Document:

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                                                                    EXHIBIT 10.6

                              EMPLOYMENT AGREEMENT

     This amended and restated employment agreement ("Agreement") is made and
entered into as of this date by and between Odyssey Re Holdings Corp., a
Delaware Corporation ("Employer"), and Andrew Barnard, an individual residing at
296 Winding Road South, Ardsley, New York 10502 ("Executive").

                                   WITNESSETH

     WHEREAS, Executive is the Chief Executive Officer of the group of
reinsurance and insurance companies constituted by Odyssey America Reinsurance
Corporation and its subsidiaries; and

     WHEREAS, Executive is a party to an Employment Agreement dated July 19,
1996 by and between Fairfax Financial Holdings Limited and Executive (the "Prior
Agreement"); and

     WHEREAS, it is desirable that the Prior Agreement be amended, updated and
restated so as to contain the terms and conditions set forth below and to govern
the employment of Executive in the capacity described in the first recital
above;

NOW THEREFORE, IT IS AGREED AS FOLLOWS:

                                   ARTICLE I

                      EMPLOYMENT AND DUTIES; COMPENSATION

SECTION 1:  DUTIES

     During the term of this Agreement, Executive shall be employed by and shall
serve Employer in the capacity of President and Chief Executive Officer, and
shall be employed by and/or shall serve such subsidiaries of Employer in such
capacities as Employer shall from time to time designate and as are consistent
with Executive's position as President and Chief Executive Officer of Employer.
Executive shall devote substantially all of his business time to the business
and affairs of Employer and shall use his best efforts, skills, and energy to
promote Employer's interests.

SECTION 2:  TERM OF EMPLOYMENT

     The term of employment of Executive by Employer shall commence on the date
hereof (the "Commencement Date") and shall continue until August 31, 2006 (the
"Initial Term"). At any time prior to the expiration of the Initial Term,
Employer and Executive may, by mutual written agreement, extend Executive's
employment under the terms of this Agreement for such additional periods as they
may agree.

SECTION 3:  SALARY, BENEFITS AND BONUS COMPENSATION

     As compensation and consideration for the performance by Executive of his
duties and responsibilities pursuant to this Agreement, Employer agrees to pay,
and/or to cause one or more of its subsidiaries to pay, Executive and Executive
agrees to accept the following amounts and benefits (all Dollar amounts referred
to herein are in United States Dollars):

(a)  Base Salary:

     An Annual Base Salary of One Million Dollars ($1,000,000), pro rated for
any calendar year within the Initial Term for which employment does not extend
for the entire calendar year. The Annual Base Salary shall be paid to Executive
in equal monthly installments.
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(b)  Bonus Pool:

     Executive shall participate to the extent of the percentage determined by
the Board of Directors of Employer in the bonus pool (the "Bonus Pool") created
with respect to each accident underwriting year, consisting of that portion of
the underwriting profit for such year designated by the Board of Directors of
Employer.

(c)  Supplemental Bonus Plan:

     On August 31, 2006, if Executive then remains an employee of Employer,
Executive shall receive a Supplemental Cash Bonus Payment equal to Six Million
Dollars ($6,000,000).

(d)  Additional Benefits:

     During the term of this Agreement, Executive shall be entitled to the
following fringe benefits:

     (i)   Executive Benefits.  Executive shall be eligible to participate in
such benefits and perquisites as are now generally available or later made
generally available to executive officers of Employer or its subsidiaries.

     (ii)   Vacation.  Executive shall be entitled to vacation time consistent
with his position as President and Chief Executive Officer of Employer.

     (iii)  Life Insurance.  Executive shall be eligible to participate in any
life insurance program available to executive officers of Employer or its
subsidiaries on terms at least as favorable as those generally made available to
such executive officers.

     (iv)  Disability Insurance.  Executive shall be eligible to participate in
any disability insurance program available to executive officers of Employer or
its subsidiaries on terms at least as favorable as those generally made
available to such executive officers.

     (v)   Automobile.  Executive shall be provided with the exclusive use of an
automobile appropriate to his position as President and Chief Executive Officer
of Employer (with all operating costs, such as insurance, maintenance and fuel,
paid for by Employer).

     (vi)  Membership Fees.  Employer shall pay Executive's membership fees of
the St. Andrews Golf Club (or of a comparable country club of Executive's
choosing).

     (vii) Pension Plan Service.  Executive may, to the extent permitted by law,
direct that any payments hereunder be redirected into payments for pension
service reinstatement.

     (viii) Reimbursement for Expenses.  Employer shall reimburse Executive for
reasonable and properly documented out-of-pocket business and/or entertainment
expenses incurred by Executive in connection with his duties under this
Agreement.

     (ix)  Reimbursement of Attorney's Fees.  Employer shall pay all reasonable
attorney's fees and disbursements incurred by Executive in drafting and
negotiating this Agreement; payment shall be made directly to the Attorney
chosen by Executive.

                                   ARTICLE II

                           TERMINATION OF EMPLOYMENT

SECTION 1:  TERMINATION DUE TO DEATH

     The employment of Executive under this Agreement shall terminate upon
Executive's death. In the event of Executive's death during Executive's
employment hereunder, the estate or other legal representative of Executive
shall be entitled to receive the following:

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     (a)   Base Salary.  Employer shall pay to Executive's estate or other legal
representative of Executive, his Base Salary for the period ending three months
following the month in which Executive dies. Such an amount and all other
amounts payable under this Section 1 of Article II shall be paid by Employer in
a lump sum within thirty (30) days of the date of death, provided however, that
amounts due with respect to the Bonus Pool shall be paid when such amounts would
ordinarily be paid.

     (b)   Payment from Bonus Pool.  Employer shall pay to the estate or other
legal representative of Executive, (i) all amounts accrued in the Bonus Pool by
Executive with respect to years preceding the year in which the death of
Executive occurs and (ii) the pro-rated bonus payable with respect to the year
in which the death of Executive occurs.

     (c)   Supplemental Bonus Plan.  Employer shall pay to the estate or other
legal representative of Executive a pro-rata portion of the Supplemental Cash
Bonus Payment described in Subsection 3(c) of Article I. The pro-rata portion
shall be a fraction, the numerator of which is the aggregate number of whole or
partial months Executive was employed under the Prior Agreement and this
Agreement and the denominator of which is 120.

SECTION 2:  TERMINATION BY REASON OF DISABILITY

     If, during the term of this Agreement, Executive, in the judgment of the
Board of Directors of Employer, has failed to perform his duties under this
Agreement on account of illness or physical or mental incapacity, and such
illness or incapacity continues for a period of more than five (5) consecutive
months, Employer shall have the right to commence process to terminate
Executive's employment under this Agreement on account of disability. Employer
shall send written notice to Executive of (i) its intention to commence such
process, (ii) a medical doctor chosen by Employer to make the determination
referred to in the next sentence, and (iii) Executive's right within ten (10)
days of receipt of the notice to choose a second medical doctor to make such
determination. The purpose of the process shall be to determine whether
Executive is unable on account of illness or physical or mental incapacity to
perform his duties under this Agreement. Executive shall fully cooperate in this
process, including by making himself available for and consenting to all
examinations and tests required by any doctor making the aforesaid
determination. The aforesaid determination shall be made by the medical doctor
chosen by Executive, if he exercises his foregoing right to choose a doctor, and
the medical doctor chosen by Employer. If the determination is being made by two
medical doctors and they cannot agree within fifteen (15) days of their both
being chosen, they shall as soon as reasonably possible select a third medical
doctor to make the determination, who shall make the determination within
fifteen (15) days of being chosen. The determination made by the foregoing
process shall be conclusive. In the event that Executive's employment is
terminated on account of disability, Executive's rights to compensation and
benefits shall be as follows:

     (a)   Base Salary.  Executive shall be paid his Base Salary, less any
benefits paid to him under disability insurance policies maintained by Employer,
until his termination on account of disability.

     (b)   Payment from Bonus Pool.  Employer shall pay to Executive, when the
same would ordinarily be paid, (i) all amounts accrued in the Bonus Pool by
Executive with respect to years preceding the year in which termination due to
disability of Executive occurs and (ii) the pro-rated bonus payable with respect
to the year in which termination due to the disability of Executive occurs.

     (c)   Supplemental Bonus Plan.  Employer shall pay to Executive, within
thirty (30) days of his termination on account of disability, a pro-rata portion
of the Supplemental Cash Bonus Payment described in Subsection 3(c) of Article
I. The pro-rata portion shall be a fraction, the numerator of which is the
aggregate number of whole or partial months Executive was employed under the
Prior Agreement and this Agreement and the denominator of which is 120.

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SECTION 3:  TERMINATION FOR CAUSE

     "Termination for Cause" shall mean termination by Employer of Executive's
employment by Employer by reason of:

     (i) a willful failure by Executive in bad faith to substantially perform
his duties with Employer resulting in material harm to Employer; or

     (ii) Executive's conviction of a felony involving moral turpitude.

     Executive must be given written notice that Employer intends to terminate
his employment for Cause. Such written notice shall specify the particular act
or failure to act constituting the basis of the intention to so terminate
employment. In the case of a termination for Cause under clause (i) above,
Executive shall be given the opportunity, within twenty (20) days of the receipt
of such notice, to meet with the Board of Directors of Employer (the "Board of
Directors") to refute or explain such act or failure to act. If such act or
failure to act is found in violation of Clause (i), Executive shall be given ten
(10) days after such meeting to correct such act or failure to act, and upon
failure of Executive within such ten (10) day period to correct such act or
failure to act, Executive's employment by Employer shall be terminated. In the
case of Termination for Cause under (ii) above, Executive's employment shall be
terminated as of the date such notice is given.

     In the event the Board of Directors shall terminate Executive's employment
for Cause, Executive shall be entitled only to the following:

     (a)   Base Salary.  Within thirty (30) days of the date of Executive's
Termination for Cause, he shall be paid his Base Salary through the date of
termination of employment.

     (b)   Payment from Bonus Pool.  Executive shall forfeit all rights to
payments from the Bonus Pool.

     (c)   Supplemental Bonus Plan.  Executive shall forfeit all rights to
payments from the Supplemental Bonus Plan.

SECTION 4:  CONSTRUCTIVE TERMINATION AND TERMINATION BY EMPLOYER OTHER THAN FOR
CAUSE

     Notwithstanding anything in this Agreement to the contrary, Executive's
employment hereunder may be terminated by Employer without Cause and Executive
may terminate his employment hereunder in the case of a Constructive Termination
as defined in this section, provided however, that in the event that Executive's
employment is so terminated, Executive shall be entitled to receive:

     (a)   Base Salary.  Within thirty (30) days of his termination of
employment, Employer shall pay to Executive a lump sum payment equal to:

          (i) his Base Salary for the month in which termination occurs, and

          (ii) Forty Three Thousand Seven Hundred and Fifty Dollars ($43,750)
     times the number of months from the month immediately following the month
     in which termination occurs to the end of the Initial Term, or any
     extension thereto, inclusive.

     (b)   Payment from Bonus Pool. Employer shall pay to Executive, when the
same would ordinarily be paid, (i) all amounts accrued in the Bonus Pool by
Executive with respect to years preceding the year in which termination of
employment of Executive occurs and (ii) the pro-rated bonus payable with respect
to the year in which termination of employment of Executive occurs.

     (c)   Supplemental Bonus Plan. Employer shall pay to Executive, within
thirty (30) days of such termination, a pro-rata portion of the Supplemental
Cash Bonus Payment described in Subsection 3(c) of Article I. The pro-rata
portion shall be a fraction, the numerator of which is the aggregate number of
whole or partial months Executive was employed under the Prior Agreement and
this Agreement and the denominator of which is 120.

     For purposes of this Agreement "Constructive Termination" shall mean the
termination of employment by Executive following written notice to Employer for
any of the following reasons:

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     (i) without Executive's express written consent, the loss of Executive's
position described in Article I, Section 1 or a material alteration in
Executive's position and responsibility as so described;

     (ii) without Executive's express written consent, a breach by Employer of
any of its material obligations set forth in this Agreement which remains
uncured after ten (10) days following written notice to Employer of such breach;

     (iii) any failure by a successor to Employer to assume Employer's
obligations under this Agreement, either expressly or by operation of law, or,
if Employer sells all or substantially all of its assets, any failure by the
purchaser to assume Employer's obligations under this Agreement; or

     (iv) without Executive's express written consent, relocation of Executive's
work situs to a location that is not in the New York Metropolitan area.

     Executive must give written notice to Employer if he intends to terminate
his employment because of the occurrence of one of the circumstances
constituting Constructive Termination under this Section 4. Such written notice
shall specify the particular act or failure to act constituting the basis of
Executive's claim that Constructive Termination has occurred. Employer shall be
given the opportunity, within twenty (20) days of the receipt of such notice, to
fully cure any such act or failure to act.

SECTION 5:  VOLUNTARY TERMINATION

     Executive may terminate his employment under this Agreement voluntarily by
giving two (2) years written notice to Employer of his intention to voluntarily
terminate his employment with Employer. "Voluntary Termination" shall mean
termination by Executive of Executive's employment by Employer other than (i)
Constructive Termination as described in Section 4, (ii) "Termination Upon a
Change in Control," as described in Section 6, or (iii) termination by reason of
Executive's death or disability as described in Sections 1 and 2.

     In the event that Executive's employment is voluntarily terminated by
Executive, Executive's rights to compensation and benefits shall be identical to
those to which he would be entitled had he been Terminated for Cause, except
that Employer shall pay to Executive, when the same would ordinarily be paid,
all amounts accrued in the Bonus Pool by Executive with respect to years
preceding the year in which the Voluntary Termination of Executive occurs.

SECTION 6:  TERMINATION UPON A CHANGE OF CONTROL

     "Termination Upon a Change in Control" shall mean (i) a termination by
Executive, by written notice given to Employer, of Executive's employment with
Employer following a "Change in Control", or (ii) the termination of Executive's
employment by Employer or the successor company, in either case within one year
following a Change in Control.

     In the event that Executive's employment is Terminated Upon a Change in
Control, Executive's rights to compensation and benefits shall be identical to
those to which he would be entitled had he been terminated by Employer other
than for Cause pursuant to Section 4.

     "Change in Control" shall mean (i) the time that Employer or its ultimate
parent, Fairfax Financial Holdings Limited ("Fairfax"), first determines that
any person and all other persons who constitute a group (within the meaning of
Section 13(d) (3) of the Securities Exchange Act of 1934 ("Exchange Act")) have,
at a time when no other person or group directly or indirectly beneficially owns
securities carrying more than 50% of the votes attached to all outstanding
securities of Employer or Fairfax, acquired direct or indirect beneficial
ownership (within the meaning of Rule 13d-3 under the Exchange Act) of
outstanding securities of Employer or Fairfax carrying more than twenty percent
(20%) of the votes attached to all outstanding securities of Employer or
Fairfax, unless a majority of the "Continuing Directors" approves the
acquisition not later than ten (10) business days after Employer or Fairfax
makes that determination, or (ii) the first day on which a majority of the
members of Employer's or Fairfax's Board of Directors are not "Continuing
Directors", or (iii) the time that the Controlling Shareholder of either
Employer or Fairfax no longer is the

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controlling shareholder, or (iv) the arm's length sale of a majority interest in
Employer by Fairfax. For purposes of (iii) in the preceding sentence, the
"Controlling Shareholder" of Employer is Fairfax and/or its subsidiaries, and
the "Controlling Shareholder" of Fairfax is one or more of V. Prem Watsa, his
family, corporations controlled by, or trusts whose beneficiaries are, V. Prem
Watsa or his family, the estate of V. Prem Watsa (including the executors and
administrators), and any persons to whom shares are distributed or sold upon the
death or by the estate of V. Prem Watsa or his family.

     "Continuing Directors" shall mean, as of any date of determination, any
member of the Board of Directors of Employer or Fairfax who (i) was a member of
that Board of Directors on the date of this Agreement, (ii) has been a member of
that Board of Directors for the two years immediately preceding such date of
determination, or (iii) was nominated for election or elected to the Board of
Directors by the Controlling Shareholder or with the affirmative vote of all, or
one less that all, the Continuing Directors who were members of the Board at the
time of such nomination or election.

                                  ARTICLE III

                            MISCELLANEOUS PROVISIONS

SECTION 1:  PAYMENT OBLIGATIONS

     The obligation of Employer to pay Executive the compensation and to make
the arrangements provided herein shall be unconditional, and Executive shall
have no obligation whatsoever to mitigate damages hereunder. If litigation after
a Change in Control shall be brought to enforce or interpret any provision
contained herein, Employer, to the extent permitted by applicable law and
Employer's Articles of Incorporation and Bylaws, hereby indemnifies Executive
for Executive's reasonable attorney's fees and disbursements incurred in such
litigation.

SECTION 2:  CONFIDENTIALITY

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

SECTION 3:  WITHHOLDINGS

     All compensation and benefits to Executive hereunder shall be reduced by
all federal, state, local and other withholdings and similar taxes and payments
required by applicable law.

SECTION 4:  INDEMNIFICATION

     In addition to any rights to indemnification to which Executive is entitled
under Employer's Articles of Incorporation and Bylaws, Employer shall indemnify
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 Executive's expenses in defending any civil or criminal 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.

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SECTION 5:  NOTICES

     Any notices permitted or required under this Agreement shall be deemed
given upon the date of personal delivery, addressed to Employer at:

Odyssey Re Holdings Corp.
140 Broadway, 39th Floor
New York, New York 10005
addressed to Executive at:
Mr. Andrew Barnard
296 Winding Road South
Ardsley, New York 10502

or at any other address as either party may, from time to time, designate by
notice given in compliance with this Section.

SECTION 6:  LAW GOVERNING

     This Agreement shall be governed by and construed in accordance with the
substantive laws of the State of New York.

SECTION 7:  TITLES AND CAPTIONS

     All section titles or captions contained in this Agreement are for
convenience only and shall not be deemed part of the context nor affect the
interpretation of this Agreement.

SECTION 8:  ENTIRE AGREEMENT

     This Agreement contains the entire understanding between the parties, and
supersedes any prior understandings and agreements between Executive and
Employer and/or any affiliate of Employer, including the Prior Agreement,
respecting the subject matter of this Agreement.

SECTION 9:  AGREEMENT BINDING

     This Agreement shall be binding upon the heirs, executors, administrators,
successors and assigns of the parties hereto.

SECTION 10:  ATTORNEY FEES

     In the event an arbitration, suit or action is brought by Executive under
this Agreement to enforce any of its terms, or in any appeal therefrom, it is
agreed that Executive shall be entitled to reasonable attorneys fees to be fixed
by the arbitrator, trial court and/or appellate court.

SECTION 11:  COMPUTATION OF TIME

     In computing any period of time pursuant to this Agreement, the day of the
act, event or default from which the designated period of time begins to run
shall be included, unless it is a Saturday, Sunday or a legal holiday, in which
event the period shall begin to run on the next day which is not a Saturday,
Sunday or legal holiday, and if the period ends on a Saturday, Sunday or legal
holiday, the period shall run until the end of the next day thereafter which is
not a Saturday, Sunday or legal holiday.

SECTION 12:  PRONOUNS AND PLURALS

     All pronouns and any variations thereof shall be deemed to refer to the
masculine, feminine, neuter, singular or plural as the identity of the person or
persons may require.

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SECTION 13:  ARBITRATION

     If at any time during the term of this Agreement any dispute, difference,
or disagreement shall arise upon or in respect of this Agreement, and the
meaning and construction hereof, every such dispute, difference, and
disagreement shall be referred to a single arbiter agreed upon by the parties,
or if no single arbiter can be agreed upon, an arbiter or arbiters shall be
selected in accordance with the rules of the American Arbitration Association
and such dispute, difference, or disagreement shall be settled by arbitration in
accordance with the then prevailing commercial rules of the American Arbitration
Association, which settlement shall be final and conclusive, and judgment upon
the award rendered by the arbiter may be entered in any court having
jurisdiction thereof.

SECTION 14:  PRESUMPTION

     This Agreement or any section thereof shall not be construed against any
party due to the fact that said Agreement or any section thereof was drafted by
said party.

SECTION 15:  FURTHER ACTION

     The parties hereto shall execute and deliver all documents, provide all
information and take or forbear from all such action as may be necessary or
appropriate to achieve the purposes of this Agreement.

SECTION 16:  PARTIES IN INTEREST

     Nothing herein shall be construed to be to the benefit of any third party,
nor is it intended that any provision shall be for the benefit of any third
party.

SECTION 17:  SAVINGS CLAUSE

     If any provision of this Agreement, or the application of such provision to
any person or circumstance, shall be held invalid, the remainder of this
Agreement, or the application of such provision to persons or circumstances
other than those as to which it is held invalid, shall not be affected thereby.

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SECTION 18:  FAILURE TO ENFORCE AND WAIVER

     The failure to insist upon strict compliance with any of the terms,
covenants or conditions of this Agreement shall not be deemed a waiver of such
terms, covenants or conditions, and the waiver or relinquishment or any right or
power under this Agreement at any one or more times shall not be deemed a waiver
or relinquishment of such right or power at any other time or times.

Dated as of April 1, 2001.

ODYSSEY RE HOLDINGS CORP.

By: /s/ V. Prem Watsa

    ----------------------------------------
    V. Prem Watsa, Chairman

/s/ Andrew Barnard
    ----------------------------------------
    Andrew Barnard

                                        9<PAGE>   1

                                                                   EXHIBIT 10.10

--------------------------------------------------------------------------------

                         REGISTRATION RIGHTS AGREEMENT

--------------------------------------------------------------------------------

                                     Among
                           ODYSSEY RE HOLDINGS CORP.
                                      and
                               ORH HOLDINGS INC.
                                      and
                             TIG INSURANCE COMPANY
                            Dated as of May 1, 2001
<PAGE>   2

                               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..........................     12
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>
<PAGE>   3

     REGISTRATION RIGHTS AGREEMENT, dated as of May 1, 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
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.
<PAGE>   4

     "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.

     "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.

                                        2
<PAGE>   5

     "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 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

                                        3
<PAGE>   6

        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 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

                                        4
<PAGE>   7

          (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 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
                                        5
<PAGE>   8

             (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 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

                                        6
<PAGE>   9

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 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;

                                        7
<PAGE>   10

          (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 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

                                        8
<PAGE>   11

     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 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

                                        9
<PAGE>   12

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
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.

                                        10
<PAGE>   13

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, 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,

                                        11
<PAGE>   14

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) [          ], 2011. The rights
and obligations hereunder of the 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.

                                        12
<PAGE>   15

     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>   16

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

                                          ODYSSEY RE HOLDINGS CORP.

                                          By
                                          --------------------------------------
                                             Name:
                                             Title:

                                          ORH HOLDINGS INC.

                                          By
                                          --------------------------------------
                                             Name:
                                             Title:

                                          TIG INSURANCE COMPANY

                                          By
                                          --------------------------------------
                                             Name:
                                             Title:

                                        14
<PAGE>   17

                                                                       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>

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