall be construed accordingly). If the Initial Shareholders do not, in the aggregate, elect to purchase all of the Offered Shares
by the end of the ROFO Notice Period or the Extended ROFO Notice Period (as the case may be), each Purchasing Shareholder shall then have the right to purchase all or any portion of the remaining Offered Shares not elected to be purchased by the
Initial Shareholders. As promptly as practicable following the ROFO Notice Period or the Extended ROFO Notice Period (as the case may be), the Offering Shareholder shall deliver a written notice to each Purchasing Shareholder stating the number of
remaining Offered Shares available for purchase. For a period of 10 Business Days following the receipt of such notice, each Purchasing Shareholder shall have the right to elect to purchase all or any portion of the remaining Offered Shares by
delivering a subsequent ROFO Notice specifying the number of additional Offered Shares it desires to purchase. Notwithstanding the foregoing, the Initial Shareholders may only exercise their rights under this Section 3.02 to purchase the
Offered Shares if, after giving effect to all elections made under this Section 3.02(d), no less than all of the Offered Shares will be purchased by the Purchasing Shareholders. If the Purchasing Shareholders elect to purchase an amount
of Shares that exceeds the amount of Offered Shares, then each Purchasing Shareholder’s right to purchase the Offered Shares shall be limited to an amount equal to the lesser of (x) the aggregate number of Offered Shares the Purchasing
Shareholder proposes to buy as stated in the ROFO Notice and (y) the product of the aggregate number of Offered Shares multiplied by a fraction (A) the numerator of which is equal to the number of Common Shares then held by the Purchasing
Shareholder and (B) the denominator of which is equal to the number of shares then held by all of the Purchasing Shareholders; provided that if the application of the foregoing formula results in less than all the Offered Shares being allocated
to the Purchasing Shareholders, the remaining Offered Shares shall be allocated among the Purchasing Shareholders who received less than the number of Offered Shares they proposed to buy as stated in their


  
 13 








 
ROFO Notice by successive application of the foregoing formula to the aggregate number of unallocated Offered Shares mutatis mutandis, including adjusting clause (x) of the formula as
necessary to reflect the number of Offered Shares previously allocated to each such Purchasing Shareholder and the removal from clause (y)(B) of the formula of any Common Shares held by any Purchasing Shareholder previously allocated all of the
Offered Shares they proposed to buy as stated in their ROFO Notice. 
 (e) If an Initial Shareholder does not deliver a ROFO Notice during
the ROFO Notice Period or the Dowling Shareholder does not deliver a ROFO Notice during the Extended ROFO Notice Period, then such Initial Shareholder or the Dowling Shareholder (as the case may be) shall be deemed to have waived all of such
Shareholder’s rights to purchase the Offered Shares under this Section 3.02. For the avoidance of doubt, if the Trident Shareholder does not deliver a ROFO Notice during the ROFO Notice Period, then the Dowling Shareholder shall not
be entitled to participate in the right of first offer hereunder and shall not be deemed to be a Purchasing Shareholder or an Initial Shareholder for the purposes of this Section 3.02. 

(f) If no Initial Shareholder delivers a ROFO Notice or if the Purchasing Shareholders elect to purchase less than all of the Offered Shares
in accordance with Section 3.02(d), the Offering Shareholder may, during the 180-day period immediately following the expiration of the ROFO Notice Period, which period may be extended for a reasonable time not to exceed 270 days to the
extent reasonably necessary to obtain any Government Approvals (the “Waived ROFO Transfer Period”), and subject to the provisions of Section 3.04, Transfer all of the Offered Shares to a Third Party Purchaser on terms
and conditions no more favorable to the Third Party Purchaser than those set forth in the Offering Shareholder Notice. If the Offering Shareholder does not consummate the Transfer of the Offered Shares within the Waived ROFO Transfer Period, the
rights provided hereunder shall be deemed to be revived and the Offered Shares shall not be offered to any Person unless first re-offered to the Initial Shareholders (other than itself, as applicable) in accordance with this
Section 3.02. 
 (g) Each Shareholder shall take all actions as may be reasonably necessary to consummate any Transfer
contemplated by this Section 3.02, including entering into agreements and delivering certificates and instruments and consents as may be deemed necessary or appropriate. 

(h) At the closing of any Transfer pursuant to this Section 3.02, the Offering Shareholder shall deliver to the Purchasing
Shareholders the certificate or certificates representing the Offered Shares to be sold (if any), accompanied by stock powers and all necessary stock transfer taxes paid and stamps affixed, if necessary, against receipt of the purchase price
therefor from such Purchasing Shareholders by certified or official bank check or by wire transfer of immediately available funds. 

  
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 Section 3.03 Drag-along Rights 

(a) If at any time following the Lock-up Period the Enstar Shareholder (together with its Permitted Transferees) holds no less than 55% of the
aggregate number of outstanding Common Shares of the Company held by the Initial Shareholders at such time and receives a bona fide offer from a Third Party Purchaser to consummate, in one transaction, or a series of related transactions, a Change
of Control (a “Drag-along Sale”), the Enstar Shareholder shall have the right to require that each other Shareholder (each, a “Drag-along Shareholder”) participate in such Transfer in the manner set forth in this
Section 3.03, provided, however, that no Drag-along Shareholder shall be required to participate in the Drag-along Sale if the consideration for the Drag-along Sale is other than cash or registered securities listed on an
established U.S. or foreign securities exchange. Notwithstanding anything to the contrary in this Agreement, each Drag-along Shareholder shall vote in favor of the transaction and take all actions to waive any dissenters, appraisal or other similar
rights. 
 (b) The Enstar Shareholder shall exercise its rights pursuant to this Section 3.03 by delivering a written notice
(the “Drag-along Notice”) to the Company and each Drag-along Shareholder no later than 20 days prior to the closing date of such Drag-along Sale. The Drag-along Notice shall make reference to the Enstar Shareholder’s rights and
obligations hereunder and shall describe in reasonable detail: 
 (i) the number of Common Shares to be sold by the Enstar Shareholder, if
the Drag-along Sale is structured as a Transfer of Common Shares; 
 (ii) the identity of the Third Party Purchaser; 

(iii) the proposed date, time and location of the closing of the Drag-along Sale; 

(iv) the per share purchase price and the other material terms and conditions of the Transfer, including a description of any non-cash
consideration in sufficient detail to permit the valuation thereof; and 
 (v) a copy of any form of agreement proposed to be executed in
connection therewith. 
 (c) If the Drag-along Sale is structured as a Transfer of Common Shares, then, subject to
Section 3.03(d), each Drag-along Shareholder shall Transfer the number of shares equal to the product of (x) the number of Common Shares held by such Drag-along Shareholder and (y) a fraction (A) the numerator of which is
equal to the number of Common Shares the Enstar Shareholder proposes to sell or transfer in the Drag-along Sale and (B) the denominator of which is equal to the number of Common Shares then held by the Enstar Shareholder. 

  
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 (d) The consideration to be received by a Drag-along Shareholder shall be the same form and
amount of consideration per share of Common Shares to be received by the Enstar Shareholder (or, if the Enstar Shareholder is given an option as to the form and amount of consideration to be received, the same option shall be given) and the terms
and conditions of such Transfer shall, except as otherwise provided in the immediately succeeding sentence, be the same as those upon which the Enstar Shareholder Transfers its Common Shares. Each Drag-along Shareholder shall make or provide the
same representations, warranties, covenants, indemnities and agreements as the Enstar Shareholder makes or provides in connection with the Drag-along Sale (except that in the case of representations, warranties, covenants, indemnities and agreements
pertaining specifically to the Enstar Shareholder, the Drag-along Shareholder shall make the comparable representations, warranties, covenants, indemnities and agreements pertaining specifically to itself); provided, that all representations,
warranties, covenants and indemnities shall be made by the Enstar Shareholder and each Drag-along Shareholder severally and not jointly and any indemnification obligation shall be pro rata based on the consideration received by the Enstar
Shareholder and each Drag-along Shareholder, in each case in an amount not to exceed the aggregate proceeds received by the Enstar Shareholder and each such Drag-along Shareholder in connection with the Drag-along Sale. 

(e) The fees and expenses of the Enstar Shareholder incurred in connection with a Drag-along Sale and for the benefit of all Shareholders (it
being understood that costs incurred by or on behalf of a Enstar Shareholder for its sole benefit will not be considered to be for the benefit of all Shareholders), to the extent not paid or reimbursed by the Company or the Third Party Purchaser,
shall be shared by all the Shareholders on a pro rata basis, based on the aggregate consideration received by each Shareholder; provided, that no Shareholder shall be obligated to make or reimburse any out-of-pocket expenditure prior to the
consummation of the Drag-along Sale. 
 (f) Each Shareholder shall take all actions as may be reasonably necessary to consummate the
Drag-along Sale, including entering into agreements and delivering certificates and instruments, in each case consistent with the agreements being entered into and the certificates being delivered by the Enstar Shareholder. 

(g) The Enstar Shareholder shall have 180 days following the date of the Drag-along Notice in which to consummate the Drag-along Sale, on the
terms set forth in the Drag-along Notice (which such 180-day period may be extended for a reasonable time not to exceed 270 days to the extent reasonably necessary to obtain any Government Approvals). If at the end of such period, the Enstar
Shareholder has not completed the Drag-along Sale, the Enstar Shareholder may not then effect a transaction subject to this Section 3.03 without again fully complying with the provisions of this Section 3.03. 

  
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 Section 3.04 Tag-along Rights. 

(a) If at any time following the Lock-up Period a Shareholder (the “Selling Shareholder”) proposes to Transfer any shares of
its Common Shares to a Third Party Purchaser (the “Proposed Transferee”) (and if the Selling Shareholder is the Enstar Shareholder and it cannot or has not elected to exercise its drag-along rights set forth in
Section 3.03), each other Shareholder (each, a “Tag-along Shareholder”) shall be permitted to participate in such Transfer (a “Tag-along Sale”) on the terms and conditions set forth in this
Section 3.04. 
 (b) Prior to the consummation of any such Transfer of Common Shares described in Section 3.04(a),
and after satisfying its obligations pursuant to Section 3.02, the Selling Shareholder shall deliver to the Company and each other Shareholder a written notice (a “Sale Notice”) of the proposed Tag-along Sale subject to
this Section 3.04 no later than 20 Business Days prior to the closing date of the Tag-along Sale. The Sale Notice shall make reference to the Tag-along Shareholders’ rights hereunder and shall describe in reasonable detail: 

(i) the aggregate number of Common Shares the Proposed Transferee has offered to purchase. 

(ii) the identity of the Proposed Transferee; 

(iii) the proposed date, time and location of the closing of the Tag-along Sale; 

(iv) the per share purchase price and the other material terms and conditions of the Transfer, including a description of any non-cash
consideration in sufficient detail to permit the valuation thereof; and 
 (v) a copy of any form of agreement proposed to be executed in
connection therewith. 
 (c) Each Tag-along Shareholder shall exercise its right to participate in a Transfer of Common Shares by the
Selling Shareholder subject to this Section 3.04 by delivering to the Selling Shareholder a written notice (a “Tag-along Notice”) stating its election to do so and specifying the number of Common Shares to be Transferred
by it no later than five Business Days after receipt of the Sale Notice (the “Tag-along Period”). The offer of each Tag-along Shareholder set forth in a Tag-along Notice shall be irrevocable, and, to the extent such offer is
accepted, such Tag-along Shareholder shall be bound and obligated to Transfer in the proposed Transfer on the terms and conditions set forth in this Section 3.04. The Selling Shareholder and each Tag-along Shareholder shall have the
right to Transfer in a Transfer subject to this Section 3.04 the number of Common Shares equal to the product of (x) the aggregate number of Common Shares the Proposed Transferee 

  
 17 








 
proposes to buy as stated in the Sale Notice and (y) a fraction (A) the numerator of which is equal to the number of Common Shares then held by the Selling Shareholder or such Tag-along
Shareholder, as the case may be, and (B) the denominator of which is equal to the number of shares then held by the Selling Shareholder and each Tag-along Shareholder. 

(d) Each Tag-along Shareholder who does not deliver a Tag-along Notice in compliance with Section 3.04(c) above shall be deemed to
have waived all of such Tag-along Shareholder’s rights to participate in such Transfer, and the Selling Shareholder shall (subject to the rights of any participating Tag-along Shareholder) thereafter be free to Transfer to the Proposed
Transferee its Common Shares at a per share price that is no greater than the per share price set forth in the Sale Notice and on other terms and conditions which are not materially more favorable to the Selling Shareholder than those set forth in
the Sale Notice without any further obligation to the non-accepting Tag-along Shareholders. 
 (e) Each Tag-along Shareholder participating
in a Transfer pursuant to this Section 3.04 shall receive the same consideration per share as the Selling Shareholder after deduction of such Tag-along Shareholder’s proportionate share of the related expenses in accordance with
Section 3.04(g) below. 
 (f) Each Tag-along Shareholder shall make or provide the same representations, warranties, covenants,
indemnities and agreements as the Selling Shareholder makes or provides in connection with the Tag-along Sale (except that in the case of representations, warranties, covenants, indemnities and agreements pertaining specifically to the Selling
Shareholder, the Tag-along Shareholder shall make the comparable representations, warranties, covenants, indemnities and agreements pertaining specifically to itself); provided, that all representations, warranties, covenants and indemnities
shall be made by the Selling Shareholder and each Tag-along Shareholder severally and not jointly and any indemnification obligation in respect of breaches of representations and warranties shall be pro rata based on the consideration received by
the Selling Shareholder and each Tag-along Shareholder, in each case in an amount not to exceed the aggregate proceeds received by the Selling Shareholder and each such Tag-along Shareholder in connection with any Tag-along Sale. 

(g) The fees and expenses of the Selling Shareholder incurred in connection with a Tag-along Sale and for the benefit of all Shareholders (it
being understood that costs incurred by or on behalf of the Selling Shareholder for its sole benefit will not be considered to be for the benefit of all Shareholders), to the extent not paid or reimbursed by the Company or the Proposed Transferee,
shall be shared by all the Shareholders participating in the Tag-along Sale on a pro rata basis, based on the aggregate consideration received by each such Shareholder; provided, that no Shareholder shall be obligated to make or reimburse any
out-of-pocket expenditure prior to the consummation of the Tag-along Sale. 

  
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 (h) Each Tag-along Shareholder shall take all actions as may be reasonably necessary to
consummate the Tag-along Sale, including entering into agreements and delivering certificates and instruments, in each case consistent with the agreements being entered into and the certificates being delivered by the Selling Shareholder. 

(i) The Selling Shareholder shall have 180 days following the expiration of the Tag-along Period in which to Transfer the Common Shares
described in the Sale Notice, on the terms set forth in the Sale Notice (which such 180-day period may be extended for a reasonable time not to exceed 270 days to the extent reasonably necessary to obtain any Government Approvals). If at the end of
such period, the Selling Shareholder has not completed such Transfer, the Selling Shareholder may not then effect a Transfer of Common Shares subject to this Section 3.04 without again fully complying with the provisions of this
Section 3.04. 
 (j) If the Selling Shareholder Transfers to the Proposed Transferee any of its Common Shares in breach of this
Section 3.04, then each Tag-along Shareholder shall have the right to Transfer to the Selling Shareholder, and the Selling Shareholder undertakes to purchase from each Tag-along Shareholder, the number of Common Shares that such
Tag-along Shareholder would have had the right to Transfer to the Proposed Transferee pursuant to this Section 3.04, for a per share amount and form of consideration and upon the terms and conditions on which the Proposed Transferee
bought such Common Shares from the Selling Shareholder, but without indemnity being granted by any Tag-along Shareholder to the Selling Shareholder; provided, that, nothing contained in this Section 3.04 shall preclude any
Shareholder from seeking alternative remedies against such Selling Shareholder as a result of its breach of this Section 3.04. 

Section 3.05 Enstar Call Right and Trident Put Right. 

(a) At any time during the period beginning on April 1, 2019, and ending on June 30, 2019, or at any time following April 1,
2021, the Enstar Shareholder shall have the right (a “Call Right”) by written notice to the other Shareholders to purchase all, but not less than all, of the Common Shares owned by the other Shareholders and their Permitted
Transferees. 
 (b) At any time after April 1, 2021, the Trident Shareholders, acting collectively, shall have the right (the
“Put Right”) to require the Enstar Shareholder to purchase all, but not less than all, of the Common Shares held by the Trident Shareholders and their Permitted Transferees collectively. In the event that the Trident Shareholders
elect to exercise their rights under this Section 3.05(b), then the Trident Shareholders shall give written notice (a “Put Notice”) to the Company, the Enstar Shareholder and the other Shareholders stating their bona
fide intention to exercise their Put Right over their Common Shares. Upon receipt of the Put Notice, each other Shareholder (other than the Enstar Shareholder or the Trident Shareholders) receiving 

  
 19 








 
such notice shall have 20 Business Days (the “Put Notice Period”) to elect to participate in such exercise of the Put Right by the Trident Shareholders by delivering a written
notice (a “Participation Notice”) to the Company, the Enstar Shareholder and the Trident Shareholders requiring the Enstar Shareholder to purchase all, but not less than all, of the Common Shares held by such Shareholder and its
Permitted Transferees. Any Participation Notice shall be binding upon delivery and irrevocable by the applicable Shareholder. Each Shareholder that does not deliver a Participation Notice during the Put Notice Period shall be deemed to have waived
all of such Shareholder’s rights to participate in the exercise of the Put Right. By delivering a Participation Notice, the relevant Shareholder represents and warrants to the Company and to the Enstar Shareholder that: (i) it has full
right, title and interest in and to the Common Shares which are the subject of the Participation Notice; (ii) it has all the necessary power and authority and has taken all necessary action to Transfer such Common Shares as contemplated by this
Section 3.05(b); and (iii) such Common Shares are free and clear of any and all Liens other than those arising as a result of or under the terms of this Agreement. 

(c) The purchase price payable by the Enstar Shareholder upon the exercise of the Call Right or the Put Right, as the case may be, shall be
equal to fair market value of the Common Shares held by the relevant Shareholder(s) and their Permitted Transferees which are the subject of the Call Right or the Put Right as exercised pursuant to this Section 3.05 (the
“Relevant Shareholder(s)”) calculated based on the overall fair market value of the Company determined on a going concern basis as between a willing buyer and willing seller with no discount for illiquidity or a minority interest,
as such value may be mutually agreed upon by the Enstar Shareholder and the Trident Shareholder or, if no such agreement is reached, determined in accordance with the procedures set forth below (the “Fair Market Value”): 

(i) Promptly after determining that the Enstar Shareholder and the Trident Shareholders are unable to agree upon a Fair Market Value but, in
any event, no later than 30 Business Days after the exercise of the Call Right or the Put Right, as the case may be, the Enstar Shareholder and the Trident Shareholders shall appoint a mutually acceptable independent appraiser (the
“Independent Appraiser”) to determine the Fair Market Value (determined on a going concern basis as between a willing buyer and a willing seller with no discount for illiquidity or a minority interest) of the Common Shares held by
the Relevant Shareholder(s) and their Permitted Transferees. Each of the Enstar Shareholder and the Trident Shareholders (acting together) shall provide the Independent Appraiser with its respective determination of Fair Market Value, together with
the supporting calculations and analyses prepared by such Initial Shareholder with respect thereto. The Enstar Shareholder and the Trident Shareholders shall instruct the Independent Appraiser to determine, in writing within 30 days of such
Independent Appraiser’s appointment, which of the Enstar Shareholder’s and the Trident Shareholders’ determination of Fair Market Value is the more reasonable, and such determination shall be final for all purposes of this
Section 3.05. The costs and expenses of the Independent Appraiser shall be borne equally by the Enstar Shareholder and the Trident Shareholders. 

  
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 (ii) To enable the Independent Appraiser to conduct the valuation, the Enstar Shareholder, the
Relevant Shareholder(s) and the Company shall furnish to the Independent Appraiser such information as the Independent Appraiser may request, including information regarding the business of the Company and its Subsidiaries and the Company’s
assets, properties, financial condition, earnings and prospects. 
 (d) Within 90 days after the date of the final determination of the Fair
Market Value pursuant to this Section 3.05 (which period shall be extended solely to the extent needed to obtain any required Government Approvals, provided, that the Shareholders shall, and shall cause their Permitted Transferees
to, have used their reasonable best efforts to obtain such approvals in a timely manner, and provided, further, that in no event shall the Enstar Shareholder be obligated to pay the purchase price for a sale and purchase pursuant to the Put
Right in cash due to any failure to obtain any Government Approvals that are required to permit the Relevant Shareholders to acquire or hold any unrestricted ordinary shares of Enstar), the Relevant Shareholders shall, and shall cause their
Permitted Transferees to, sell to the Enstar Shareholder, free and clear of any Liens, all of the Common Shares held by them. 
 (e) Each
Shareholder shall take all actions as may be reasonably necessary to consummate the sale contemplated by this Section 3.05, including entering into agreements and delivering certificates and instruments and consents as may be deemed
necessary or appropriate. 
 (f) At the closing of any sale and purchase pursuant to this Section 3.05, the Relevant
Shareholders shall, and shall cause their Permitted Transferees to, deliver to the Enstar Shareholder the certificate or certificates representing their Common Shares (if any), accompanied by stock powers and all necessary stock transfer taxes paid
and stamps affixed, if necessary, against receipt of the purchase price therefor from the Enstar Shareholder by, (i) in the case of a sale and purchase pursuant to the Call Right, wire transfer of immediately available funds, or (ii) in
the case of a sale and purchase pursuant to the Put Right, at the option of the Enstar Shareholder, either (A) wire transfer of immediately available funds, (B) unrestricted ordinary shares of Enstar (provided that such ordinary shares are
then listed or admitted to trading on the NASDAQ Stock Market, the New York Stock Exchange or another national securities exchange), or (C) a combination of (A) and (B). If the purchase price at the closing of any sale and purchase
pursuant to this Section 3.05 consists of unrestricted ordinary shares of Enstar, the value of such ordinary shares will be deemed to equal the average of the last reported sale price of the ordinary shares over the 10 trading day period
ending on, and including, the trading day immediately preceding the effective date of any such closing. 

  
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 (g) Enstar hereby absolutely, unconditionally and irrevocably guarantees to each of the
Shareholders (other than the Enstar Shareholder) and their Permitted Transferees, on the terms and conditions set forth herein, the due and punctual payment, observance, performance and discharge of the Enstar Shareholder’s obligations under
this Section 3.05. Each of the Shareholders hereby agrees that in no event shall Enstar be required to pay any amount to the Shareholders or their Permitted Transferees under, in respect of, or in connection with this Agreement other
than as expressly set forth herein. 
 ARTICLE IV 

PRE-EMPTIVE RIGHTS AND OTHER AGREEMENTS 

Section 4.01 Pre-emptive Right. 

(a) The Company hereby grants to each Initial Shareholder and the Dowling Shareholder (each, a “Pre-emptive Shareholder”) the
right to purchase its pro rata portion of any new Common Shares (other than any Excluded Securities) (the “New Securities”) that the Company may from time to time propose to issue or sell to any Person. 

(b) The Company shall give written notice (an “Issuance Notice”) of any proposed issuance described in subsection
(a) above to the Pre-emptive Shareholders within five Business Days following any meeting of the Board at which any such issuance or sale is approved. The Issuance Notice shall set forth the material terms and conditions of the proposed
issuance, including: 
 (i) the number of New Securities proposed to be issued and the percentage of the Company’s outstanding Common
Shares, on a fully diluted basis, that such issuance would represent; 
 (ii) the proposed issuance date, which shall be at least 20
Business Days from the date of the Issuance Notice; and 
 (iii) the proposed purchase price per share. 

(c) Each Pre-emptive Shareholder shall for a period of 15 Business Days following the receipt of an Issuance Notice (the “Exercise
Period”) have the right to elect irrevocably to purchase, at the purchase price set forth in the Issuance Notice, up to the amount of New Securities equal to the product of (x) the total number of New Securities to be issued by the
Company on the issuance date and (y) a fraction determined by dividing (A) the number of Common Shares owned by such Pre-emptive Shareholder immediately prior to such issuance by (B) the total number of Common Shares owned by all
Initial Shareholders on such date immediately prior to such issuance (the “Pre-emptive Pro Rata Portion”) by delivering a written notice to the Company. Such Pre-emptive Shareholder’s election to purchase New Securities shall
be binding and irrevocable. 

  
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 (d) No later than five Business Days following the expiration of the Exercise Period, the Company
shall notify each Pre-emptive Shareholder in writing of the number of New Securities that each Pre-emptive Shareholder has agreed to purchase (including, for the avoidance of doubt, where such number is zero) (the “Over-allotment
Notice”). Each Pre-emptive Shareholder exercising its right to purchase its Pre-emptive Pro Rata Portion of the New Securities in full (an “Exercising Shareholder”) shall have a right of over-allotment such that if any
other Pre-emptive Shareholder fails to exercise its right under this Section 4.01 to purchase its Pre-emptive Pro Rata Portion of the New Securities (each, a “Non-Exercising Shareholder”), such Exercising Shareholder may
purchase all or any portion of such Non-Exercising Shareholder’s allotment (the “Over-allotment New Securities”) by giving written notice to the Company (within five Business Days of receipt of the Over-allotment Notice)
setting forth the number of Over-allotment New Securities that such Exercising Shareholder is willing to purchase (the “Over-allotment Exercise Period”). Such Exercising Shareholder’s election to purchase Over-allotment New
Securities shall be binding and irrevocable. If more than one Exercising Shareholder elects to exercise its right of over-allotment, each Exercising Shareholder shall have the right to purchase the number of Over-allotment New Securities it elected
to purchase in its written notice; provided, that if the over-allotment New Securities are over-subscribed, each Exercising Shareholder shall purchase its pro rata portion of the available Over-allotment New Securities based upon the relative
Pre-emptive Pro Rata Portions of the Exercising Shareholders. 
 (e) The Company shall be free to complete the proposed issuance or sale of
New Securities described in the Issuance Notice with respect to any New Securities not elected to be purchased pursuant to Section 4.01(c) and Section 4.01(d) above in accordance with the terms and conditions set forth in the
Issuance Notice (except that the amount of New Securities to be issued or sold by the Company may be reduced) so long as such issuance or sale is closed within 180 days after the expiration of the Over-allotment Exercise Period (subject to the
extension of such 180-day period for a reasonable time not to exceed 270 days to the extent reasonably necessary to obtain any Government Approvals). In the event the Company has not sold such New Securities within such time period, the Company
shall not thereafter issue or sell any New Securities without first again offering such securities to the Shareholders in accordance with the procedures set forth in this Section 4.01. 

(f) Upon the consummation of the issuance of any New Securities in accordance with this Section 4.01, the Company shall deliver to
each Exercising Shareholder certificates (if any) evidencing the New Securities, which New Securities shall be issued free and clear of any Liens (other than those arising hereunder or under Applicable Law and those attributable to the actions of
the purchasers thereof), and the Company shall so represent and warrant to the purchasers thereof, and further represent and warrant to such purchasers that such New Securities shall be, upon issuance thereof to the Exercising Shareholders and after
payment therefor, duly authorized and validly 

  
 23 








 
issued. Each Exercising Shareholder shall deliver to the Company the purchase price for the New Securities purchased by it by wire transfer of immediately available funds. Each party to the
purchase and sale of New Securities shall take all such other actions as may be reasonably necessary to consummate the purchase and sale including entering into such additional agreements as may be necessary or appropriate. 

Section 4.02 Corporate Opportunities. Notwithstanding anything contained in this Agreement or under Applicable Law to the contrary
(to the full extent permitted by Applicable Law), (i) the Initial Shareholders, the Dowling Shareholder and their respective Affiliates (A) may engage in or possess an interest in other business ventures of any nature and description
(whether similar or dissimilar to the business of the Company or any of its Subsidiaries), independently or with others, and none of the Company, any Subsidiary, any other Shareholder, and each of their respective Affiliates shall have any right by
virtue of this Agreement in or to any such investment or interest of the Enstar Shareholder, the Trident Shareholders, the Dowling Shareholder, any Enstar Director or any Trident Director and any of its or their respective Affiliates to any income
or profits derived therefrom, and the pursuit of any such venture shall not be deemed wrongful or improper, and (B) shall not be obligated to present any investment opportunity to the Company or any Subsidiary even if such opportunity is of a
character that, if presented to the Company or any Subsidiary, could be taken by the Company or such Subsidiary, and (ii) the parties hereby waive (and the Company shall cause the Subsidiaries to waive) to the fullest extent permitted by law
any fiduciary or other duty of the Initial Shareholders, the Dowling Shareholder and the Enstar Directors and Trident Directors not expressly set forth in this Agreement, including fiduciary or other duties that may be related to or associated with
self-dealing, corporate opportunities or otherwise, in each case so long as such Person acts in a manner consistent with this Agreement. 

Section 4.03 Confidentiality. 

(a) Each Shareholder shall and shall cause its Representatives to, keep confidential and not divulge any information (including all budgets,
business plans and analyses) concerning the Company, including its assets, business, operations, financial condition or prospects (“Information”), and to use, and cause its Representatives to use, such Information only in connection
with the operation of the Company; provided, that nothing herein shall prevent any Shareholder from disclosing such Information (i) upon the order of any court or administrative agency, (ii) upon the request or demand of any
regulatory agency or authority having jurisdiction over such Shareholder, (iii) to the extent compelled by legal process or required or requested pursuant to subpoena, interrogatories or other discovery requests, (iv) to the extent
necessary in connection with the exercise of any remedy hereunder, (v) to other Shareholders, (vi) to such Shareholder’s Representatives that in the reasonable judgment of such Shareholder need to know such Information or
(vii) to any potential Permitted Transferee in connection 

  
 24 








 
with a proposed Transfer of Common Shares from such Shareholder as long as such transferee agrees to be bound by the provisions of this Section 4.03 as if a Shareholder, provided,
further, that in the case of clause (i), (ii) or (iii), such Shareholder shall notify the other Shareholders of the proposed disclosure as far in advance of such disclosure as practicable and use reasonable efforts to ensure that any
Information so disclosed is accorded confidential treatment, when and if available. 
 (b) The restrictions of Section 4.03(a)
shall not apply to information that (i) is or becomes generally available to the public other than as a result of a disclosure by a Shareholder or any of its Representatives in violation of this Agreement; (ii) is or becomes available to a
Shareholder or any of its Representatives on a non-confidential basis prior to its disclosure to the receiving Shareholder and any of its Representatives, (iii) is or has been independently developed or conceived by such Shareholder without use
of the Company’s Information or (iv) becomes available to the receiving Shareholder or any of its Representatives on a non-confidential basis from a source other than the Company, any other Shareholder or any of their respective
Representatives, provided, that such source is not known by the recipient of the information to be bound by a confidentiality agreement with the disclosing Shareholder or any of its Representatives. Furthermore, Section 4.03(a)
shall not restrict the Enstar Shareholder and its Affiliates from disclosing any Information required to be disclosed under applicable securities laws or the rules of any stock exchange upon which their securities are traded. 

Section 4.04 Registration Rights. Upon the request of any Initial Shareholder or the Dowling Shareholder in connection with a
contemplated public offering of the equity of the Company or any of its Subsidiaries that is approved in accordance with Section 2.02(g), the Company shall enter into a registration rights agreement with the Initial Shareholders or the
Dowling Shareholder containing customary provisions for a transaction of that type, including (a) in the case of an Initial Shareholder, demand registration rights and piggyback registration rights and (b) in the case of the Dowling
Shareholder, including piggyback registration rights but excluding demand registration rights, in each case with ratable cutbacks, if necessary, regardless of the demanding party or piggyback party. 

ARTICLE V 

INFORMATION RIGHTS 

Section 5.01 Financial Statements and Reports. In addition to, and without limiting any rights that a Shareholder may have with
respect to inspection of the books and records of the Company under Applicable Laws, the Company shall furnish to each Shareholder: 
 (a)
Within 45 days after the end of each quarterly accounting period, an unaudited consolidated balance sheet as of the end of such quarterly accounting period and an unaudited related consolidated income statement, consolidated statement of


  
 25 








 
shareholders’ equity and consolidated statement of cash flows for such quarterly accounting period including any footnotes thereto (if any) prepared in accordance with GAAP, consistently
applied, together with comparable year-to-date figures; 
 (b) Within 90 days after the end of each Fiscal Year (or such longer period of
time as is approved by the Board), an unaudited consolidated balance sheet as of the end of such Fiscal Year and the related consolidated income statement, consolidated statement of shareholders’ equity, and consolidated statement of cash flows
including all footnotes thereto for such Fiscal Year prepared in accordance with GAAP, consistently applied; and 
 (c) Such other
financial, accounting or other information relating to the Company and its Subsidiaries or their respective operations as any Initial Shareholder may reasonably request from time to time in form and substance reasonably acceptable to such requesting
Shareholder. 
 Section 5.02 Inspection Rights. 

(a) The Company shall, and shall cause its officers, Directors and employees to, (i) afford each Shareholder that, together with any
Affiliates and/or Permitted Transferees, owns at least 5% of the Company’s outstanding Common Shares and the Representatives of each such Shareholder, during normal business hours and upon reasonable notice, reasonable access at all reasonable
times to its officers, employees, auditors, properties, offices, plants and other facilities and to all books and records, and (ii) afford such Shareholder the opportunity to consult with its officers from time to time regarding the
Company’s affairs, finances and accounts as each such Shareholder may reasonably request upon reasonable notice. 
 (b) The right set
forth in Section 5.02(a) above shall not and is not intended to limit any rights which the Shareholders may have with respect to the books and records of the Company, or to inspect its properties or discuss its affairs, finances and
accounts under the laws of the jurisdiction in which the Company is incorporated. 
 (c) In the event that the Trident Shareholder elects to
exercise its rights under Section 5.02(a) it shall be entitled but not obliged to invite the Dowling Shareholder to participate with it for the purposes of such exercise of its rights. 

ARTICLE VI 

REPRESENTATIONS AND WARRANTIES 

Section 6.01 Representations and Warranties. Each Shareholder, severally and not jointly, represents and warrants to the Company
and each other Shareholder that: 
 (a) Such Shareholder (if an entity) is a corporation, company, partnership or limited liability company
duly organized or formed, validly existing and in good standing under the laws of its jurisdiction of organization. 

  
 26 








 (b) Such Shareholder (if an entity) has full corporate, company or partnership power and
authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement, the performance of its obligations hereunder and the
consummation of the transactions contemplated hereby have been duly authorized (if such Shareholder is an entity) by all requisite corporate or company action of such Shareholder. Such Shareholder has duly executed and delivered this Agreement. 

(c) This Agreement constitutes the legal, valid and binding obligation of such Shareholder, enforceable against such Shareholder in accordance
with its terms except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether
enforcement is sought by proceedings in equity or at law). The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby, require no action by or in respect of, or filing with, any
Governmental Authority. 
 (d) The execution, delivery and performance by such Shareholder of this Agreement and the consummation of the
transactions contemplated hereby do not (i) conflict with or result in any violation or breach of any provision of any of the organizational documents of such Shareholder (if an entity), (ii) conflict with or result in any violation or
breach of any provision of any Applicable Law or (iii) require any consent or other action by any Person under any provision of any material agreement or other instrument to which the Shareholder is a party. 

(e) Except for this Agreement, the Investors Agreement by and among the Initial Shareholders, dated as of July 8, 2013 (the
“Investors Agreement”), the Commitment Letter of each Initial Shareholder to purchase Common Shares, each dated as of July 8, 2013 (the “Commitment Letters”), and the Share Purchase Agreement dated as of
May 8th, 2014 by and among the Company, the Initial Shareholders and the Dowling Shareholder (the “Share Purchase Agreement”), such Shareholder has not entered into or agreed to be bound by any other agreements or arrangements
of any kind with any other party with respect to the Common Shares, including agreements or arrangements with respect to the acquisition or disposition of the Common Shares or any interest therein or the voting of the Common Shares (whether or not
such agreements and arrangements are with the Company or any other Person). 
 ARTICLE VII 

TERM AND TERMINATION 

Section 7.01 Termination. This Agreement shall terminate upon the earliest of: 

(a) the consummation of an Initial Public Offering; 

  
 27 








 (b) the consummation of a merger or other business combination involving the Company whereby the
Common Shares becomes a security that is listed or admitted to trading on the NASDAQ Stock Market, the New York Stock Exchange or another national securities exchange; 

(c) the date on which no more than one Shareholder holds any Common Shares; 

(d) the dissolution, liquidation or winding up of the Company; or 

(e) upon the unanimous agreement of the Shareholders. 

Section 7.02 Effect of Termination. 

(a) The termination of this Agreement shall terminate all further rights and obligations of the Shareholders under this Agreement except that
such termination shall not effect: 
 (i) the existence of the Company; 

(ii) the obligation of any Party to pay any amounts arising on or prior to the date of termination, or as a result of or in connection with
such termination; 
 (iii) the rights which any Shareholder may have by operation of law as a shareholder of the Company; or 

(iv) the rights contained herein which by their terms are intended to survive termination of this Agreement. 

(b) The following provisions shall survive the termination of this Agreement: this Section 7.02 and Section 4.03,
Section 8.03, Section 8.11, Section 8.12 and Section 8.13. 
 ARTICLE VIII 

MISCELLANEOUS 

Section 8.01 Expenses. Except as otherwise expressly provided herein or in the Investors Agreement, all costs and expenses,
including fees and disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses. 

Section 8.02 Release of Liability. In the event any Shareholder shall Transfer all of the Common Shares held by such Shareholder
in compliance with the provisions of this Agreement without retaining any interest therein, then such Shareholder shall cease to be a party to this Agreement and shall be relieved and have no further liability arising hereunder for events occurring
from and after the date of such Transfer. 

  
 28 








 Section 8.03 Notices. All notices, requests, consents, claims, demands, waivers and
other communications hereunder shall be in writing and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt), (b) when received by the addressee if sent by an internationally recognized
overnight courier (receipt requested), (c) on the date sent by facsimile or email of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal
business hours of the recipient or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses (or
at such other address for a party as shall be specified in a notice given in accordance with this Section 8.03): 
  

			
	 If to the Company:
	  	 c/o Enstar Group Limited
 PO Box 2267

Windsor Place, 3rd Floor, 22 Queen Street
 Hamilton HM JX
Bermuda
 Facsimile: (441) 296-7319
 Email:
richard.harris@enstargroup.bm
 Attention: Richard J. Harris, Chief Financial Officer

		
	 If to the Enstar Shareholder:
	  	 c/o Enstar Group Limited
 PO Box 2267

Windsor Place, 3rd Floor, 22 Queen Street
 Hamilton HM JX
Bermuda
 Facsimile: (441) 296-7319
 Email:
richard.harris@enstargroup.bm
 Attention: Richard J. Harris, Chief Financial Officer

		
	 with a copy to (which shall not constitute notice):
	  	 Drinker Biddle & Reath LLP
 One Logan
Square, Suite 2000
 Philadelphia, PA 19103
 Facsimile: (215)
988-2757
 Email: robert.juelke@dbr.com
 Attention: Robert C.
Juelke

		
	 If to the Trident Shareholders:
	  	 c/o Stone Point Capital LLC
 20 Horseneck
Lane
 Greenwich, CT 06830
 Facsimile: (203) 862-2929

Email: slevey@stonepoint.com
 Attention: Stephen
Levey



  
 29 









			
	 with a copy to (which shall not constitute notice):
	  	 c/o Stone Point Capital LLC
 20 Horseneck
Lane
 Greenwich, CT 06830
 Facsimile: (203) 625-8357

Email: contracts@stonepoint.com
 Attention: General
Counsel

		
	 If to the Dowling Shareholder:
	  	 c/o Dowling Capital Partners
 190 Farmington
Avenue
 Farmington, CT 06032
 Facsimile: 888-502-8715

Email: justin@dowlingcapitalpartners.com
 Attention: Justin
Faust


 Section 8.04 Interpretation. For purposes of this Agreement, (a) the words
“include,” “includes” and “including” shall be deemed to be followed by the words “without limitation;” (b) the word “or” is not exclusive; and (c) the words “herein,”
“hereof,” “hereby,” “hereto” and “hereunder” refer to this Agreement as a whole. The definitions given for any defined terms in this Agreement shall apply equally to both the singular and plural forms of the
terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. Unless the context otherwise requires, references herein: (x) to Articles, Sections, and Exhibits mean the
Articles and Sections of, and Exhibits attached to, this Agreement; (y) to an agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent
permitted by the provisions thereof and (z) to a statute means such statute as amended from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. This Agreement shall be construed without regard
to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. The Exhibits referred to herein shall be construed with, and as an integral part of, this Agreement
to the same extent as if they were set forth verbatim herein. 
 Section 8.05 Headings. The headings in this Agreement are for
reference only and shall not affect the interpretation of this Agreement. 
 Section 8.06 Severability. If any term or provision
of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision
in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto 

  
 30 








 
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions
contemplated hereby be consummated as originally contemplated to the greatest extent possible. 
 Section 8.07 Entire Agreement.
This Agreement, the Organizational Documents, the Investors Agreement, the Commitment Letters and the Share Purchase Agreement constitute the sole and entire agreement of the parties with respect to the subject matter contained herein and therein,
and supersede all prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter. In the event of any inconsistency or conflict between this Agreement and any Organizational Document, the
Shareholders and the Company shall, to the extent permitted by Applicable Law, amend such Organizational Document to comply with the terms of this Agreement. 

Section 8.08 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and
their respective successors and permitted assigns. 
 Section 8.09 No Third-Party Beneficiaries. This Agreement is for the sole
benefit of the parties hereto and their permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by
reason of this Agreement. 
 Section 8.10 Amendment and Modification; Waiver. This Agreement may only be amended, modified or
supplemented by an agreement in writing signed by each Initial Shareholder; provided, that any amendment that would materially and adversely affect the rights or duties of a Shareholder shall require the consent of such Shareholder. No
waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or
default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising
from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege. 
 Section 8.11 Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of New York without giving effect to any choice or conflict of law provision or rule (whether of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than those of New York.


  
 31 








 Section 8.12 Submission to Jurisdiction; Waiver of Jury Trial. 

(a) ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY MAY BE INSTITUTED
IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA OR THE COURTS OF THE STATE OF NEW YORK IN EACH CASE LOCATED IN THE CITY OF NEW YORK AND COUNTY OF NEW YORK, AND EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS IN ANY
SUCH SUIT, ACTION OR PROCEEDING. SERVICE OF PROCESS, SUMMONS, NOTICE OR OTHER DOCUMENT BY MAIL TO SUCH PARTY’S ADDRESS SET FORTH HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY SUIT, ACTION OR OTHER PROCEEDING BROUGHT IN ANY SUCH COURT.
THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR ANY PROCEEDING IN SUCH COURTS AND IRREVOCABLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH SUIT, ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 (b) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY
CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (II) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO
THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.12(b). 
 Section 8.13 Equitable
Remedies. Each party hereto acknowledges that the other parties hereto would be irreparably damaged in the event of a breach or threatened breach by such party of any of its obligations under this Agreement and hereby agrees that in the event of
a breach or a threatened breach by such party of any such obligations, each of the other parties hereto shall, in addition to any and all other rights and remedies that may be available to them in respect of such breach, be entitled to an injunction
from a court of competent jurisdiction (without any requirement to post bond) granting such parties specific performance by such party of its obligations under this Agreement. 

  
 32 








 Section 8.14 Counterparts. This Agreement may be executed in counterparts, each of
which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, email or other means of electronic transmission shall be deemed to have the same
legal effect as delivery of an original signed copy of this Agreement. 
 [SIGNATURE PAGE FOLLOWS] 

  
 33 








 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date
first written above by their respective officers thereunto duly authorized. 
  

			
	Bayshore Holdings Limited
		
	By:	 	 /s/ Richard Harris

	 Name: Richard Harris
 Title:
Director



  

			
	Kenmare Holdings Ltd
		
	By:	 	 /s/ Richard Harris

	 Name: Richard Harris

Title: Director



  

			
	 Enstar Group Limited
 (solely
for purposes of Section 3.05)

		
	By:	 	 /s/ Richard Harris

	 Name: Richard Harris
 Title:
CFO










 
			
	Trident V, L.P.
	
	By: Stone Point Capital LLC, its manager 
		
	By:	 	 /s/ Stephen A. Levey

	 Name: Stephen A. Levey
 Title:
Principal and Counsel

	
	 Trident V Parallel Fund, L.P.
  

By: Stone Point Capital LLC, its manager

		
	By:	 	 /s/ Stephen A. Levey

	 Name: Stephen A. Levey
 Title:
Principal and Counsel

	
	 Trident V Professionals Fund, L.P.
  

By: Stone Point Capital LLC, its manager

		
	By:	 	 /s/ Stephen A. Levey

	 Name: Stephen A. Levey

Title: Principal and Counsel










 
			
	 Dowling Capital Partners I, L.P.
  

By: Dowling Capital I, LLC, its general partner

 
 By: Dowling Capital SLP I, LLC, its sole
member


		
	By:	 	 /s/ David K. Zwiener

	 Name: David K. Zwiener

Title: Managing Director










 EXHIBIT A 

Joinder Agreement 

Reference is hereby made to the Amended and Restated Shareholders’ Agreement, dated as May 8th, 2014 (as amended from time to time,
the “Shareholders’ Agreement”), by and among Kenmare Holdings Ltd, Trident V, L.P., Trident V Parallel Fund, L.P. and Trident V Professionals Fund, L.P., Dowling Capital Partners I, L.P., Bayshore Holdings Limited, a Bermuda
exempted company (the “Company”), and, solely for purposes of Section 3.05 thereof, Enstar Group Limited. Pursuant to and in accordance with Section 3.01(d) of the Shareholders’ Agreement, the undersigned hereby
agrees that upon the execution of this Joinder Agreement, it shall become a party to the Shareholders’ Agreement and shall be fully bound by, and subject to, all of the covenants, terms and conditions of the Shareholders’ Agreement as
though an original party thereto and shall be deemed to be a Shareholder of the Company for all purposes thereof. 
 Capitalized terms used
herein without definition shall have the meanings ascribed thereto in the Shareholders’ Agreement. 
 IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of [DATE]. 
  

			
	Bayshore Holdings Limited
		
	By:	 	  

	 Name:
 Title:



  

			
	 [Transferee Shareholder]

		
	By:	 	  

	 Name:
 Title: