Document:

<PAGE>

                                                                   EXHIBIT 10.11

                            INDEMNIFICATION AGREEMENT

      THIS INDEMNIFICATION AGREEMENT (the "Agreement") is made as of January 31,
2007, between ENSTAR GROUP LIMITED (formerly known as Castlewood Holdings
Limited), a company organized under the laws of Bermuda (the "Company"), and
T. WHIT ARMSTRONG ("Indemnitee").

                                     RECITAL

      The Second Amended and Restated Bye-Laws of the Company, as may be amended
from time to time (the "Bye-Laws") contain provisions indemnifying the Company's
directors and officers with respect to certain liabilities and expenses.
Indemnitee is currently serving as a director of the Company's Board of
Directors (the "Board"), and the Board has determined that it is in the best
interests of the shareholders of the Company for the Company to provide
Indemnitee with additional assurance of protection against personal liability
pursuant to and in furtherance of the Bye-Laws, as provided in this Agreement.

                                    AGREEMENT

      NOW, THEREFORE, in consideration of the foregoing recital and of other
good and valuable consideration, the receipt and sufficiency of which is
acknowledged, the parties, intending to be legally bound, agree as follows:

      1. Indemnification.

           (a) The Company shall hold harmless and indemnify and reimburse
Indemnitee against all liabilities, costs, expenses (including without
limitation, investigation expenses and expert witnesses' and attorneys' fees),
judgments, penalties, fines, excise taxes, interest and amounts paid or to be
paid in settlement in connection with any threatened, pending or completed
action, suit, arbitration, alternate dispute resolution mechanism,
investigation, administrative hearing, or proceeding (collectively, a
"Proceeding"), in which Indemnitee was or is a party or a witness, or is
threatened to be made a party or a witness, including without limitation,
actions by or in the right of the Company, whether civil, criminal,
administrative, regulatory or investigative, by reason that, either before or
after the date hereof, Indemnitee is or was a director, officer, employee,
agent, fiduciary, or other representative of the Company, or is or was serving
while a director, officer, employee, agent, fiduciary, or other representative
of the Company at the request of the Company as a director, officer, employee,
agent, fiduciary, or other representative of another corporation (for profit or
not-for-profit), limited liability company, partnership, joint venture, trust,
employee benefit plan or other entity or enterprise ("Indemnified Position").
Notwithstanding anything to the contrary set forth in this Agreement, the term
"Proceeding" shall not include any action or proceeding commenced by Indemnitee,
other than (i) mandatory counterclaims, (ii) affirmative defenses, (iii) as
permitted by the Company and (iv) actions or proceedings to enforce the terms of
this Agreement.

           (b) If Indemnitee is entitled under this Agreement to indemnification
by the Company for a portion of the Indemnified Amounts (defined below) but not
for the total

<PAGE>

 amount thereof, the Company shall nevertheless
indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

            (c) The Company shall not settle any Proceeding in any manner which
would impose any penalty or limitation of any kind or nature on Indemnitee
without Indemnitee's prior written consent.

      2. Limitations on Indemnification. Notwithstanding any other provision of
this Agreement, Indemnitee shall not be entitled to indemnification under
Section 1:

            (a) if the claim, obligation or liability with respect to which
indemnity is sought shall have been determined by a court of competent
jurisdiction, by a final, nonappealable judgment or decree, to have resulted
from Indemnitee's fraud or dishonesty;

            (b) if a court of competent jurisdiction shall determine, by a
final, nonappealable judgment or decree, that such indemnity is prohibited under
applicable law;

            (c) on account of any suit in which judgment is rendered for an
accounting of profits made from the purchase or sale by Indemnitee of securities
of the Company in violation of the provisions of Section 16(b) of the Securities
Exchange Act of 1934, as amended, and amendments thereto or similar provisions
of any U.S. federal or state statutory law or any Bermuda statutory law; or

            (d) on account of any suit brought against Indemnitee for misuse or
misappropriation of non-public information, or otherwise involving Indemnitee's
status as an "insider" of the Company, in connection with any purchase or sale
by Indemnitee of securities of the Company, and judgment is rendered against
Indemnitee in such suit.

      3. Other Indemnification Arrangements. The Company's purchase,
establishment and maintenance of insurance or similar protection or other
arrangements, including, but not limited to, the Bye-Laws, providing a trust
fund, letter of credit or surety bond (collectively, "Indemnification
Arrangements") on behalf of Indemnitee against any liability asserted against
him or her or incurred by or on his or her behalf in his or her Indemnified
Position, whether or not the Company would have the power to indemnify him or
her against such liability under the provisions of this Agreement or under
applicable law, shall not in any way limit or affect the rights and obligations
of the Company or of Indemnitee under this Agreement, and the execution and
delivery of this Agreement by the Company and Indemnitee shall not in any way
limit or affect the rights and obligations of the Company or the other party or
parties thereto under any Indemnification Arrangement. All amounts payable by
the Company pursuant to this Section 3 or Section 1 are referred to as
"Indemnified Amounts."

      4. Advance Payment of Indemnified Amounts.

            (a) Subject to Section 4(b), Indemnitee hereby is granted the right
to receive in advance of a final, nonappealable judgment or other final,
nonappealable adjudication of a Proceeding the amount of any and all expenses,
including, without limitation, attorney's

                                     - 2 -
<PAGE>

fees, expended or incurred by Indemnitee in connection with any Proceeding (such
amounts so expended or incurred, "Advanced Amounts").

            (b) In making any request for Advanced Amounts, Indemnitee shall
submit to the Company an undertaking by or on behalf of Indemnitee to repay the
Advanced Amounts if it shall ultimately be determined in a final, nonappealable
judgment or decree that he or she is not entitled to be indemnified by the
Company. The undertaking shall be in the form attached hereto as Exhibit A. The
Company shall pay to Indemnitee without the need for action by the Board
Advanced Amounts within five days of its receipt of appropriate documentation
and information evidencing the Advanced Amounts provided that Indemnitee has
previously provided the Company with the undertaking required to be provided by
Indemnitee pursuant to this Section 4(b).

      5. Procedure for Payment of Indemnified Amounts.

            (a) To obtain indemnification under this Agreement, Indemnitee shall
submit to the Company a written request for payment of the appropriate
Indemnified Amounts, with such documentation and information to accompany such
request as is reasonably available to Indemnitee and reasonably necessary for
the Company to determine whether and to what extent Indemnitee is entitled to
indemnification.

            (b) The Company shall pay Indemnitee the Indemnified Amounts unless
it is established that Indemnitee has not met any applicable standard of conduct
required in this Agreement or applicable law. For purposes of determining
whether Indemnitee is entitled to Indemnified Amounts, in order to deny
indemnification to Indemnitee, the Company shall have the burden of proof in
establishing that Indemnitee did not meet the applicable standard of conduct
required to qualify for indemnification. In this regard, a termination of any
Proceeding by judgment, order, plea of nolo contendere, settlement or conviction
shall not create a presumption that Indemnitee did not meet the applicable
standard of conduct required to qualify for indemnification.

            (c) Any determination that Indemnitee has not met the applicable
standard of conduct required to qualify for indemnification shall be made either
(i) by the Board by a unanimous vote of all directors who were not parties to
the Proceeding or (ii) by independent legal counsel (who may be the outside
counsel regularly employed by the Company, so long as it has not advised any
party in the subject matter of the Proceeding or the Proceeding itself) approved
in advance in writing by both the highest ranking executive officer of the
Company who is not party to the Proceeding and by Indemnitee. The fees and
expenses of counsel in connection with making the determination contemplated
hereunder shall be paid by the Company, and, if requested by such counsel, the
Company shall give such counsel an appropriate written agreement with respect to
the payment of their fees and expenses and such other matters as may be
reasonably requested by such counsel.

            (d) The Company shall use its best efforts to conclude as soon as
practicable (but in no event later than 60 days from the date of Indemnitee's
request for indemnification pursuant to Section 5(a)) any requested
determination pursuant to Section 5(c) and shall promptly advise Indemnitee in
writing with respect to any determination that

                                     - 3 -
<PAGE>

Indemnitee is or is not entitled to indemnification, including a reasonably
detailed description of any reason or basis for which indemnification has been
denied. Payment of any applicable Indemnified Amounts shall be made to
Indemnitee within five days after any determination of Indemnitee's entitlement
to indemnification.

            (e) Notwithstanding the foregoing, at any time after 30 days after
Indemnitee's request for indemnification pursuant to Section 5(a) (or upon
receipt of written notice that a claim for Indemnified Amounts has been
rejected, if earlier), and before three years after a claim for Indemnified
Amounts has been delivered by Indemnitee to the Company, Indemnitee may petition
a court of competent jurisdiction to determine whether Indemnitee is entitled to
indemnification under the provisions of this Agreement, and such court shall
thereupon have the exclusive authority to make such determination unless and
until the court dismisses or otherwise terminates the action without having made
such determination. The court shall, as petitioned, make an independent
determination of whether Indemnitee is entitled to indemnification as provided
under this Agreement, irrespective of any prior determination made by the Board
or independent counsel and without being provided or having evidence or
testimony regarding any such prior determination. If the court determines that
Indemnitee is entitled to indemnification as to any claim, issue or matter
involved in the Proceeding with respect to which there has been no prior
determination pursuant to this Agreement or with respect to which there has been
a prior determination that Indemnitee was not entitled to indemnification
hereunder, the Company shall pay all expenses, including attorneys' fees,
actually incurred by Indemnitee in connection with obtaining such judicial
determination, as well as Indemnified Amounts relating thereto.

            (f) Nothing set forth in this Section 5 shall limit or affect the
timing or amount, or the right of Indemnitee to payment, of any Advanced Amounts
pursuant to Section 4.

      6. Agreement Not Exclusive: Subrogation Rights, etc.

            (a) This Agreement shall not be deemed exclusive of and shall not
diminish any other rights Indemnitee may have to be indemnified, insured or
otherwise protected against any liability, cost, expense (including, without
limitation, investigation expenses and expert witnesses and attorney's fees),
judgment, penalty, fine, excise tax, interest or amount paid or to be paid in
settlement by the Company, any subsidiary of the Company, or any other person or
entity under any memorandum of association, charter, bylaw, law, agreement,
policy of insurance or similar protection, vote of shareholders or directors,
disinterested or not, or otherwise, whether or not now in effect, both as to
actions in Indemnitee's official capacity with the Company, and as to actions in
another capacity while holding such office, including Indemnitee's right to
contribution as may be available under applicable law. The Company's obligations
to make payments of Indemnified Amounts hereunder shall be satisfied to the
extent that payments with respect to the same Proceeding (or part thereof) have
been made to or for the benefit of Indemnitee by reason of the indemnification
of Indemnitee pursuant to any other arrangement made by the Company for the
benefit of Indemnitee.

            (b) If Indemnitee shall actually receive payment from any insurance
carrier or from the plaintiff in any Proceeding against Indemnitee in respect of
Indemnified Amounts after payments on account of all or part of such Indemnified
Amounts have been made

                                     - 4 -
<PAGE>

by the Company pursuant hereto, Indemnitee shall promptly reimburse to the
Company the amount, if any, by which the sum of such payment by such insurance
carrier or such plaintiff and payments by the Company or pursuant to
arrangements made by the Company to Indemnitee exceeds such Indemnified Amounts.
Portions, if any, of insurance proceeds that are required to be reimbursed to
the insurance carrier under the terms of its insurance policy, such as
deductible or co-insurance payments, shall not be deemed to be payments to
Indemnitee hereunder. In addition, upon payment of Indemnified Amounts
hereunder, the Company shall be subrogated to the rights of Indemnitee receiving
such payments (to the extent thereof) against any insurance carrier (to the
extent permitted under such insurance policies) or plaintiff in respect of such
Indemnified Amounts and Indemnitee shall execute and deliver any and all
instruments and documents and perform any and all other acts or deeds that the
Company deems reasonably necessary or advisable to secure such rights; provided
that the Company reimburses Indemnitee for any costs, expenses or liabilities
incurred by it in providing such cooperation. Such right of subrogation shall be
terminated upon receipt by the Company of the amount to be reimbursed by
Indemnitee pursuant to the first sentence of this Section 6(b).

      7. Additional Indemnification Rights. Notwithstanding any other provision
of this Agreement, the Company hereby agrees to indemnify Indemnitee to the
fullest extent permitted by applicable law, notwithstanding that such
indemnification may not be specifically authorized by the other provisions of
this Agreement, the Bye-Laws or by statute. If there is any change, after the
date of this Agreement, in any applicable law, statute or rule, whether by case
law or otherwise, that expands the right of a Bermuda company to indemnify a
member of its board of directors, such changes shall be, ipso facto, within the
purview of Indemnitee's rights and Company's obligations, under this Agreement.
If there is any change in any applicable law, statute or rule that narrows the
right of a Bermuda company to indemnify a member of its board of directors, such
changes, to the extent not otherwise mandatorily required by such law, statute
or rule to be applied to this Agreement, shall have no effect on this Agreement
or the parties, rights and obligations hereunder.

      8. Insurance.

            (a) If the Company maintains directors and officers liability
insurance to protect itself and any of its directors or officers against any
expense, liability or loss, and such insurance may cover Indemnitee, such
insurance shall cover Indemnitee to at least the same extent as any other
director or officer of the Company. If at any point (i) such insurance ceases to
cover acts and omissions occurring during all or any part of the period of
Indemnitee's Indemnified Position or (ii) neither the Company nor any of its
subsidiaries maintains any such insurance, the Company shall ensure that
Indemnitee is covered, for at least six years (or such shorter period as is
available on commercially reasonable terms) from such point, by other directors
and officers liability insurance, in amounts and on terms (including the period
of Indemnitee's Indemnified Position) no less favorable (or such other
commercially reasonable amounts and terms as are available) to Indemnitee than
the amounts and terms of the liability insurance maintained by the Company on
the date hereof, provided that such insurance is available on commercially
reasonable terms.

            (b) The Company shall give prompt notice of the commencement of a
Proceeding to the insurers in accordance with the procedures set forth in the
respective policies.

                                     - 5 -
<PAGE>

The Company shall thereafter take reasonable action to cause such insurers to
pay, on behalf of the Indemnitee, all amounts payable as a result of such
Proceeding in accordance with the terms of such policies.

      9. Severability. Each of the provisions of this Agreement is a separate
and distinct agreement and independent of the others, so that if any provisions
hereof shall be held to be invalid or unenforceable for any reason or under any
circumstances, such invalidity or unenforceability shall not affect the validity
or enforceability of the other provisions hereof or the application of the
invalid or unenforceable provision under other circumstances. Furthermore, to
the fullest extent possible, the provisions of this Agreement (including,
without limitation, each portion of this Agreement containing any provision held
to be invalid, void or otherwise unenforceable, that is not itself invalid, void
or unenforceable) shall be construed so as to give effect to the intent
manifested by the provision held invalid, illegal or unenforceable.

      10. Further Assurances. The parties shall do, execute and deliver, or
shall cause to be done, executed and delivered, all such further acts, documents
and things as may be reasonably required for the purpose of giving effect to
this Agreement and the transactions contemplated hereby.

      11. Successors; Binding Agreement; No Third Party Beneficiaries. This
Agreement shall be binding on and shall inure to the benefit of and be
enforceable by the Company's successors and assigns and by Indemnitee's personal
or legal representatives, executors, administrators, successors, heirs,
distributees, devisees and legatees. Except for the foregoing persons and
entities, nothing in this Agreement, express or implied, is intended to or shall
be deemed to confer upon any person or entity other than the parties hereto any
rights or remedies under or by reason of this Agreement or any provision of this
Agreement. The Company shall require any successor or assignee (whether direct
or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business or assets of the Company, by written agreement
in form and substance reasonably satisfactory to the Company and to Indemnitee,
expressly to assume and agree to perform this Agreement in the same manner and
to the same extent that the Company would be required to perform if no such
succession or assignment had taken place.

      12. Counterparts. This Agreement may be executed by the parties hereto in
separate counterparts, each of which when so executed and delivered shall be an
original (including facsimile signatures), but all such counterparts shall
together constitute one and the same instrument.

      13. Corporate Power and Authority; Due Authorization; Valid and Binding
Obligation. The Company represents and warrants that (a) it has the corporate
power and authority to execute, deliver and perform its obligations under this
Agreement, (b) this Agreement has been duly authorized, executed and delivered
by the Company, (c) upon the execution and delivery of this Agreement by the
Indemnitee, this Agreement will constitute a valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms, (d) the
execution, delivery and performance of its obligations under this Agreement by
the Company does not and will not breach, violate or cause a termination,
default or acceleration under its Memorandum of Association or Bye-Laws or any
agreement, document,

                                     - 6 -
<PAGE>

instrument, policy (insurance or otherwise), or arrangement to which it is a
party or is bound and (e) Indemnitee is relying upon this Agreement in serving
in an Indemnified Position.

      14. Specific Performance. It is specifically understood and agreed that
any breach or threatened breach of this Agreement by the Company will result in
irreparable injury to Indemnitee, that the remedy at law alone will be an
inadequate remedy for such breach or threatened breach and that, in addition to
any other remedy for such breach or threatened breach, the Indemnitee shall be
entitled to enforce the provisions of this Agreement through both temporary and
permanent injunctive relief, without the necessity of (a) proving actual
damages, but without limitation of the rights to recover such damages and (b)
posting a bond or other security.

      15. Miscellaneous. No provision of this Agreement may be modified, waived,
or discharged unless the modification, waiver or discharge is agreed to in
writing signed by Indemnitee and either the Chairman of the Board or the
President of the Company or another officer of the Company specifically
designated by the Board. No waiver by either party at any time of any breach by
the other party of, or of compliance with, any condition or provision of this
Agreement to be performed by the other party shall be deemed a waiver of similar
or dissimilar provisions or conditions at the same time or at any prior or
subsequent time. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any
other right or remedy. No agreements or representations, oral or otherwise,
express or implied, with respect to the subject matter hereof have been made by
either party that are not set forth expressly in this Agreement. The validity,
interpretation, construction and performance of this Agreement shall be governed
by the laws of Bermuda, without giving effect to the principles of conflict of
laws of that or any other jurisdiction. The headings in this Agreement are for
convenience only and shall not affect the interpretation of any provision of
this Agreement. All communications under this Agreement shall be in writing and
shall be deemed effectively given: (a) upon personal delivery to the party to be
notified; (b) when sent by confirmed facsimile if sent during normal business
hours of the recipient; (c) seven days after having been sent by registered or
certified mail, return receipt requested, postage prepaid; or (d) two days after
deposit with an internationally recognized overnight courier, specifying two day
or prior delivery, with written verification of receipt. All communications
under this Agreement to the (i) Company shall be sent to its principal place of
business to the attention of the Secretary and (ii) Indemnitee shall be sent to
his residential mailing address on file with the Company.

            (The remainder of this page is intentionally left blank.)

                                     - 7 -
<PAGE>

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

                                      INDEMNITEE

                                      /s/ T. Whit Armstrong
                                      ------------------------------------------
                                      Name: T. Whit Armstrong

                                      ENSTAR GROUP LIMITED

                                      By: /s/ Richard J. Harris
                                          --------------------------------------
                                      Name: Richard J. Harris
                                      Title: Chief Financial Officer

                                     - 8 -
<PAGE>

                                                                       Exhibit A

                                     [Date]

[Company name and Address]

Ladies and Gentlemen:

      I have entered into an Indemnification Agreement, made as of January 31,
2007 (the "Indemnification Agreement"), with Enstar Group Limited (formerly
known as Castlewood Holdings Limited) (the "Company") pursuant to which I am
entitled to advancement of expenses. I understand that the entry into of this
undertaking is a condition to the Company's obligations to advance expenses
under the Indemnification Agreement.

      Please accept this letter as my undertaking to repay Advanced Amounts (as
defined in the Indemnification Agreement) if it shall ultimately be determined
in a final, nonappealable judgment or decree that I am not entitled to be
indemnified by the Company. I agree to repay any amounts to the Company within
fifteen business days of any demand therefore pursuant to this undertaking.

      This undertaking shall survive any termination or rescission of the
Indemnification Agreement, unless agreed otherwise by the Company.

      The validity, interpretation, construction and performance of this
undertaking shall be governed by the laws of Bermuda, without giving effect to
the principles of conflict of laws of that or any other jurisdiction.

                                   Sincerely,<PAGE>

                                                                   Exhibit 10.12

                              EMPLOYMENT AGREEMENT

          This EMPLOYMENT AGREEMENT is dated January 31, 2007, to take
effect as of the Closing Date referred to in Section 1 hereof, between
Castlewood Holdings Limited, a Bermuda corporation ("Company"), Castlewood (US)
Inc., a Delaware corporation ("Castlewood (US)"), and John J. Oros
("Executive").

                                   BACKGROUND

          Company and Castlewood (US) desire to employ Executive, and Executive
desires to be an employee of Company and Castlewood (US), on the terms and
conditions contained in this Agreement.

          NOW, THEREFORE, in consideration of the premises and the mutual
agreements contained herein and intending to be legally bound hereby, the
parties hereto agree as follows:

                                      TERMS

1. CAPACITY AND DUTIES

     1.1 EMPLOYMENT; ACCEPTANCE OF EMPLOYMENT. Company and Castlewood (US)
hereby employ Executive and Executive hereby agrees to be employed by Company
and Castlewood (US) for the period and upon the terms and conditions hereinafter
set forth. Effective on the Closing Date, as defined in the Agreement and Plan
of Merger, dated on or about May 23, 2006 and amended on November 21, 2006 (the
"Merger Agreement"), among Company, CWMS Merger Corp., a Georgia corporation and
a direct wholly-owned subsidiary of Company, and The Enstar Group, Inc.
("Enstar"), a Georgia corporation, the Employment Agreement between Enstar and
Executive dated March 2, 2000 and any other employment agreements between
Executive and Enstar or any affiliate thereof are hereby terminated and the
rights and obligations of each party shall be governed by this Agreement. For
the avoidance of doubt, the consummation of the transactions contemplated in the
Merger Agreement shall not be a "Change in Control" for purposes of this
Agreement. In the event the Merger Agreement is terminated pursuant to the
provisions thereof, this Agreement shall become void and shall have no effect,
and the terms of the Employment Agreement, as dated March 2, 2000 and as in
effect immediately prior to the execution of this Agreement shall continue in
full force and effect.
<PAGE>
     1.2 CAPACITY AND DUTIES.

          (a) Executive shall serve as Executive Chairman of Company, and shall
perform such duties and shall have such authority consistent with his position
as may from time to time be specified by the Board of Directors of Company.
Executive shall report directly to the Board of Directors of Company and his
principal place of business shall be Company's office in Bermuda. It is
recognised that extensive travel may be necessary or appropriate in connection
with the performance of Executive's duties as Executive Chairman of Company.
Executive shall not conduct any business in the United States in his capacity as
Executive Chairman of the Company.

          Executive shall also serve as Executive Chairman of Castlewood (US),
and shall perform such duties and shall have such authority consistent with his
position as may from time to time be specified by the Board of Directors of
Castlewood (US). Executive shall report directly to the Board of Directors of
Castlewood (US) and his principal place of business shall be Company's office in
New York City.

          (b) Executive shall devote 50% of his full working time (at least 70
hours per month including travel time and including paid vacation as provided in
Section 3.4), energy, skill and best efforts to the performance of his duties
hereunder, in a manner that will comply with Company's and Castlewood (US)'s
rules and policies and will faithfully and diligently further the business and
interests of Company and Castlewood (US). Executive shall not be employed by or
participate or engage in or in any manner be a part of the management or
operation of any business enterprise other than Company and Castlewood (US)
without the prior written consent of Company and Castlewood (US), which consent
may be granted or withheld in the reasonable discretion of the Board of
Directors of Company and Castlewood (US). Notwithstanding anything herein to the
contrary, nothing shall preclude Executive from (i) serving on the boards of
directors of a reasonable number of other corporations or the boards of a
reasonable number of trade associations and/or charitable organizations, (ii)
serving as an officer or director of J.C. Flowers & Co. LLC and its affiliates,
(iii) engaging in charitable, community and other business affairs, and (iv)
managing his personal investments and affairs, provided that such activities do
not materially interfere with the proper performance of his responsibilities and
duties hereunder.

2. TERM OF EMPLOYMENT

     2.1 TERM. The term of Executive's employment hereunder shall be five years
commencing on the Closing Date, as further extended or unless sooner terminated
in accordance with the other provisions hereof (the "Term"). Except as
hereinafter provided, on the fifth anniversary of the commencement date and on
each subsequent anniversary thereof, the Term shall be automatically extended
for one year unless either party shall have given to the other party written
notice of termination of this Agreement at least 120 days prior to such
anniversary. If written notice of termination is given as provided above,
Executive's employment under this Agreement shall terminate on the last day of
the Term.

                                      -2-
<PAGE>
3. COMPENSATION

     3.1 BASIC COMPENSATION. As compensation for Executive's services, during
the first twelve months of the Term, Castlewood (US) shall pay to Executive a
salary at the annual rate of $282,500 payable in periodic installments in
accordance with Castlewood (US)'s regular payroll practices in effect from time
to time. For each subsequent twelve-month period of Executive's employment
hereunder, Executive's salary shall be in the amount of his initial annual
salary with such increases as may be established by the Board of Directors of
Castlewood (US) in consultation with Executive, provided that the increase in
base salary with respect to each subsequent twelve-month period shall not be
less than the product of Executive's base salary multiplied by the annual
percentage increase in the retail price index (expressed as a decimal) for the
United States, as reported in the most recent report of the U.S. Department of
Labor for the preceding twelve-month period. The resulting base salary will be a
percentage of the annual base salary of the Chief Executive Officer of the
Company with the guideline for such percentage being 50% but this can be varied
by the Compensation Committee of the Company. Once increased, Executive's annual
salary cannot be decreased without the written consent of Executive. Executive's
annual salary, as determined in accordance with this Section 3.1, is hereinafter
referred to as his "Base Salary."

     3.2 PERFORMANCE BONUS. Executive shall, following the completion of each
fiscal year of Company during the Term, be eligible for a performance bonus in
accordance with the performance bonus plan established by Company; it being
understood that Executive's performance bonus opportunity will be a percentage
of the performance bonus opportunity of the Chief Executive Officer of the
Company with the guideline for this percentage being 50% but this can be varied
by the Compensation Committee of the Company. Executive shall also be eligible
for additional equity and other incentive awards, at a level commensurate with
his position of Executive Chairman and in accordance with the policies and
practices of Company; it will be a percentage of the equity and other incentive
award opportunity afforded the Chief Executive Officer of the Company with the
guideline for this percentage being 50% but this can be varied by the
Compensation Committee of the Company.

     3.3 EMPLOYEE BENEFITS. During the Term, Executive shall be entitled to
participate in Castlewood (US)'s 401(k) plan and to receive the medical, dental
and long term disability coverage under Castlewood (US)'s benefit plans, as
Castlewood (US) may provide from time to time, and such other benefits that
Castlewood (US) makes available to its senior management and, to the extent
Executive's entitlement does result in a duplication of benefits, Company makes
available to its senior management. In addition, during the Term Executive shall
be entitled to and Castlewood (US) shall provide or cause to be provided to
Executive the following:

          (a) a life insurance policy in the amount of five times Executive's
Base Salary, provided that Executive assists Company in the procurement of such
policy

                                      -3-
<PAGE>
(including, without limitation, submitting to any required physical examinations
and completing accurately any applicable applications and or questionnaires);

          (b) fully comprehensive medical and dental coverage under Castlewood
(US)'s benefit plan for Executive, his spouse and dependents and an annual
medical examination for same;

          (c) long term disability coverage, including coverage for serious
illness, and full compensation paid by Castlewood (US) during the period up to
and until Executive begins receiving benefits under such long term disability
plan. In the event that the generally applicable group long-term disability plan
contains a limitation on benefits that would result in Executive's being
entitled to benefit payments under such plan which are less than 50% of his
salary, Castlewood (US) shall provide Executive with an individual disability
policy paying a benefit amount that, when coupled with the group policy benefit
payable, would provide Executive with aggregate benefits in connection with his
long-term disability equal to 50% of such salary (provided that, if an
individual policy can not be obtained for such amount on commercially reasonable
rates and on commercially reasonable terms, Castlewood (US) shall provide
Executive with a policy providing for the greatest amount of individual coverage
that is available on such standard terms and rates). Provision of any individual
disability policy will also be contingent upon Executive being able to be
insured at commercially reasonable rates and on commercially reasonable terms
and upon Executive assisting Castlewood (US) in the procurement of such policy
(including, without limitation, submitting to any required physical examinations
and completing accurately any applicable applications and or questionnaires);
and

          (d) payment from Castlewood (US) of an amount equal to 10% of
Executive's Base Salary, less an amount, if any, equal to non-elective employer
contributions made to Castlewood (US)'s 401(k) plan for the benefit of
Executive, each year to Executive as contribution to his pension plans.

     3.4 VACATION. During the Term, Executive shall be entitled to a paid
vacation of 15 days per year (including 15 days during 2006).

     3.5 EXPENSE REIMBURSEMENT. Castlewood (US) shall reimburse Executive for
all reasonable out-of-pocket expenses incurred by him in connection with the
performance of his duties under this Agreement in accordance with its regular
reimbursement policies as in effect from time to time.

4. TERMINATION OF EMPLOYMENT

     4.1 DEATH OF EXECUTIVE. If Executive dies during the Term, and for the year
in which Executive dies, Company achieves the performance goals established in
accordance with any incentive plan in which Executive participates, Castlewood
(US) shall pay Executive's estate on the date set forth in such plan an amount
equal to the bonus that Executive would have received had he been employed by
Company or one of

                                      -4-
<PAGE>
its affiliates for the full year, multiplied by a fraction, the numerator of
which is the number of calendar days Executive was employed in such year and the
denominator of which is 365. In addition, Executive's spouse and dependents (if
any) shall be entitled for a period ending on December 31 of the second calendar
year commencing on the date of termination, to continue to receive medical
benefits coverage (as described in Section 3.3) at Castlewood's expense if and
to the extent Castlewood (US) was paying for such benefits for Executive's
spouse and dependents at the time of Executive's death.

     4.2 DISABILITY. If Executive is or has been materially unable for any
reason to perform his duties hereunder for 120 days during any period of 150
consecutive days, Company and Castlewood (US) shall have the right to terminate
Executive's employment upon 30 days' prior written notice to Executive at any
time during the continuation of such inability. In the event of termination
under this Section 4.2, (a) Castlewood (US) shall thereafter be obligated to
continue to pay Executive's Base Salary for a period of 36 months, periodically
in accordance with Castlewood (US)'s regular payroll practices, unless Executive
is at such time a "specified employee" for purposes of Section 409A ("Section
409A") of the Internal Revenue Code of 1986, as amended, in which event payment
shall not commence until the first business day after the six month anniversary
of such termination of employment, at which time the amounts that would
otherwise have been paid during such six months shall be paid in a lump sum, and
(b) Castlewood (US), on the 10th day following the date of termination, shall
pay any other amounts (including salary, bonuses, expense reimbursement, etc.)
that have been fully earned by, but not yet paid to, Executive under this
Agreement as of the date of such termination. The amount of payments to
Executive under disability insurance policies paid for by Castlewood (US) shall
be credited against and shall reduce the Base Salary otherwise payable by
Castlewood (US) following termination of employment. If, for the year in which
Executive's employment is terminated pursuant to this Section 4.2, Company
achieves the performance goals established in accordance with any incentive plan
in which Executive participates, Castlewood (US) shall pay Executive an amount
equal to the bonus that Executive would have received had he been employed by
Company and Castlewood (US) for the full year, multiplied by a fraction, the
numerator of which is the number of calendar days Executive was employed in such
year and the denominator of which is 365; such amount shall be paid on the date
set forth in such bonus plan or, if later and if required to comply with Section
409A, on the first business day after the six month anniversary of such
termination of employment. Executive shall be entitled for a period ending on
December 31 of the second calendar year commencing on the date of termination,
to continue to receive at Castlewood (US)'s expense medical benefits coverage
(as described in Section 3.3) for Executive and Executive's spouse and
dependents (if any) if and to the extent Castlewood (US) was paying for such
benefits to Executive and Executive's spouse and dependents at the time of such
termination.

     4.3 TERMINATION FOR CAUSE. Executive's employment hereunder shall terminate
immediately upon notice that the Board of Directors of Company is terminating
Executive for Cause (as defined herein), in which event Company and Castlewood
(US) shall not thereafter be obligated to make any further payments hereunder
other than amounts (including salary, expense reimbursement, etc.) that have
been fully earned by,

                                      -5-
<PAGE>
but not yet paid to, Executive under this Agreement as of the date of such
termination. "Cause" shall mean (a) fraud or dishonesty in connection with
Executive's employment that results in a material injury to Company, (b)
conviction of any felony or crime involving fraud or misrepresentation or (c)
after Executive has received written notice of the specific material and
continuing failure of Executive to perform his duties hereunder (other than
death or disability) and has failed to cure such failure within 30 days of
receipt of the notice, or (d) material and continuing failure to follow
reasonable instructions of the Board of Directors of Company or Castlewood (US)
after Executive has received prior written notice of the specific material and
continuing failure to follow instructions and has failed to cure such failure
within 30 days of receipt of the notice.

     4.4 TERMINATION WITHOUT CAUSE OR FOR GOOD REASON.

          (a) If (1) Executive's employment is terminated by Company or
Castlewood (US) for any reason other than Cause or the death or disability of
Executive, or (2) Executive's employment is terminated by Executive for Good
Reason (as defined herein):

               (i) Castlewood (US) shall pay Executive any amounts (including
salary, bonuses, expense reimbursement, etc.) that have been fully earned by,
but not yet paid to, Executive under this Agreement as of the date of such
termination;

               (ii) Castlewood (US) shall pay Executive a lump sum amount equal
to three times the Base Salary payable to him on the 10th day following the date
of such termination or if Executive is at such time a "specified employee" for
purposes of Section 409A, on the first business day following the six month
anniversary of such termination;

               (iii) Executive shall be entitled to continue to receive medical
benefits coverage (as described in Section 3.3) for Executive and Executive's
spouse and dependents (if any) at Castlewood (US)'s expense for a period ending
on December 31 of the second calendar year commencing on the date of
termination;

               (iv) Anything to the contrary in any other agreement or document
notwithstanding, each outstanding equity incentive award granted to Executive
before, on or within three years after the Closing Date shall become immediately
vested and exercisable on the date of such termination; and

               (v) In addition, if, for the year in which Executive is
terminated, Company achieves the performance goals established in accordance
with any incentive plan in which Executive participates, Castlewood (US) shall
pay an amount equal to the bonus that Executive would have received had he been
employed by Company or Castlewood (US) for the full year; such amount shall be
paid on the date set forth in such bonus plan or, if later and if required to
comply with Section 409A, on the first business day after the six month
anniversary of such termination of employment.

                                      -6-
<PAGE>
          (b) Upon making the payments described in this Section 4.4, Company
and Castlewood (US) shall have no further obligation to Executive under this
Agreement.

          (c) "Good Reason" shall mean the following:

               (i) material breach of Company's or Castlewood (US)'s obligations
hereunder, provided that Executive shall have given written notice thereof to
Company or Castlewood (US), as applicable, and Company and Castlewood (US) shall
have failed to remedy the circumstances within 30 days;

               (ii) in respect of Company, the relocation of Executive's
principal business office outside of Bermuda without the Executive's prior
agreement and, in respect of Castlewood (US), the relocation of Executive's
principal business office outside of New York City without the Executive's prior
agreement; or

               (iii) any material reduction in Executive's duties or authority.

     4.5 CHANGE IN CONTROL.

          (a) If, during the Term, there should be a Change of Control (as
defined herein), and within 1 year thereafter either (i) Executive's employment
should be terminated for any reason other than for Cause or (ii) Executive
terminates his employment for Good Reason (as defined in Section 4.4):

               (i) Castlewood (US) shall pay Executive any amounts (including
salary, bonuses, expense reimbursement, etc.) that have been fully earned by,
but not yet paid to, Executive under this Agreement as of the date of such
termination;

               (ii) Castlewood (US) shall pay Executive a lump sum amount equal
to three times Executive's then current Base Salary on the 10th day following
the date of such termination or if Executive is at such time a "specified
employee" for purposes of Section 409A, on the first business day after the six
month anniversary of such termination;

               (iii) Executive shall be entitled to continue to receive medical
benefits coverage (as described in Section 3.3) for Executive and Executive's
spouse and dependents (if any) at Castlewood (US)'s expense for a period of
ending on December 31 of the second calendar year commencing on the date of
termination;

               (iv) Anything to the contrary in any other agreement or document
notwithstanding, each outstanding equity incentive award granted to Executive
before, on or after the date hereof shall become immediately vested and
exercisable on the date of such termination; and

               (v) In addition, if, for the year in which Executive is
terminated, Company achieves the performance goals established in accordance
with any

                                      -7-

<PAGE>
incentive plan in which Executive participates, Castlewood (US) shall pay an
amount equal to the bonus that Executive would have received had he been
employed by Company or Castlewood (US) for the full year; such amount shall be
paid on the date set forth in such bonus plan or, if later and if required to
comply with Section 409A, on the first business day after the six month
anniversary of such termination of employment.

          (b) Upon making the payments described in this Section 4.5, Company
and Castlewood (US) shall have no further obligation to Executive under this
Agreement.

          (c) A "Change in Control" shall mean:

               (i) the acquisition by any person, entity or "group" required to
file a Schedule 13D or Schedule 14D-1 under the Securities Exchange Act of 1934
(the "1934 Act") (excluding, for this purpose, Company, its subsidiaries, any
employee benefit plan of Company or its subsidiaries which acquires ownership of
voting securities of Company, and any group that includes Executive) of
beneficial ownership (within the meaning of Rule 13d-3 under the 1934 Act) of
50% or more of either the then outstanding ordinary shares or the combined
voting power of Company's then outstanding voting securities entitled to vote
generally in the election of directors;

               (ii) the election or appointment to the Board of Directors of
Company, or resignation of or removal from the Board, of directors with the
result that the individuals who as of the date hereof constituted the Board (the
"Incumbent Board") no longer constitute at least a majority of the Board,
provided that any person who becomes a director subsequent to the date hereof
whose appointment, election, or nomination for election by Company's
shareholders, was approved by a vote of at least a majority of the Incumbent
Board (other than an appointment, election or nomination of an individual whose
initial assumption of office is in connection with an actual or threatened
election contest relating to the election of the directors of Company) shall be,
for purposes of this Agreement, considered as though such person were a member
of the Incumbent Board; or

               (iii) approval by the shareholders of Company of: (i) a
reorganization, merger or consolidation by reason of which persons who were the
shareholders of Company immediately prior to such reorganization, merger or
consolidation do not, immediately thereafter, own more than 50% of the combined
voting power of the reorganized, merged or consolidated company's then
outstanding voting securities entitled to vote generally in the election of
directors, or (ii) a liquidation or dissolution of Company or the sale,
transfer, lease or other disposition of all or substantially all of the assets
of Company (whether such assets are held directly or indirectly).

5. RESTRICTIVE COVENANTS

     5.1 RESTRICTIVE COVENANTS.

                                      -8-
<PAGE>
     (a) Executive acknowledges that he is one of a small number of key
executives and that in such capacity, he will have access to confidential
information of Company and its affiliates and will engage in key client
relationships on behalf of Company and that it is fair and reasonable for
protection of the legitimate interests of Company and the other key executives
of Company that he should accept the restrictions described in Exhibit A hereto.

     (b) Promptly following Executive's termination of employment, Executive
shall return to Company all property of Company, and all documents, accounts,
letters and papers of every description relating to the affairs and business of
Company or any of its subsidiaries, and copies thereof in Executive's possession
or under his control.

     (c) Executive acknowledges and agrees that the covenants and obligations of
Executive in Exhibit A and this Section 5.1 relate to special, unique and
extraordinary matters and that a violation of any of the terms of such covenants
and obligations will cause Company irreparable injury for which adequate
remedies are not available at law. Therefore, Executive agrees that Company
shall be entitled to an injunction, restraining order or such other equitable
relief (without the requirement to post bond) restraining Executive from
committing any violation of the covenants and obligations contained in Exhibit A
and this Section 5.1. These injunctive remedies are cumulative and are in
addition to any other rights and remedies Company may have at law or in equity.

     (d) Executive agrees that if he applies for, or is offered employment by
(or is to provide consultancy services to) any other person, firm, company,
business entity or other organization whatsoever (other than an affiliate of
Company) during the restriction periods set forth in Exhibit A, he shall
promptly, and before entering into any contract with any such third party,
provide to such third party a full copy of Exhibit A and this Section 5.1 in
order to ensure that such other party is fully aware of Executive's obligations
hereunder.

     5.2 INTELLECTUAL PROPERTY RIGHTS. Executive recognizes and agrees that
Executive's duties for Company or Castlewood (US) may include the preparation of
materials, including written or graphic materials for Company, Castlewood (US)
or their affiliates, and that any such materials conceived or written by
Executive shall be done within the scope of his employment as a "work made for
hire." Executive agrees that because any such work is a "work made for hire,"
Company (or the relevant affiliate of Company) will solely retain and own all
rights in said materials, including rights of copyright. Executive agrees to
disclose and assign to Company his entire right, title and interest in and to
all inventions and improvements related to Company's business or to the business
of Company's affiliates (including, but not limited to, all financial and sales
information), whether patentable or not, whether made or conceived by him
individually or jointly with others at any time during his employment by Company
or Castlewood (US) hereunder. Such inventions and improvements are to become and
remain the property of Company and Executive shall take such actions as are
reasonably necessary to effectuate the foregoing.

                                      -9-
<PAGE>
6. MISCELLANEOUS

     6.1 KEY EMPLOYEE INSURANCE. Company and Castlewood (US) shall each have the
right at their own expense to purchase insurance on the life of Executive, in
such amounts as it shall from time to time determine, of which either Company or
Castlewood (US), as applicable, shall be the beneficiary. Executive shall submit
to such physical examinations as may reasonably be required and shall otherwise
cooperate with Company in obtaining such insurance.

     6.2 INDEMNIFICATION/LITIGATION. Company and Castlewood (US) shall indemnify
and defend Executive against all claims arising out of Executive's activities as
an officer or employee of Company, Castlewood (US) or their affiliates to the
fullest extent permitted by law and under Company's and Castlewood (US)'s
organizational documents. At the request of Company, Executive shall during and
after the Term render reasonable assistance to Company in connection with any
litigation or other proceeding involving Company or any of its affiliates.
Company shall provide reasonable compensation to Executive for such assistance
rendered after the Term.

     6.3 NO MITIGATION. In no event shall Executive be required to seek other
employment or take any other action by way of mitigation of the amounts payable
to Executive under this Agreement, and such amounts shall not be reduced whether
or not Executive obtains other employment after termination of his employment
hereunder.

     6.4 SEVERABILITY. The invalidity or unenforceability of any particular
provision or part of any provision of this Agreement shall not affect the other
provisions or parts hereof.

     6.5 ASSIGNMENT; BENEFIT. This Agreement shall not be assignable by
Executive, and shall be assignable by Company and Castlewood (US) only with
Executive's consent and only to any person or entity which may become a
successor in interest (by purchase of assets or stock, or by merger, or
otherwise) to Company or Castlewood (US) in the business or substantially all of
the business presently operated by it. Any Change in Control is deemed an
assignment. Subject to the foregoing, this Agreement and the rights and
obligations set forth herein shall inure to the benefit of, and be binding upon,
the parties hereto and each of their respective permitted successors, assigns,
heirs, executors and administrators.

     6.6 NOTICES. All notices hereunder shall be in writing and shall be
sufficiently given if hand-delivered, sent by documented overnight delivery
service or registered or certified mail, postage prepaid, return receipt
requested or by facsimile, receipt acknowledged, addressed as set forth below or
to such other person and/or at such other address as may be furnished in writing
by any party hereto to the other. Any such notice shall be deemed to have been
given as of the date received, in the case of personal delivery, or on the date
shown on the receipt or confirmation therefor, in all other cases. Any and all
service of process and any other notice in any action, suit or proceeding shall
be effective against any party if given as provided in this Agreement; provided
that

                                      -10-
<PAGE>
nothing herein shall be deemed to affect the right of any party to serve process
in any other manner permitted by law.

          (a) If to Company:

              Castlewood Holdings Limited
              P.O. Box HM 2267
              Windsor Place, 3rd Floor
              18 Queen Street
              Hamilton, HM JX
              Bermuda

              Attention:  Paul O'Shea

          (b) If to Castlewood (US):

              Castlewood (US) Inc.
              7901 4th Street North
              Suite 203
              St. Petersburg, FL 33702

              Attention:  Karl Wall

              with a copy to:

              Castlewood Holdings Limited
              P.O. Box HM 2267
              Windsor Place, 3rd Floor
              18 Queen Street
              Hamilton, HM JX
              Bermuda

              Attention:  Paul O'Shea

          (b) If to Executive:

              John J. Oros
              c/o J.C. Flowers & Co. LLC
              717 Fifth Avenue, 26th Floor
              New York, NY 10022

              Facsimile No.:  (201)444-6897

     6.7 ENTIRE AGREEMENT; MODIFICATION; ADVICE OF COUNSEL.

          (a) This Agreement constitutes the entire agreement between the
parties hereto with respect to the matters contemplated herein and supersedes
all prior

                                      -11-
<PAGE>
agreements and understandings with respect thereto. No addendum, amendment,
modification, or waiver of this Agreement shall be effective unless in writing.
Neither the failure nor any delay on the part of any party to exercise any right
or remedy hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any right or remedy preclude any other or further exercise
of the same or of any other right or remedy with respect to such occurrence or
with respect to any other occurrence.

          (b) Executive acknowledges that he has been afforded an opportunity to
consult with his counsel with respect to this Agreement.

          (c) Company, Castlewood (US) and Executive recognize that certain
amounts that may become payable under this Agreement are or may be subject to
Section 409A, that final guidance under Section 409A has not been issued but is
anticipated in the near future, and that failure to comply with Section 409A may
result in adverse tax consequences to Executive. Therefore, Company, Castlewood
(US) and Executive shall use their best efforts to amend this Agreement
following the issuance of such final guidance to the extent necessary with
respect to amounts that may become payable hereunder either to provide for the
exemption of such amounts from the requirements of Section 409A or to comply
with the requirements of Section 409A.

     6.8 GOVERNING LAW. This Agreement is made pursuant to, and shall be
construed and enforced in accordance with, the laws of Delaware, to the extent
applicable, without giving effect to otherwise applicable principles of
conflicts of law.

     6.9 HEADINGS; COUNTERPARTS. The headings of paragraphs in this Agreement
are for convenience only and shall not affect its interpretation. This Agreement
may be executed in two or more counterparts, each of which shall be deemed to be
an original and all of which, when taken together, shall be deemed to constitute
the same Agreement.

     6.10 FURTHER ASSURANCES. Each of the parties hereto shall execute such
further instruments and take such additional actions as the other party shall
reasonably request in order to effectuate the purposes of this Agreement.

                                      -12-
<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written.

                                     CASTLEWOOD HOLDINGS LIMITED

                                     By: /s/ Richard J. Harris
                                         ---------------------------------------
                                         Name: Richard J. Harris
                                         Title: Chief Financial Officer

                                     CASTLEWOOD (US) INC.

                                     By: /s/ Karl Wall
                                         ---------------------------------------
                                         Name: Karl Wall
                                         Title: President

                                     /s/ John J. Oros
                                     -------------------------------------------
                                                     John J. Oros

                                      -13-
<PAGE>
                                    EXHIBIT A

                              RESTRICTIVE COVENANTS

A.   Noncompetition. During the Term and, if Executive fails to remain employed
     through the fifth anniversary of the Closing Date, for a period of eighteen
     (18) months after Executive's employment terminates (the "Restriction
     Period"), Executive shall not, without the prior written permission of the
     Board of Company, directly or indirectly engage in any Competitive
     Activity. The term "Competitive Activity" shall include (i) entering the
     employ of, or rendering services to, any person, firm or corporation
     engaged in the insurance and reinsurance run-off or any other business in
     which Company or any of its affiliates has been engaged at any time during
     the last twelve months of the Term and to which Executive has rendered
     services or about which Executive has acquired Confidential Information or
     by which Executive has been engaged at any time during the last twelve
     months of his period of employment hereunder and in each case in any
     jurisdiction in which Company or any of its affiliates has conducted
     substantial business (hereinafter defined as the "Business"); (ii) engaging
     in the Business for Executive's own account or (becoming interested in any
     such Business, directly or indirectly, as an individual, partner,
     shareholder, member, director, officer, principal, agent, employee,
     trustee, consultant, or in any other similar capacity; provided, however,
     nothing in this Paragraph A shall prohibit Executive from owning, solely as
     a passive investment, 5% or less of the total outstanding securities of a
     publicly-held company, or any interest held by Executive in a
     privately-held company as of the date of this Agreement; provided further
     that the provisions of this Paragraph A shall not apply in the event
     Executive's employment with Company is terminated without Cause or with
     Good Reason.

B.   Confidentiality. Without the prior written consent of Company, except to
     the extent required by an order of a court having competent jurisdiction or
     under subpoena from an appropriate regulatory authority, Executive shall
     not disclose and shall use his best endeavours to prevent the disclosure of
     any trade secrets, customer lists, market data, marketing plans, sales
     plans, management organization information (including data and other
     information relating to members of the Board and management), operating
     policies or manuals, business plans or financial records, or other
     financial, commercial, business or technical information relating to
     Company or any of its subsidiaries or affiliates or information designated
     as confidential or proprietary that Company or any of its subsidiaries or
     affiliates may receive belonging to clients or others who do business with
     Company or any of its subsidiaries or affiliates (collectively,
     "Confidential Information") to any third person unless such Confidential
     Information has been previously disclosed to the public by Company or any
     of its subsidiaries or affiliates or is in the public domain (other than by
     reason of Executive's breach of this Paragraph B). In the event that
     Executive is required to

                                      -14-
<PAGE>
     disclose Confidential Information in a legal proceeding, Executive shall
     provide Company with notice of such request as soon as reasonably
     practicable, so that Company may timely seek an appropriate protective
     order or waive compliance with this Paragraph B, except if such notice
     would be unlawful or would place Executive in breach of an undertaking he
     is required to give by law or regulation.

C.   Non-Solicitation of Employees. During the Restriction Period, Executive
     shall not, without the prior written permission of the Board of Company,
     directly or indirectly induce any Senior Employee of Company or any of its
     affiliates to terminate employment with such entity, and shall not directly
     or indirectly, either individually or as owner, agent, employee, consultant
     or otherwise, offer employment to or employ any Senior Employee unless such
     person shall have ceased to be employed by Company or any affiliate for a
     period of at least six (6) months. For the purpose of this Paragraph C,
     "Senior Employee" shall mean a person who, at any time during the last
     twelve months of Executive's period of employment hereunder:

          (i) is engaged or employed (other than in a clerical, secretarial or
          administrative capacity) as an employee, director or consultant of
          Company or its affiliates; and

          (ii) is or was engaged in a capacity in which he obtained Confidential
          Information; and

          (iii) had personal dealings with Executive.

D.   Non-Disparagement. Executive shall not do or say anything adverse or
     harmful to, or otherwise disparaging of, Company or its subsidiaries and
     their respective goodwill. Company shall not, and shall use reasonable
     efforts to ensure that its officers, directors, employees and subsidiaries
     do not do or say anything adverse or harmful to, or otherwise disparaging
     of, Executive and his goodwill; provided that no action by either party in
     connection with the enforcement of its rights hereunder shall be construed
     as a violation of this Paragraph D.

E.   Definition. In this Exhibit A, "directly or indirectly" (without prejudice
     to the generality of the expression) means whether as principal or agent
     (either alone or jointly or in partnership with any other person, firm or
     company) or as a shareholder, member or holder of loan capital in any other
     company or being concerned or interested in any other person, firm or
     company and whether as a director, partner, consultant, employee or
     otherwise.

F.   Severability. Each of the provisions contained in this Exhibit A is and
     shall be construed as separate and severable and if one or more of such
     provisions is held to be against the public interest or unlawful or in any
     way an unreasonable restraint of trade or unenforceable in whole or in part
     for any reason, the

                                      -15-
<PAGE>
     remaining provisions of this Exhibit A or part thereof, as appropriate,
     shall continue to be in full force and effect.

                                      -16-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]