Document:

Exhibit 4.5

 

TAUSSIG CAPITAL LTD.

 

CONFIDENTIAL

 

July 9th , 2015

 

Till Capital Ltd.

Continental Building

25 Church Street

Hamilton HM12

Bermuda

 

Attn:William M. Sheriff

Director, President and Chief Executive
Officer

 

Dear Bill,

 

This letter agreement (this “Agreement”)
confirms our understanding with respect to your engagement of Taussig Capital Ltd., a company incorporated under the laws of Bermuda,
(“Taussig”) to serve as a non-exclusive “Advisor” with respect to the matters set forth herein to Till
Capital Ltd., a company incorporated under the laws of Bermuda (the “Company”). Capitalized terms not otherwise defined
herein shall have the meanings set forth in Section 5.

 

1.SERVICES.

 

Taussig is hereby appointed as a non-exclusive
Advisor to the Company in connection with the pursuit and execution of a Financing Transaction to raise new equity in the Company’s
restricted voting shares.

 

It is agreed by and between the Company
and Taussig that any Financing Transaction will be at an amount equal to or exceeding the Company’s Book Value per restricted
voting share, and that Taussig will raise no less than US$50 million and up to US$150 million net to the Company.

 

(a)Financing Transaction. Taussig will
provide services to the Company in connection with its pursuit and execution of a Financing Transaction, which services may include
but not be limited to the following, as the parties shall from time to time mutually agree in writing:

 

		·	contacting and following up with the Prospective Investors;

 

		·	facilitating negotiations with the Prospective Investors; and

 

		·	performing any such other advisory services as may be appropriate and requested by the Company.

 

(b)Best Efforts Offering. Taussig shall
only be obligated to assist the Company with the sale of securities of the Company (the “Securities”) on a “best
efforts” basis as described above. The Securities may only be offered in jurisdictions in which Taussig or, if applicable,
its sub advisors are duly licensed and authorized to conduct business as a broker/dealer in securities or are exempt from registration
therefrom.

 

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    TAUSSIG CAPITAL LTD.

    

2.COMPENSATION.

 

Subject to all applicable laws, regulations
and stock exchange requirements, as compensation for acting as an Advisor to the Company hereunder, Taussig shall be entitled to
receive success fees and reimbursement of out-of-pocket expenses as follows:

 

(a)Success Fees.

 

(i)In the event
the Company closes a Financing Transaction during the Term (or during the Tail Period) with a Taussig Prospect, the Company shall
pay Taussig a cash fee equal to six percent (6%) of Transaction Value, subject to a maximum fee of US$3.0 million.

 

(ii)Additionally,
subject to compliance with all applicable laws, regulations and stock exchange requirements, the Company shall issue to Taussig
warrants of the Company’s restricted voting shares equal to 5% of the Financing Transaction during the Term (or during the
Tail Period) with a Taussig Prospect (1) priced at the value per restricted voting share at which the Financing Transaction during
the Term (or during the Tail Period) with a Taussig Prospect is issued (or convertible into); and (2) exercisable for a period
of ten years from the date of issue of the securities issued or five years if a ten-year expiry period is not permitted by the
applicable regulators or stock exchange prior to the end of 2017. The Company shall use all reasonable best efforts to have its
restricted voting shares listed in such a way that regulatory or stock exchange permissions shall not be necessary for such warrant
issuance to Taussig, without prejudice to the liquidity requirements of the Company’s current shareholders. The warrants
issued to Taussig shall also have piggyback registration rights in tandem with Securities issued pursuant to a Financing Transaction
during the Term (or during the Tail Period) with a Taussig Prospect or any other Securities that are listed or registered by the
Company. In the event that any warrants are issued as provided herein, Taussig and Multi-Strat Holdings Ltd. (“Multi-Strat”)
each agree that the warrants provided herein shall supersede and replace future warrants earned or to be earned by Multi-Strat
pursuant to the warrant arrangement between the Company and Multi-Strat.

 

(iii)Nothing in
this Agreement shall preclude the Company from concurrently securing any other Financing Transaction or engaging another placement
agent, investment bank, or advisor (the “Other Advisor”), provided that the other engagement does not contravene this
engagement. In the event Company secures any other Financing Transaction that is not with a Taussig Prospect, Taussig shall not
be entitled to Success Fees or compensation of any kind on the other Financing Transaction. Any Prospective Investor introduced
to the Company during the Term prior to the engagement of such Other Advisor will be included on the Taussig Reserve List, a written
copy of which list will be updated on an ongoing basis and provided to the Company by Taussig during the Term (the “Taussig
Reserve List”). In addition, prior to the engagement of an Other Advisor during the Term (for which the Company will provide
Taussig no less than two prior business days’ notice), Taussig will be able to add up to 30 Prospective Investors who meet
the requirements set out in Section 5(d)(i) to the Taussig Reserve List.

 

(b)Retainer. Taussig will be paid a
monthly retainer of $25,000 on a month-to-month basis up to a maximum of four months, such retainer to be immediately cancelable
at the sole discretion of the Company upon the expiration of each monthly period by an officer of the Company providing email notification
to an officer of Taussig. All monthly retainer payments will be creditable against the Success Fees payable pursuant to Section
2(a). In the event the Company engages an Other Advisor for a Financing Transaction with a retainer that is greater than herein
provided, the retainer to Taussig will become pari passu with the retainer of the Other Advisor.

 

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    TAUSSIG CAPITAL LTD.

    

(c)Payment and Delivery. The parties
acknowledge and agree that a Financing Transaction may be conducted in one or a series of related transactions, and each such Financing
Transaction, together with any related transactions thereto shall be deemed to be a single transaction for the purposes of calculating
the fees payable to Taussig hereunder. All fees payable to Taussig pursuant to Section 2(a) shall be (A) payable in cash, by wire
transfer of immediately available funds to an account designated by Taussig, and (B) due and payable immediately upon the consummation
and closing of a Financing Transaction. For the avoidance of doubt, if any Financing Transaction provides for payments to the Company
at a future date (e.g. installment payments, milestone payments or earn-out payments), then any fees payable to Taussig in connection
with such future payments shall only be made if and when such payments are received by the Company.

 

(d)Expenses. The Company shall reimburse
Taussig for reasonable and accountable out-of-pocket expenses incurred in performing its services hereunder; provided, however,
that the Company must approve in advance and in writing any expenses in excess of $25,000 in the aggregate.

 

3.TERM AND TERMINATION; “TAIL
PERIOD”.

 

The term of this Agreement shall be for
a period of four months from the execution of this Agreement; provided, however, that (i) the Company may terminate this Agreement
at any time after 30 days, and (ii) such initial term may be extended upon the mutual written consent of the parties (as may be
extended from time to time, the “Term”). Notwithstanding the foregoing, unless this Agreement is terminated by Taussig,
or by the Company for Cause (as defined below), in the event that the Company enters into a definitive agreement relating to a
Financing Transaction with a Taussig Prospect during the Tail Period and that agreement subsequently results in a Financing Transaction
with a Taussig Prospect that closes within six months following the execution of such agreement, the Company shall pay and deliver
to Taussig all fees and expenses set forth in Section 2, in accordance with the terms thereof as though such Financing Transaction
were consummated during the Term. As used in this paragraph, “Cause” means any of gross negligence, bad faith or willful
misconduct by Taussig or any affiliates or subsidiaries, or any directors, officers, employees, agents or representatives thereof,
in each case that is either not capable of remedy or, if capable of remedy, is not remedied promptly and in any event with 30 days
of written notice thereof given to Taussig by the Company.

 

4.REPRESENTATIONS, WARRANTIES AND COVENANTS.

 

(a)Representations and Warranties.

 

(i)Each party represents
and warrants to the other parties that (A) such party is duly organized, validly existing and in good standing under the laws of
the jurisdiction of its formation and has all requisite power and authority to carry on its business as presently conducted and
as proposed to be conducted, (B) all corporate action required to be taken by such party in order to authorize the Company to enter
into this Agreement and, in the case of the Company and where applicable, issue the warrants described in Section 2(a) has been
taken or will be taken prior to the consummation of a Financing Transaction by a Taussig Prospect, and (C) this Agreement, when
executed and delivered by the parties, shall constitute valid and legally binding obligations of the parties, enforceable against
each.

 

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    TAUSSIG CAPITAL LTD.

    

(ii)The Company
acknowledges and agrees that references to “Company” include any and all affiliates, subsidiaries, successors and assigns
of Till Capital Ltd, and that any fees due and payable by the Company to Taussig under this Agreement shall also be payable by
any such affiliate or subsidiary of the Company for which or related to which services were rendered hereunder.

 

(iii)The Company
acknowledges and agrees that Taussig will not be providing the Company, and the Company shall not look to Taussig for, tax, legal
or accounting advice.

 

(b)Information. In connection with
Taussig activities on the Company’s behalf, the Company will furnish Taussig with the information Taussig may reasonably
request and will provide Taussig access during regular business hours to the Company’s officers, accountants and counsel.
The Company acknowledges that in rendering its services hereunder, Taussig shall use and rely solely on the information provided
by the Company as well as publicly available information regarding the Company and other potential parties to a Financing Transaction.
Taussig does not assume responsibility for the accuracy or completeness of any such information. Any advice rendered by Taussig
pursuant to this Agreement may not be disclosed without Taussig’s prior written consent which shall not be unreasonably withheld.

 

(c)Marketing. The Company agrees that,
subject to all applicable laws, Taussig shall have the right to place advertisements in financial and other newspapers and journals
describing its services to the Company hereunder upon prior review and written approval by the Company.

 

(d)Indemnification.

 

(i)The Company
hereby agrees to hold harmless and indemnify Taussig and its subsidiaries, affiliates, successors and assigns, officers, directors,
employees, attorneys, accountants, agents and representatives (collectively, “Representatives”) from against any and
all claims, actions, demands, expenses, losses and liabilities of every kind and nature, including without limitation, reasonable
attorneys’ fees (collectively, “Claims”) related to or arising out of (i) any breach by the Company of any of
the representations, warranties, covenants, obligations and/or agreements contained in this Agreement, (ii) any untrue statement
or alleged untrue statement of a material fact contained in any oral or written statement of the Company or any of its Representatives
to Taussig or any of its Representatives or to any actual or potential buyers, sellers, investors, lenders, joint venturers or
partners, including but not limited to, any executive summary, financial statements, pitch deck, information sheet, offering memorandum,
private placement memorandum or prospectus, or the like, drafted and/or approved by the Company, or any amendments or supplements
to any of the foregoing drafted and/or approved by the Company, (each, a “Marketing Document”), (iii) any omission
or alleged omission to state in any Marketing Document a material fact required to be stated therein or necessary to make the statements
therein not misleading, or (iv) any violation or alleged violation by the Company or any of its Representatives of any federal
or state securities or other laws, rules or regulations or any other action taken or any failure or omission to act by the Company
or any of its Representatives.

 

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    TAUSSIG CAPITAL LTD.

    

(ii)If any action
or proceeding shall be brought or claim asserted against Taussig and/or its Representatives (in such capacity, collectively, the
“Indemnified Parties” and, individually, an “Indemnified Party”), in respect of which indemnity shall be
sought from the other party (in such capacity, the “Indemnifying Party”), the Indemnified Party shall promptly notify
the Indemnifying Party and the Indemnifying Party shall assume the defense thereof, including the employment of counsel at the
Indemnifying Party’s expense. Each Indemnified Party reserves the right, at its option and expense, to participate in such
defense. The Indemnifying Party shall not be liable for any settlement of such action or proceeding without its written consent,
but if settled with its written consent or if there be a final judgment for the plaintiff in such action or proceeding, the Indemnifying
Party agrees to hold harmless and indemnify any Indemnified Party from and against any loss or liability by reason of such settlement
or judgment.

 

(iii)Notwithstanding
anything to the contrary set forth in this Agreement, the Indemnifying Party shall not be responsible for any claims, liabilities,
losses, damages or expenses against or incurred by the Indemnified Parties if, and only to the extent that, it is finally adjudicated
by an arbiter or court of competent jurisdiction that they result primarily from the willful misconduct or gross negligence of
an Indemnified Party.

 

(iv)The indemnification
provided for in this Section 4(d) shall be in addition to any rights that Taussig may have at common law or otherwise.

 

(e)Confidentiality. Except as contemplated
by the terms hereof or as required by applicable law or legal process, Taussig shall keep confidential all material non-public
information provided to it by or at the request of the Company, and shall not disclose such information to any third party or to
any of its employees or advisors except to those persons who have a need to know such information in connection with Taussig’s
performance of its responsibilities hereunder and who are advised of the confidential nature of the information and who agree to
keep such information confidential. Except as required by applicable law, pursuant to an order of a court of competent jurisdiction
or the request of a regulatory authority having jurisdiction over Taussig or its affiliates (a “Demand”) any advice
to be provided by Taussig under this Agreement shall not be disclosed publicly or made available to third parties (other than the
Company’s other professional advisors) without the prior written consent of Taussig (which consent shall not be unreasonably
withheld, conditioned or delayed). All services, advice and information and reports provided by Taussig in connection with this
engagement shall be for the sole benefit of the Company and shall not be relied upon by any other person. In the event that Taussig
is served with a Demand, Taussig will promptly advise the Company of the same and will cooperate with all reasonable and lawful
requests by the Company to prevent the disclosure of confidential and/or proprietary information pursuant to such Demand. Notwithstanding
any of the foregoing, the following will not constitute confidential information for purposes of this Agreement: (i) information
which was already in Taussig’s possession (or the possession of any of its professionals) and not subject to any existing
confidentiality obligations to the Company, or that was available to Taussig on a non-confidential basis, prior to its receipt
from the Company; (ii) information which is obtained by Taussig (or any of its professionals) from a third person who, insofar
as is known to Taussig, is not prohibited from transmitting the information to Taussig by a contractual, legal or fiduciary obligation
to the Company; or (iii) information which is or becomes publicly available through no fault of Taussig or any of its professionals.

 

(f)Attorneys’ Fees. If any action,
proceeding or arbitration at law or in equity is necessary to enforce or interpret the terms of this Agreement, and the offending
party is found to have violated the terms of this Agreement, the offending party agrees that, in addition to any other relief that
the non-offending party may be entitled, it shall also indemnify and reimburse the non-offending party for all of its reasonable
attorneys’ fees, costs and disbursements incurred in connection with such action.

 

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    TAUSSIG CAPITAL LTD.

    

(g)Limitation of Taussig’s Liability
to the Company. Taussig and the Company further agree that neither Taussig nor any of its affiliates or any of its their respective
officers, directors, controlling persons (within the meaning of Section 15 of the Act or Section 20 of the U.S. Securities Exchange
Act of 1934), employees, consultants or agents shall have any liability to the Company, its security holders or creditors, or any
person asserting claims on behalf of or in the right of the Company (whether direct or indirect, in contract, tort, for an act
of negligence or otherwise) for any losses, fees, damages, liabilities, costs, expenses or equitable relief arising out of or relating
to this Agreement or the services rendered hereunder, except for losses, fees, damages, liabilities, costs or expenses that arise
out of or are based on any action of or failure to act by Taussig and that are finally determined (by a court of competent jurisdiction
and after exhausting all appeals) to have resulted solely from the gross negligence, fraudulent actions or willful misconduct of
Taussig. With respect to alleged breaches of the Confidentiality provisions herein by Taussig, the Company shall have the right
to pursue equitable relief in addition to any other remedy in equity or law.

 

5.CERTAIN DEFINITIONS.

 

(a) “Excluded Issuances”
shall mean (1) issuances of Securities under equity incentive and other employee benefit plans, (2) sales of Securities to any
director, officer or shareholder of the Company or any affiliate thereof, and (3) issuances of securities not covered under this
Agreement including any securities issued as a result of an agreement with an Other Advisor.

 

(b)“Financing Transaction”
shall mean, directly or indirectly, whether in a single transaction or a series of related transactions, a private or public offering
or issuance of the restricted voting shares of the Company.

 

(c)“Book Value” shall mean
the US dollar amount of the Company’s total assets less total liabilities, as reported by the Company in its most recently
released quarterly consolidated financial statements.

 

(d)“Prospective Investors”
and “Taussig Prospect” shall mean:

 

		(i)	any investor or group of investors who (a) have a demonstrated interest in insurance and/or reinsurance
and the financial ability to subscribe for the entire amount of the Financing Transaction in immediately available proceeds, (b)
are introduced to the Company by Taussig in person or over the phone, (c) are not listed on Exhibit “A” hereto as already
known to the Company, and (d) are “accredited investors” as defined in Rule 501 under the U.S. Securities Act of 1933
(the “Securities Act”), or not a “U.S. Person” for purposes of Regulation S under the Securities Act; and

 

(ii) any
investor or group of investors who are included on the Taussig Reserve List.

 

(e)“Tail Period” shall
mean the period from the date of execution of this Agreement to December 31, 2017.

 

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    TAUSSIG CAPITAL LTD.

    

(f) “Transaction Value”
shall mean the total proceeds actually received by the Company or its shareholders in the Financing Transaction with the Taussig
Prospects, other than proceeds from Excluded Issuances.

 

6.INVESTMENT MANAGEMENT.

 

Upon closing of the Financing Transaction
with a Taussig Prospect during the Term or the Tail Period, and for a period of at least two years from the closing of such Financing
Transaction, the Company shall agree that up to 75% of the proceeds of the Financing Transaction with a Taussig Prospect during
the Term or the Tail Period that are available for investment shall be managed by the Taussig Prospect, or a designee of such Taussig
Prospect, subject to all applicable laws, regulations and stock exchange requirements (the “Investment Management Right”).

 

If the Financing Transaction is advised
by an Other Advisor, in the event that investments from a Taussig Prospect as part of such Financing Transaction during the Term
or the Tail Period into the equity of the Company do not include an Investment Management Right and such investment is US$5,000,000
or less, the Financing Transaction will be EXCLUDED from the Success Fee payable to Taussig and the accompanying warrant will NOT
be issued.

 

If the Financing Transaction is NOT part
of an offering conducted by an Other Advisor, in the event that investments from a Taussig Prospect as part of such Financing Transaction
during the Term or the Tail Period into the equity of the Company do not include an Investment Management Right and such investment
is US$5,000,000 or less, the Financing Transaction will be INCLUDED in the Success Fee payable to Taussig but the accompanying
warrant will NOT be issued.

 

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    TAUSSIG CAPITAL LTD.

    

7.MISCELLANEOUS.

 

This Agreement contains the entire understanding
between the parties with respect to its subject matter. Neither this Agreement nor any provision contained this Agreement may be
amended, terminated, extended, varied, modified, supplemented, or otherwise changed except by written agreement signed by each
party. Headings are inserted for reference only and shall not in any way define or affect the meaning, construction or scope of
any of the provisions of this Agreement. A waiver by a party of any right or provision under this Agreement must be in writing
and shall not operate or be construed as a waiver of such right or provision at any other time. This Agreement shall not be assigned
unless by written agreement between the parties; provided. This Agreement shall inure to the benefit of, and may be enforced by
the successor and assigns of, each party. This Agreement is entered into under the laws of Bermuda (without giving effect to its
conflicts of law principles). Any lawsuit or legal action or proceeding relating to this Agreement shall be brought in Bermuda,
and the parties submit to the jurisdiction of the Bermuda courts If any provision of this Agreement is found to be invalid or unenforceable,
the parties agrees that any such provision may be altered or modified in a manner so as to protect the parties legitimate business
interests and that such finding shall not affect the validity or enforcement of the other provisions of this Agreement. This Agreement
may be executed in counterparts, each of which shall be deemed an original and both of which shall constitute a single agreement.
Any counterpart may be delivered by facsimile or electronic transmission with the same effect as if delivered personally. Each
party represents and warrants to the other parties that it has had a full opportunity to seek legal advice and representation by
an independent counsel of its own choosing in connection with this Agreement and such party has either done so or, in its business
judgment, declined to do so.

 

 

 

[SIGNATURE PAGE TO FOLLOW]

 

 

 

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    TAUSSIG CAPITAL LTD.

    

If the terms of our engagement as set forth
in this Agreement are satisfactory to you, kindly countersign and date the enclosed copy of this Agreement and return it to us.
This Agreement shall be effective and binding as of the date of your countersignature below.

 

Very truly yours,

 

 

 

	Taussig Capital Ltd.
	By:	”/s/Joseph Taussig”	 
	Joseph Taussig	 
	Director and Chairman	 
	Dated: July 9, 2015	 
	 	 	 
	 	 	 
	ACCEPTED AND AGREED TO:	 
	Till Capital Ltd.	 
	By:	”/s/William Sheriff”	 
	William M. Sheriff	 
	Director, President and Chief Executive Officer	 
	Dated: July 9, 2015	 
	 	 	 
	 	 	 
	Multi-Strat Holdings Ltd.	 
	By:	”/s/ Joseph Taussig”	 
	Joseph Taussig	 
	Title:Director	 

 

 

Dated: July 9, 2015

 

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    TAUSSIG CAPITAL LTD.

    

Exhibit “A”

 

List of Potential Investors known to the
Company

 

 

		1.	Michael Farrugia, (MDR Copper Corporation)

		2.	David Banks (Janney Montgomery Scott)

		3.	Jeffrey Gendell (Tontine Asset Management) and any Tontine entities affiliated or associated therewith
including Tontine Associates and Tontine Partners

		4.	Robert Gibson (Ingalls & Snyder and Capital Formation Group)

		5.	Travis Anderson (Gilder, Gagnon, Howe)

 

 

 

 

 

10Exhibit 4.6

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS AGREEMENT IS MADE effective the
15 day of May 2015

 

BETWEEN:

 

OMEGA INSURANCE HOLDINGS INC.

34 King Street East, Suite 1200 Toronto, Ontario

Canada MSC 2X8

 

A wholly owned subsidiary of

Till Capital Ltd.

25 Church Street

Hamilton HM12, Bermuda      

 

(hereinafter called the "Company")

 

-and-

 

PHILIP COOK

 

(hereinafter called the "Executive")

 

 

WHEREAS the Company is engaged
in the business of insurance, reinsurance, and insurance related activities;

 

AND WHEREAS the Executive
is willing to serve the Company in the capacity and on the terms and conditions herein provided;

 

NOW THEREFORE IT IS HEREBY AGREED AS FOLLOWS:

 

 1. DEFINITIONS

 

1.1     
In this Agreement the following terms shall have the following meanings:

 

(a)   "Agreement"
means this agreement as it may be amended or supplemented from time to time; and the expressions
"hereof', "herein", "hereto' ', "hereunder", "hereby" and similar expressions refer
to this agreement and unless otherwise indicated, references to "Sections" or "Parts" are references
to sections or parts in this Agreement;

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 (b) "Board" means the board of directors of the Company;

 

 (c) "Cause" means:

 

(i)        
the failure or refusal of the Executive to perform his duties and responsibilities at an acceptable level or standard,
or to comply with the Company's policies and procedures as instituted from time-to-time, provided that the Executive has been provided
written notice of such failure and has not corrected its behaviour within 30 calendar days of receiving such notice and provided
further that the Executive shall only be entitled to correct his behaviour pursuant to such notice on a one-time basis.
For purposes of clarity, any subsequent failure or refusal to perform his duties and responsibilities at an acceptable level
or standard will not require written notice of such failure by the Company and corresponding opportunity for the Executive to correct
the behaviour;

 

(ii)         
any dishonesty on the part of the Executive affecting the Company;

 

(iii)            
the conviction of the Executive for an indictable offence or for any crime involving moral turpitude, fraud or misrepresentation;

 

(iv)          
excessive use of alcohol or illegal drugs by the Executive interfering with the performance of his obligations under
this Agreement and the failure to participate fully in any employee assistance program offered by the Company;

 

(v)        
any willful and intentional act on the part of the Executive having the effect of materially injuring the reputation, business
or business relationships of the Company;

 

(vi)          
any material breach (not covered by any of the above (i) through (v)) of any of the provisions of this Agreement;
and

 

(vii)           
any other act or omission which at law would entitle the Company to terminate this Agreement.

 

 (d) "Change of Control" means a transaction or series of transactions whereby directly or indirectly:

 

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(i)        
any person or combination of persons obtains a sufficient number of securities of the Company to affect materially the control
of the Company; for the purposes of this Agreement, a person or combination of persons holding shares or other securities in excess
of the number which, directly or following conversion thereof, would entitle the holders thereof to cast 25% or more of the votes
attaching to all shares of the Company which may be cast to elect directors of the Company, shall be deemed to be in a position
to affect materially the control of the Company;

 

(ii) 
the Company shall consolidate or merge with or into, amalgamate with, or enter into a statutory agreement with, any other
person (other than a subsidiary of the Company) or any other person (other than a subsidiary of the Company) shall consolidate
or merge with or into, or amalgamate with or enter into a statutory arrangement with, the Company, and, in connection therewith,
all or part of the outstanding voting shares shall be changed in any way, reclassified or converted into, exchanged or
otherwise acquired for shares or other securities of the Company or any other person or for cash or any other property;

 

(iii)           
the Company shall sell or otherwise transfer, including by way of the grant of a leasehold interest (or one or more of
its subsidiaries shall sell or otherwise transfer, including by way of the grant of a leasehold interest), property or assets
(A) aggregating more than 50% of the consolidated assets (measured by either book value or fair market value) of the Company and
its subsidiaries as at the end of the most recently completed financial year of the Company or (B) which during the most recently
completed financial year of the Company generated, or during the then current financial year of the Company are expected to generate,
more than 50% of the consolidated operating income or cash flow of the Company and its subsidiaries, to any other person or persons
(other than the Company or one or more of its subsidiaries); or

 

(iv)          there
occurs a change in the composition of the Board, which occurs at a single meeting, or a succession of meetings occurring
within 6 months of each other, of the shareholders of the Company, whereby such individuals who were members of the
Board immediately prior to such meeting or succession of meetings cease to constitute a majority of the Board without
the Board, as constituted immediately prior to such meeting, approving of such change.

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(e)  
"Confidential Information" means information of a sensitive nature related to the Company or its business including,
but not limited to information pertaining to the Company's costs, sales, income, profit, profitability, pricing, salaries
or wages, marketing information, corporate information and intellectual property. "Confidential Information" does
not include any information that, through no fault of the receiving party:

 

	 	(i)	is within the Public Domain at the date of its disclosure to the receiving party, or subsequently
enters the Public Domain (but only after it enters the Public Domain); or
	 	 	 
		(ii)	is or becomes (but only after it becomes):

 

(A) 
independently developed by or on behalf of the receiving party as shown by documentary evidence; or

 

(B) 
disclosed to the receiving party by a third party not having an obligation of confidence to the proprietor of the information
as shown by the documentary evidence; or

 

		(iii)	is Residual Information.

 

No combination of information
shall be deemed to be within any of the above exceptions, whether or not the component parts of the combination are within one
or more of the exceptions in Sections l (e) (i) and (ii), unless the combination itself and its economic value and principles
of operation are themselves so excepted;

 

(f) 
"Company" means Omega Insurance Holdings, a wholly owned subsidiary of Till Capital Ltd.;

 

(g)   "Person"
means any individual, partnership, limited partnership, joint venture, syndicate, sole proprietorship, company or Company
with or without share capital, unincorporated association, trust, trustee, executor, administrator or other legal personal
representative, regulatory body or agency, government or governmental agency, authority or entity however designated or
constituted;

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(h)  
"Public Domain" means readily accessible to the public in a written publication, and does not include information
that is only available by substantial searching of the published literature, and information the substance of which must be
pieced together from a number of different publications and/or sources;

 

(i)  
"Residual Information" means general information not specified as being confidential in nature by the Company that
is in tangible form and is retained in memory by the Executive who have had access to Confidential Information including ideas,
concepts, know-how and techniques or business opportunities that have been considered by the Company but rejected or unsuccessfully
pursued by the Company;

 

(j)  
"Share Option" means any stock option granted under a stock option or share purchase plan of the Company;

 

(k) 
"Term" shall have the meaning set forth in Part 2 below; and

 

(1) "Triggering Event" means
any one of the following events occurring without the express or implied agreement of the Executive:

 

(i) 
a change (other than those that are clearly consistent with a promotion) in the Executive's position or duties (including
any position or duties as a director of the Company) , responsibilities (including a change in the person or body to whom the
Executive reports at the date of a Change in Control, except if such person or body is of equivalent rank or stature or such change
is as a result of the resignation or removal of such person or the persons comprising such body, as the case may be, and
who reports to the Executive), title or office in effect immediately prior to a Change in Control;

 

(ii) a
reduction by the Company or any of its subsidiaries of the Executive's compensation, benefits or any other form of
remuneration or any change in the basis upon which the Executive's compensation, benefits or any other form of remuneration
payable by the Company or its subsidiaries is determined or any failure by the Company to increase the Executive's, benefits
or other forms of remuneration payable by the Company or its subsidiaries in a manner consistent (both as to frequency and
percentage increase) with practices in effect immediately prior to a Change in Control or with practices implemented
subsequent to a Change in Control with respect to the senior Executives of the Company and its subsidiaries, whichever is
more favourable to the Executive;

     5

     

    

(iii) any
failure by the Company or its subsidiaries to continue in effect any benefit or stock ownership plan in which the
Executive was entitled to participate immediately prior to a Change in Control, or the Company or its subsidiaries taking any
action or failing to take any action that would adversely affect the Executive's participation in or reduce its rights or
benefits under or pursuant to any such plan, or the Company or its subsidiaries failing to increase or improve such rights or
benefits on a basis consistent with practices in effect immediately prior to a Change in Control or with practices
implemented subsequent to a Change in Control, whichever is more favourable to the Executive;

 

(iv)
any breach by the Company of any provision of this Agreement;

 

(v)
the good faith determination by the Executive that, as a result of a Change in Control or any action or event thereafter, the
Executive's status or responsibility in the Company or its subsidiaries have been diminished or the Executive is being effectively
prevented from carrying out its duties responsibilities as they existed immediately prior to a Change in Control; or

 

(vi)
the failure by the Company to obtain, in a form satisfactory to the Executive, an effective assumption of its obligations
hereunder by any successor to the Company, including a successor to a material portion of its business.

 

(m) except where otherwise
indicated all currencies are in Canadian dollars.

 

     6

     

    

 2. TERMS OF EMPLOYMENT

 

2.1    
The Company engages the Executive as the Company's Chief Executive Officer with
effect from the date of this Agreement for an initial term of Thirty-Six (36) months,
which then will automatically renew for successive one year periods provided that the Company has not given the Executive notice
in writing of its intention not to renew this Agreement (the "Term") not less than one hundred and eighty (180)
calendar days prior to the expiration of the Term. The Executive and the Company shall mutually agree on the Executive 's
title and responsibilities with respect to any of the Company' s subsidiaries or affiliates.

 

2.2     
The Executive shall serve and perform in the capacities described in Section 2.1 hereof and shall have such duties, responsibilities, and
authorities as are designated for such offices pursuant to the Bylaws of the Company, and as may be reasonably assigned to the
Executive  from time to time by the Board of Directors. The Executive shall, and shall have commensurate authority to
formulate, and implement the Company's mission statement; The Executive is accountable for ensuring that business strategies, production, and
development targets are achieved as scheduled and within budgeted cost constraints. The Executive will provide leadership, oversight
and guidance to the Company's operations, while maintaining a strong awareness of corporate financial capabilities and
share market requirements. The Executive shall report and be responsible to the Board of Directors.

 

2.3     The
Executive agrees to devote substantially all of the Executive's time, best efforts, abilities, knowledge and experience to
the faithful performance of the duties, responsibilities, and authorities which may be reasonably assigned to the
Executive and which are consistent with the Executive's Executive offices described under Section 2.1, provided the Executive
shall not engage in any business which is in direct competition with the Company or any subsidiaries or affiliates, and
provided that the Executive's other business activities shall not interfere with, or prevent the Executive from fulfilling,
his obligations to the Company hereunder. Notwithstanding the preceding, the Executive may, without being in violation of the
Executive's obligations hereunder, (i) serve on corporate, civic or charitable boards, or committees which are not engaged in
business in competition with the Company or any subsidiary; (ii) deliver lectures, accept and fulfill speaking engagements,
teach at educational institutions and seminars and write or publish papers, articles or books; and (iii) invest the
Executive's personal assets in such form or manner as will not require any material services by the
Executive in the operation of the entities in which such investments are made, provided the Executive shall use his best
efforts to pursue such activities in such a manner so that such activities shall not prevent the Executive from fulfilling
his obligations to the Company hereunder.

     7

     

    

2.4     
In connection with the Executive's employment by the Company during the Term, the Executive shall be based in Toronto, Canada,
or at any office or location as agreed to by the Executive and the Board of Directors, save and except for reasonable travel required
in connection with the Company's business consistent with the Executive's position as Chief Executive
Officer of the Company.

 

 3. REMUNERATION AND BENEFITS

 

3.1      The
Company shall pay the Executive, as compensation for services rendered by the Executive under this Agreement, a base salary,
on an annualized basis (the "Annual Base Salary") of One hundred Ninety-Five Thousand dollars ($195,000)during the
Term of this Agreement. The Annual Base Salary shall be subject to all appropriate federal and provincial withholding
and payroll taxes and shall be paid by the Company to the Executive in accordance with the regular payroll policies and
practices of the Company. The Company 's compensation of the Executive by payments of the Annual Base Salary pursuant to this
Section 3.1    1 shall not be
deemed exclusive and shall not prevent the Executive from participating in any other compensation or benefit plan of the
Company, nor shall such compensation in any way limit or reduce any other obligation of the Company hereunder; and, except to
the extent specifically set forth herein, no other compensation, benefit or payment hereunder shall in any way limit or
reduce the obligation of the Company to pay the Annual Base Salary to the Executive during the term of this Agreement.

 

     8

     

    

3.2   In addition
to the Base Salary, Executive shall be entitled to incentive pay, as set forth in Exhibit A.

 

3.3  Executive
shall be granted stock options in Till Capital Ltd. expiring two years from the date of grant, on and subject to the terms
and conditions of the Company' s Stock Option Plan and 3.3(i) below. These options will vest in four equal instalments every
six months beginning six months from the date of grant. Future grants will be at the discretion of the Company' s management,
as approved by the Compensation Committee of Till Capital Ltd.

 

(i) 
upon approval at the next Till Capital Ltd. Compensation Committee meeting, Executive shall be granted 20 , 000 options
at a $10.00 strike price. Said options will vest in the manner described in 3.3 above
with the timing beginning upon the final regulatory approval of the Share Purchase Agreement.

 

(ii)  in order to facilitate
the option grant, Executive will sign the Consulting Agreement at Exhibit B, whereby Executive shall be a consultant to
Till Capital Ltd. in the interim period between signing of the Share Purchase Agreement and regulatory approval of the acquisition.

 

3.4 In addition to
the Annual Base Salary set forth in Section 3.1 hereof and any other amounts of compensation payable to the Executive
pursuant to any other provisions of this Agreement, the Company may also pay the Executive discretionary annual bonus
compensation (the "Annual Bonus Compensation") , in the form of cash or shares of the common stock of the Company
in such amount, if any, determined by the Board, or any duly authorized committee thereof, to be proper and appropriate for
each fiscal year of the Company during the term of this Agreement, provided that the Annual Bonus Compensation may not exceed
50% of the Annual Base Salary. Such Annual Bonus Compensation shall be based upon such factors as the Board of Till Capital
Ltd., or any duly authorized committee thereof, shall deem appropriate and consistent with factors applicable to other
Executive officers of the Company, including (i) the Executive's contributions to the success of the business operations of
the Company, its divisions and its subsidiaries for each fiscal year of the Company during the term hereof; (ii) the
Company's share price performance viewed objectively as well as against its peer group within the industry; (iii) the success
of the Company's insurance activities; (iv) the consolidated revenues, expenses and profits of the Company, its divisions and
its subsidiaries for each fiscal year of the Company during the term hereof, as determined in accordance with generally
accepted accounting principles; and (v) the general overall economic performance of the Company, its divisions and its
subsidiaries for each fiscal year of the Company.

     9

     

    

3.5  
The Company shall also reimburse the Executive for any reasonable out-of-pocket expenses incurred by the Executive
in accordance with the Company's standard expense practices. Prior to the reimbursement of such expenses, the Company shall
require the Executive to prepare a summary of the expenses incurred and submit it to the Company together with appropriate supporting
receipts, invoices, or other documentation acceptable to the Company. The Company may make an advance to cover such expenses, such
advances being repayable to the extent remaining upon termination of this Agreement.

 

3.6  
In addition to the Annual Base Salary, Incentive Pay and any Annual Bonus Compensation payable to the Executive hereunder,
the Executive shall be entitled to participate in the Company's health, dental, disability and life insurance plans (if any) provided
that the Executive satisfies the eligibility requirements therefor, provided that nothing herein will obligate the Company
to institute such plans.

 

3.7   The
Executive shall be entitled to a reasonable paid vacation of not less than twenty (20) business days each calendar year
during the Employment Period, exclusive of holidays and weekends, which vacation shall be taken by the Executive in
accordance with the Company's vacation plans, policies and practices as then in effect and with a view to the business
requirements of the Company. The Executive shall also be entitled to compensation in respect of earned or accrued but unused
vacation time based on the Executive's Annual Base Salary.

 

     10

     

    

3.8   During
the Term the Company shall provide, at its expense, appropriate and adequate office space, furniture, communications and
word-processing equipment, supplies, personnel (including as required professional, clerical, support and other
personnel) and such other facilities and services as shall be suitable to the Executive's position and adequate for the
Executive's use in performing the Executive's duties and responsibilities under this Agreement.

 

4.  CONFIDENTIAL INFORMATION AND PROPERTY OF THE COMPANY

 

4.1 
The Executive's Obligations as to Confidential Information and Materials. Confidential Information, whether
in written, oral, magnetic, photographic, optical, or other form and whether now existing or developed or created during the period
of the Executive's relationship or engagement with the Company, excepting information obtained from general or public sources,
is proprietary to the Company and is highly confidential in nature. In this regard, the Executive acknowledges that damages
pursued by an action at law may not be an adequate remedy for the Executive' s breach of its obligations under this Part
4, and the Executive agrees that the Company shall be entitled to equitable remedies including but not limited to interlocutory or
permanent injunctions, which the Executive agrees not to oppose.

 

4.2    
Use of Company Communication and Documents Storage Systems. The Executive shall send and receive all electronic
communications through, and shall store copies of all documents material to the business and affairs of the Company on, the Company's
server in accordance with the Company's information technology policies and procedures as established from time-to time.

 

4.3 General Skills. The general
skills and Residual Information and other experience gained by the Executive during the Executive's relationship with the
Company, and information within the Public Domain or generally known within the industries or trades in which the Company
competes, is not considered Confidential Information.

 

4.4   Preservation
of Confidential Information. During the Executive's relationship with the Company, the Executive may have access to all or a
portion of the Confidential Information and, as such, will occupy a position of trust and confidence with respect to the
Company's affairs and business. The Executive will take the following steps to preserve the confidential and
proprietary nature of the Confidential Information:

     11

     

    

(a) 
Non-Disclosure. The Executive will not at any time disclose or otherwise permit any person or entity access to any of the
Confidential Information other than as required in the performance of the Executive's duties to the Company.

 

(b)  
Prevent Disclosure. The Executive will take all reasonable precautions to prevent disclosure of the Confidential Information
and will follow all the Company's reasonable instructions to the Executive in respect of the same.

 

(c) 
Non-Use. The Executive will not use at any time, or otherwise permit any person or entity to use, any of the Confidential
Information other than as required in the performance of the Executive's duties.

 

(d) 
Return all Materials. Within five business days after the termination of the Executive's relationship with the Company,
for any reason whatsoever, the Executive will deliver to the Company all keys and access cards as well as all tangible materials
embodying the Confidential Information, including, without limitation, any documentation, records, listings, notes, data, sketches,
drawings, memoranda, models, accounts, reference materials, samples, machine-readable media and equipment which in any way relate
to the Confidential Information.

 

4.5   Continuation
of Confidentiality Obligations. The Executive acknowledges and agrees that the obligations set out in this Part are to remain
in effect for a period of five (5) years following termination of the Executive's relationship with the Company. The
Executive further acknowledges that the obligations set out in this Part are not in substitution for any obligations
which the Executive may now or hereafter owe to the Company and which exist apart from this Part 4 and do not replace any
rights of the Company with respect to any such obligations.

     12

     

    

4.6    
Communication of Confidential Information. The Executive agrees to communicate to the Company all Confidential Information
obtained in the course of performing the services.

 

4.7  
Confidentiality and Non-Competition. The Executive hereby agrees that he will not at any time during the Term and for a
period of one year thereafter:

 

(a)   knowingly
interfere with or endeavour to entice away from the Company any of the financiers who were active financiers or participated
in private placements of the Company or its securities during the three year period immediately prior to the termination of
the Contactor's relationship with the Company;

 

(b)   interfere
with or knowingly entice away any employee of the Company who was an employee of the Company within 120 calendar days of the
termination of the Executive's relationship with the Company.

 

4.8     Notice.
If the Executive is required by law, rule, regulation, subpoena or regulatory agency or stock exchange rule
("Legal Process") to disclose any Confidential Information, the Executive will provide the Company with prompt
notice of such requirement, if legally practicable, and will use reasonable efforts to obtain confidential treatment for any
Confidential Information that is required to be disclosed prior to making any such disclosure. If, provided that the
Executive has used reasonable efforts to obtain assurances that confidential treatment will be afforded such information, the
Executive is nonetheless required by Legal Process to disclose any Confidential Information, the Executive may only disclose
such Confidential Information that it is required by law to be disclosed.

 

4.9 
Limitation. The provision of this paragraph 4 shall not prevent the Executive, following the termination of this Agreement,
from providing his services to other insurance industry companies, provided such services are not directly in competition with
the Company or directly in conflict with the Company’s interests.

     13

     

    

 5. INTELLECTUAL PROPERTY OF THE COMPANY

 

5.1     
Company's Rights. The Executive agrees that all right, title, and interest in or to any and all of the work product of the
Executive shall be the property of the Company.

 

5.2      Disclosure.
The Executive agrees to promptly disclose to the Company all of the products of the services hereunder and to provide all
assistance reasonably requested by the Company in the preservation of its interests in the same, such as by
executing documents or testifying. Regardless of whether this Agreement has been terminated, the Executive agrees to execute,
acknowledge, and deliver any instruments, and to provide whatever other assistance is required to confirm the ownership by
the Company of such rights. Reasonable expenses incurred for such assistance shall be paid by the Company. No additional
compensation shall be paid to the Executive in respect of any of the matters referred to in this Section 5.2.

 

5.3 
No Rights. Nothing in this Agreement shall be construed to grant to the Executive any express or implied option, license
or other rights, title or interest in or to the Confidential Information or, or obligate either party to enter into any agreement
granting any such right.

 

 6. TERMINATION

 

6.1 
Termination. The Company may terminate this Agreement in the following circumstances:

 

(a) 
at any time by the Company forthwith, without notice and without pay in lieu of notice, for Cause;

 

 (b) automatically upon the death of the Executive;

 

(c) 
automatically in the event the Executive is subject to any bankruptcy, insolvency or other similar proceeding;

 

(d)  at
any time by notice in writing from the Company to the Executive if the Executive shall become permanently disabled; for the
purposes hereof, the Executive shall be deemed to be permanently disabled immediately following any period of 180
consecutive calendar days during which the Executive is prevented from performing his duties for more than 90 calendar days
in the aggregate by reason of illness or mental or physical disability despite reasonable accommodation efforts of the
Company;

     14

     

    

(e)   in
any other case, by (i) the payment by the Company to the Executive in a lump sum equal to twelve months' Annual Base Salary,
and (ii) the immediate vesting of any Stock Option previously granted to the Executive by the Company or any subsidiary of
the Company, and the Executive shall be entitled to exercise such Stock Option on the terms granted and, notwithstanding
any term of the stock option plan to the contrary, shall remain exercisable for the original term granted and shall not
terminate due to the termination of the Executive's employment with the Company. In addition, any provisions of the Stock
Option restricting the number of option shares which may be purchased before a particular date shall be waived. The terms of
any Stock Option agreement shall be deemed amended to reflect the provisions of this paragraph (e) The provisions of this
paragraph (e) shall be subject to applicable securities laws and the rules of any stock exchange on which the shares of the
Company may be then listed and the receipt of all necessary approvals from such securities regulators and exchange, which
approvals the Company shall use its reasonable commercial efforts to obtain in the event of the operation of this paragraph
(e). In the event that any payment is made to the Executive pursuant to the provisions of paragraph (e)  the
Executive shall not be required in any manner whatsoever to mitigate any damages and shall be made regardless of whether the
Executive seeks or finds alternate employment of any nature whatsoever; and

 

(f)
by the Executive providing no less than ninety (90) calendar days' notice in writing to the Company. In the event the
Executive provides such notice to the Company, the Executive's employment shall terminate on the date the period of such
notice expires. In such circumstance, the Company may request that the Executive cease duties prior to the expiry of the notice
period.

 

6.2  Effect
of Termination. Upon the termination of this Agreement pursuant to Sections 6.1 (a), (b) (c) or (f), the parties agree that
the Company's liability to the Executive shall be limited to all accrued and unpaid portions of the Annual Base Salary due up
to the date of termination as well as any Expenses properly incurred prior to the date of termination, less any
advances against Expenses not accounted for.

     15

     

    

 7. CHANGE OF CONTROL

 

7.1  Notwithstanding
anything to the contrary contained in this Agreement, if a Change in Control occurs and if, in respect of the Executive, a
Triggering Event subsequently occurs within two (2) years of the Change in Control, the Executive shall be entitled to elect
to terminate this agreement with the Company and to receive a payment from the Company in an amount equal to two times the
Annual Base Salary and the amount of the Annual Bonus Compensation for the previous year (the "Change of
Control Payment"). This Section 7.1 shall not apply if such Triggering Event follows a Change in Control which involves
a sale of securities or assets of the Company with which the Executive is involved as a purchaser in any manner, whether
directly or indirectly (by way of participation in a Company or partnership that is a purchaser or by provision of debt,
equity or purchase-leaseback financing)

 

7.2 
The Change of Control Payment provided for in Section 7.1 is conditional upon the Executive electing to exercise such
right by notice given to the Company within 120 calendar days of the Triggering Event.

 

7.3 
Notwithstanding the provisions contained in Section 6.l(e) hereof, the Executive shall be entitled to the Change of Control
Payment if a Triggering Event does not occur but the Executive is dismissed from the Company without Cause within two (2)
years of the Change in Control. For greater certainty, the Executive shall not be entitled to any payment by the Company pursuant
to this Section 7.3 if the Executive is dismissed from this employment with the Company for Cause. The Company shall not dismiss
the Executive for any reason unless such dismissal is specifically approved by the Board.

 

7.4   The
Change of Control Payment shall be in lieu of all other notice or damage claims as regards dismissal or termination of the
Executive's employment with the Company or any subsidiary of the Company after a Change in Control and the arrangements
provided for herein shall not be considered in any judicial determination of appropriate damages at common law for dismissal
without Cause, other than as provided for in this Agreement.

     16

     

    

7.5  
In the event that the Executive is entitled to a Change of Control Payment, the Executive shall be entitled to continue
to participate in any benefit package for a period of 12 months after the date of the giving of notice by the Executive pursuant
to Section 7.2, or the dismissal of the Executive's contract pursuant to Section 7.3, as the case may be.

 

7.6   In
the event that the Executive is entitled to a Change of Control Payment, any Stock Option previously granted to the Executive
by the Company or any subsidiary of the Company shall become fully vested, in which case the Executive shall be entitled to
exercise such Stock Option on the terms granted and, notwithstanding any term of the stock option plan to the contrary,
shall remain exercisable for the original term granted and shall not terminate due to the termination of the Executive's
employment with the Company. In addition, any provisions of the Stock Option restricting the number of option shares which
may be purchased before a particular date shall be waived. The terms of any Stock Option agreement shall be deemed amended to
reflect the provisions of this Section 7.6. The provisions of this Section 7.6 shall be subject to applicable securities laws
and the rules of any stock exchange on which the shares of the Company may be then listed and the receipt of all necessary
approvals from such securities regulators and exchange, which approvals the Company shall use its reasonable commercial
efforts to obtain in the event of the operation of this Section 7.6.

 

7.7   
Any payment to be made by the Company pursuant to the terms of Part 7 shall be paid (i) by the Company in cash in a lump sum
within five business days of the giving of notice by the Executive pursuant to Section 7.2, (ii) within five business days of
the termination or dismissal from the Executive's employment as referred to in Section 7.3, or (iii) in such manner as may be
agreed to by the Company and the Executive. Any such payment shall be calculated, in the case of Section

 

7.8 at the date
of giving notice pursuant to Section 7.2 and, in the case of Section 7.3, at the date of dismissal or termination, as the
case may be.

 

     17

     

    

7.9 In the event that any payment is
made to the Executive pursuant to the provisions of Section 7.1 or Section 7.3, as the case may be, the Executive shall not
be required in any manner whatsoever to mitigate any damages. Furthermore, the payment referred to in Section 7.1 or Section
7.3, as the case may be, shall be made regardless of whether the Executive seeks or finds alternate employment of any nature
whatsoever.

 

 8. NOTICE

 

8.1  Unless otherwise
permitted by this Agreement, all notices, requests, demands and other communications hereunder shall be in writing and shall be
deemed to have been fully given if personally delivered to the party to whom the notice or other communication is directed or
if mailed by prepaid registered mail on the fifth business day after the date on which it is so mailed (provided that if there
is an interruption in the regular postal service during such period arising out if a strike, lockout, work slow-down or similar
labour dispute in the postal system, all days which such
interruption during
occurs shall not be counted:

 

Notice to the Company:

Omega Insurance Holdings Inc.

C/O Till Capital Ltd.

11521 North Warren Street

Hayden, Idaho USA 83835

Attention: Chief Executive Officer      

 

 

Notice to the Executive:
Philip Cook

 

Address:

39 Milroy Crescent Toronto,
ON, MlC 486

 

or to such other address
as each party may from time to time notify the other of in writing. Notices may not be given by facsimile or email.

     18

     

    

 9. MISCELLANEOUS

 

9.1  
This Agreement contains the entire understanding and agreement between the parties and supersedes all
prior communications, representations and agreements whether verbal or written between the parties with respect to the
subject matter hereof. This Agreement may be amended or modified only by written instrument signed by all parties hereto.

 

9.2  
The rights and obligations of the parties set out under Parts 4, 5 and 9 of this Agreement survive the termination of
this Agreement insofar as is necessary to give full effect to the terms hereof.

 

9.3  
The provisions of this Agreement shall be governed by and interpreted in accordance with the laws of Ontario, Canada.
The parties irrevocably attorn to the exclusive jurisdiction of the courts of Ontario with respect to any legal proceedings

arising here from.

 

9.4  
The Company has obtained legal advice concerning this Agreement and has requested that the Executive obtain independent
legal advice with respect to this Agreement. The Executive hereby represents and warrants to the Company that it has been advised
to obtain independent legal advice, and that prior to the execution of this Agreement he has obtained independent legal advice
or has, in his discretion, knowingly and willingly elected not to do so.

 

9.5 
The invalidity or unenforceability of any particular provision of this Agreement shall not affect any other provision
thereof, and this Agreement shall be construed as though such invalid or unenforceable provision were omitted.

 

SIGNATURE PAGE FOLLOWS

     19

     

    

IN WITNESS WHEREOF the parties have
executed this Agreement with effect from the date first written above.

 

SIGNED, SEALED AND DELIVERED

In the presence of

 

 

 

Omega Insurance Holding Inc., 

A wholly owned subsidiary of

Till Capital Ltd.

 

 

Signed:”/s/Phillip H. Cook”

 

Name: Phillip Cook 

 

Title: Chief Executive Officer

 

 

Till Capital Ltd. (solely with respect to Section 6.3)

 

 

Signed: “/s/Timothy P. Leybold”

 

Name: Timothy P. Leybold

 

Title: Chief Financial Officer 

 

 

 

 

 

     20

     

    

EXHIBIT A - Incentive Pay

 

The purpose of the Incentive Pay is to provide
incentive based compensation targeted to equal 75% of annual Base Salary, based on one new Loss Portfolio Transfer (LPT) signed
by the Executive per year, and historical LPT profitability to the Company.

 

The
incentive pay shall be calculated on a percentage of profit on any new LPT business secured by the Executive. The Executive
shall receive 5% of the transaction profit margin from the LPT, vested equally over three years. In the event the profit
margin in year two or three of the payout year is higher or lower, the Incentive Pay for the corresponding year is reduced or
increased accordingly.

 

By
way of example, assuming a $10,000,000 LPT which has a 30% profit margin, which would result in $3,000,000 profit to the
Company, Executive would earn 5% of the $3,000,000 or $150,000 in that year, and receive payment of $50,000 over three years
(or three annual payments totaling $150,000).

 

In the event the Profit Margin
(expressed as the inverse of the LPT loss reserve) for the 2nd or 3rd year for the LPT is actuarially adjusted, the
subsequent payment for that year is accordingly reduced or increased to reflect the new loss reserve. For example, assuming
the loss reserve at year 2 is 80%, the profit to the Company would be measured at $2,000,000, and the 2nd and 3rd year
payments would reflect one-third each year of $100,000 or $33,334. Conversely, if the loss reserve for the 2nd or 3rd year is
decreased to 60%, then the 2nd and 3rd year payments would reflect one-third each year of $200,000, or

$66,667.

 

At no point shall the Incentive
Pay earned be greater than 25% of the Company' s total net income for the year.

 

The Executive will only be entitled to earn
payments under this Incentive Pay plan for LPT' s fully secured while the Executive is still employed by the Company. The Executive
shall not forfeit any payments under this Incentive Pay plan except in

the case of Termination
under 6.1 (a) or 6.1 (e) of this Agreement.

 

All
payments under this Incentive Pay plan will be paid as soon as practical after the Company’s
annual audit.

 

 

 

21

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