Document:

<PAGE>

                                                                    EXHIBIT 10.7

                              EMPLOYMENT AGREEMENT

     This employment agreement (the "Agreement") is made and entered into as of
October 1, 2001 (the "Effective Date") between ODYSSEY RE HOLDING CORP., a
Delaware corporation (the "Company"), and Mr. Charles Troiano, an individual
residing at 161 Law Road, Briarcliff Manor, New York 10510 (the "Executive").

     WHEREAS, The Board of Directors of the Company (the "Board ") believes that
it is in the best interests of the Company to (i) ensure that the reasonable
employment, compensation and benefits expectations of the Executive are
satisfied and (ii) induce, encourage the Executive to join the Company as a
senior executive and reward the Executive's commitment to provide continued
service, full attention and dedication to the Company and not to seek or obtain
other employment by providing the Executive with the compensation and benefits
arrangements described below during the term provided for in this Agreement;

     WHEREAS, to accomplish these objectives, the Board has authorized and
directed the Company to enter into this Agreement.

     NOW, THEREFORE, in consideration of the covenants and agreements
hereinafter set forth, the parties hereto agree as follows:

  1. TERM OF AGREEMENT

          The term of this Agreement shall commence on the Effective Date and
     shall continue in effect until the third anniversary of the Effective Date;
     provided, however, that the Employment Term (as hereinafter defined) shall
     automatically be extended without further action of either party for
     additional twelve (12)-month periods unless either party gives written
     notice to the other party at least sixty (60) days prior to the expiration
     of the then-effective term. The period commencing on the Effective Date and
     ending on the third anniversary of the Effective Date, or such later date
     to which the term shall have been extended by the Company and the
     Executive, is hereinafter referred to as the "Employment Term." In the
     event that the Company provides the Executive with written notice of its
     intention not to extend the Employment Term, such nonrenewal shall be
     deemed to be a termination of the Executive's employment by the Company
     without Cause for purposes of Section 5.1.1.

  2. EMPLOYMENT AND DUTIES

          2.1 Position.  The Company hereby employs the Executive, and the
     Executive agrees to serve, as Executive Vice President and Chief Financial
     Officer of the Company, upon the terms and conditions herein contained as
     of the Effective Date.

          2.2 Duties.  The Executive shall perform such other duties and
     services for the Company, commensurate with the Executive's position, as
     may be designated from time to time by the Board or the Chief Executive
     Officer of the Company. It is understood by the parties that, the Executive
     shall be a senior executive and shall have the duties and responsibilities
     commensurate with those of a Chief Financial Officer of a public company.
     The Executive agrees to serve the Company faithfully and to the best of his
     ability.

          2.3 Exclusive Services.  Except as may otherwise be approved in
     advance by the Board, and except during vacation periods and reasonable
     periods of absence due to sickness, personal injury or other disability,
     the Executive shall devote his full working time throughout the Employment
     Term to the services required of him hereunder. The Executive shall render
     his services exclusively to the Company during the Employment Term, and
     shall use his best efforts, judgment and energy to improve and advance the
     business and interests of the Company in a manner consistent with the
     duties of his position.

          2.4 Reimbursement of Expenses.  The Company shall reimburse the
     Executive for reasonable travel and other business expenses incurred by him
     in the fulfillment of his duties hereunder upon
                                        1
<PAGE>

     presentation by the Executive of an itemized account of such expenditures,
     in accordance with Company policies.

  3. COMPENSATION

          3.1 Annual Base Salary.  During the Employment Term, the Executive
     shall be entitled to receive an annual base salary ("Annual Base Salary")
     of no less than $412,500 Annual Base Salary shall be payable in
     installments no less frequently than monthly, and shall be in accordance
     with the Company's normal payroll practices.

          3.2 Annual Review.  The Executive's Annual Base Salary shall be
     reviewed by the Board, based upon the Executive's performance, not less
     often than annually for increases (but may not be decreased). Any increases
     in Annual Base Salary effected as a result of such review shall be made by
     the Board in its sole discretion.

          3.3 Bonus Plan.  The Executive shall participate in the Company's a
     bonus plan (the "Bonus Plan") and the Board shall establish performance
     criteria upon which the Executive's bonus shall be determined. During the
     Executive's employment under this Agreement, he shall be entitled to
     participate in the Bonus Plan, under which he shall be eligible to receive
     a target cash bonus of 100% of his Annual Base Salary. Actual bonus awards
     may exceed, match or be less than the target bonus as the Executive's
     performance or the Company's results warrant. The form of payment and other
     terms and conditions of such bonus shall be as determined under the Bonus
     Plan.

          For the year ended December 31, 2001, the Executive shall receive a
     minimum bonus of $50,000. For the year ended December 31, 2002, the
     Executive shall receive a minimum bonus of $200,000. For the year ended
     December 31, 2003, the Executive shall receive a minimum bonus of $150,000.
     Bonuses will be paid on or about March 1 each year.

          3.4 Restricted Stock Grant.  As a bonus for signing this Agreement,
     the Executive shall be granted shares of restricted common stock
     ("Restricted Shares") in accordance with the terms and provisions of the
     Company's 2001 Restricted Share Plan (the "Restricted Share Plan"), with a
     fair market value on the Effective Date equal to $500,000. The Restricted
     Shares shall be subject to the terms and conditions of the Restricted Share
     Plan except that the Restricted Shares granted to the Executive shall have
     the additional condition that in the event that the Employment Term
     terminates on or after the third anniversary of the Effective Date but
     before the fifth anniversary of the Effective Date, then 30% of the
     Restricted Shares shall vest to the benefit of the Executive. At the fifth
     anniversary and the tenth anniversary of the effective date, the Restricted
     Shares will be vested 50% and 100% respectively. If the Executive resigns
     from his employment with Good Reason (as hereafter defined), the Executive
     shall be 100% vested with respect to restricted stock grants. If there is a
     Change in Control of the Company at any time, the Restricted Shares shall
     vest 100% to the benefit of the Executive. For the purposes of this
     section, Change in Control means a person or persons acting jointly, or in
     concert, other than Fairfax Financial Holdings Limited, hold sufficient
     shares of the Company to elect a majority of the board of directors.

     In the event the Company establishes a new equity-based incentive plan, the
Executive shall have the opportunity to convert his interest in the Restricted
Shares to an interest in the new equity-based incentive plan on terms to be
established through good faith negotiations with the Company.

  4. EMPLOYEE BENEFITS

          4.1 Generally.  The Executive shall, during his employment under this
     Agreement, be included to the extent eligible thereunder in all employee
     benefit plans, programs or arrangements (including, without limitation, any
     plans, programs or arrangements providing for retirement benefits, profit
     sharing, disability benefits, health and life insurance, or vacation and
     paid holidays) that shall be established by the Company for, or made
     available to, its senior executives.

                                        2
<PAGE>

          4.2 Indemnification.  In addition to any rights to indemnification to
     which the Executive is entitled under the Company's Articles of
     Incorporation and Bylaws, the Company shall indemnify the Executive at all
     times during and after the term of this Agreement to the maximum extent
     permitted under the Delaware General Corporation Law and any successor
     provision thereof and any other applicable corporate law, and shall pay the
     Executive's expenses in defending any civil action, suit or proceeding in
     advance of the final disposition of such action, suit or proceeding, to the
     maximum extent permitted under such applicable corporate laws.

  5. TERMINATION OF EMPLOYMENT

     5.1 Termination Without Cause; Resignation With Good Reason; Nonrenewal of
the Employment Term.

          5.1.1 General.  (a) Subject to the provisions of Sections 5.1.2 and
     5.1.3, if, prior to the expiration of the Employment Term, the Executive's
     employment is terminated by the Company without Cause (as hereinafter
     defined) or the Company does not extend the Employment Term pursuant to
     Section 1 (provided that the Company does not have grounds to terminate the
     Executive for Cause at the time of such nonrenewal), or if the Executive
     resigns from his employment hereunder with Good Reason (as hereinafter
     defined), the Executive shall, subject to the Executive's execution of a
     general release of claims against the Company in a form satisfactory to the
     Company, be entitled to the following "Severance Payments":

             (i) the Company shall continue to pay the Executive the Annual Base
        Salary (at the rate in effect on the date of such termination) for the
        greater of (A) twelve (12) months following his termination of
        employment or (B) the remainder of the Employment Term (such period
        being referred to hereinafter as the "Severance Period "), at such
        intervals as the same would have been paid had the Executive remained in
        the active service of the Company; and

             (ii) the Company shall pay in cash to the Executive, when the same
        would ordinarily be paid, (A) all amounts accrued in the Bonus Plan by
        the Executive with respect to years preceding the year in which the
        termination of the Executive occurs and (B) a pro-rated bonus under the
        Bonus Plan in an amount equal to the bonus to which the Executive would
        have been entitled for the year of termination had the Executive
        remained employed multiplied by a fraction, the numerator of which is
        the actual number of days that the Executive was employed by the Company
        during such year and the denominator equal to 365 (the "Pro-Rata
        Bonus").

                (b) In addition to the Severance Payments, the Executive shall
           be entitled to continue to participate during the Severance Period in
           the medical, dental, life insurance and disability plans that the
           Company provides (and continues to provide) generally to its senior
           executives (the "Welfare Plans"), provided that the Executive is
           entitled to continue to participate in such plans under the terms
           thereof. For any plans the Executive is not entitled to participate,
           the Company will pay the Executive the amount which the Company would
           have paid for such participation had the Executive been entitled to
           participate.

                (c) Other than as described herein, the Executive shall have no
           further right to receive any other payments or benefits after such
           termination or resignation of employment under any severance plans,
           programs, contracts or arrangements of the Company or any of its
           subsidiaries or affiliates.

          5.1.2 Conditions Applicable to the Severance Period.  If, during the
     Severance Period, the Executive materially breaches his obligations under
     Section 6, the Company may, upon written notice to the Executive, terminate
     the Severance Period and cease to make any Severance Payments or provide
     any benefits described in Section 5.1.1(b).

          5.1.3 Death During Severance Period.  In the event of the Executive's
     death during the Severance Period, payments of Annual Base Salary under
     Section 5.1.1 shall continue to be made during the remainder of the
     Severance Period, and any bonus that the Executive is entitled to receive
     from the Bonus Plan shall be paid when the same would ordinarily be paid to
     the beneficiary designated in writing
                                        3
<PAGE>

     for this purpose by the Executive or, if no such beneficiary is
     specifically designated, to the Executive's estate.

          5.1.4 Date of Termination.  The date of termination of employment
     without Cause shall be the date specified in a written notice of
     termination to the Executive. The date of resignation with Good Reason
     shall be the date specified in the written notice of resignation from the
     Executive to the Company; provided, however, that no such written notice
     shall be effective unless the cure period specified in Section 5.1.6 has
     expired without the Company having corrected, in all material respects, the
     event or events subject to cure. If no date of resignation is specified in
     the written notice from the Executive to the Company, the date of
     termination shall be the first day following the expiration of such cure
     period.

          5.1.5 Cause.  For purposes of this Agreement, termination for "Cause"
     shall mean termination of the Executive's employment because of:

             (a) any act or omission that constitutes a material breach by the
        Executive of any of his obligations under this Agreement that is
        materially injurious to the financial condition or business reputation
        of the Company;

             (b) the willful and continued failure or refusal of the Executive
        to substantially perform the duties required of him as an Executive of
        the Company;

             (c) any willful and material violation by the Executive of any
        written law or regulation applicable to the business of the Company or
        any of its subsidiaries or affiliates, or the Executive's conviction of,
        or a plea of nolo contendre to, a felony, or any willful perpetration by
        the Executive of a common law fraud; or

             (d) any other willful misconduct by the Executive that is
        materially injurious to the financial condition or business reputation
        of, or is otherwise materially injurious to, the Company or any of its
        subsidiaries or affiliates;

        provided, however, that if any such Cause relates to the Executive's
        obligations under this Agreement, the Company may not terminate the
        Executive's employment hereunder unless the Company first gives the
        Executive notice of its intention to terminate and of the grounds for
        such termination within thirty (30) days of becoming aware of the
        occurrence of such event or condition, and the Executive has not, within
        thirty (30) business days following receipt of such notice, cured such
        Cause, or, in the event such Cause is not susceptible to cure within
        such thirty (30)-day period, the Executive has not taken all reasonable
        steps within such thirty (30)-day period to cure such Cause as promptly
        as practicable thereafter.

          5.1.6 Good Reason.  For purposes of this Agreement, "Good Reason"
     shall mean any of the following (without the Executive's prior written
     consent):

             (a) a failure by the Company to pay material compensation due and
        payable to the Executive in connection with his employment;

             (b) a material diminution of the Executive's position, title,
        authority, duties or responsibilities as contemplated by Sections 2.1
        and 2.2 of this Agreement; or

             (c) a request by the Company that the Executive either (i) violate
        any written law or (ii) commit an act that would reasonably be expected
        to violate any written law.

        provided, however, that no event or condition described in clauses (a),
        (b) and (c) of this Section 5.1.6 shall constitute Good Reason unless
        (i) the Executive gives the Company written notice of his objection to
        such event or condition within ninety (90) days of such event or
        condition, (ii) such event or condition is not corrected, in all
        material respects, by the Company within thirty (30) business days of
        its receipt of such notice (or, in the event that such event or
        condition is not susceptible to correction within such thirty (30)-day
        period, the Company has not taken all reasonable steps within such
        thirty (30)-day period to correct such event or condition as promptly as
                                        4
<PAGE>

        practicable thereafter) and (iii) the Executive resigns from his
        employment with the Company not more than thirty (30) business days
        following the expiration of the thirty (30)-day period described in the
        foregoing clause (ii).

          5.2 Termination for Cause.  If, prior to the expiration of the
     Employment Term, the Executive's employment is terminated by the Company
     for Cause, unless otherwise required by applicable law, except with respect
     to Section 5.1.5(a) the Executive shall be entitled only to payment of his
     Annual Base Salary as then in effect through and including the date of
     termination and payment of all accrued unpaid vacation days. The Executive
     shall have no further right to receive any other compensation or benefits,
     except as determined in accordance with the terms of the employee benefit
     plans or programs of the Company. With respect to Section 5.1.5(a), the
     Executive shall be entitled to payment of his Annual Base Salary and all
     amounts accrued in the Bonus Plan by the Executive with respect to years
     preceding the year in which termination for Cause occurs.

          5.2.1 Date of Termination.  Subject to the proviso to Section 5.1.5,
     the date of termination for Cause shall be the date specified in a written
     notice of termination to the Executive.

          5.3 Resignation Without Good Reason.  The Executive may resign his
     employment without Good Reason under this Agreement voluntarily by giving
     thirty (30) days written notice to the Company of his intention to resign
     his employment with the Company without Good Reason. If the Executive
     resigns his employment without Good Reason, unless otherwise required by
     applicable law, the Executive shall be entitled to: (i) payment of his
     Annual Base Salary as then in effect through and including the date of his
     actual termination of employment; (ii) all amounts accrued in the Bonus
     Plan by the Executive with respect to years preceding the year in which the
     resignation without Good Reason occurs; and (iii) payment for all accrued
     unpaid vacation days. The Executive shall have no further right to receive
     any other compensation or benefits, after such termination, except as
     determined in accordance with the terms of the employee benefit plans or
     programs of the Company.

          5.4 Death or Disability.  In the event the Executive's employment is
     terminated by reason of death or Disability (as hereinafter defined), the
     Executive (or his estate, as applicable) shall be entitled to (i) his
     Annual Base Salary through the date of termination at such intervals as the
     same would have been paid had the Executive remained in active service of
     the Company; (ii) all amounts accrued in the Bonus Plan by the Executive
     with respect to years preceding the year in which the death or Disability
     occurs; (iii) the Pro-Rata Bonus payable with respect to the year in which
     the death or Disability occurs; and (iv) payment for all accrued unpaid
     vacation days. Other benefits shall be determined in accordance with the
     terms of the benefit plans maintained by the Company and the Company shall
     have no further obligation hereunder. For purposes of this Agreement,
     "Disability" shall have the same meaning as under the Company's long-term
     disability plan applicable to the Executive.

  6. CONFIDENTIALITY

     6.1 Confidentiality.

          6.1.1 The Executive agrees that all confidential and proprietary
     information relating to the business of the Company shall be kept and
     treated as confidential both during and after the Employment Term, except
     as may be permitted in writing by the Company's Board or as such
     information is within the public domain or comes within the public domain
     without any breach of this Agreement.

          6.1.2 The phrase "confidential and proprietary information" shall not
     include information that (i) is or becomes generally available to the
     public other than as a result of a disclosure by, or at the direction of,
     the Executive or (ii) becomes available to the Executive on a
     non-confidential basis from a source other than the Company or any of its
     representatives, provided that such source is not known to the Executive to
     be bound by a confidentiality agreement with or other contractual, legal or
     fiduciary obligation of confidentiality to the Company with respect to such
     information.

          6.2 Exclusive Property.  The Executive confirms that all confidential
     information is and shall remain the exclusive property of the Company. All
     business records, papers and documents kept or made
                                        5
<PAGE>

     by the Executive relating to the business of the Company shall be and
     remain the property of the Company.

  7. ARBITRATION

     Any dispute or controversy arising under or in connection with this
Agreement that cannot be mutually resolved by the parties hereto shall be
settled exclusively by arbitration in New York, New York under the employment
arbitration rules of the American Arbitration Association before a single
arbitrator of exemplary qualifications and stature, who shall be selected
jointly by the Company and the Executive, or, if the Company and the Executive
cannot agree on the selection of the arbitrator, shall be selected by the
American Arbitration Association. Judgment may be entered on the arbitrator's
award in any court having jurisdiction. The parties hereby agree that the
arbitrator shall be empowered to enter an equitable decree mandating specific
enforcement of the terms of this Agreement.

  8. MISCELLANEOUS

          8.1 Communications.  All notices and other communications given or
     made pursuant hereto shall be in writing and shall be deemed to have been
     duly given or made as of the date delivered or on the fifth business day
     after mailed if delivered personally or mailed by registered or certified
     mail (postage prepaid, return receipt requested) to the party at the
     following addresses (or at such other address for a party as shall be
     specified by like notice, except that notices of changes of address shall
     be effective upon receipt):

       If to the Company:

        Odyssey Re Holdings Corp.
        140 Broadway, 39th floor
        New York, NY 10005
        Tel: (212) 978-4700
        Fax: (203) 965-7995
        Attention: General Counsel

        If to the Executive:

        Mr. Charles Troiano
        161 Law Road
        Briarcliff Manor
       New York 10510

          8.2 Waiver of Breach; Severability.  The waiver by the Executive or
     the Company of a breach of any provision of this Agreement by the other
     party hereto shall not operate or be construed as a waiver or any
     subsequent breach by either party. The parties hereto recognize that the
     laws and public policies of various jurisdictions may differ as to the
     validity and enforceability of covenants similar to those set forth herein.
     It is the intention of the parties that the provisions hereof be enforced
     to the fullest extent permissible under the laws and policies of each
     jurisdiction in which enforcement may be sought, and that the
     unenforceability (or the modification to conform to such laws or policies)
     of any provisions hereof shall not render unenforceable, or impair, the
     remainder of the provisions hereof. Accordingly, if at the time of
     enforcement of any provision hereof a court of competent jurisdiction holds
     that the restrictions stated herein are unreasonable under circumstances
     then existing, the parties hereto agree that the maximum period, scope, or
     geographic area reasonable under such circumstances will be substituted for
     the stated period, scope or geographical area and that such court shall be
     allowed to revise the restrictions contained herein to cover the maximum
     period, scope and geographical area permitted by law.

          8.3 Assignment; Successors.  No right, benefit or interest hereunder
     shall be assigned, encumbered, charged, pledged, hypothecated or be subject
     to any setoff or recoupment by the Executive. This Agreement shall inure to
     the benefit of and be binding upon the successors and assigns of the
     Company.

                                        6
<PAGE>

          8.4 Entire Agreement.  This Agreement represents the entire agreement
     of the parties regarding the matters contemplated herein, and shall
     supersede any and all previous contracts, arrangements or understandings
     between the Company and the Executive, if any. This Agreement may be
     amended at any time by mutual written agreement of the parties hereto.

          8.5 Other Severance Benefits.  The Executive hereby agrees that in
     consideration for the payments to be received under this Agreement, the
     Executive waives any and all rights to any payments or benefits under any
     severance plans, programs, contracts or arrangements of the Company or any
     of its subsidiaries or affiliates.

          8.6 Withholding.  The payment of any amount pursuant to this Agreement
     shall be subject to applicable withholding and payroll taxes, and such
     other deductions as may be required under the Company's employee benefit
     plans, if any.

          8.7 Governing Law.  This Agreement shall be governed by, and construed
     in accordance with, the law of the State of New York.

          8.8 Headings.  The headings in this Agreement are for convenience only
     and shall not be used to interpret or construe any of its provisions.

          8.9 Counterparts.  This Agreement may be executed in two or more
     counterparts, each of which shall be deemed an original but all of which
     together shall constitute one and the same instrument.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by
its duly authorized officer and the Executive has executed this Agreement as of
the day and year first above written.
                                          Mr. Charles Troiano
                                          By:    /s/ CHARLES D. TROIANO
                                            ------------------------------------

                                          ODYSSEY RE HOLDINGS CORP.
                                          By:      /s/ DONALD L. SMITH
                                            ------------------------------------
                                                      Donald L. Smith
                                                   Senior Vice President

                                        7<PAGE>

                                                                   EXHIBIT 10.10

     REGISTRATION RIGHTS AGREEMENT, dated as of June 19, 2001 (this
"Agreement"), among Odyssey Re Holdings Corp., a corporation organized under the
laws of Delaware (the "Corporation"), ORH Holdings Inc. ("ORH"), a corporation
organized under the laws of Delaware, and TIG Insurance Company ("TIG"), a
corporation organized under the laws of California.

                                    RECITALS

     WHEREAS the Corporation is offering shares of common stock of the
Corporation pursuant to an underwritten public offering (the "Offering").

     WHEREAS the Corporation, ORH and TIG are entering into this Agreement to
provide for certain rights and obligations with respect to the common shares of
the Corporation held by each of ORH and TIG.

     NOW, THEREFORE, in consideration of the mutual agreements covenants and
conditions hereinafter set forth, the parties agree as follows:

     SECTION 1. Definitions.  (a) As used in this Agreement, the following terms
shall have the following meanings:

          "Affiliate"  shall have the meaning specified in Rule 12b-2 under the
     Exchange Act, as such rule is currently in effect.

          "Business Day"  means any day except a Saturday, Sunday or other day
     on which commercial banks in the State of New York are authorized or
     required by law or executive order to close.

          "Canadian Prospectus"  means a prospectus (including a short form
     prospectus) prepared in accordance with applicable Canadian securities Laws
     for the purposes of qualifying securities for distribution or distribution
     to the public, as the case may be, in any province or territory of Canada.

          "Capital Stock"  means, with respect to any Person at any time, any
     and all shares, interests, participations or other equivalents (however
     designated, whether voting or non-voting) of capital stock, partnership
     interests (whether general or limited), limited liability company interests
     or equivalent ownership interests in such Person.

          "Commission"  means the U.S. Securities and Exchange Commission or any
     successor agency.

          "Common Shares"  means the shares of common stock, par value $0.01 per
     share, of the Corporation and any securities of the Corporation into which
     such shares may be converted or exchanged.

          "Exchange Act"  means the Securities Exchange Act of 1934, as amended,
     and the rules and regulations of the Commission promulgated thereunder, all
     as the same shall be in effect from time to time.

          "Law" means any federal, state, provincial, local or foreign statute,
     law ordinance, regulation, rule, code, order, other requirement or rule of
     law.

          "New Securities" means any Capital Stock of the Corporation, whether
     now authorized or not, and rights, options or warrants to purchase such
     Capital Stock, and securities of any type whatsoever that are, or may
     become, convertible into or exchangeable or exercisable for Capital Stock
     of the Corporation; provided that the term "New Securities" does not
     include (i) securities of the Corporation issued to its employees,
     consultants, officers or directors of the Corporation, or which have been
     reserved for issuance, pursuant to any employee stock option, restricted
     stock, stock purchase, stock bonus plan, or other similar stock agreement
     or arrangement approved by the board of directors of the Corporation, (ii)
     securities of the Corporation issued in connection with any stock split,
     stock dividend or recapitalization of the Corporation, (iii) securities of
     the Corporation issued upon the conversion or exchange of convertible or
     exchangeable securities of the Corporation that are outstanding as of the
     date of this Agreement, or (iv) any right, option or warrant to acquire any
     security convertible into or exchangeable or exercisable
<PAGE>

     for the securities excluded from the definition of New Securities pursuant
     to subclause (i) above if issued pursuant to any employee stock option,
     restricted stock, stock purchase, stock bonus plan or other similar stock
     agreement or arrangement approved by the board of directors.

          "Permitted Transferee" means a Shareholder who has acquired rights
     under this Agreement pursuant to Section 14(b).

          "Person" means any individual, partnership, firm, corporation,
     association, trust, unincorporated organization or other entity, as well as
     any syndicate or group that would be deemed to be a person under Section
     13(d)(3) of the Securities Exchange Act of 1934, as amended.

          "Primary Shares" means, at any time, the authorized but unissued
     Common Shares; provided, however, that for the purposes of Section 2, the
     term "Primary Shares" shall include Common Shares held by officers and
     directors of the Corporation.

          "Prospectus" means the Corporation's prospectus included in the
     Corporation's registration statement on Form S-1 (File No. 333-57642), as
     declared effective by the Commission.

     The terms "register", "registered " and "registration" shall refer to a
registration effected by preparing and filing a registration statement in
compliance with the Securities Act and applicable rules and regulations
thereunder, and the declaration or ordering of the effectiveness of such
registration statement.

     In addition, unless inconsistent with the context: (i) the term
"registration" and any references to the act of registering include the
qualification under Canadian securities Laws of a Canadian Prospectus in respect
of a distribution or distribution to the public, as the case may be, of
securities; (ii) the term "registered" as applied to any securities includes a
distribution or distribution to the public, as the case may be, of securities so
qualified; (iii) the terms "registration statement" includes a Canadian
prospectus; and (iv) any references to a registration statement having become
effective, or similar references, shall include a Canadian prospectus for which
a final receipt has been obtained from the relevant Canadian securities
regulatory authorities.

          "Registrable Shares" means the Common Shares held from time to time by
     the Shareholders. For purposes of this Agreement, any Registrable Shares
     shall cease to be Registrable Shares (i) when they have been registered
     under the Securities Act (the registration statement in connection
     therewith has been declared effective) and disposed of pursuant to such
     effective registration statement, (ii) when they are sold by a Person in a
     transaction in which the rights under the provisions of this Agreement are
     neither transferred nor assigned, or (iii) when they have been sold or
     distributed pursuant to Rule 144 (including, without limitation, Rule
     144(k)).

          "Registration Expenses" means all out-of-pocket expenses incident to
     the Corporation's performance of, or compliance with, Sections 2, 3 and 4,
     including, without limitation, all registration and filing fees (including
     filing fees with respect to the National Association of Securities Dealers,
     Inc.), all fees and expenses of complying with applicable securities Laws
     (including reasonable fees and disbursements of underwriters' counsel in
     connection with any "blue sky" memorandum or survey), all printing
     expenses, all internal expenses, all "road show" and marketing expenses,
     all listing fees, all registrars' and transfer agents' fees, the fees and
     disbursements of counsel for the Corporation and of its independent public
     accountants, including the expenses of any special audits and/or "comfort"
     letters required by or incident to such performance and compliance, the
     reasonable fees and disbursements of one outside counsel retained by the
     Holders holding Common Shares being registered (which counsel shall be
     satisfactory to the holders of a majority of the Registrable Shares being
     registered), but excluding Selling Expenses, if any, which shall be borne
     by the Holders holding Common Shares being registered, in all cases.

          "Rule 144" shall mean Rule 144 as promulgated by the Commission under
     the Securities Act, as such Rule may be amended from time to time, or any
     similar successor rule that may be promulgated by the Commission.

                                        2
<PAGE>

          "Rule 145" shall mean Rule 145 as promulgated by the Commission under
     the Securities Act, as such Rule may be amended from time to time, or any
     similar successor rule that may be promulgated by the Commission.

          "Rule 415" shall mean Rule 415 as promulgated by the Commission under
     the Securities Act, as such Rule may be amended from time to time, or any
     similar successor rule that may be promulgated by the Commission.

          "Securities Act" means the Securities Act of 1933, as amended, and the
     rules and regulations of the Commission promulgated thereunder, all as the
     same shall be in effect from time to time.

          "Selling Expenses" means all underwriting discounts, commissions or
     brokers' commissions and applicable transfer taxes incurred in connection
     with the sale or other disposition of Common Shares or other securities for
     or on behalf of a Holder's account.

          "Shareholder" means any of ORH or TIG, or any holder of Common Shares
     to whom the registration rights conferred by this Agreement have been
     transferred in compliance with Section 14 hereof, so long as such Person
     holds Common Shares (each such Person a "Shareholder" and, collectively,
     the "Shareholders").

          "Specified Assignee" means a Shareholder who has acquired rights under
     this Agreement pursuant to Section 14(a).

          "Subsidiary" of any party shall mean any corporation, partnership,
     joint venture, association or other business entity of which such party now
     or hereafter owns, directly or indirectly, securities or other ownership
     interests having ordinary voting power to elect a majority of the board of
     directors or other governing body thereof.

          "Voting Interest" of the Corporation means one Common Share and any
     other share or unit of Capital Stock issued by the Corporation, the holders
     of which are ordinarily, in the absence of contingencies, entitled to one
     vote in the election of the Corporation's directors (or Persons performing
     similar functions), or the approval of its management and policies, even if
     the right to vote has been suspended by the occurrence of a contingency.

     SECTION 2. Request for Registration.  (a) At any time after the date 180
days after the date of the Prospectus, if the Corporation shall receive from any
Shareholder (in such capacity, a "Requesting Shareholder"), a written request
that the Corporation effect any registration under the Securities Act, or,
mutatis mutandis, under the securities Laws then applicable in Canada, with
respect to the sale and distribution of all or a part representing not less than
5% of the Registrable Shares in a public offering, then if the then outstanding
Commission has not prior to the date of such request (the "Demand Date")
declared effective a shelf registration statement pursuant to Rule 415 with
respect to all of the Registrable Shares (a "Shelf Registration Statement")
which is effective as of the Demand Date, the Corporation will:

          (i) promptly give written notice of the proposed registration,
     qualification or compliance to each of the other Shareholders
     (collectively, the "Non-Requesting Shareholders"); and

          (ii) as soon as practicable but in any event within 90 days, use its
     reasonable best efforts to effect such registration (including, without
     limitation, the execution of an undertaking to file post-effective
     amendments, appropriate qualification under applicable securities Laws,
     including, without limitation, "blue sky" laws, and appropriate compliance
     with applicable regulations issued under the Securities Act or the
     securities Laws then applicable in Canada, as the case may be) as may be so
     requested and as would permit or facilitate the sale and distribution of
     all or such portion of such Registrable Shares as are specified in such
     request, together with all or such portion of the Registrable Shares of the
     Non-Requesting Shareholder(s) joining in such request as are specified in a
     written request received by the Corporation within ten (10) Business Days
     after written notice from the Corporation is given under

                                        3
<PAGE>

     clause 2(a)(i) above; provided that the Corporation shall not be obligated
     to effect, or take any action to effect, any such registration pursuant to
     this Section 2:

             (A) for a period of up to 120 days (a "Deferral Period "), each of
        which Deferral Periods may be renewed for one additional Deferral
        Period, in the case of any Deferral Period (or its renewal), if the
        board of directors of the Corporation (1) determines in good faith that
        (a) it is in possession of material, nonpublic information concerning an
        acquisition, merger, recapitalization, consolidation, reorganization,
        financing or other material transaction by or of the Corporation or
        concerning pending or threatened litigation, and (b) disclosure of such
        information would jeopardize any such transaction or litigation and
        would be seriously detrimental to the Corporation and (2) delivers
        written notice to the Requesting Shareholders and Non-Requesting
        Shareholders that, in its good faith judgment, it would not be in the
        best interests of the shareholders of the Corporation for such
        Registration to be effected; provided that the Corporation shall not
        defer its obligation in this manner more than once in any twelve-month
        period.

             (B) in any particular jurisdiction in which the Corporation would
        be required to execute a general consent to service of process in
        effecting such registration, qualification or compliance, unless the
        Corporation is already subject to service in such jurisdiction and
        except as may be required by the Securities Act or applicable rules or
        regulations thereunder;

             (C) with respect to any Shareholder (together with its Permitted
        Transferees and Specific Assignees), after the Corporation has effected
        three (3) registrations pursuant to this Section 2(a); provided,
        however, that any request under Section 2(a) shall be deemed not to have
        been made if (i) it does not result in a registration that is declared
        or ordered effective by the applicable governmental authorities or
        agencies, including without limitation, the Commission, and that remains
        effective for not less than 30 days (or such shorter period as will
        terminate when all Registrable Shares covered by such registration have
        been sold or withdrawn), or, if such registration relates to an
        underwritten offering, such longer period, if any, as in the opinion of
        counsel for the underwriters a prospectus is required by law to be
        delivered in connection with sales of the Registrable Shares by an
        underwriter or dealer (in either case, such period being the "Demand
        Period "), (ii) (x) during the Demand Period such registration is
        terminated by any stop order, injunction or other order or requirement
        of any governmental agency or court or (y) the conditions to closing
        specified in the underwriting agreement, if any, entered into in
        connection with such registration are not satisfied other than by reason
        of a wrongful act, misrepresentation or breach of an applicable
        underwriting agreement by the selling Shareholders, or (iii) the
        Requesting Holders withdraw their request for registration and bear the
        Registration Expenses, all in accordance with Section 6 below; or

             (D) if on or prior to the Demand Date, the Corporation has filed
        with the Commission a Shelf Registration Statement on Form S-3 covering
        the Registrable Shares which is being diligently pursued by the
        Corporation with the Commission as of the Demand Date.

     The registration statement filed pursuant to the request of the Requesting
Shareholders and any Non-Requesting Shareholder may, subject to the provisions
of Section 2(b) below, include Primary Shares.

     (b) The Corporation shall be entitled to select the managing underwriter of
the underwriting; provided, however, that any such managing underwriter shall be
an investment banking firm of nationally recognized reputation reasonably
acceptable to the selling Shareholders representing a majority of the
Registrable Shares to be included in such registration. The Requesting
Shareholders and the Non-Requesting Shareholders (collectively, the "Holders")
proposing to distribute their securities through such underwriting shall enter
into an underwriting agreement in customary form with the managing underwriter
or underwriters selected for such underwriting by the Corporation reasonably
acceptable to the Corporation. Notwithstanding any other provision of this
Section 2, if the managing underwriter advises the Requesting Shareholders in
writing that the inclusion of all Registrable Shares and/or Primary Shares
proposed to be included in such registration would interfere with the successful
marketing (including pricing) of the Registrable Shares proposed to be included
in such registration, then the number of Registrable Shares and/or Primary
Shares to be included in
                                        4
<PAGE>

such registration shall be reduced to such number as shall, in the managing
underwriter's opinion, not be likely to have such an effect, which shall be
included in such registration in the following order:

          (i) first, the Registrable Shares requested to be included in such
     registration that are held by the Requesting Shareholders (or, if
     necessary, such Registrable Shares pro rata among the holders thereof based
     upon the number of Registrable Shares requested to be registered by each
     such holder);

          (ii) second, the Registrable Shares requested to be included in such
     registration that are held by the Non-Requesting Shareholders (or, if
     necessary, such Registrable Shares pro rata among the holders thereof based
     upon the number of Registrable Shares requested to be registered by each
     such holder); and

          (iii) third, the Primary Shares.

     No Registrable Shares or Primary Shares excluded from the underwriting by
reason of the managing underwriter's marketing limitation shall be included in
such registration.

     (c) In the event that a registration is requested under this Section 2 and
each of the Requesting Shareholders making such request later determine not to
sell their Registrable Shares in connection with the registration requested,
then the Requesting Shareholders shall give prompt notice to the Corporation and
the other Shareholders, as applicable, that the registration requested is no
longer required and the request is thereby withdrawn. Upon receipt of such
notice, the Corporation shall cease all efforts to secure registration and shall
take all action necessary and reasonably practicable to prevent the commencement
of effectiveness for any registration statement that it is preparing or has
prepared in connection with the withdrawn request.

     SECTION 3. Piggyback Registration.  (a) If the Corporation at any time
proposes to register any securities under the Securities Act that would permit
registration of Registrable Shares for sale to the public under the Securities
Act, or, mutatis mutandis, under the securities Laws then applicable in Canada
(whether for its own account or for the account of its shareholders), the
Corporation will, each such time, give prompt written notice to all holders of
Registrable Shares of its intention to do so, describing such securities and
specifying the form and manner and the other relevant facts involved in such
proposed registration (including, without limitation, whether or not such
registration will be in connection with an underwritten offering of Common
Shares and, if so, the identity of the managing underwriter and whether such
offering will be pursuant to a "best efforts" or "firm commitment"
underwriting). Upon the written request of any holder of Registrable Shares (in
such capacity, a "Requesting Shareholder") to include Registrable Shares in such
registration (which request (i) must be delivered to the Corporation within 30
days after delivery by the Corporation of any notice pursuant to this Section
3(a), (ii) shall specify the number of Registrable Shares proposed to be
included in such registration and (iii) shall state the intended method of
disposition of such Registrable Shares), the Corporation shall use its
reasonable best efforts to cause all such Registrable Shares to be included in
such registration on the same terms and conditions as the securities otherwise
being sold in such registration; provided, however, that:

          (i) if, at any time after giving such written notice of its intention
     to register any of such securities proposed to be registered by the
     Corporation and prior to the effective date of the registration statement
     filed in connection with such registration and/or the issuance of a receipt
     for a final prospectus under Canadian securities Laws, the Corporation
     shall determine for any reason not to register such securities, the
     Corporation may, at its election, give written notice of such determination
     to each holder of Registrable Shares that has requested to register
     Registrable Shares and, thereupon, the Corporation shall be relieved of its
     obligation to register any Registrable Shares in connection with such
     registration (but not of its obligation to pay the Registration Expenses in
     connection therewith to the extent provided in Section 6 below); and

          (ii) if (A) the registration so proposed by the Corporation involves
     an underwritten offering of the securities to be so registered, to be
     distributed by or through one or more underwriters of nationally recognized
     standing under underwriting terms appropriate for such a transaction, and
     (B) the managing underwriter of such underwritten offering shall advise the
     Corporation in writing that, in its judgment, the number of Registrable
     Shares and any other securities proposed to be included in such offering by
     the
                                        5
<PAGE>

     Corporation should be limited (1) due to market conditions or (2) because
     inclusion of all Registrable Shares proposed to be included in such
     registration is reasonably likely to have a significant adverse effect on
     the successful marketing (including pricing) of the Primary Shares proposed
     to be registered by the Corporation, then the Corporation will promptly
     advise each such Holder of Registrable Shares thereof and may require, by
     written notice to each such Holder accompanying such advice, that, to the
     extent necessary to meet such limitation, the number of Primary Shares and
     Registrable Shares proposed to be included in such registration shall be
     reduced to such number as shall, in the managing underwriter's opinion, not
     be likely to have such an effect, which shall be included in such
     registration in the following order:

             (x) first, the Primary Shares; and

             (y) second, the Registrable Shares requested to be included in such
        registration (or, if necessary, such Registrable Shares pro rata among
        the holders thereof based upon the number of Registrable Shares
        requested to be registered by each such holder).

     (b) The Corporation shall not be obligated to effect any registration of
Registrable Shares under this Section 3 that is incidental to the registration
of any of its securities in connection with any merger, acquisition, exchange
offer, transaction of the type specified in Rule 145(a), dividend reinvestment
plan or stock option, restricted stock or other employee benefit plan.

     (c) The Corporation shall not be obligated to effect any registration of
Registrable Shares under this Section 3 after the Corporation has effected three
(3) registrations of Registrable Shares pursuant to this Section 3; provided,
however, that any registration under Section 3 shall be deemed not to have been
effected if (i) a registration of Registrable Shares is not declared or ordered
effective by the applicable governmental authorities or agencies, including
without limitation, the Commission, and remain effective for not less than 30
days (or such shorter period as will terminate when all Registrable Shares
covered by such registration have been sold or withdrawn), or, if such
registration of Registrable Shares relates to an underwritten offering, such
longer period, if any, as in the opinion of counsel for the underwriters a
prospectus is required by law to be delivered in connection with sales of the
Registrable Shares by an underwriter or dealer (in either case, such period
being the "Demand Period "), (ii) (x) during the Demand Period such registration
is terminated by any stop order, injunction or other order or requirement of any
governmental agency or court or (y) the conditions to closing specified in the
underwriting agreement, if any, entered into in connection with such
registration are not satisfied other than by reason of a wrongful act,
misrepresentation or breach of an applicable underwriting agreement by the
selling Holders of Registrable Shares, (iii) the Requesting Shareholders
withdraw their request for registration of Registrable Shares and bear the
Registration Expenses, all in accordance with Section 6 below, or (iv) more than
90% of the aggregate number of all Registrable Shares requested to be included
in such registration are excluded from the offering pursuant to Section
3(a)(ii).

     SECTION 4. Shelf Registration.  The Corporation shall, at the request of a
Shareholder owning at least 35% of the Registrable Securities, use its best
efforts to qualify for registration on Form S-3 or any comparable or successor
form or forms or the Canadian shelf prospectus system. If the Corporation has
qualified for the use of Form S-3 or the Canadian shelf prospectus system, the
Corporation shall, promptly after the request of a Shareholder use its best
efforts to file with the Commission or the securities regulators of all the
Canadian provinces, as the case may be, and make and keep effective until all
Registrable Shares have been sold by the Shareholder a shelf registration
statement pursuant to Rule 415 or the shelf registration provisions of National
Instrument 44-102, as the case may be, with respect to all of the Registrable
Shares. Unless otherwise requested in writing by the Shareholder, the
Corporation shall include the Registrable Shares in the first registration
statement on Form S-3 or shelf prospectus filed by the Corporation following the
date hereof. The Corporation shall not be obligated to qualify, or to take any
action to qualify, for registration pursuant to this Section 4 if the offering
size would be for a value of less than U.S.$3,000,000.

     SECTION 5. Rights to Purchase New Securities.  (a) In the event that the
Corporation proposes to issue New Securities (other than in connection with the
Offering), each Shareholder shall have the right to purchase in lieu of the
Person to whom the Corporation proposed to issue such New Securities, in
accordance
                                        6
<PAGE>

with paragraph 5(b) below, a number of Common Shares or other New Securities
which the Corporation proposes to issue equal to the product of (i) the total
number or amount of Common Shares or other New Securities which the Corporation
proposes to issue at such time and (ii) a fraction, the numerator of which shall
be the total number of Voting Interests which such Shareholder holds or
beneficially owns at such time, and the denominator of which shall be the total
number of Voting Interests then outstanding. The rights given by the Corporation
under this Section 5 shall terminate if unexercised within 30 days after receipt
of the Notice of Issuance referred to in paragraph 5(b) below.

     (b) In the event that the Corporation proposes to undertake an issuance of
New Securities (other than in connection with the Offering), it shall give
written notice (a "Notice of Issuance") of its intention to each Shareholder,
describing all material terms of the New Securities, the price and all material
terms upon which the Corporation proposes to issue such New Securities. Each
Shareholder shall have 30 days from the date of the Notice of Issuance to agree
to purchase all or any portion of its pro rata share of such New Securities (as
determined pursuant to paragraph 5(a) above) for the same consideration, if such
consideration shall consist solely of cash, or for cash, cash equivalents or
marketable securities having an equivalent value to the consideration payable by
the Person to whom the Corporation proposes to issue such New Securities at the
time of payment, and otherwise upon the terms specified in the Notice of
Issuance by giving written notice to the Corporation, and stating therein the
quantity of New Securities to be purchased by such Shareholder.

     SECTION 6. Expenses.  Except as provided for in Section 2(a)(ii)(C) and
Section 3(c), all Registration Expenses incurred in connection with any
registration, qualification or compliance pursuant to this Agreement shall be
borne by the Corporation, and all Selling Expenses shall be borne by the Holders
of the securities so registered pro rata on the basis of the number of their
shares so registered.

     SECTION 7. Holdback Agreement.  (a) If the Corporation at any time shall
register Common Shares under the Securities Act pursuant to Section 2 or 3
hereof for sale to the public, any Shareholders that participate in such
registration shall not sell publicly, or otherwise dispose publicly of, any
Registrable Shares (other than those Common Shares included in such registration
pursuant to Section 2 or 3 hereof) without the prior written consent of the
Corporation, for a period as shall be determined by the relevant managing
underwriters. The Corporation shall obtain the agreement of any Person permitted
to sell shares of stock in such registration to be bound by and to comply with
this Section 7 as if such Person were a Shareholder hereunder.

     (b) If the Corporation shall at any time pursuant to Section 2 or 3 of this
Agreement register under the Securities Act Registrable Shares for sale to the
public pursuant to an underwritten offering, the Corporation shall not effect
any public sale or distribution of securities similar to those being registered
(excluding any transaction of the type identified or contemplated in Section
3(b) above), or any securities convertible into or exercisable or exchangeable
for such securities, for such period as shall be determined by the managing
underwriters.

     SECTION 8. Preparation and Filing.  (a) If and whenever the Corporation is
under an obligation pursuant to the provisions of this Agreement to use its
reasonable best efforts to effect the registration of any Registrable Shares,
the Corporation shall, with respect to such registration (which, for the
avoidance of doubt, shall be a registration in the jurisdiction requested by the
Requesting Shareholder pursuant to Section 2(a) in the case of a registration
under Section 2 hereof), as expeditiously as is reasonable:

          (i) prepare and file a registration statement, in the case of a
     registration request pursuant to Section 2 within 90 days of such request,
     under the Securities Act or similar such document under applicable Canadian
     securities Laws that registers such Registrable Shares to become and remain
     effective for a period of 30 days or, if earlier, until all of such
     Registrable Shares have been disposed of; provided, however, that (i) such
     30 day period shall be extended for a period of time equal to the period
     the Holder refrains from selling any securities included in such
     registration at the request of an underwriter of Common Shares (or other
     securities) of the Corporation; and (ii) in the case of any registration of
     Registrable Shares on Form S-3 or the Canadian shelf prospectus system,
     such 30 day period shall be extended, if necessary, to keep the
     registration statement effective until the earlier of the date that all
     such Registrable Shares are sold or the five year anniversary of the date
     of filing, provided
                                        7
<PAGE>

     that Rule 415 or any successor rule under the Securities Act or any
     corresponding rule or regulation under Canadian securities Laws permits an
     offering on a continuous or delayed basis, and provided further that
     applicable rules under the Securities Act or other applicable securities
     laws governing the obligation to file a post effective amendment permit, in
     lieu of filing a post-effective amendment that (I) includes any prospectus
     required by Section 10(a)(3) of the Securities Act or (II) reflects facts
     or events representing a material or fundamental change in the information
     set forth in the registration statement, the incorporation by reference of
     information required to be included as described in (I) and (II) above to
     be contained in periodic reports filed pursuant to Section 13 or 15(d) of
     the Exchange Act or corresponding continuous disclosure requirements under
     Canadian securities Laws in the registration statement;

          (ii) prepare and file with the Commission or with the applicable
     Canadian securities regulatory authorities, as the case may be, such
     amendments (including post-effective amendments) and supplements to such
     registration statement or similar such document under applicable Canadian
     securities Laws and the prospectus relating thereto as may be necessary,
     or, in the opinion of the managing underwriter, advisable to keep such
     registration statement or similar such document effective for at least a
     period of 30 days or, if earlier, until all of such Registrable Shares have
     been disposed of, and to comply with the provisions of the Securities Act
     or applicable Canadian securities Laws with respect to the sale or other
     disposition of such Registrable Shares;

          (iii) use its reasonable best efforts to register or qualify such
     Registrable Shares under such other securities or "blue sky" Laws of such
     jurisdictions as the holders of the Registrable Shares reasonably request
     and do any and all other acts and things which may be reasonably necessary
     or advisable to enable such holders to consummate the disposition in such
     jurisdictions of such holders' Registrable Shares; provided, however, that
     the Corporation will not be required (A) to qualify generally to do
     business, subject itself to general taxation or consent to general service
     of process in any jurisdiction where it would not otherwise be required to
     do so but for this paragraph (iii) or (B) to provide any material
     undertaking or make any changes in its bylaws or certificate of
     incorporation which the board of directors of the Corporation determines to
     be contrary to the best interests of the Corporation;

          (iv) notify the holders of such Registrable Shares on a timely basis
     of the happening of any event as a result of which a prospectus relating to
     such Registrable Shares, as then in effect, includes an untrue statement of
     a material fact or omits to state a material fact required to be stated
     therein or necessary to make the statements therein not misleading in light
     of the circumstances then existing and, at the request of such holders,
     prepare and furnish without charge to such holders a reasonable number of
     copies of a supplement to or an amendment of such prospectus as may be
     necessary to cause such prospectus, as so supplemented or amended, not to
     include an untrue statement of a material fact or omit to state a material
     fact required to be stated therein or necessary to make the statements
     therein not misleading in light of the circumstances then existing;

          (v) furnish without charge to each seller of such Registrable Shares
     and other securities such number of conformed copies of such registration
     statement under the Securities Act, or similar such document under
     applicable Canadian securities Laws and of each such amendment and
     supplement thereto (in each case including all exhibits), such number of
     copies of the prospectus included in such registration statement or similar
     such document (including each preliminary prospectus), in conformity with
     the requirements of the Securities Act or applicable Canadian securities
     Laws, as the case may be, such documents incorporated by reference in such
     registration statement or prospectus, and such other documents, as such
     seller may reasonably request in order to facilitate the sale or
     disposition of such Registrable Shares or other securities;

          (vi) furnish to each seller of Registrable Shares a signed
     counterpart, addressed to such seller, of (A) an opinion of counsel
     reasonably acceptable to a majority of selling Holders for the Corporation
     in customary form, scope and substance, dated the effective date of such
     registration statement or similar such document (or, if such registration
     includes an underwritten public offering, dated the date of the closing
     under the underwriting agreement), received by the Corporation in
     connection with such

                                        8
<PAGE>

     registration statement, and (B) "comfort" letters signed by the independent
     public accountants in customary form, scope and substance who have issued a
     report on the Corporation's financial statements included in such
     registration statement or similar such document received by the Corporation
     in connection with such registration statement or similar such document;

          (vii) immediately notify each seller of Registrable Shares and other
     securities covered by such registration statement at any time when a
     prospectus relating thereto is required to be delivered under the
     Securities Act or applicable Canadian securities Laws, of the happening of
     any event as a result of which the prospectus included in such registration
     statement, as then in effect, includes an untrue statement of a material
     fact or omits to state any material fact required to be stated therein or
     necessary to make the statements therein not misleading in the light of the
     circumstances then existing or if it is necessary to amend or supplement
     such prospectus to comply with Law, and at the request of any such seller
     prepare and furnish without change to such seller a reasonable number of
     copies of a supplement to or an amendment of such prospectus as may be
     necessary so that, as thereafter delivered to the purchasers of such
     Registrable Shares or other securities, such prospectus shall not include
     an untrue statement of a material fact or omit to state a material fact
     required to be stated therein or necessary to make the statements therein
     not misleading in the light of the circumstances then existing and shall
     otherwise comply in all material respects with Law and so that such
     prospectus, as amended or supplemented, will comply with Law;

          (viii) otherwise use its best efforts to comply with all applicable
     rules and regulations of the Commission, or the applicable rules and
     regulations of any securities regulatory authorities in Canada, and make
     available to its security holders, as soon as reasonably practicable, an
     earnings statement covering the period of at least 12 months, beginning
     with the first month of the first fiscal quarter after the effective date
     of such registration statement, which earnings statement shall satisfy the
     provisions of Section 11(a) of the Securities Act;

          (ix) use its best efforts to list such Registrable Shares on each
     securities exchange on which the Common Shares are then listed, if such
     Registrable Shares are not already so listed and if such listing is then
     permitted under the rules of such exchange, and provide a transfer agent
     and registrar and a CUSIP number for such Registrable Shares not later than
     the effective date of such registration statement under the Securities Act,
     or similar such document under applicable Canadian securities Laws;

          (x) deliver to any underwriter to which any Holder of Registrable
     Shares may sell such Registrable Shares in connection with any such
     registration (and to any direct or indirect transferee of any such
     underwriter) certificates evidencing such shares without bearing any
     restrictive legend;

          (xi) make every reasonable effort to prevent or obtain the withdrawal
     of any stop order or other order suspending the use of any preliminary or
     final prospectus or suspending any qualification of the Registrable Shares
     at the earliest possible moment;

          (xii) make such representations and warranties to the holders of
     Registrable Shares being registered, and the underwriters or agents, if
     any, in form, substance and scope as are customarily made by issuers in
     secondary underwritten public offerings; and

          (xiii) enter into such customary agreements (including underwriting
     and indemnification agreements) and take all such other actions as the
     holders of at least a majority of any Registrable Shares being sold or the
     managing underwriter or agent, if any, reasonably request in order to
     expedite or facilitate the registration and disposition of such Registrable
     Shares. The Corporation may require each seller of Registrable Shares as to
     which any registration is being effected to furnish the Corporation with
     such information regarding such seller and the distribution of such
     securities as the Corporation may from time to time reasonably request and
     as shall be required by Law or by the Commission or applicable Canadian
     securities regulatory authorities, as the case may be, in connection
     therewith.

     (b) Each holder of the Registrable Shares, upon receipt of any notice from
the Corporation of any event of the kind described in Section 8(a)(iv) hereof,
shall forthwith discontinue disposition of the Registrable Shares pursuant to
the registration statement under the Securities Act, or similar such document
under
                                        9
<PAGE>

applicable Canadian securities Laws covering such Registrable Shares until such
holder's receipt of the copies of the supplemented or amended prospectus
contemplated by Section 8(a)(iv) hereof, and, if so directed by the Corporation,
such holder shall deliver to the Corporation all copies, other than permanent
file copies then in such holder's possession, of the prospectus covering such
Registrable Shares at the time of receipt of such notice.

     (c) In connection with the preparation and filing of each registration
statement registering Registrable Shares under the Securities Act, or similar
such document under applicable Canadian securities Laws, the Corporation will
give the Shareholders on whose behalf such Registrable Shares are to be so
registered their respective counsel and accountants and any underwriters, the
opportunity to review and comment on such registration statement or prospectus,
included therein or filed with the Commission or with any Canadian securities
regulatory authority, and each amendment thereof or supplement thereto, and will
give each of them such access to its books and records and such opportunities to
discuss the business of the Corporation with its officers and the independent
public accountants who have issued a report on its financial statements as shall
be reasonably necessary, in the opinion of such Shareholders and such
underwriters or their respective counsel, to conduct a reasonable investigation
within the meaning of the Securities Act or applicable Canadian securities Laws,
as the case may be.

     (d) In connection with the sale of Registrable Shares registered pursuant
to Section 2 above, if requested in writing by the Shareholders and as
reasonably required or necessary to complete the sale, members of the
Corporation's management shall participate in customary "road shows" and
question and answer meetings with potential purchasers of such Registrable
Shares in connection with offers and sales of such Registrable Shares.

     (e) It is understood that in any underwritten offering of Registrable
Shares in addition to the Common Shares (the "initial shares") the underwriters
have committed to purchase, the underwriting agreement may grant the
underwriters an option to purchase a number of additional Common Shares (the
"option shares") equal to up to 15% of the initial shares (or such other maximum
amount as the National Association of Securities Dealers, Inc. may then permit),
solely to cover over-allotments. The Common Shares proposed to be sold by the
Corporation and the Holders shall be allocated between initial shares and option
shares as agreed or, in the absence of agreement, pursuant to Section 3(a)(ii).
The number of initial shares and option shares to be sold by selling Holders
shall be allocated pro rata among all such Holders on the basis of the relative
number of Common Shares and other securities each such Holder has requested to
be included in such registration.

     SECTION 9. Indemnification; Contribution.  (a) In the event of any
registration of any equity securities of the Corporation under the Securities
Act or applicable Canadian securities Laws, the Corporation will, and hereby
does agree to, indemnify and hold harmless, in the case of any registration
statement or prospectus filed pursuant to Section 2, 3 or 4 hereof, the seller
of any Registrable Shares covered by such registration statement or prospectus,
its respective directors and officers, partners and members, each other Person
who participates as an underwriter in the offering or sale of such securities,
and each other Person, if any, who controls such seller or any such underwriter
within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act, against any losses, claims, damages, liabilities and expenses, to
which they or any of them may become subject under the Securities Act,
applicable Canadian securities Laws or otherwise, insofar as such losses,
claims, damages, liabilities or expenses (or actions or proceedings in respect
thereof) arise out of or are based upon (i) any untrue statement or alleged
untrue statement of any material fact contained in any registration statement or
prospectus under which such securities were registered under the Securities Act,
any preliminary prospectus, final prospectus included therein or filed with
applicable Canadian securities regulatory authorities, or any amendment or
supplement thereto, or any document incorporated by reference therein, or (ii)
any omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading;
provided, however, that the Corporation shall not be liable in any such case to
the extent that any such loss, claim, damage, liability (or action or proceeding
in respect thereof) or expense arises out of or is based upon (x) an untrue
statement or alleged untrue statement or omission or alleged omission made in
such registration statement, any such preliminary prospectus, final prospectus
or amendment or supplement thereto, in reliance upon and in conformity with
                                        10
<PAGE>

written information furnished to the Corporation for use in the preparation
thereof by such seller or underwriter, as the case may be, or (y) an untrue
statement or alleged untrue statement or omission or alleged omission made in
any preliminary prospectus but notified to such seller and underwriter prior to
any sale or other disposition of Registrable Shares and subsequently corrected
by the Corporation in any final prospectus, amendment or supplement made
available to such seller or underwriter but which final prospectus, amendment or
supplement was not used by such seller or underwriter in the sale or other
disposition of Registrable Shares that gave rise to such loss, claim, damage,
liability (or action or proceeding in respect thereof) or expense. This
indemnity shall be in addition to any liability the Corporation may otherwise
have. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of such seller or any such director or
officer, underwriter or controlling Person and shall survive the transfer of
such securities by such seller.

     (b) The Corporation may require, as a condition to including any
Registrable Shares in any registration statement or prospectus filed pursuant to
Section 2, 3 or 4 hereof, that the Corporation shall have received an agreement
satisfactory to it from (i) the prospective seller of such securities, to
indemnify and hold harmless (in the same manner and to the same extent as set
forth in Section 9(a), except that any such prospective seller shall not in any
event be liable to the Corporation pursuant thereto for an amount in excess of
the net proceeds of the sale of such prospective seller's Registrable Shares so
to be sold) the Corporation, each director of the Corporation and each of the
Corporation's officers who signed the registration statement or prospectus, each
such underwriter of such securities, and each other Person, if any, who controls
the Corporation or any such underwriter within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act, and (ii) each such underwriter
of such securities, to indemnify and hold harmless (in the same manner and to
the same extent as set forth in Section 9(a) above) the Corporation, each
officer who signed the registration statement or prospectus and each director of
the Corporation, each prospective seller, and each other Person, if any, who
controls the Corporation or any such prospective seller within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act, with respect
to any untrue statement in or omission from such registration statement, any
preliminary prospectus, final prospectus, or any amendment or supplement
thereto, if such untrue statement or omission was made in reliance upon and in
conformity with written information furnished by such prospective seller or such
underwriter, as the case may be, to the Corporation for use in the preparation
of such registration statement, preliminary prospectus, final prospectus,
amendment or supplement. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of the Corporation or any
such director, officer or controlling Person and shall survive the transfer of
such securities by such seller.

     (c) Promptly after receipt by an indemnified party of notice of the
commencement of any action or proceeding (including any governmental
investigation) involving a claim referred to in either Section 9(a) above or (b)
above, such indemnified party will, if a claim in respect thereof is to be made
against an indemnifying party, give written notice to the latter of the
commencement of such action; provided, however, that the failure of any
indemnified party to give notice as provided herein shall not relieve the
indemnifying party of its obligations under the preceding provisions of this
Section 9, except to the extent that the indemnifying party is materially
prejudiced by such failure to give notice. In case any such action is brought
against an indemnified party, the indemnifying party shall be entitled to assume
the defense thereof, jointly with any other indemnifying party similarly
notified, to the extent that it may wish, and after notice from the indemnifying
party to such indemnified party of its election so to assume the defense
thereof, the indemnifying party will not be liable to such indemnified party for
any legal or other expenses subsequently incurred by the indemnified party in
connection with the defense thereof. If, in the indemnified party's reasonable
judgment, a conflict of interest between such indemnified party and indemnifying
parties may exist in respect of such claim, the indemnified party shall be
entitled to participate in the defense thereof and the indemnifying party shall
not be liable for the fees and expenses of more than one counsel for all sellers
of Registrable Shares, or more than one counsel for the underwriters in
connection with any one action or separate but similar or related actions.

     (d) If the indemnification provided for in the foregoing clauses (a), (b)
and (c) of this Section 9 is unavailable to the indemnified parties in respect
of any losses, claims, damages or liabilities referred to therein,

                                        11
<PAGE>

then each indemnifying party shall contribute to the amounts paid or payable by
such indemnified parties as a result of such losses, claims, damages or
liabilities (i) as between the Corporation and the holders of Registrable Shares
covered by a registration statement, on the one hand, and the underwriters, on
the other, in such proportion as is appropriate to reflect the relative benefits
received by the Corporation and such holders, on the one hand, and the
underwriters, on the other, from the offering of the Registrable Shares, or if
such allocation is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits but also the relative
fault of the Corporation and such holders, on the one hand, and of the
underwriters, on the other, in connection with the statements or omissions that
resulted in such losses, claims, damages or liabilities, as well as any other
relevant equitable considerations, and (ii) as between the Corporation, on the
one hand, and each holder of Registrable Shares covered by a registration
statement or prospectus, on the other, in such proportion as is appropriate to
reflect the relative fault of the Corporation and of each such holder in
connection with such statements or omissions, as well as any other relevant
equitable considerations. The relative benefits received by the Corporation and
such holders, on the one hand, and the underwriters, on the other, shall be
deemed to be in the same proportion as the total proceeds from the offering (net
of underwriting discounts and commissions but before deducting expenses)
received by the Corporation and such holders bear to the total underwriting
discounts and commissions received by the underwriters. The relative fault of
the Corporation and such holders, on the one hand, and of the underwriters, on
the other, shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the
Corporation and such holders or by the underwriters. The relative fault of the
Corporation, on the one hand, and of each such holder, on the other, shall be
determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact relates to information supplied by such
party, and the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission.

     (e) The Corporation and the holders of Registrable Shares agree that it
would not be just and equitable if contribution pursuant to Section 9(d) were
determined by pro rata allocation (even if the underwriters were treated as one
entity for such purpose) or by any other method of allocation that does not take
account of the equitable considerations referred to in the next preceding
paragraph. Notwithstanding the provisions of Section 9(d), no holder of
Registrable Shares shall be required to contribute any amount in excess of the
amount by which the total price at which the Registrable Shares of such holder
were offered to the public exceeds the amount of any damages that such holder
has otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. The obligation of the holders of Registrable
Shares to contribute pursuant to this Section 9 is several in the proportion
that the proceeds of the offering received by such holder bears to the total
proceeds of the offering received by all Holders and not joint.

     SECTION 10. Information by Holders of Registrable Shares.  Each holder of
Registrable Shares shall furnish to the Corporation such written information
regarding such Person and the distribution proposed by such Person as the
Corporation may reasonably request and as shall be reasonably required in
connection with any registration, qualification or compliance referred to in
this Agreement.

     SECTION 11. Exchange Act Compliance.  The Corporation shall comply with all
of the reporting requirements of the Exchange Act applicable to it and shall
comply with all other public information reporting requirements of the
Commission which are conditions to the availability of Rule 144 for the sale of
the Common Shares. The Corporation shall cooperate with each holder of
Registrable Shares in supplying such information as may be necessary for such
holder to complete and file any information reporting forms presently or
hereafter required by the Commission as a condition to the availability of Rule
144.

     SECTION 12. Termination.  This Agreement shall terminate upon the earlier
of (a) the date on which there are no longer any Registrable Shares outstanding
(b) the date on which all Common Shares owned by the Shareholders can be sold
without restriction in accordance with Rule 144 and under applicable Canadian
securities Laws, rules and regulations, and (c) June 19, 2011. The rights and
obligations hereunder of the
                                        12
<PAGE>

Shareholders shall terminate at such time when neither they nor any of their
respective Specified Assignees hold Registrable Shares, provided that the
provisions of Section 9 hereof, the rights of any party hereto with respect to
the breach of any provision hereof, and any obligation accrued as of the date of
termination shall survive the termination of this Agreement.

     SECTION 13. Successors and Assigns.  This Agreement shall bind and inure to
the benefit of the Corporation and the Shareholders and, subject to Section 14
below, their respective successors and assigns.

     SECTION 14. Assignment.  (a) If a Shareholder transfers Common Shares to a
Subsidiary or an Affiliate of the Shareholder as provided herein, the
Shareholder may transfer or assign to such Subsidiary or Affiliate its rights
under the Agreement; provided, however, that the Corporation is given written
notice at the time of or within a reasonable time after such transfer or
assignment, stating the name and address of the transferee or assignee and
identifying the securities with respect to which such rights are being
transferred or assigned, and, provided further, that the transferee or assignee
of such rights assumes all of the obligations of the Shareholder under this
Agreement and no such assignment or transfer shall operate to release the
Shareholder from any of its obligations or liabilities hereunder.

     (b) If, at any time, the Shareholder sells or otherwise transfers any
Common Shares to a Person that is not an Affiliate of the Shareholder then, in
connection therewith, the Shareholder may only transfer or assign its rights
hereunder with the written prior consent of the Corporation.

     SECTION 15. Entire Agreement.  This Agreement constitutes the entire
agreement of the parties hereto with respect to the subject matter hereof and
supersedes all prior agreements and undertakings, both written and oral, between
the parties with respect to the subject matter hereof.

     SECTION 16. Notices.  All notices, requests, claims, demands and other
communications hereunder shall be in writing and shall be given or made (and
shall be deemed to have been duly given or made upon receipt) by delivery in
person, by courier service, by facsimile, or by registered or certified mail
(postage prepaid, return receipt requested) to the parties at the addresses
specified in Exhibit I hereof (or at such other address for a party as shall be
specified in a notice given in accordance with this Section 16).

     SECTION 17. Modifications; Amendments; Waivers.  This Agreement may not be
amended or modified, except by an instrument in writing signed by, or on behalf
of, the Corporation and Shareholders representing 75% of the Registrable Shares.

     SECTION 18. Counterparts; Facsimile Signatures.  This Agreement may be
executed and delivered in one or more counterparts (including by telecopy), and
by the different parties hereto in separate counterparts, each of which when
executed shall be deemed to be an original but all of which taken together shall
constitute one and the same agreement.

     SECTION 19. Headings.  The descriptive headings contained in this Agreement
are for convenience of reference only and shall not affect in any way the
meaning or interpretation of this Agreement.

     SECTION 20. Severability; Governing Law.  If any term or other provision of
this Agreement is invalid, illegal or incapable of being enforced by any Law,
governmental regulation or public policy, all other terms and provisions of this
Agreement shall nevertheless remain in full force and effect as long as the
economic or legal substance of the transactions contemplated hereby is not
affected in any manner materially adverse to any party. Upon such determination
that any term or other provision is invalid, illegal or incapable of being
enforced, the parties hereto shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as
possible in an acceptable manner in order that the transactions contemplated
hereby are consummated as originally contemplated to the greatest extent
possible. This Agreement shall be governed by, and construed in accordance with,
the laws of the State of New York applicable to contracts executed in and to be
performed in that State.

     SECTION 21. Waiver of Jury Trial.  Each of the parties hereto irrevocably
and unconditionally waives trial by jury in any legal action or proceeding
relating to this Agreement, the transactions contemplated hereby and for any
counterclaim therein.

                                        13
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the
date first written above.

                                          ODYSSEY RE HOLDINGS CORP.

                                          By       /s/ DONALD L. SMITH
                                            ------------------------------------
                                            Name: Donald L. Smith
                                            Title:   Senior Vice President

                                          ORH HOLDINGS INC.

                                          By       /s/ DONALD L. SMITH
                                            ------------------------------------
                                            Name: Donald L. Smith
                                            Title:   Senior Vice President

                                          TIG INSURANCE COMPANY

                                          By     /s/ WILLIAM H. HUFF III
                                            ------------------------------------
                                            Name: William H. Huff III
                                            Title:   V.P., Secretary and General
                                                     Counsel

                                        14
<PAGE>

                                                                       EXHIBIT 1

                                     NOTICE

<Table>
<S>                              <C>
If to ORH:                       ORH Holdings Inc.
                                 300 First Stamford Place
                                 Stamford, CT 06902
                                 Attention: Donald L. Smith
                                 Fax Number: (203) 965-7995
If to TIG:                       TIG Insurance Company
                                 5205 North O'Connor Blvd.
                                 Irving, Texas 75039
                                 Attention: Bill Huff
                                 Fax Number: (972) 831-6261
If the Corporation               Odyssey Re Holdings Corp.
                                 300 First Stamford Place
                                 Stamford, CT 06902
                                 Attention: Donald L. Smith
                                 Fax Number: (203) 965-7995
</Table>
<PAGE>

                ------------------------------------------------
                         REGISTRATION RIGHTS AGREEMENT
                -----------------------------------------------

                                     AMONG
                           ODYSSEY RE HOLDINGS CORP.
                                      AND
                               ORH HOLDINGS INC.
                                      AND
                             TIG INSURANCE COMPANY
                           DATED AS OF JUNE 19, 2001
<PAGE>

                               TABLE OF CONTENTS

<Table>
<Caption>
                                                              PAGE
                                                              ----
<S>                                                           <C>
SECTION 1   Definitions.....................................    1
SECTION 2   Request for Registration........................    3
SECTION 3   Piggyback Registration..........................    5
SECTION 4   Shelf Registration..............................    6
SECTION 5   Rights to Purchase New Securities...............    6
SECTION 6   Expenses........................................    7
SECTION 7   Holdback Agreement..............................    7
SECTION 8   Preparation and Filing..........................    7
SECTION 9   Indemnification; Contribution...................   10
SECTION 10  Information by Holders of Registrable Shares....   12
SECTION 11  Exchange Act Compliance.........................   12
SECTION 12  Termination.....................................   12
SECTION 13  Successors and Assigns..........................   13
SECTION 14  Assignment......................................   13
SECTION 15  Entire Agreement................................   13
SECTION 16  Notices.........................................   13
SECTION 17  Modifications; Amendments; Waivers..............   13
SECTION 18  Counterparts; Facsimile Signatures..............   13
SECTION 19  Headings........................................   13
SECTION 20  Severability; Governing Law.....................   13
SECTION 21  Waiver of Jury Trial............................   13
</Table>

                                        ii

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}]]