# EDGAR Filing Document

**Accession Number:** 0001584831
**File Stem:** 0001641172-25-026604
**Filing Date:** 2025-9
**Character Count:** 364669
**Document Hash:** 19edc02e3bda15cf4a8b3f8649004e5c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-026604.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001641172-25-026604

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250828

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Submission of Matters to a Vote of Security Holders

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OXBRIDGE RE HOLDINGS Ltd
- **CENTRAL INDEX KEY:** 0001584831
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 981150254
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36346
- **FILM NUMBER:** 251294235

**BUSINESS ADDRESS:**
- **STREET 1:** SUITE 201, 42 EDWARD STREET
- **STREET 2:** P.O. BOX 469
- **CITY:** GEORGETOWN
- **STATE:** E9
- **ZIP:** KY1-9006
- **BUSINESS PHONE:** 345-749-7570

**MAIL ADDRESS:**
- **STREET 1:** SUITE 201, 42 EDWARD STREET
- **STREET 2:** P.O. BOX 469
- **CITY:** GEORGETOWN
- **STATE:** E9
- **ZIP:** KY1-9006

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): August 28, 2025**

**OXBRIDGE RE HOLDINGS LIMITED**

(Exact Name of Registrant as Specified in Charter)

---

| | | |
|:---|:---|:---|
| **Cayman Islands** | **001-36346** | **98-1150254** |
| (State or Other Jurisdiction<br> of Incorporation) | (Commission<br> File Number) | (I.R.S. Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **Suite 201,**<br> **42 Edward Street, Georgetown P.O. Box 469**<br> **Grand Cayman, Cayman Islands**<br>| **KY1-9006**<br>|
| (Address of Principal Executive Office) | (Zip Code) |

---

Registrant's telephone number, including area code: **(345) 749-7570**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class:** | **Trading symbol** | **Name of each exchange on which registered** |
| Ordinary Shares (par value $0.001) | OXBR | The Nasdaq Stock Market LLC |
| Warrants to Purchase Ordinary Shares | OXBRW | The Nasdaq Stock Market LLC<br> (The Nasdaq Capital Market) |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

As discussed in Item 5.07 below, at the Extraordinary General Meeting of shareholders of Oxbridge Re Holdings Limited (the "Company") held on August 28, 2025, the Company's shareholders approved the Company's 2025 Omnibus Incentive Plan (the "Plan").

The Plan permits the grant of options (including incentive share options), share appreciation rights, restricted shares, restricted share units, performance shares, performance units, annual cash incentives, long-term cash incentives, dividend equivalent units and other types of share-based awards to any officer or other employee of the Company or its affiliates; any individual that the Company or an affiliate has engaged to become an officer or employee; any consultant or advisor who provides services to the Company or its affiliates; or any director, including a non-employee director.

The Plan provides that 1,569,514 of our ordinary shares are reserved for issuance under the Plan, and such number of shares is the maximum number of shares that may be issued pursuant to the exercise of incentive stock options within the meaning of the U.S. Internal Revenue Code. The number of shares available under the Plan will also increase annually on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2026, and continuing until (and including) the fiscal year ending December 31, 2035, with such annual increase equal to an amount equal to the lesser of (1) 5% of the number of Shares outstanding on December 31st of the immediately preceding fiscal year, and (2) an amount determined by the Company's Board of Directors (the "Board"). The number of ordinary shares reserved under the Plan will be depleted by the maximum number of shares, if any, that may be issuable under an award at the time of grant.

The Plan is also described in the Company's Definitive Proxy Statement filed with the SEC on August 7, 2025 (the "Proxy Statement") in the section entitled "Proposal Three Approval of the Company's 2025 Omnibus Incentive Plan." The Plan is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

***Executive Employment Agreements***

On August 28, 2025, in consultation with the Company's independent compensation consultant, the Company and Jay Madhu entered into an Amended and Restated Employment Agreement under which Mr. Madhu will continue to serve as the Chief Executive Officer of the Company (the "Madhu Employment Agreement"). The Madhu Employment Agreement provides for an annual base salary of $390,000, effective January 1, 2026 and a base salary automatic increase if the Company completes a financing (or series of financing) or strategic transaction that equals or exceeds $100 million. It provides that Mr. Madhu may be granted annual incentive bonuses at the discretion of the Board and may participate in the Company's equity incentive plans on the same terms as other senior executives. The agreement also provides that Company will annually grant to Mr. Madhu 40,000 restricted shares under the 2025 Omnibus Plan, which will vest ratably on the first day of each calendar quarter over the 4 calendar quarters immediately following the grant date. Under the Madhu Employment Agreement, Mr. Madhu is entitled to participate in all of the Company's pension, life insurance, health insurance, disability insurance and other benefit plans on the same basis as the Company's other employee officers participate. The agreement also provides for a lump-sum M&A transaction bonus of six hundred and thirty basis points of the transaction value of certain mergers, stock sales, asset sales, or similar transactions by the Company or its subsidiaries. The term of the Madhu Employment Agreement is through December 31, 2028, and is automatically renewed for additional successive 1-year terms unless notice of non-renewal is provided by the Company or Mr. Madhu at least ninety days prior to the renewal date. Mr. Madhu will receive a lump-sum payment equal to his base salary otherwise payable under the employment agreement for a three-year severance period if terminated "without cause" (including a non-renewal of the agreement by the Company) or he terminates his own employment for a "good reason event", as those terms are defined in the agreement, in addition to any target bonus, restricted share award and M&A transaction bonus that would have been payable under the agreement during the applicable periods following the termination date. Mr. Madhu's employment agreement contains certain non-competition covenants and confidentiality provisions.

On August 28, 2025, in consultation with the Company's independent compensation consultant, the Company and Wrendon Timothy entered into an Amended and Restated Employment Agreement under which Mr. Timothy will continue to serve as the Chief Financial Officer of the Company (the "Timothy Employment Agreement"). The Timothy Employment Agreement provides for an annual base salary of $245,000, effective January 1, 2026, and a base salary automatic increase if the Company completes a financing (or series of financing) or strategic transaction that equals or exceeds $100 million. It provides that Mr. Timothy may be granted annual incentive bonuses at the discretion of the Board and may participate in the Company's equity incentive plans on the same terms as other senior executives. The agreement also provides that Company will annually grant to Mr. Timothy 25,000 restricted shares under the 2025 Omnibus Plan, which will vest ratably on the first day of each calendar quarter over the 4 calendar quarters immediately following the grant date. Under the Timothy Employment Agreement, Mr. Timothy is entitled to participate in all of the Company's pension, life insurance, health insurance, disability insurance and other benefit plans on the same basis as the Company's other employee officers participate. The agreement also provides for a lump-sum M&A transaction bonus of two hundred and seventy basis points of the transaction value of certain mergers, stock sales, asset sales, or similar transactions by the Company or its subsidiaries. The term of the Timothy Employment Agreement is through December 31, 2028 and is automatically renewed for additional successive 1-year terms unless notice of non-renewal is provided by the Company or Mr. Timothy at least ninety days prior to the renewal date. Mr. Timothy will receive lump-sum payment equal to the base salary otherwise payable under the employment agreement for a three-year severance period if terminated "without cause" (including a non-renewal of the agreement by the Company) or he terminates his own employment for a "good reason event", as those terms are defined in the agreement, in addition to any target bonus, restricted share award and M&A transaction bonus that would have been payable under the agreement during the applicable periods following the termination date. Mr. Timothy' employment agreement contains certain non-competition covenants and confidentiality provisions.

The foregoing descriptions of the Madhu Employment Agreement and Timothy Employment Agreement are summary in nature and are qualified in their entirety by the full text of such agreements, which are attached as Exhibits 10.2 and 10.3 respectively, to this Current Report on Form 8-K.

**Corporate Action, Change of Control, and Performance Agreements**

The Company's Board of Directors has determined that the Company may be vulnerable to hostile takeover action and that any such action at this time is not in the best interests of its shareholders. The Company does not currently have a shareholder rights plan and the Company's management and board members as a group currently own a relatively insignificant number of shares and as such would be ineffective in voting such shares to thwart any hostile takeover actions. Until such time as the Board determines whether it is necessary or advisable to adopt a shareholder rights plan or other anti-takeover measure, on August 28, 2025, in consultation with the Company's independent compensation consultant, the Board determined to approve the entry into Corporate Action, Change of Control, and Performance Agreements (the "Agreement") with each of Jay Madhu, Founder, Chairman and Chief Executive Officer of the Company and Wrendon Timothy, Chief Financial Officer, Corporate Secretary & Executive Director of the Company, (the "Awardees") pursuant to which the Company will issue, under its 2025 Omnibus Incentive Plan, fully vested restricted share units ("RSU") upon the occurrence of certain triggering events (the "Triggering Events"), as disclosed below. Each RSU represents the right to be issued one ordinary share (the shares upon vesting, are subject to the restrictions as set forth in the Agreement, under the Company's 2025 Omnibus Incentive Plan, or the RSU award agreement). In the event of either a Corporate Transaction or a Change of Control (as defined in the Agreement), on or prior to December 31, 2026, each Awardee shall be entitled to fully vested Restricted Share Units for each Measurement Date (as specified and defined in the Agreement) that would have occurred after the Corporate Transaction or Change of Control. The Triggering Events also include partial issuances of RSU's to the Awardees through the achievement of performance-based revenue milestones (the "Revenue Milestones") as measured on specific dates, each a "Measurement Date" defined as December 31, 2025, March 31, 2026, June 30, 2026, September 30, 2026, and December 31, 2026, and the Awardees remaining employed through the achievement of such milestones. The achievement of each of the applicable Revenue Milestones on each Measurement Date will be reasonably determined by the Company's Board of Directors.

The foregoing descriptions of the Agreement are summary in nature and are qualified in their entirety by the full text of such agreements, which are attached as Exhibits 10.5 and 10.6, respectively, to this Current Report on Form 8-K.

**Item 5.03.** **Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.** 

On August 28, 2025, the Company's shareholders voted, as a special resolution, to amend and restate the Company's Third Amended and Restated Memorandum and Articles of Association in order to increase in the authorized share capital of the Company from US$50,000 divided into 50,000,000 shares of a par value of US$0.001 each, to US$500,000 divided into 500,000,000 shares of a par value of US$0.001 each, by the creation of an additional 450,000,000 shares of a par value of US$0.001 each. The amendments are also described in the Company's Proxy Statement in the section entitled "Proposal Two Approval of the Amendment and Restatement of the Company's Memorandum and Articles of Association."

Upon the passage of the special resolution by the Company's shareholders on August 28, 2025, the Fourth Amended and Restated Memorandum and Articles of Association, which are attached hereto as Exhibit 3.1 and incorporated herein by reference, became effective and amended, restated and replaced, in their entirety, the Company's Third Amended and Restated Memorandum and Articles of Association.

**Item 5.07.** **Submission of Matters to a Vote of Security Holders.**

On August 28, 2025, the Company held an Extraordinary General Meeting of Shareholders. The Company previously filed the Proxy Statement and related materials pertaining to the Extraordinary General Meeting of Shareholder with the Securities and Exchange Commission. On the record date of August 7, 2025, there were 7,535,922 ordinary shares outstanding and entitled to vote at the Extraordinary General Meeting of Shareholders.

**Proposal 1: To approve the increase is authorized share capital**

The proposal to increase the authorized share capital of the Company from US$50,000 divided into 50,000,000 shares of a par value of US$0.001 each, into US$500,000 divided into 500,000,000 shares of a par value of US$0.001 each, by the creation of an additional 450,000,000 shares of a par value of US$0.001 each, was approved as follows:.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For** | **Against** | **Against** | **Abstain** | **Abstain** | **Broker Non-Votes** | **Broker Non-Votes** |
| 3962636 |  | 937088 |  | 10180 |  | &nbsp;&nbsp;&nbsp;&nbsp; - |

---

**Proposal 2: To approve Amended and Restated Memorandum & Articles Of Association**

The proposal to approve the amendment and restatement of the Company's Third Amended and Restated Memorandum and Articles of Association in order to reflect the increase in the authorized share capital of the Company was approved as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For** | **Against** | **Against** | **Abstain** | **Abstain** | **Broker Non-Votes** |
| 4026747 |  | 872977 |  | 10180 |  |

---

**Proposal 3: To approve the Oxbridge Re Holdings Limited 2025 Omnibus Incentive Plan**

The proposal to approve the Oxbridge Re Holdings Limited 2025 Omnibus Incentive Plan was approved as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For** | **Against** | **Against** | **Abstain** | **Abstain** | **Broker Non-Votes** | **Broker Non-Votes** |
| 2208088 |  | 501887 |  | 56823 |  | 2143106 |

---

**Item 3.02. Unregistered Sales of Equity Securities.**

The issuance of the future restricted share units and underlying shares to Mr. Madhu and Mr. Timothy as described in Item 5.02 above are and will be exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), because the offer and sale of such securities did and does not involve a "public offering" as defined in Section 4(a)(2) of the Securities Act, was made without any form of general solicitation to a sophisticated party, and was made with full access to any information requested regarding the Company and the ordinary shares.

**Item 9.01. Financial Statements and Exhibits**

(d) Exhibits

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| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| 3.1 | [Fourth Amended and Restated Memorandum and Articles of Association](ex3-1.htm) |
| 10.1 | [Oxbridge Re Holdings Limited 2025 Omnibus Incentive Plan](ex10-1.htm) |
| 10.2 | [Amended and Restated Employment Agreement, dated August 28, 2025, with Jay Madhu](ex10-2.htm) |
| 10.3 | [Amended and Restated Employment Agreement, dated August 28, 2025, with Wrendon Timothy](ex10-3.htm) |
| 10.4 | [Form of Restricted Share Unit Award Agreement](ex10-4.htm) |
| 10.5 | [Corporate Action, Change of Control, and Performance Agreement, dated August 28, 2025, with Jay Madhu](ex10-5.htm) |
| 10.6 | [Corporate Action, Change of Control, and Performance Agreement, dated August 28, 2025, with Wrendon Timothy](ex10-6.htm) |
| EX-104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
|  | **OXBRIDGE RE HOLDINGS LIMITED** |
|  | */s/ Wrendon Timothy* |
| Date: September 4, 2025 | Wrendon Timothy |
|  | Chief Financial Officer and Secretary |
|  | (Principal Accounting Officer and |
|  | Principal Financial Officer) |

---

A signed original of this Form 8-K has been provided to Oxbridge Re Holdings Limited and will be retained by Oxbridge Re Holdings Limited and furnished to the Securities and Exchange Commission or its staff upon request

## Exhibit 3.1

**Exhibit 3.1**

**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**FOURTH AMENDED AND RESTATED**

**MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**Oxbridge Re Holdings Limited**

**(Adopted by Special Resolutions passed on 28 August 2025)**

**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**FOURTH AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**Oxbridge Re Holdings Limited**

**(Adopted by Special Resolutions passed on 28 August 2025)**

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| | |
|:---|:---|
| 1 | The name of the Company is Oxbridge Re Holdings Limited. |
| 2 | The Registered Office of the Company shall be at the offices of Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands, or at such other place within the Cayman Islands as the Directors may decide. |
| 3 | The objects for which the Company is established are unrestricted and the Company shall have full power and authority to carry out any object not prohibited by the laws of the Cayman Islands. |
| 4 | The liability of each Member is limited to the amount unpaid on such Member's shares. |
| 5 | The share capital of the Company is US$500,000 divided into 500,000,000 shares of a par value of US$0.001 each. |
| 6 | The Company has power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands. |
| 7 | Capitalised terms that are not defined in this Fourth Amended and Restated Memorandum of Association bear the respective meanings given to them in the Fourth Amended and Restated Articles of Association of the Company adopted by Special Resolutions passed on 28 August 2025. |

---

**THE COMPANIES LAW (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**FOURTH AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**Oxbridge Re Holdings Limited**

**(Adopted by Special Resolutions passed on 28 August 2025)**

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| | |
|:---|:---|
| **1** | **Interpretation** |

---

1.1 In
 the Articles Table A in the First Schedule to the Statute does not apply and, unless there is something in the subject or context
 inconsistent therewith:

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| | |
|:---|:---|
| **"Affiliate"** | means (i) in the case of a natural person, such person's parents, parents-in-law, spouse, children or grandchildren, a trust for the benefit of any of the foregoing, a company, partnership or any natural person or entity wholly or jointly owned by such person or any of the foregoing, (ii) in the case of an entity, a partnership, a corporation or any natural person or entity which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity. The term "control" shall mean the ownership, directly or indirectly, of shares possessing more than fifty percent (50%) of the voting power of the corporation, or the partnership or other entity (other than, in the case of corporation, share having such power only by reason of the happening of a contingency), or having the power to control the management or elect a majority of members to the board of directors or equivalent decision-making body of such corporation, partnership or other entity. |
| **"Articles"** | means these articles of association of the Company. |
| **"Auditor"** | means the person for the time being performing the duties of auditor of the Company (if any). |
| **"Code"** | means the United States Internal Revenue Code of 1986, as amended from time to time, or any federal statute from time to time in effect that has replaced such statute, and any reference in these Articles to a provision of the Code or a rule or regulation promulgated thereunder means such provision, rule or regulation as amended from time to time or any provision of a federal law, or any federal rule or regulation, from time to time in effect that has replaced such provision, rule or regulation. |

---

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| | |
|:---|:---|
| **"Company"** | means the above named company. |
| **"Controlled Shares"** | means in reference to any Person means all Shares directly, indirectly or constructively owned by such Person as determined pursuant to Section 958 of the Code. |
| **"Designated Stock Exchange"** | **means the NASDAQ Stock Market or any other stock exchange or automated quotation system on which, any or all of, the Company's Units, Warrants and Shares are then traded.** |
| **"Directors"** | means the directors for the time being of the Company. |
| **"Dividend"** | means any dividend (whether interim or final) resolved to be paid on Shares pursuant to the Articles. |
| **"Electronic Record"** | has the same meaning as in the Electronic Transactions Act. |
| **"Electronic Transactions Act"** | **means the Electronic Transactions Act (As Revised) of the Cayman Islands.** |
| **"Eligible Investor"** | means a person eligible to hold Shares, as determined from time to time by the Directors. |
| **"Member"** | has the same meaning as in the Statute. |
| **"Memorandum"** | means the memorandum of association of the Company, as amended and restated from time to time. |
| **"Ordinary Resolution"** | means a resolution passed by a simple majority of the Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting, and includes a written resolution passed by the holders of a simple majority of the issued Shares giving such entitlement. In computing the majority when a poll is demanded regard shall be had to the number of votes to which each Member is entitled by the Articles. |
| **"Ordinary Share"** | has the same meaning as a Share and which Share has no preferred, deferred or other rights or restrictions, whether in regard to Dividend or other distribution, voting, return of capital or otherwise. |
| **"Oxbridge Reinsurance"** | means Oxbridge Reinsurance Limited, a company incorporated in the Cayman Islands which is the holder of a 'Class C' insurance licence issued by the Cayman Islands Monetary Authority. |
| **"Person"** | means any individual, company, corporation, firm, partnership, trust or any other business, enterprise, entity or person, whether or not recognised as constituting a separate legal entity. |

---

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| | |
|:---|:---|
| **"Register of Members"** | means the register of Members maintained in accordance with the Statute and includes (except where otherwise stated) any branch or duplicate register of Members. |
| **"Registered Office"** | means the registered office for the time being of the Company. |
| **"Seal"** | means the common seal of the Company and includes every duplicate seal. |
| **"Share"** | means a share in the Company and includes a fraction of a share in the Company. |
| **"Special Resolution"** | has the same meaning as in the Statute, and includes a unanimous written resolution. |
| **"Statute"** | means the Companies Act (As Revised) of the Cayman Islands. |
| **"Subscriber"** | means the subscriber to the Memorandum. |
| **"Tentative 9.9% U.S. Member"** | **means a Person that, but for adjustments to the voting rights of shares pursuant to Article 22 would be a 9.9% U.S. Member.** |
| **"Transfer"** | means, in respect of any Share, any sale, assignment, exchange, transfer, pledge, encumbrance or other disposition of that Share, and "**Transferred**" shall be construed accordingly. |
| **"Treasury Share"** | means a Share held in the name of the Company as a treasury share in accordance with the Statute. |
| **"U.S. Person"** | means a "United States Person" as defined in Section 7701(a)(30) of the Code. |
| **"Unit"** | means an investment unit consisting of one Ordinary Share and one Warrant. |
| **"Warrant"** | means a warrant representing a right to purchase one Ordinary Share exercisable at any time until 26 March 2029 at an exercise price of US$7.50. |
| **"9.9% U.S. Member"** | means a U.S. Person whose Controlled Shares constitutes nine and nine-tenths per cent. (9.9%) or more of the voting power of the Shares and who would be generally required to recognise income with respect to the Company under Section 951(a)(1) of the Code if the Company were a controlled foreign corporation as defined in Section 957 of the Code and if the ownership threshold under Section 951(b) of the Code were 9.9%. |

---

1.2 In
 the Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words
 importing the singular number include the plural number and vice versa;

(b) words
 importing the masculine gender include the feminine gender;

(c) words
 importing persons include corporations as well as any other legal or natural person;

(d) "written"
 and "in writing" include all modes of representing or reproducing words in visible form, including in the form of an
 Electronic Record;

(e) "shall"
 shall be construed as imperative and "may" shall be construed as permissive;

(f) references
 to provisions of any law or regulation shall be construed as references to those provisions as amended, modified, re- enacted or
 replaced;

(g) any
 phrase introduced by the terms "including", "include", "in particular" or any similar expression
 shall be construed as illustrative and shall not limit the sense of the words preceding those terms;

(h) the
 term "and/or" is used herein to mean both "and" as well as "or." The use of "and/or"
 in certain contexts in no respects qualifies or modifies the use of the terms "and" or "or" in others. The
 term "or" shall not be interpreted to be exclusive and the term "and" shall not be interpreted to require
 the conjunctive (in each case, unless the context otherwise requires);

(i) headings
 are inserted for reference only and shall be ignored in construing the Articles;

(j) any
 requirements as to delivery under the Articles include delivery in the form of an Electronic Record;

(k) any
 requirements as to execution or signature under the Articles including the execution of the Articles themselves can be satisfied
 in the form of an electronic signature as defined in the Electronic Transactions Act;

(l) sections
 8 and 19(3) of the Electronic Transactions Act shall not apply;

(m) the
 term "clear days" in relation to the period of a notice means that period excluding the day when the notice is received
 or deemed to be received and the day for which it is given or on which it is to take effect; and

(n) the
 term "holder" in relation to a Share means a person whose name is entered in the Register of Members as the holder of
 such Share.

---

| | |
|:---|:---|
| **2** | **Commencement of Business** |

---

2.1 The
 business of the Company may be commenced as soon after incorporation of the Company as the Directors shall see fit.

2.2 The
 Directors may pay, out of the capital or any other monies of the Company, all expenses incurred in or about the formation and establishment
 of the Company, including the expenses of registration.

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| | |
|:---|:---|
| **3** | **Issue of Shares** |
| 3.1 | Subject to the provisions, if any, in the Memorandum (and to any direction that may be given by the Company in general meeting) and without prejudice to any rights attached to any existing Shares, the Directors may allot, issue, grant options over or otherwise dispose of Shares (including fractions of a Share) with or without preferred, deferred or other rights or restrictions, whether in regard to Dividend or other distribution, voting, return of capital or otherwise and to such persons, at such times and on such other terms as they think proper, and may also (subject to the Statute and the Articles) vary such rights. Notwithstanding the foregoing, the Subscriber shall have the power to: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 one Share to itself;

(b) transfer
 that Share by an instrument of transfer to any person; and

(c) update
 the Register of Members in respect of the issue and transfer of that Share.

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| | |
|:---|:---|
| 3.2 | The Company shall not issue Shares to bearer. |
| 3.3 | Unless determined by the Directors, the Company shall not issue any Shares in a manner that would by reason of such issuance cause the total Shares held by any Member to equal or equal or exceed nine and nine-tenths per cent. (9.9%) of the total Shares then issued and outstanding. |
| **4** | **Register of Members** |
| 4.1 | The Company shall maintain or cause to be maintained the Register of Members in accordance with the Statute. |
| 4.2 | The Directors may determine that the Company shall maintain one or more branch registers of Members in accordance with the Statute. The Directors may also determine which register of Members shall constitute the principal register and which shall constitute the branch register or registers, and to vary such determination from time to time. |
| **5** | **Closing Register of Members or Fixing Record Date** |
| 5.1 | For the purpose of determining Members entitled to notice of, or to vote at any meeting of Members or any adjournment thereof, or Members entitled to receive payment of any Dividend or other distribution, or in order to make a determination of Members for any other purpose, the Directors may provide that the Register of Members shall be closed for transfers for a stated period which shall not in any case exceed forty days. |
| 5.2 | In lieu of, or apart from, closing the Register of Members, the Directors may fix in advance or arrears a date as the record date for any such determination of Members entitled to notice of, or to vote at any meeting of the Members or any adjournment thereof, or for the purpose of determining the Members entitled to receive payment of any Dividend or other distribution, or in order to make a determination of Members for any other purpose. |

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| | |
|:---|:---|
| 5.3 | If the Register of Members is not so closed and no record date is fixed for the determination of Members entitled to notice of, or to vote at, a meeting of Members or Members entitled to receive payment of a Dividend or other distribution, the date on which notice of the meeting is sent or the date on which the resolution of the Directors resolving to pay such Dividend or other distribution is passed, as the case may be, shall be the record date for such determination of Members. When a determination of Members entitled to vote at any meeting of Members has been made as provided in this Article, such determination shall apply to any adjournment thereof. |
| **6** | **Certificates for Shares** |
| 6.1 | A Member shall only be entitled to a share certificate if the Directors resolve that share certificates shall be issued. Share certificates representing Shares, if any, shall be in such form as the Directors may determine. Share certificates shall be signed by one or more Directors or other person authorised by the Directors. The Directors may authorise certificates to be issued with the authorised signature(s) affixed by mechanical process. All certificates for Shares shall be consecutively numbered or otherwise identified and shall specify the Shares to which they relate. All certificates surrendered to the Company for transfer shall be cancelled and subject to the Articles no new certificate shall be issued until the former certificate representing a like number of relevant Shares shall have been surrendered and cancelled. |
| 6.2 | The Company shall not be bound to issue more than one certificate for Shares held jointly by more than one person and delivery of a certificate to one joint holder shall be a sufficient delivery to all of them. |
| 6.3 | If a share certificate is defaced, worn out, lost or destroyed, it may be renewed on such terms (if any) as to evidence and indemnity and on the payment of such expenses reasonably incurred by the Company in investigating evidence, as the Directors may prescribe, and (in the case of defacement or wearing out) upon delivery of the old certificate. |
| 6.4 | Every share certificate sent in accordance with the Articles will be sent at the risk of the Member or other person entitled to the certificate. The Company will not be responsible for any share certificate lost or delayed in the course of delivery. |
| **7** | **Transfer of Shares** |
| 7.1 | Subject to these Articles, any Member may transfer all or any of his shares by an instrument of transfer in the usual or common form or in any other form approved by the board of Directors and may be under hand or, if the transferor or transferee is a clearing house or it nominee(s), by hand or by machine imprinted signature or by such other manner of execution as the board of Directors may approve from time to time. |
| 7.2 | The instrument of transfer shall be executed by or on behalf of the transferor. Without prejudice to the last preceding Article, the board of Directors may also resolve, either generally or in any particular case, upon request by the transferor or transferee to accept mechanically executed transfers. The transferor shall be deemed to remain the holder of the share until the name of the transferee is entered into the Register in respect thereof. Nothing in these Articles shall preclude the board of Directors from recognizing a renunciation of the allotment or provisional allotment of any share by the allotee in favour of some other person. |

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| | |
|:---|:---|
| 7.3 | (a) The board of Directors may, in its absolute discretion (except with respect to a transfer from a Member to its Affiliates(s)), and without giving any reason therefor, refuse to register a transfer of any share (not being a fully paid up share) to a person of whom it does not approve, or any share issued under any share incentive scheme for employees upon which a restriction on transfer imposed thereby still subsists, and it may also, without prejudice to the foregoing generality, refuse to register a transfer of any share to more than four joint holders or a transfer of any share (not being a fully paid up share) on which the Company has a lien. Notwithstanding the foregoing, if a transfer complies with the holder's transfer obligations and restrictions set forth under the applicable law and rules of the Designated Stock Exchange (including, but not limited to U.S. securities law provisions related to insider trading) and these Articles, the Directors shall promptly register such transfer. |
|  | (b) The board of Directors in so far as permitted by any applicable law and rules of the Designated Stock Exchange may, in its absolute discretion, at any time and from time to time transfer any share upon the Register of Members to any branch register or any share on any branch register to the Register of Members or any other branch register. In the event of any such transfer, the shareholder requesting such transfer shall bear the cost of effective such transfer unless the board of Directors otherwise determines. |
|  | (c) Unless the board of Directors otherwise agrees (which agreement may be on such terms and subject to such conditions as the board of Directors in its absolute discretion may from time to time determine, and which agreement the board of Directors shall, without giving any reason therefore, be entitled in its absolute discretion to give or withhold), no shares upon the Register of Members shall be transferred to any branch register nor shall shares on any branch register be transferred to the Register of Members or any other branch register and all transfers and other documents of title shall be lodged for registration, and registered, in the case of any shares on a branch register, at the relevant registration office, and, in the case of any shares on the Register of Members, at the Office or such other place at which the Register of Members is kept in accordance with the Statute. |
|  | (d) Without limiting the generality of the last preceding Article, the board of Directors may decline to recognise any instrument of transfer unless: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 fee of such maximum sum as the board of Directors may from time to time require is paid to
 the Company in respect thereof;

(ii) the
 instrument of transfer is in respect of only one class of share;

(iii) the
 instrument of transfer is lodged at the registration office or such other place as the Register
 of Members is kept in accordance with the Statute accompanied by the relevant share certificate(s)
 or such other evidence as the board of Directors may reasonably require to show the right
 of the transferor to make the transfer (and, if the instrument of transfer is executed by
 some other person on his behalf, the authority of that person so to do); and

(iv) the
 instrument of transfer is duly and properly signed.

(e) If the board of Directors refuses to register a transfer of any share, it shall, within two months after the date on which the transfer was lodged with the Company, send to each of the transferor and the transferee notice of the refusal.

---

| | |
|:---|:---|
| 7.4 | The registration of transfers may be suspended at such time and for such periods as the Directors may from time to time determine, provided always that such registration shall not be suspended for more than thirty (30) days in any year. |
| **8** | **Redemption, Repurchase and Surrender of Shares** |
| 8.1 | Subject to the provisions, if any, in the Articles, the Memorandum, applicable law, including the Statute, and the rules of the Designated Stock Exchange, the Company may: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 shares on terms that they are to be redeemed or are liable to be redeemed at the option of the Company or the Member on such terms
 and in such manner as the Directors may, before the issue of such shares, determine;

(b) purchase
 its own shares (including any redeemable shares) provided that the manner of purchase is in accordance with the following provisions
 (this authorization is in accordance with sections 37(2) and 37(3)(d) of the Statute or any modification or re-enactment thereof
 for the time being in force):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Company is authorised to purchase any Share listed on a Designated Stock Exchange in accordance with the following manner of purchase:
 (1) the maximum number of shares that may be repurchased shall be equal to the number of issued and outstanding shares less one share,
 and (2) at such time, at not less than the Market Price, and on such other terms as determined and agreed by the Board in its discretion;
 provided, however, that (x) such repurchase transaction shall be in accordance with the relevant code, rules and regulations applicable
 to the listing of the shares on the Designated Stock Exchange; and (y) that the Company shall be able to pay its debts as they
 fall due in the ordinary course of business and be solvent immediately before and after the date on which the payment in respect
 of the repurchase transaction is proposed to be made; provided, further, that, in the case of a purchase of shares intended
 to comply with Rule 10b-18 promulgated under the United States Securities Exchange Act of 1934, as amended, the purchase price shall
 equal the prevailing market price at the time of such purchase as determined by independent bids or transaction prices, rather than
 the Market Price;

(ii) the
 Company is authorised to purchase any Share not listed on a Designated Stock Exchange in accordance with the following manner of
 purchase: (1) the Company shall serve a repurchase notice in a form approved by the Board on the Member from whom the Shares are
 to be repurchased at least two (2) days prior to the date specified in the notice as being the repurchase date, (2) the price for
 the Shares being repurchased shall be such price agreed between the Board and the applicable Member, (3) the date of repurchase shall
 be the date specified in the repurchase notice, (4) the repurchase shall be on such other terms as specified in the repurchase notice
 as determined and agreed by the Board and the applicable Member in their sole discretion, and (5) the Company shall be able to pay
 its debts as they fall due in the ordinary course of business and be solvent immediately before and after the date on which the payment
 in respect of the repurchase transaction is proposed to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make
 a payment in respect of the redemption or purchase of its own shares otherwise than out of profits or the proceeds of a fresh issue
 of shares

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| | |
|:---|:---|
| 8.2 | Any share in respect of which notice of redemption has been given shall not be entitled to participate in the profits of the Company in respect of the period after the date specified as the date of redemption in the notice of redemption |
| 8.3 | The redemption or purchase of any share shall not be deemed to give rise to the redemption or purchase of any other share. |
| 8.4 | The Directors may when making payments in respect of redemption or purchase of shares, if authorised by the terms of issue of the shares being redeemed or purchased or with the agreement of the holder of such shares, make such payment in any form of consideration permitted by the Statute. |
| 8.5 | The Directors may accept the surrender for no consideration of any fully paid Share. |
| **9** | **Treasury Shares** |
| 9.1 | The Directors may, prior to the purchase, redemption or surrender of any Share, determine that such Share shall be held as a Treasury Share. |
| 9.2 | The Directors may determine to cancel a Treasury Share or transfer a Treasury Share on such terms as they think proper (including, without limitation, for nil consideration). |
| **10** | **Variation of Rights of Shares** |
| 10.1 | If at any time the share capital of the Company is divided into different classes of Shares, all or any of the rights attached to any class (unless otherwise provided by the terms of issue of the Shares of that class) may, whether or not the Company is being wound up, be varied without the consent of the holders of the issued Shares of that class where such variation is considered by the Directors not to have a material adverse effect upon such rights; otherwise, subject to these Articles, any such variation shall be made only with the consent in writing of the holders of not less than two thirds of the issued Shares of that class, or with the sanction of a resolution passed by a majority of not less than two thirds of the votes cast at a separate meeting of the holders of the Shares of that class. For the avoidance of doubt, the Directors reserve the right, notwithstanding that any such variation may not have a material adverse effect, to obtain consent from the holders of Shares of the relevant class. To any such meeting all the provisions of the Articles relating to general meetings shall apply *mutatis mutandis*, except that the necessary quorum shall be one person holding or representing by proxy at least one third of the issued Shares of the class and that any holder of Shares of the class present in person or by proxy may demand a poll. |
| 10.2 | For the purposes of a separate class meeting, the Directors may treat two or more or all the classes of Shares as forming one class of Shares if the Directors consider that such class of Shares would be affected in the same way by the proposals under consideration, but in any other case shall treat them as separate classes of Shares. |
| 10.3 | The rights conferred upon the holders of the Shares, or any class of Shares issued with preferred or other rights, shall not, unless otherwise expressly provided by the terms of issue of the Shares of that class, be deemed to be varied by the creation or issue of further Shares ("**New Shares**") ranking pari passu therewith or in priority thereto. For avoidance of doubt, the rights conferred upon the holders of any Shares, or any class of Shares, shall be deemed not to be varied by the issue and allotment of New Shares even if such New Shares do or will rank in priority for payment of a dividend or in respect of return of capital or surplus or will confer on the holder of the New Shares voting and other rights more favourable than those conferred by such existing Shares or class of Shares. |

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---

| | |
|:---|:---|
| **11** | **Commission on Sale of Shares** |
|  | The Company may, in so far as the Statute permits, pay a commission to any person in consideration of his subscribing or agreeing to subscribe (whether absolutely or conditionally) or procuring or agreeing to procure subscriptions (whether absolutely or conditionally) for any Shares. Such commissions may be satisfied by the payment of cash and/or the issue of fully or partly paid-up Shares. The Company may also on any issue of Shares pay such brokerage as may be lawful. |
| **12** | **Non Recognition of Trusts** |
|  | The Company shall not be bound by or compelled to recognise in any way (even when notified) any equitable, contingent, future or partial interest in any Share, or (except only as is otherwise provided by the Articles or the Statute) any other rights in respect of any Share other than an absolute right to the entirety thereof in the holder. |
| **13** | **Lien on Shares** |
| 13.1 | The Company shall have a first and paramount lien on all Shares (whether fully paid-up or not) registered in the name of a Member (whether solely or jointly with others) for all debts, liabilities or engagements to or with the Company (whether presently payable or not) by such Member or his estate, either alone or jointly with any other person, whether a Member or not, but the Directors may at any time declare any Share to be wholly or in part exempt from the provisions of this Article. The registration of a transfer of any such Share shall operate as a waiver of the Company's lien thereon. The Company's lien on a Share shall also extend to any amount payable in respect of that Share. |
| 13.2 | The Company may sell, in such manner as the Directors think fit, any Shares on which the Company has a lien, if a sum in respect of which the lien exists is presently payable, and is not paid within fourteen clear days after notice has been received or deemed to have been received by the holder of the Shares, or to the person entitled to it in consequence of the death or bankruptcy of the holder, demanding payment and stating that if the notice is not complied with the Shares may be sold. |
| 13.3 | To give effect to any such sale the Directors may authorise any person to execute an instrument of transfer of the Shares sold to, or in accordance with the directions of, the purchaser. The purchaser or his nominee shall be registered as the holder of the Shares comprised in any such transfer, and he shall not be bound to see to the application of the purchase money, nor shall his title to the Shares be affected by any irregularity or invalidity in the sale or the exercise of the Company's power of sale under the Articles. |
| 13.4 | The net proceeds of such sale after payment of costs, shall be applied in payment of such part of the amount in respect of which the lien exists as is presently payable and any balance shall (subject to a like lien for sums not presently payable as existed upon the Shares before the sale) be paid to the person entitled to the Shares at the date of the sale. |

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---

| | |
|:---|:---|
| **14** | **Call on Shares** |
| 14.1 | Subject to the terms of the allotment and issue of any Shares, the Directors may make calls upon the Members in respect of any monies unpaid on their Shares (whether in respect of par value or premium), and each Member shall (subject to receiving at least fourteen clear days' notice specifying the time or times of payment) pay to the Company at the time or times so specified the amount called on the Shares. A call may be revoked or postponed, in whole or in part, as the Directors may determine. A call may be required to be paid by instalments. A person upon whom a call is made shall remain liable for calls made upon him notwithstanding the subsequent transfer of the Shares in respect of which the call was made. |
| 14.2 | A call shall be deemed to have been made at the time when the resolution of the Directors authorising such call was passed. |
| 14.3 | The joint holders of a Share shall be jointly and severally liable to pay all calls in respect thereof. |
| 14.4 | If a call remains unpaid after it has become due and payable, the person from whom it is due shall pay interest on the amount unpaid from the day it became due and payable until it is paid at such rate as the Directors may determine (and in addition all expenses that have been incurred by the Company by reason of such non-payment), but the Directors may waive payment of the interest or expenses wholly or in part. |
| 14.5 | An amount payable in respect of a Share on issue or allotment or at any fixed date, whether on account of the par value of the Share or premium or otherwise, shall be deemed to be a call and if it is not paid all the provisions of the Articles shall apply as if that amount had become due and payable by virtue of a call. |
| 14.6 | The Directors may issue Shares with different terms as to the amount and times of payment of calls, or the interest to be paid. |
| 14.7 | The Directors may, if they think fit, receive an amount from any Member willing to advance all or any part of the monies uncalled and unpaid upon any Shares held by him, and may (until the amount would otherwise become payable) pay interest at such rate as may be agreed upon between the Directors and the Member paying such amount in advance. |
| 14.8 | No such amount paid in advance of calls shall entitle the Member paying such amount to any portion of a Dividend or other distribution payable in respect of any period prior to the date upon which such amount would, but for such payment, become payable. |
| **15** | **Forfeiture of Shares** |
| 15.1 | If a call or instalment of a call remains unpaid after it has become due and payable the Directors may give to the person from whom it is due not less than fourteen clear days' notice requiring payment of the amount unpaid together with any interest which may have accrued and any expenses incurred by the Company by reason of such non-payment. The notice shall specify where payment is to be made and shall state that if the notice is not complied with the Shares in respect of which the call was made will be liable to be forfeited. |
| 15.2 | If the notice is not complied with, any Share in respect of which it was given may, before the payment required by the notice has been made, be forfeited by a resolution of the Directors. Such forfeiture shall include all Dividends, other distributions or other monies payable in respect of the forfeited Share and not paid before the forfeiture. |

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| | |
|:---|:---|
| 15.3 | A forfeited Share may be sold, re-allotted or otherwise disposed of on such terms and in such manner as the Directors think fit and at any time before a sale, re-allotment or disposition the forfeiture may be cancelled on such terms as the Directors think fit. Where for the purposes of its disposal a forfeited Share is to be transferred to any person the Directors may authorise some person to execute an instrument of transfer of the Share in favour of that person. |
| 15.4 | A person any of whose Shares have been forfeited shall cease to be a Member in respect of them and shall surrender to the Company for cancellation the certificate for the Shares forfeited and shall remain liable to pay to the Company all monies which at the date of forfeiture were payable by him to the Company in respect of those Shares together with interest at such rate as the Directors may determine, but his liability shall cease if and when the Company shall have received payment in full of all monies due and payable by him in respect of those Shares. |
| 15.5 | A certificate in writing under the hand of one Director or officer of the Company that a Share has been forfeited on a specified date shall be conclusive evidence of the facts stated in it as against all persons claiming to be entitled to the Share. The certificate shall (subject to the execution of an instrument of transfer) constitute a good title to the Share and the person to whom the Share is sold or otherwise disposed of shall not be bound to see to the application of the purchase money, if any, nor shall his title to the Share be affected by any irregularity or invalidity in the proceedings in reference to the forfeiture, sale or disposal of the Share. |
| 15.6 | The provisions of the Articles as to forfeiture shall apply in the case of non payment of any sum which, by the terms of issue of a Share, becomes payable at a fixed time, whether on account of the par value of the Share or by way of premium as if it had been payable by virtue of a call duly made and notified. |
| **16** | **Transmission of Shares** |
| 16.1 | If a Member dies the survivor or survivors (where he was a joint holder) or his legal personal representatives (where he was a sole holder), shall be the only persons recognised by the Company as having any title to his Shares. The estate of a deceased Member is not thereby released from any liability in respect of any Share, for which he was a joint or sole holder. |
| 16.2 | Any person becoming entitled to a Share in consequence of the death or bankruptcy or liquidation or dissolution of a Member (or in any other way than by transfer) may, upon such evidence being produced as may be required by the Directors, elect, by a notice in writing sent by him to the Company, either to become the holder of such Share or to have some person nominated by him registered as the holder of such Share. If he elects to have another person registered as the holder of such Share he shall sign an instrument of transfer of that Share to that person. The Directors shall, in either case, have the same right to decline or suspend registration as they would have had in the case of a transfer of the Share by the relevant Member before his death or bankruptcy or liquidation or dissolution, as the case may be. |
| 16.3 | A person becoming entitled to a Share by reason of the death or bankruptcy or liquidation or dissolution of a Member (or in any other case than by transfer) shall be entitled to the same Dividends, other distributions and other advantages to which he would be entitled if he were the holder of such Share. However, he shall not, before becoming a Member in respect of a Share, be entitled in respect of it to exercise any right conferred by membership in relation to general meetings of the Company and the Directors may at any time give notice requiring any such person to elect either to be registered himself or to have some person nominated by him be registered as the holder of the Share (but the Directors shall, in either case, have the same right to decline or suspend registration as they would have had in the case of a transfer of the Share by the relevant Member before his death or bankruptcy or liquidation or dissolution or any other case than by transfer, as the case may be). If the notice is not complied with within ninety days of being received or deemed to be received (as determined pursuant to the Articles) the Directors may thereafter withhold payment of all Dividends, other distributions, bonuses or other monies payable in respect of the Share until the requirements of the notice have been complied with. |

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| | |
|:---|:---|
| **17** | **Amendments of Memorandum and Articles of Association and Alteration of Capital** |
| 17.1 | The Company may by Ordinary Resolution: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase
 its share capital by such sum as the Ordinary Resolution shall prescribe and with such rights, priorities and privileges annexed
 thereto, as the Company in general meeting may determine;

(b) consolidate
 and divide all or any of its share capital into Shares of larger amount than its existing Shares;

(c) convert
 all or any of its paid-up Shares into stock, and reconvert that stock into paid-up Shares of any denomination;

(d) by
 subdivision of its existing Shares or any of them divide the whole or any part of its share capital into Shares of smaller amount
 than is fixed by the Memorandum or into Shares without par value; and

(e) cancel
 any Shares that at the date of the passing of the Ordinary Resolution have not been taken or agreed to be taken by any person and
 diminish the amount of its share capital by the amount of the Shares so cancelled.

17.2 All
 new Shares created in accordance with the provisions of the preceding Article shall be subject to the same provisions of the Articles
 with reference to the payment of calls, liens, transfer, transmission, forfeiture and otherwise as the Shares in the original share
 capital.

17.3 Subject
 to the provisions of the Statute and the provisions of the Articles as regards the matters to be dealt with by Ordinary Resolution,
 the Company may by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change
 its name;

(b) alter
 or add to the Articles;

(c) alter
 or add to the Memorandum with respect to any objects, powers or other matters specified therein; and

(d) reduce
 its share capital or any capital redemption reserve fund.

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| | |
|:---|:---|
| **18** | **Offices and Places of Business** |
|  | Subject to the provisions of the Statute, the Company may by resolution of the Directors change the location of its Registered Office. The Company may, in addition to its Registered Office, maintain such other offices or places of business as the Directors determine. |
| **19** | **General Meetings** |
| 19.1 | All general meetings other than annual general meetings shall be called extraordinary general meetings. |
| 19.2 | The Company may, but shall not (unless required by the Statute) be obliged to, in each year hold a general meeting as its annual general meeting, and shall specify the meeting as such in the notices calling it. Any annual general meeting shall be held at such time and place as the Directors shall appoint. At these meetings the report of the Directors (if any) shall be presented. |
| 19.3 | Further to a resolution of the Directors, the Directors may call general meetings, and they shall on a Members' requisition forthwith proceed to convene an extraordinary general meeting of the Company. |
| 19.4 | A Members' requisition is a requisition of Members holding at the date of deposit of the requisition not less than sixty-six point six-six (66.66%) per cent. in par value of the issued Shares which as at that date carry the right to vote at general meetings of the Company. |
| 19.5 | The Members' requisition must state the objects of the meeting and must be signed by the requisitionists and deposited at the Registered Office, and may consist of several documents in like form each signed by one or more requisitionists. |
| 19.6 | If there are no Directors as at the date of the deposit of the Members' requisition or if the Directors do not within twenty-one days from the date of the deposit of the Members' requisition duly proceed to convene a general meeting to be held within a further twenty-one days, the requisitionists, or any of them representing more than one-half of the total voting rights of all of the requisitionists, may themselves convene a general meeting, but any meeting so convened shall be held no later than the day which falls three months after the expiration of the said twenty-one day period. |
| 19.7 | A general meeting convened as aforesaid by requisitionists shall be convened in the same manner as nearly as possible as that in which general meetings are to be convened by Directors. |
| **20** | **Notice of General Meetings** |
| 20.1 | At least seven (7) calendar days' notice (but not more than sixty (60) calendar days' notice) shall be given of any general meeting. Every notice shall specify the place, the day and the hour of the meeting and the general nature of the business to be conducted at the general meeting and shall be given in the manner hereinafter mentioned or in such other manner if any as may be prescribed by the Company, provided that a general meeting of the Company shall, whether or not the notice specified in this Article has been given and whether or not the provisions of the Articles regarding general meetings have been complied with, be deemed to have been duly convened if it is so agreed: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of an annual general meeting, by all of the Members (or their proxies) entitled to attend and vote thereat; and

(b) in
 the case of an extraordinary general meeting, by a majority in number of the Members (or their proxies) having a right to attend
 and vote at the meeting, together holding not less than ninety five per cent. in par value of the Shares giving that right.

20.2 The
 accidental omission to give notice of a general meeting to, or the non receipt of notice of a general meeting by, any person entitled
 to receive such notice shall not invalidate the proceedings of that general meeting.

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| | |
|:---|:---|
| **21** | **Proceedings at General Meetings** |
| 21.1 | No business shall be transacted at any general meeting unless a quorum is present. Two Members holding a majority in par value of the total issued Shares, as at the relevant record date pursuant to Article 5, being individuals present in person or by proxy or if a corporation or other non-natural person by its duly authorised representative or proxy shall be a quorum. |
| 21.2 | A person may participate at a general meeting by conference telephone or other communications equipment by means of which all the persons participating in the meeting can communicate with each other. Participation by a person in a general meeting in this manner is treated as presence in person at that meeting. |
| 21.3 | A resolution (including a Special Resolution) in writing (in one or more counterparts) signed by or on behalf of all of the Members for the time being entitled to receive notice of and to attend and vote at general meetings (or, being corporations or other non-natural persons, signed by their duly authorised representatives) shall be as valid and effective as if the resolution had been passed at a general meeting of the Company duly convened and held. |
| 21.4 | If a quorum is not present within half an hour from the time appointed for the meeting to commence or if during such a meeting a quorum ceases to be present, the meeting, if convened upon a Members' requisition, shall be dissolved and in any other case it shall stand adjourned to the same day in the next week at the same time and/or place or to such other day, time and/or place as the Directors may determine, and if at the adjourned meeting a quorum is not present within half an hour from the time appointed for the meeting to commence, the Members present shall be a quorum. |
| 21.5 | The Directors may, at any time prior to the time appointed for the meeting to commence, appoint any person to act as chairman of a general meeting of the Company or, if the Directors do not make any such appointment, the chairman, if any, of the board of Directors shall preside as chairman at such general meeting. If there is no such chairman, or if he shall not be present within fifteen minutes after the time appointed for the meeting to commence, or is unwilling to act, the Directors present shall elect one of their number to be chairman of the meeting. |
| 21.6 | If no Director is willing to act as chairman or if no Director is present within fifteen minutes after the time appointed for the meeting to commence, the Members present shall choose one of their number to be chairman of the meeting. |
| 21.7 | The chairman may, with the consent of a meeting at which a quorum is present (and shall if so directed by the meeting) adjourn the meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. |

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| 21.8 | When a general meeting is adjourned for thirty days or more, notice of the adjourned meeting shall be given as in the case of an original meeting. Otherwise it shall not be necessary to give any such notice of an adjourned meeting. |
| 21.9 | A resolution put to the vote of the meeting shall be decided on a show of hands unless before, or on the declaration of the result of, the show of hands, the chairman demands a poll, or any other Member or Members collectively present in person or by proxy (or in the case of a corporation or other non-natural person, by its duly authorised representative or proxy) and holding at least ten per cent. in par value of the Shares giving a right to attend and vote at the meeting demand a poll. |
| 21.10 | Unless a poll is duly demanded and the demand is not withdrawn a declaration by the chairman that a resolution has been carried or carried unanimously, or by a particular majority, or lost or not carried by a particular majority, an entry to that effect in the minutes of the proceedings of the meeting shall be conclusive evidence of that fact without proof of the number or proportion of the votes recorded in favour of or against such resolution. |
| 21.11 | The demand for a poll may be withdrawn. |
| 21.12 | Except on a poll demanded on the election of a chairman or on a question of adjournment, a poll shall be taken as the chairman directs, and the result of the poll shall be deemed to be the resolution of the general meeting at which the poll was demanded. |
| 21.13 | A poll demanded on the election of a chairman or on a question of adjournment shall be taken forthwith. A poll demanded on any other question shall be taken at such date, time and place as the chairman of the general meeting directs, and any business other than that upon which a poll has been demanded or is contingent thereon may proceed pending the taking of the poll. |
| 21.14 | In the case of an equality of votes, whether on a show of hands or on a poll, the chairman shall be entitled to a second or casting vote. |
| **22** | **Votes of Members** |
| 22.1 | Subject to Articles 22.8-22.10 and subject to any rights or restrictions attached to any Shares, on a show of hands every Member who (being an individual) is present in person or by proxy or, if a corporation or other non-natural person is present by its duly authorised representative or by proxy, shall have one (1) vote and on a poll every Member present in any such manner shall have one vote for every Share of which he is the holder. No cumulative voting shall be allowed. |
| 22.2 | In the case of joint holders the vote of the senior holder who tenders a vote, whether in person or by proxy (or, in the case of a corporation or other non-natural person, by its duly authorised representative or proxy), shall be accepted to the exclusion of the votes of the other joint holders, and seniority shall be determined by the order in which the names of the holders stand in the Register of Members. |
| 22.3 | A Member of unsound mind, or in respect of whom an order has been made by any court, having jurisdiction in lunacy, may vote, whether on a show of hands or on a poll, by his committee, receiver, curator bonis, or other person on such Member's behalf appointed by that court, and any such committee, receiver, curator bonis or other person may vote by proxy. |

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22.4 No
 person shall be entitled to vote at any general meeting unless he is registered as a Member on the record date for such meeting nor
 unless all calls or other monies then payable by him in respect of Shares have been paid.

22.5 No
 objection shall be raised as to the qualification of any voter except at the general meeting or adjourned general meeting at which
 the vote objected to is given or tendered and every vote not disallowed at the meeting shall be valid. Any objection made in due
 time in accordance with this Article shall be referred to the chairman whose decision shall be final and conclusive.

22.6 On
 a poll or on a show of hands votes may be cast either personally or by proxy (or in the case of a corporation or other non-natural
 person by its duly authorised representative or proxy). A Member may appoint more than one proxy or the same proxy under one or more
 instruments to attend and vote at a meeting. Where a Member appoints more than one proxy the instrument of proxy shall state which
 proxy is entitled to vote on a show of hands and shall specify the number of Shares in respect of which each proxy is entitled to
 exercise the related votes.

22.7 On
 a poll, a Member holding more than one Share need not cast the votes in respect of his Shares in the same way on any resolution and
 therefore may vote a Share or some or all such Shares either for or against a resolution and/or abstain from voting a Share or some
 or all of the Shares and, subject to the terms of the instrument appointing him, a proxy appointed under one or more instruments
 may vote a Share or some or all of the Shares in respect of which he is appointed either for or against a resolution and/or abstain
 from voting a Share or some or all of the Shares in respect of which he is appointed.

22.8 No
 Member shall be permitted to vote any Shares for or against the appointment or removal of Directors or directors of any subsidiary
 of the Company that is treated as a corporation for U.S. federal tax purposes if the holding of the power to vote such shares would
 cause any Person to be a 9.9% U.S. Member of the Company or any such subsidiary.

22.9 The
 voting power of each Share is hereby adjusted (and shall be automatically adjusted in the future) to the extent necessary so that
 no U.S. Person is a 9.9% U.S. Member. This Article 22.9 shall be applied prior to the application of Article 22.8. The board of Directors
 shall implement the foregoing in the manner provided below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 board of Directors shall from time to time, including prior to any time at which a vote of Members is taken, take all reasonable
 steps to ascertain through communication with Members or otherwise, whether there exists, or will exist at the time any vote of Members
 is taken, a Tentative 9.9% U.S. Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 the event that a Tentative 9.9% U.S. Member exists, the aggregate votes conferred by Shares
 held by a Member which are treated as Controlled Shares of that Tentative 9.9% U.S. Member
 shall be reduced to the extent necessary such that the Controlled Shares of that Tentative
 9.9% U.S. Member will constitute less than 9.9% of the voting power of all Shares. In applying
 the previous sentence where Shares held by more than one Member are treated as Controlled
 Shares of such Tentative 9.9% U.S. Member, the reduction in votes shall apply to such Members
 in descending order according to their respective Attribution Percentages, provided that,
 in the event of a tie, the reduction shall apply first to the Member whose Shares are Controlled
 Shares of the Tentative 9.9% U.S. Member by virtue of the Tentative 9.9% U.S. Member's
 economic interest in (as opposed to voting control with respect to) such Shares. The votes
 attributable to Shares of Members owning no Shares treated as Controlled Shares of any Tentative
 9.9% U.S. Member shall, in the aggregate, be increased by the same number of votes subject
 to reduction as described above. Such increase shall apply to all such Members in proportion
 to their voting power at that time, provided that such increase shall be limited to the extent
 necessary to avoid causing any person to be a 9.9% U.S. Member. The adjustments of voting
 power described in this Article shall apply repeatedly until there would be no 9.9% U.S.
 Member. The board of Directors may deviate from any of the principles described in this Article
 and determine that Shares held by a Member shall carry different voting rights as it determines
 appropriate (1) to avoid the existence of any 9.9% U.S. Member or (2) to avoid adverse tax,
 legal or regulatory consequences to the Company, any subsidiary of the Company, or any other
 Member or its affiliates. For the avoidance of doubt, in applying the provisions of this
 Article 22, each Share may carry a fraction of a vote.

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| 22.10 | Any Member that acquires actual knowledge that it is a Tentative 9.9% U.S. Member or that the Shares that it owns are Controlled Shares of a Tentative 9.9% U.S. Member shall give notice to the Company within fifteen (15) days following the date of acquisition of such actual knowledge. The board of Directors shall have the authority to request from any Member, and such Member shall provide, such information as the board of Directors may request for the purpose of determining whether any Member's voting rights are to be adjusted pursuant to this Article 22. If such Member fails to respond to such a request, or submits incomplete or inaccurate information in response to such a request, the board of Directors may in its sole and absolute discretion determine that such Member's Shares shall carry no voting rights, in which case such Shares shall not carry any voting rights until otherwise determined by the board of Directors in its sole and absolute discretion. |
| **23** | **Proxies** |
| 23.1 | The instrument appointing a proxy shall be in writing and shall be executed under the hand of the appointor or of his attorney duly authorised in writing, or, if the appointor is a corporation or other non natural person, under the hand of its duly authorised representative. A proxy need not be a Member. |
| 23.2 | The Directors may, in the notice convening any meeting or adjourned meeting, or in an instrument of proxy sent out by the Company, specify the manner by which the instrument appointing a proxy shall be deposited and the place and the time (being not later than the time appointed for the commencement of the meeting or adjourned meeting to which the proxy relates) at which the instrument appointing a proxy shall be deposited. In the absence of any such direction from the Directors in the notice convening any meeting or adjourned meeting or in an instrument of proxy sent out by the Company, the instrument appointing a proxy shall be deposited physically at the Registered Office not less than 48 hours before the time appointed for the meeting or adjourned meeting to commence at which the person named in the instrument proposes to vote. |
| 23.3 | The chairman may in any event at his discretion declare that an instrument of proxy shall be deemed to have been duly deposited. An instrument of proxy that is not deposited in the manner permitted, or which has not been declared to have been duly deposited by the chairman, shall be invalid. |

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| 23.4 | The instrument appointing a proxy may be in any usual or common form (or such other form as the Directors may approve) and may be expressed to be for a particular meeting or any adjournment thereof or generally until revoked. An instrument appointing a proxy shall be deemed to include the power to demand or join or concur in demanding a poll. |
| 23.5 | Votes given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous death or insanity of the principal or revocation of the proxy or of the authority under which the proxy was executed, or the transfer of the Share in respect of which the proxy is given unless notice in writing of such death, insanity, revocation or transfer was received by the Company at the Registered Office before the commencement of the general meeting, or adjourned meeting at which it is sought to use the proxy. |
| **24** | **Corporate Members and Clearing Houses** |
| 24.1 | Any corporation or other non-natural person which is a Member may in accordance with its constitutional documents, or in the absence of such provision by resolution of its directors or other governing body, authorise such person as it thinks fit to act as its representative at any meeting of the Company or of any class of Members, and the person so authorised shall be entitled to exercise the same powers on behalf of the corporation which he represents as the corporation could exercise if it were an individual Member. |
| 24.2 | If a clearing house (or its nominee) is a member of the Company it may, by resolution of its directors or other governing body or by power of attorney, authorize such person or persons as it thinks fit to act as its representative or representatives at any general meeting of the Company or at any general meeting of any class of members of the Company provided that, if more than one person is so authorised, the authorization shall specify the number and class of shares in respect of which each such person is so authorised. A person so authorised pursuant to this provision shall be entitled to exercise the same powers on behalf of the clearing house (or its nominee) which he represents as that clearing house (or its nominee) could exercise if it were an individual member of the Company holding the number and class of shares specified in such authorization |
| **25** | **Shares that May Not be Voted** |
|  | Shares in the Company that are beneficially owned by the Company shall not be voted, directly or indirectly, at any meeting and shall not be counted in determining the total number of outstanding Shares at any given time. |
| **26** | **Directors** |
|  | There shall be a board of Directors consisting of not less than four (4) Directors (exclusive of alternate Directors), the exact number of Directors to be determined from time to time by resolution adopted by the majority of the Directors then in office; provided, however, that if no such resolution shall be in effect the number of Directors shall be six (6) Directors. Any increase in the size of the board of Directors pursuant to this Article 26 shall be deemed to a vacancy and be filled in accordance with Article 28.2. |
| **27** | **Powers of Directors** |
| 27.1 | Subject to the provisions of the Statute, the Memorandum and the Articles and to any directions given by Special Resolution, the business of the Company shall be managed by the Directors who may exercise all the powers of the Company. No alteration of the Memorandum or Articles and no such direction shall invalidate any prior act of the Directors which would have been valid if that alteration had not been made or that direction had not been given. A duly convened meeting of Directors at which a quorum is present may exercise all powers exercisable by the Directors. |

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| 27.2 | All cheques, promissory notes, drafts, bills of exchange and other negotiable or transferable instruments and all receipts for monies paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed as the case may be in such manner as the Directors shall determine by resolution. |
| 27.3 | The Directors on behalf of the Company may pay a gratuity or pension or allowance on retirement to any Director who has held any other salaried office or place of profit with the Company or to his widow or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance. |
| 27.4 | The Directors may exercise all the powers of the Company to borrow money and to mortgage or charge its undertaking, property and assets (present and future) and uncalled capital or any part thereof and to issue debentures, debenture stock, mortgages, bonds and other such securities whether outright or as security for any debt, liability or obligation of the Company or of any third party. |
| 27.5 | The board of Directors may, from time to time, and except as required by applicable law or the listing rules of the Designated Stock Exchange, adopt, institute, amend, modify or revoke the corporate governance policies or initiatives, which shall be intended to set forth the policies of the Company and the board of Directors on various corporate governance related matters, as the board of Directors shall determine by resolution from time to time. |
| **28** | **Appointment and Removal of Directors** |
| 28.1 | The Company may by Ordinary Resolution appoint any person to be a Director or may by Ordinary Resolution remove any Director. |
| 28.2 | The Directors may appoint any person to be a Director, either to fill a vacancy or as an additional Director provided that the appointment does not cause the number of Directors to exceed any number fixed by or in accordance with the Articles as the maximum number of Directors. |
| **29** | **Vacation of Office of Director** |
|  | The office of a Director shall be vacated if: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Director gives notice in writing to the Company that he resigns the office of Director; or

(b) the
 Director dies, becomes bankrupt or makes any arrangement or composition with his creditors generally; or

(c) the
 Director is found to be or becomes of unsound mind.

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| **30** | **Proceedings of Directors** |
| 30.1 | The quorum for the transaction of the business of the Directors may be fixed by the Directors, and unless so fixed shall be a majority of the Directors. A person who holds office as an alternate Director shall, if his appointor is not present, be counted in the quorum. A Director who also acts as an alternate Director shall, if his appointor is not present, count twice towards the quorum. |

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30.2 Subject
 to the provisions of the Articles, the Directors may regulate their proceedings as they think fit. Questions arising at any meeting
 shall be decided by a majority of votes. In the case of an equality of votes, the chairman shall have a second or casting vote. A
 Director who is also an alternate Director shall be entitled in the absence of his appointor to a separate vote on behalf of his
 appointor in addition to his own vote.

30.3 A
 person may participate in a meeting of the Directors or committee of Directors by conference telephone or other communications equipment
 by means of which all the persons participating in the meeting can communicate with each other at the same time. Participation by
 a person in a meeting in this manner is treated as presence in person at that meeting. Unless otherwise determined by the Directors
 the meeting shall be deemed to be held at the place where the chairman is located at the start of the meeting.

30.4 A
 resolution in writing (in one or more counterparts) signed by all the Directors or all the members of a committee of the Directors
 or, in the case of a resolution in writing relating to the removal of any Director or the vacation of office by any Director, all
 of the Directors other than the Director who is the subject of such resolution (an alternate Director being entitled to sign such
 a resolution on behalf of his appointor and if such alternate Director is also a Director, being entitled to sign such resolution
 both on behalf of his appointer and in his capacity as a Director) shall be as valid and effectual as if it had been passed at a
 meeting of the Directors, or committee of Directors as the case may be, duly convened and held.

30.5 A
 Director or alternate Director may, or other officer of the Company on the direction of a Director or alternate Director shall, call
 a meeting of the Directors by at least two days' notice in writing to every Director and alternate Director which notice shall
 set forth the general nature of the business to be considered unless notice is waived by all the Directors (or their alternates)
 either at, before or after the meeting is held. To any such notice of a meeting of the Directors all the provisions of the Articles
 relating to the giving of notices by the Company to the Members shall apply *mutatis mutandis*.

30.6 The
 continuing Directors (or a sole continuing Director, as the case may be) may act notwithstanding any vacancy in their body, but if
 and so long as their number is reduced below the number fixed by or pursuant to the Articles as the necessary quorum of Directors
 the continuing Directors or Director may act for the purpose of increasing the number of Directors to be equal to such fixed number,
 or of summoning a general meeting of the Company, but for no other purpose.

30.7 The
 Directors may elect a chairman of their board and determine the period for which he is to hold office; but if no such chairman
 is elected, or if at any meeting the chairman is not present within five minutes after the time appointed for the meeting to commence,
 the Directors present may choose one of their number to be chairman of the meeting.

30.8 All
 acts done by any meeting of the Directors or of a committee of the Directors (including any person acting as an alternate Director)
 shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment of any Director or alternate
 Director, and/or that they or any of them were disqualified, and/or had vacated their office and/or were not entitled to vote, be
 as valid as if every such person had been duly appointed and/or not disqualified to be a Director or alternate Director and/or had
 not vacated their office and/or had been entitled to vote, as the case may be.

30.9 A
 Director but not an alternate Director may be represented at any meetings of the board of Directors by a proxy appointed in writing
 by him. The proxy shall count towards the quorum and the vote of the proxy shall for all purposes be deemed to be that of the appointing
 Director.

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| **31** | **Presumption of Assent** |
|  | A Director or alternate Director who is present at a meeting of the board of Directors at which action on any Company matter is taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent from such action with the person acting as the chairman or secretary of the meeting before the adjournment thereof or shall forward such dissent by registered post to such person immediately after the adjournment of the meeting. Such right to dissent shall not apply to a Director or alternate Director who voted in favour of such action. |
| **32** | **Directors' Interests** |
| 32.1 | A Director or alternate Director may hold any other office or place of profit under the Company (other than the office of Auditor) in conjunction with his office of Director for such period and on such terms as to remuneration and otherwise as the Directors may determine. |
| 32.2 | A Director or alternate Director may act by himself or by, through or on behalf of his firm in a professional capacity for the Company and he or his firm shall be entitled to remuneration for professional services as if he were not a Director or alternate Director. |
| 32.3 | A Director or alternate Director may be or become a director or other officer of or otherwise interested in any company promoted by the Company or in which the Company may be interested as a shareholder, a contracting party or otherwise, and no such Director or alternate Director shall be accountable to the Company for any remuneration or other benefits received by him as a director or officer of, or from his interest in, such other company. |
| 32.4 | No person shall be disqualified from the office of Director or alternate Director or prevented by such office from contracting with the Company, either as vendor, purchaser or otherwise, nor shall any such contract or any contract or transaction entered into by or on behalf of the Company in which any Director or alternate Director shall be in any way interested be or be liable to be avoided, nor shall any Director or alternate Director so contracting or being so interested be liable to account to the Company for any profit realised by or arising in connection with any such contract or transaction by reason of such Director or alternate Director holding office or of the fiduciary relationship thereby established. A Director (or his alternate Director in his absence) shall be at liberty to vote in respect of any contract or transaction in which he is interested provided that the nature of the interest of any Director or alternate Director in any such contract or transaction shall be disclosed by him at or prior to its consideration and any vote thereon. |
| 32.5 | A general notice that a Director or alternate Director is a shareholder, director, officer or employee of any specified firm or company and is to be regarded as interested in any transaction with such firm or company shall be sufficient disclosure for the purposes of voting on a resolution in respect of a contract or transaction in which he has an interest, and after such general notice it shall not be necessary to give special notice relating to any particular transaction. |
| **33** | **Minutes** |
|  | The Directors shall cause minutes to be made in books kept for the purpose of all appointments of officers made by the Directors, all proceedings at meetings of the Company or the holders of any class of Shares and of the Directors, and of committees of the Directors, including the names of the Directors or alternate Directors present at each meeting. |

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| **34** | **Delegation of Directors' Powers** |
| 34.1 | The Directors may delegate any of their powers, authorities and discretions, including the power to sub-delegate, to any committee consisting of one or more Directors. They may also delegate to any managing director or any Director holding any other executive office such of their powers, authorities and discretions as they consider desirable to be exercised by him provided that an alternate Director may not act as managing director and the appointment of a managing director shall be revoked forthwith if he ceases to be a Director. Any such delegation may be made subject to any conditions the Directors may impose and either collaterally with or to the exclusion of their own powers and any such delegation may be revoked or altered by the Directors. Subject to any such conditions, the proceedings of a committee of Directors shall be governed by the Articles regulating the proceedings of Directors, so far as they are capable of applying. |
| 34.2 | The Directors may establish any committees, local boards or agencies or appoint any person to be a manager or agent for managing the affairs of the Company and may appoint any person to be a member of such committees, local boards or agencies. Any such appointment may be made subject to any conditions the Directors may impose, and either collaterally with or to the exclusion of their own powers and any such appointment may be revoked or altered by the Directors. Subject to any such conditions, the proceedings of any such committee, local board or agency shall be governed by the Articles regulating the proceedings of Directors, so far as they are capable of applying. |
| 34.3 | The Directors may by power of attorney or otherwise appoint any person to be the agent of the Company on such conditions as the Directors may determine, provided that the delegation is not to the exclusion of their own powers and may be revoked by the Directors at any time. |
| 34.4 | The Directors may by power of attorney or otherwise appoint any company, firm, person or body of persons, whether nominated directly or indirectly by the Directors, to be the attorney or authorised signatory of the Company for such purpose and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the Directors under the Articles) and for such period and subject to such conditions as they may think fit, and any such powers of attorney or other appointment may contain such provisions for the protection and convenience of persons dealing with any such attorneys or authorised signatories as the Directors may think fit and may also authorise any such attorney or authorised signatory to delegate all or any of the powers, authorities and discretions vested in him. |
| 34.5 | The Directors may appoint such officers of the Company (including, for the avoidance of doubt and without limitation, any secretary) as they consider necessary on such terms, at such remuneration and to perform such duties, and subject to such provisions as to disqualification and removal as the Directors may think fit. Unless otherwise specified in the terms of his appointment an officer of the Company may be removed by resolution of the Directors or Members. An officer of the Company may vacate his office at any time if he gives notice in writing to the Company that he resigns his office. |

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| **35** | **Alternate Directors** |
| 35.1 | Any Director (but not an alternate Director) may by writing appoint any other Director, or any other person willing to act, to be an alternate Director and by writing may remove from office an alternate Director so appointed by him. |
| 35.2 | An alternate Director shall be entitled to receive notice of all meetings of Directors and of all meetings of committees of Directors of which his appointor is a member, to attend and vote at every such meeting at which the Director appointing him is not personally present, to sign any written resolution of the Directors, and generally to perform all the functions of his appointor as a Director in his absence. |
| 35.3 | An alternate Director shall cease to be an alternate Director if his appointor ceases to be a Director. |
| 35.4 | Any appointment or removal of an alternate Director shall be by notice to the Company signed by the Director making or revoking the appointment or in any other manner approved by the Directors. |
| 35.5 | Subject to the provisions of the Articles, an alternate Director shall be deemed for all purposes to be a Director and shall alone be responsible for his own acts and defaults and shall not be deemed to be the agent of the Director appointing him. |
| **36** | **No Minimum Shareholding** |
|  | The Company in general meeting may fix a minimum shareholding required to be held by a Director, but unless and until such a shareholding qualification is fixed a Director is not required to hold Shares. |
| **37** | **Remuneration of Directors** |
| 37.1 | The remuneration to be paid to the Directors, if any, shall be such remuneration as the Directors shall determine. The Directors shall also be entitled to be paid all travelling, hotel and other expenses properly incurred by them in connection with their attendance at meetings of Directors or committees of Directors, or general meetings of the Company, or separate meetings of the holders of any class of Shares or debentures of the Company, or otherwise in connection with the business of the Company or the discharge of their duties as a Director, or to receive a fixed allowance in respect thereof as may be determined by the Directors, or a combination partly of one such method and partly the other. |
| 37.2 | The Directors may by resolution approve additional remuneration to any Director for any services which in the opinion of the Directors go beyond his ordinary routine work as a Director. Any fees paid to a Director who is also counsel, attorney or solicitor to the Company, or otherwise serves it in a professional capacity shall be in addition to his remuneration as a Director. |
| **38** | **Seal** |
| 38.1 | The Company may, if the Directors so determine, have a Seal. The Seal shall only be used by the authority of the Directors or of a committee of the Directors authorised by the Directors. Every instrument to which the Seal has been affixed shall be signed by at least one person who shall be either a Director or some officer of the Company or other person appointed by the Directors for the purpose. |

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|:---|:---|
| 38.2 | The Company may have for use in any place or places outside the Cayman Islands a duplicate Seal or Seals each of which shall be a facsimile of the common Seal of the Company and, if the Directors so determine, with the addition on its face of the name of every place where it is to be used. |
| 38.3 | A Director or officer, representative or attorney of the Company may without further authority of the Directors affix the Seal over his signature alone to any document of the Company required to be authenticated by him under seal or to be filed with the Registrar of Companies in the Cayman Islands or elsewhere wheresoever. |
| **39** | **Dividends, Distributions and Reserve** |
| 39.1 | Subject to the Statute and this Article and except as otherwise provided by the rights attached to any Shares, the Directors may resolve to pay Dividends and other distributions on Shares in issue and authorise payment of the Dividends or other distributions out of the funds of the Company lawfully available therefor. A Dividend shall be deemed to be an interim Dividend unless the terms of the resolution pursuant to which the Directors resolve to pay such Dividend specifically state that such Dividend shall be a final Dividend. No Dividend or other distribution shall be paid except out of the realised or unrealised profits of the Company, out of the share premium account or as otherwise permitted by the Statute. |
| 39.2 | Except as otherwise provided by the rights attached to any Shares, all Dividends and other distributions shall be paid according to the par value of the Shares that a Member holds. If any Share is issued on terms providing that it shall rank for Dividend as from a particular date, that Share shall rank for Dividend accordingly. |
| 39.3 | The Directors may deduct from any Dividend or other distribution payable to any Member all sums of money (if any) then payable by him to the Company on account of calls or otherwise. |
| 39.4 | The Directors may resolve that any Dividend or other distribution be paid wholly or partly by the distribution of specific assets and in particular (but without limitation) by the distribution of shares, debentures, or securities of any other company or in any one or more of such ways and where any difficulty arises in regard to such distribution, the Directors may settle the same as they think expedient and in particular may issue fractional Shares and may fix the value for distribution of such specific assets or any part thereof and may determine that cash payments shall be made to any Members upon the basis of the value so fixed in order to adjust the rights of all Members and may vest any such specific assets in trustees in such manner as may seem expedient to the Directors. |
| 39.5 | Except as otherwise provided by the rights attached to any Shares, Dividends and other distributions may be paid in any currency. The Directors may determine the basis of conversion for any currency conversions that may be required and how any costs involved are to be met. |
| 39.6 | The Directors may, before resolving to pay any Dividend or other distribution, set aside such sums as they think proper as a reserve or reserves which shall, at the discretion of the Directors, be applicable for any purpose of the Company and pending such application may, at the discretion of the Directors, be employed in the business of the Company. |

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| | |
|:---|:---|
| 39.7 | Any Dividend, other distribution, interest or other monies payable in cash in respect of Shares may be paid by wire transfer to the holder or by cheque or warrant sent through the post directed to the registered address of the holder or, in the case of joint holders, to the registered address of the holder who is first named on the Register of Members or to such person and to such address as such holder or joint holders may in writing direct. Every such cheque or warrant shall be made payable to the order of the person to whom it is sent. Any one of two or more joint holders may give effectual receipts for any Dividends, other distributions, bonuses, or other monies payable in respect of the Share held by them as joint holders. |
| 39.8 | No Dividend or other distribution shall bear interest against the Company. |
| 39.9 | Any Dividend or other distribution which cannot be paid to a Member and/or which remains unclaimed after six months from the date on which such Dividend or other distribution becomes payable may, in the discretion of the Directors, be paid into a separate account in the Company's name, provided that the Company shall not be constituted as a trustee in respect of that account and the Dividend or other distribution shall remain as a debt due to the Member. Any Dividend or other distribution which remains unclaimed after a period of six years from the date on which such Dividend or other distribution becomes payable shall be forfeited and shall revert to the Company. |
| **40** | **Capitalisation** |
|  | The Directors may at any time capitalise any sum standing to the credit of any of the Company's reserve accounts or funds (including the share premium account and capital redemption reserve fund) or any sum standing to the credit of the profit and loss account or otherwise available for distribution; appropriate such sum to Members in the proportions in which such sum would have been divisible amongst such Members had the same been a distribution of profits by way of Dividend or other distribution; and apply such sum on their behalf in paying up in full unissued Shares for allotment and distribution credited as fully paid-up to and amongst them in the proportion aforesaid. In such event the Directors shall do all acts and things required to give effect to such capitalisation, with full power given to the Directors to make such provisions as they think fit in the case of Shares becoming distributable in fractions (including provisions whereby the benefit of fractional entitlements accrue to the Company rather than to the Members concerned). The Directors may authorise any person to enter on behalf of all of the Members interested into an agreement with the Company providing for such capitalisation and matters incidental or relating thereto and any agreement made under such authority shall be effective and binding on all such Members and the Company. |
| **41** | **Books of Account** |
| 41.1 | The Directors shall cause proper books of account (including, where applicable, material underlying documentation including contracts and invoices) to be kept with respect to all sums of money received and expended by the Company and the matters in respect of which the receipt or expenditure takes place, all sales and purchases of goods by the Company and the assets and liabilities of the Company. Such books of account must be retained for a minimum period of five years from the date on which they are prepared. Proper books shall not be deemed to be kept if there are not kept such books of account as are necessary to give a true and fair view of the state of the Company's affairs and to explain its transactions. |
| 41.2 | The Directors shall determine whether and to what extent and at what times and places and under what conditions or regulations the accounts and books of the Company or any of them shall be open to the inspection of Members not being Directors and no Member (not being a Director) shall have any right of inspecting any account or book or document of the Company except as conferred by Statute or authorised by the Directors or by the Company in general meeting. |

---

---

| | |
|:---|:---|
| 41.3 | The Directors may cause to be prepared and to be laid before the Company in general meeting profit and loss accounts, balance sheets, group accounts (if any) and such other reports and accounts as may be required by law. |
| **42** | **Audit** |
| 42.1 | The Directors may appoint an Auditor of the Company who shall hold office on such terms as the Directors determine. |
| 42.2 | Every Auditor of the Company shall have a right of access at all times to the books and accounts and vouchers of the Company and shall be entitled to require from the Directors and officers of the Company such information and explanation as may be necessary for the performance of the duties of the Auditor. |
| 42.3 | Auditors shall, if so required by the Directors, make a report on the accounts of the Company during their tenure of office at the next annual general meeting following their appointment in the case of a company which is registered with the Registrar of Companies as an ordinary company, and at the next extraordinary general meeting following their appointment in the case of a company which is registered with the Registrar of Companies as an exempted company, and at any other time during their term of office, upon request of the Directors or any general meeting of the Members. |
| **43** | **Notices** |
| 43.1 | Notices shall be in writing and may be given by the Company to any Member either personally or by sending it by courier, post, cable, telex, fax or e-mail to him or to his address as shown in the Register of Members (or where the notice is given by e-mail by sending it to the e-mail address provided by such Member). Any notice, if posted from one country to another, is to be sent by airmail. |
| 43.2 | Where a notice is sent by courier, service of the notice shall be deemed to be effected by delivery of the notice to a courier company, and shall be deemed to have been received on the third day (not including Saturdays or Sundays or public holidays) following the day on which the notice was delivered to the courier. Where a notice is sent by post, service of the notice shall be deemed to be effected by properly addressing, pre paying and posting a letter containing the notice, and shall be deemed to have been received on the fifth day (not including Saturdays or Sundays or public holidays in the Cayman Islands) following the day on which the notice was posted. Where a notice is sent by cable, telex or fax, service of the notice shall be deemed to be effected by properly addressing and sending such notice and shall be deemed to have been received on the same day that it was transmitted. Where a notice is given by e-mail service shall be deemed to be effected by transmitting the e-mail to the e-mail address provided by the intended recipient and shall be deemed to have been received on the same day that it was sent, and it shall not be necessary for the receipt of the e-mail to be acknowledged by the recipient. |
| 43.3 | A notice may be given by the Company to the person or persons which the Company has been advised are entitled to a Share or Shares in consequence of the death or bankruptcy of a Member in the same manner as other notices which are required to be given under the Articles and shall be addressed to them by name, or by the title of representatives of the deceased, or trustee of the bankrupt, or by any like description at the address supplied for that purpose by the persons claiming to be so entitled, or at the option of the Company by giving the notice in any manner in which the same might have been given if the death or bankruptcy had not occurred. |

---

---

| | |
|:---|:---|
| 43.4 | Notice of every general meeting shall be given in any manner authorised by the Articles to every holder of Shares carrying an entitlement to receive such notice (which shall include his voting entitlement) on the record date for such meeting except that in the case of joint holders the notice shall be sufficient if given to the joint holder first named in the Register of Members and every person upon whom the ownership of a Share devolves by reason of his being a legal personal representative or a trustee in bankruptcy of a Member where the Member but for his death or bankruptcy would be entitled to receive notice of the meeting, and no other person shall be entitled to receive notices of general meetings. |
| **44** | **Winding Up** |
| 44.1 | If the Company shall be wound up the liquidator shall apply the assets of the Company in satisfaction of creditors' claims in such manner and order as such liquidator thinks fit. Subject to the rights attaching to any Shares, in a winding up: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the assets available for distribution amongst the Members shall be insufficient to repay the whole of the Company's issued
 share capital, such assets shall be distributed so that, as nearly as may be, the losses shall be borne by the Members in proportion
 to the par value of the Shares held by them; or

(b) if
 the assets available for distribution amongst the Members shall be more than sufficient to repay the whole of the Company's
 issued share capital at the commencement of the winding up, the surplus shall be distributed amongst the Members in proportion to
 the par value of the Shares held by them at the commencement of the winding up subject to a deduction from those Shares in respect
 of which there are monies due, of all monies payable to the Company for unpaid calls or otherwise.

---

| | |
|:---|:---|
| 44.2 | If the Company shall be wound up the liquidator may, subject to the rights attaching to any Shares and with the sanction of a Special Resolution of the Company and any other sanction required by the Statute, divide amongst the Members in kind the whole or any part of the assets of the Company (whether such assets shall consist of property of the same kind or not) and may for that purpose value any assets and determine how the division shall be carried out as between the Members or different classes of Members. The liquidator may, with the like sanction, vest the whole or any part of such assets in trustees upon such trusts for the benefit of the Members as the liquidator, with the like sanction, shall think fit, but so that no Member shall be compelled to accept any asset upon which there is a liability. |
| **45** | **Indemnity and Insurance** |
| 45.1 | Every Director and officer of the Company (which for the avoidance of doubt, shall not include auditors of the Company), together with every former Director and former officer of the Company (each an "**Indemnified Person**") shall be indemnified out of the assets of the Company against any liability, action, proceeding, claim, demand, costs, damages or expenses, including legal expenses, whatsoever which they or any of them may incur as a result of any act or failure to act in carrying out their functions other than such liability (if any) that they may incur by reason of their own actual fraud or wilful default. No Indemnified Person shall be liable to the Company for any loss or damage incurred by the Company as a result (whether direct or indirect) of the carrying out of their functions unless that liability arises through the actual fraud or wilful default of such Indemnified Person. No person shall be found to have committed actual fraud or wilful default under this Article unless or until a court of competent jurisdiction shall have made a finding to that effect. |

---

---

| | |
|:---|:---|
| 45.2 | The Company shall advance to each Indemnified Person reasonable attorneys' fees and other costs and expenses incurred in connection with the defence of any action, suit, proceeding or investigation involving such Indemnified Person for which indemnity will or could be sought. In connection with any advance of any expenses hereunder, the Indemnified Person shall execute an undertaking to repay the advanced amount to the Company if it shall be determined by final judgment or other final adjudication that such Indemnified Person was not entitled to indemnification pursuant to this Article. If it shall be determined by a final judgment or other final adjudication that such Indemnified Person was not entitled to indemnification with respect to such judgment, costs or expenses, then such party shall not be indemnified with respect to such judgment, costs or expenses and any advancement shall be returned to the Company (without interest) by the Indemnified Person. |
| 45.3 | Notwithstanding the last proceeding Article, the Directors, on behalf of the Company, may purchase and maintain insurance for the benefit of any Director or other officer of the Company against any liability which, by virtue of any rule of law, would otherwise attach to such person in respect of any negligence, default, breach of duty or breach of trust of which such person may be guilty in relation to the Company. |
| **46** | **Financial Year** |
|  | Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31st December in each year and, following the year of incorporation, shall begin on 1st January in each year. |
| **47** | **Transfer by Way of Continuation** |
|  | If the Company is exempted as defined in the Statute, it shall, subject to the provisions of the Statute and with the approval of a Special Resolution, have the power to register by way of continuation as a body corporate under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands. |
| **48** | **Mergers and Consolidations** |
|  | The Company shall, with the approval of a Special Resolution, have the power to merge or consolidate with one or more constituent companies (as defined in the Statute), upon such terms as the Directors may determine. |

---

## Exhibit 10.1

**Exhibit 10.1**

**OXBRIDGE RE HOLDINGS LIMITED**

**2025 OMNIBUS INCENTIVE PLAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Purpose, Effective Date and Definitions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Purpose*. Oxbridge Re Holdings Limited 2025 Omnibus Incentive Plan has two complementary purposes: (i) to attract, retain, focus and motivate executives and other selected employees, directors, consultants and advisors and (ii) to increase shareholder value. The Plan will accomplish these objectives by offering participants the opportunity to acquire ordinary shares of the Company's common equity, receive monetary payments based on the value of such ordinary shares or receive other incentive compensation on the terms that this Plan provides. In addition, the Plan is intended to advance the Company's growth and success and to advance its interests by attracting and retaining well-qualified Non-Employee Directors upon whose judgment the Company is largely dependent for the successful conduct of its operations and by providing such individuals with incentives to put forth maximum efforts for the long-term success of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Effective Date*. This Plan will become effective, and Awards may be granted under this Plan, on and after the date on which the Plan is approved by the Company's shareholders (the "Effective Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Prior Plan*. If the Company's shareholders approve this Plan, then the Oxbridge Re Holdings Limited 2021 Omnibus Incentive Plan (the "Prior Plan") will terminate on the Effective Date (the "Termination Date"), and no new awards will be granted under the Prior Plan after the Termination Date; provided that the Prior Plan will continue to govern awards outstanding as of the date of the Prior Plan's termination and such awards shall continue in force and effect until fully vested, exercised, distributed or terminated pursuant to their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Definitions*. Capitalized terms used and not otherwise defined in various sections of the Plan have the meanings given in Section 19.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Administration.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Administration*. In addition to the authority specifically granted to the Administrator in this Plan, the Administrator has full discretionary authority to administer this Plan, including but not limited to the authority to: (i) interpret the provisions of this Plan; (ii) prescribe, amend and rescind rules and regulations relating to this Plan; (iii) correct any defect, supply any omission, or reconcile any inconsistency in the Plan, any Award or any agreement covering an Award in the manner and to the extent it deems desirable to carry this Plan or such Award into effect; and (iv) make all other determinations necessary or advisable for the administration of this Plan. All Administrator determinations shall be made in the sole discretion of the Administrator and are final and binding on all interested parties.

Notwithstanding any provision of the Plan to the contrary, the Administrator shall have the discretion to grant an Award with any vesting condition, any vesting period or any performance period if the Award is granted to a newly hired or promoted Participant, or accelerate or shorten the vesting or performance period of an Award, in connection with a Participant's death, Disability, Retirement or termination by the Company or an Affiliate without Cause or a Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Delegation to Other Committees or Officers*. To the extent applicable law permits, the Board may delegate to another committee of the Board, or the Committee may delegate to one or more officers of the Company, any or all of their respective authority and responsibility as an Administrator of the Plan; *provided* that no such delegation is permitted with respect to Share-based Awards made to Section 16 Participants at the time any such delegated authority or responsibility is exercised unless the delegation is to another committee of the Board consisting entirely of Non-Employee Directors who are also non-employee directors within the meaning of Rule 16b-3(b)(3) promulgated under the Exchange Act. If the Board or the Committee has made such a delegation, then all references to the Administrator in this Plan include such other committee or one or more officers to the extent of such delegation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *No Liability; Indemnification*. No member of the Board or the Committee, and no officer or member of any other committee to whom a delegation under Section 2(b) has been made, will be liable for any act done, or determination made, by the individual in good faith with respect to the Plan or any Award. The Company will indemnify and hold harmless each such individual as to any acts or omissions, or determinations made, with respect to this Plan or any Award to the maximum extent that the law and the Company's by-laws permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Eligibility.** The Administrator may designate any of the following as a Participant from time to time, to the extent of the Administrator's authority: any officer or other employee of the Company or its Affiliates; any individual that the Company or an Affiliate has engaged to become an officer or employee; any consultant or advisor who provides services to the Company or its Affiliates; or any Director, including a Non-Employee Director. The Administrator's granting of an Award to a Participant will not require the Administrator to grant an Award to such individual at any future time. The Administrator's granting of a particular type of Award to a Participant will not require the Administrator to grant any other type of Award to such individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Types of Awards; Assistance to Participants.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Grants of Awards*. Subject to the terms of this Plan, the Administrator may grant any type of Award to any Participant it selects, but only employees of the Company or a Subsidiary (that qualifies under Code Section 422) may receive grants of incentive share options within the meaning of Code Section 422. Awards may be granted alone or in addition to, in tandem with, or (subject to the prohibition on repricing set forth in Section 15(e)) in substitution for any other Award (or any other award granted under another plan of the Company or any Affiliate, including the plan of an acquired entity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Assistance.* On such terms and conditions as shall be approved by the Administrator, the Company or any Subsidiary may directly or indirectly lend money to any Participant or other person to accomplish the purposes of the Plan, including to assist such Participant or other person to acquire Shares upon the exercise of Options, *provided* that such lending is not permitted to the extent it would violate terms of the Sarbanes-Oxley Act of 2002 or any other law, regulation or other requirement applicable to the Company or any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Shares Reserved under this Plan.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Plan Reserve*. Subject to adjustment as provided in Section 17 and the provisions of Section 5(c), an aggregate of one million five hundred sixty nine thousand, five hundred fourteen (1,569,514) Shares are reserved for issuance under this Plan. The number of Shares available under this Plan shall increase annually on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2026, and continuing until (and including) the fiscal year ending December 31, 2035, with such annual increase equal to an amount equal to the lesser of (i) 5% of the number of Shares outstanding on December 31st of the immediately preceding fiscal year, and (ii) an amount determined by the Board. Notwithstanding the foregoing, no more than one million five hundred sixty-nine thousand five hundred fourteen (1,569,514) Shares may be issued pursuant to incentive stock options within the meaning of Code Section 422. The Shares reserved for issuance may be either authorized and unissued Shares or shares reacquired at any time and now or hereafter held in treasury. The aggregate number of Shares reserved under this Section 5(a) shall be depleted by the maximum number of Shares, if any, that may be issuable under an Award as determined at the time of grant. For purposes of determining the aggregate number of Shares reserved for issuance under this Plan, any fractional Share shall be rounded to the next highest full Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Replenishment of Shares Under this Plan*. If (i) an Award lapses, expires, terminates or is cancelled without the issuance of Shares under the Award (whether due currently or on a deferred basis), (ii) it is determined during or at the conclusion of the term of an Award that all or some portion of the Shares with respect to which the Award was granted will not be issuable, or that other compensation with respect to the Shares covered by the Award will not be payable, on the basis that the conditions for such issuance will not be satisfied, (iii) Shares are forfeited under an Award or (iv) Shares are issued under any Award and the Company subsequently reacquires them pursuant to rights reserved upon the issuance of the Shares, then such Shares shall be recredited to the Plan's reserve and may again be used for new Awards under this Plan, but Shares recredited to the Plan's reserve pursuant to clause (iv) may not be issued pursuant to incentive share options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***Addition of Shares from Prior Plan***. After the Effective Date, if any Shares subject to awards granted under the Prior Plans would again become available for new grants under Section 5(b)(i) of this Plan if such award had been granted under this Plan, then those Shares will be added to the Plan reserve described in Section 5(a) and will be available for the purpose of granting Awards under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Options.** Subject to the terms of this Plan, the Administrator will determine all terms and conditions of each Option, including but not limited to: (a) whether the Option is an "incentive share option" which meets the requirements of Code Section 422, or a "nonqualified share option" which does not meet the requirements of Code Section 422; (b) the grant date, which may not be any day prior to the date that the Administrator approves the grant; (c) the number of Shares subject to the Option; (d) the exercise price, which may not be less than the Fair Market Value of the Shares subject to the Option as determined on the date of grant (other than in the case of an Option that is not an incentive share option and that complies with Code Section 409A); (e) the terms and conditions of vesting and exercise; and (f) the term, except that an Option must terminate no later than ten (10) years after the date of grant. In all other respects, the terms of any incentive share option should comply with the provisions of Code Section 422 except to the extent the Administrator determines otherwise. Except to the extent the Administrator determines otherwise, a Participant may exercise an Option in whole or part after the right to exercise the Option has accrued, *provided* that any partial exercise must be for one hundred (100) Shares or multiples thereof. If an Option that is intended to be an incentive share option fails to meet the requirements thereof, the Option shall automatically be treated as a nonqualified share option to the extent of such failure. Unless restricted by the Administrator, and subject to such procedures as the Administrator may specify, the payment of the exercise price of Options made be made by (w) delivery of cash or other Shares or other securities of the Company (including by attestation) having a then Fair Market Value equal to the purchase price of such Shares, (x) by delivery (including by fax) to the Company or its designated agent of an executed irrevocable option exercise form together with irrevocable instructions to a broker-dealer to sell or margin a sufficient portion of the Shares and deliver the sale or margin loan proceeds directly to the Company to pay for the exercise price, (y) by surrendering the right to receive Shares otherwise deliverable to the Participant upon exercise of the Award having a Fair Market Value at the time of exercise equal to the total exercise price, or (z) by any combination of (w), (x) and/or (y). Except to the extent otherwise set forth in an Award agreement, a Participant shall have no rights as a holder of Shares as a result of the grant of an Option until the Option is exercised, the exercise price and applicable withholding taxes are paid and the Shares subject to the Option are issued thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Share Appreciation Rights.** Subject to the terms of this Plan, the Administrator will determine all terms and conditions of each SAR, including but not limited to: (a) whether the SAR is granted independently of an Option or relates to an Option; (b) the grant date, which may not be any day prior to the date that the Administrator approves the grant; (c) the number of Shares to which the SAR relates; (d) the grant price, *provided* that the grant price shall not be less than the Fair Market Value of the Shares subject to the SAR as determined on the date of grant (unless such SAR complies with Code Section 409A); (e) the terms and conditions of exercise or maturity, including vesting; (f) the term, *provided* that an SAR must terminate no later than ten (10) years after the date of grant; and (g) whether the SAR will be settled in cash, Shares or a combination thereof. If an SAR is granted in relation to an Option, then unless otherwise determined by the Administrator, the SAR shall be exercisable or shall mature at the same time or times, on the same conditions and to the extent and in the proportion, that the related Option is exercisable and may be exercised or mature for all or part of the Shares subject to the related Option. Upon exercise of any number of SARs, the number of Shares subject to the related Option shall be reduced accordingly and such Option may not be exercised with respect to that number of Shares. The exercise of any number of Options that relate to an SAR shall likewise result in an equivalent reduction in the number of Shares covered by the related SAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Performance and Share Awards.** Subject to the terms of this Plan, the Administrator will determine all terms and conditions of each award of Shares, Restricted Shares, Restricted Share Units, Performance Shares or Performance Units, including but not limited to: (a) the number of Shares and/or units to which such Award relates; (b) whether, as a condition for the Participant to realize all or a portion of the benefit provided under the Award, one or more Performance Goals must be achieved during such period as the Administrator specifies; (c) whether the restrictions imposed on Restricted Share or Restricted Share Units shall lapse, and all or a portion of the Performance Goals subject to an Award shall be deemed achieved, upon a Participant's death, Disability or Retirement; (d) the length of the vesting and/or performance period and, if different, the date on which payment of the benefit provided under the Award will be made; (e) with respect to Performance Units, whether to measure the value of each unit in relation to a designated dollar value or the Fair Market Value of one or more Shares; and (f) with respect to Restricted Share Units and Performance Units, whether to settle such Awards in cash, in Shares (including Restricted Shares), or a combination thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Annual Incentive Awards.** Subject to the terms of this Plan, the Administrator will determine all terms and conditions of an Annual Incentive Award, including but not limited to the Performance Goals, performance period, the potential amount payable, and the timing of payment; *provided* that the Administrator must require that payment of all or any portion of the amount subject to the Annual Incentive Award is contingent on the achievement of one or more Performance Goals during the period the Administrator specifies, although the Administrator may specify that all or a portion of the Performance Goals subject to an Award are deemed achieved upon a Participant's death, Disability or Retirement, or such other circumstances as the Administrator may specify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Long-Term Incentive Awards.** Subject to the terms of this Plan, the Administrator will determine all terms and conditions of a Long-Term Incentive Award, including but not limited to the Performance Goals, performance period (which must be more than one year), the potential amount payable, and the timing of payment; *provided* that the Administrator must require that payment of all or any portion of the amount subject to the Long-Term Incentive Award is contingent on the achievement of one or more Performance Goals during the period the Administrator specifies, although the Administrator may specify that all or a portion of the Performance Goals subject to an Award are deemed achieved upon a Participant's death, Disability or Retirement, or such other circumstances as the Administrator may specify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Dividend Equivalent Units.** Subject to the terms of this Plan, the Administrator will determine all terms and conditions of each award of Dividend Equivalent Units, including but not limited to whether: (a) such Award will be granted in tandem with another Award; (b) payment of the Award will be made concurrently with dividend payments or credited to an account for the Participant which provides for the deferral of such amounts until a stated time; (c) the Award will be settled in cash or Shares;and (d) as a condition for the Participant to realize all or a portion of the benefit provided under the Award, one or more Performance Goals must be achieved during such period as the Administrator specifies;*provided* that Dividend Equivalent Units may not be granted in connection with an Option, Share Appreciation Right or other "stock right" within the meaning of Code Section 409A; and *provided further* that no Dividend Equivalent Unit granted in tandem with another Award shall include vesting provisions more favorable to the Participant than the vesting provisions, if any, to which the tandem Award is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Other Share-Based Awards.** Subject to the terms of this Plan, the Administrator may grant to Participants other types of Awards, which may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, Shares, either alone or in addition to or in conjunction with other Awards, and payable in Shares or cash. Without limitation except as provided herein (and subject to the limitations of Section 15(e)), such Award may include the issuance of shares of unrestricted Shares, which may be awarded in payment of director fees, in lieu of cash compensation, in exchange for cancellation of a compensation right, as a bonus, or upon the attainment of Performance Goals or otherwise, or rights to acquire Shares from the Company. The Administrator shall determine all terms and conditions of the Award, including but not limited to, the time or times at which such Awards shall be made, and the number of Shares to be granted pursuant to such Awards or to which such Award shall relate; *provided* that any Award that provides for purchase rights shall be priced at 100% of Fair Market Value on the date of the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Effect of Termination on Awards***.* If the Participant has in effect an employment, retention, change of control, severance or similar agreement with the Company or any Affiliate that discusses the effect of the Participant's termination of employment or service on the Participant's Awards, then such agreement shall control. In any other case, except as otherwise provided by the Administrator in an Award agreement (which shall control in the event it is inconsistent with the following provisions) or as otherwise determined by the Administrator prior to or at the time of termination of a Participant's employment or service, the following provisions shall apply upon a Participant's termination of employment or service with the Company and its Affiliates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Termination of Employment or Service*. If a Participant's service with the Company and its Affiliates as an employee or a Director ends for any reason other than (i) a termination for Cause, (ii) death, (iii) Disability or (iv) Retirement, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any outstanding unvested Options or SARs shall be forfeited immediately upon such termination, and any outstanding vested Options or SARs shall be exercisable until the earlier of (A) six (6) months following the Participant's termination date and (B) the expiration date of the Option or SAR under the terms of the applicable Award agreement; *provided* that, if the Option was granted to a Director, then the vested Options or SARs shall be exercisable until the earlier of twelve (12) months following the Participant's termination date and the expiration date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All other outstanding Awards made to the Participant, to the extent not then earned, vested or paid to the Participant, shall terminate on the Participant's last day of employment or service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Death, Disability or Retirement of Participant*. If a Participant dies during employment with the Company and its Affiliates or while a Director, or if a Participant's service terminates as a result of Disability or Retirement, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All outstanding Options or SARs shall become fully vested and exercisable by the Participant or, in the case of death, by the Participant's estate or the person who has acquired the right to exercise such Awards by bequest or inheritance, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) In the case of the Participant's death, until the earlier of twelve (12) months following the date of the Participant's death and the expiration date of the Option or SAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) In the case of a termination as a result of Disability, until the earlier of twelve (12) months following the date of the termination and the expiration date of the Option or SAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) In the case of a termination as a result of Retirement, until the earlier of ten (10) years following the date of the Participant's Retirement and the expiration date of the Option or SAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All restrictions on all outstanding Awards of Restricted Stock or Restricted Units that are not Performance Awards, including all related Dividend Equivalent Units, shall be deemed to have lapsed, and such Awards shall become fully vested, upon the date of death or termination, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All outstanding Awards of Performance Shares and Performance Units, including all related Dividend Equivalent Units, shall be paid in either unrestricted shares of Stock or cash, as the case may be, following the end of the performance period and based on achievement of the Performance Goals established for such Awards, as if the Participant had not died or terminated service, as applicable, but prorated based on the portion of the performance period that the Participant has completed at the time of death or termination of service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) All other outstanding Awards made to the Participant, to the extent not then earned, vested or paid to the Participant, shall terminate on the Participant's last day of employment or service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Termination for Cause*. If a Participant's employment with the Company and its Affiliates or service as a Director is terminated for Cause, all Awards and grants of every type, whether or not then vested, shall terminate no later than the Participant's last day of employment. The Committee shall have discretion to waive the application of this Section 13(c) in whole or in part and to determine whether the event or conduct at issue constitutes Cause for termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Time of Termination*. For purposes of this Section 13, termination of service shall be deemed to occur at 11:59 p.m. (Eastern Time) on the relevant date described above, except that, if the Participant is terminated for Cause, then the termination shall occur immediately at the time of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Consultants and Other Stock-Based Awards*. The Administrator shall have the discretion to determine, at the time an Award is made, the effect of the termination of service of a Consultant on Awards held by such individual, and the effect on other Stock-based Awards of the Participant's termination of employment or service with the Company and its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. Restrictions on Transfer, Encumbrance and Disposition***.* No Award granted under this Plan may be sold, assigned, mortgaged, pledged, exchanged, hypothecated or otherwise transferred, or encumbered or disposed of, by a Participant other than by will or the laws of descent and distribution, and during the lifetime of the Participant such Awards may be exercised only by the Participant or the Participant's legal representative or by the permitted transferee of such Participant as hereinafter provided (or by the legal representative of such permitted transferee). Notwithstanding the foregoing, a Participant may transfer an Award if permitted by the Administrator. Subsequent transfers of transferred Awards are prohibited except transfers otherwise made in accordance with this Section 14. Any attempted transfer not permitted by this Section 14 shall be null and void and have no legal effect. The restrictions set forth in this Section 14, and any risk of forfeiture applicable to an Award, shall be enforceable against any transferee of an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. Termination and Amendment of Plan; Amendment, Modification or Cancellation of Awards.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Term of Plan*. Unless the Board earlier terminates this Plan pursuant to Section 15(b), this Plan will terminate on the tenth (10th) anniversary of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Termination and Amendment*. The Board or the Administrator may amend, alter, suspend, discontinue or terminate this Plan at any time, subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Board must approve any amendment of this Plan to the extent the Company determines such approval is required by: (A) prior action of the Board, (B) applicable corporate law, or (C) any other applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shareholders must approve any amendment of this Plan to the extent the Company determines such approval is required by: (A) Section 16 of the Exchange Act, (B) the Code, (C) the listing requirements of any principal securities exchange or market on which the Shares are then traded, or (D) any other applicable law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) shareholders must approve any of the following Plan amendments: (A) an amendment to materially increase any number of Shares specified in Section 5(a)(except as permitted by Section 17), or (B) an amendment that would diminish the protections afforded by Section 15(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Amendment, Modification, Cancellation and Disgorgement of Awards*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as provided in Section 15(e) and subject to the requirements of this Plan, the Administrator may modify, amend or cancel any Award, or waive any restrictions or conditions applicable to any Award or the exercise of the Award; *provided* that, except as otherwise provided in the Plan or the Award agreement, any modification or amendment that materially diminishes the rights of the Participant, or the cancellation of the Award, shall be effective only if agreed to by the Participant or any other person(s) as may then have an interest in the Award, but the Administrator need not obtain Participant (or other interested party) consent for the modification, amendment or cancellation of an Award pursuant to the provisions of subsection (ii) or Section 17 or as follows: (A) to the extent the Administrator deems such action necessary to comply with any applicable law or the listing requirements of any principal securities exchange or market on which the Shares are then traded; (B) to the extent the Administrator deems necessary to preserve favorable accounting or tax treatment of any Award for the Company; or (C) to the extent the Administrator determines that such action does not materially and adversely affect the value of an Award or that such action is in the best interest of the affected Participant (or any other person(s) as may then have an interest in the Award). Notwithstanding the foregoing, unless determined otherwise by the Administrator, any such amendment shall be made in a manner that will enable an Award intended to be exempt from Code Section 409A to continue to be so exempt, or to enable an Award intended to comply with Code Section 409A to continue to so comply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding anything to the contrary in an Award agreement, the Administrator shall have full power and authority to terminate or cause the Participant to forfeit the Award, and require the Participant to disgorge to the Company any gains attributable to the Award, if the Participant engages in any action constituting, as determined by the Administrator in its discretion, Cause for termination, or a breach of any Award agreement or any other agreement between the Participant and the Company or an Affiliate concerning noncompetition, nonsolicitation, confidentiality, trade secrets, intellectual property, nondisparagement or similar obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any Awards granted pursuant to this Plan, and any Shares issued or cash paid pursuant to an Award, shall be subject to any recoupment or clawback policy that is adopted by, or any recoupment or similar requirement otherwise made applicable by law, regulation or listing standards to, the Company from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Survival of Authority and Awards*. Notwithstanding the foregoing, the authority of the Board and the Administrator under this Section 15 and to otherwise administer the Plan with respect to then-outstanding Awards will extend beyond the date of this Plan's termination. In addition, termination of this Plan will not affect the rights of Participants with respect to Awards previously granted to them, and all unexpired Awards will continue in force and effect after termination of this Plan except as they may lapse or be terminated by their own terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Repricing and Backdating Prohibited*. Notwithstanding anything in this Plan to the contrary, and except for the adjustments provided for in Section 17, neither the Administrator nor any other person may (i) amend the terms of outstanding Options or SARs to reduce the exercise or grant price of such outstanding Options or SARs; (ii) cancel outstanding Options or SARs in exchange for Options or SARs with an exercise or grant price that is less than the exercise or grant price of the original Options or SARs; or (iii) cancel outstanding Options or SARs with an exercise or grant price above the current Fair Market Value of a Share in exchange for cash or other securities. In addition, the Administrator may not make a grant of an Option or SAR with a grant date that is effective prior to the date the Administrator takes action to approve such Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Foreign Participation*. To assure the viability of Awards granted to Participants employed or residing in foreign countries, the Administrator may provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy, accounting or custom. Moreover, the Administrator may approve such supplements to, or amendments, restatements or alternative versions of, this Plan as it determines is necessary or appropriate for such purposes. Any such amendment, restatement or alternative versions that the Administrator approves for purposes of using this Plan in a foreign country will not affect the terms of this Plan for any other country. In addition, all such supplements, amendments, restatements or alternative versions must comply with the provisions of Section 15(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Code Section 409A*. The provisions of Code Section 409A are incorporated herein by reference to the extent necessary for any Award that is subject to Code Section 409A to comply therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.* Taxes*.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Withholding*. In the event the Company or one of its Affiliates is required to withhold any Federal, state or local taxes or other amounts in respect of any income recognized by a Participant as a result of the grant, vesting, payment or settlement of an Award or disposition of any Shares acquired under an Award, the Company or its Affiliate may deduct (or require an Affiliate to deduct) from any cash payments of any kind otherwise due the Participant, or with the consent of the Administrator, Shares otherwise deliverable or vesting under an Award, to satisfy such tax or other obligations. Alternatively, the Company or its Affiliate may require such Participant to pay to the Company or its Affiliate, in cash, promptly on demand, or make other arrangements satisfactory to the Company or its Affiliate regarding the payment to the Company or its Affiliate of the aggregate amount of any such taxes and other amounts. If Shares are deliverable upon exercise or payment of an Award, then, unless restricted by the Administrator and subject to such procedures as the Administrator may specify, a Participant may satisfy all or a portion of the Federal, state and local withholding tax obligations arising in connection with such Award by electing to (i) have the Company or its Affiliate withhold Shares otherwise issuable under the Award, (ii) tender back Shares received in connection with such Award or (iii) deliver other previously owned Shares; *provided* that the amount to be withheld may not exceed the total maximum statutory tax rates associated with the transaction to the extent needed for the Company and its Affiliates to avoid an accounting charge. If an election is provided, the election must be made on or before the date as of which the amount of tax to be withheld is determined and otherwise as the Administrator requires. In any case, the Company and its Affiliates may defer making payment or delivery under any Award if any such tax may be pending unless and until indemnified to its satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *No Guarantee of Tax Treatment*. Notwithstanding any provisions of the Plan, the Company does not guarantee to any Participant or any other Person with an interest in an Award that (i) any Award intended to be exempt from Code Section 409A shall be so exempt, (ii) any Award intended to comply with Code Section 409A or Code Section 422 shall so comply, or (iii) any Award shall otherwise receive a specific tax treatment under any other applicable tax law, nor in any such case will the Company or any Affiliate be required to indemnify, defend or hold harmless any individual with respect to the tax consequences of any Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. Adjustment Provisions; Change of Control.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Adjustment of Shares*. If: (i) the Company shall at any time be involved in a merger or other transaction in which the Shares are changed or exchanged; (ii) the Company shall subdivide or combine the Shares or the Company shall declare a dividend payable in Shares, other securities (other than share purchase rights issued pursuant to a shareholder rights agreement) or other property; (iii) the Company shall effect a cash dividend the amount of which, on a per Share basis, exceeds ten percent (10%) of the Fair Market Value of a Share at the time the dividend is declared, or the Company shall effect any other dividend or other distribution on the Shares in the form of cash, or a repurchase of Shares, that the Board determines by resolution is special or extraordinary in nature or that is in connection with a transaction that the Company characterizes publicly as a recapitalization or reorganization involving the Shares; or (iv) any other event shall occur, which, in the case of this clause (iv), in the judgment of the Administrator necessitates an adjustment to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this Plan, then the Administrator shall, in such manner as it may deem equitable to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this Plan, adjust as applicable: (A) the number and type of Shares subject to this Plan (including the number and type of Shares described in Section 5(a)) and which may after the event be made the subject of Awards; (B) the number and type of Shares subject to outstanding Awards; (C) the grant, purchase, or exercise price with respect to any Award; and (D) the Performance Goals of an Award. In any such case, the Administrator may also (or in lieu of the foregoing) make provision for a cash payment to the holder of an outstanding Award in exchange for the cancellation of all or a portion of the Award (without the consent of the holder of an Award) in an amount determined by the Administrator effective at such time as the Administrator specifies (which may be the time such transaction or event is effective). However, in each case, with respect to Awards of incentive share options, no such adjustment may be authorized to the extent that such authority would cause this Plan to violate Code Section 422(b). Further, the number of Shares subject to any Award payable or denominated in Shares must always be a whole number. In any event, previously granted Options or SARs are subject to only such adjustments as are necessary to maintain the relative proportionate interest the Options and SARs represented immediately prior to any such event and to preserve, without exceeding, the value of such Options or SARs.

Without limitation, in the event of any reorganization, merger, consolidation, combination or other similar corporate transaction or event, whether or not constituting a Change of Control (other than any such transaction in which the Company is the continuing corporation and in which the outstanding Shares are not being converted into or exchanged for different securities, cash or other property, or any combination thereof), the Administrator may substitute, on an equitable basis as the Administrator determines, for each Share then subject to an Award and the Shares subject to this Plan (if the Plan will continue in effect), the number and kind of shares, other securities, cash or other property to which holders of Shares are or will be entitled in respect of each Share pursuant to the transaction.

Notwithstanding the foregoing, in the case of a share dividend (other than a share dividend declared in lieu of an ordinary cash dividend) or subdivision or combination of the Shares (including a reverse share split), if no action is taken by the Administrator, adjustments contemplated by this subsection that are proportionate shall nevertheless automatically be made as of the date of such share dividend or subdivision or combination of the Shares.

For the avoidance of doubt, the grant of an Award shall not affect in any way the right or power of the Company or any of its Affiliates to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company's or such Affiliate's capital structure or business, or any merger, consolidation or business combination of the Company or such Affiliate, or any issuance or modification of any term, condition, or covenant of any bond, debenture, debt, preferred stock or other instrument ahead of or affecting the Stock or the rights of the holders of Stock, or the dissolution or liquidation of the Company or any Affiliate, or any sale or transfer of all or any part of its assets or business or any other Company or Affiliate action or proceeding, whether of a similar character or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Issuance or Assumption*. Notwithstanding any other provision of this Plan, and without affecting the number of Shares otherwise reserved or available under this Plan, in connection with any merger, consolidation, acquisition of property or stock, or reorganization, the Administrator may authorize the issuance or assumption of awards under this Plan upon such terms and conditions as it may deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Change of Control*. Unless otherwise expressly provided in an Award agreement or another contract, including an employment agreement, or under the terms of a transaction constituting a Change of Control, the Administrator may provide for the acceleration of the vesting or earning and, if applicable, exercisability of any outstanding Award, or portion thereof, or the lapsing of any conditions or restrictions on or the time for payment in respect of any outstanding Award, or portion thereof, upon a Change of Control or the termination of the Participant's employment following a Change of Control. In addition, unless otherwise expressly provided in an Award agreement or another contract, including an employment agreement, or under the terms of a transaction constituting a Change of Control, without limitation of the foregoing, the Administrator may provide that any or all of the following shall occur in connection with a Change of Control: (a) the substitution for the Shares subject to any outstanding Award, or portion thereof, of shares or other securities of the surviving corporation or any successor corporation to the Company, or a parent or subsidiary thereof, in which event the aggregate purchase or exercise price, if any, of such Award, or portion thereof, shall remain the same, (b) the conversion of any outstanding Award, or portion thereof, into a right to receive cash or other property upon or following the consummation of the Change of Control in an amount equal to the value of the consideration to be received by holders of Shares in connection with such transaction for one Share, less the per share purchase or exercise price of such Award, if any, multiplied by the number of Shares subject to such Award, or a portion thereof, (c) acceleration of the vesting (and, as applicable, the exercisability) of any and/or all outstanding Awards, (d) the cancellation of any outstanding and unexercised Awards upon or following the consummation of the Change of Control (without the consent of an Award holder or any person with an interest in an Award), (e) in the case of Options or SARs, the cancellation of all outstanding Options or SARs in exchange for a cash payment equal to the excess of the Change of Control Price over the exercise price of the Shares subject to such Option or SAR upon the Change of Control (or for no cash payment if such excess is zero), and/or (f) the cancellation of any Awards in exchange for a cash payment based on the value of the Award as of the date of the Change of Control (or for no payment if the Award has no value).

For purposes of this Section 17, the "value" of a Performance Share shall be equal to, and the "value" of a Performance Unit for which the value is equal to the Fair Market Value of Shares shall be based on, the Change of Control Price. Notwithstanding anything to the contrary in this Section 17(c), the terms of any Awards that are subject to Code Section 409A shall govern the treatment of such Awards upon a Change of Control, and the terms of this Section 17(c) shall not apply, to the extent required for such Awards to remain compliant with Code Section 409A, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Application of Limits on Payments*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Determination of Cap or Payment*. Except to the extent the Participant has in effect an employment or similar agreement with the Company or any Affiliate or is subject to a policy that provides for a more favorable result to the Participant upon a Change of Control, if any payments or benefits paid by the Company pursuant to this Plan, including any accelerated vesting or similar provisions ("Plan Payments"), would cause some or all of the Plan Payments in conjunction with any other payments made to or benefits received by a Participant in connection with a Change of Control (such payments or benefits, together with the Plan Payments, the "Total Payments") to be subject to the tax ("Excise Tax") imposed by Code Section 4999 but for this Section 17(d) then, notwithstanding any other provision of this Plan to the contrary, the Total Payments shall be delivered either (A) in full or (B) in an amount such that the value of the aggregate Total Payments that the Participant is entitled to receive shall be One Dollar ($1.00) less than the maximum amount that the Participant may receive without being subject to the Excise Tax, whichever of (A) or (B) results in the receipt by the Participant of the greatest benefit on an after-tax basis (taking into account applicable federal, state and local income taxes and the Excise Tax).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Procedures*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) If a Participant or the Company believes that a payment or benefit due the Participant will result in some or all of the Total Payments being subject to the Excise Tax, then the Company, at its expense, shall obtain the opinion (which need not be unqualified) of nationally recognized tax counsel ("National Tax Counsel") selected by the Company (which may be regular outside counsel to the Company), which opinion sets forth (1) the amount of the Base Period Income (as defined below), (2) the amount and present value of the Total Payments, (3) the amount and present value of any excess parachute payments determined without regard to any reduction of Total Payments pursuant to Section 17(d)(i), and (4) the net after-tax proceeds to the Participant, taking into account applicable federal, state and local income taxes and the Excise Tax if (x) the Total Payments were delivered in accordance with Section 17(d)(i)(A) or (y) the Total Payments were delivered in accordance with Section 17(d)(i)(B). The opinion of National Tax Counsel shall be addressed to the Company and the Participant and shall be binding upon the Company and the Participant. If such National Tax Counsel opinion determines that Section 17(d)(i)(B) applies, then the Plan Payments or any other payment or benefit determined by such counsel to be includable in the Total Payments shall be reduced or eliminated so that under the bases of calculations set forth in such opinion there will be no excess parachute payment. In such event, payments or benefits included in the Total Payments shall be reduced or eliminated by applying the following principles, in order: (1) the payment or benefit with the higher ratio of the parachute payment value to present economic value (determined using reasonable actuarial assumptions) shall be reduced or eliminated before a payment or benefit with a lower ratio; (2) the payment or benefit with the later possible payment date shall be reduced or eliminated before a payment or benefit with an earlier payment date; and (3) cash payments shall be reduced prior to non-cash benefits;*provided* that if the foregoing order of reduction or elimination would violate Code Section 409A, then the reduction shall be made pro rata among the payments or benefits included in the Total Payments (on the basis of the relative present value of the parachute payments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) For purposes of this Section 17: (1) the terms "excess parachute payment" and "parachute payments" shall have the meanings given in Code Section 280G and such "parachute payments" shall be valued as provided therein; (2) present value shall be calculated in accordance with Code Section 280G(d)(4); (3) the term "Base Period Income" means an amount equal to the Participant's "annualized includible compensation for the base period" as defined in Code Section 280G(d)(1); (4) for purposes of the opinion of National Tax Counsel, the value of any noncash benefits or any deferred payment or benefit shall be determined by the Company's independent auditors in accordance with the principles of Code Sections 280G(d)(3) and (4); and (5) the Participant shall be deemed to pay federal income tax and employment taxes at the highest marginal rate of federal income and employment taxation, and state and local income taxes at the highest marginal rate of taxation in the state or locality of the Participant's domicile, net of the maximum reduction in federal income taxes that may be obtained from the deduction of such state and local taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) If National Tax Counsel so requests in connection with the opinion required by this Section 17(d)(ii) the Company shall obtain, at the Company's expense, and the National Tax Counsel may rely on, the advice of a firm of recognized executive compensation consultants as to the reasonableness of any item of compensation to be received by the Participant solely with respect to its status under Code Section 280G.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) The Company agrees to bear all costs associated with, and to indemnify and hold harmless the National Tax Counsel from, any and all claims, damages and expenses resulting from or relating to its determinations pursuant to this Section 17, except for claims, damages or expenses resulting from the gross negligence or willful misconduct of such firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) This Section 17 shall be amended to comply with any amendment or successor provision to Code Section 280G or Code Section 4999. If such provisions are repealed without successor, then this Section 17 shall be cancelled without further effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. Miscellaneous.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Other Terms and Conditions*. The Administrator may provide in any Award agreement such other provisions (whether or not applicable to the Award granted to any other Participant) as the Administrator determines appropriate to the extent not otherwise prohibited by the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Employment and Service*. The issuance of an Award shall not confer upon a Participant any right with respect to continued employment or service with the Company or any Affiliate, or the right to continue as a Director. Unless determined otherwise by the Administrator, for purposes of the Plan and all Awards, the following rules shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Participant who transfers employment between the Company and its Affiliates, or between Affiliates, will not be considered to have terminated employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Participant who ceases to be a Non-Employee Director because he or she becomes an employee of the Company or an Affiliate shall not be considered to have ceased service as a Director with respect to any Award until such Participant's termination of employment with the Company and its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Participant who ceases to be employed by the Company or an Affiliate and immediately thereafter becomes a Non-Employee Director, a non-employee director of an Affiliate, or a consultant to the Company or any Affiliate shall not be considered to have terminated employment until such Participant's service as a director of, or consultant to, the Company and its Affiliates has ceased; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a Participant employed by an Affiliate will be considered to have terminated employment when such entity ceases to be an Affiliate.

Notwithstanding the foregoing, for purposes of an Award that is subject to Code Section 409A, if a Participant's termination of employment or service triggers the payment of compensation under such Award, then the Participant will be deemed to have terminated employment or service upon his or her "separation from service" within the meaning of Code Section 409A. Notwithstanding any other provision in this Plan or an Award to the contrary, if any Participant is a "specified employee" within the meaning of Code Section 409A as of the date of his or her "separation from service" within the meaning of Code Section 409A, then, to the extent required by Code Section 409A, any payment made to the Participant on account of such separation from service shall not be made before a date that is six months after the date of the separation from service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *No Fractional Shares*. No fractional Shares or other securities may be issued or delivered pursuant to this Plan, and the Administrator may determine whether cash, other securities or other property will be paid or transferred in lieu of any fractional Shares or other securities, or whether such fractional Shares or other securities or any rights to fractional Shares or other securities will be canceled, terminated or otherwise eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Unfunded Plan; Awards Not Includable for Benefits Purposes*. This Plan is unfunded and does not create, and should not be construed to create, a trust or separate fund with respect to this Plan's benefits. This Plan does not establish any fiduciary relationship between the Company and any Participant or other person. To the extent any person holds any rights by virtue of an Award granted under this Plan, such rights are no greater than the rights of the Company's general unsecured creditors. Income recognized by a Participant pursuant to an Award shall not be included in the determination of benefits under any employee pension benefit plan (as such term is defined in Section 3(2) of the Employee Retirement Income Security Act of 1974, as amended) or group insurance or other benefit plans applicable to the Participant which are maintained by the Company or any Affiliate, except as may be provided under the terms of such plans or determined by resolution of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Requirements of Law and Securities Exchange*. The granting of Awards and the issuance of Shares in connection with an Award are subject to all applicable laws, rules and regulations and to such approvals by any governmental agencies or national securities exchanges as may be required. Notwithstanding any other provision of this Plan or any award agreement, the Company has no liability to deliver any Shares under this Plan or make any payment unless such delivery or payment would comply with all applicable laws and the applicable requirements of any securities exchange or similar entity, and unless and until the Participant has taken all actions required by the Company in connection therewith. The Company may impose such restrictions on any Shares issued under the Plan as the Company determines necessary or desirable to comply with all applicable laws, rules and regulations or the requirements of any national securities exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Governing Law; Venue*. This Plan, and all agreements under this Plan, will be construed in accordance with and governed by the laws of the Cayman Islands, without reference to any conflict of law principles. Any legal action or proceeding with respect to this Plan, any Award or any award agreement, or for recognition and enforcement of any judgment in respect of this Plan, any Award or any award agreement, may only be brought and determined in (i) a court sitting in the Cayman Islands, and (ii) a "bench" trial, and any party to such action or proceeding shall agree to waive its right to a jury trial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Limitations on Actions*. Any legal action or proceeding with respect to this Plan, any Award or any award agreement, must be brought within one year (365 days) after the day the complaining party first knew or should have known of the events giving rise to the complaint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Construction*. Whenever any words are used herein in the masculine, they shall be construed as though they were used in the feminine in all cases where they would so apply; and wherever any words are used in the singular or plural, they shall be construed as though they were used in the plural or singular, as the case may be, in all cases where they would so apply. Titles of sections are for general information only, and this Plan is not to be construed with reference to such titles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Severability*. If any provision of this Plan or any award agreement or any Award (a) is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or as to any person or Award, or (b) would disqualify this Plan, any award agreement or any Award under any law the Administrator deems applicable, then such provision should be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Administrator, materially altering the intent of this Plan, award agreement or Award, then such provision should be stricken as to such jurisdiction, person or Award, and the remainder of this Plan, such award agreement and such Award will remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***19.* Definitions.** Capitalized terms used in this Plan or any Award agreement have the following meanings, unless the Award agreement otherwise provides:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Administrator" means the Committee; *provided* that, to the extent the Board has retained authority and responsibility as an Administrator of the Plan, the term "Administrator" shall also mean the Board or, to the extent the Committee has delegated authority and responsibility as an Administrator of the Plan to one or more officers of the Company as permitted by Section 2(b), the term "Administrator" shall also mean such officer or officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Affiliate" shall have the meaning given in Rule 12b-2 under the Exchange Act. Notwithstanding the foregoing, for purposes of determining those individuals to whom an Option or Share Appreciation Right may be granted, the term "Affiliate" means any entity that, directly or through one or more intermediaries, is controlled by, controls, or is under common control with, the Company within the meaning of Code Sections 414(b) or (c);*provided* that, in applying such provisions, the phrase "at least 20 percent" shall be used in place of "at least 80 percent" each place it appears therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Award" means a grant of Options, Share Appreciation Rights, Performance Shares, Performance Units, Restricted Shares, Restricted Share Units, Shares, an Annual Incentive Award, a Long-Term Incentive Award, Dividend Equivalent Units or any other type of award permitted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Board" means the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Cause" means any of the following as determined by the Company: (i) with respect to Participants other than Non-Employee Directors, the definition set forth in any employment or similar agreement between the Company or its Affiliates and the Participant or, if no such definition exists, (A) the failure of the Participant to perform or observe any of the material terms or provisions of any written employment agreement between the Participant and the Company or its Affiliates or, if no written agreement exists, the gross dereliction of the Participant's duties (for reasons other than the Participant's Disability) with respect to the Company or its Affiliates; (B) the failure of the Participant to comply fully with the lawful directives of the Board or the board of directors of an Affiliate of the Company, as applicable, or the officers or supervisory employees to whom the Participant reports; (C) the Participant's dishonesty, misconduct, misappropriation of funds, or disloyalty or disparagement of the Company, any of its Affiliates or its management or employees; or (D) other proper cause determined in good faith by the Administrator; or (ii) with respect to Non-Employee Directors, (A) fraud or intentional misrepresentation; (B) embezzlement, misappropriation or conversion of assets or opportunities of the Company or any of its Affiliates; or (C) any other gross or willful misconduct as determined by the Committee, in its sole and conclusive discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Change of Control" means the first to occur of the following with respect to the Company or any upstream holding company (which, for purposes of this definition, shall be included in references to "the Company"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any "Person," as that term is defined in Sections 13(d) and 14(d) of the Exchange Act, but excluding the Company, any trustee or other fiduciary holding securities under an employee benefit plan of the Company, or any corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company, is or becomes the "Beneficial Owner" (as that term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company's then outstanding securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company is merged or consolidated with any other corporation or other entity, other than: (A) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or (B) the Company engages in a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no "Person" (as defined above) acquires fifty percent (50%) or more of the combined voting power of the Company's then outstanding securities. Notwithstanding the foregoing, a merger or consolidation involving the Company shall not be considered a "Change of Control" if the Company is the surviving corporation and Shares are not converted into or exchanged for shares or securities of any other corporation, cash or any other thing of value, unless persons who beneficially owned Shares outstanding immediately prior to such transaction own beneficially less than a majority of the outstanding voting securities of the Company immediately following the merger or consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company or any Affiliate sells, assigns or otherwise transfers assets in a transaction or series of related transactions, if the aggregate market value of the assets so sold, assigned or otherwise transferred exceeds fifty percent (50%) of the Company's consolidated book value, determined by the Company in accordance with generally accepted accounting principles, measured at the time at which such transaction occurs or the first of such series of related transactions occurs;*provided* that such a transfer effected pursuant to a spin-off or split-up where shareholders of the Company retain ownership of the transferred assets proportionate to their pro rata ownership interest in the Company shall not be deemed a "Change of Control";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Company dissolves and liquidates substantially all of its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) At any time after the Effective Date when the "Continuing Directors" cease to constitute a majority of the Board. For this purpose, a "Continuing Director" shall mean: (A) the individuals who, at the Effective Date, constitute the Board; and (B) any new Directors (other than Directors designated by a person who has entered into an agreement with the Company to effect a transaction described in clause (i), (ii), or (iii) of this definition) whose appointment to the Board or nomination for election by Company shareholders was approved by a vote of at least two-thirds of the then-serving Continuing Directors.

If an Award is considered deferred compensation subject to the provisions of Code Section 409A, then the Administrator may include an amended definition of "Change of Control" in the Award agreement issued with respect to such Award as necessary to comply with, or as necessary to permit a deferral under, Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "Change of Control Price" means the highest of the following: (i) the Fair Market Value of the Shares, as determined on the date of the Change of Control; (ii) the highest price per Share paid in the Change of Control transaction; or (iii) the Fair Market Value of the Shares, calculated on the date of surrender of the relevant Award in accordance with Section 17(c), but this clause (iii) shall not apply if in the Change of Control transaction, or pursuant to an agreement to which the Company is a party governing the Change of Control transaction, all of the Shares are purchased for and/or converted into the right to receive a current payment of cash and no other securities or other property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Code" means the Internal Revenue Code of 1986, as amended. Any reference to a specific provision of the Code includes any successor provision and the regulations promulgated under such provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Committee" means the Compensation Committee of the Board, or such other committee of the Board that is designated by the Board with the same or similar authority. The Committee shall consist only of Non-Employee Directors (not fewer than two (2)) who also qualify as non-employee directors within the meaning of Rule 16b-3(b)(3) promulgated under the Exchange Act to the extent necessary for the Plan to comply with Rule 16b-3 promulgated under the Exchange Act or any successor rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "Company" means Oxbridge Re Holdings Limited, a Cayman Islands exempted company, or any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "Director" means a member of the Board; "Non-Employee Director" means a Director who is not also an employee of the Company or its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "Disability" means disability as defined in the Company's long-term disability plan covering exempt salaried employees, except as otherwise determined by the Administrator and set forth in an Award agreement. The Administrator shall make the determination of Disability and may request such evidence of disability as it reasonably determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "Dividend Equivalent Unit" means the right to receive a payment, in cash or Shares, equal to the cash dividends or other distributions paid with respect to a Share as described in Section 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "Exchange Act" means the Securities Exchange Act of 1934, as amended. Any reference to a specific provision of the Exchange Act includes any successor provision and the regulations and rules promulgated under such provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "Fair Market Value" means, per Share on a particular date, the last sales price on such date on the national securities exchange on which the Shares are then traded, as reported in The Wall Street Journal, or if no sales of Shares occur on the date in question, on the last preceding date on which there was a sale on such exchange. If the Shares are not listed on a national securities exchange, but are traded in an over-the-counter market, the last sales price (or, if there is no last sales price reported, the average of the closing bid and asked prices) for the Shares on the particular date, or on the last preceding date on which there was a sale of Shares on that market, will be used. If the Shares are neither listed on a national securities exchange nor traded in an over-the-counter market, the price determined by the Administrator, in its discretion, will be used. If an actual sale of a Share occurs on the market, then the Company may consider the sale price to be the Fair Market Value of such Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "Incentive Award" means the right to receive a cash payment to the extent Performance Goals are achieved (or other requirements are met), and shall include "Annual Incentive Awards" as described in Section 9 and "Long-Term Incentive Awards" as described in Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "Option" means the right to purchase Shares at a stated price for a specified period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "Participant" means an individual selected by the Administrator to receive an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "Performance Goals" means any subjective or objectives goals the Administrator establishes, in its discretion with respect to an Award. Performance Goals may, without limitation, relate to one or more of the following with respect to the Company or any one or more of its Subsidiaries, Affiliates or other business units: gross premiums written; gross premiums earned; net premiums written; net premiums earned; modeled probable maximum loss ("PML"); PML to premium ratios; modeled average annual loss ("AAL"); AAL to premium ratios; reinsurance costs; book value; revenue; cash flow; total shareholder return; dividends; debt; net cash provided by operating activities; net cash provided by operating activities less net cash used in investing activities; ratio of debt to debt plus equity; profit before tax; gross profit; net profit; net operating profit; net operating profit after taxes; net sales; earnings before interest and taxes;earnings before interest, taxes, depreciation, and/or amortization ("EBITDA"); Fair Market Value of Shares; basic earnings per share;EBITDA excluding charges for share compensation, management fees, restructurings, impairments and/or other specified items ("Adjusted EBITDA"); EBITDA excluding capital expenditures;basic or diluted earnings per share or improvement in basic or diluted earnings per share; revenues (including, but not limited to, total revenues, net revenues or revenue growth); net operating profit; growth in basic or diluted book value; financial return measures (including, but not limited to, return on assets, capital, invested capital, investments, investment income generated by underwriting or other operations or on the float from such operations, equity, or revenue) including or excluding negative returns, and with or without compounding; cash flow measures (including, but not limited to, operating cash flow, free cash flow, cash flow return on equity, and cash flow return on investment); productivity ratios (including but not limited to measuring liquidity, profitability or leverage); enterprise value; share price (including, but not limited to, growth measures and total shareholder return, inclusive or exclusive of dividends); expense/cost management targets (including but not limited to improvement in or attainment of expense levels, capital expenditure levels, and/or working capital levels); margins (including, but not limited to, operating margin, underwriting margins, net income margin, cash margin, gross, net or operating profit margins, EBITDA margins, Adjusted EBITDA margins); operating efficiency; market share or market penetration; customer targets (including, but not limited to, customer growth or customer satisfaction); working capital targets or improvements; profit measures (including but not limited to gross profit, net profit, operating profit, investment profit and/or underwriting profit), including or excluding charges for share compensation, fee income, underwriting losses incurred in prior periods, changes in IBNR reserves and/or other specified items; economic value added; balance sheet metrics (including, but not limited to, inventory, inventory turns, receivables turnover, net asset turnover, debt reduction, retained earnings, year-end cash, cash conversion cycle, ratio of debt to equity or to EBITDA); workforce targets (including but not limited to diversity goals, employee engagement or satisfaction, employee retention, and workplace health and safety goals); implementation, completion or attainment of measurable objectives with respect to risk management, research and development, key products or key projects, lines of business, acquisitions and divestitures and strategic plan development and/or implementation; comparisons with various stock market indices, peer companies or industry groups or classifications with regard to one more of these criteria; or a combination of the foregoing. Except to the extent otherwise determined by the Administrator, as to each Performance Goal, the relevant measurement of performance shall be computed in accordance with generally accepted accounting principles to the extent applicable, but will exclude the effects of the following: (i) charges for reorganizing and restructuring; (ii) discontinued operations; (iii) asset write-downs; (iv) gains or losses on the disposition of a business; (v) changes in tax or accounting principles, regulations or laws; (vi) mergers, acquisitions, dispositions or recapitalizations; (vii) impacts on interest expense, preferred dividends and share dilution as a result of debt and capital transactions; (viii) extraordinary, unusual and/or non-recurring items of income, expense, gain or loss, that, in case of each of the foregoing, the Company identifies in its publicly filed periodic or current reports, its audited financial statements, including notes to the financial statements, or the Management's Discussion and Analysis section of the Company's annual report; (ix) realized capital gains and losses except for periodic settlements and accruals on non-hedge derivative instruments;(x) valuation changes on imbedded derivatives that are not hedged; (xi) after tax effect of catastrophe losses; and (xii) any settlement, award or claim paid as a result of lawsuits or other proceedings brought against the Company or any one or more of its Subsidiaries or Affiliates regarding the scope and nature of coverage provided under an insurance policy issued by such company. The Administrator may also provide for other adjustments to Performance Goals in the Award agreement or plan document evidencing any Award. In addition, the Administrator may appropriately adjust any evaluation of performance under a Performance Goal to exclude any of the following events that occurs during a performance period: (i) litigation, claims, judgments or settlements; (ii) the effects of changes in other laws or regulations affecting reported results; and (iii) accruals of any amounts for payment under this Plan or any other compensation arrangements maintained by the Company. Where applicable, the Performance Goals may be expressed, without limitation, in terms of attaining a specified level of the particular criterion or the attainment of an increase or decrease (expressed as absolute numbers, averages and/or percentages) in the particular criterion or achievement in relation to a peer group or other index. The Performance Goals may include a threshold level of performance below which no payment will be made (or no vesting will occur), levels of performance at which specified payments will be paid (or specified vesting will occur), and a maximum level of performance above which no additional payment will be made (or at which full vesting will occur). In addition, the Administrator may establish other Performance Goals and provide for other exclusions or adjustments not listed in this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "Performance Shares" means the right to receive Shares to the extent Performance Goals are achieved (or other requirements are met) as described in Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "Performance Unit" means the right to receive a cash payment and/or Shares valued in relation to a unit that has a designated dollar value or the value of which is equal to the Fair Market Value of one or more Shares, to the extent Performance Goals are achieved (or other requirements are met) as described in Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "Person" has the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, or any group of Persons acting in concert that would be considered "persons acting as a group" within the meaning of Treas. Reg. § 1.409A-3(i)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "Plan" means this Oxbridge Re Holdings Limited 2025 Omnibus Incentive Plan, as may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "Restricted Share" means a Share that is subject to a risk of forfeiture or restrictions on transfer, or both a risk of forfeiture and restrictions on transfer, as described in Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "Restricted Share Unit" means the right to receive a cash payment and/or Shares equal to the Fair Market Value of one Share that is subject to a risk of forfeiture or restrictions on transfer, or both a risk of forfeiture and restrictions on transfer, as described in Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "Retirement" means termination of employment or service with the Company and its Affiliates on or after the date the Participant has both attained age sixty (60) and completed ten (10) years of service with the Company and its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "Section 16 Participants" means Participants who are subject to the provisions of Section 16 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "Share" means an ordinary share of the Company, par value $0.001 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "Share Appreciation Right" or "SAR" means the right to receive cash, and/or Shares with a Fair Market Value, equal to the appreciation of the Fair Market Value of a Share during a specified period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(dd)* "Subsidiary" means any corporation, limited liability company or other limited liability entity in an unbroken chain of entities beginning with the Company if each of the entities (other than the last entities in the chain) owns the shares or equity interest possessing more than fifty percent (50%) of the total combined voting power of all classes of shares or other equity interests in one of the other entities in the chain.

## Exhibit 10.2

**Exhibit 10.2**

**AmENDED AND RESTATED EMPLOYMENT AGREEMENT**

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this "**Agreement**") is dated as of August 28, 2025 (the "**Effective Date**"), by and between Oxbridge Re Holdings Limited, a Cayman Islands exempted company (the "**Company**"), and Sanjay Madhu ("**Executive**").

**Recitals**

A. The Company and Executive have entered into an Employment Agreement, dated as of July 18, 2013, as amended on January 9, 2023, under which Executive is employed by the Company (the "**Existing Employment Agreement**");

B. The Company and Executive have agreed to protect the interests of the Company and Company's customers and Confidential Information (as defined below) that may have been or that may be disclosed to Executive as set forth herein; and

C. The Company and Executive desire to amend and restate the Existing Employment Agreement in its entirety, effective as of the Effective Date, as set forth herein.

**Agreement**

NOW, THEREFORE, in consideration of the mutual promises made herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, agree to amend and restate the Existing Employment Agreement in its entirety as follows:

**Section 1. *Employment, Duties and Acceptance***.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company shall employ Executive during the Term (as defined below) as Chief Executive Officer.
 Executive shall be responsible for performing the duties and exercising the powers which
 the Board of Directors of the Company (the "**Board**") may from time-to-time
 assign to him in his capacity as Chief Executive Officer of the Company in connection with
 the conduct and management of the business of the Company and its subsidiaries and affiliates.

(b) Executive
 hereby accepts such employment and agrees, during the Term, to render Executive's services
 to the Company on a full-time basis and to devote Executive's full business time and
 attention to the business and affairs of the Company and any subsidiary or affiliate of the
 Company; provided that Executive may perform the services described on <u>Exhibit A</u> hereto
 during the Term so long as his performance of such services does not unduly interfere with
 his performance of his duties for the Company. Executive agrees that at all times during
 the Term, Executive will faithfully perform the duties assigned to him by the Board to the
 best of Executive's ability. Executive further agrees to accept election and to serve
 during all or any part of the Term as an officer, director or representative of any subsidiary
 or affiliate of the Company, without any cash compensation therefor other than that specified
 in this Agreement. Executive shall report directly to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 duties to be performed by Executive hereunder shall be principally performed at the Company's
 offices located in George Town, Cayman Islands, subject to reasonable travel requirements
 on behalf of the Company. Executive shall be entitled to an annual paid time off of 20 business
 days per year on the same terms that the Company provides to other similarly situated senior
 Company executives in accordance with the Company's policies and practices; provided
 that Executive shall schedule the timing and duration of Executive's vacations in a
 reasonable manner taking into account the needs of the business of the Company.

(d) Executive
 acknowledges that from time to time the Company may promulgate workplace policies and rules.
 Executive agrees to fully comply with all such policies and rules, and understands that failure
 to do so may result in a disciplinary action up to and including immediate discharge for
 Cause.

**Section 2. *Term.*** The initial term of the Executive's employment hereunder will commence on the Effective Date and end on December 31, 2028; provided however, that following such date, the Agreement shall be automatically renewed for successive additional one-year terms unless Executive or the Company gives written notice of termination on or before the 90th day prior to the automatic renewal date of its desire not to renew the initial term or any renewal term. Any such renewal shall be upon the terms and conditions set forth herein unless otherwise agreed between the Company and Executive. In the event that the Company gives written notice that it does not intend to renew the Term, Executive shall be entitled to the benefits set forth in <u>Section 4(b)(iii)</u>. The initial term and any renewal term are hereinafter collectively referred to as the "<u>Term</u>."

**Section 3. *Compensation.*** Executive shall be entitled to the following compensation:

&nbsp;&nbsp;&nbsp;&nbsp;a) The
 Company agrees to pay to Executive a salary in cash (the "**Salary** "), as
 compensation for the services to be performed by Executive, at the Executive's current
 rate, with an increased rate of $390,000 per calendar year commencing January 1, 2026 through
 the Term, in each case paid in accordance with the Company's customary payroll procedures
 and subject to any applicable withholding. Executive's Salary is established based
 on the scope of his responsibilities, taking into account market compensation paid by comparable
 companies for equivalent positions to attract and retain executive talent for the Company's
 success. During the Term, the Board shall have the right to increase, but not decrease, the
 Salary. Executive salary shall be increased commencing January 1 of each year of the Term
 by an amount at least equal to the product of the prior year's annual salary and the
 increase in the Consumer Price Index ("CPI"). Without limiting the generality
 of the foregoing, Executive will be eligible for additional annual salary merit increases
 during the Term based on the evaluation of Executive's performance as determined by
 the Board in its sole discretion. Executive's salary as in effect from time to time,
 including any adjustments relating to subsection 3(b) below, shall constitute the "**Salary** "
 for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;b) Notwithstanding
 subsection 3(a) above, in the event that, during the Term, the Company completes a financing
 (or series of financing) or strategic transaction(s) resulting in the Company's
 market capitalization reaching at least $250 million (as reasonably determined by the Board
 in good faith), the Executive's annual base salary shall automatically increase to
 $675,000, effective as of the first business day immediately preceding the closing of such
 financing or transaction If the Company's market capitalization following such financing
 or transaction equals or exceeds $100 million but is less than $250 million, the Executive's
 annual base salary shall be adjusted on a straight-line prorated basis between the Executive's
 then-current base salary and $675,000, effective as of the first business day immediately
 preceding such closing.

c) The
 Company shall reimburse Executive for all reasonable expenses incurred by Executive in the
 course of performing Executive's duties under this Agreement that are consistent with
 the Company's policies in effect from time to time with respect to travel, entertainment
 and other business expenses, subject to the Company's requirements with respect to
 reporting and documentation of such expenses.

d) While
 this Agreement is in effect, Executive shall be eligible for a discretionary annual cash
 bonus of a target amount equal to 100% of Salary ("  ***Target Bonus Amount*** "),
 subject to review and adjustment by the Board in its reasonable discretion, payable subject
 to any standard payroll withholding requirements. Whether or not Executive earns any bonus
 will be dependent upon (a) Executive's continuous performance of services to the Company
 through the last date of the applicable performance period, unless otherwise provided for
 in this Agreement; and (b) the actual achievement by Executive and the Company of the applicable
 performance targets and goals set by the Board or its Compensation Committee in its Annual
 Short Term Incentive plan. The annual period over which performance is measured for purposes
 of this bonus is January 1 through December 31. The Board or its Compensation Committee will
 determine in its reasonable discretion the extent to which Executive and the Company have
 achieved the performance goals upon which the bonus is based and the amount of the bonus,
 which could be above or below the Target Amount (and may be zero). The bonus, if awarded,
 will be paid no later than March 30 of the calendar year immediately following the calendar
 year for which the bonus is being measured. Up to 40% of the Target Bonus Amount can be paid
 in stock, at the sole discretion of the Board or its Compensation Committee.

e) Executive
 shall be eligible to participate in any equity incentive plan, restricted share plan, share
 award plan, stock appreciation rights plan, stock option plan or similar plan adopted by
 the Company on the same terms and conditions applicable to other senior Company executives,
 with the amount of such awards to be determined by the Board in its sole discretion. Executive
 shall be eligible for long-term incentive awards as determined at the sole discretion of
 the Board. Without limiting the generality of the foregoing, commencing on January 1, 2026
 and on the first day of each subsequent calendar year for the remainder of the Term (inclusive
 of the automatic renewal), Executive will receive a grant of 40,000 restricted ordinary shares
 of the Company. Each grant is contingent on the availability of sufficient shares under the
 Company's equity incentive plan in effect at the time and all applicable securities
 laws and regulations and stock exchange requirements. The restricted ordinary shares will
 be evidenced by a restricted share agreement and will initially be subject to forfeiture
 and will vest ratably on the first day of each calendar quarter over the 4 calendar quarters
 immediately following the grant date, contingent on Executive's continuous employment
 or service with the Company until the applicable vesting date. In the event of a Change of
 Control (as defined in the Oxbridge Re Holdings Limited 2025 Omnibus Incentive Plan) (a "**Change of Control**") during the Term, any then-unvested outstanding restricted common stock
 and/or options previously granted under the Company equity incentive plans shall become fully
 vested.

&nbsp;&nbsp;&nbsp;&nbsp;f) Executive
 shall be entitled to all rights and benefits for which Executive shall be eligible under
 any retirement, retirement savings, profit-sharing, pension or welfare benefit plan, life,
 disability, health, dental, hospitalization and other forms of insurance and all other so-called
 "fringe" benefits or perquisites (except for with respect to any plan that provides
 severance or other similar benefits), on the same terms that the Company provides to other
 similarly situated senior Company executives (subject to all restrictions on participation
 that may apply under federal and state tax laws).

g) In
 the event of a transaction that constitutes (i) a sale of substantially all of the assets
 of the Company (or any of the Company's current or future subsidiaries), not in the
 ordinary course, to an unaffiliated third party; (ii) the transfer, in one transaction or
 a series of transactions, to an unaffiliated third party of outstanding shares of capital
 stock of the Company representing a majority of the then outstanding voting capital stock
 of the Company (or any of the Company's current or future subsidiaries); or (iii) a
 merger or consolidation of the Company having the same effect as item (i) or (ii) (an "**M&A Transaction**") and occurs while Executive is employed with the Company or (unless
 Executive's employment is terminated by the Company for Cause) within the twenty four
 (24) months following the end of such employment, Executive shall receive a lump sum bonus,
 payable on the consummation of the M&A Transaction, in a gross amount equal to 6.30%
 of the value of such M&A Transaction (the "**M&A Transaction Bonus** ").
 The value of such M&A Transaction shall be calculated for this purpose based on the total
 value, including cash, equity and any assumed debt, of the Company (or the applicable subsidiary)
 as determined on the basis of the consideration received in the M&A Transaction. The
 Company shall pay the M&A Transaction Bonus in a combination of equity and cash in the
 same proportion as the consideration paid in the M&A Transaction.

If any portion of an M&A Transaction Bonus would, in the opinion of tax counsel engaged by the Company ("**Tax Counsel**"), be subject to the tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the "**Code**") (or any successor provision) (the "**Excise Tax**"), then the Company shall pay to the Executive, no later than 2 ½ months following the end of the year in which the M&A Transaction Bonus is paid, an additional amount (the "**Gross-Up Payment**") such that the net amount retained by the Executive, after deduction of (i) any Excise Tax; (ii) any federal, state or local income tax, interest charges or penalties arising in respect of the imposition of such Excise Tax; and (iii) any federal, state or local income tax or Excise Tax imposed upon the payment provided for by this paragraph, necessary to place the Executive in the same after-tax financial position that he would have been in if he had not incurred any liability for the Excise Tax. For purposes of determining the amount of the Gross Up Payment, the Executive shall be deemed to pay federal income taxes at the highest marginal stated rate of federal income taxation in the calendar year in which the Gross-Up Payment is to be made and state and local income taxes at the highest marginal states rates of taxation in the state and locality of the Executive's domicile for income tax purposes on the date the Gross-Up Payment is made, net of the expected reduction in federal income taxes that could be obtained from deduction of such state and local taxes. As a result of the uncertainty in the application of Section 280G of the Code at the time of the initial determinations by the Tax Counsel, it is possible that amounts will have been paid or distributed by the Company to or for the benefit of the Executive pursuant to this Agreement which should not have been so paid or distributed ("**Overpayment**") or that additional amounts which should have been paid or distributed ("**Underpayment**"), in each case, consistent with the calculation of the Gross-Up Payment hereunder. In the event that the Tax Counsel, based upon the assertion of a deficiency by the Internal Revenue Service against the Company or the Executive which the Tax Counsel believes has a high probability of success or other controlling precedent or substantial authority, determines that an Underpayment has been made, any such Underpayment shall be promptly paid by the Company to or for the benefit of the Executive. In the event that the Tax Counsel, based upon controlling precedent or other substantial authority, determines that an Overpayment has occurred, any such Overpayment paid or distributed by the Company to or for the benefit of the Executive shall be treated for all purposes as a loan to the Executive which the Executive shall promptly repay to the Company; provided, however, that no amount shall be payable by the Executive to the Company if and to the extent such payment would not reduce the amount which is subject to the Excise Tax. In the event that the provisions of Sections 280G and 4999 of the Code (or any successor provisions) are repealed and not reinstated, this paragraph shall cease to be effective on the effective date of such repeal.

**Section 4. *Termination***.

&nbsp;&nbsp;&nbsp;&nbsp;a) *Events of Termination.* Executive's employment with the Company shall terminate (the date
 of such termination being the "**Termination Date**") immediately upon any
 of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Executive's
 death ()"**Termination Upon Death** ");

(ii) the
 effective date of a written notice sent to Executive stating the Company's determination,
 made in good faith, that due to a mental or physical condition, Executive has been unable
 and failed to substantially render the services to be provided by Executive to the Company
 for a period of at least 180 days out of any consecutive 360 days ()"**Termination For Disability** ");

(iii) the
 effective date of a written notice sent to Executive stating the Company's determination,
 made in good faith, that it is terminating Executive's employment for Cause (as defined
 below) ()"**Termination For Cause** ");

(iv) the
 effective date of a notice sent to Executive stating that the Company is terminating Executive's
 employment without Cause (including any notice from the Company to Executive pursuant to <u>Section 2</u> that the Company has decided not to renew the Term), which notice can be
 given by the Company at any time after the Effective Date at the Company's sole discretion,
 for any reason or for no reason ()"**Termination Without Cause** ");

(v) the
 effective date of a notice (other than a notice delivered pursuant to <u>Section 4(a)(vi)</u> of this Agreement) sent to the Company from Executive stating that Executive is electing
 to terminate Executive's employment with the Company without Good Reason ()"**Resignation Without Good Reason** "); or

(vi) the
 effective date of a written notice to Company stating Executive's determination, made
 in good faith, that a Good Reason Event (as defined below) has occurred within 30 days preceding
 such notice and as a consequence Executive is electing to terminate Executive's employment
 hereunder for a Good Reason Event ()"**Resignation For Good Reason** "); *provided, however*, that Executive will give the Company 30 days to cure such Good Reason Event,
 and if the Company fails to cure such Good Reason Event within 30 days after Executive gives
 written notice of resignation hereunder, then Executive may immediately terminate Executive's
 employment with the Company, and such termination will be a Resignation For Good Reason hereunder.

As used herein, the term "**Cause**" shall mean (i) commission of a willful act of dishonesty in the course of Executive's duties hereunder, (ii) conviction by a court of competent jurisdiction of, or plea of no contest to, a crime constituting a felony or conviction in respect of, or plea of no contest to, any act involving fraud, dishonesty or moral turpitude, (iii) Executive's performance under the influence of controlled substances (other than those taken pursuant to a medical doctor's orders), (iv) frequent or extended, and unjustifiable, absenteeism, (v) Executive's personal misconduct or refusal to perform duties and responsibilities or to carry out the lawful directives of the Board, which, if capable of being cured shall not have been cured, within 30 days after the Company shall have advised Executive in writing of its intention to terminate Executive's employment, or (vi) Executive's material non-compliance with the terms of this Agreement, which, if capable of being cured, shall not have been cured within 30 days after the Company shall have advised Executive in writing of its intention to terminate Executive's employment for such reason.

As used herein, the term "**Good Reason Event**" shall mean (i) a material adverse change in the responsibilities or duties of Executive as set forth in this Agreement (including a change in reporting where Executive no longer reports directly to the Board, or a change in Executive's capacity as Chief Executive Officer) without Executive's prior consent at a time when there are no circumstances pending that would permit the Board to terminate Executive for Cause, such that Executive is no longer acting as part of the senior management team of the Company, (ii) any reduction in the Salary or a material reduction in Executive's benefits (other than a reduction in Salary that is the result of an administrative or clerical error, and which is cured within 15 business days after the Company receives notice of such failure), (iii) a material breach by the Company of this Agreement that is not cured within 30 days following the Company's receipt of written notice of such breach from Executive, (iv) without Executive's prior written consent, the relocation of Executive's principal place of employment outside of a 30 mile radius from the location of the Company's offices in George Town, Cayman Islands as of the Effective Date, (v) Executive is removed from or fails to win election to the Company's board of directors, or (vi) a Change of Control. With regard to clause (i), Executive acknowledges that the Company has flexibility under <u>Section 1(a)</u> to assign Executive a broad range of responsibilities and duties that are consistent with him being a member of the senior management team and such assignments will not constitute a "Good Reason Event."

&nbsp;&nbsp;&nbsp;&nbsp;b) *Effect of Termination*.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)* *Death or Disability.* In the event of Termination Upon Death or Termination For Disability pursuant
 to <u>Sections 4(a)(i)</u> or <u>4(a)(ii)</u> of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Executive
 (or Executive's legal representative) shall be entitled to receive in cash an amount
 equal to any earned but unpaid Salary owing by the Company to Executive as of the Termination
 Date (the "**Accrued Salary** ");

(B) Executive
 (or Executive's legal representative) shall be entitled to receive in cash, to the
 extent provided under any management bonus plan, an amount equal to the pro rata portion,
 determined as of the Termination Date, of any bonus to which Executive would have been entitled
 had Executive been employed by the Company at the time such bonus would have otherwise been
 paid (the "**Accrued Bonus** "); and

(C) all
 unvested Restricted Shares, Options, and Warrants granted to Executive during the Term of
 this Agreement shall become fully vested and non-forfeitable as of the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii)* *Termination For Cause.* In the event of a Termination For Cause pursuant to <u>Section 4(a)(iii)</u> of this Agreement, Executive shall be entitled to receive in cash an amount equal to any
 Accrued Salary.

*(iii)* *Termination Without Cause and Resignation For Good Reason and Termination Upon Non-renewal.* In the
 event of Termination Without Cause (including a failure of the Company to renew this Agreement)
 or Resignation For Good Reason pursuant to <u>Sections 4(a)(iv)</u> or <u>4(a)(vi)</u> of
 this Agreement, subject to <u>Section 4(c)(ii)</u> of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Executive
 (or Executive's legal representative) shall be entitled to receive in cash an amount
 equal to the Accrued Salary. Additionally, Executive (or Executive's legal representative)
 shall be entitled to receive a lump sum in cash of an amount equal to Executive's Salary
 (at the rate then in effect, and without taking into account any reductions that would have
 given rise to Good Reason termination by Executive), that would have been payable commencing
 on the Termination Date and ending on the third (3<sup>rd</sup>) anniversary of the Termination
 Date (the " <u>Severance Period</u> ").

(B) Executive
 (or Executive's legal representative) shall be entitled to receive in cash, as a one-time
 lump sum, the Target Bonus Amount pursuant to Section 3(d) for each year during the Severance
 Period (pro-rated for partial years), assuming full achievement, but no over-achievement,
 of performance targets under the Annual Bonus Plan.

(C) Executive
 (or Executive's legal representative) shall be entitled to receive in restricted ordinary
 shares, as a one-time grant, the annual restricted share grant pursuant to Section 3(e) for
 each calendar year, or part thereof, during the Severance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Executive
 (or Executive's legal representative) shall be entitled to receive an M&A Transaction
 Bonus pursuant to Section 3(g) that would have been paid to the Executive had employment
 continued during the twenty four (24) months following the termination date. Receipt of a
 M&A Transaction Bonus shall not prejudice any other rights Executive may have under this
 Section.

(E) Executive
 (or Executive's legal representative) shall be entitled to receive the same monthly
 insurance and other benefits under Section 3(f) from to the Termination Date and ending the
 last date of the Severance Period.

(F) all
 unvested Restricted Shares, Options and Warrants granted to Executive during the Term of
 this Agreement shall become fully vested and non-forfeitable as of the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iv)* *Resignation Without Good Reason.* In the event of Resignation Without Good Reason pursuant to <u>Section 4(a)(v)</u> of this Agreement, Executive shall be entitled to receive in cash an amount equal
 to any Accrued Salary.

*(v)* *Upon Termination For Any Reason.* In the event of any termination, Executive shall be entitled
 to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any
 unpaid reasonable, reimbursable business expenses incurred by Executive in the course of
 performing Executive's duties under this Agreement that were incurred in a manner consistent
 with the Company's policies in effect from time to time with respect to travel, entertainment
 and other business expenses, subject to the Company's requirements with respect to
 incurring, reporting and documenting such expenses; and

(B) benefits
 under the Company's benefit plans of general application as shall be determined under
 the provisions of those plans.

(c) *Additional Provisions*.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 amounts to be paid pursuant to this <u>Section 4</u> shall be paid in accordance with the
 Company's existing payroll or bonus payment practices, as applicable. As a condition
 to the Company's obligations, if any, to make any payments provided under <u>Section 4(b)(iii)</u>, Executive shall have executed, delivered and not revoked a general release
 in a form reasonably satisfactory to the Company. The amounts due under <u>Section 4</u> shall not be reduced by any amounts paid to Employee under any policy or plan of insurance,
 including but not limited to unemployment, disability, or life.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding
 any provision of this Agreement, the obligations and commitments under <u>Section 5</u> of
 this Agreement shall survive and continue in full force and effect in accordance with their
 terms notwithstanding any termination of Executive's employment for any reason or termination
 of this Agreement for any reason.

(iii) Executive
 agrees that termination of Executive's employment for any reason shall, with no further
 action by Executive required, constitute Executive's resignation, as of the Termination
 Date and to the extent applicable, from all positions as an officer, director or representative
 of the Company.

**Section 5. *Noncompetition, Nonsolicitation And Confidentiality***.

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Definitions*.

"**Company's Business**" means the business of providing traditional reinsurance of similar size and scale, or tokenization of reinsurance and/or other asset classes in countries in which the Company has conducted or intends to conduct business.

"**Competitor**" means any company, other entity or association or individual that directly or indirectly is engaged in the Company's Business.

"**Confidential Information**" means any confidential information with respect to the Company's Business and/or the businesses of its clients or customers, including, but not limited to: the trade secrets of the Company; products or services; standard proposals; standard submissions, surveys and analyses; policy forms; fees, costs and pricing structures; marketing information; advertising and pricing strategies; analyses; reports; computer software, including operating systems, applications and program listings; flow charts; manuals and documentation; data bases; all copyrightable works; the Company's existing and prospective clients and customers, their addresses or other contact information and/or their confidential information; existing and prospective client and customer lists and other related data; expiration periods; policy numbers; coverage specifications; daily reports and related correspondence; premium renewal notices; and all similar and related information in whatever form. The term Confidential Information does not include, and there shall be no obligation hereunder with respect to, information that (i) is generally available to the public on the date of this Agreement, (ii) becomes generally available to the public other than as a result of a disclosure by Executive not otherwise permissible hereunder or (iii) Executive has learned or learns from other sources where, to Executive's knowledge, such sources have not violated their confidentiality obligation to the Company or any other applicable obligation of confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Noncompetition.* Executive covenants and agrees that during the period commencing on the Effective Date and
 ending one year following the Termination Date (the "**Restricted Period** "),
 Executive will not, directly or indirectly, own, manage, operate, control, render service
 to, or participate in the ownership, management, operation or control of any Competitor anywhere
 in the United States of America; provided, however, that Executive shall be entitled to own
 shares of stock of any corporation having a class of equity securities actively traded on
 a national securities exchange or on the Nasdaq Stock Market which represent, in the aggregate,
 not more than 1% of such corporation's fully-diluted shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) *Nonsolicitation of Employees.* Executive covenants and agrees that during the Restricted Period, Executive
 will not, directly or indirectly, employ or solicit, or receive or accept the performance
 of services by any then current officer, manager, employee or independent contractor of the
 Company or any subsidiary or affiliate of the Company, or in any way interfere with the relationship
 between the Company or any subsidiary or affiliate of the Company, on the one hand, and any
 such officer, manager, employee or independent contractor, on the other hand.

(d) *Nonsolicitation of Customers and Vendors.* Executive covenants and agrees that during the Restricted Period,
 Executive will not, directly or indirectly, knowingly induce, or attempt to induce, any customer,
 salesperson, distributor, supplier, vendor, manufacturer, representative, agent, jobber,
 licensee or other person known by Executive to be transacting business with the Company or
 any subsidiary or affiliate of the Company (collectively the "**Customers** "
 and "**Vendors**") to reduce or cease doing business with the Company or any
 such subsidiary or affiliate of the Company, or in any way to interfere with the relationship
 between any such Customer or Vendor, on the one hand, and the Company or any subsidiary or
 affiliate of the Company, on the other hand.

(e) *Representations and Covenants by Executive.* Executive represents and warrants that: (i) Executive's
 execution, delivery and performance of this Agreement do not and will not conflict with,
 breach, violate or cause a default under any contract, agreement, instrument, order, judgment
 or decree to which Executive is a party or by which Executive is bound; (ii) Executive is
 not a party to or bound by any employment agreement, noncompete agreement or confidentiality
 agreement with any other person or entity (other than the Company) and Executive is not subject
 to any other agreement that would prevent Executive from performing Executive's duties
 for the Company or otherwise complying with this Agreement; (iii) Executive is not subject
 to or in breach of any nondisclosure agreement, including any agreement concerning trade
 secrets or confidential information owned by any other party; and (iv) upon the execution
 and delivery of this Agreement by the Company, this Agreement shall be the valid and binding
 obligation of Executive, enforceable in accordance with its terms.

(f) *Nondisclosure of Confidential Information.* Executive hereby acknowledges and represents that Executive
 has consulted with independent legal counsel regarding Executive's rights and obligations
 under this Agreement and that Executive fully understands the terms and conditions contained
 herein and Executive agrees that Executive will not, directly or indirectly: (i) use, disclose,
 reverse engineer or otherwise exploit for Executive's own benefit or for the benefit
 of anyone other than the Company the Confidential Information except as authorized by the
 Company; (ii) during Executive's employment with the Company, use, disclose, or reverse
 engineer (x) any confidential information or trade secrets of any former employer or third
 party, or (y) any works of authorship developed in whole or in part by Executive during any
 former employment or for any other party, unless authorized in writing by the former employer
 or third party; or (iii) upon Executive's resignation or termination (x) retain Confidential
 Information, including any copies existing in any form (including electronic form), that
 are in Executive's possession or control, or (y) destroy, delete or alter the Confidential
 Information without the Company's consent. Notwithstanding the foregoing, Executive
 may use the Confidential Information in the course of performing Executive's duties
 on behalf of the Company or any subsidiary or affiliate of the Company as described hereunder,
 provided that such use is made in good faith. Executive will immediately surrender possession
 of all Confidential Information to Company upon any suspension or termination of Executive's
 employment with Company for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;(g) *Inventions and Patents.* Executive acknowledges that all (i) inventions, innovations, improvements,
 developments, methods, designs, analysis, drawings, reports, processes, novel concepts and
 all similar or related information (whether or not patentable) that relate to the Company's
 or any of its subsidiaries' or affiliates' actual or anticipated businesses,
 (ii) research and development and (iii) existing or future products or services that are,
 to any extent, conceived, developed or made by Executive while employed by the Company or
 any subsidiary or affiliate of the Company ()"**Work Product**") belong to
 the Company or such subsidiary or affiliate. Executive shall promptly disclose such Work
 Product to the Board and, at the cost and expense of the Company, perform all actions reasonably
 necessary or requested by the Board (whether during or after the Term) to establish and confirm
 such ownership (including, without limitation, executing assignments, consents, powers of
 attorney and other instruments).

(h) *Miscellaneous*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Executive
 acknowledges that (x) Executive's position is a position of trust and responsibility
 with access to Confidential Information of the Company, (y) the Confidential Information,
 and the relationship between the Company and each of its employees, Customers and Vendors,
 are valuable assets of the Company and may not be converted to Executives own use and (z)
 the restrictions contained in this <u>Section 5</u> are reasonable and necessary to protect
 the legitimate business interests of the Company and will not impair or infringe upon Executive's
 right to work or earn a living after Executive's employment with the Company ends.

(ii) Each
 of the foregoing obligations shall be enforceable independent of any other obligation, and
 the existence of any claim or cause of action that Executive may have against the Company,
 whether predicated on this Agreement or otherwise, shall not constitute a defense to the
 enforcement by the Company of these obligations.

(iii) Executive
 acknowledges that monetary damages will not be an adequate remedy for the Company in the
 event of a breach of this Agreement and that it would be impossible for the Company to measure
 damages in the event of such a breach. Therefore, Executive agrees that, in addition to other
 rights that the Company may have at law or equity, the Company is entitled, without posting
 bond, to seek an injunction preventing Executive from any breach of this Agreement.

(iv) In
 the event of a breach or violation by Executive during the Restricted Period of any restriction
 in <u>Section 5(b)</u>, <u>(b)</u> or <u>(d)</u> of this Agreement, the Restricted Period
 shall be tolled until such breach or violation has been cured.

(v) The
 parties intend to provide the Company with the maximum protection possible with respect to
 its Customers and Vendors. The parties, however, do not intend to include a provision that
 contravenes the public policy of any state. Therefore, if any provision of this <u>Section 5</u> is unlawful, against public policy or otherwise declared void, such provision shall
 not be deemed part of this Agreement, which otherwise shall remain in full force and effect.
 If, at the time of enforcement of this Agreement, a court or other tribunal holds that the
 duration, scope or area restriction stated herein is unreasonable under the circumstances
 then existing, the parties agree that the court should enforce the restrictions to the extent
 it deems reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Executive
 hereby agrees that prior to accepting employment with any other person or entity during the
 Term or during the Restricted Period following the Termination Date, Executive will provide
 such prospective employer with written notice of the existence of this Agreement and the
 provisions of this <u>Section 5</u> of this Agreement, with a copy of such notice delivered
 simultaneously to the Company in accordance with <u>Section 10</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Notwithstanding
 any provision of this Agreement, the obligations and commitments of this <u>Section 5</u> shall survive and continue in full force and effect in accordance with their terms notwithstanding
 any termination of Executive's employment for any reason or termination of this Agreement
 for any reason.

**Section 6. *Withholding Taxes.*** Prior to making any payments required to be made pursuant to this Agreement, the Company may require that the Company be reimbursed in cash for any taxes required by any government to be withheld or otherwise deducted and paid by the Company in respect of such payment by the Company. In lieu thereof, the Company shall have the right to withhold the amount of such taxes from any sums due or to become due from it to Executive.

**Section 7. *Expenses.*** In the event of any legal action to enforce Executive's or the Company's rights under this Agreement, each party will be responsible for that party's reasonable attorneys' fees, expenses and disbursements.

**Section 8. *Assignment.*** This Agreement is binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns. Executive shall not assign or transfer any rights or obligations hereunder. The Company shall have the right to assign or transfer any rights or obligations hereunder only to (a) a successor entity in the event of a merger, consolidation, or transfer or sale of all or substantially all the assets of the Company or (b) a subsidiary or affiliate of the Company. Any purported assignment, other than as provided above, shall be null and void.

**Section 9. *Indemnification.*** The Company shall indemnify Executive for any act or omission done or not done in performance of Executive's duties hereunder in accordance with the Company's memorandum and articles of association (as amended and restated), and any other constituent document to the extent provided for any other officer or member of the Board. The Company's obligations under this <u>Section 9</u> shall survive any termination of this Agreement or Executive's employment hereunder.

**Section 10. *Notices.*** All notices, requests, consents and other communications required or permitted to be given hereunder, shall be in writing and shall be delivered personally or sent by prepaid telegram, telex, facsimile transmission, overnight courier or mailed, first class, postage prepaid by registered or certified mail, as follows:

*If to the Company:* Oxbridge RE Holdings Limited, Wrendon Timothy, Chief Financial Officer

*If to Executive:* To Executive's address as reflected on the payroll records of the Company

or such other address as either party shall designate by notice in writing to the other in accordance herewith. Any such notice shall be deemed given when so delivered personally, by telex, facsimile transmission or telegram, or if sent by overnight courier, one day after delivery to such courier by the sender or if mailed, five days after deposit by the sender in the U.S. mails.

**Section 11. *Entire Agreement.*** This Agreement shall constitute the entire agreement between Executive and the Company concerning the subject matter hereof. This Agreement supersedes and preempts any prior employment agreement or other understandings, agreements or representations by or among the parties, written or oral, that may have related to the subject matter hereof. In the event of any conflict between this Agreement (or any portion thereof) and any other agreement now existing or hereafter entered into, the terms of this Agreement shall prevail. No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing, signed by Executive and an authorized officer of the Company.

**Section 12. *Governing Law.*** This Agreement shall be subject to and governed by the laws of the Cayman Islands, without giving effect to the principles of conflicts of law under Cayman law that would require or permit the application of the laws of a jurisdiction other than Cayman Islands and irrespective of the fact that the parties now or at any time may be residents of or engage in activities in a different jurisdiction. Employee agrees that in the event of any dispute or claim arising under this Agreement, jurisdiction and venue shall be vested and proper, and Employee hereby consents to the jurisdiction of any court sitting in George Town, Cayman Islands.

**Section 13. *Full Settlement.*** Executive acknowledges and agrees that, subject to the payment by the Company of the benefits provided in this Agreement to Executive, in no event will the Company nor any subsidiary or affiliate thereof be liable to Executive for damages under any claim of breach of contract as a result of the termination of Executive's employment. In the event of any such termination, the Company shall be liable only to provide to Executive, or Executive's heirs or beneficiaries, the benefits specified in this Agreement.

**Section 14. *Strict Compliance.*** Executive's or the Company's failure to insist upon strict compliance with any provision of this Agreement or the failure to assert any right Executive or the Company may have hereunder shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. The waiver, whether express or implied, by either party of a violation of any of the provisions of this Agreement shall not operate or be construed as a waiver of any subsequent violation of any such provision.

**Section 15. *Creditor Status.*** No benefit or promise hereunder shall be secured by any specific assets of the Company. Executive shall have only the rights of an unsecured general creditor of the Company in seeking satisfaction of such benefits or promises.

**Section 16. *Section 409A.*** This Agreement is intended to comply with the requirements of Section 409A of the Code ("**Section 409A**"), and shall be construed accordingly. Any payments or distributions to be made to Executive under this Agreement upon a separation from service of amounts classified as "nonqualified deferred compensation" for purposes of Section 409A, shall in no event be made or commence until six months after such separation from service if Executive is determined to be a specified Executive of a public company (all as determined under Section 409A). Each payment of nonqualified deferred compensation under this Agreement shall be treated as a separate payment for purposes of Section 409A. Any reimbursements made pursuant to this Agreement shall be paid as soon as practicable but no later than 90 days after Executive submits evidence of such expenses to the Company (which payment date shall in no event be later than the last day of the calendar incurred). The amount of such reimbursements paid and any in-kind benefits the year following the calendar year in which the expense was provided during any calendar year shall not affect the reimbursements paid or in-kind benefits provided in any other calendar year, and the right to any such payments and benefits shall not be subject to liquidation or exchange for another payment or benefit.

**Section 17. *Cooperation.*** Executive agrees to provide assistance to and cooperate with the Company upon its reasonable request with respect to matters within the scope of Executive's duties and responsibilities during the Restricted Period. During such Period, the Company shall, to the maximum extent coordinate or cause any such request with Executive's other commitments and responsibilities to minimize the degree to which such request interferes with such commitments and responsibilities. The Company agrees that it will reimburse Executive for reasonable documented travel expenses (i.e., travel, meals and lodging) that Executive may incur in providing assistance to the Company hereunder.

**Section 18. *Non-disparagement.*** Executive agrees to not make any statements, written or oral, while employed by the Company and thereafter, which would be reasonably likely to disparage or damage the Company, its affiliates or subsidiaries or the personal or professional reputation of any present or former employees, officers or members of the managing or directorial boards or committees of the Company or its affiliates or subsidiaries. The Company agrees that it will instruct each of its and its affiliates' and subsidiaries' members, directors, managers, officers and employees not to make any disparaging communication regarding Executive, and no such person or entity will be authorized on the Company's or any affiliate's or subsidiary's behalf to make any such disparaging communications regarding Executive.

**Section 19. *Recoupment.*** Executive agrees to reimburse the Company for all or a portion, as determined below, of any bonus or incentive or equity-based compensation paid or awarded to Executive by the Company, if the Board determines that (a) the payment, award or vesting thereof was predicated upon the achievement of certain financial results that were subsequently the subject of a material financial restatement, (b) Executive engaged in fraud or misconduct that caused, in whole or in part, the need for the material financial restatement, and (c) a lower payment, award or vesting would have occurred based upon the restated financial results. In such event, Executive agrees to reimburse (in the manner determined by the Board, including cancellation of options or other stock awards) any bonus or incentive or equity-based compensation previously paid, awarded or vested in the amount by which such bonus or incentive or equity-based compensation actually paid, awarded or vested exceeds the lower payment, award or vesting that would have occurred based upon the restated financial result; <u>provided</u> that no reimbursement shall be required if the payment, award or vesting otherwise subject to reimbursement hereunder occurred more than three (3) years prior to the date the applicable reinstatement is disclosed. In addition, notwithstanding anything to the contrary, any bonus or incentive or equity-based compensation, or other compensation, payable to Executive pursuant to this Agreement or any other agreement, plan or arrangement of the Company shall be subject to repayment or recoupment (clawback) by the Company to the extent applicable under Section 304 of the Sarbanes-Oxley Act of 2002 (and not otherwise exempted) and in accordance with such policies and procedures as the Board or the Compensation Committee of the Board may adopt from time to time, including policies and procedures to implement applicable law (including, but not limited to, Section 954 of the Dodd-Frank Act), stock market or exchange rules and regulations or accounting or tax rules and regulations.

**Section 20. *Survival.*** Any provision of this Agreement that is expressly or by implication intended to survive the termination of this Agreement shall survive or remain in effect after the termination of this Agreement.

**Section 21. *Counterparts.*** This Agreement may be executed in two or more counterparts, anyone of which need not contain the signature of more than one party, but all such counterparts taken together shall constitute one and the same agreement.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first written above.

**OXBRIDGE RE HOLDINGS LIMITED**

---

| |
|:---|
| */s/ Wrendon Timothy* |
| Wrendon Timothy, Chief Financial Officer |

---

**EXECUTIVE**

---

| |
|:---|
| */s/ Jay Madhu* |
| Sanjay Madhu |

---

**EXHIBIT A<br> PERMITTED ACTIVITIES**

1. Executive
 may administer, operate and provide administrative services for and on behalf of Oxbridge
 Reinsurance Limited, SurancePlus Holdings Ltd., Oxbridge RE NS, OAC Equity Holdings LLC,
 SurancePlus Inc. and DSN Blockchain Technologies Ltd.

2. Executive
 may provide director services to HCI Group, and its subsidiaries and affiliates.

## Exhibit 10.3

**Exhibit 10.3**

**AmENDED AND RESTATED EMPLOYMENT AGREEMENT**

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this "**Agreement**") is dated as of August 28, 2025 (the "**Effective Date**"), by and between Oxbridge Re Holdings Limited, a Cayman Islands exempted company (the "**Company**"), and Wrendon Timothy ("**Executive**").

**Recitals**

A. The Company and Executive have entered into an Employment Agreement, dated as of July 18, 2013, as amended on January 9, 2023, under which Executive is employed by the Company (the "**Existing Employment Agreement**");

B. The Company and Executive have agreed to protect the interests of the Company and Company's customers and Confidential Information (as defined below) that may have been or that may be disclosed to Executive as set forth herein; and

C. The Company and Executive desire to amend and restate the Existing Employment Agreement in its entirety, effective as of the Effective Date, as set forth herein.

**Agreement**

NOW, THEREFORE, in consideration of the mutual promises made herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, agree to amend and restate the Existing Employment Agreement in its entirety as follows:

**Section 1. *Employment, Duties and Acceptance***.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company shall employ Executive during the Term (as defined below) as Chief Executive Officer.
 Executive shall be responsible for performing the duties and exercising the powers which
 the Board of Directors of the Company (the "**Board**") may from time-to-time
 assign to him in his capacity as Chief Executive Officer of the Company in connection with
 the conduct and management of the business of the Company and its subsidiaries and affiliates.

(b) Executive
 hereby accepts such employment and agrees, during the Term, to render Executive's services
 to the Company on a full-time basis and to devote Executive's full business time and
 attention to the business and affairs of the Company and any subsidiary or affiliate of the
 Company; provided that Executive may perform the services described on <u>Exhibit A</u> hereto
 during the Term so long as his performance of such services does not unduly interfere with
 his performance of his duties for the Company. Executive agrees that at all times during
 the Term, Executive will faithfully perform the duties assigned to him by the Board to the
 best of Executive's ability. Executive further agrees to accept election and to serve
 during all or any part of the Term as an officer, director or representative of any subsidiary
 or affiliate of the Company, without any cash compensation therefor other than that specified
 in this Agreement. Executive shall report directly to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 duties to be performed by Executive hereunder shall be principally performed at the Company's
 offices located in George Town, Cayman Islands, subject to reasonable travel requirements
 on behalf of the Company. Executive shall be entitled to an annual paid time off of 20 business
 days per year on the same terms that the Company provides to other similarly situated senior
 Company executives in accordance with the Company's policies and practices; provided
 that Executive shall schedule the timing and duration of Executive's vacations in a
 reasonable manner taking into account the needs of the business of the Company.

(d) Executive
 acknowledges that from time to time the Company may promulgate workplace policies and rules.
 Executive agrees to fully comply with all such policies and rules, and understands that failure
 to do so may result in a disciplinary action up to and including immediate discharge for
 Cause.

**Section 2. *Term.*** The initial term of the Executive's employment hereunder will commence on the Effective Date and end on December 31, 2028; provided however, that following such date, the Agreement shall be automatically renewed for successive additional one-year terms unless Executive or the Company gives written notice of termination on or before the 90th day prior to the automatic renewal date of its desire not to renew the initial term or any renewal term. Any such renewal shall be upon the terms and conditions set forth herein unless otherwise agreed between the Company and Executive. In the event that the Company gives written notice that it does not intend to renew the Term, Executive shall be entitled to the benefits set forth in <u>Section 4(b)(iii)</u>. The initial term and any renewal term are hereinafter collectively referred to as the "<u>Term</u>."

**Section 3. *Compensation.*** Executive shall be entitled to the following compensation:

&nbsp;&nbsp;&nbsp;&nbsp;a) The
 Company agrees to pay to Executive a salary in cash (the "**Salary** "), as
 compensation for the services to be performed by Executive, at the Executive's current
 rate, with an increased rate of $245,000 per calendar year commencing January 1, 2026 through
 the Term, in each case paid in accordance with the Company's customary payroll procedures
 and subject to any applicable withholding. Executive's Salary is established based
 on the scope of his responsibilities, taking into account market compensation paid by comparable
 companies for equivalent positions to attract and retain executive talent for the Company's
 success. During the Term, the Board shall have the right to increase, but not decrease, the
 Salary. Executive salary shall be increased commencing January 1 of each year of the Term
 by an amount at least equal to the product of the prior year's annual salary and the
 increase in the Consumer Price Index ("CPI"). Without limiting the generality
 of the foregoing, Executive will be eligible for additional annual salary merit increases
 during the Term based on the evaluation of Executive's performance as determined by
 the Board in its sole discretion. Executive's salary as in effect from time to time,
 including any adjustments relating to subsection 3(b) below, shall constitute the "**Salary** "
 for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;b) Notwithstanding
 subsection 3(a) above, in the event that, during the Term, the Company completes a financing
 (or series of financing) or strategic transaction(s) resulting in the Company's
 market capitalization reaching at least $250 million (as reasonably determined by the Board
 in good faith), the Executive's annual base salary shall automatically increase to
 $550,000, effective as of the first business day immediately preceding the closing of such
 financing or transaction. If the Company's market capitalization following such financing
 or transaction equals or exceeds $100 million but is less than $250 million, the Executive's
 annual base salary shall be adjusted on a straight-line prorated basis between the Executive's
 then-current base salary and $550,000, effective as of the first business day immediately
 preceding such closing.

c) The
 Company shall reimburse Executive for all reasonable expenses incurred by Executive in the
 course of performing Executive's duties under this Agreement that are consistent with
 the Company's policies in effect from time to time with respect to travel, entertainment
 and other business expenses, subject to the Company's requirements with respect to
 reporting and documentation of such expenses.

d) While
 this Agreement is in effect, Executive shall be eligible for a discretionary annual cash
 bonus of a target amount equal to 100% of Salary ("  ***Target Bonus Amount*** "),
 subject to review and adjustment by the Board in its reasonable discretion, payable subject
 to any standard payroll withholding requirements. Whether or not Executive earns any bonus
 will be dependent upon (a) Executive's continuous performance of services to the Company
 through the last date of the applicable performance period, unless otherwise provided for
 in this Agreement; and (b) the actual achievement by Executive and the Company of the applicable
 performance targets and goals set by the Board or its Compensation Committee in its Annual
 Short Term Incentive plan. The annual period over which performance is measured for purposes
 of this bonus is January 1 through December 31. The Board or its Compensation Committee will
 determine in its reasonable discretion the extent to which Executive and the Company have
 achieved the performance goals upon which the bonus is based and the amount of the bonus,
 which could be above or below the Target Amount (and may be zero). The bonus, if awarded,
 will be paid no later than March 30 of the calendar year immediately following the calendar
 year for which the bonus is being measured. Up to 40% of the Target Bonus Amount can be paid
 in stock, at the sole discretion of the Board or its Compensation Committee.

e) Executive
 shall be eligible to participate in any equity incentive plan, restricted share plan, share
 award plan, stock appreciation rights plan, stock option plan or similar plan adopted by
 the Company on the same terms and conditions applicable to other senior Company executives,
 with the amount of such awards to be determined by the Board in its sole discretion. Executive
 shall be eligible for long-term incentive awards as determined at the sole discretion of
 the Board. Without limiting the generality of the foregoing, commencing on January 1, 2026
 and on the first day of each subsequent calendar year for the remainder of the Term (inclusive
 of the automatic renewal), Executive will receive a grant of 25,000 restricted ordinary shares
 of the Company. Each grant is contingent on the availability of sufficient shares under the
 Company's equity incentive plan in effect at the time and all applicable securities
 laws and regulations and stock exchange requirements. The restricted ordinary shares will
 be evidenced by a restricted share agreement and will initially be subject to forfeiture
 and will vest ratably on the first day of each calendar quarter over the 4 calendar quarters
 immediately following the grant date, contingent on Executive's continuous employment
 or service with the Company until the applicable vesting date. In the event of a Change of
 Control (as defined in the Oxbridge Re Holdings Limited 2025 Omnibus Incentive Plan) (a "**Change of Control**") during the Term, any then-unvested outstanding restricted common stock
 and/or options previously granted under the Company equity incentive plans shall become fully
 vested.

&nbsp;&nbsp;&nbsp;&nbsp;f) Executive
 shall be entitled to all rights and benefits for which Executive shall be eligible under
 any retirement, retirement savings, profit-sharing, pension or welfare benefit plan, life,
 disability, health, dental, hospitalization and other forms of insurance and all other so-called
 "fringe" benefits or perquisites (except for with respect to any plan that provides
 severance or other similar benefits), on the same terms that the Company provides to other
 similarly situated senior Company executives (subject to all restrictions on participation
 that may apply under federal and state tax laws).

g) In
 the event of a transaction that constitutes (i) a sale of substantially all of the assets
 of the Company (or any of the Company's current or future subsidiaries), not in the
 ordinary course, to an unaffiliated third party; (ii) the transfer, in one transaction or
 a series of transactions, to an unaffiliated third party of outstanding shares of capital
 stock of the Company representing a majority of the then outstanding voting capital stock
 of the Company (or any of the Company's current or future subsidiaries); or (iii) a
 merger or consolidation of the Company having the same effect as item (i) or (ii) (an "**M&A Transaction**") and occurs while Executive is employed with the Company or (unless
 Executive's employment is terminated by the Company for Cause) within the twenty four
 (24) months following the end of such employment, Executive shall receive a lump sum bonus,
 payable on the consummation of the M&A Transaction, in a gross amount equal to 2.70%
 of the value of such M&A Transaction (the "**M&A Transaction Bonus** ").
 The value of such M&A Transaction shall be calculated for this purpose based on the total
 value, including cash, equity and any assumed debt, of the Company (or the applicable subsidiary)
 as determined on the basis of the consideration received in the M&A Transaction. The
 Company shall pay the M&A Transaction Bonus in a combination of equity and cash in the
 same proportion as the consideration paid in the M&A Transaction.

If any portion of an M&A Transaction Bonus would, in the opinion of tax counsel engaged by the Company ("**Tax Counsel**"), be subject to the tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the "**Code**") (or any successor provision) (the "**Excise Tax**"), then the Company shall pay to the Executive, no later than 2 ½ months following the end of the year in which the M&A Transaction Bonus is paid, an additional amount (the "**Gross-Up Payment**") such that the net amount retained by the Executive, after deduction of (i) any Excise Tax; (ii) any federal, state or local income tax, interest charges or penalties arising in respect of the imposition of such Excise Tax; and (iii) any federal, state or local income tax or Excise Tax imposed upon the payment provided for by this paragraph, necessary to place the Executive in the same after-tax financial position that he would have been in if he had not incurred any liability for the Excise Tax. For purposes of determining the amount of the Gross Up Payment, the Executive shall be deemed to pay federal income taxes at the highest marginal stated rate of federal income taxation in the calendar year in which the Gross-Up Payment is to be made and state and local income taxes at the highest marginal states rates of taxation in the state and locality of the Executive's domicile for income tax purposes on the date the Gross-Up Payment is made, net of the expected reduction in federal income taxes that could be obtained from deduction of such state and local taxes. As a result of the uncertainty in the application of Section 280G of the Code at the time of the initial determinations by the Tax Counsel, it is possible that amounts will have been paid or distributed by the Company to or for the benefit of the Executive pursuant to this Agreement which should not have been so paid or distributed ("**Overpayment**") or that additional amounts which should have been paid or distributed ("**Underpayment**"), in each case, consistent with the calculation of the Gross-Up Payment hereunder. In the event that the Tax Counsel, based upon the assertion of a deficiency by the Internal Revenue Service against the Company or the Executive which the Tax Counsel believes has a high probability of success or other controlling precedent or substantial authority, determines that an Underpayment has been made, any such Underpayment shall be promptly paid by the Company to or for the benefit of the Executive. In the event that the Tax Counsel, based upon controlling precedent or other substantial authority, determines that an Overpayment has occurred, any such Overpayment paid or distributed by the Company to or for the benefit of the Executive shall be treated for all purposes as a loan to the Executive which the Executive shall promptly repay to the Company; provided, however, that no amount shall be payable by the Executive to the Company if and to the extent such payment would not reduce the amount which is subject to the Excise Tax. In the event that the provisions of Sections 280G and 4999 of the Code (or any successor provisions) are repealed and not reinstated, this paragraph shall cease to be effective on the effective date of such repeal.

**Section 4. *Termination***.

&nbsp;&nbsp;&nbsp;&nbsp;a) *Events of Termination.* Executive's employment with the Company shall terminate (the date
 of such termination being the "**Termination Date**") immediately upon any
 of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Executive's
 death ()"**Termination Upon Death** ");

(ii) the
 effective date of a written notice sent to Executive stating the Company's determination,
 made in good faith, that due to a mental or physical condition, Executive has been unable
 and failed to substantially render the services to be provided by Executive to the Company
 for a period of at least 180 days out of any consecutive 360 days ()"**Termination For Disability** ");

(iii) the
 effective date of a written notice sent to Executive stating the Company's determination,
 made in good faith, that it is terminating Executive's employment for Cause (as defined
 below) ()"**Termination For Cause** ");

(iv) the
 effective date of a notice sent to Executive stating that the Company is terminating Executive's
 employment without Cause (including any notice from the Company to Executive pursuant to <u>Section 2</u> that the Company has decided not to renew the Term), which notice can be
 given by the Company at any time after the Effective Date at the Company's sole discretion,
 for any reason or for no reason ()"**Termination Without Cause** ");

(v) the
 effective date of a notice (other than a notice delivered pursuant to <u>Section 4(a)(vi)</u> of this Agreement) sent to the Company from Executive stating that Executive is electing
 to terminate Executive's employment with the Company without Good Reason ()"**Resignation Without Good Reason** "); or

(vi) the
 effective date of a written notice to Company stating Executive's determination, made
 in good faith, that a Good Reason Event (as defined below) has occurred within 30 days preceding
 such notice and as a consequence Executive is electing to terminate Executive's employment
 hereunder for a Good Reason Event ()"**Resignation For Good Reason** "); *provided, however*, that Executive will give the Company 30 days to cure such Good Reason Event,
 and if the Company fails to cure such Good Reason Event within 30 days after Executive gives
 written notice of resignation hereunder, then Executive may immediately terminate Executive's
 employment with the Company, and such termination will be a Resignation For Good Reason hereunder.

As used herein, the term "**Cause**" shall mean (i) commission of a willful act of dishonesty in the course of Executive's duties hereunder, (ii) conviction by a court of competent jurisdiction of, or plea of no contest to, a crime constituting a felony or conviction in respect of, or plea of no contest to, any act involving fraud, dishonesty or moral turpitude, (iii) Executive's performance under the influence of controlled substances (other than those taken pursuant to a medical doctor's orders), (iv) frequent or extended, and unjustifiable, absenteeism, (v) Executive's personal misconduct or refusal to perform duties and responsibilities or to carry out the lawful directives of the Board, which, if capable of being cured shall not have been cured, within 30 days after the Company shall have advised Executive in writing of its intention to terminate Executive's employment, or (vi) Executive's material non-compliance with the terms of this Agreement, which, if capable of being cured, shall not have been cured within 30 days after the Company shall have advised Executive in writing of its intention to terminate Executive's employment for such reason.

As used herein, the term "**Good Reason Event**" shall mean (i) a material adverse change in the responsibilities or duties of Executive as set forth in this Agreement (including a change in reporting where Executive no longer reports directly to the Board, or a change in Executive's capacity as Chief Executive Officer) without Executive's prior consent at a time when there are no circumstances pending that would permit the Board to terminate Executive for Cause, such that Executive is no longer acting as part of the senior management team of the Company, (ii) any reduction in the Salary or a material reduction in Executive's benefits (other than a reduction in Salary that is the result of an administrative or clerical error, and which is cured within 15 business days after the Company receives notice of such failure), (iii) a material breach by the Company of this Agreement that is not cured within 30 days following the Company's receipt of written notice of such breach from Executive, (iv) without Executive's prior written consent, the relocation of Executive's principal place of employment outside of a 30 mile radius from the location of the Company's offices in George Town, Cayman Islands as of the Effective Date, (v) Executive is removed from or fails to win election to the Company's board of directors, or (vi) a Change of Control. With regard to clause (i), Executive acknowledges that the Company has flexibility under <u>Section 1(a)</u> to assign Executive a broad range of responsibilities and duties that are consistent with him being a member of the senior management team and such assignments will not constitute a "Good Reason Event."

&nbsp;&nbsp;&nbsp;&nbsp;b) *Effect of Termination*.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)* *Death or Disability.* In the event of Termination Upon Death or Termination For Disability pursuant
 to <u>Sections 4(a)(i)</u> or <u>4(a)(ii)</u> of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Executive
 (or Executive's legal representative) shall be entitled to receive in cash an amount
 equal to any earned but unpaid Salary owing by the Company to Executive as of the Termination
 Date (the "**Accrued Salary** ");

(B) Executive
 (or Executive's legal representative) shall be entitled to receive in cash, to the
 extent provided under any management bonus plan, an amount equal to the pro rata portion,
 determined as of the Termination Date, of any bonus to which Executive would have been entitled
 had Executive been employed by the Company at the time such bonus would have otherwise been
 paid (the "**Accrued Bonus** "); and

(C) all
 unvested Restricted Shares, Options, and Warrants granted to Executive during the Term of
 this Agreement shall become fully vested and non-forfeitable as of the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii)* *Termination For Cause.* In the event of a Termination For Cause pursuant to <u>Section 4(a)(iii)</u> of this Agreement, Executive shall be entitled to receive in cash an amount equal to any
 Accrued Salary.

*(iii)* *Termination Without Cause and Resignation For Good Reason and Termination Upon Non-renewal.* In the
 event of Termination Without Cause (including a failure of the Company to renew this Agreement)
 or Resignation For Good Reason pursuant to <u>Sections 4(a)(iv)</u> or <u>4(a)(vi)</u> of
 this Agreement, subject to <u>Section 4(c)(ii)</u> of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Executive
 (or Executive's legal representative) shall be entitled to receive in cash an amount
 equal to the Accrued Salary. Additionally, Executive (or Executive's legal representative)
 shall be entitled to receive a lump sum in cash of an amount equal to Executive's Salary
 (at the rate then in effect, and without taking into account any reductions that would have
 given rise to Good Reason termination by Executive), that would have been payable commencing
 on the Termination Date and ending on the third (3<sup>rd</sup>) anniversary of the Termination
 Date (the " <u>Severance Period</u> ").

(B) Executive
 (or Executive's legal representative) shall be entitled to receive in cash, as a one-time
 lump sum, the Target Bonus Amount pursuant to Section 3(d) for each year during the Severance
 Period (pro-rated for partial years), assuming full achievement, but no over-achievement,
 of performance targets under the Annual Bonus Plan.

(C) Executive
 (or Executive's legal representative) shall be entitled to receive in restricted ordinary
 shares, as a one-time grant, the annual restricted share grant pursuant to Section 3(e) for
 each calendar year, or part thereof, during the Severance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Executive
 (or Executive's legal representative) shall be entitled to receive an M&A Transaction
 Bonus pursuant to Section 3(g) that would have been paid to the Executive had employment
 continued during the twenty four (24) months following the termination date. Receipt of a
 M&A Transaction Bonus shall not prejudice any other rights Executive may have under this
 Section.

(E) Executive
 (or Executive's legal representative) shall be entitled to receive the same monthly
 insurance and other benefits under Section 3(f) from to the Termination Date and ending the
 last date of the Severance Period.

(F) all
 unvested Restricted Shares, Options and Warrants granted to Executive during the Term of
 this Agreement shall become fully vested and non-forfeitable as of the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iv)* *Resignation Without Good Reason.* In the event of Resignation Without Good Reason pursuant to <u>Section 4(a)(v)</u> of this Agreement, Executive shall be entitled to receive in cash an amount equal
 to any Accrued Salary.

*(v)* *Upon Termination For Any Reason.* In the event of any termination, Executive shall be entitled
 to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any
 unpaid reasonable, reimbursable business expenses incurred by Executive in the course of
 performing Executive's duties under this Agreement that were incurred in a manner consistent
 with the Company's policies in effect from time to time with respect to travel, entertainment
 and other business expenses, subject to the Company's requirements with respect to
 incurring, reporting and documenting such expenses; and

(B) benefits
 under the Company's benefit plans of general application as shall be determined under
 the provisions of those plans.

(c) *Additional Provisions*.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 amounts to be paid pursuant to this <u>Section 4</u> shall be paid in accordance with the
 Company's existing payroll or bonus payment practices, as applicable. As a condition
 to the Company's obligations, if any, to make any payments provided under <u>Section 4(b)(iii)</u>, Executive shall have executed, delivered and not revoked a general release
 in a form reasonably satisfactory to the Company. The amounts due under <u>Section 4</u> shall not be reduced by any amounts paid to Employee under any policy or plan of insurance,
 including but not limited to unemployment, disability, or life.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding
 any provision of this Agreement, the obligations and commitments under <u>Section 5</u> of
 this Agreement shall survive and continue in full force and effect in accordance with their
 terms notwithstanding any termination of Executive's employment for any reason or termination
 of this Agreement for any reason.

(iii) Executive
 agrees that termination of Executive's employment for any reason shall, with no further
 action by Executive required, constitute Executive's resignation, as of the Termination
 Date and to the extent applicable, from all positions as an officer, director or representative
 of the Company.

**Section 5. *Noncompetition, Nonsolicitation And Confidentiality***.

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Definitions*.

"**Company's Business**" means the business of providing traditional reinsurance of similar size and scale, or tokenization of reinsurance and/or other asset classes in countries in which the Company has conducted or intends to conduct business.

"**Competitor**" means any company, other entity or association or individual that directly or indirectly is engaged in the Company's Business.

"**Confidential Information**" means any confidential information with respect to the Company's Business and/or the businesses of its clients or customers, including, but not limited to: the trade secrets of the Company; products or services; standard proposals; standard submissions, surveys and analyses; policy forms; fees, costs and pricing structures; marketing information; advertising and pricing strategies; analyses; reports; computer software, including operating systems, applications and program listings; flow charts; manuals and documentation; data bases; all copyrightable works; the Company's existing and prospective clients and customers, their addresses or other contact information and/or their confidential information; existing and prospective client and customer lists and other related data; expiration periods; policy numbers; coverage specifications; daily reports and related correspondence; premium renewal notices; and all similar and related information in whatever form. The term Confidential Information does not include, and there shall be no obligation hereunder with respect to, information that (i) is generally available to the public on the date of this Agreement, (ii) becomes generally available to the public other than as a result of a disclosure by Executive not otherwise permissible hereunder or (iii) Executive has learned or learns from other sources where, to Executive's knowledge, such sources have not violated their confidentiality obligation to the Company or any other applicable obligation of confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Noncompetition.* Executive covenants and agrees that during the period commencing on the Effective Date and
 ending one year following the Termination Date (the "**Restricted Period** "),
 Executive will not, directly or indirectly, own, manage, operate, control, render service
 to, or participate in the ownership, management, operation or control of any Competitor anywhere
 in the United States of America; provided, however, that Executive shall be entitled to own
 shares of stock of any corporation having a class of equity securities actively traded on
 a national securities exchange or on the Nasdaq Stock Market which represent, in the aggregate,
 not more than 1% of such corporation's fully-diluted shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) *Nonsolicitation of Employees.* Executive covenants and agrees that during the Restricted Period, Executive
 will not, directly or indirectly, employ or solicit, or receive or accept the performance
 of services by any then current officer, manager, employee or independent contractor of the
 Company or any subsidiary or affiliate of the Company, or in any way interfere with the relationship
 between the Company or any subsidiary or affiliate of the Company, on the one hand, and any
 such officer, manager, employee or independent contractor, on the other hand.

(d) *Nonsolicitation of Customers and Vendors.* Executive covenants and agrees that during the Restricted Period,
 Executive will not, directly or indirectly, knowingly induce, or attempt to induce, any customer,
 salesperson, distributor, supplier, vendor, manufacturer, representative, agent, jobber,
 licensee or other person known by Executive to be transacting business with the Company or
 any subsidiary or affiliate of the Company (collectively the "**Customers** "
 and "**Vendors**") to reduce or cease doing business with the Company or any
 such subsidiary or affiliate of the Company, or in any way to interfere with the relationship
 between any such Customer or Vendor, on the one hand, and the Company or any subsidiary or
 affiliate of the Company, on the other hand.

(e) *Representations and Covenants by Executive.* Executive represents and warrants that: (i) Executive's
 execution, delivery and performance of this Agreement do not and will not conflict with,
 breach, violate or cause a default under any contract, agreement, instrument, order, judgment
 or decree to which Executive is a party or by which Executive is bound; (ii) Executive is
 not a party to or bound by any employment agreement, noncompete agreement or confidentiality
 agreement with any other person or entity (other than the Company) and Executive is not subject
 to any other agreement that would prevent Executive from performing Executive's duties
 for the Company or otherwise complying with this Agreement; (iii) Executive is not subject
 to or in breach of any nondisclosure agreement, including any agreement concerning trade
 secrets or confidential information owned by any other party; and (iv) upon the execution
 and delivery of this Agreement by the Company, this Agreement shall be the valid and binding
 obligation of Executive, enforceable in accordance with its terms.

(f) *Nondisclosure of Confidential Information.* Executive hereby acknowledges and represents that Executive
 has consulted with independent legal counsel regarding Executive's rights and obligations
 under this Agreement and that Executive fully understands the terms and conditions contained
 herein and Executive agrees that Executive will not, directly or indirectly: (i) use, disclose,
 reverse engineer or otherwise exploit for Executive's own benefit or for the benefit
 of anyone other than the Company the Confidential Information except as authorized by the
 Company; (ii) during Executive's employment with the Company, use, disclose, or reverse
 engineer (x) any confidential information or trade secrets of any former employer or third
 party, or (y) any works of authorship developed in whole or in part by Executive during any
 former employment or for any other party, unless authorized in writing by the former employer
 or third party; or (iii) upon Executive's resignation or termination (x) retain Confidential
 Information, including any copies existing in any form (including electronic form), that
 are in Executive's possession or control, or (y) destroy, delete or alter the Confidential
 Information without the Company's consent. Notwithstanding the foregoing, Executive
 may use the Confidential Information in the course of performing Executive's duties
 on behalf of the Company or any subsidiary or affiliate of the Company as described hereunder,
 provided that such use is made in good faith. Executive will immediately surrender possession
 of all Confidential Information to Company upon any suspension or termination of Executive's
 employment with Company for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;(g) *Inventions and Patents.* Executive acknowledges that all (i) inventions, innovations, improvements,
 developments, methods, designs, analysis, drawings, reports, processes, novel concepts and
 all similar or related information (whether or not patentable) that relate to the Company's
 or any of its subsidiaries' or affiliates' actual or anticipated businesses,
 (ii) research and development and (iii) existing or future products or services that are,
 to any extent, conceived, developed or made by Executive while employed by the Company or
 any subsidiary or affiliate of the Company ()"**Work Product**") belong to
 the Company or such subsidiary or affiliate. Executive shall promptly disclose such Work
 Product to the Board and, at the cost and expense of the Company, perform all actions reasonably
 necessary or requested by the Board (whether during or after the Term) to establish and confirm
 such ownership (including, without limitation, executing assignments, consents, powers of
 attorney and other instruments).

(h) *Miscellaneous*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Executive
 acknowledges that (x) Executive's position is a position of trust and responsibility
 with access to Confidential Information of the Company, (y) the Confidential Information,
 and the relationship between the Company and each of its employees, Customers and Vendors,
 are valuable assets of the Company and may not be converted to Executives own use and (z)
 the restrictions contained in this <u>Section 5</u> are reasonable and necessary to protect
 the legitimate business interests of the Company and will not impair or infringe upon Executive's
 right to work or earn a living after Executive's employment with the Company ends.

(ii) Each
 of the foregoing obligations shall be enforceable independent of any other obligation, and
 the existence of any claim or cause of action that Executive may have against the Company,
 whether predicated on this Agreement or otherwise, shall not constitute a defense to the
 enforcement by the Company of these obligations.

(iii) Executive
 acknowledges that monetary damages will not be an adequate remedy for the Company in the
 event of a breach of this Agreement and that it would be impossible for the Company to measure
 damages in the event of such a breach. Therefore, Executive agrees that, in addition to other
 rights that the Company may have at law or equity, the Company is entitled, without posting
 bond, to seek an injunction preventing Executive from any breach of this Agreement.

(iv) In
 the event of a breach or violation by Executive during the Restricted Period of any restriction
 in <u>Section 5(b)</u>, <u>(b)</u> or <u>(d)</u> of this Agreement, the Restricted Period
 shall be tolled until such breach or violation has been cured.

(v) The
 parties intend to provide the Company with the maximum protection possible with respect to
 its Customers and Vendors. The parties, however, do not intend to include a provision that
 contravenes the public policy of any state. Therefore, if any provision of this <u>Section 5</u> is unlawful, against public policy or otherwise declared void, such provision shall
 not be deemed part of this Agreement, which otherwise shall remain in full force and effect.
 If, at the time of enforcement of this Agreement, a court or other tribunal holds that the
 duration, scope or area restriction stated herein is unreasonable under the circumstances
 then existing, the parties agree that the court should enforce the restrictions to the extent
 it deems reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Executive
 hereby agrees that prior to accepting employment with any other person or entity during the
 Term or during the Restricted Period following the Termination Date, Executive will provide
 such prospective employer with written notice of the existence of this Agreement and the
 provisions of this <u>Section 5</u> of this Agreement, with a copy of such notice delivered
 simultaneously to the Company in accordance with <u>Section 10</u> of this Agreement.

(vii) Notwithstanding
 any provision of this Agreement, the obligations and commitments of this <u>Section 5</u> shall survive and continue in full force and effect in accordance with their terms notwithstanding
 any termination of Executive's employment for any reason or termination of this Agreement
 for any reason.

**Section 6. *Withholding Taxes.*** Prior to making any payments required to be made pursuant to this Agreement, the Company may require that the Company be reimbursed in cash for any taxes required by any government to be withheld or otherwise deducted and paid by the Company in respect of such payment by the Company. In lieu thereof, the Company shall have the right to withhold the amount of such taxes from any sums due or to become due from it to Executive.

**Section 7. *Expenses.*** In the event of any legal action to enforce Executive's or the Company's rights under this Agreement, each party will be responsible for that party's reasonable attorneys' fees, expenses and disbursements.

**Section 8. *Assignment.*** This Agreement is binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns. Executive shall not assign or transfer any rights or obligations hereunder. The Company shall have the right to assign or transfer any rights or obligations hereunder only to (a) a successor entity in the event of a merger, consolidation, or transfer or sale of all or substantially all the assets of the Company or (b) a subsidiary or affiliate of the Company. Any purported assignment, other than as provided above, shall be null and void.

**Section 9. *Indemnification.*** The Company shall indemnify Executive for any act or omission done or not done in performance of Executive's duties hereunder in accordance with the Company's memorandum and articles of association (as amended and restated), and any other constituent document to the extent provided for any other officer or member of the Board. The Company's obligations under this <u>Section 9</u> shall survive any termination of this Agreement or Executive's employment hereunder.

**Section 10. *Notices.*** All notices, requests, consents and other communications required or permitted to be given hereunder, shall be in writing and shall be delivered personally or sent by prepaid telegram, telex, facsimile transmission, overnight courier or mailed, first class, postage prepaid by registered or certified mail, as follows:

*If to the Company:* Oxbridge RE Holdings Limited, Jay Madhu, Chief Executive Officer

*If to Executive:* To Executive's address as reflected on the payroll records of the Company

or such other address as either party shall designate by notice in writing to the other in accordance herewith. Any such notice shall be deemed given when so delivered personally, by telex, facsimile transmission or telegram, or if sent by overnight courier, one day after delivery to such courier by the sender or if mailed, five days after deposit by the sender in the U.S. mails.

**Section 11. *Entire Agreement.*** This Agreement shall constitute the entire agreement between Executive and the Company concerning the subject matter hereof. This Agreement supersedes and preempts any prior employment agreement or other understandings, agreements or representations by or among the parties, written or oral, that may have related to the subject matter hereof. In the event of any conflict between this Agreement (or any portion thereof) and any other agreement now existing or hereafter entered into, the terms of this Agreement shall prevail. No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing, signed by Executive and an authorized officer of the Company.

**Section 12. *Governing Law.*** This Agreement shall be subject to and governed by the laws of the Cayman Islands, without giving effect to the principles of conflicts of law under Cayman law that would require or permit the application of the laws of a jurisdiction other than Cayman Islands and irrespective of the fact that the parties now or at any time may be residents of or engage in activities in a different jurisdiction. Employee agrees that in the event of any dispute or claim arising under this Agreement, jurisdiction and venue shall be vested and proper, and Employee hereby consents to the jurisdiction of any court sitting in George Town, Cayman Islands.

**Section 13. *Full Settlement.*** Executive acknowledges and agrees that, subject to the payment by the Company of the benefits provided in this Agreement to Executive, in no event will the Company nor any subsidiary or affiliate thereof be liable to Executive for damages under any claim of breach of contract as a result of the termination of Executive's employment. In the event of any such termination, the Company shall be liable only to provide to Executive, or Executive's heirs or beneficiaries, the benefits specified in this Agreement.

**Section 14. *Strict Compliance.*** Executive's or the Company's failure to insist upon strict compliance with any provision of this Agreement or the failure to assert any right Executive or the Company may have hereunder shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. The waiver, whether express or implied, by either party of a violation of any of the provisions of this Agreement shall not operate or be construed as a waiver of any subsequent violation of any such provision.

**Section 15. *Creditor Status.*** No benefit or promise hereunder shall be secured by any specific assets of the Company. Executive shall have only the rights of an unsecured general creditor of the Company in seeking satisfaction of such benefits or promises.

**Section 16. *Section 409A.*** This Agreement is intended to comply with the requirements of Section 409A of the Code ("**Section 409A**"), and shall be construed accordingly. Any payments or distributions to be made to Executive under this Agreement upon a separation from service of amounts classified as "nonqualified deferred compensation" for purposes of Section 409A, shall in no event be made or commence until six months after such separation from service if Executive is determined to be a specified Executive of a public company (all as determined under Section 409A). Each payment of nonqualified deferred compensation under this Agreement shall be treated as a separate payment for purposes of Section 409A. Any reimbursements made pursuant to this Agreement shall be paid as soon as practicable but no later than 90 days after Executive submits evidence of such expenses to the Company (which payment date shall in no event be later than the last day of the calendar incurred). The amount of such reimbursements paid and any in-kind benefits the year following the calendar year in which the expense was provided during any calendar year shall not affect the reimbursements paid or in-kind benefits provided in any other calendar year, and the right to any such payments and benefits shall not be subject to liquidation or exchange for another payment or benefit.

**Section 17. *Cooperation.*** Executive agrees to provide assistance to and cooperate with the Company upon its reasonable request with respect to matters within the scope of Executive's duties and responsibilities during the Restricted Period. During such Period, the Company shall, to the maximum extent coordinate or cause any such request with Executive's other commitments and responsibilities to minimize the degree to which such request interferes with such commitments and responsibilities. The Company agrees that it will reimburse Executive for reasonable documented travel expenses (i.e., travel, meals and lodging) that Executive may incur in providing assistance to the Company hereunder.

**Section 18. *Non-disparagement.*** Executive agrees to not make any statements, written or oral, while employed by the Company and thereafter, which would be reasonably likely to disparage or damage the Company, its affiliates or subsidiaries or the personal or professional reputation of any present or former employees, officers or members of the managing or directorial boards or committees of the Company or its affiliates or subsidiaries. The Company agrees that it will instruct each of its and its affiliates' and subsidiaries' members, directors, managers, officers and employees not to make any disparaging communication regarding Executive, and no such person or entity will be authorized on the Company's or any affiliate's or subsidiary's behalf to make any such disparaging communications regarding Executive.

**Section 19. *Recoupment.*** Executive agrees to reimburse the Company for all or a portion, as determined below, of any bonus or incentive or equity-based compensation paid or awarded to Executive by the Company, if the Board determines that (a) the payment, award or vesting thereof was predicated upon the achievement of certain financial results that were subsequently the subject of a material financial restatement, (b) Executive engaged in fraud or misconduct that caused, in whole or in part, the need for the material financial restatement, and (c) a lower payment, award or vesting would have occurred based upon the restated financial results. In such event, Executive agrees to reimburse (in the manner determined by the Board, including cancellation of options or other stock awards) any bonus or incentive or equity-based compensation previously paid, awarded or vested in the amount by which such bonus or incentive or equity-based compensation actually paid, awarded or vested exceeds the lower payment, award or vesting that would have occurred based upon the restated financial result; <u>provided</u> that no reimbursement shall be required if the payment, award or vesting otherwise subject to reimbursement hereunder occurred more than three (3) years prior to the date the applicable reinstatement is disclosed. In addition, notwithstanding anything to the contrary, any bonus or incentive or equity-based compensation, or other compensation, payable to Executive pursuant to this Agreement or any other agreement, plan or arrangement of the Company shall be subject to repayment or recoupment (clawback) by the Company to the extent applicable under Section 304 of the Sarbanes-Oxley Act of 2002 (and not otherwise exempted) and in accordance with such policies and procedures as the Board or the Compensation Committee of the Board may adopt from time to time, including policies and procedures to implement applicable law (including, but not limited to, Section 954 of the Dodd-Frank Act), stock market or exchange rules and regulations or accounting or tax rules and regulations.

**Section 20. *Survival.*** Any provision of this Agreement that is expressly or by implication intended to survive the termination of this Agreement shall survive or remain in effect after the termination of this Agreement.

**Section 21. *Counterparts.*** This Agreement may be executed in two or more counterparts, anyone of which need not contain the signature of more than one party, but all such counterparts taken together shall constitute one and the same agreement.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first written above.

**OXBRIDGE RE HOLDINGS LIMITED**

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| | |
|:---|:---|
| By: | */s/ Jay Madhu* |
|  | Sanjay Madhu, Chief Executive Officer |

---

**EXECUTIVE**

By: <u>/*s/ Wrendon Timothy*</u> <br> Wrendon Timothy, Chief Financial Officer

**EXHIBIT A<br> PERMITTED ACTIVITIES**

1. Executive
 may administer, operate and provide administrative services for and on behalf of Oxbridge
 Reinsurance Limited, SurancePlus Holdings Ltd., Oxbridge RE NS, OAC Equity Holdings LLC,
 SurancePlus Inc. and DSN Blockchain Technologies Ltd.

2. Executive
 may provide director services to Jet.AI Inc., and its subsidiaries and affiliates.

## Exhibit 10.4

**Exhibit 10.4**

**OXBRIDGE RE HOLDINGS LIMITED**

**2025 OMNIBUS INCENTIVE PLAN**

**RESTRICTED SHARE UNIT AWARD**

[FIRSTNAME] [LASTNAME]

Dear [NAME]:

You have been granted an award of Restricted Share Units (this "Award") of Oxbridge Re Holdings Limited (the "Company") under the Oxbridge Re Holdings Limited 2025 Omnibus Incentive Plan (the "Plan"), effective as of the Grant Date, with the terms and conditions set forth below. Capitalized terms used in this Award and not defined shall have the meanings given in the Plan.

---

| | |
|:---|:---|
| Grant Date: | [GRANT DATE] |
| Number of Restricted Share Units: | [NUMBER OF RSUs] |
| Vesting Schedule: | The Restricted Share Units included in this Award will be immediately vested as of the Grant Date. |
| Settlement of Restricted Share Units: | As soon as practicable after your Restricted Share Units vest (but no later than two-and-one-half months from the end of the fiscal year in which vesting occurs), the Company will settle such vested Restricted Share Units by issuing in your name certificate(s) or making an appropriate book entry for a number of Shares equal to the number of Restricted Share Units that have vested. |
| Transferability of Restricted Share Units: | By accepting this Award, you agree not to sell any Shares acquired under this Award other than as set forth in the Plan and at a time when applicable laws, Company policies or an agreement between the Company and its underwriters do not prohibit a sale. |
| Rights as Shareholder: | You will not be deemed for any purposes to be a shareholder of the Company with respect to any of the Restricted Share Units (including with respect to voting or dividends) unless and until a certificate for Shares is issued upon vesting of the Restricted Share Units or the Company makes an appropriate book entry for a number of Shares equal to the number of Restricted Share Units that have vested. |
| Market Stand-Off: | In connection with any underwritten public offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act of 1933, as amended, you agree that you shall not directly or indirectly sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of or transfer or agree to engage in any of the foregoing transactions with respect to, any Shares acquired under this Award without the prior written consent of the Company. Such restriction shall be in effect for such period of time following the date of the final prospectus for the offering as may be determined by the Company. In no event, however, shall such period exceed one hundred eighty (180) days. |

---

---

| | |
|:---|:---|
| Taxes: | You understand that you (and not the Company or any Affiliate) shall be responsible for your own federal, state, local or foreign tax liability and any of your other tax consequences that may arise as a result of the transactions contemplated by this Award. You shall rely solely on the determinations of your tax advisors or your own determinations, and not on any statements or representations by the Company or any of its agents, with regard to all such tax matters.<br>To the extent that the receipt, vesting or settlement of the Restricted Share Units, or other event, results in income to you for federal, state or local income tax purposes, you shall deliver to the Company at the time the Company is obligated to withhold taxes in connection with such receipt, vesting, settlement or other event, as the case may be, such amount as the Company requires to meet its withholding obligation under applicable tax laws or regulations. If you fail to do so, the Company has the right and authority to deduct or withhold from other compensation payable to you an amount sufficient to satisfy its withholding obligations.<br>To the extent permitted by the Company at the time a tax withholding requirement arises, you may satisfy the withholding requirement in whole or in part, by electing to have the Company withhold for its own account that number of Shares otherwise deliverable to you upon settlement having an aggregate Fair Market Value on the date the tax is to be determined equal to the tax that the Company must withhold in connection with the vesting or settlement of such Restricted Share Units; provided that the amount so withheld shall not exceed the maximum statutory rate to the extent necessary to avoid an accounting charge. Your election must be irrevocable, in writing, and submitted to the Secretary of the Company before the applicable vesting or settlement date. The Fair Market Value of any fractional Share not used to satisfy the withholding obligation (as determined on the date the tax is determined) will be paid to you in cash.  |

---

● The Plan and this Award constitute the entire understanding of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements between you and the Company with respect to the subject matter hereof. You expressly warrant that you are not accepting this Award in reliance on any promises, representations, or inducements other than those contained herein.

● By accepting the grant of the Restricted Share Units, you agree not to sell any Shares acquired in connection with the Restricted Share Units other than as set forth in the Plan and at a time when applicable laws, Company policies or an agreement between the Company and its underwriters do not prohibit a sale.

● As a condition of the granting of this Award, you agree, for yourself and your legal representatives or guardians, that this Award shall be interpreted by the Administrator and that any interpretation by the Administrator of the terms of this Award or the Plan and any determination made by the Administrator pursuant to this Award shall be final, binding and conclusive.

● Subject to the terms of the Plan, the Administrator may modify or amend this Award without your consent as permitted by Section 15(c) of the Plan or: (i) to the extent such action is deemed necessary by the Administrator to comply with any applicable law or the listing requirements of any principal securities exchange or market on which Shares are then traded; (ii) to the extent the action is deemed necessary by the Administrator to preserve favorable accounting or tax treatment of this Award for the Company; or (iii) to the extent the Administrator determines that such action does not materially and adversely affect the value of this Award or that such action is in the best interest of you or any other person who may then have an interest in this Award.

● This Award may be executed in counterparts.

This Award is granted under and governed by the terms and conditions of the Plan. The terms of the Plan to the extent not stated herein are expressly incorporated herein by reference and in the event of any conflict between this Award and the Plan, the terms of the Plan shall govern, control and supersede over the provisions of this Award.

BY ACCEPTING THIS AWARD, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS DESCRIBED HEREIN AND IN THE PLAN. YOU ALSO ACKNOWLEDGE RECEIPT OF THE PLAN.

---

| | | |
|:---|:---|:---|
| OXBRIDGE RE HOLDINGS LIMITED | OXBRIDGE RE HOLDINGS LIMITED | PARTICIPANT |
| By: |  |  |
|  | [EXECUTIVE] | [EMPLOYEE] |
|  | [POSITION] |  |
| Date: |  |  |

---

## Exhibit 10.5

**Exhibit 10.5**

**<u>CORPORATE ACTION, CHANGE OF CONTROL, AND PERFORMANCE AGREEMENT</u>**

THIS AGREEMENT (the "Agreement") is entered into as of August 28, 2025 (the "Effective Date"), by Oxbridge Re Holdings Limited (the "Company") and Sanjay Madhu (the "Awardee" or "Executive"). Awardee is the Executive Chairman, President and CEO of the Company.

**1. <u>PURPOSE AND INTENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Purpose</u>. The Company establishes this Agreement to institute a process to respond to hostile or activist shareholder action as that term is defined by the Securities and Exchange Commission ("SEC") and to provide the Awardee with incentive bonus compensation for the achievement of performance-based revenue milestones and the Awardee providing continuous services through the achievement of such milestones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Intent</u>. This Agreement is not intended to constitute an agreement under a tax qualified plan under Code Section 401(a) or a retirement program subject to ERISA. No amount paid under this Agreement may be rolled over or transferred to a tax qualified plan or individual retirement account.

**2. <u>DEFINITIONS</u>**

Any capitalized term that is used but not otherwise defined in this Section or this Agreement shall have the meaning assigned to such term in the Awardee's employment agreement and/or the Company's 2025 Omnibus Incentive Plan (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) "<u>Cause</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) commission
 of a willful act of dishonesty in the course of Executive's duties hereunder;

(ii) conviction
 by a court of competent jurisdiction of, or plea of no contest to, a crime constituting a
 felony or conviction in respect of, or plea of no contest to, any act involving fraud, dishonesty
 or moral turpitude;

(iii) Executive's
 performance under the influence of controlled substances (other than those taken pursuant
 to a medical doctor's orders);

(iv) frequent
 or extended, and unjustifiable, absenteeism;

(v) Executive's
 personal misconduct or refusal to perform duties and responsibilities or to carry out the
 lawful directives of the board of directors of the Company (the "Board"),
 which, if capable of being cured shall not have been cured, within 30 days after the Company
 shall have advised Executive in writing of its intention to terminate Executive's employment,
 or

(vi) Executive's
 material non-compliance with the terms of his employment, which, if capable of being cured,
 shall not have been cured within 30 days after the Company shall have advised Executive in
 writing of its intention to terminate Executive's employment for such reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) "<u>Change of Control</u>" has the meaning set forth in the Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Code</u>" means the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Corporate Transaction</u>" means any person, or group or persons (or their direct or indirect owners) acting in concert, acquires an ownership of Shares (or other voting securities of the Company then outstanding) of the Company possessing thirteen percent (13%) or more of the total voting power of the Shares (or other voting securities then outstanding) of the Company where such person or Group is required to file a Schedule 13D (Beneficial Ownership Report (for >5% ownership with intent to influence)) with the U.S. Securities and Exchange Commission within 10 days of such acquisition, excluding, however, acquisitions of Shares by a person who is an officer or director of the Company at the time of the acquisition and acquisitions that are affirmatively and duly approved by the Board. For purposes hereof, the term "person" means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Disability</u>" shall have the meaning set forth in the Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Incentive Plan</u>" means the Company's 2025 Omnibus Incentive Plan, as may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Measurement Date</u>" means and including each of the following dates: September 30, 2025, December 31, 2025, March 31, 2026, June 30, 2026, September 30, 2026, and December 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Revenue</u>" means the revenue of the Company as calculated in accordance with U.S. generally accepted accounting principles for the applicable measurement periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Share</u>" means an ordinary share of the Company, par value $0.001 per share.

**3. <u>GRANT OF RESTRICTED SHARE UNITS AWARDS</u>**

The Awardee will receive fully vested Restricted Share Unit Awards, based on the Company's achievement of specified performance milestones on each Measurement Date (each performance milestones, a "Revenue Milestone" or in the aggregate "Revenue Milestones"). Each Restricted Share Unit represents the right of the Awardee to be issued one Share (share upon vesting, subject to the restrictions set forth in this Agreement, under the Incentive Plan, or the Restricted Share Unit Award Agreement).

Tax Withholding: Upon vesting of RSUs, the Company shall satisfy any and all applicable tax withholding obligations through one or more of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) withholding shares having a fair market value equal to the minimum statutory withholding requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) requiring Executive to pay cash equal to withholding obligations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) arranging for sell-to-cover transactions.

If Executive fails to satisfy withholding obligations, the Company may delay the Restricted Share Unit award delivery until obligations are met.

**4. <u>REVENUE MILESTONES VESTING SCHEDULE</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions in this Agreement and subject to the terms of the Incentive Plan, the Company will grant the Awardee fully vested Restricted Share Units according to the following vesting schedule, based on Revenue Milestones achieved on each Measurement Date for each Measurement Period\*:

---

| | |
|:---|:---|
| **MEASUREMENT DATE: SEPTEMBER 30, 2025\*** | **MEASUREMENT DATE: SEPTEMBER 30, 2025\*** |
| Revenue Milestones | Number of Fully Vested Restricted Share Units |
| Under $500,000 | 0 |
| $500,000 but less than $700,000 | 40000 |
| $700,000 but less than $900,000 | 60000 |
| $900,000 or more | 80000 |

---

\* Measurement Period: Three months ended September 30, 2025

---

| | |
|:---|:---|
| **MEASUREMENT DATE: DECEMBER 31, 2025** | **MEASUREMENT DATE: DECEMBER 31, 2025** |
| Revenue Milestones | Number of Fully Vested Restricted Share Units |
| Under $1,100,000 | 0 |
| $1,100,000 but less than $1,300,000 | 40000 |
| $1,300,000 but less than $1,500,000 | 60000 |
| $1,500,000 or more | 80000 |

---

\* Measurement Period: Six months ended December 31, 2025

---

| | |
|:---|:---|
| **MEASUREMENT DATE: MARCH 31, 2026** | **MEASUREMENT DATE: MARCH 31, 2026** |
| Revenue Milestones | Number of Fully Vested Restricted Share Units |
| Under $1,700,000 | 0 |
| $1,700,000 but less than $1,900,000 | 40000 |
| $1,900,000 but less than $2,100,000 | 60000 |
| $2,100,000 or more | 80000 |

---

\* Measurement Period: Nine months ended March 31, 2026

---

| | |
|:---|:---|
| **MEASUREMENT DATE: JUNE 30, 2026** | **MEASUREMENT DATE: JUNE 30, 2026** |
| Revenue Milestones | Number of Fully Vested Restricted Share Units |
| Under $2,300,000 | 0 |
| $2,300,000 but less than $2,500,000 | 40000 |
| $2,500,000 but less than $2,700,000 | 60000 |
| $2,700,000 or more | 80000 |

---

\* Measurement Period: Twelve months ended June 30, 2026

---

| | |
|:---|:---|
| **MEASUREMENT DATE: SEPTEMBER 30, 2026** | **MEASUREMENT DATE: SEPTEMBER 30, 2026** |
| Revenue Milestones | Number of Fully Vested Restricted Share Units |
| Under $2,900,000 | 0 |
| $2,900,000 but less than $3,100,000 | 40000 |
| $3,100,000 but less than $3,300,000 | 60000 |
| $3,300,000 or more | 80000 |

---

\* Measurement Period: Fifteen months ended September 30, 2026

---

| | |
|:---|:---|
| **MEASUREMENT DATE: DECEMBER 31, 2026** | **MEASUREMENT DATE: DECEMBER 31, 2026** |
| Revenue Milestones | Number of Fully Vested Restricted Share Units |
| Under $3,500,000 | 0 |
| $3,500,000 but less than $3,700,000 | 40000 |
| $3,700,000 but less than $3,900,000 | 60000 |
| $3,900,000 or more | 80000 |

---

\* Measurement Period: Eighteen months ended December 31, 2026

The achievement of each of the applicable Revenue Milestones on each of the Measurement Date will be reasonably determined by the Company's Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Distribution and Vesting Date</u>. Within 45 days after each Measurement Date, the Board of Directors shall reasonably determine if such previous Revenue Milestone was achieved. If achieved, then based on the level of Revenue Milestone achieved on such Measurement Date, the Board of Directors shall immediately approve and issue a Restricted Share Unit Award reflecting the number of Restricted Share Units the Awardee has earned on such Measurement Date and such Restricted Share Unit Award shall be granted and shall immediately vest upon such grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Continuous Service</u>. Subject to the terms of this Agreement, provided that the Awardee remains employed by the Company or any direct or indirect subsidiary thereof, through the applicable Measurement Dates, the Awardee shall be entitled to receive the Restricted Share Units contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Agreement Termination Date</u>. This Agreement shall continue until the earlier of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) December 31, 2026; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Termination date of Awardee's employment with the Company.

Notwithstanding the foregoing, the termination of this Agreement shall not adversely affect the Awardee's rights hereunder with respect any Measurement Date, Corporate Transaction, or Change of Control occurring on or prior to December 31, 2026, nor shall it affect any provisions hereof which are intended by their terms or the nature thereof to survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Acceleration Before Measurement Date</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Termination with Cause</u>. If the Awardee's Continuous Services is terminated by the Company before a Measurement Date for Cause, the Awardee will forfeit all unvested Restricted Share Units under this Agreement to the extent not previously granted to Awardee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Termination without Cause or Termination For Good Reason</u>. If the Company terminates Awardee's employment on or prior to December 31, 2026, in a Termination Without Cause (as defined in the Amended and Restated Employment Agreement effective August 28, 2025 ("Employment Agreement")) or Awardee resigns in a Resignation For Good Reason (as defined in the Employment Agreement), the Awardee shall be entitled to fully vested 80,000 Restricted Share Units for each Measurement Date that cannot be reached due to such termination. For example, for clarity, if the Awardee was terminated on June 15, 2026 in a Termination Without Cause, then the Awardee shall be entitled to 240,000 Restricted Share Units (3 Measurement Dates x 80,000). Such accelerated Restricted Share Units shall be fully vested to the Awardee and the Company shall grant and issue the accelerated Restricted Share Units Award to Awardee on or prior to such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Acceleration Upon a Corporate Transaction or Change of Control</u>. In the event of either a Corporate Transaction or a Change of Control that occurs on or prior to December 31, 2026, the Awardee shall be entitled to fully vested 80,000 Restricted Share Units for each remaining Measurement Date that would have occurred hereunder following the date of the Corporate Transaction or Change of Control. For example, for clarity, if the Corporate Transaction or Change of Control closes on July 15, 2026, then the Awardee shall be entitled to 160,000 Restricted Share Units (2 Measurement Dates x 80,000). Such accelerated Restricted Share Units shall be fully vested to the Awardee and the Company shall grant and deliver the accelerated Restricted Share Units Awards to Awardee on or prior to such closing of the Corporate Transaction or Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Termination for Death or Disability</u>. If Awardee's employment is terminated with the Company on account of death or Disability on or prior to December 31, 2026, for purposes of this Agreement, the Awardee will receive fully vested 80,000 Restricted Share Units for each Measurement Date that cannot be reached due to such death or Disability. For example, for clarity, if the Awardee's death or Disability occurred on August 15, 2026, then Awardee shall be entitled to 160,000 Restricted Share Units (2 Measurement Dates x 80,000). Such accelerated Restricted Share Units shall be fully vested to the Awardee (or Awardee's beneficiaries or heirs) and the Company shall grant and deliver the accelerated Restricted Share Units Awards to Awardee (or Awardee's beneficiaries or heirs) within 10 days of Awardee's death or Disability.

**5. <u>CHANGE IN CONTROL EXCISE TAX GROSS UP</u>**

Anything in this Agreement to the contrary notwithstanding, if it is determined that any payment under this Agreement to the Awardee ("Payment") would, if paid, be subject to the excise tax (the "Excise Tax") imposed by Code Section 4999, and no exemption to such excise tax applies, the Company shall pay the Awardee an additional payment (the "Gross Up Payment") to pay any and all taxes on the Gross Up Payment and any and all taxes on the Payment subject to the Excise Tax on the benefits to which the Awardee is entitled without the Gross Up Payment. The purpose of the Gross Up Payment is to put the Awardee in the same after-tax position that Awardee would have been in had there been no Excise Tax.

**6. <u>ADJUSTMENTS</u>**

If any change is made to the outstanding Shares or the capital structure of the Company, if required, the Restricted Share Units shall be adjusted or terminated in any manner as contemplated by the Incentive Plan.

**7. <u>RESTRICTED SHARE UNITS SUBJECT TO INCENTIVE PLAN</u>**

This Restricted Share Units granted under the terms of this Agreement are subject to the terms of the Incentive Plan. The terms and provisions of the Incentive Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Incentive Plan, the applicable terms and provisions of this Agreement will govern and prevail.

**8. <u>INALIENABILITY OF BENEFITS</u>**

Neither Awardee, nor creditors of Awardee, shall have any right to assign, pledge, hypothecate, anticipate or in any way create a lien upon Awardee's interest created under this Agreement. All Restricted Share Unit Awards to be made to Awardee shall be made only upon their personal receipt or endorsement, and no interest under this Agreement shall be subject to assignment or transfer or otherwise be alienable, either by voluntary or involuntary act or by operation of law or equity, or subject to attachment, execution, garnishment, sequestration, levy or other seizure under any legal, equitable or other process, or be liable in any way for the debts or defaults of Awardee.

**9. <u>BINDING NATURE OF AGREEMENT</u>**

This Agreement shall be binding upon the heirs, executors, administrators, successors and assigns of any and all interested parties, present and future.

**10. <u>UNFUNDED AGREEMENT AND PLAN</u>**

This Agreement is intended to create an unfunded arrangement and does not defer the receipt of income to termination of employment or beyond and is therefore not subject to the requirements of ERISA.

**11.**  **<u>VALIDITY</u>**

The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

**12.**  **<u>NO RIGHT TO CONTINUED SERVICE</u>**

Neither the Incentive Plan nor this Agreement shall confer upon the Awardee any right to be retained in any position, as an employee, consultant, or director of the Company. Further, nothing in the Incentive Plan or this Agreement shall be construed to limit the discretion of the Company to terminate the Awardee's employment at any time, with or without Cause, subject to the acceleration provisions of this Agreement in accordance with the terms hereof and subject to the terms of the Employment Agreement.

**13.**  **<u>AMENDMENT AND TERMINATION</u>**

Any amendment, modification, change, or termination or this Agreement must be done so in writing and signed by both parties.

**14.**  **<u>CODE SECTION 409A</u>**

If any payments under this Agreement are subject to the provisions of Code Section 409A, it is intended that the Agreement will comply fully with and meet all the requirements of Code Section 409A. The Awardee acknowledges that there may be adverse tax consequences upon the grant or vesting of the Restricted Share Units or disposition of the underlying Shares and that the Awardee has been advised to consult a tax advisor prior to such grant, vesting, or disposition. It is intended that Restricted Share Units are either exempt from the requirements of Section 409A of the Code or will satisfy the requirements of Section 409A of the Code so that compensation payable under this Agreement (and applicable earnings) shall not be included in income under Section 409A of the Code. Notwithstanding anything else in the Agreement, if the Company determines the Awardee to be one of the Company's "specified employees" under Section 409A of the Code at the time of such separation from service in accordance with the identification date specified in the 409A Guidance and the amount hereunder is "deferred compensation" subject to Section 409A, then any distribution that otherwise would be made to the Awardee with respect to this Agreement as a result of such separation from service shall not be made until the date that is six months after such separation from service or, if earlier, the date of the death of the Awardee. However, the Company shall not have any obligation to take any action to prevent the assessment of any additional tax or penalty on any person for any equity award under Section 409A of the Code. If this Agreement is subject to Section 409A of the Code and the 409A Guidance, this Agreement will incorporate and satisfy the written documentation requirement of Section 409A of the Code and the 409A Guidance either directly or by reference to other documents. Notwithstanding the foregoing, the Company shall not have any liability to the Awardee for taxes or penalties under Section 409A of the Code, and the Company shall not have any obligation to indemnify the Awardee for any taxes or penalties under Section 409A of the Code

**15.**  **<u>GOVERNING LAW</u>**

The validity, interpretation, construction, and performance of this Agreement shall be governed by the laws of the Cayman Islands.

**16.**  **<u>COUNTERPARTS</u>**

This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

**17.**  **<u>ENTIRE AGREEMENT</u>**

This Agreement sets forth the entire agreement between Awardee and the Company concerning the subject matter discussed in this Agreement and supersedes all prior agreements, promises, covenants, arrangements, communications, and representations or warranties, whether written or oral, by any officer, employee, or representative of the Company. Any prior agreements or understandings that are contrary with respect to the subject matter set forth in this Agreement are hereby overridden and the terms of this Agreement shall apply.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth above.

---

| | |
|:---|:---|
| **OXBRIDGE RE HOLDINGS LIMITED** | **OXBRIDGE RE HOLDINGS LIMITED** |
| By: | */s/ Wrendon Timothy* |
|  | Wrendon Timothy |
| **EXECUTIVE** | **EXECUTIVE** |
| By: | */s/ Jay Madhu* |
|  | Sanjay Madhu |

---

## Exhibit 10.6

**Exhibit 10.6**

**<u>CORPORATE ACTION, CHANGE OF CONTROL, AND PERFORMANCE AGREEMENT</u>**

THIS AGREEMENT (the "Agreement") is entered into as of August 28, 2025 (the "Effective Date"), by Oxbridge Re Holdings Limited (the "Company") and Wrendon Timothy (the "Awardee" or "Executive"). Awardee is the Chief Financial Officer, Corporate Secretary and an Executive Director of the Company and its subsidiaries.

**1. <u>PURPOSE AND INTENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Purpose</u>. The Company establishes this Agreement to institute a process to respond to hostile or activist shareholder action as that term is defined by the Securities and Exchange Commission ("SEC") and to provide the Awardee with incentive bonus compensation for the achievement of performance-based revenue milestones and the Awardee providing continuous services through the achievement of such milestones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Intent</u>. This Agreement is not intended to constitute an agreement under a tax qualified plan under Code Section 401(a) or a retirement program subject to ERISA. No amount paid under this Agreement may be rolled over or transferred to a tax qualified plan or individual retirement account.

**2. <u>DEFINITIONS</u>**

Any capitalized term that is used but not otherwise defined in this Section or this Agreement shall have the meaning assigned to such term in the Awardee's employment agreement and/or the Company's 2025 Omnibus Incentive Plan (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) "<u>Cause</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) commission
 of a willful act of dishonesty in the course of Executive's duties hereunder;

(ii) conviction
 by a court of competent jurisdiction of, or plea of no contest to, a crime constituting a
 felony or conviction in respect of, or plea of no contest to, any act involving fraud, dishonesty
 or moral turpitude;

(iii) Executive's
 performance under the influence of controlled substances (other than those taken pursuant
 to a medical doctor's orders);

(iv) frequent
 or extended, and unjustifiable, absenteeism;

(v) Executive's
 personal misconduct or refusal to perform duties and responsibilities or to carry out the
 lawful directives of the board of directors of the Company (the "Board"),
 which, if capable of being cured shall not have been cured, within 30 days after the Company
 shall have advised Executive in writing of its intention to terminate Executive's employment,
 or

(vi) Executive's
 material non-compliance with the terms of his employment, which, if capable of being cured,
 shall not have been cured within 30 days after the Company shall have advised Executive in
 writing of its intention to terminate Executive's employment for such reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) "<u>Change of Control</u>" has the meaning set forth in the Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Code</u>" means the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Corporate Transaction</u>" means any person or group or persons (or their direct or indirect owners) acting in concert, acquires an ownership of Shares (or other voting securities of the Company then outstanding) of the Company possessing thirteen percent (13%) or more of the total voting power of the Shares (or other voting securities then outstanding) of the Company where such person or Group is required to file a Schedule 13D (Beneficial Ownership Report (for >5% ownership with intent to influence)) with the U.S. Securities and Exchange Commission within 10 days of such acquisition, excluding, however, acquisitions of Shares by a person who is an officer or director of the Company at the time of the acquisition and acquisitions that are affirmatively and duly approved by the Board. For purposes hereof, the term "person" means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Disability</u>" shall have the meaning set forth in the Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Incentive Plan</u>" means the Company's 2025 Omnibus Incentive Plan, as may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Measurement Date</u>" means and including each of the following dates: September 30, 2025, December 31, 2025, March 31, 2026, June 30, 2026, September 30, 2026, and December 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Revenue</u>" means the total revenue of the Company as calculated in accordance with U.S. generally accepted accounting principles for the applicable measurement periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Share</u>" means an ordinary share of the Company, par value $0.001 per share.

**3. <u>GRANT OF RESTRICTED SHARE UNITS AWARDS</u>**

The Awardee will receive fully vested Restricted Share Unit Awards, based on the Company's achievement of specified performance milestones on each Measurement Date (each performance milestones, a "Revenue Milestone" or in the aggregate "Revenue Milestones"). Each Restricted Share Unit represents the right of the Awardee to be issued one Share (share upon vesting, subject to the restrictions set forth in this Agreement, under the Incentive Plan, or the Restricted Share Unit Award Agreement).

Tax Withholding: Upon vesting of RSUs, the Company shall satisfy any and all applicable tax withholding obligations through one or more of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) withholding shares having a fair market value equal to the minimum statutory withholding requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) requiring Executive to pay cash equal to withholding obligations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) arranging for sell-to-cover transactions.

If Executive fails to satisfy withholding obligations, the Company may delay the Restricted Share Unit award delivery until obligations are met.

**4. <u>REVENUE MILESTONES VESTING SCHEDULE</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions in this Agreement and subject to the terms of the Incentive Plan, the Company will grant the Awardee fully vested Restricted Share Units according to the following vesting schedule, based on Revenue Milestones achieved on each Measurement Date for each Measurement Period\*:

---

| | |
|:---|:---|
| **MEASUREMENT DATE: SEPTEMBER 30, 2025** | **MEASUREMENT DATE: SEPTEMBER 30, 2025** |
| Revenue Milestones | Number of Fully Vested Restricted Share Units |
| Under $500,000 | 0 |
| $500,000 but less than $700,000 | 30000 |
| $700,000 but less than $900,000 | 50000 |
| $900,000 or more | 70000 |

---

\* Measurement Period: Three months ended September 30, 2025

---

| | |
|:---|:---|
| **MEASUREMENT DATE: DECEMBER 31, 2025** | **MEASUREMENT DATE: DECEMBER 31, 2025** |
| Revenue Milestones | Number of Fully Vested Restricted Share Units |
| Under $1,100,000 | 0 |
| $1,100,000 but less than $1,300,000 | 30000 |
| $1,300,000 but less than $1,500,000 | 50000 |
| $1,500,000 or more | 70000 |

---

\* Measurement Period: Six months ended December 31, 2025

---

| | |
|:---|:---|
| **MEASUREMENT DATE: MARCH 31, 2026** | **MEASUREMENT DATE: MARCH 31, 2026** |
| Revenue Milestones | Number of Fully Vested Restricted Share Units |
| Under $1,700,000 | 0 |
| $1,700,000 but less than $1,900,000 | 30000 |
| $1,900,000 but less than $2,100,000 | 50000 |
| $2,100,000 or more | 70000 |

---

\* Measurement Period: Nine months ended March 31, 2026

---

| | |
|:---|:---|
| **MEASUREMENT DATE: JUNE 30, 2026** | **MEASUREMENT DATE: JUNE 30, 2026** |
| Revenue Milestones | Number of Fully Vested Restricted Share Units |
| Under $2,300,000 | 0 |
| $2,300,000 but less than $2,500,000 | 30000 |
| $2,500,000 but less than $2,700,000 | 50000 |
| $2,700,000 or more | 70000 |

---

\* Measurement Period: Twelve months ended June 30, 2026

---

| | |
|:---|:---|
| **MEASUREMENT DATE: SEPTEMBER 30, 2026** | **MEASUREMENT DATE: SEPTEMBER 30, 2026** |
| Revenue Milestones | Number of Fully Vested Restricted Share Units |
| Under $2,900,000 | 0 |
| $2,900,000 but less than $3,100,000 | 30000 |
| $3,100,000 but less than $3,300,000 | 50000 |
| $3,300,000 or more | 70000 |

---

\* Measurement Period: Fifteen months ended September 30, 2026

---

| | |
|:---|:---|
| **MEASUREMENT DATE: DECEMBER 31, 2026** | **MEASUREMENT DATE: DECEMBER 31, 2026** |
| Revenue Milestones | Number of Fully Vested Restricted Share Units |
| Under $3,500,000 | 0 |
| $3,500,000 but less than $3,700,000 | 30000 |
| $3,700,000 but less than $3,900,000 | 50000 |
| $3,900,000 or more | 70000 |

---

\* Measurement Period: Eighteen months ended December 31, 2026

The achievement of each of the applicable Revenue Milestones on each of the Measurement Date will be reasonably determined by the Company's Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Distribution and Vesting Date</u>. Within 45 days after each Measurement Date, the Board of Directors shall reasonably determine if such previous Revenue Milestone was achieved. If achieved, then based on the level of Revenue Milestone achieved on such Measurement Date, the Board of Directors shall immediately approve and issue a Restricted Share Unit Award reflecting the number of Restricted Share Units the Awardee has earned on such Measurement Date and such Restricted Share Unit Award shall be granted and shall immediately vest upon such grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Continuous Service</u>. Subject to the terms of this Agreement, provided that the Awardee remains employed by the Company or any direct or indirect subsidiary thereof, through the applicable Measurement Dates, the Awardee shall be entitled to receive the Restricted Share Units contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Agreement Termination Date</u>. This Agreement shall continue until the earlier of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) December 31, 2026; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Termination date of Awardee's employment with the Company.

Notwithstanding the foregoing, the termination of this Agreement shall not adversely affect the Awardee's rights hereunder with respect any Measurement Date, Corporate Transaction, or Change of Control occurring on or prior to December 31, 2026, nor shall it affect any provisions hereof which are intended by their terms or the nature thereof to survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Acceleration Before Measurement Date</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Termination with Cause</u>. If the Awardee's Continuous Services is terminated by the Company before a Measurement Date for Cause, the Awardee will forfeit all unvested Restricted Share Units under this Agreement to the extent not previously granted to Awardee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Termination without Cause or Termination For Good Reason</u>. If the Company terminates Awardee's employment on or prior to December 31, 2026, in a Termination Without Cause (as defined in the Amended and Restated Employment Agreement effective August 28, 2025 ("Employment Agreement")) or Awardee resigns in a Resignation For Good Reason (as defined in the Employment Agreement), the Awardee shall be entitled to fully vested 70,000 Restricted Share Units for each Measurement Date that cannot be reached due to such termination. For example, for clarity, if the Awardee was terminated on June 15, 2026 in a Termination Without Cause, then the Awardee shall be entitled to 210,000 Restricted Share Units (3 Measurement Dates x 70,000). Such accelerated Restricted Share Units shall be fully vested to the Awardee and the Company shall grant and issue the accelerated Restricted Share Units Award to Awardee on or prior to such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Acceleration Upon a Corporate Transaction or Change of Control</u>. In the event of either a Corporate Transaction or a Change of Control, that occurs on or prior to December 31, 2026, the Awardee shall be entitled to fully vested 70,000 Restricted Share Units for each remaining Measurement Date that would have occurred hereunder following the date of the Corporate Transaction or Change of Control. For example, for clarity, if the Corporate Transaction or Change of Control closes on July 15, 2026, then the Awardee shall be entitled to 140,000 Restricted Share Units (2 Measurement Dates x 70,000). Such accelerated Restricted Share Units shall be fully vested to the Awardee and the Company shall grant and deliver the accelerated Restricted Share Units Awards to Awardee on or prior to such closing of the Corporate Transaction or Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Termination for Death or Disability</u>. If Awardee's employment is terminated with the Company on account of death or Disability on or prior to December 31, 2026, for purposes of this Agreement, the Awardee will receive fully vested 70,000 Restricted Share Units for each Measurement Date that cannot be reached due to such death or Disability. For example, for clarity, if the Awardee's death or Disability occurred on August 15, 2026, then Awardee shall be entitled to 140,000 Restricted Share Units (2 Measurement Dates x 70,000). Such accelerated Restricted Share Units shall be fully vested to the Awardee (or Awardee's beneficiaries or heirs) and the Company shall grant and deliver the accelerated Restricted Share Units Awards to Awardee (or Awardee's beneficiaries or heirs) within 10 days of Awardee's death or Disability.

**5. <u>CHANGE IN CONTROL EXCISE TAX GROSS UP</u>**

Anything in this Agreement to the contrary notwithstanding, if it is determined that any payment under this Agreement to the Awardee ("Payment") would, if paid, be subject to the excise tax (the "Excise Tax") imposed by Code Section 4999, and no exemption to such excise tax applies, the Company shall pay the Awardee an additional payment (the "Gross Up Payment") to pay any and all taxes on the Gross Up Payment and any and all taxes on the Payment subject to the Excise Tax on the benefits to which the Awardee is entitled without the Gross Up Payment. The purpose of the Gross Up Payment is to put the Awardee in the same after-tax position that Awardee would have been in had there been no Excise Tax.

**6. <u>ADJUSTMENTS</u>**

If any change is made to the outstanding Shares or the capital structure of the Company, if required, the Restricted Share Units shall be adjusted or terminated in any manner as contemplated by the Incentive Plan.

**7. <u>RESTRICTED SHARE UNITS SUBJECT TO INCENTIVE PLAN</u>**

This Restricted Share Units granted under the terms of this Agreement are subject to the terms of the Incentive Plan. The terms and provisions of the Incentive Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Incentive Plan, the applicable terms and provisions of this Agreement will govern and prevail.

**8. <u>INALIENABILITY OF BENEFITS</u>**

Neither Awardee, nor creditors of Awardee, shall have any right to assign, pledge, hypothecate, anticipate or in any way create a lien upon Awardee's interest created under this Agreement. All Restricted Share Unit Awards to be made to Awardee shall be made only upon their personal receipt or endorsement, and no interest under this Agreement shall be subject to assignment or transfer or otherwise be alienable, either by voluntary or involuntary act or by operation of law or equity, or subject to attachment, execution, garnishment, sequestration, levy or other seizure under any legal, equitable or other process, or be liable in any way for the debts or defaults of Awardee.

**9. <u>BINDING NATURE OF AGREEMENT</u>**

This Agreement shall be binding upon the heirs, executors, administrators, successors and assigns of any and all interested parties, present and future.

**10. <u>UNFUNDED AGREEMENT AND PLAN</u>**

This Agreement is intended to create an unfunded arrangement and does not defer the receipt of income to termination of employment or beyond and is therefore not subject to the requirements of ERISA.

**11.**  **<u>VALIDITY</u>**

The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

**12.**  **<u>NO RIGHT TO CONTINUED SERVICE</u>**

Neither the Incentive Plan nor this Agreement shall confer upon the Awardee any right to be retained in any position, as an employee, consultant, or director of the Company. Further, nothing in the Incentive Plan or this Agreement shall be construed to limit the discretion of the Company to terminate the Awardee's employment at any time, with or without Cause, subject to the acceleration provisions of this Agreement in accordance with the terms hereof and subject to the terms of the Employment Agreement.

**13.**  **<u>AMENDMENT AND TERMINATION</u>**

Any amendment, modification, change, or termination or this Agreement must be done so in writing and signed by both parties.

**14.**  **<u>CODE SECTION 409A</u>**

If any payments under this Agreement are subject to the provisions of Code Section 409A, it is intended that the Agreement will comply fully with and meet all the requirements of Code Section 409A. The Awardee acknowledges that there may be adverse tax consequences upon the grant or vesting of the Restricted Share Units or disposition of the underlying Shares and that the Awardee has been advised to consult a tax advisor prior to such grant, vesting, or disposition. It is intended that Restricted Share Units are either exempt from the requirements of Section 409A of the Code or will satisfy the requirements of Section 409A of the Code so that compensation payable under this Agreement (and applicable earnings) shall not be included in income under Section 409A of the Code. Notwithstanding anything else in the Agreement, if the Company determines the Awardee to be one of the Company's "specified employees" under Section 409A of the Code at the time of such separation from service in accordance with the identification date specified in the 409A Guidance and the amount hereunder is "deferred compensation" subject to Section 409A, then any distribution that otherwise would be made to the Awardee with respect to this Agreement as a result of such separation from service shall not be made until the date that is six months after such separation from service or, if earlier, the date of the death of the Awardee. However, the Company shall not have any obligation to take any action to prevent the assessment of any additional tax or penalty on any person for any equity award under Section 409A of the Code. If this Agreement is subject to Section 409A of the Code and the 409A Guidance, this Agreement will incorporate and satisfy the written documentation requirement of Section 409A of the Code and the 409A Guidance either directly or by reference to other documents. Notwithstanding the foregoing, the Company shall not have any liability to the Awardee for taxes or penalties under Section 409A of the Code, and the Company shall not have any obligation to indemnify the Awardee for any taxes or penalties under Section 409A of the Code

**15.**  **<u>GOVERNING LAW</u>**

The validity, interpretation, construction, and performance of this Agreement shall be governed by the laws of the Cayman Islands.

**16.**  **<u>COUNTERPARTS</u>**

This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

**17.**  **<u>ENTIRE AGREEMENT</u>**

This Agreement sets forth the entire agreement between Awardee and the Company concerning the subject matter discussed in this Agreement and supersedes all prior agreements, promises, covenants, arrangements, communications, and representations or warranties, whether written or oral, by any officer, employee, or representative of the Company. Any prior agreements or understandings that are contrary with respect to the subject matter set forth in this Agreement are hereby overridden and the terms of this Agreement shall apply.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth above.

---

| | |
|:---|:---|
| **OXBRIDGE RE HOLDINGS LIMITED** | **OXBRIDGE RE HOLDINGS LIMITED** |
| By: | */s/ Jay Madhu* |
|  | Sanjay Madhu |
| **EXECUTIVE** | **EXECUTIVE** |
| By: | */s/ Wrendon Timothy* |
|  | Wrendon Timothy |

---