Document:

Exhibit 4.15

AMENDMENT NO. 2 TO NOTE PURCHASE AGREEMENT

          THIS
AMENDMENT NO. 2 (this “Amendment”) is dated as of November 30, 2012, among VALIDUS UPS,
LTD., a Bermuda exempted company (the “Successor Company”), VALIDUS
HOLDINGS, LTD., a Bermuda exempted company (the “Guarantor”), and the
Noteholders named herein.

W I T N E S S E T H :

          WHEREAS,
Flagstone Reinsurance Holdings (Bermuda) Limited, a Bermuda exempted company
(the “Company”) (as successor in interest to Flagstone Reinsurance
Holdings, S.A., a Luxembourg société anonyme) and Merrill Lynch
International (the “Purchaser”) have executed and delivered that certain
Note Purchase Agreement, dated as of August 23, 2006, between the Company and
the Purchaser, as amended by Amendment No. 1, dated as of November 30, 2012
(together, the “Note Purchase
Agreement”), providing for the issuance of its floating rate,
unsecured junior subordinated deferrable interest notes (the “Securities”);

          WHEREAS,
the Company has heretofore issued €13,000,000 aggregate principal amount of
Floating Rate Deferrable Interest Subordinated Notes due 2036 under the Note
Purchase Agreement (the “Outstanding Notes”); 

          WHEREAS, on
the date hereof, the Company will merge with and into the Successor Company, a
wholly-owned subsidiary of the Guarantor, with the Successor Company as the
survivor (the “Merger”) pursuant to that certain Agreement and Plan of
Merger, dated as of August 30, 2012, among Flagstone Reinsurance Holdings,
S.A., a Luxembourg société anonyme, the Company, the
Guarantor and the Successor Company (the “Merger Agreement”);

          WHEREAS, in
connection with the consumation of the transactions contemplated by the Merger
Agreement, the Successor Company will assume all of the obligations of the
Company under the Indenture and the Securities, and the Guarantor will provide
full and unconditional guarantees (the “Guarantees”) of the obligations
of the Successor Company under the Note Purchase Agreement and the Securities
on the terms and conditions set forth herein and therein; 

          WHEREAS,
Section 12(a)(i) of Schedule 2 to the Note Purchase Agreement provides, in
part, that the Company may transfer all or substantially all of its properties
and assets as an entirety to another Person provided that (a) (i) the Successor
Company is an entity organized and existing under the laws of the United States
of America or any State or Territory thereof, the District of Columbia,
Bermuda, the Cayman Islands, Luxembourg or any country, which is a member state
of the Organization for Economic Cooperation and Development and (ii) the
Successor Company expressly assumes, by an amendment thereto executed and
delivered to the Holders, the due and punctual payment of the principal of and
any premium and interest (including any Additional Interest) on all the
Securities and the performance of every covenant of the Note Purchase Agreement
on the part of the Company to be performed or observed; (b) immediately after
giving effect to such transaction, no Event of Default, and no event that,
after notice or lapse of time, or both, would constitute an Event of Default,
shall have happened and be continuing; and (c) an Officers’

Certificate and an Opinion of Counsel have been delivered to the
Holders, each stating that such transfer and all conditions precedent in the
Note Puchase Agreement relating to such transfer has been complied with.

          WHEREAS,
Section 11 of the Note Purchase Agreement provides, in part, that the Company
may amend the Note Purchase Agreement as provided in Schedule 2 to the Note
Purchase Agreement or upon the prior written consent of the Holders of at least
a majority of the Outstanding Securities;

          WHEREAS,
the Successor Company, pursuant to Section 12(a)(i) of the Note Puchase
Agreement, has delivered to the Holders, or caused to be delivered to the
Holders on their behalf, an Opinion of Counsel and an Officers’ Certificate,
dated as of the date hereof, stating that the Merger complies with Section 12
of Schedule 2 to the Note Purchase Agreement and that all conditions and
covenants provided for in the Note Purchase Agreement relating to the Merger
have been complied with; and

          WHEREAS,
all things necessary (a) to authorize the assumption by the Successor Company
of the Company’s obligations under the Note Purchase Agreement, (b) to
authorize the Guarantor’s Guarantees of the obligations of the Successor
Company under the Note Purchase Agreement and the Securities and (c) to make
this Amendment when executed by the parties hereto a valid and binding
amendment of the Note Purchase Agreement have been done and performed.

          NOW
THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties hereto
mutually covenant and agree as follows:

1. Definitions. Capitalized terms used herein and not defined
herein have the meanings ascribed to such terms in the Note Puchase Agreement.

2. Assumption of Obligations. The Successor Company hereby
expressly assumes, from and after the date hereof, the due and punctual payment
of the principal of and any premium and interest (including any Additional
Interest) on all the Securities and the performance of every covenant of the
Note Purchase Agreement on the part of the Company to be performed or observed.

3. Succession and Substitution. The Successor Company, from and
after the date hereof, by virtue of the aforesaid assumption and the delivery
of this Amendment, shall succeed to, and be substituted for, and may exercise
every right and power of, the Company under the Note Purchase Agreement, and
the Company shall be discharged from all obligations and covenants under the
Note Purchase Agreement and the Securities.

4. Amendment to Note Purchase Agreement.

          Section
12 of Schedule 2 to the Note Purchase Agreement is hereby amended by adding the
following paragraph immediately after subsection (iii):

          “Notwithstanding
the foregoing, where the Company proposes to consolidate or amalgamate with or
merge into another Person or convey, transfer or lease its properties and
assets substantially as an entirety to a Person that is a direct or indirect
wholly-owned subsidiary of the Guarantor, such Person’s assumption of the
obligations hereunder and the release of the Company of its obligations
hereunder, shall be effective immediately upon

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delivery to the Holders of (A) an amendment
to this Note Purchase Agreement pursuant to Section 12(a)(i) which shall be
executed by such Person and the Guarantor (but shall not require execution by
any Holder), and (B) an officers’ certificate and opinion of counsel pursuant
to and in accordance with Section 12(a)(iii).”

5. Guarantee.

          The
following Sections 18.1 through and including Section 18.8 shall be added
immediately after Section 17 of Schedule 2 to the Note Purchase Agreement, and
shall hereinafter be deemed a part of the Note Purchase Agreement and
applicable to the Outstanding Notes. The following definition shall apply to
Section 18 of the Note Purchase Agreement, as amended hereby: “Guarantor”
shall mean Validus Holdings, Ltd., a Bermuda exempted company.

          Section
18.1. Guarantees.

          (a)
With respect to each series of Securities to which this Section 18 is
expressly made applicable, the Guarantor hereby unconditionally and irrevocably
guarantees to each Holder and its successors and assigns (i)(a) the full and
punctual payment of principal and interest (including any Additional Interest)
on the Securities of such Holder when due, whether at maturity, by
acceleration, by redemption or otherwise, and all other monetary obligations of
the Company to the Holders under this Note Purchase Agreement and the
Securities and (b) the full and punctual performance within applicable grace
periods of all other obligations of the Company under this Note Purchase
Agreement and the Securities and (ii) in the case of any extension of time of
payment or renewal of any Securities or any of such other obligations, that the
same will be promptly paid in full when due or performed in accordance with the
terms of the extension or renewal (all of the foregoing being hereinafter
collectively called the “Guarantees”).

          (b)
The Guarantor waives presentation to, demand of, payment from and protest to
the Company of any of the Guarantees and also waives notice of protest for
nonpayment. The Guarantor waives notice of any default under the Securities or
the Guarantees. The Guarantees hereunder shall not be affected by (i) the
failure of any Holder to assert any claim or demand or to enforce any right or
remedy against the Company or any other Person under this Note Purchase
Agreement, the Securities or any other agreement or otherwise; (ii) any
extension or renewal of any thereof; (iii) any rescission, waiver, amendment or
modification of any of the terms or provisions of this Note Purchase Agreement,
the Securities or any other agreement; (iv) the release of any security held by
any Holder for the Guarantees or any of them; (v) the failure of any Holder to
exercise any right or remedy against any other guarantor of the Guarantees or
(vi) any change in the ownership of the Guarantor.

          (c)
The Guarantor further agrees that its Guarantees hereunder constitute a
guarantee of payment, performance and compliance when due (and not a guarantee
of collection).

          (d)
The Guarantor hereby agrees that its obligations hereunder shall be as
principal and not merely as surety, and shall be absolute and unconditional,
irrespective of, and shall be unaffected by, any invalidity, irregularity or
failure to enforce the provisions of any Security or this Note Purchase
Agreement, or any waiver, modification, consent or indulgence granted to the
Company with respect thereto (unless the same shall also be provided the
Guarantor), by the Holder of any Security, the recovery of any judgment against
the Company or any action to enforce the same, or any other circumstances which
may otherwise constitute a legal or equitable discharge of a surety or

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guarantor; provided that, notwithstanding
the foregoing, no such waiver, modification, indulgence or circumstance shall,
without the consent of the Guarantor, increase the principal amount of a
Security or the interest rate thereon or increase any premium payable upon
redemption thereof. The Guarantees shall not be subject to any reduction,
limitation, impairment or termination for any reason, including any claim of
waiver, release, surrender, alteration or compromise, and shall not be subject
to any defense of setoff, counterclaim, recoupment or termination whatsoever or
by reason of the invalidity, illegality or unenforceability of the Guarantees
or otherwise. Without limiting the generality of the foregoing, the Guarantor
covenants that the Guarantees shall not be discharged or impaired or otherwise
affected by the failure of any Holder to assert any claim or demand or to
enforce any remedy under this Note Purchase Agreement, the Securities or any
other agreement, by any waiver or modification of any thereof, by any default,
failure or delay, willful or otherwise, in the performance of the obligations,
or by any other act or thing or omission or delay to do any other act or thing
which may or might in any manner or to any extent vary the risk of the
Guarantor or would otherwise operate as a discharge of the Guarantor as a
matter of law or equity.

          (e)
The Guarantor further agrees that the Guarantees shall continue to be effective
or be reinstated, as the case may be, if at any time payment, or any part
thereof, of principal, premium, if any, or interest on any Security is
rescinded or must otherwise be restored by any Holder upon the bankruptcy or
reorganization of the Company or otherwise.

          (f)
In furtherance of the foregoing and not in limitation of any other right which
any Holder has at law or in equity against the Guarantor by virtue hereof, upon
the failure of the Company to pay the principal of, premium on, if any, or
interest on any Security when and as the same shall become due, whether at
maturity, by acceleration, by redemption or otherwise, or to perform or comply
with any other obligation under the Securities, the Guarantor hereby promises
to and will, upon receipt of written demand by the Holders, forthwith pay, or cause
to be paid, in cash, to the Holders an amount equal to the sum of (i) the
unpaid amount of such obligations under such Securities, (ii) accrued and
unpaid interest on such obligations under such Securities (but only to the
extent not prohibited by law) and (iii) all other monetary obligations with
respect to such Securities of the Company to the Holders.

          (g)
The Guarantor will be subrogated to all rights of the Holders against the
Company in respect of any amount paid by the Guarantor pursuant to the
provisions of the Guarantees; provided, however, that the Guarantor shall not
be entitled to enforce, or to receive any payments arising out of or based
upon, such right of subrogation until the principal of, premium on, if any, and
interest on such Securities shall have been paid in full. The Guarantor further
agrees that, as between it, on the one hand, and the Holders, on the other
hand, (x) the maturity of the obligations with respect to the Securities hereby
may be accelerated as provided herein, notwithstanding any stay, injunction or
other prohibition preventing such acceleration in respect of the obligations
with respect to such Securities, and (y) in the event of any declaration of
acceleration of such obligations as provided herein, the Guarantees (whether or
not due and payable) shall forthwith become due and payable by the Guarantor
for the purposes of this Article XIII.

          (h)
The Guarantor also agrees to pay any and all costs and expenses (including
reasonable attorneys’ fees and expenses) incurred by any Holder in enforcing
any rights under this Section 18.

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          Section
18.2. Successors and Assigns.

          This
Section 18 shall be binding upon the Guarantor and its successors and
assigns and shall inure to the benefit of the successors and assigns of the
Holders and, in the event of any transfer or assignment of rights by any
Holder, the rights and privileges conferred upon that party in this Note
Purchase Ageement and in the Securities shall automatically extend to and be
vested in such transferee or assignee, all subject to the terms and conditions
of this Note Purchase Agreement.

          Section
18.3. No Waiver.

          Neither
a failure nor a delay on the part of either the Holders in exercising any
right, power or privilege under this Section 18 shall operate as a
waiver thereof, nor shall a single or partial exercise thereof preclude any
other or further exercise of any right, power or privilege. The rights,
remedies and benefits of the Holders herein expressly specified are cumulative
and not exclusive of any other rights, remedies or benefits which either may
have under this Section 18 at law, in equity, by statute or otherwise.

          Section
18.4. Modification.

          No
modification, amendment or waiver of any provision of this Section 18,
nor the consent to any departure by the Guarantor therefrom, shall in any event
be effective unless the same shall be in writing and signed by the Holders of
at least a majority of the Outstanding Securities, and then such waiver or
consent shall be effective only in the specific instance and for the purpose
for which given. No notice to or demand on the Guarantor in any case shall
entitle the Guarantor to any other or further notice or demand in the same,
similar or other circumstances.

          Section
18.5. Notation of Guarantees Not Required.

          The
Guarantor hereby agrees that the Guarantees set forth in this Section 18
shall remain in full force and effect notwithstanding the absence on any
Security of a notation relating to the Guarantees.

          Section
18.6. Benefits Acknowledged.

          The
Guarantor acknowledges that it will receive direct and indirect benefits from
the financing arrangements contemplated by this Note Purchase Agreement and that
the guarantees and waivers made by it pursuant to its Guarantees are knowingly
made in contemplation of such benefits. 

          Section
18.7. Release of Guarantees.

          Provided
that no notice that an Event of Default has occurred and is continuing has been
delivered to the Holders, the Guarantees shall be automatically and
unconditionally released and discharged, and no further action by the Guarantor
or the Company is required for the release of the Guarantees, upon the Company
delivering to the Holders an Officers’ Certificate stating that the Guarantees
are released in full.

          Section
18.8 Limitation on Guarantor Liability.

          The
Guarantor, and by its acceptance of Securities, each Holder, hereby confirms
that it is the intention of all such parties that the Guarantees of the
Guarantor not constitute a fraudulent transfer

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or conveyance for purposes of Title 11, U.S.
Code or any similar federal, state or foreign law for the relief of debtors,
the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or
any similar federal, state or foreign law to the extent applicable to the
Guarantees. To effectuate the foregoing intention, the Holders and the
Guarantor hereby irrevocably agree that the obligations of the Guarantor shall
be limited to the maximum amount as will, after giving effect to such maximum
amount and all other contingent and fixed liabilities of the Guarantor that are
relevant under such laws and after giving effect to any collections from,
result in the obligations of the Guarantor under its Guarantees not
constituting a fraudulent conveyance or fraudulent transfer under applicable
law.

6. Subordination of Guarantees.

          The
following Sections 19.1 through and including Section 19.12 shall be added as a
new Section 19 of the Note Purchase Agreement, and shall hereinafter be deemed
a part of the Note Purchase Agreement and applicable to the Outstanding Notes.

          Section
19.1. Securities Subordinate to Senior Debt of the Guarantor.

          The
Guarantor covenants and agrees, and each Holder of a Security, by its
acceptance thereof, likewise covenants and agrees, that, to the extent and in
the manner hereinafter set forth in this Section 19, the payment of the
principal of and any premium and interest (including any Additional Interest)
on each and all of the Securities pursuant to the Guarantees are hereby
expressly made subordinate and subject in right of payment to the prior payment
in full of all Senior Debt of the Guarantor.

          Section
19.2. No Payment When Senior Debt of the Guarantor in Default; Payment Over
of Proceeds Upon Dissolution, Etc.

          In
the event and during the continuation of any default by the Guarantor in the
payment of any principal of or any premium or interest on any Senior Debt of
the Guarantor (following any grace period, if applicable) when the same becomes
due and payable, whether at maturity or at a date fixed for redemption or by
declaration of acceleration or otherwise, then, upon written notice of such
default to the Guarantor by the holders of such Senior Debt of the Guarantor or
any trustee therefor, unless and until such default shall have been cured or
waived or shall have ceased to exist, no direct or indirect payment (in cash,
property, securities, by set-off or otherwise) shall be made or agreed to be
made pursuant to the Guarantees on account of the principal of or any premium
or interest (including any Additional Interest) on any of the Securities, or in
respect of any redemption, repayment, retirement, purchase or other acquisition
of any of the Securities.

          In
the event of a bankruptcy, insolvency or other proceeding involving the
Guarantor described in clause (d) or (e) of the definition of Event of Default
(each such event, if any, herein sometimes referred to as a “Proceeding”), all
Senior Debt of the Guarantor (including any interest thereon accruing after the
commencement of any such proceedings) shall first be paid in full before any
payment or distribution, whether in cash, securities or other property, shall
be made to any Holder of any of the Securities on account thereof pursuant to
the Guarantees. Any payment or distribution, whether in cash, securities or
other property (other than securities of the Guarantor or any other entity
provided for by a plan of reorganization or readjustment the payment of which
is subordinate, at least to the extent provided in these subordination
provisions with respect to the indebtedness evidenced by the Guarantees, to the
payment of all Senior Debt of the Guarantor at the time outstanding and to any
securities issued in respect thereof under any such plan of reorganization

6

or readjustment), which would otherwise (but
for these subordination provisions) be payable or deliverable in respect of the
Securities pursuant to the Guarantees shall be paid or delivered directly to
the holders of Senior Debt of the Guarantor in accordance with the priorities
then existing among such holders until all Senior Debt of the Guarantor
(including any interest thereon accruing after the commencement of any
Proceeding) shall have been paid in full.

          Section
19.3. Payment Permitted If No Default.

          Nothing
contained in this Section 19 or elsewhere in this Note Purchase
Agreement or in any of the Securities shall prevent (a) the Guarantor, at any
time, except during the pendency of the conditions described in paragraph (a)
of Section 19.2 or of any Proceeding referred to in Section 19.2,
from making payments at any time of principal of and any premium or interest
(including any Additional Interest) on the Securities pursuant to the
Guarantees or (b) the application of any moneys deposited hereunder to the
payment of or on account of the principal of and any premium or interest
(including any Additional Interest) on the Securities pursuant to the
Guarantees or the retention of such payment by the Holders, if, at the time of
such application by the Holders, they did not have knowledge (in accordance
with Section 19.8) that such payment would have been prohibited by the
provisions of this Section 19, except as provided in Section 19.8.

          Section
19.4. Subrogation to Rights of Holders of Senior Debt of the Guarantor.

          Subject
to the payment in full of all amounts due or to become due on all Senior Debt
of the Guarantor, or the provision for such payment in cash or cash equivalents
or otherwise in a manner satisfactory to the holders of Senior Debt of the
Guarantor, the Holders of the Securities shall be subrogated to the extent of
the payments or distributions made to the holders of such Senior Debt of the
Guarantor pursuant to the provisions of this Section 19 (equally and
ratably with the holders of all indebtedness of the Guarantor that by its
express terms is subordinated to Senior Debt of the Guarantor to substantially
the same extent as the Guarantees are subordinated to the Senior Debt of the
Guarantor and are entitled to like rights of subrogation by reason of any
payments or distributions made to holders of such Senior Debt of the Guarantor)
to the rights of the holders of such Senior Debt of the Guarantor to receive
payments and distributions of cash, property and securities applicable to the
Senior Debt of the Guarantor until the principal of and any premium and
interest (including any Additional Interest) on the Securities shall be paid in
full. For purposes of such subrogation, no payments or distributions to the
holders of the Senior Debt of the Guarantor of any cash, property or securities
to which the Holders of the Securities would be entitled under the Guarantees
except for the provisions of this Section 19, and no payments made
pursuant to the provisions of this Section 19 to the holders of Senior
Debt of the Guarantor by Holders of the Securities, shall, as among the Guarantor,
its creditors other than holders of Senior Debt of the Guarantor, and the
Holders of the Securities, be deemed to be a payment or distribution by the
Guarantor to or on account of the Senior Debt of the Guarantor.

          Section
19.5. Provisions Solely to Define Relative Rights.

          The
provisions of this Section 19 are and are intended solely for the purpose of defining the relative rights of the
Holders of the Securities under the Guarantees on the one hand and the holders
of Senior Debt of the Guarantor on the other hand. Nothing contained in this Section
19 or elsewhere in this Note Purchase Agreement or in the Securities is
intended to or shall (a) impair, as between the Guarantor and the Holders of
the Securities, the obligations of the Guarantor under the Guarantees, which
are absolute and unconditional, to pay to the Holders of the Securities the
principal of and any

7

premium and interest (including any
Additional Interest) on the Securities as and when the same shall become due
and payable in accordance with their terms, (b) affect the relative rights
against the Guarantor of the Holders of the Securities under the Guarantees and
creditors of the Guarantor other than their rights in relation to the holders
of Senior Debt of the Guarantor or (c) prevent the Holder of any Security from
exercising all remedies otherwise permitted by applicable law upon default
under this Note Puchase Agreement, including filing and voting claims in any
Proceeding, subject to the rights, if any, under this Section 20 of the
holders of Senior Debt of the Guarantor to receive cash, property and
securities otherwise payable or deliverable to such Holder.

          Section
19.7. No Waiver of Subordination Provisions.

          No
right of any present or future holder of any Senior Debt of the Guarantor to
enforce subordination as herein provided shall at any time in any way be
prejudiced or impaired by any act or failure to act on the part of the
Guarantor or by any act or failure to act, in good faith, by any such holder,
or by any noncompliance by the Guarantor with the terms, provisions and
covenants of this Note Purchase Agreement, regardless of any knowledge thereof
that any such holder may have or be otherwise charged with.

          Without
in any way limiting the generality of paragraph (a) of this Section 19.7,
the holders of Senior Debt of the Guarantor may, at any time and from to time,
without the consent of or notice to the Holders of the Securities, without
incurring responsibility to such Holders of the Securities and without
impairing or releasing the subordination provided in this Section 19 or
the obligations hereunder of such Holders of the Securities to the holders of
Senior Debt of the Guarantor, do any one or more of the following: (i) change
the manner, place or terms of payment or extend the time of payment of, or
renew or alter, Senior Debt of the Guarantor, or otherwise amend or supplement
in any manner Senior Debt of the Guarantor or any instrument evidencing the
same or any agreement under which Senior Debt of the Guarantor is outstanding,
(ii) sell, exchange, release or otherwise deal with any property pledged,
mortgaged or otherwise securing Senior Debt of the Guarantor, (iii) release any
Person liable in any manner for the payment of Senior Debt of the Guarantor and
(iv) exercise or refrain from exercising any rights against the Guarantor and
any other Person.

          Section
19.8. Reliance on Judicial Order or Certificate of Liquidating Agent.

          Upon
any payment or distribution of assets of the Guarantor referred to in this Article
19, the Holders of the Securities shall be entitled to conclusively rely
upon any order or decree entered by any court of competent jurisdiction in
which such Proceeding is pending, or a certificate of the trustee in
bankruptcy, receiver, liquidating trustee, custodian, assignee for the benefit
of creditors, agent or other Person making such payment or distribution,
delivered to the Holders of Securities, for the purpose of ascertaining the
Persons entitled to participate in such payment or distribution, the holders of
the Senior Debt of the Guarantor and other indebtedness of the Guarantor, the
amount thereof or payable thereon, the amount or amounts paid or distributed
thereon and all other facts pertinent thereto or to this Section 19.

7. Representations and Warranties.
The Noteholders hereby represent and warrant that they collectively hold a
majority of the Outstanding Securities.

8. Effectiveness and Operativeness.
By executing this Amendment, each of the Noteholders shall be deemed to have
delivered their Consent to this Amendment. This Amendment shall be

8

deemed to have become effective, and the
provisions provided for in this Amendment shall be deemed to have become
operative, immediately upon consummation of the Merger, provided, that:

          (a)
the Noteholders shall have executed one or more counterparts of this Amendment
and shall have received a counterpart of this Amendment executed by the
Successor Company; and

          (b)
the Noteholders shall have received the Officers’ Certificate and Opinion of
Counsel described in the recitals of this Amendment.

9. Ratification of Note Purchase
Agreement. Except as expressly amended hereby, the Note Purchase Agreement
is in all respects ratified and confirmed and all the terms, conditions and
provisions thereof shall remain in full force and effect. This Amendment shall
form a part of the Note Purchase Agreement for all purposes, and every Holder
of Securities heretofore or hereafter authenticated and delivered shall be
bound hereby.

10. Governing Law. THIS
AMENDMENT WILL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE
LAW OF THE STATE OF NEW YORK WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF
LAW (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW).

11. Counterparts. The parties hereto
may sign any number of copies of this Amendment. Each signed copy shall be an
original, but all of them together represent the same agreement.

12. Effect of Headings. The Section
headings herein are for convenience only and shall not effect the construction
thereof.

*   *   *   *   *

9

          IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the date first above written.

	
  

 	
  

 	
  

 
	
  

 	
 VALIDUS UPS, LTD.

 
	
  

 	
  

 
	
  

 	
 By: 

 	
    /s/ Jeffrey D. Sangster

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: Jeffrey D. Sangster

 
	
  

 	
  

 	
 Title:   Chief
 Financial Officer

 
	
  

 	
  

 	
  

 
	
  

 	
 VALIDUS HOLDINGS, LTD.

 
	
  

 	
  

 
	
  

 	
 By: 

 	
    /s/ Joseph E. Consolino

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: Joseph E.
 Consolino

 
	
  

 	
  

 	
 Title:   President
 and Chief Financial Officer

 

[Signature Page to Amendment No. 2]

          IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the date first above written.

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Dekania Europe CDO II,
 plc, as a Noteholder

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By: Dekania Capital
 Management, LLC

 
	
  

 	
  

 
	
  

 	
  

 	
 By: 

 	
             /s/ Daniel G. Cohen

 
	
  

 	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 	
 Name: Daniel G.
 Cohen

 
	
  

 	
  

 	
  

 	
 Title:   President

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Dekania Europe CDO III,
 plc, as a Noteholder

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By: Cohen & Company
 Financial, LTD

 
	
  

 	
  

 
	
  

 	
  

 	
 By: 

 	
             /s/ Daniel G. Cohen

 
	
  

 	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 	
 Name: Daniel G.
 Cohen

 
	
  

 	
  

 	
  

 	
 Title:   Director

 

[Signature Page to
Amendment No. 2]Exhibit 4.16

Execution Version

NEITHER THIS WARRANT NOR THE SHARES OF VALIDUS HOLDINGS,
LTD. (THE “COMPANY”) ISSUABLE UPON EXERCISE THEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.  THE REGISTERED HOLDER OF THIS WARRANT HAS AGREED THAT IT WILL
NOT SELL, PLEDGE OR OTHERWISE TRANSFER THIS WARRANT EXCEPT TO AFFILIATES AND THAT NO SALE, PLEDGE OR OTHER TRANSFER OF THE SHARES
ISSUABLE UPON EXERCISE HEREOF MAY BE MADE WITHOUT REGISTRATION UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS, UNLESS
THE HOLDER SHALL DELIVER TO THE COMPANY AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO IT TO THE EFFECT
THAT NO SUCH REGISTRATION IS REQUIRED.

IN ADDITION, ANY SALE, ASSIGNMENT, TRANSFER, PLEDGE OR OTHER
DISPOSITION OF THIS WARRANT AND THE SHARES ISSUABLE UPON EXERCISE HEREOF IS RESTRICTED BY, AND THE RIGHTS ATTACHING TO THESE SECURITIES
ARE SUBJECT TO, THE TERMS AND CONDITIONS CONTAINED HEREIN AND IN THE MEMORANDUM OF ASSOCIATION AND BYE-LAWS OF THE COMPANY, AS
THEY MAY BE AMENDED FROM TIME TO TIME, WHICH ARE AVAILABLE FOR EXAMINATION AT THE REGISTERED OFFICE OF THE COMPANY.

VALIDUS HOLDINGS,
LTD.

series f

SHARE PURCHASE WARRANT

Warrant No. F-1

This certifies that, for value received,

Leyton Limited

or its permitted assigns, are entitled, subject to the terms
and conditions hereinafter set forth, to purchase the number of units of merger consideration (“Units”), set
forth herein for the purchase price per Unit equal to the Exercise Price (as defined herein).

Upon delivery of this warrant (this “Warrant”)
with the Purchase Form attached hereto duly executed, together with payment of the Exercise Price for the Units thereby purchased,
at the registered office of Validus Holdings, Ltd., a Bermuda exempted company (the “Company”), or at such other
address as the Company may designate by notice in writing to the registered holder hereof (the “Holder”), the
Holder shall be entitled to be registered on the Register of Members of the Company as the holder of the Shares (as defined herein)
so purchased and to receive a Share certificate or Share certificates for the Shares so purchased.  All Shares issued
upon the exercise of this Warrant will, upon issuance, be fully paid and nonassessable and free from all taxes, liens and charges
with respect thereto.

This Warrant is subject to the following
terms and conditions:

Section 1. Underlying Units; Exercise
Price

1.1 Number of Units.  Subject
to adjustment in accordance with the provisions of Section 8 hereof, this Warrant shall be exercisable for 630,194 units of merger
consideration (“Units”), with each such Unit consisting of (1) 0.1935 duly authorized, validly issued, fully
paid and non-assessable voting common shares, par value $0.175 per share, of the Company (the “Shares”) and
(2) an amount in cash equal to US$2.00, without interest.

1.2 Exercise Price.  This
Warrant shall be exercisable for a price of $13.96 per Unit (the “Exercise Price”).

1.3 Legend.  The
Shares issuable upon exercise of this Warrant shall be in such form, and shall include such legends and restrictions on transfer,
as the Company shall deem necessary or appropriate at the time of exercise in order to comply with the Company’s Memorandum
of Association and Bye-Laws, as amended from time to time, and applicable law and regulation.

Section 2. Term of Warrant; Conditions
on Exercise

2.1 Term. Subject to the
terms of this Warrant, the Holder shall have the right, at any time during the period (such period, the “Term”)
commencing on 12:00 a.m., New York time, on 1 December, 2013 and ending at 5:00 p.m., New York time, on 31 December, 2013 (the
“Termination Date”), to purchase from the Company the number of Units to which the Holder may at the time be
entitled to purchase pursuant to this Warrant, upon surrender to the Company at its registered office of this Warrant certificate,
together with the Purchase Form attached hereto duly completed and signed, and upon payment to the Company of the aggregate Exercise
Price for the number of Units in respect of which this Warrant is then being exercised.  Payment of the aggregate Exercise
Price shall be made on the date of exercise in cash, or by certified or cashier’s check, or a combination thereof.  This
Warrant shall terminate and expire to the extent not fully exercised on or prior to the Termination Date.

Section 3. Exercise of Warrant

3.1 Exercise. Upon surrender
of this Warrant and payment of the Exercise Price the Company shall (1) cause the issue of the Shares purchased upon the exercise
of this Warrant to be registered in the Register of Members of the Company and shall issue and cause to be delivered with all reasonable
dispatch, to or upon the written order of the Holder and (subject to the restrictive legends on the first page of this Warrant)
in such name or names as the Holder may designate, a certificate or certificates for the number of full Shares so purchased upon
the exercise of this Warrant, together with cash, as provided in Section 9 hereof, in respect of any fractional Shares otherwise
issuable upon such surrender and (2) cause to be delivered with all reasonable dispatch to the Holder, or upon the written order
of the Holder to such person or persons as the Holder may designate, an amount in cash equal to US$2.00 per Unit, without interest,
for the number of Units so purchased upon the exercise of this Warrant, together with cash in lieu of fractional shares in the
amount calculated pursuant to Section 9.  The rights of purchase represented by this Warrant shall be exercisable, at
the election of the Holder, either in full or from time to time in part and, in the event that this Warrant is exercised in respect
of fewer than all of the Units at any time prior to the date of expiration of this Warrant, a new Warrant certificate to purchase
the remaining Units will be issued.

Section 4. Transferability and Form
of Warrant

4.1 Registration. This
Warrant is numbered and registered in the books of the Company.  The Company shall be entitled to treat the Holder as
the sole owner of this Warrant for all purposes and shall not be bound to recognize any equitable or other claim to or interest
in this Warrant on the part of any other person, and shall not be liable for any registration of transfer of this Warrant which
is to be registered in the name of a fiduciary or the nominee of a fiduciary unless made with actual knowledge that a fiduciary
or nominee is committing a breach of trust in requesting such registration of transfer.

4.2 Transfer. This Warrant
shall not be transferable by the Holder other than to an Affiliate (as such term is defined in the Company’s Bye-Laws).  In
addition, this Warrant shall be transferable only in the books of the Company maintained at its registered office and subject to
the restrictive legends on the first page of this Warrant and to the Memorandum of Association and Bye-Laws of the Company, as
amended from time to time, upon delivery of this Warrant either duly endorsed by the Holder or by the Holder’s duly authorized
attorney or representative, or accompanied by proper evidence of succession, assignment, or authority to transfer.  In
all cases of transfer by an attorney, the original letter of attorney, duly approved, or an official copy thereof, duly certified,
shall be deposited and remain with the Company.  In case of transfer by executors, administrators, guardians or other
legal representatives, duly authenticated evidence of their authority shall be produced, and may be required to be deposited and
remain with the Company in its discretion.  Upon any registration of transfer, the Company shall execute and deliver
a new Warrant to the person entitled thereto.

Section 5. Payment of Taxes

The Company will pay all documentary
stamp duties and taxes, if any, attributable to the initial issuance of Shares upon the exercise of this Warrant; provided
that the Company shall not be required to pay any tax or taxes which may be payable in respect of any transfer involved in such
issuance.

Section 6. Mutilated or Missing Warrant

In case the certificate evidencing this
Warrant shall be mutilated, lost, stolen or destroyed, the Company may, in its discretion, issue and deliver in exchange and substitution
for and upon cancellation of this certificate if it is mutilated, or in lieu of and substitution for this certificate if it is
lost, stolen or destroyed, a new Warrant certificate of like tenor and representing an equivalent right or interest, but only upon
receipt of evidence satisfactory to the Company of such loss, theft or destruction of this Warrant and indemnity, if requested,
also satisfactory to the Company.  Applicants for such substitute Warrant certificate shall also comply with such other
reasonable regulations and pay such other reasonable charges as the Company may prescribe.

Section 7. Purchase by the Company

The Company shall have the right, except
as limited by law, other agreements or herein, to purchase or otherwise acquire this Warrant at such times, in such manner and
for such consideration as it may deem appropriate and as shall be agreed with the Holder of this Warrant in its sole discretion.

Section 8. Adjustment of Exercise
Price and Number of Shares

8.1 Adjustments. The Exercise
Price and the number and kind of Shares per Unit purchasable upon the exercise of this Warrant shall be subject to adjustment from
time to time upon the happening of certain events, as follows:

(a) In case the Company shall
(i) pay a dividend in Shares or make a distribution in Shares, (ii) subdivide its issued Shares, (iii) consolidate its
issued Shares into a smaller number of Shares or (iv) issue by reclassification of its Shares other securities of the Company,
the number of Shares or other securities of the Company purchasable upon exercise of this Warrant shall be adjusted so that upon
exercise of this Warrant the Holder of this Warrant shall be entitled to receive the kind and number of Shares or other securities
of the Company per Unit which he would have owned or have been entitled to receive immediately following any such event had he
fully exercised this Warrant immediately prior to any such event or any record date with respect thereto.  An adjustment
made pursuant to this paragraph (a) shall become effective immediately after the effective date of such event retroactive
to the record date, if any, for such event.

(b) In case the Company shall
issue rights, options or warrants to all or substantially all holders of its Shares, without any charge to such holders, entitling
them to subscribe for or purchase Shares at a price per Share which is lower at the record date mentioned below than the then current
book value of the Company (“Book Value”) per Share, the number of Shares thereafter purchasable upon the exercise
of this Warrant immediately prior thereto shall be adjusted so that upon exercise of this Warrant the Holder of this Warrant shall
be entitled to receive the number of Shares per Unit determined by multiplying the number of Shares per Unit theretofore purchasable
upon exercise of this Warrant by a fraction, of which the numerator shall be the number of Shares outstanding on the date of issuance
of such rights, options or warrants plus the number of additional Shares offered for subscription or purchase, and of which the
denominator shall be the number of Shares outstanding on the date of issuance of such rights, options or warrants plus the number
of Shares which the aggregate offering price of the total number of Shares so offered would purchase at such  Book Value.  Such
adjustment shall be made whenever such rights, options or warrants are issued, and shall become effective retroactively immediately
after the record date for the determination of shareholders entitled to receive such rights, options or warrants.

(c) In case the Company shall
distribute to all or substantially all holders of its Shares evidences of its indebtedness or assets (excluding cash dividends
or distributions out of earnings) or rights, options or warrants or convertible securities containing the right to subscribe for
or purchase Shares (excluding those referred to in paragraph (b) above), then in each such case the number of Shares purchasable
per Unit upon the exercise of this Warrant immediately prior thereto shall be adjusted so that upon exercise of this Warrant the
Holder of this Warrant shall be entitled to receive, for the same Exercise Price, the number of Shares determined by multiplying
the number of Shares theretofore purchasable upon exercise of this Warrant by a fraction, of which the numerator shall be the then
current Book Value of the Company on the date of such distribution, and of which the denominator shall be such current Book Value
of the Company, less the then fair value (as determined by the Board of Directors of the Company, whose determination shall be
conclusive) of the assets or evidences of indebtedness so distributed or of such subscription rights, options or warrants, or of
such convertible securities, as

applicable.  Such adjustment shall be made whenever any such distribution is made, and
shall become effective on the date of distribution retroactive to the record date for the determination of shareholders entitled
to receive such distribution.

(d) No adjustment in the number
of Shares purchasable hereunder shall be required unless such adjustment would require an increase or decrease of at least 1 percent
in the number of Shares purchasable per Unit upon the exercise of this Warrant; provided that any adjustments which by reason
of this paragraph (d) are not required to be made shall be carried forward and taken into account in any subsequent adjustment.

(e) Whenever the number of Shares
per Unit purchasable upon the exercise of this Warrant is adjusted as herein provided, the Exercise Price per Unit payable upon
exercise of this Warrant shall, as and to the extent necessary to result in an equitable adjustment to this Warrant, be adjusted
by multiplying such Exercise Price immediately prior to such adjustment by a fraction, of which the numerator shall be the number
of Shares purchasable per Unit upon the exercise of this Warrant immediately prior to such adjustment, and of which the denominator
shall be the number of Shares so purchasable per Unit immediately thereafter.

(f) When the number of Shares
purchasable per Unit upon the exercise of this Warrant or the Exercise Price is adjusted as herein provided, the Company shall
promptly mail to the Holder by first class mail, postage prepaid, notice of such adjustment or adjustments setting forth the number
of Shares purchasable per Unit upon the exercise of this Warrant and the Exercise Price of such Units after such adjustment, a
brief statement of the facts requiring such adjustment and the computation by which such adjustment was made.

(g) For the purpose of this subsection
8.1, the term “Shares” shall mean (i) the class of shares designated as the Shares of the Company on the
date of this Warrant, or (ii) any other class of shares resulting from successive changes or reclassifications of such shares consisting
solely of changes in par value.  In the event that at any time, as a result of an adjustment made pursuant to this subsection
8.1, the Holder shall become entitled to purchase any shares of the Company other than Shares, thereafter the number of such other
shares so purchasable upon exercise of this Warrant, and the Exercise Price, shall be subject to adjustment from time to time in
a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Shares contained in paragraphs
(a) through (f), inclusive, above, and the provisions of Sections 2 and 3 and subsections 8.2 through 8.4, inclusive, with respect
to the shares shall apply on like terms to any such other shares.

(h) Upon the expiration of any
rights, options, warrants or conversion privileges, if any thereof shall not have been exercised, the number of Shares purchasable
per Unit upon exercise of this Warrant and payment of the Exercise Price, to the extent this Warrant shall not then have been exercised,
shall, upon such expiration, be readjusted and shall thereafter be such as they would have been had it been originally adjusted
(or had the original adjustment not been required, as the case may be) on the basis of (1) the only Shares so issued were
the Shares, if any, actually issued or sold upon the exercise of such rights, options, warrants or conversion rights and (2) such
Shares, if any, were issued or sold for the consideration actually received by the Company for the issuance, sale or grant of all
of such rights, options, warrants or conversion rights, whether or not exercised; provided that no such readjustment shall have
the effect of increasing the Exercise Price by an amount in excess of the amount of the adjustment initially

made in respect of
the issuance, sale or grant of such rights, options, warrants or convertible rights.

8.2 Adjustment for Cash Dividends.
In case the Company shall pay a dividend in cash or make a distribution in cash in respect of the Shares, the Exercise Price per
Unit payable upon exercise of this Warrant shall be adjusted and reduced by the amount of such dividend payment.  This
section shall be effective as of the date of effectiveness of this Warrant pursuant to Section 15 hereof.

8.3 No Adjustment in Certain
Cases. No adjustments shall be made pursuant to this Section 8, in connection with the issuance of any Shares (or securities
convertible into Shares) as consideration for the acquisition by the Company of assets or equity interests in any business
entity.

8.4 Preservation of Purchase
Rights upon Reclassification, Consolidation, etc. In case of any consolidation of the Company with or amalgamation or merger
of the Company into another legal entity or in case of any sale or conveyance to another legal entity of the property, assets or
business of the Company as an entirety or substantially as an entirety, the Company or such successor or purchasing entity, as
the case may be, shall execute an agreement with the Holder that the Holder shall have the right thereafter upon payment of the
Exercise Price in effect immediately prior to such action to purchase upon exercise of this Warrant the kind and amount of Units
and other securities and property which he would have owned or have been entitled to receive after the happening of such consolidation,
amalgamation, merger, sale or conveyance had this Warrant been exercised immediately prior to such action.  Such agreement
shall provide for adjustments, which shall be as nearly equivalent as may be practicable to the adjustments provided for in this
Section 8.  The Company shall mail an executed copy of any such agreement by first class mail, postage prepaid, to the
Holder.  The provisions of this subsection 8.4 shall similarly apply to successive consolidations, mergers, sales, or
conveyances.

Section 9. Fractional Interests

The Company shall not be required to
issue fractional Shares on the exercise of this Warrant.  If any fraction of a Share would, except for the provisions
of this Section 9, be issuable on the exercise of this Warrant (or specified portion thereof), the Company shall pay an amount
in cash, without interest, in lieu of any fractional share to which the Holder may be entitled in an amount equal to the product
of (a) the fractional Share interest to which the Holder would otherwise be entitled hereunder multiplied by (b) the closing price
of Shares on the New York Stock Exchange (“NYSE”) or applicable trading market, on the day of exercise or, if
such day is not a trading day on the NYSE or applicable trading market, the most recent trading day prior to such day of exercise.

Section 10. No Right to Vote as Shareholders;
Notices to Holder

Nothing contained in this Warrant shall
be construed as conferring upon the Holder or the Holder’s transferees the right to vote or to consent or to receive notice
as shareholders in respect of any meeting of shareholders for the election of directors of the Company or any other matter, or
any rights whatsoever as shareholders of the Company.  If, however, at any time prior to the expiration of this Warrant
and prior to its exercise, any of the following events shall occur:

(a) any action which would require
an adjustment pursuant to subsection 8.1 or 8.4, or

(b) a dissolution, liquidation,
or winding up of the Company (other than in connection with a consolidation, amalgamation, merger, or sale of all or substantially
all of its property, assets, and business as an entirety) shall be proposed;

the Company shall in each such case give notice in writing
of such event to the Holder as provided in Section 11 hereof.  Failure to publish or mail such notice or any defect therein
or in the publication or mailing thereof shall not affect the validity of any such action.

Section 11. Notices

(a) Any notice to the Company
pursuant to this Warrant shall be in writing and shall be deemed to have been duly given if delivered or mailed certified mail,
return receipt requested, to the Company at 29 Pembroke Road, Pembroke HM08, Bermuda, Attn: General Counsel. The Company may from
time to time change the address to which such notices are to be delivered or mailed hereunder by notice to the Holder in accordance
with paragraph (b) below.

(b) Any notice pursuant to this
Warrant by the Company to the Holder shall be in writing and shall be deemed to have been duly given upon receipt by the Holder,
if mailed, or upon confirmation of delivery at the Holder’s address, in the books of the Company if sent by courier.

Section 12. Supplements and Amendments

The Company may from time to time supplement
or amend this Warrant, without the approval of the Holder, in order to cure any ambiguity or to correct or supplement any provision
contained herein which may be defective or inconsistent with any other provisions herein, or to make any other provisions in regard
to matters or questions arising hereunder which the Company may deem necessary or desirable and which shall not be inconsistent
with the provisions of this Warrant and which shall not adversely affect the interest of the Holder.  Any other amendment
to this Warrant may be made only by a written instrument executed by the Company and the Holder.

Section 13. Successors

All the covenants and provisions of this
Warrant by or for the benefit of the Company or the Holder shall bind and inure to the benefit of their respective successors and
permitted assigns hereunder.

Section 14. Applicable Law

This Warrant shall be deemed to be a
contract made under the laws of Bermuda and for all purposes shall be construed in accordance with the laws thereof.

Section 15. Effectiveness

This
  Warrant shall be deemed to be effective at the Final Effective Time as such
  term is defined in the Agreement and Plan of Merger (the “Merger Agreement”),
dated as of August 30, 2012, by and among Flagstone Reinsurance Holdings, S.A.,
  a Luxembourg société anonyme, Flagstone Reinsurance Holdings (Bermuda) Limited, a Bermuda exempted company, the

Company and Validus UPS, Ltd., a Bermuda exempted company, and shall be
  void and of no force or effect in the event the Merger Agreement is terminated
  pursuant to its terms prior to the Final Effective Time. This Warrant supersedes
  and replaces in their entirety any warrants previously issued to Leyton Limited
by Flagstone Reinsurance Holdings, S.A. or any of its predecessors.

IN WITNESS WHEREOF, the Company has caused this Warrant to
be executed by its authorized representative.

Date: 30 November, 2012

 

 

 

  	validus holdings, ltd.
	 
	By:	/s/ Robert F. Kuzloski
	 	Name:  Robert F. Kuzloski
	 	
          Title:Executive Vice President
          &

          General Counsel

 

 

 

 

 

 

ATTEST:

	By:	/s/ David Brown
	 	Name:  David Brown
	 	Title:    Director, Leyton Limited

 

 

 

ACKNOWLEDGED AND AGREED:

 

 

	FLAGSTONE REINSURANCE HOLDINGS, S.A.
	 	 
	By:	/s/ William Fawcett
	 	Name:  William Fawcett
	 	Title:    General Counsel and Corporate Secretary

validus holdings,
ltd.

series f

SHARE PURCHASE WARRANT

 

PURCHASE FORM

The undersigned hereby irrevocably elects
to exercise the right of purchase represented by the within Warrant Certificate for, and to purchase thereunder, ______________
units of merger consideration (the “Units”) provided for therein, and requests that certificates for the Shares
(as defined in the Warrant) be issued in the name of:

(Please Print or Type Name, Address and
Social Security Number)

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

and, if said number of Units shall not be all the Units purchasable
hereunder, that a new Warrant Certificate for the balance of the unpurchased Units be registered in the name of the undersigned
Warrantholder as below indicated and delivered to the address stated below:

(Please Print)

	Dated:	 
	 	 
	Name of Warrantholder:	 
	 	 
	Address:	 
	 	 
	 	 
	 	 
	Signature:	 
	 	 	 	 	 

 

Note:  The above signature
must correspond with the name as written upon the face of this Warrant Certificate in every particular, without alteration or enlargement
or any change whatever.

	Signature Guaranteed:	 

 

 

(Signature must be guaranteed by a bank or trust company
having an office or correspondent in the United States or by a member firm of a registered securities exchange or the Financial
Industry Regulatory Authority, Inc.)

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