EX-10.1



 Exhibit 10.1 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT, dated as of April 1, 2014 (this “Agreement”), is made among ENSTAR GROUP LIMITED, a
Bermuda company (the “Company”), and FR XI Offshore AIV, L.P., First Reserve Fund XII, L.P., FR XII A Parallel Vehicle L.P. and FR Torus Co-Investment, L.P. (collectively, the “First Reserve Shareholder”) and
Corsair Specialty Investors, L.P. (the “Corsair Shareholder”, and together with the First Reserve Shareholder, the “Shareholders” or individually a “Shareholder”). 

A. On March 11, 2014, the Company, Veranda Holdings Ltd., a Bermuda company and an indirect subsidiary of the Company
(“Amalgamation Sub”), Hudson Securityholders Representative LLC, a Delaware limited liability company, and Torus Insurance Holdings Limited, a Bermuda company, entered into an Amended and Restated Agreement and Plan of Amalgamation
(the “Amalgamation Agreement”), pursuant to which Amalgamation Sub and the Company will amalgamate under the laws of Bermuda (the “Amalgamation”). 

B. In connection with the Amalgamation and pursuant to the Amalgamation Agreement, the Shareholders acquired shares of Parent Common Stock (as
defined in the Amalgamation Agreement) (“Parent Shares”). 
 C. In order to induce the Shareholders to accept the Parent
Shares as a portion of the total consideration for entering into the Amalgamation Agreement, the Company has agreed to provide the registration rights set forth in this Agreement. 

D. Capitalized terms used in this Agreement and set forth in Section 11 are used as defined in Section 11. 

 

	 	Now,	therefore, the parties hereto agree as follows: 

  

	 	1.	Mandatory Shelf Registration. 

 (a) The Company agrees to file with the SEC as
soon as reasonably practicable, but in no event later than 20 Business Days following the date hereof, a shelf Registration Statement on Form S-3 or such other form under the Securities Act then available to the Company providing for the resale
pursuant to Rule 415 from time to time by the Shareholders of any and all Registrable Shares, which shelf Registration Statement shall be an “automatic shelf registration statement” as defined under Rule 405, to the extent the Company is
eligible to file such automatic shelf Registration Statement (the “Mandatory Shelf Registration Statement”). If the Mandatory Shelf Registration Statement is not automatically effective when filed with the SEC, the Company agrees to
use its commercially reasonable efforts to cause the Mandatory Shelf Registration Statement to be declared effective by the SEC within 90 calendar days following the date hereof. 

(b) The Company shall use its commercially reasonable efforts to cause the Mandatory Shelf Registration Statement to remain
continuously effective until the earliest of (A) the sale pursuant to a registration statement of all of the Registrable Shares covered by the Mandatory Shelf Registration Statement, 







 
(B) the sale, transfer or other disposition pursuant to Rule 144 of all of the Registrable Shares covered by the Mandatory Shelf Registration Statement, (C) such time as the Registrable
Shares covered by the Mandatory Shelf Registration Statement that are not held by Affiliates of the Company are, in the opinion of counsel to the Company, eligible for resale pursuant to Rule 144 so long as the Company is current in its 1934 Act
reporting, if so required by Rule 144, (D) such time as all of the Registrable Shares covered by the Mandatory Shelf Registration Statement have been sold to the Company or any of its subsidiaries or (E) the third anniversary of the
effective date of the Mandatory Shelf Registration Statement. The Mandatory Shelf Registration Statement shall provide for the resale of Registrable Securities from time to time, and pursuant to any method or combination of methods legally available
to, and requested by, the Shareholders. The Company will pay all Registration Expenses incurred in connection with any registration pursuant to this Section 1. 
  

	 	2.	Demand Registrations. 

 (a) Requests for Registration. At any time
following the six (6) month anniversary of the date hereof, and regardless of the effectiveness of the Mandatory Shelf Registration Statement, each Shareholder shall be entitled to make request(s) in writing (the Shareholder making any such
request, a “Requesting Shareholder”) that the Company effect the registration of all or any part of the Registrable Securities held by such Requesting Shareholder (a “Registration Request”). The First Reserve
Shareholder shall be entitled to make three (3) such Registration Requests and the Corsair Shareholder shall be entitled to make one (1) such Registration Request. The Company will use its reasonable best efforts to register, in accordance
with the provisions of this Agreement, all Registrable Securities that have been requested to be registered by the Requesting Shareholder in the Registration Request (a “Demand Registration”); provided, that the Company will not be
required to effect a registration pursuant to this Section 2(a) unless the aggregate number of shares proposed to be registered constitutes at least, (i) in the case of the First Reserve Shareholder, 25% of the total number of Registrable
Securities acquired by the First Reserve Shareholder under the Amalgamation Agreement, or, (ii) in the case of the Corsair Shareholder, 75% of the total number of Registrable Securities acquired by the Corsair Shareholder under the Amalgamation
Agreement, or, (iii) in each case, if the total number of Registrable Securities then outstanding is less than such amount, all of the Registrable Securities then outstanding. The Company will not be obligated to effect any registration
pursuant to this Section 2(a) more than once in any nine (9) month period. Except if expressly prohibited by applicable law, the Company will pay all Registration Expenses incurred in connection with any registration pursuant to this
Section 2. 

  
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 (b) Limitation on Demand Registrations. A request for registration will
not constitute the use of a Registration Request pursuant to Section 2(a) if (i) the Requesting Shareholder determines in good faith to withdraw (prior to the effective date of the Registration Statement relating to such request) the
proposed registration, (ii) the Registration Statement relating to such request is not declared effective within ninety (90) days of the date such registration statement is first filed with the SEC, (iii) prior to the sale of at least
90% of the Registrable Securities included in the registration relating to such request, such registration is adversely affected by any stop order, injunction or other order or requirement of the SEC or other governmental agency, quasi-governmental
agent or self-regulatory body or court for any reason and the Company fails to have such stop order, injunction or other order or requirement removed, withdrawn or resolved to the reasonable satisfaction of the holders of a majority of securities
included in such registration statement within thirty (30) days of the date of such order, (iv) more than 20% of the Registrable Securities requested by the Requesting Shareholder to be included in the registration are not so included
pursuant to Section 2(e); provided, that, notwithstanding the foregoing, the Requesting Shareholder shall nonetheless be permitted to include the number of Registrable Securities that the underwriter permits to be included in such registration,
(v) the conditions to closing specified in any underwriting agreement or purchase agreement entered into in connection with the registration relating to such request are not satisfied (other than as a result of a material breach thereunder by
the Requesting Shareholder), or (vi) the Company did not provide Full Cooperation in the case of an underwritten offering. Notwithstanding the foregoing but except if expressly prohibited by applicable law, the Company will pay all Registration
Expenses in connection with any request for registration pursuant to Section 2(a) regardless of the application of this provision. 

(c) Restrictions on Demand Registrations. The Company may postpone for a reasonable period of time, not to exceed ninety
(90) days, the filing or the effectiveness of a Registration Statement for a Demand Registration if the Company furnishes to the Requesting Shareholder a certificate signed by the Chief Executive Officer of the Company stating that the Board of
Directors of the Company has determined that such Demand Registration is reasonably likely to have a material adverse effect on any proposal or plan by the Company to engage in any acquisition of assets or any merger, amalgamation, consolidation,
tender offer or similar transaction, or otherwise would have a material adverse effect on the business, assets, operations, prospects or financial condition of the Company; provided, that the Company may not effect such a postponement more than once
in any 360-day period. If the Company so postpones the filing or the effectiveness of a Registration Statement, the Requesting Shareholder will be entitled to withdraw such request and, if such request is withdrawn, such registration request will
not count as a Registration Request for the purposes of Section 2(a). Except if expressly prohibited by applicable law, the Company will pay all Registration Expenses incurred in connection with any such non-completed registration. 

  
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 (d) Selection of Underwriters. If the Requesting Shareholder intends to
distribute the Registrable Securities covered by its Registration Request by means of an underwritten offering, the Requesting Shareholder will so advise the Company as a part of the Registration Request (and, if so elected by the Requesting
Shareholder, a Registration Request may specify that the underwritten offering be conducted pursuant to the Mandatory Shelf Registration Statement), and the Company will include such information in any notice sent by the Company to the Prior Holders
with respect to such Registration Request. In such event, the Requesting Shareholder will have the right to select the investment banker(s) and manager(s) to administer the offering, subject to the Company’s approval which will not be
unreasonably withheld, conditioned or delayed (and will not be withheld, conditioned or delayed in the case the selected underwriter is an Affiliate of the Requesting Shareholder). In connection with each underwritten Demand Registration, the
Company shall cause there to be Full Cooperation. Regardless of whether the Requesting Shareholder elects to specify that the underwritten offering be conducted pursuant to the Mandatory Shelf Registration Statement or a separate registration
statement, the Requesting Shareholder shall be entitled to no more than three (3) underwritten offerings, if the Requesting Shareholder is the First Reserve Shareholder, and one (1) underwritten offering, if the Requesting Shareholder is
the Corsair Shareholder; and in no event shall a Requesting Shareholder be entitled to request an underwritten offering until after the six (6) month anniversary of the date hereof. 

(e) Priority on Demand Registrations. Subject to the Company’s obligations under the Prior Registration Rights
Agreements, the Company will not include in any underwritten registration pursuant to Section 2(a) any securities that are not Registrable Securities without the prior written consent of the Requesting Shareholder. If the managing underwriter
advises the Company that in its opinion the number of Registrable Securities and Prior Holder Securities (and, if permitted hereunder, other securities requested to be included in such offering) exceeds the number of securities that can be sold in
such offering without adversely affecting the marketability of the offering, including the price at which the securities can be sold, the Company will include in such offering the maximum number of securities that in the opinion of such underwriters
can be sold without adversely affecting the marketability of the offering, including the price at which the securities can be sold, which securities will be so included in the following order of priority: (i) first, Registrable Securities and
Prior Holder Securities, pro rata among the respective holders thereof participating in such registration on the basis of the aggregate number of Registrable Securities or Prior Holder Securities, as applicable, owned by each such holder on the date
of such request or in such other manner as they may agree; (ii) second, securities the Company proposes to sell and (iii) third, any other securities of the Company that have been requested to be so included. Notwithstanding the foregoing,
except as provided in the Prior Registration Rights Agreements, no employee of the Company or any subsidiary thereof will be entitled to participate, directly or indirectly, in any such registration to the extent that the managing underwriter (or,
in the case of an offering that is not underwritten, a nationally recognized investment banking firm) determines in good faith that the participation of such employee in such registration would adversely affect the marketability or offering


  
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price of the securities being sold in such registration. For purposes of Section 1(e) and Sections 2(d) and 2(e) of the Prior GSCP Registration Rights Agreement, the Company hereby agrees
that the Registrable Securities under this Agreement and the Prior Holder Securities under the Prior GSCP Registration Rights Agreement shall be treated as pari passu for purposes of the priority rights set forth in such Sections (as permitted
pursuant to Section 1(f) of the Prior GSCP Registration Rights Agreement). 
 (f) Future Registration Rights.
Except as provided in this Agreement, the Company will not grant to any holder or prospective holder of any securities of the Company registration rights with respect to such securities which are senior to or otherwise conflict in any material
respect with the rights granted pursuant to this Section 2 without the prior written consent of the Requesting Shareholder; provided, that the foregoing shall not prevent the Company from granting additional demand or piggy back registration
rights that are pari passu with the rights set forth in this Agreement, and any dilution of the registration rights herein resulting from any such pari passu rights shall not be deemed to conflict with the rights set forth herein. 

 

	 	3.	Piggyback Registrations. 

 (a) Right to Piggyback. At any time after the
date hereof, whenever the Company proposes to register voting ordinary shares, par value $1.00 per share, of the Company (“Common Shares”) (other than the Mandatory Shelf Registration Statement or a registration on Form S-4 or a
registration relating solely to employee benefit plans), whether for its own account or for the account of one or more securityholders of the Company, and the registration form to be filed may be used for the registration or qualification for
distribution of Registrable Securities, the Company will give prompt written notice to the Shareholders (but, in the case of a registration pursuant to Section 2(a) by the Requesting Shareholder, excluding the Requesting Shareholder), of its
intention to effect such a registration and will include in such registration all Registrable Securities with respect to which the Company has received a written request for inclusion therein within fifteen (15) days after the date of the
Company’s notice (a “Piggyback Registration”). Once a Shareholder has made such a written request, it may withdraw its Registrable Securities from such Piggyback Registration by giving written notice to the Company and the
managing underwriter, if any, on or before the fifth (5th) day prior to the anticipated effective date of such Piggyback Registration. The Company may terminate or withdraw any registration initiated by it and covered by this Section 3
prior to the effectiveness of such registration, whether or not a Shareholder has elected to include Registrable Securities in such registration, and except for the obligation to pay Registration Expenses pursuant to Section 3(c) the Company
will have no liability to any Shareholder in connection with such termination or withdrawal. A Piggyback Registration shall not be considered a Demand Registration for purposes of Section 2 of this Agreement. 

  
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 (b) Underwritten Registration. If the registration referred to in
Section 3(a) is proposed to be underwritten, the Company will so advise the Shareholder(s) as a part of the written notice given pursuant to Section 3(a). In such event, the right of a Shareholder to registration pursuant to this
Section 3 will be conditioned upon such Shareholder’s participation in such underwriting and the inclusion of such Shareholder’s Registrable Securities in the underwriting, and such Shareholder will (together with the Company and the
other holders distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company. If a Shareholder disapproves of the
terms of the underwriting, it may elect to withdraw therefrom by written notice to the Company and the managing underwriter. 

(c) Piggyback Registration Expenses. Except if expressly prohibited by applicable law, the Company will pay all
Registration Expenses in connection with any Piggyback Registration, whether or not any registration or prospectus becomes effective or final. 

(d) Priority on Primary Registrations. If a Piggyback Registration relates to an underwritten primary offering on behalf
of the Company, and the managing underwriters advise the Company that in their opinion the number of securities requested to be included in such registration exceeds the number which can be sold without adversely affecting the marketability of the
offering, including the price at which such securities can be sold, the Company will include in such registration the maximum number of securities that in the opinion of such underwriters can be sold without adversely affecting the marketability of
the offering, including the price at which such securities can be sold, which securities will be so included in the following order of priority: (i) first, the securities the Company proposes to sell, (ii) second, the Registrable
Securities and Prior Holder Securities requested to be included in such registration, pro rata among the Shareholders and the Prior Holders of such securities on the basis of the number of Registrable Securities and Prior Holder Securities so
requested to be included therein owned by each such holder or in such other manner as they may agree, and (iii) third, other securities requested to be included in such registration. Notwithstanding the foregoing, except as provided in the
Prior Registration Rights Agreements, any employee of the Company or any subsidiary thereof will not be entitled to participate, directly or indirectly, in any such registration to the extent that the managing underwriter (or, in the case of an
offering that is not underwritten, a nationally recognized investment banking firm) will determine in good faith that the participation of such employee in such registration would adversely affect the marketability or offering price of the
securities being sold in such registration. 

  
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 (e) Priority on Secondary Registrations. If a Piggyback Registration
relates solely to an underwritten secondary registration on behalf of other holders of the Company’s securities, and the managing underwriters advise the Company that in their opinion the number of securities requested to be included in such
registration exceeds the number which can be sold without adversely affecting the marketability of the offering, including the price at which such securities can be sold, the Company will include in such registration the maximum number of securities
that in the opinion of such underwriters can be sold without adversely affecting the marketability of the offering, including the price at which such securities can be sold, which securities will be so included in the following order of priority:
(i) first, (A) the securities requested to be included therein by the holders requesting such registration and (B) the Registrable Securities and Prior Holder Securities pro rata among the holders thereof on the basis of the number of
securities so requested to be included therein owned by each such holder or in such other manner as they may agree, and (ii) second, other securities requested to be included in such registration. Notwithstanding the foregoing, any employee of
the Company or any subsidiary thereof will not be entitled to participate, directly or indirectly, in any such registration to the extent that the managing underwriter (or, in the case of an offering that is not underwritten, a nationally recognized
investment banking firm) will determine in good faith that the participation of such employee in such registration would adversely affect the marketability or offering price of the securities being sold in such registration. 

(f) Other Registrations. If the Company files a Registration Statement with respect to Registrable Securities pursuant
to Section 2 or Section 3, and if such registration has not been withdrawn or abandoned, subject to the terms of the Prior Registration Rights Agreements, the Company will not file or cause to be effected any other registration of any of
its equity securities or securities convertible or exchangeable into or exercisable for its equity securities under the 1933 Act (except on Form S 4 or S-8 or any successor or similar forms), whether on its own behalf or at the request of any holder
or holders of such securities, until a period of at least one hundred eighty (180) days have elapsed from the effective date of the effectiveness of such Registration Statement. 

4. Registration Procedures. Subject to Section 2(c), whenever a Shareholder has requested that any Registrable Securities
be registered pursuant to this Agreement (or in connection with the Mandatory Shelf Registration Statement), the Company will use its reasonable best efforts to effect the registration and sale of such Registrable Securities in accordance with the
intended method of disposition thereof. Without limiting the generality of the foregoing, the Company will, as expeditiously as possible: 

(a) prepare and (except with respect to the Mandatory Shelf Registration Statement, within forty five (45) days after the
end of the period within which requests for registration may be given to the Company pursuant hereto) file with the SEC a Registration Statement with respect to such Registrable Securities, make all required filings with the National Association of
Securities Dealers and thereafter use its reasonable best efforts to cause such Registration Statement to become effective; provided, that before filing a Registration Statement or any amendments or supplements thereto, the Company


  
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will furnish to one firm of counsel selected by the First Reserve Shareholder (or, if the First Reserve Shareholder is not participating in such registration, the Corsair Shareholder) in
accordance with Section 5(b) copies of all such documents proposed to be filed, which documents will be subject to review of such counsel at the Company’s expense. Unless such counsel earlier informs the Company that it has no objections
to the filing of such Registration Statement, amendment or supplement, the Company will not file such Registration Statement, amendment or supplement prior to the date that is five Business Days from the date that such counsel received such
document. The Company will not file any Registration Statement or amendment or post-effective amendment or supplement to such Registration Statement to which such counsel will have reasonably objected in writing on the grounds that such amendment or
supplement does not comply in all material respects with the requirements of the 1933 Act or of the rules or regulations thereunder. The Company shall not permit any person acting on behalf of the Company to use any free writing prospectus (as
defined in Rule 405 under the 1933 Act) in connection with any registration statement covering Registrable Securities, without the prior consent of the Shareholders participating in such registration, such consent not to be unreasonably withheld or
delayed; 
 (b) prepare and file with the SEC such amendments and supplements to such Registration Statement as may be
necessary to keep such Registration Statement effective for a period of either (i) not less than six (6) months or, if such Registration Statement relates to an underwritten offering, such longer period as in the opinion of counsel for the
underwriters a prospectus is required by law to be delivered in connection with sales of Registrable Securities by an underwriter or dealer or (ii) such shorter period as will terminate when all of the securities covered by such Registration
Statement have been disposed of in accordance with the intended methods of disposition by the Shareholder(s) set forth in such Registration Statement (but in any event not before the expiration of any longer period required under the 1933 Act), and
to comply with the provisions of the 1933 Act with respect to the disposition of all securities covered by such Registration Statement until such time as all of such securities have been disposed of in accordance with the intended methods of
disposition by the Shareholder(s) set forth in such Registration Statement; 
 (c) furnish to the Shareholder(s) of the
Registrable Securities being sold such number of copies, without charge, of such Registration Statement, each amendment and supplement thereto, including each preliminary prospectus, final prospectus, all exhibits and other documents filed therewith
and such other documents as a Shareholder may reasonably request including in order to facilitate the disposition of the Registrable Securities owned by such Shareholder; 

  
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 (d) use its reasonable best efforts to register or qualify such Registrable
Securities under such other securities or blue sky laws of such jurisdictions as a Shareholder reasonably requests and do any and all other acts and things that may be necessary or reasonably advisable to enable such Shareholder to consummate the
disposition in such jurisdictions of the Registrable Securities owned by such Shareholder (provided, that the Company will not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to
qualify but for this subsection, (ii) subject itself to taxation in any such jurisdiction or (iii) consent to general service of process in any such jurisdiction); 

(e) use its reasonable best efforts to cause all Registrable Securities covered by such Registration Statement to be registered
with or approved by such other governmental agencies, authorities or self-regulatory bodies as may be necessary or reasonably advisable in light of the business and operations of the Company to enable a Shareholder to consummate the disposition of
such Registrable Securities in accordance with the intended method or methods of disposition thereof; 
 (f) immediately
notify the Shareholders and any underwriter(s), at any time when a prospectus relating thereto is required to be delivered under the 1933 Act, of the occurrence of any event which will have the result that, the prospectus contains an untrue
statement of a material fact or omits to state any fact necessary to make the statements therein not misleading in the light of the circumstances under which they were made, and, as promptly as practicable, prepare and furnish to the Shareholders
and underwriter(s) a reasonable number of copies of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material
fact or omit to state any fact necessary to make the statements therein not misleading in the light of the circumstances under which they were made; 

(g) notify the Shareholders (i) when the prospectus or any prospectus supplement or post-effective amendment has been
filed and, with respect to such Registration Statement or any post-effective amendment, when the same has become effective, (ii) of any request by the SEC for amendments or supplements to such registration statement or to amend or to supplement
such prospectus or for additional information and (iii) of the issuance by the SEC of any stop order suspending the effectiveness of such registration statement or the initiation of any proceedings for any of such purposes; 

(h) use its reasonable best efforts to cause all such Registrable Securities to be listed on each securities exchange on which
similar securities issued by the Company are then listed or, if no similar securities issued by the Company are then listed on any securities exchange, use its reasonable best efforts to cause all such Registrable Securities to be listed on the
Nasdaq; 
 (i) provide a transfer agent and registrar for all such Registrable Securities not later than the effective date
of such Registration Statement; 

  
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 (j) enter into such customary agreements (including underwriting agreements with
customary provisions) and take all such other actions as the Shareholders or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including, without limitation, effecting a
share split or a combination of shares); 
 (k) make available for inspection by the Shareholders, any underwriter
participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other agent retained by a Shareholder any or underwriter, all financial and other records, pertinent corporate documents and documents relating
to the business of the Company, and cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by a Shareholder or any such underwriter, attorney, accountant or agent in
connection with such Registration Statement; provided, that such Shareholder will, and will use its commercially reasonable efforts to cause each such underwriter, accountant or other agent to enter into a customary confidentiality agreement in form
and substance reasonably satisfactory to the Company; provided further, that such confidentiality agreement will not contain terms that would prohibit any such Person from complying with its obligations under applicable law or Nasdaq rules; 

(l) otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the SEC, and make
available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months beginning with the first day of the Company’s first full calendar quarter after the effective date of the
Registration Statement, which earnings statement will satisfy the provisions of Section 11(a) of the 1933 Act and Rule 158 thereunder; 

(m) in the event of the issuance of any stop order suspending the effectiveness of a Registration Statement, or of any order
suspending or preventing the use of any related prospectus or ceasing trading of any securities included in such Registration Statement for sale in any jurisdiction, use its reasonable best efforts promptly to obtain the withdrawal of such order;

 (n) enter into such agreements and take such other actions as a Shareholder or the underwriters reasonably request in
order to expedite or facilitate the disposition of such Registrable Securities, including, without limitation, preparing for and participating in such number of “road shows” and all such other customary selling efforts as the underwriters
reasonably request in order to expedite or facilitate such disposition; 
 (o) obtain one or more comfort letters, addressed
to the Shareholders (and, if such registration includes an underwritten public offering to the underwriters of such offering), signed by the Company’s independent public accountants in customary form and covering such matters of the type
customarily covered by comfort letters; 

  
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 (p) provide legal opinions of the Company’s outside counsel, addressed to
Shareholders (and, if such registration includes an underwritten public offering, to the underwriters of such offering), with respect to the Registration Statement and prospectus in customary form and covering such matters of the type customarily
covered by legal opinions of such nature; 
 (q) furnish to a Shareholder such information and assistance as such Shareholder
may reasonably request in connection with any “due diligence” effort which the Shareholder deems appropriate; and 

(r) use its reasonable best efforts to take or cause to be taken all other actions, and do and cause to be done all other
things, necessary or reasonably advisable to effect the registration of such Registrable Securities contemplated hereby. 
 The Company
agrees not to file or make any amendment to any Registration Statement with respect to any Registrable Securities, or any amendment of or supplement to the prospectus used in connection therewith, that refers to a Shareholder by name, or otherwise
identifies a Shareholder as the holder of any securities of the Company, without the consent of such Shareholder, such consent not to be unreasonably withheld or delayed, unless and to the extent such disclosure is required by law. 

The Company represents and warrants that no Registration Statement (including any amendments or supplements thereto and prospectuses contained
therein) shall contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein not misleading (except that the Company makes no representation or warranty
with respect to information relating to a Shareholder furnished in writing to the Company by or on behalf of such Shareholder specifically for inclusion therein). 

The Company may require a Shareholder to furnish the Company with such information regarding such Shareholder and pertinent to the disclosure
requirements relating to the registration and the distribution of such securities as the Company may from time to time reasonably request in writing. 
  

	 	5.	Registration Expenses. 

 (a) Except as otherwise provided for herein, all
expenses incidental to the Company’s performance of or compliance with this Agreement, including, without limitation, all registration and filing fees (including SEC registration and National Association of Securities Dealers filing fees), fees
and expenses of compliance with securities or blue sky laws, word processing, duplicating and printing expenses, messenger and delivery expenses, transfer agent’s and registrar’s fees, cost of distributing prospectuses in preliminary and
final form, as well as any supplements thereto, and fees and disbursements of counsel for the 

  
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Company and all independent certified public accountants, underwriters and other Persons retained by the Company (all such expenses, “Registration Expenses”), will be borne by
the Company. In addition, the Company will, in any event, pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit or
quarterly review, the expenses of any liability insurance and the expenses and fees for listing the securities to be registered on each securities exchange or automatic quotation system on which similar securities issued by the Company are then
listed (including the Nasdaq). Notwithstanding the foregoing, all Selling Expenses will be borne by the holders of the securities so registered pro rata on the basis of the number of their shares so registered. 

(b) In connection with the Mandatory Shelf Registration Statement, each registration pursuant to Section 1 and each
Piggyback Registration, the Company will reimburse the Shareholders for the reasonable fees and disbursements of one law firm, who will be chosen by the First Reserve Shareholder (or, if the First Reserve Shareholder is not participating in such
registration, the Corsair Shareholder). 
  

	 	6.	Indemnification. 

 (a) The Company agrees to indemnify and hold harmless, and
hereby does indemnify and hold harmless, the Shareholders, their respective affiliates and their respective officers, directors and partners and each Person who controls a Shareholder (within the meaning of the 1933 Act) against, and pay and
reimburse such holder, affiliate, director, officer or partner or controlling person for any losses, claims, damages, expenses, liabilities, joint or several, to which such holder or any such affiliate, director, officer or partner or controlling
person may become subject under the 1933 Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon (i) any untrue or
alleged untrue statement of material fact contained in any Registration Statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto, or any “issuer free writing prospectus” (as defined in 1933 Act Rule
433), (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, (iii) any violation or alleged violation by the Company of any rule or regulation
promulgated under the 1933 Act, the 1934 Act, the National Association of Securities Dealers or any state securities laws applicable to the Company and relating to action or inaction required of the Company in connection with any such registration,
and the Company will pay and reimburse the Shareholders and each such affiliate, director, officer, partner and controlling person for any legal or any other expenses actually and reasonably incurred by them in connection with investigating,
defending or settling any such loss, claim, liability, action or proceeding or (iv) the failure to include, at the time of pricing any offering, the information required by Sections 12(a)(2) and 17(a)(2) of the 1933 Act; provided,


  
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that the Company will not be liable in any such case to the extent that any such loss, claim, damage, expense, liability (or action or proceeding in respect thereof) or expense arises out of or
is based upon an untrue statement or alleged untrue statement, or omission or alleged omission, made in such Registration Statement, any such prospectus or preliminary prospectus or any amendment or supplement thereto, or in any application, in
reliance upon, and in conformity with, written information prepared and furnished to the Company by a Shareholder expressly for use therein or by a Shareholder’s failure to deliver, to the extent required by law and except to the extent such
failure results from a failure by the Company to comply with Section 4(f), a copy of the Registration Statement or prospectus or any amendments or supplements thereto after the Company has furnished such Shareholder with a sufficient number of
copies of the same. In connection with an underwritten offering, the Company, if requested, will indemnify such underwriters, their officers and directors and each Person who controls such underwriters (within the meaning of the 1933 Act) to at
least the same extent as provided above with respect to the indemnification of the Shareholders. 
 (b) In connection with
any Registration Statement in which a Shareholder is participating, it will furnish to the Company in writing such information as the Company reasonably requests for use in connection with any such Registration Statement or prospectus and will
indemnify and hold harmless the Company, its directors and officers, each other Person who controls the Company (within the meaning of the 1933 Act) and each underwriter (to the extent required by such underwriter) against any losses, claims,
damages, expenses, liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof), joint or several, to which the Company or any such director or officer, any such underwriter or controlling person may become subject
under the 1933 Act or otherwise, insofar as such losses, claims, damages, liabilities, actions or proceedings arise out of or are based upon (i) any untrue or alleged untrue statement of material fact contained in the Registration Statement,
prospectus or preliminary prospectus or any amendment thereof or supplement thereto or in any application or (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not
misleading, but only to the extent that such untrue statement or omission is made in such Registration Statement, any such prospectus or preliminary prospectus or any amendment or supplement thereto, or in any application, in reliance upon and in
conformity with written information prepared and furnished to the Company by a Shareholder expressly for use therein, and such Shareholder will reimburse the Company and each such director, officer, underwriter and controlling Person for any legal
or any other expenses actually and reasonably incurred by them in connection with investigating, defending or settling any such loss, claim, liability, action or proceeding; provided, that the obligation to indemnify and hold harmless will be
individual and several to such Shareholder and will be limited to the amount of net proceeds received by such Shareholder from the sale of Registrable Securities pursuant to such Registration Statement. 

  
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 (c) Any Person entitled to indemnification hereunder will (i) give prompt
written notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties
may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party will not be subject to any
liability for any settlement made by the indemnified party without its prior written consent (but such consent will not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not
be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between
such indemnified party and any other of such indemnified parties with respect to such claim. Failure to give prompt written notice shall not release the indemnifying party from its obligations hereunder except to the extent that such indemnifying
party is materially prejudiced as a result of such failure to give notice. 
 (d) The indemnification provided for under this
Agreement will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and will survive the registration and sale of any
securities by any Person entitled to any indemnification hereunder and the expiration or termination of this Agreement. 

(e) If the indemnification provided for in this Section 6 is held by a court of competent jurisdiction to be unavailable
to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, will contribute to the amount paid or payable by such
indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other hand in connection
with the statements or omissions which resulted in such loss, liability, claim, damage or expense as well as any other relevant equitable considerations. The relevant fault of the indemnifying party and the indemnified party will be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. Notwithstanding the foregoing, the amount a Shareholder will be obligated to contribute pursuant to this Section 6(e) will be
limited to an amount equal to the net proceeds to such Shareholder of the Registrable Securities sold pursuant to the registration statement which gives rise to such obligation to contribute (less the aggregate amount of any damages which such
Shareholder has otherwise been required to pay in respect of such loss, claim, damage, expense, liability or action or any substantially similar loss, claim, damage, expense, liability or action arising from the sale of such Registrable Securities).


  
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	 	7.	Participation in Underwritten Registrations. 

 (a) A Shareholder may not
participate in any registration hereunder that is underwritten unless it (i) agrees to sell its Registrable Securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such
arrangements (including, without limitation, pursuant to the terms of any over-allotment or “green shoe” option requested by the managing underwriter(s); provided, that such Shareholder will not be required to sell more than the number of
Registrable Securities that it has requested the Company to include in any registration), (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the
terms of such underwriting arrangements, and (iii) cooperates with the Company’s reasonable requests in connection with such registration or qualification (it being understood that the Company’s failure to perform its obligations
hereunder, which failure is caused by such Shareholder’s failure to cooperate, will not constitute a breach by the Company of this Agreement). Notwithstanding the foregoing, a Shareholder will not be required to agree to any indemnification
obligations on the part of such Shareholder that are materially greater than its obligations pursuant to Section 7(b). 

(b) A Shareholder agrees that, if it is participating in any registration hereunder, upon receipt of any notice from the
Company of the happening of any event of the kind described in subsection 4(f) above, such Shareholder will forthwith discontinue the disposition of its Registrable Securities pursuant to the Registration Statement until it receives copies of a
supplemented or amended prospectus as contemplated by such Section 4(f). In the event the Company gives any such notice, the applicable time period during which a Registration Statement is to remain effective will be extended by the number of
days during the period from and including the date of the giving of such notice pursuant to this Section 7(b) to and including the date when such Shareholder will have received the copies of the supplemented or amended prospectus contemplated
by Section 4(f). 
  

	 	8.	Rule 144; Legend Removal. 

 (a) Facilitation of Sales Pursuant to Rule
144. The Company covenants to the Shareholders that to the extent it shall be required to do so under the 1934 Act, the Company shall use its reasonable best efforts to (i) timely file the reports required to be filed by it under the 1934
Act or the 1933 Act (including the reports under Sections 13 and 15(d) of the 1934 Act referred to in subparagraph (c)(1) of Rule 144), and (ii) make and keep public information available as those terms are understood and defined in Rule 144
under the 1933 

  
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Act, all to the extent required from time to time to enable the Shareholders to sell Registrable Securities without registration under the Securities Act within the limitations of the exemption
provided by Rule 144. Upon the request of a Shareholder in connection with its sale pursuant to Rule 144, the Company shall deliver to such holder a written statement as to whether it has complied with such requirements. 

(b) Availability of Rule 144 Not Excuse for Obligations. The fact that a Shareholder may become eligible to sell its
Registrable Securities pursuant to Rule 144 shall not (i) cause such Securities to cease to be Registrable Securities or (ii) excuse the Company’s obligations set forth in this Agreement. 

(c) Upon request of a Shareholder, upon receipt by the Company of an opinion of counsel reasonably satisfactory to the Company
to the effect that such legend is no longer required under the 1933 Act and applicable state laws, the Company shall promptly cause any legend affixed to any Registrable Securities to be removed from any certificate for any Registrable Securities,
including by providing any opinion of counsel to the Company that may be required by the transfer agent to effect such removal. 
  

	 	9.	Lock Up Agreements.  

 (a) In consideration for the Company
agreeing to its obligations under this Agreement, each Shareholder agrees in connection with any registration of the Company’s securities (whether or not it is participating in such registration) upon the request of the Company and the
underwriters managing any underwritten offering of the Company’s securities, not to effect (other than pursuant to such registration) any public sale or distribution of Registrable Securities, including, but not limited to, any sale pursuant to
Rule 144, or make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any Registrable Securities, any other equity securities of the Company or any securities convertible into or exchangeable or exercisable for any
equity securities of the Company without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 90 days) beginning on the effective date of such registration as the Company and the
underwriters may specify; provided, that nothing herein will prevent a Shareholder entity that is a partnership or corporation from making a distribution of Registrable Securities to the partners or shareholders thereof that is otherwise in
compliance with applicable securities laws, so long as such distributees agree to be so bound; provided, further, that no such restrictions shall in any way limit a Shareholder or any of its Affiliates in engaging in any brokerage, investment
advisory, financial advisory, anti-raid advisory, principaling, merger advisory, financing, asset management, trading, market making, arbitrage, investment activity and other similar activities conducted in the ordinary course of its respective
business. The Company agrees to use its reasonable best efforts to work with the underwriters to limit any lock-up period under this Section 9 to the minimum number of days that the underwriters consider advisable. 

  
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 10. Term. This Agreement will be effective as of the date hereof and will continue
in effect thereafter until the earliest of (a) its termination by the consent of the Shareholders or their respective successor(s) in interest, (b) the date on which no Registrable Securities of the Shareholders (or any transferee thereof)
remain outstanding and (c) the dissolution, liquidation or winding up of the Company. 
 11. Defined Terms. Capitalized
terms when used in this Agreement have the following meanings: 
 “1933 Act” means the Securities Act of 1933, as amended.

 “1934 Act” means the Securities Exchange Act of 1934, as amended. 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under
common control with such Person, provided that, for purposes of this Agreement, the Company shall not be deemed an Affiliate of a Shareholder, and a Shareholder shall not be deemed an Affiliate of the Company. For purposes of this definition, when
used with respect to any Person, “control” means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms
“controlling” and “controlled” have correlative meanings. 
 “Business Day” means any day, except a
Saturday, Sunday or legal holiday on which banking institutions in The City of New York are authorized or obligated to close. 

“Full Cooperation” means, in connection with any underwritten offering, where, in addition to the cooperation otherwise
required by this Agreement, (a) members of senior management of the Company (including the chief executive officer and chief financial officer) reasonably cooperate with the underwriter(s) in connection therewith and make themselves reasonably
available to participate in “road-shows” and other customary marketing activities in such locations (domestic and foreign) as reasonably recommended by the underwriter(s) (including one-on-one meetings with prospective purchasers of the
Registrable Securities) and (b) the Company prepares preliminary and final prospectuses for use in connection therewith containing such additional information as reasonably requested by the underwriter(s) (in additional to the minimum amount of
information required by law, rule or regulation). 
 “Person” means an individual, a partnership, a joint venture, a
corporation, a limited liability company, a trust, an unincorporated organization or a government or department or agency thereof. 

“Prior Holder” means a “Holder” as defined in the Prior Registration Rights Agreements. 

  
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 “Prior Holder Securities” means those securities that constitute
“Registrable Securities” under the Prior Registration Rights Agreements. 
 “Prior Registration Rights
Agreements” means (i) the Registration Rights Agreement dated as of January 31, 2007 among Castlewood Holdings Limited, Trident II, L.P., Marsh & McLennan Capital Professionals Fund, L.P., Marsh & McLennan
Employees’ Securities Company, L.P., J. Christopher Flowers, Dominic F. Silvester and the other shareholders of the Company set forth on the schedule of shareholders attached thereto and (ii) the Registration Rights Agreement dated as of
April 20, 2011, as amended as of the date hereof, by and among the Company, GSCP VI AIV Navi, Ltd., GSCP VI Offshore Navi, Ltd., GSCP VI Parallel AIV Navi, Ltd., GSCP VI Employee Navi, Ltd., and GSCP VI GmbH Navi, L.P. (the “Prior GSCP
Registration Rights Agreement”). 
 “Register,” “registered” and “registration” refers to a
registration effected by preparing and filing a Registration Statement in compliance with the 1933 Act, and the declaration or ordering of the effectiveness of such Registration Statement, and compliance with applicable state securities laws of such
states in which a Shareholder notifies the Company of its intention to offer Registrable Securities. 
 “Registrable
Securities” means (i) any Common Shares issued pursuant to the Amalgamation Agreement or issuable upon the conversion of the Series B Convertible Participating Non-Voting Perpetual Preferred Stock of the Company issued pursuant to the
Amalgamation Agreement (or issuable upon the conversion of any non-voting common shares into which such Series B Convertible Participating Non-Voting Perpetual Preferred Stock are converted after the date hereof) or (ii) any equity securities
or warrants issued or issuable with respect to the securities referred to in the foregoing clause (i) by way of conversion, exercise or exchange thereof or share dividend or share split or in connection with a combination of shares,
recapitalization, reclassification, merger, amalgamation, arrangement, consolidation or other reorganization. As to any particular securities constituting Registrable Securities, such securities will cease to be Registrable Securities when
(x) they have been effectively registered or qualified for sale by prospectus filed under the 1933 Act and disposed of in accordance with the Registration Statement covering them, (y) subject to Section 8(b), such Registrable Security
has been sold by a Shareholder pursuant to Rule 144 under circumstances in which any legend borne by such Registrable Security relating to restrictions on transferability thereof, under the 1933 Act or otherwise, is removed by the Company; or
(z) such Registrable Security shall cease to be outstanding. For purposes of this Agreement, a Person will be deemed to be a holder of Registrable Securities whenever such Person has the right to acquire directly or indirectly such Registrable
Securities (upon conversion, exercise or exchange in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been
effected. 
 “Registration Expenses” has the meaning set forth in Section 5. 

“Registration Request” has the meaning set forth in Section 2(a). 

“Registration Statement” means the prospectus and other documents filed with the SEC to effect a registration under the 1933
Act. 

  
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 “Rule 144” means Rule 144 under the 1933 Act or any successor or similar rule as
may be enacted by the SEC from time to time, as in effect from time to time. 
 “SEC” means the Securities and Exchange
Commission. 
 “Selling Expenses” means all underwriting discounts, selling commissions and transfer taxes applicable to
the sale of Registrable Securities hereunder. 
  

	 	12.	Miscellaneous. 

 (a) No Inconsistent Agreements. Subject to
Section 2(f), the Company will not hereafter enter into any agreement with respect to its securities that is more favorable or is inconsistent or conflicts with or violates the rights granted to the Shareholders in this Agreement. 

(b) Adjustments Affecting Registrable Securities. The Company will not take any action, or permit any change to occur,
with respect to its securities which would materially and adversely affect the ability of a Shareholder to include its Registrable Securities in a registration or qualification for sale by prospectus undertaken pursuant to this Agreement or which
would adversely affect the marketability of such Registrable Securities in any such registration or qualification (including, without limitation, effecting a share split or a combination of shares). 

(c) Remedies. The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach
of the provisions of this Agreement and that any party hereto will have the right to equitable relief, including specific performance and injunctive relief, in addition to all of its other rights and remedies at law or in equity, to enforce the
provisions of this Agreement. 
 (d) Amendments and Waivers. Except as otherwise provided herein, the provisions of
this Agreement may be amended or waived only upon the prior written consent of the Company and the Shareholders. 
 (e)
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; provided, that a Shareholder may not assign or otherwise transfer its
rights or obligations under this Agreement to any other Person without the prior written consent of the Company; provided, further, that no such prior written consent shall be required for an assignment to an affiliate of such Shareholder. 

(f) Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, 

  
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such invalidity, illegality or unenforceability will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be
reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

(g) Counterparts. This Agreement may be executed simultaneously in two or more counterparts, any one of which need not
contain the signatures of more than one party, but all such counterparts taken together will constitute one and the same Agreement. 

(h) Descriptive Headings. The descriptive headings of this Agreement are inserted for convenience only and do not
constitute a part of this Agreement. 
 (i) Governing Law. This Agreement and the rights and duties of the parties
hereto hereunder shall be governed by and construed in accordance with laws of the State of New York, without giving effect to its principles or rules of conflict of laws to the extent such principles or rules are not mandatorily applicable by
statute and would require or permit the application of the laws of another jurisdiction. Any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the
transactions contemplated hereby may be brought in any federal or state court located in the County and State of New York, and each of the parties hereby consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom)
in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereinafter have to the laying of the venue of any such suit, action or proceeding which is brought in any such
court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each
party agrees that service of process on such party as provided in Section 12(l) shall be deemed effective service of process on such party. 

EACH OF THE PARTIES HERETO HERBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 (j) Further Assurances. Each of the parties hereto shall
execute such documents and other papers and perform such further acts as may be reasonably required or advisable to carry out the provisions of this Agreement and the transactions contemplated hereby. 

(k) Organizational Documents. Notwithstanding anything to the contrary herein, all applicable provisions of the
Company’s Bye-Laws and Memorandum of Association (the “Organizational Documents”) shall apply to this Agreement and any actions taken hereunder as if set forth herein, and any 

  
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conflict between the Organizational Documents and this Agreement shall be resolved in favor of the provisions of the Organizational Documents. The Company shall not amend or restate the
Organizational Documents at any time in a manner that would conflict in any material respect with this Agreement, except to the extent required by applicable law. If any conflict between this Agreement and the Organizational Documents interferes in
any material respect with the exercise of any Registration Request or other right or remedy hereunder, the Company shall use its reasonable best efforts to facilitate the exercise of such Registration Request or other right or remedy without
conflict with the Organizational Documents. 
 (l) Notices. All notices, demands or other communications to be given
or delivered under or by reason of the provisions of this Agreement will be in writing and shall be deemed to have been given (a) when personally delivered, (b) when transmitted via facsimile to the number set out below, if the sender on
the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), (c) the day following the day (except if not a Business Day then the next Business Day) on which the same has been delivered
prepaid to a reputable national overnight air courier service, (d) when transmitted via e-mail (including via attached pdf document) to the e-mail address set out below, if the sender on the same day sends a confirming copy of such notice by a
recognized overnight delivery service (charges prepaid) or (e) the third Business Day following the day on which the same is sent by certified or registered mail, postage prepaid, in each case to the respective parties as applicable, at the
address, facsimile number or e-mail address set forth below: 
 To the Company: 

Enstar Group Limited 
 P.O. Box
HM 2267 
 Windsor Place, 3rd Floor, 22 Queen Street 

Hamilton HM JX 
 Bermuda 

Attention:   Richard Harris 

Facsimile:  (441) 296-7319 

E-mail:       richard.harris@enstargroup.bm 

with a copy (which shall not constitute notice to the Company) to: 

Drinker Biddle & Reath LLP 

One Logan Square, Suite 2000 

Philadelphia, PA 19103 

Attention:   Robert C. Juelke 

Facsimile:  (215) 988-2757 

E-mail:       robert.juelke@dbr.com 

  
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 To the First Reserve Shareholder: 

FR XI Offshore AIV, L.P., First Reserve Fund XII, L.P., FR XIII A 

            Parallel Vehicle L.P. and FR Torus Co-Investment, L.P. 

One Lafayette Place, 

Greenwich, CT 06830 
 Attention:
  Alan Schwartz 
 Facsimile:  (203) 625-8579 

E-mail:       aschwartz@firstreserve.com 

To the Corsair Shareholder: 

Corsair Specialty Investors, L.P. 

c/o Corsair Capital LLC 
 717
Fifth Avenue, 24th Floor 
 New York, New York 10022 

Attention:   D.T. Ignacio Jayanti 

                   Cliff Brokaw 

Facsimile:   (212) 224-9445 

; or to such other address as the party to whom notice is given may have previously furnished to the others in writing in the manner set forth
above. 
 (m) Entire Agreement. This Agreement, together with the Organizational Documents, contains the entire
agreement among the parties hereto with respect to the subject matter hereof and thereof and supersedes and replaces all other prior agreements, written or oral, among the parties hereto with respect to the subject matter hereof and thereof. 

(n) No Waivers; Third Party Beneficiary Rights. No failure or delay by any party in exercising any right, power or
privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided
shall be cumulative and not exclusive of any rights or remedies provided by law. Nothing in this Agreement, express or implied, is intended to confer on any Person (other than the parties hereto and any permitted transferee under Section 12(e)
hereof) and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under this Agreement. 

(o) Shareholder Actions. All actions by the First Reserve Shareholder under this Agreement shall be taken jointly by the
First Reserve Shareholder entities party hereto, or their respective successors or assignees, based on the will of the holders of a majority of the Registrable Securities held by the First Reserve Shareholder. All actions by the Corsair Shareholder
under this Agreement shall be taken jointly by the Corsair Shareholder entities party hereto, or their respective successors or assignees, based on the will of the holders of a majority of the Registrable Securities held by the Corsair Shareholder.

 [Remainder of this page left intentionally blank.] 

  
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 IN WITNESS WHEREOF, the undersigned have set their hands and seals as of the above date. 

 

			
	ENSTAR GROUP LIMITED
		
	By:	 	/s/ Richard J. Harris
	Name: Richard J. Harris
	Title: Chief Financial Officer


  

			
	First Reserve Shareholder
	
	 FR XI OFFSHORE AIV, L.P.

      By: FR XI OFFSHORE GP, L.P.

      By: FR XI OFFSHORE GP LIMITED



  

			
	By:	 	/s/ Ryan N. Zafereo
	Name: Ryan Zafereo
	Title: Director


  

			
	 FIRST RESERVE FUND XII, L.P.

      By: FIRST RESERVE GP XII, L.P.

      By: FIRST RESERVE GP XII LIMITED



  

			
	By:	 	/s/ Ryan N. Zafereo
	Name: Ryan Zafereo
	Title: Director


  

			
	 FR XII A PARALLEL VEHICLE L.P.

      By: FIRST RESERVE GP XII, L.P.

      By: FIRST RESERVE GP XII LIMITED



  

			
	By:	 	/s/ Ryan N. Zafereo
	Name: Ryan Zafereo
	Title: Director


  

			
	 FR TORUS CO-INVESTMENT, L.P.

      By: FIRST RESERVE GP XII LIMITED



  

			
	By:	 	/s/ Ryan N. Zafereo
	Name: Ryan Zafereo
	Title: Director



  
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	 Corsair Shareholder
  

CORSAIR SPECIALTY INVESTORS, L.P.
 By: Corsair Specialty Investors
GP, L.P.,
 its general partner
 By: Corsair Specialty Investors
GP, Ltd.,
 its general partner

		
	By:	 	/s/ Clifford Brokaw
	Name: Clifford Brokaw
	Title: Managing Director



  
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