# EDGAR Filing Document

**Accession Number:** 0001584831
**File Stem:** 0001493152-23-001467
**Filing Date:** 2023-1
**Character Count:** 221597
**Document Hash:** 8beb83c9ef6e2bbb9cc83119bc35793b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-001467.hdr.sgml**: 20230113

**ACCESSION NUMBER**: 0001493152-23-001467

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20230109

**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**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230113

**DATE AS OF CHANGE**: 20230113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OXBRIDGE RE HOLDINGS Ltd
- **CENTRAL INDEX KEY:** 0001584831
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **IRS NUMBER:** 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:** 23529602

**BUSINESS ADDRESS:**
- **STREET 1:** STRATHVALE HOUSE, 2ND FLOOR, PO BOX 469
- **STREET 2:** 90 NORTH CHURCH STREET
- **CITY:** GEORGETOWN
- **STATE:** E9
- **ZIP:** KY1-9006
- **BUSINESS PHONE:** 345-749-7570

**MAIL ADDRESS:**
- **STREET 1:** STRATHVALE HOUSE, 2ND FLOOR, PO BOX 469
- **STREET 2:** 90 NORTH CHURCH STREET
- **CITY:** GEORGETOWN
- **STATE:** E9
- **ZIP:** KY1-9006

?xml version="1.0" encoding="utf-8"?

**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): January 9, 2023**

**OXBRIDGE RE HOLDINGS LIMITED**

(Exact Name of Registrant as Specified in Charter)

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

---

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

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

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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:

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| | | |
|:---|:---|:---|
| **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) |

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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.**

***Resignation of Independent Director***

On January 9, 2023, the Board of Directors (the "Board") of Oxbridge Re Holdings Limited (the "Company") accepted the resignation of Mr. Raymond Cabillot as an independent director of the Company, effective immediately. Mr. Cabillot's decision to resign did not involve any disagreements with the Company, management or the Board relating to the Company's operations, policies or practices.

***Appointment of New Independent Director***

On January 9, 2022, the Board of Oxbridge Re Holdings Limited appointed Mr. Arun Gowda to serve as an independent director on the Board of the Company, effective immediately. Mr. Gowda will also serve as a director of Oxbridge Reinsurance Limited ("OxRe"), subject to approval of the Cayman Islands Monetary Authority ("CIMA"). Mr. Gowda's appointment was made to fill the vacancy resulting from Mr. Cabillot's resignation, and he was appointed for a term that ends at the 2023 annual general meeting of shareholders.

Mr. Gowda has served as the Managing Partner of Broadpeak Ventures, a private investment company, since January 2018. In his role as Managing Partner, Mr. Gowda oversees and manages investment and business development with early-stage venture companies in asset management, insurance and alternative investment strategies.

Mr. Gowda served as the Managing Director, UBS O'Connor, New York, an alternative investment arm of UBS Group AG (NYSE: UBS), from September 2016 to December 2017, where he was responsible for raising funds for private credit and hedge funds. From February 2012 to December 2015, Mr. Gowda served as Managing Director at Guggenheim Investments, New York, where he was responsible for development of the alternative investment platform for institutional investors, including pension funds, insurance companies and private banks.

From August 1993 to December 2011, Mr. Gowda held senior roles of Vice President at Morgan Stanley, New York (NYSE: MS), Executive Director at UBS Investment Bank, London (NYSE: UBS) and Partner at Eventi Capital Partners, Toronto, where he managed investments in private companies in technology, medical devices, and alternatives.

Mr. Gowda has served as a director on Ide8 Re, a Bermuda captive reinsurer for insurtech Bamboo Insurance from April 2021 to present. Mr. Gowda has also served as an advisor to the management of Aquarian Holdings and Osprey Funds since January 2019 and May 2021, respectively.

Mr. Gowda holds an MBA in Finance from The Wharton School, University of Pennsylvania, and a Bachelor's Degree with Distinction in Electrical Engineering, Computer Science and Math from Vanderbilt University.

Mr. Gowda brings to the Board invaluable experience in investments, hedge funds, insurance and reinsurance products, and experience in fund raise and scaling businesses to our boards. Mr. Gowda was appointed to serve as the Chair of the Audit Committee and the Investment Committee of the Board, and a member of the Nominating and Corporate Governance and Compensation of the Board.

***Adoption of Non-Employee Director Compensation Program***

On January 9, 2023, the Board, in consultation with our independent compensation consultant, adopted and approved a non-employee director compensation program (the "Non-Employee Director Compensation Program") that provides for annual retainer fees and equity awards for our non-employee directors. The program was adopted under the 2021 Omnibus Incentive Plan (the "2021 Omnibus Plan"). Under the Non-Employee Director Compensation Program, each non-employee director of the Company receives an annual cash retainer of $15,000 payable in arrears in equal quarterly payments, pro-rated for partial years. Non-employee directors will also receive an annual restricted share award for a number of restricted ordinary shares equal to $25,000 divided by the closing price of the Company's ordinary shares on the grant date, which annual awards will vest one-half on the 180th day after the grant date and one-half on the first anniversary of the grant date. The annual restricted share award will be granted on the first trading day of January of each year. The Non-Employee Director Compensation Program also provides for an initial restricted share grant on the date on which a person first becomes a director of the Company with respect to a number of shares equal to $25,000 divided by the closing price of the Company's ordinary share on the grant date. Restricted share granted under the non-employee director compensation program will be subject to accelerated vesting upon a change of control of the Company.

The foregoing description of the Non-Employee Director Compensation Program is summary in nature and is qualified in its entirety by the full text of such program, which is attached as Exhibit 10.1 to this Current Report on Form 8-K.

***Executive Employment Agreements***

On January 9, 2023, in consultation with our 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 $300,000, and 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 2021 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 seven percent 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, 2025, 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 January 9, 2023, in consultation with our 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 $195,000, and 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 2021 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 three percent 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, 2025 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 10.3, and 10.4, respectively, to this Current Report on Form 8-K.

***Restricted Share Grants***

On January 9, 2023, in accordance with the Non-Employee Director Compensation Program described above, 10,549 ordinary shares of the Company were granted to each of our non-employee directors, Arun Gowda, Lesley Thompson and Dwight Merren, under our 2021 Omnibus Plan. The awards will vest one-half on the 180th day after the grant date and one-half on the first anniversary of the grant date, provided that the director is in continuous service to the Company through the applicable vesting date. Unvested restricted shares will vest on an accelerated basis upon a change of control of the Company (as defined in 2021 Omnibus Plan).

On January 9, 2023, in accordance with the Madhu Employment Agreement and the Timothy Employment Agreement described above, our Board granted 40,000 and 25,000 ordinary shares of the Company to Mr. Madhu and Mr. Timothy, respectively. The ordinary shares were granted under our 2021 Omnibus Plan. The awards will vest ratably on the first day of each calendar quarter over the 4 calendar quarters immediately following the grant date, contingent on Mr. Madhu's and Mr. Timothy continuous employment or service with the Company until the applicable vesting date. Unvested restricted shares will vest on an accelerated basis upon a change of control of the Company (as defined in 2021 Omnibus Plan).

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

The issuance of the restricted shares to executive officers and non-employee directors 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** |
| 10.1 | [Oxbridge Re Holdings Limited Non-Employee Director Compensation Program](ex10-1.htm) |
| 10.2 | [Oxbridge Re Holdings 2021 Omnibus Incentive Plan](ex10-2.htm) |
| 10.3 | [Amended and Restated Employment Agreement, dated January 9, 2023, with Jay Madhu](ex10-3.htm) |
| 10.4 | [Amended and Restated Employment Agreement, dated January 9, 2023, with Wrendon Timothy](ex10-4.htm) |
| 10.5 | [Form of Restricted Stock Agreement under the Oxbridge Re Holdings Limited 2021 Omnibus Incentive Plan](ex10-5.htm) |
| EX-104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**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.

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| | |
|:---|:---|
|  | **OXBRIDGE RE HOLDINGS LIMITED** |
|  | */s/ Wrendon Timothy* |
| Date: January 13, 2023 | Wrendon Timothy |
|  | Chief Financial Officer and Secretary |
|  | (Principal Accounting Officer and |
|  | Principal Financial Officer) |

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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 10.1

**Exhibit 10.1**

**OXBRIDGE RE HOLDINGS LIMITED**

**Non-Employee** **DIRECTOR COMPENSATION PROGRAM**

**(Effective January 9, 2023)**

Non-employee members of the board of directors (the "***Board***") of Oxbridge Re Holdings Limited. (the "***Company***") shall receive cash and equity compensation as set forth in this Non-Employee Director Compensation Program (this "***Program***"). This Program has been adopted under the Company's 2021 Omnibus Incentive Plan (the "***Equity Plan***"). The cash and equity compensation described in this Program shall be paid or be made, as applicable, automatically and without further action of the Board, to each member of the Board who is not an employee of the Company or any parent or subsidiary of the Company (each, a "***Non-Employee Director***") who is entitled to receive such cash or equity compensation, unless such Non-Employee Director declines the receipt of such cash or equity compensation by written notice to the Company. This Program shall remain in effect until it is revised or rescinded by further action of the Board. This Program may be amended, modified or terminated by the Board at any time in its sole discretion. The terms and conditions of this Program shall supersede any prior cash and/or equity compensation arrangements for service as a member of the Board between the Company and any of its Non-Employee Directors. No Non-Employee Director shall have any rights hereunder, except with respect to equity awards to be automatically granted pursuant to the Program. Capitalized terms not otherwise defined herein shall have the meanings ascribed in the Equity Plan.

1.<u>Cash Compensation</u>.

(a)<u>Annual Retainers</u>. Each Non-Employee Director shall receive an annual cash retainer of $15,000 for service on the Board.

(b)<u>Payment of Retainers</u>. The annual retainers described in Sections 1(a) shall be earned on a quarterly basis based on a calendar quarter and shall be paid by the Company in arrears not later than the fifteenth day following the end of each calendar quarter. In the event a Non-Employee Director does not serve as a Non-Employee Director for an entire calendar quarter, the retainer paid to such Non-Employee Director shall be prorated for the portion of such calendar quarter actually served as a Non-Employee Director, or in such position, as applicable.

2.<u>Equity Compensation</u>. Non-Employee Directors shall be granted the equity awards described below. The awards described below shall be granted under and shall be subject to the terms and provisions of the Equity Plan, or any other applicable Company equity incentive plan then-maintained by the Company, and shall be granted subject to the execution and delivery of award agreements, in substantially the forms previously approved by the Board. All applicable terms of the Equity Plan apply to this Program as if fully set forth herein, and all grants of share awards hereby are subject in all respects to the terms of the Equity Plan and the applicable award agreement.

(a) <u>Initial Awards</u>. Each Non-Employee Director who is initially elected or appointed to the Board shall be automatically granted a number of restricted ordinary shares of the Company's under the Equity Plan, or any other applicable Company equity incentive plan then-maintained by the Company, equal to (i) $25,000, divided by (ii) the closing price of the Company's ordinary shares on the grant date. The awards described in this Section 2(a) shall be referred to as "***Initial Awards***." No Non-Employee Director shall be granted more than one Initial Award.

(b)<u>Subsequent Awards for All Non-Employee Directors</u>. A Non-Employee Director who is serving on the Board as of the first trading day of January of each calendar year, and has been serving as a Non-Employee Director for at least three months as of such date, shall be automatically granted a number of restricted ordinary shares of the Company's under the Equity Plan, or any other applicable Company equity incentive plan then-maintained by the Company, equal to (A) $25,000 divided by (ii) the closing price of the Company's ordinary shares on the grant date. Such grant shall represent equity compensation for the calendar year in which the grant is made. The awards described in this Section 2(b) shall be referred to as "***Subsequent Awards***."

(c)<u>Termination of Employment of Employee Directors</u>. Members of the Board who are employees of the Company or any parent or subsidiary of the Company who subsequently terminate their employment with the Company and any parent or subsidiary of the Company and remain on the Board will not receive an Initial Award pursuant to Section 2(a) above, but to the extent that they are otherwise entitled, will receive, after termination from employment with the Company and any parent or subsidiary of the Company, Subsequent Awards as described in Section 2(b) above.

(d)<u>Vesting of Awards Granted to Non-Employee Directors</u>. Each Initial Award and Subsequent Award shall vest and become exercisable as follows: one-half the shares subject to the award shall vest on the 180th day after the grant date, and one-half of the shares subject to the award shall vest on the first anniversary of the grant date. Unvested awards shall become fully vested upon a Change of Control.

3.<u>Compensation Limits</u>. Notwithstanding anything to the contrary in this Program, all compensation payable under this Program will be subject to any limits on the maximum amount of Non-Employee Director compensation set forth in the Equity Plan, as in effect from time to time.

4.<u>Reimbursements</u>. The Company shall reimburse each Non-Employee Director for all reasonable, documented, out-of-pocket travel and other business expenses incurred by such Non-Employee Director in the performance of his or her duties to the Company in accordance with the Company's applicable expense reimbursement policies and procedures as in effect from time to time.

\* \* \* \* \*

## Exhibit 10.2

**Exhibit 10.2**

**Oxbridge Re Holdings Limited<br> 2021 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 2021 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 2014 Omnibus Incentive Plan (the "Prior Plan") will terminate on the Effective Date, and no new awards will be granted under the Prior Plan after its 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 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, an aggregate of one million (1,000,000) Shares are reserved for issuance under this Plan, all of which may be issued upon the exercise of incentive share 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) *Participant Limitations*. Subject to adjustment as provided in Section 17, no Participant may be granted Awards that could result in such Participant:

&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) receiving Options for, and/or Share Appreciation Rights with respect to, more than 200,000 Shares during any fiscal year of 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;(ii) receiving Awards of Restricted Shares and/or Restricted Share Units, and/or other Share-based Awards pursuant to Section 12, relating to more than 100,000 Shares during any fiscal year of 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;(iii) receiving Awards of Performance Shares, and/or Awards of Performance Units the value of which is based on the Fair Market Value of Shares, for more than 100,000 Shares during any fiscal year of the Company; 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;(iv) receiving Awards of Performance Units the value of which is not based on the Fair Market Value of Shares, Annual Incentive Award(s), Long-Term Incentive Award(s) or Dividend Equivalent Unit(s) that would pay more than $2,000,000 to the Participant during any single fiscal year of the Company.

&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;(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;(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;(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;(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;(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;(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;(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;(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;(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 13. Any attempted transfer not permitted by this Section 13 shall be null and void and have no legal effect. The restrictions set forth in this Section 13, 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 (10<sup>th</sup>) 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;(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;(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;(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;(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;(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;(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*.*

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&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;(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;(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;(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 6(a)(ii), 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;(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;(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;(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;(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;(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;(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;(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;(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;(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;(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;(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;(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;(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 2021 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 10.3

**Exhibit 10.3**

**AmENDED AND RESTATED EMPLOYMENT AGREEMENT**

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this "**Agreement**") is dated as of January 9, 2023 (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, 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 (in addition to public and statutory holidays
 and sick leave) be entitled to an annual paid time off of 20 working 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, 2025; 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 rate of $300,000 per calendar
 year effective January 1, 2023 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 shall constitute the "**Salary**" for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;b) 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.

c) 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.

d) 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 9, 2023
 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 2021 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;e) 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).

f) 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 where such transaction 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 7% 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(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 "Severance Period").

(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(c) 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(d) for each calendar year, or part thereof, during the Severance Period.

(D) Executive
 (or Executive's legal representative) shall be entitled to receive an M&A Transaction
 Bonus pursuant to Section 3(f) 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(e) from to the Termination Date and ending the
 last date of the Severance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) *Additional Provisions*.

&nbsp;&nbsp;&nbsp;&nbsp;&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

(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 and any subsidiary or affiliate 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.

(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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;(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;(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, 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* |
| Jay Madhu |

---

**EXHIBIT A<br> PERMITTED ACTIVITIES**

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

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

## Exhibit 10.4

**Exhibit 10.4**

**AmENDED AND RESTATED EMPLOYMENT AGREEMENT**

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this "**Agreement**") is dated as of January 9, 2023 (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 August 1, 2013, 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 Financial 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 Financial 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 (in addition to public and statutory holidays
 and sick leave) be entitled to an annual paid time off of 20 working 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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 ending on December 31, 2025; provided however, that following such date, the Agreement shall be automatically renewed for successive 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 rate of $195,000 per calendar
 year effective January 1, 2023 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 shall constitute the "**Salary**" for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;b) 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.

&nbsp;&nbsp;&nbsp;&nbsp;c) While
 this Agreement is in effect, Executive shall be eligible for a discretionary annual cash
 bonus of a target amount equal to 75% 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 discretion of the Board or its Compensation Committee.

&nbsp;&nbsp;&nbsp;&nbsp;d) 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 9, 2023
 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 2021 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;e) 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).

&nbsp;&nbsp;&nbsp;&nbsp;f) 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 where such transaction 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 3% 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 the 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 Financial 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** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(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:

&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 "Severance Period").

(B) Executive
 (or Executive's legal representative) shall be entitled to receive in cash, as a one-time
 lumpsum, the Target Bonus Amount pursuant to Section 3(c) 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(d) for each calendar year, or part thereof, during the Severance Period.

(D) Executive
 (or Executive's legal representative) shall be entitled to receive an M&A Transaction
 Bonus pursuant to Section 3(f) 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(e) from to the Termination Date and ending the
 last date of the Severance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 and any subsidiary or affiliate 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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

(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).

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(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** |
| */s/ Jay Madhu* |
| Jay Madhu, Chief Executive Officer |
| **EXECUTIVE** |
| */s/ Wrendon Timothy* |
| Wrendon Timothy |

---

**EXHIBIT A<br> PERMITTED ACTIVITIES**

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

## Exhibit 10.5

**Exhibit 10.5**

**OXBRIDGE RE HOLDINGS LIMITED**

**2021 OMNIBUS INCENTIVE PLAN**

**RESTRICTED SHARE AWARD**

Dear ______________:

You have been granted an award of ordinary shares of Oxbridge Re Holdings Limited (the "Company") constituting a Restricted Share Award under the Oxbridge Re Holdings Limited 2021 Omnibus Incentive Plan (the "Plan"), effective as of the Grant Date, with the following terms and conditions:

---

| | |
|:---|:---|
| Grant Date: | [_____________] |
| Vesting Commencement Date: | [_______________] |
| Number of Restricted Shares<br> ("Restricted Shares"): | <br> [__________________] |

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● If you are continuously employed with, or in the service of, the Company or its Affiliates through the date preceding the date of a "Change of Control" (as in the Plan), then 100% of the Restricted Shares will vest in full on the date of such Change in Control.

● If your employment or service relationship with the Company and its Affiliates is terminated as a result of your death or disability (within the meaning of Code Section 22(e)(3)), then 100% of the Restricted Shares will vest in full on the date of such termination.

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| Release of Shares: | The Restricted Shares will be held in an account at the Company's transfer agent pending vesting. As soon as practicable after any Restricted Shares vest, the applicable restrictions on the Restricted Shares will be removed and such Shares will be issued according to your instructions. |

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| Transferability of<br> Restricted Shares: | You may not sell, transfer or otherwise alienate or hypothecate any of your Restricted Shares until they are vested. In addition, 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. The Company also may require you to enter into a shareholder's agreement that will include additional restrictions on the transfer of Shares acquired under this Award that will remain effective after such Shares have vested. |
| Voting and Dividends: | While the Restricted Shares are subject to forfeiture, you may exercise full voting rights so long as the applicable record date occurs before you forfeit the Restricted Shares. Any dividends or other distributions paid with respect to the Restricted Shares for which the record date occurs before you forfeit the Restricted Shares will be held in the custody of the Company and will be subject to the same risk of forfeiture, restrictions on transferability and other terms of this Award that apply to the Restricted Shares with respect to which such dividends or other distributions were made. All such dividends or other distributions shall be paid to you within 45 days following the full vesting of the Restricted Shares with respect to which such dividends or other distributions were made.<br>Notwithstanding any provision of this Award to the contrary, if you are a "specified employee" within the meaning of Code Section 409A(a)(2)(B)(i) and the guidance thereunder on the date of your termination of employment or service, then, to the extent required for compliance with Code Section 409A, any payment to you under this Award to you made on account of your termination for any reason other than death will be delayed until the date that is six months after your termination or such earlier date permitted by Code Section 409A. |
| Transferability of Award: | You may not transfer or assign this Award for any reason, other than as set forth in the Plan. Any attempted transfer or assignment will be null and void. |
| Market Stand-Off:<br>| 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. |

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| Tax Withholding: | 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. You understand that you may alter the tax treatment of the Shares subject to this Award by filing an election under Section 83(b) of the Internal Revenue Code of 1986, as amended (the "Code"). Such election may be filed only within thirty (30) days after the date of this Award. **You should consult with your tax advisor to determine the tax consequences of acquiring the Shares and the advantages and disadvantages of filing the Code Section 83(b) election. You acknowledge that it is your sole responsibility, and not the Company's, to file a timely election under Code Section 83(b), even if you request the Company or its representatives to make this filing on your behalf.**<br>To the extent that the receipt or the vesting of the Restricted Shares, or the payment of dividends or other distributions on the Restricted Shares, or any other event, results in income to you for Cayman Islands or U.S. federal, state or local income tax purposes, except as otherwise provided in the following paragraph, if the Company is obligated to withhold taxes in connection with such receipt, vesting, payment or other event, as the case may be, you shall deliver to the Company 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. |
| Miscellaneous: | As a condition of the granting of this Restricted Share Award, you agree, for yourself and your legal representatives or guardians, that this Restricted Share Award shall be interpreted by the Committee and that any interpretation by the Committee of the terms of this Restricted Share Award or the Plan and any determination made by the Committee pursuant to this Restricted Share Award shall be final, binding and conclusive. |

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Subject to the terms of the Plan, the Committee may modify or amend this Restricted Share Award without your consent as permitted by the Plan or: (i) to the extent such action is deemed necessary by the Committee to comply with any applicable law or the listing requirements of any principal securities exchange or market on which the Company's ordinary shares are then traded; (ii) to the extent the action is deemed necessary by the Committee to preserve favorable accounting or tax treatment of this Award for the Company; or (iii) to the extent the Committee determines that such action does not materially and adversely affect the value of this Restricted Share Award or that such action is in the best interest of you or any other person who may then have an interest in this Restricted Share Award.<br>This Restricted Share Award may be executed in counterparts.<br>

This Restricted Share Award is granted under and governed by the terms and conditions of the Plan. Additional provisions regarding your Award and definitions of capitalized terms used and not defined in this Award can be found in the Plan.

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

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized representative and Recipient has executed this Agreement, effective as of the Grant Date.

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| **OXBRIDGE RE HOLDINGS LIMITED** | **OXBRIDGE RE HOLDINGS LIMITED** | **RECIPIENT** |
| By: |  |  |
|  | (Authorized Officer) | (Signature) |
|  | **(Please print name)** | **(Please print name)** |
|  | (Please print title) |  |

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