Document:

EXHIBIT
4.1

    AMENDMENT
NO. 1 TO

     

    WARRANT
AGREEMENT

     

    AMENDMENT
NO. 1 TO WARRANT AGREEMENT (this “Amendment”), dated as
of May 25, 2010, by and among GEROVA Financial Group, Ltd.
(formerly, Asia Special Situation Acquisition Corp.), a Cayman Islands exempted
company, with offices at Cumberland House, 5th Floor, 1 Victoria Street,
Hamilton, HM 11, Bermuda (the “Company”), and Continental Stock Transfer &
Trust Company, a New York corporation, with offices at 17 Battery Place,
New York, New York 1004 (“Warrant
Agent”).

     

    RECITALS

     

    WHEREAS,
the Company and the Warrant Agent entered into the Warrant Agreement, dated as
of January 16, 2008 (the “Agreement”), to
provide for the form and provisions of the Warrants, the terms upon which they
shall be issued and exercised, and the respective rights, limitation of rights,
and immunities of the Company, the Warrant Agent and the holders of the
Warrants, and the parties intend to amend certain provisions of the
Agreement;

     

    WHEREAS,
pursuant to Section 9.8 of the Agreement, the Agreement may be amended with the
written consent of Maxim and the Registered Holders of a majority of the then
outstanding Warrants; provided, that the Company may lower the Warrant Price or
extend the duration of the Exercise Period in accordance with the provisions of
Sections 3.1 and 3.2 of the Agreement, respectively, without the written consent
of Maxim and the Registered Holders of a majority of the then outstanding
Warrants; and

     

    WHEREAS,
the Company proposes to lower the Warrant Price, extend the duration of the
Exercise Period, and in conjunction therewith, effect a 2:1 split of the
Warrants so that each holder of the Warrants shall receive an additional Warrant
for each Warrant such holder currently so holds; and

     

    WHEREAS,
except as set forth in this Amendment, all of the terms and conditions set forth
in the Agreement shall remain in full force and effect.

    NOW,
THEREFORE, in consideration of the premises, and of the covenants and agreements
set forth herein, and intending to be legally bound hereby, the parties hereby
agree as follows:

     

    1.           Definitions.  All
capitalized terms used and not otherwise defined herein shall have the
respective meanings assigned to them in the Agreement.

     

    2.           The
Warrants.   The Company hereby declares a 2:1 split of the
17,700,000 Warrants covered by the Agreement and agrees to exchange the
17,700,000 original Warrants for 35,400,000 new
Warrants.  Accordingly, the Agreement is hereby amended so that the
11,500,000 originally issued Public Warrants shall now be exchanged for and
represent 23,000,000 Public Warrants, the 475,000 originally issued
Underwriter’s Warrants shall now represent 950,000 Underwriter’s Warrants, and
the 5,725,000 originally issued Private Warrants shall now represent 11,450,000
Private Warrants.  For the avoidance of doubt, the 23,000,000 Public
Warrants shall be exercisable for an aggregate of 23,000,000 Ordinary Shares,
the 950,000 Underwriter’s Warrants shall be exercisable for an aggregate of
950,000 Ordinary Shares, and the 11,450,000 Private Warrants shall be
exercisable for an aggregate of 11,450,000 Ordinary Shares, in each case at the
Warrant Price per whole share.  The Warrants, as amended hereby, may
be exercised by the holders, in whole or in part at any time or from time to
time, during the Exercise Period.  The Company shall deliver to each
warrant holder of record on the effective and record date established for the
exchange a new Warrant entitling the holder to purchase the same number of
Ordinary Shares as contained in the original Warrant.  Warrant holders
shall not be required to tender their original Warrants as a condition to
receiving the additional new Warrant.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    3.           Warrant
Price.  Section 3.1 of the Agreement shall be amended and
restated in its entirety as follows:

     

    “3.1       Warrant Price. Each
Warrant shall, when countersigned by the Warrant Agent, entitle the Registered
Holder thereof, subject to the provisions of such Warrant and of this Agreement,
to purchase from the Company the number of Ordinary Shares stated therein, at
the price of $7.00 per whole share, subject to the adjustments provided in
Section 4 hereof and in the last sentence of this Section 3.1. The term "Warrant
Price" as used in this Agreement refers to the price per share at which Ordinary
Shares may be purchased at the time a Warrant is exercised. The Company, in its
sole discretion, may lower the Warrant Price at any time prior to the Expiration
Date (as defined within Section 3 of the Warrant Agreement) for a period of not
less than ten business days; provided that any such reduction shall be identical
among all of the Warrants.”

     

    4.           Duration of
Warrants.

     

    (a)           Section
3.2.1 of the Agreement is amended as follows:

     

    “January
16, 2012” shall be deleted wherever it appears and replaced with “January 16,
2014”.

     

    (b)           Section
3.2.2 of the Agreement is amended as follows:

     

    “January
16, 2013” shall be deleted wherever it appears and replaced with “January 16,
2014”.

     

    5.           Form of
Warrant.  The form of Warrant need not be changed because of
this Amendment.  However, the Company may exercise its rights under
the second sentence of Section 4.7 of the Agreement.

     

    6.           Remaining
Provisions.  Except as set forth in this Amendment, all other
provisions of the Agreement shall remain in full force and effect, and are
incorporated herein by this reference as though more fully set forth herein at
length.

     

    7.           Miscellaneous.  The
provisions contained in Section 9 of the Agreement shall be incorporated herein
by reference and shall fully apply to this Amendment as if such provisions were
set forth in this Amendment.

     

    [Remainder
of page intentionally left blank.]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties have caused this Amendment No. 1 to Warrant
Agreement to be duly executed as of the date first above written.

     

    
      
        
          
            
              	
                      GEROVA
      FINANCIAL GROUP, LTD.

                    
	 
      	 
      
	
                      By: 

                    	
                      /s/ Gary T. Hirst

                    
	 	 
	 
      	
                      Name:
      Gary T. Hirst

                    
	 
      	
                      Title:   President

                    
	 
      	 
      
	
                      CONTINENTAL
      STOCK TRANSFER & TRUST

                      COMPANY

                    
	 
      	 
      
	
                      By: 

                    	
                      /s/ Alexandra Albrecht

                    
	 	 
	 
      	
                      Name:  Alexandra
      Albrecht

                    
	 
      	
                      Title:    Vice
      President

                    

            

          

        

      

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    REGISTERED
HOLDER OF WARRANTS

    SIGNATURE
PAGE

    AMENDMENT
NO. 1 TO

     

    WARRANT
AGREEMENT

     

    Instructions

     

    
      
        
          
            	
                    Individual

                  	
                    Sign
      Below

                  
	 	 
	
                    Co-Owners

                  	
                    Each
      Co-Owner must sign below

                  
	 	 
	
                    Corporation/Partnership/Trust
      Other Entity

                  	
                    Sign
      below and indicate capacity (e.g. Managing Director, President, Managing
      Partner)

                  
	 	 
	
                    Name(s)
      of Entity/Individual

                  	
                    Name(s)
      must be identical to name(s) set forth on the Warrant
      Certificate

                  

          

        

      

    

     

    
      
        
          	
                  Name
      of Entity/Individual

                	 
      

        

      

    

     

    
      
        
          
            
              
                	
                        Signature:

                      	 
      	 
      	 
      
	 	 	 	 
	
                        Print
      Name:

                      	 
      	 
      	 
      
	 	 	 	 
	
                        Title/Capacity/
      Co-
Ownership:

                      	 
      	 
      	 
      

              

            

          

        

      

    

     

    
      
        
          
            
              	
                      Number
      of Warrants Owned:Unassociated Document

    Exhibit
4.2

     

    GEROVA
Announces Warrant Amendments

     

    Hamilton,
Bermuda, June 2, 2010 – GEROVA Financial Group, Ltd. (“GEROVA”) (NYSE Amex:
GFC), an international reinsurance company, announced today that its Board of
Directors has approved an amendment to the terms of the Company’s January 16,
2008 Warrant Agreement covering a total of 17.7 million warrants, including 11.5
million publicly traded warrants. As a result of the amendments: (i) the
exercise price of the warrants will be reduced from $7.50 to $7.00; (ii) the
expiration date of the warrants will be extended for two additional years (to
January 16, 2014); and (iii) all 17.7 million warrants held of record on June 8,
2010 will be exchanged for 35,400,000 new warrants.

     

    Each
warrant holder will receive a new warrant to purchase the same number of
ordinary shares of the Company at the reduced exercise price as are contained in
the original warrant.  Warrant holders shall not be required to tender
their original warrants as a condition to receiving the additional new
warrant.  As a result, there will now be 35.4 million outstanding
warrants, all of which will be exercisable at $7.00 per share and expiring
on January 16, 2014. All of the other terms of the warrants remain the same as
set forth in the Company’s January 16, 2008 prospectus.

     

    The
Company’s warrants are exercisable only upon the effectiveness of a new
registration statement. The Company is preparing a registration statement to be
filed with the US Securities and Exchange Commission (the “SEC”) as soon as
practicable and will seek to register under the Securities Act of 1933, as
amended, all of the ordinary shares issuable upon exercise of the
warrants.

     

    The
Company recently announced the conversion of all of its Series A preferred stock
into ordinary shares. Gerova has approximately 133.4 million ordinary common
shares outstanding and no preferred stock.

     

    About
GEROVA Financial Group, Ltd.

     

    GEROVA
Financial Group, Ltd. is an international reinsurance company, with operating
insurance subsidiaries in Bermuda, Barbados, and Ireland. GEROVA underwrites
insurance risks that it believes will produce favorable long-term returns on
shareholder equity. GEROVA believes it has opportunities to deploy shareholder
capital to acquire high quality assets at less than market value and
opportunities to gather additional assets by providing reinsurance capacity to
primary insurers that are under writing capacity pressure.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Forward
Looking Statements

     

    This press release may contain forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995 regarding the Company, its acquired assets and the Company’s business after
completion of the transactions consummated in January 2010. Forward-looking
statements are statements that are not historical facts. Such forward-looking
statements, which are based upon the current beliefs and expectations of the
management of the Company, are subject to risks and uncertainties, which could
cause actual results to differ from the forward-looking statements. The
following factors, among others, could cause actual results to differ from those
set forth in the Forward-Looking Statements: (i) potential material reductions
in the value of a substantial portion of the Company’s assets acquired in
connection with the business combinations consummated in January 2010; (ii)
officers and directors allocating their time to other businesses or potentially
having conflicts of interest with the Company’s businesses; (iii) success in
retaining or recruiting, or changes required in, the Company’s officers, key
employees or directors following the transactions; (iv) the potential liquidity
and trading of the Company’s public securities; (iv) the Company’s revenues and
operating performance; (vi) changes in overall economic conditions; (vii)
anticipated business development activities of the Company following
consummation of the transactions described above; (viii) risks and costs
associated with regulation of corporate governance and disclosure standards
(including pursuant to Section 404 of the Sarbanes-Oxley Act of 2002); and (ix)
other relevant risks detailed in the Company’s filings with the SEC and those
factors that will be listed in our Proxy Statement under “Risk Factors”. The
information set forth herein should be read in light of such risks. Neither the
Company nor any target companies or funds we intend to acquire assumes any
obligation to update the information contained in this
release.

     

    Contact:

     

    
      	
              Investor
      Contact:

              Peter
      Poulos

              Senior
      Vice President 

              Hill
      & Knowlton New York

              p:
      +1 (212) 885 0588

              peter.poulos@hillandknowlton.com

            	
              Media
      Contact:

              Elizabeth
      Cheek

              Account
      Supervisor

              Hill
      & Knowlton New York

              p:
      +1 (212) 885 0682

              elizabeth.cheek@hillandknowlton.com

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00174-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00174-of-00352.parquet"}]]