Document:

EXHIBIT
      10.2

    EXECUTION
      COPY

    

    

    EMPLOYMENT
      AGREEMENT

    

    THIS
      EMPLOYMENT AGREEMENT
      dated as
      of July 3, 2007 (the "Effective Date"), by and between Maiden Holdings, Ltd.,
      7
      Reid Street, Hamilton HM 12, Bermuda, a Bermuda company (the "Company")
and
      Bentzion S. Turin, an individual residing at 10 West 87th Street, Apartment 1B, New York, New York, 10024 ("Executive").

    

    WITNESSETH

    

    WHEREAS,
      the
      Company and Executive each desire to enter into this Employment Agreement (the
      "Agreement") in order to set forth the terms and conditions of Executive's
      employment during the period in which the Company establishes itself (the
      "Transition Period"), intending to supersede any prior employment agreement,
      written or oral, whether with the Company or other affiliates with regard to
      this Transition Period employment with the Company.

    

    NOW,
      THEREFORE,
      in
      consideration of the mutual covenants and promises contained herein and other
      good and valuable consideration, receipt of which is acknowledged, the parties
      hereto agree as follows:

    

    1. Duties
      and Responsibilities. It
      is the
      intention of the Company that Executive shall serve as Chief Operating Officer,
      General Counsel and Secretary of the Company, at the pleasure of the board
      of
      directors of the Company (the "Board of Directors"), reporting on a day-to-day
      basis directly to the President and
      Chief
      Executive Officer of the Company. Executive shall have such duties and
      responsibilities, consistent with his title and position, as may be
      assigned to him by the Board of Directors from time to time.
      Executive's
      principal place of work will be in Hamilton, Bermuda, but he shall be required
      to travel as reasonably necessary to carry out his duties. 

    

    Executive
      recognizes that, during the period of his employment hereunder, he owes an
      undivided duty of loyalty to the Company and agrees to devote all of his
      business time and attention to the performance of his duties and
      responsibilities and to use his best efforts to promote and develop the business
      of the Company. Subject to the approval of the Board of Directors, which shall
      not be unreasonably withheld, Executive shall be entitled to serve on corporate,
      civic, and/or charitable boards or committees and to otherwise reasonably
      participate as a member in community, civic, or similar organizations and the
      pursuit of personal investments which do not present any material conflicts
      of
      interest with the Company. If elected or appointed, Executive shall serve on
      the
      Board of Directors and/or the board of directors of the Company's affiliates
      without additional compensation.

    

    2. Employment
      Period.
      For the
      Transition Period, commencing on the Effective Date hereof and ending December
      31, 2007 (the "Employment Period"), subject always to Clause 5, the Company
      hereby employs Executive in the capacities herein set forth. Executive agrees,
      pursuant to the terms hereof, to serve in such capacities for the Employment
      Period. If Executive has not entered into a successive employment agreement
      with
      the Company by the expiration of the Employment Period, this Agreement will
      automatically renew on such date one time for an additional Employment Period
      which will expire on June 30, 2008. If Executive has not entered into a
      successive employment agreement by the expiration of this second Employment
      Period, Executive will be treated as an at-will employee of the
      Company.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3. Compensation
      and Benefits.

    

    (a) Salary.
      The Company shall pay or cause an affiliate to pay Executive a salary at the
      rate of $275,000 per annum during the Employment Period, payable in accordance
      with the Company's normal payroll process (and such amount paid by the Company
      shall be referred to herein as "Salary"). 

    

    (b) Profit
      Bonus. Executive
      shall be eligible to receive a profit bonus in an amount equal to no less than
      20% of Salary, to reflect the Executive's individual contribution to the
      Company's profits for the fiscal year, as determined in the sole discretion
      of
      the Board of Directors. The Profit Bonus, if any, shall be paid on the date
      following the date that the Company's completed consolidated financial
      statements for the 2007 calendar year are issued, but in no event later than
      June 30, 2008.

    

    (c) Special
      Bonus. It
      is
      understood and agreed that the Company intends to adopt a 2007 Share Incentive
      Plan (the "Plan"). Executive shall be granted
      options
      to purchase under the Plan 75,000 shares of the Company's common shares, subject
      to the terms and conditions of the Plan and respective award agreement.
Such
      share options will be incentive share options within the meaning of Section
      422
      of the Internal Revenue Code of 1986, as amended (the "Code"), to the extent
      permitted by law. Twenty-five percent of the options will become exercisable
      on
      the first anniversary of the date that the options are granted, with an
      additional 6.25% of the options vesting each quarter thereafter based on
      Executive's continued employment, and will expire ten years after the date
      of
      grant. 

    

    (d) Executive
      shall also be entitled to the following benefits:

    

    
      	 	
              (i)

            	
              two
                and one-half (2 1⁄2) weeks of paid vacation for the Employment Period, or
                such greater period as may be approved from time to time by Board
                of
                Directors to be taken at times mutually convenient to Executive and
                the
                Company. Compensation shall not be provided in lieu of unused vacation
                time; 

            

    

    

    
      	 	
              (ii)

            	
              paid
                holidays and any and all other work-related leave (whether sick leave
                or
                otherwise) as provided to the Company's other executive employees;
                and

            

    

    

    
      
        
        

      

      
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              (iii)

            	
              Executive
                will participate in such benefit schemes to which executive employees
                of
                the Company, their dependents and beneficiaries generally are entitled
                during the Employment Period, including, without limitation, medical,
                dental, disability, life, retirement and other present or successor
                plans
                and practices of Company for which executive employees, their dependents
                and beneficiaries are eligible.

            

    

    

    4. Reimbursement
      of Expenses.
      The
      Company recognizes that Executive, in performing Executive's functions, duties
      and responsibilities under this Agreement, may be required to spend sums of
      money in connection with those functions, duties and responsibilities for the
      benefit of the Company and, accordingly, shall reimburse Executive for travel
      and other out-of-pocket expenses reasonably and necessarily incurred in the
      performance of his functions, duties and responsibilities hereunder upon
      submission of written statements and/or bills in accordance with the regular
      procedures of the Company in effect from time to time.

    

    5. Termination
      By Company for Cause.
      The
      Company may discharge Executive for Cause at any time. Cause shall include
      (i) a
      material breach of this Agreement by Executive, but only if such material breach
      is not cured within thirty (30) days following written notice by the Company
      to
      Executive of such breach, assuming such breach may be cured; (ii) Executive
      is
      convicted of any act or course of conduct involving moral turpitude; or (iii)
      Executive engages in any willful act or willful course of conduct constituting
      an abuse of office or authority which significantly and adversely affects the
      business or reputation of the Company. No act, failure to act or course of
      conduct on Executive's part shall be considered willful unless done, or omitted
      to be done, by him not in good faith and without reasonable belief that his
      action, omission or course of conduct was in the Company's best interests.
      Any
      written notice by the Company to Executive pursuant to this Clause 5 shall
      set
      forth, in reasonable detail, the facts and circumstances claimed to constitute
      the Cause. If Executive is discharged for Cause, the Company, without any
      limitations on any remedies it may have at law or equity, shall have no
      liability for Salary or any other compensation and benefits to Executive after
      the date of such discharge.

    

    6. Non-Disclosure
      of Confidential Information.
      "Confidential Information" means all information known by Executive about the
      Company's business plans, present or prospective customers, vendors, products,
      processes, services or activities, including the costing and pricing of such
      services or activities, employees, agents and representatives. Confidential
      Information does not include information generally known, other than through
      breach of a confidentiality agreement with the Company, in the industry in
      which
      the Company engages or may engage. Executive will not, while this Agreement
      is
      in effect or after its termination, directly or indirectly, use or disclose
      any
      Confidential Information, except in the performance of Executive's duties for
      the Company, or to other persons as directed by the Board of Directors.
      Executive will use reasonable efforts to prevent unauthorized use or disclosure
      of Confidential Information. Upon termination of employment with the Company,
      Executive will deliver to the Company all writings relating to or containing
      Confidential Information, including, without limitation, notes, memoranda,
      letters, electronic data, drawings, diagrams, and printouts, as well as any
      tapes, discs, flash drives or other forms of recorded information. If Executive
      violates any provision of this Clause 6 while this Agreement is in effect or
      after termination, the Company specifically reserve the right, in appropriate
      circumstances, to seek full indemnification from Executive should the Company
      suffer any monetary damages or incur any legal liability to any person as a
      result of the disclosure or use of Confidential Information by Executive in
      violation of this Clause 6.

    

    
      
        
        

      

      
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    7. Restrictive
      Covenant.

    

    (a) Prohibited
      Activities.
      Executive agrees that he shall not (unless he has received the prior written
      consent of the Company), during the Employment Period and the period beginning
      on the date of termination of employment and ending three (3) years thereafter
      (together, the "Restriction Period"), directly or indirectly, for any reason,
      for his own account or on behalf of or together with any other person or
      firm:

    

    
      	 	
              (i)

            	
              hire
                or solicit for employment or call on, directly or indirectly, through
                any
                person or firm, any senior employee who is at that time (or at any
                time
                during the one year prior thereto) employed by or representing the
                Company
                or its affiliates with the purpose or intent of attracting that senior
                employee from the employ or representation of the Company or its
                affiliates;

            

    

    

    
      	 	
              (ii)

            	
              call
                on, solicit or perform services for, directly or indirectly through
                any
                person or firm, any person or firm that at that time is, or at any
                time
                within the one year prior to that time was, a customer of the Company
                or
                its affiliates with whom Executive had dealings, for the purpose
                of
                soliciting or selling any product or service in competition with
                the
                Company or its affiliates; or 

            

    

    

    
      	 	
              (iii)

            	
              call
                on, directly or indirectly through any person or firm, any entity
                which
                has been called on by the Company or an affiliate in connection with
                a
                possible acquisition by the Company or an affiliate with the knowledge
                of
                that entity's status as such an acquisition candidate, for the purpose
                of
                acquiring that entity or arranging the acquisition of that entity
                by any
                person or firm other than the Company or the
                affiliate.

            

    

    

    (b) Damages.
      Because
      of (i) the difficulty of measuring economic losses to the Company as a result
      of
      any breach by Executive of the covenants in Clause 7(a), and (ii) the immediate
      and irreparable damage which could be caused to the Company for which they
      would
      have no other adequate remedy, Executive agrees that the Company may enforce
      the
      provisions of Clause 7(a) by injunction and restraining order against Executive
      if he breaches any of said provisions, without the necessity of providing a
      bond
      or other security.

    

    
      
        
        

      

      
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    (c) Reasonable
      Restraint.
      The
      parties hereto agree that Clauses 7(a) and 7(b) impose a reasonable restraint
      on
      Executive in light of the activities and business of the Company on the date
      hereof and the current business plans of the Company.

    

    8. Ownership
      of Inventions.
      Executive shall promptly disclose in writing to the Board of Directors all
      inventions, discoveries, and improvements conceived, devised, created, or
      developed by Executive in connection with his employment (collectively,
      "Invention"), and Executive shall transfer and assign to the Company all right,
      title and interest in and to any such Invention, including any and all domestic
      and foreign patent rights, domestic and foreign copyright rights therein, and
      any renewal thereof. Such disclosure is to be made promptly after the conception
      of each Invention, and each Invention is to become and remain the property
      of
      the Company, whether or not patent or copyright applications are filed thereon
      by the Company. Upon request of the Company, Executive shall execute from time
      to time during or after the termination of employment such further instruments
      including, without limitation, applications for patents and copyrights and
      assignments thereof as may be deemed necessary or desirable by the Company
      to
      effectuate the provisions of this Clause 8.

    

    9. Construction.
      If the
      provisions of Clause 7 should be deemed unenforceable, invalid, or overbroad
      in
      whole or in part for any reason, then any court of competent jurisdiction
      designated in accordance with Clause 11 is hereby authorized, requested, and
      instructed to reform such Clause 7 to provide for the maximum competitive
      restraint upon Executive's activities (in time, product, geographic area and
      customer or employee solicitation) which shall then be legal and
      valid.

     

    10. Damages
      and Jurisdiction.
      Executive agrees that violation of or threatened violation of Clauses 6, 7
      or 8
      would cause irreparable injury to the Company for which any remedy at law would
      be inadequate, and the Company shall be entitled in any court of law or equity
      of competent jurisdiction to preliminary, permanent and other injunctive relief
      against any breach or threatened breach of the provisions contained in Clauses
      6, 7 or 8 hereof, without providing bond or other security, and such
      compensatory damages as shall be awarded. Further, in the event of a violation
      of the provisions of Clause 7, the Restriction Period referred to therein shall
      be extended for a period of time equal to the period that any violation
      occurred.

    

    11. Jurisdiction
      and Venue.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      Bermuda, without giving effect to the principles of conflict of laws thereof.
      The Company and Executive hereby each consents to the exclusive jurisdiction
      of
      the Bermuda courts with respect to any dispute arising under the terms of this
      Agreement and further consents that any process or notice of motion therewith
      may be served by certified or registered mail or personal service, within or
      without Bermuda, provided a reasonable time for appearance is allowed. Each
      party acknowledges and agrees that any controversy which may arise under this
      Agreement is likely to involve complicated and difficult issues, and therefore
      each party hereby irrevocably and unconditionally waives any right such party
      may have to a trial by jury with respect to any litigation directly or
      indirectly arising out of or relating to this Agreement, or the breach,
      termination or validity of this Agreement, or the transactions contemplated
      by
      this Agreement. The parties further agree that any judgment, order or injunction
      granted by any court within Bermuda shall be enforceable in any jurisdiction
      in
      which the Company or its affiliates do business.

    

    
      
        
        

      

      
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    12. Indemnification.
      To the
      fullest extent permitted by, and subject to, the Company's Certificates of
      Incorporation and By-laws, the Company shall indemnify and hold harmless
      Executive against any losses, damages or expenses (including reasonable
      attorney's fees) incurred by him or on his behalf in connection with any
      threatened or pending action, suit or proceeding in which he is or becomes
      a
      party by virtue of his employment by the Company or any affiliates or by reason
      of his having served as an officer or director of the Company or any other
      corporation at the express request of the Company, or by reason of any action
      alleged to have been taken or omitted in such capacity.

    

    13. Severability.
      If any
      provision of this Agreement is held to be invalid, illegal, or unenforceable,
      that determination will not affect the enforceability of any other provision
      of
      this Agreement, and the remaining provisions of this Agreement will be valid
      and
      enforceable according to their terms.

    

    14.
       Withholding.
      Any
      payments provided for herein shall be reduced by any amounts required to be
      withheld by the Company from time to time under any applicable Federal, State
      or
      local or non-U.S. employment or income tax laws or similar statutes or other
      provisions of law then in effect.

    

    15. Successors
      to Company.
      Except
      as otherwise provided herein, this Agreement shall be binding upon and inure
      to
      the benefit of Executive and Executive's personal representatives, and the
      Company and any successor or assign of the Company, including, without
      limitation, any corporation acquiring, directly or indirectly, all or
      substantially all of the assets of the Company, whether by merger,
      consolidation, sale or otherwise (and such successor shall thereafter be deemed
      embraced within the term "Company" for the purposes of this Agreement), but
      shall not otherwise be assignable by the Company. The services to be provided
      by
      Executive hereunder may not be delegated nor may Executive assign any of his
      rights hereunder.

    

    16. No
      Restrictions.
      Executive represents and warrants that as of the Effective Date of this
      Agreement, Executive will not be subject to any contractual obligations or
      other
      restrictions, including, but not limited to, any covenant not to compete, that
      could interfere in any way with his employment hereunder.

    

    
      
        
        

      

      
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    17. Miscellaneous.

    

    (a) This
      Agreement constitutes the entire understanding of the parties with respect
      to
      the subject hereof and may be modified only in writing.

    

    (b) If
      Executive should die while any amount would still be payable to him under this
      Agreement if he had continued to live, all such amounts, unless otherwise
      provided herein, shall be paid in accordance with the terms of this Agreement
      to
      Executive's estate or legal representative.

    

    (c) The
      failure of any of the parties hereto to enforce any provision hereof on any
      occasion shall not be deemed to be a waiver of any provision or succeeding
      breach of such provision or any other provision.

    

    (d) All
      notices under this Agreement shall be given by registered or certified mail,
      return receipt requested, directed to parties at the following addresses or
      to
      such other addresses as the parties may designate in writing:

     

    If
      to the
      Company:

    

    Maiden
      Holdings, Ltd.

    7
      Reid
      Street

    Hamilton
      HM 12 Bermuda

    Attention:
      Secretary

    

    If
      to
      Executive:

    

    Bentzion
      S. Turin

    10
      West
      87th St., Apt. 1B

    New
      York,
      NY 10024

    

    (e) In
      furtherance and not in limitation of the foregoing, this Agreement supersedes
      any employment agreement between the Company and Executive, written or oral,
      and
      any such agreement hereby is terminated and is no longer binding on either
      party.

    

    18. Key
      Man Insurance Authorization.
      At any
      time during the term of this Agreement, the Company will have the right (but
      not
      the obligation) to insure the life of Executive for the sole benefit of the
      Company and to determine the amount of insurance and type of policy. The Company
      will be required to pay all premiums due on such policies. Executive will
      cooperate with the Company in taking out the insurance by submitting to physical
      examination, by supplying all information required by the insurance company,
      and
      by executing all necessary documents. Executive, however, will incur no
      financial obligation by executing any required document, and will have no
      interest in any such policy.

    
      
        
        

      

      
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    19. Counterparts.
      This
      Agreement may be executed in one or more counterparts, all of which shall be
      deemed to be duplicate originals.

    

    MAIDEN
      HOLDINGS, LTD.

    

    

    By:____/s/
      Max G. Caviet ______________             ____/s/
      Bentzion S. Turin_______________

    Max
      G.
      Caviet,          Bentzion
      S. Turin

    President,
      Chief Executive Officer and
      Director

    
 

    
      
        
        

      

      
        8EXHIBIT
      10.3

    

    

    MAIDEN
      HOLDINGS, LTD. 2007 SHARE INCENTIVE PLAN

    

    1. Preamble.

     

    Maiden
      Holdings, Ltd., a Bermuda company, hereby establishes the Maiden Holdings,
      Ltd.
      2007 Share Incentive Plan as a means whereby the Company may, through awards
      of
      (i) incentive share options, (ii) non-qualified share options and (iii)
      restricted shares:

     

    
      	 	
              (a)

            	
              provide
                selected officers, directors, employees and consultants with additional
                incentive to promote the success of the Company’s
                business;

            

    

     

    
      	 	
              (b)

            	
              encourage
                such persons to remain in the service of the Company;
                and

            

    

     

    
      	 	
              (c)

            	
              enable
                such persons to acquire proprietary interests in the
                Company.

            

    

     

    2. Definitions
      and Rules of Construction.

     

    2.01 “Award”
      means the grant of Options and/or Restricted Shares to a
      Participant.

     

    2.02 “Award
      Date” means the date upon which an Option or Restricted Share is awarded to a
      Participant under the Plan.

     

    2.03 “Board”
      or “Board of Directors” means the board of directors of the
      Company.

     

    2.04 “Cause”
      shall mean any willful misconduct by the Participant which affects the business
      reputation of the Company or willful failure by the Participant to perform
      his
      or her material responsibilities to the Company (including, without limitation,
      breach by the Participant of any provision of any employment, consulting,
      advisory, nondisclosure, non-competition or other similar agreement between
      the
      Participant and the Company or any Subsidiary). The Participant shall be
      considered to have been discharged for “Cause” if the Company determines, within
      30 days after the Participant’s resignation, that discharge for Cause was
      warranted.

     

    2.05 “Change
      of Control” shall be deemed to have occurred on the first to occur of any of the
      following:

     

    
      	 	
              (i)

            	
              any
                “person” (as such term is used in Section 13(d) and 14(d)(2) of the
                Securities Exchange Act of 1934), other than any Subsidiary or any
                employee benefit plan of the Company or a Subsidiary or former Subsidiary,
                is or becomes a beneficial owner, directly or indirectly, of shares
                of the
                Company representing 25% or more of the total voting power of the
                Company’s then outstanding shares;

            

    

     

    
      	 	
              
                (ii)

              

            	
              a
                tender offer (for which a filing has been made with the SEC which
                purports
                to comply with the requirements of Section 14(d) of the Securities
                Exchange Act of 1934 and the corresponding SEC rules) is made for
                the
                shares of the Company. In case of a tender offer described in this
                paragraph (ii), the “Change of Control” will be deemed to have occurred
                upon the first to occur of (A) any time during the offer when the
                person
                (using the definition in (i) above) making the offer owns or has
                accepted
                for payment shares of the Company with 25% or more of the total voting
                power of the Company’s outstanding shares or (B) three business days
                before the offer is to terminate unless the offer is withdrawn first,
                if
                the person making the offer could own, by the terms of the offer
                plus any
                shares owned by this person, shares with 50% or more of the total
                voting
                power of the Company’s outstanding shares when the offer terminates;
                or

            

    

     

    
      
        
        

      

      
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              (iii)

            	
              individuals
                who were the Board’s nominees for election as directors of the Company
                immediately prior to a meeting of the shareholders of the Company
                involving a contest for the election of directors shall not constitute
                a
                majority of the Board following the
                election.

            

    

     

    2.06 “Code”
      means the United States Internal Revenue Code of 1986, as amended from time
      to
      time, or any successor thereto.

     

    2.07 “Committee”
      means two or more directors elected by the Board of Directors from time to
      time;
      provided, however, that in the absence of an election by the Board, the
      Committee shall mean the Compensation Committee of the Board of Directors,
      or if
      there is no such Committee, then the Board of Directors.

     

    2.08 "Company”
      means Maiden Holdings, Ltd., a Bermuda company, and any successor
      thereto.

     

    2.09 “Exchange
      Act” shall mean the United States Securities Exchange Act of 1934, as it exists
      now or from time to time may hereafter be amended.

     

    2.10 “Fair
      Market Value” shall be as determined in good faith by the Committee or the Board
      until such time as the Ordinary Shares are quoted or listed on the NASDAQ Stock
      Market System or a national securities exchange. Thereafter, Fair Market Value
      shall be the closing sale price on such market for the Ordinary Shares on the
      date of the Award.

     

    2.11 “Good
      Reason” shall mean any of the following:

     

    
      	 	
              (i)

            	
              any
                significant diminution in the Participant’s title, authority, or
                responsibilities from and after a Change of
                Control;

            

    

     

    
      	 	
              (ii)

            	
              any
                reduction in the base compensation payable to the Participant from
                and
                after a Change of Control; or

            

    

     

    
      	 	
              (iii)

            	
              the
                relocation after a Change of Control of the Company’s place of business at
                which the Participant is principally located to a location that is
                greater
                than 50 miles from the site immediately prior to the Change of
                Control.

            

    

     

    
      
        
        

      

      
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    2.12 “ISO”
      means an incentive share option which is intended to qualify as an incentive
      stock option within the meaning of section 422 of the Code.

     

    2.13 “NSO”
      means a non-qualified share option, which is not intended to qualify as an
      incentive stock option under section 422 of the Code.

     

    2.14 “Option”
      means the right of a Participant, whether granted as an ISO or an NSO, to
      purchase a specified number of Ordinary Shares, subject to the terms and
      conditions of the Plan.

     

    2.15 “Option
      Price” means the price per Ordinary Share at which an Option may be
      exercised.

     

    2.16 "Ordinary
      Shares" means the $0.01 par value ordinary shares of the Company.

     

    2.17 “Participant”
      means an individual to whom an Award has been granted under the
      Plan.

     

    2.18 “Plan”
      means the Maiden Holdings, Ltd. 2007 Share Incentive Plan, as set forth herein
      and from time to time amended.

     

    2.19 “Restricted
      Shares” means the Ordinary Shares awarded to a Participant pursuant to Section 8
      of this Plan.

     

    2.20 “Subsidiary”
      means any entity during any period which the Company owns or controls more
      than
      50% of (i) the outstanding capital shares, or (ii) the combined voting power
      of
      all classes of shares.

     

    2.21 Rules
      of
      Construction:

     

    2.21.1 Governing
      Law and Venue.
      The
      construction and operation of this Plan are governed by the laws of Bermuda
      without regard to any conflicts or choice of law rules or principles that might
      otherwise refer construction or interpretation of this Agreement to the
      substantive law of another jurisdiction.

     

    2.21.2 Undefined
      Terms.
      Unless
      the context requires another meaning, any term not specifically defined in
      this
      Plan is used in the sense given to it by the Code.

     

    2.21.3 Headings.
      All
      headings in this Plan are for reference only and are not to be utilized in
      construing the Plan.

     

    2.21.4 Conformity
      with Section 422.
      Any
      ISOs issued under this Plan are intended to qualify as incentive stock options
      described in section 422 of the Code, and all provisions of the Plan relating
      to
      ISOs shall be construed in conformity with this intention. Any NSOs issued
      under
      this Plan are not intended to qualify as incentive stock options described
      in
      section 422 of the Code, and all provisions of the Plan relating to NSOs shall
      be construed in conformity with this intention.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    2.21.5 Gender.
      Unless
      clearly inappropriate, all nouns of whatever gender refer indifferently to
      persons or objects of any gender.

     

    2.21.6 Singular
      and Plural.
      Unless
      clearly inappropriate, singular terms refer also to the plural and vice
      versa.

     

    2.21.7 Severability.
      If any
      provision of this Plan is determined to be illegal or invalid for any reason,
      the remaining provisions are to continue in full force and effect and to be
      construed and enforced as if the illegal or invalid provision did not exist,
      unless the continuance of the Plan in such circumstances is not consistent
      with
      its purposes.

     

    3. Shares
      Subject to the Plan.

     

    Subject
      to adjustment as provided in Section 11 hereof, the aggregate number of Ordinary
      Shares for which Awards may be issued under this Plan may not exceed 2,800,000
      shares, of which only 700,000 shares may be issued as Restricted Share Awards.
      Reserved shares shall be authorized but unissued shares. If any Award shall
      terminate or expire, as to any number of Ordinary Shares, new Awards may
      thereafter be awarded with respect to such shares. Notwithstanding the
      foregoing, the total number of Ordinary Shares with respect to which Awards
      may
      be granted to any Participant in any calendar year shall not exceed 500,000
      shares (subject to adjustment as provided in Section 11
      hereof).

     

    4. Administration.

     

    The
      Committee shall administer the Plan. All determinations of the Committee are
      made by a majority vote of its members. The Committee’s determinations are final
      and binding on all Participants. In addition to any other powers set forth
      in
      this Plan, the Committee has the following powers:

     

    
      	 	
              (a)

            	
              to
                construe and interpret the Plan;

            

    

     

    
      	 	
              (b)

            	
              to
                establish, amend and rescind appropriate rules and regulations relating
                to
                the Plan;

            

    

     

    
      	 	
              (c)

            	
              subject
                to the terms of the Plan, to select the individuals who will receive
                Awards, the times when they will receive them, the number of Options
                and
                Restricted Shares to be subject to each Award, the Option Price,
                the
                vesting schedule (including any performance targets to be achieved
                in
                connection with the vesting of any Award), the expiration date applicable
                to each Award and other terms, provisions and restrictions of the
                Awards
                (which need not be identical) and subject to Section 16 hereof, to
                amend
                or modify any of the terms of outstanding
                Awards;

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
      	 	
              (d)

            	
              to
                contest on behalf of the Company or Participants, at the expense
                of the
                Company, any ruling or decision on any matter relating to the Plan
                or to
                any Awards;

            

    

     

    
      	 	
              (e)

            	
              generally,
                to administer the Plan, and to take all such steps and make all such
                determinations in connection with the Plan and the Awards granted
                thereunder as it may deem necessary or advisable;
                and

            

    

     

    
      	 	
              (f)

            	
              to
                determine the form in which tax withholding under Section 14 of this
                Plan
                will be made (i.e.,
                cash, Ordinary Shares or a combination
                thereof).

            

    

     

    Except
      to
      the extent prohibited by applicable law or the applicable rules of a stock
      exchange, the Committee may allocate all or any portion of its responsibilities
      and powers to any one or more of its members and may delegate all or any part
      of
      its responsibilities and powers to any person or persons selected by it. Any
      such allocation or delegation may be revoked by the Committee at any
      time.

     

    5. Eligible
      Participants.

     

    Present
      and future directors, officers, employees and consultants of the Company or
      any
      Subsidiary shall be eligible to participate in the Plan. The Committee from
      time
      to time shall select those officers, directors and employees of the Company
      and
      any Subsidiary of the Company who shall be designated as Participants and shall
      designate in accordance with the terms of the Plan the number, if any, of ISOs,
      NSOs, and Restricted Shares or any combination thereof, to be awarded to each
      Participant.

     

    6. Terms
      and Conditions of Non-Qualified Share Options.

     

    Subject
      to the terms of the Plan, the Committee, in its discretion, may award an NSO
      to
      any Participant. Each NSO shall be evidenced by an agreement, in such form
      as is
      approved by the Committee, and except as otherwise provided by the Committee
      in
      such agreement, each NSO shall be subject to the following express terms and
      conditions, and to such other terms and conditions, not inconsistent with the
      Plan, as the Committee may deem appropriate:

     

    6.01 Option
      Period.
      Each
      NSO will expire as of the earliest of:

     

    
      	 	
              (i)

            	
              the
                date on which it is forfeited under the provisions of Section
                10.1;

            

    

    
       

      
        	 	
                (ii)

              	
                10
                  years from the Award Date;

              

      

    

     

    
      	 	
              (iii)

            	
              in
                the case of a Participant who is an employee of the Company or a
                Subsidiary, three months after the Participant’s termination of employment
                with the Company and its Subsidiaries for any reason other than for
                Cause
                or death or total and permanent
                disability;

            

    

     

    
      	 	
              (iv)

            	
              in
                the case of a Participant who is a member of the board of directors
                of the
                Company or a Subsidiary, but not an employee of the Company or a
                Subsidiary, three months after the Participant’s retirement from such
                board for any reason other than for Cause or death or total and permanent
                disability or the sale, merger or consolidation, or similar extraordinary
                transaction involving the Company or Subsidiary, as the case may
                be;

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
      	 	
              (v)

            	
              immediately
                upon the Participant’s termination of employment with the Company and its
                Subsidiaries or service on the board of directors of the Company
                or a
                Subsidiary for Cause;

            

    

     

    
      	 	
              (vi)

            	
              12
                months after the Participant’s death or total and permanent disability;
                or

            

    

     

    
      	 	
              (vii)

            	
              any
                other date specified by the Committee when the NSO is
                granted.

            

    

     

    6.02 Option
      Price.
      The
      Option Price of any NSO shall be determined by the Committee at the time the
      NSO
      is granted, and shall be no less than 100% of the Fair Market Value of the
      Ordinary Shares subject to the NSO on the Award Date.

     

    6.03 Vesting.
      Unless
      otherwise determined by the Committee and set forth in the agreement evidencing
      an Award, NSO Awards shall vest in accordance with Section 10.1.

     

    6.04 Other
      Option Provisions.
      The
      form of NSO authorized by the Plan may contain such other provisions as the
      Committee may from time to time determine.

     

    7. Terms
      and Conditions of Incentive Share Options.

     

    Subject
      to the terms of the Plan, the Committee, in its discretion, may award an ISO
      to
      any employee of the Company or a Subsidiary. Each ISO shall be evidenced by
      an
      agreement, in such form as is approved by the Committee, and except as otherwise
      provided by the Committee, each ISO shall be subject to the following express
      terms and conditions and to such other terms and conditions, not inconsistent
      with the Plan, as the Committee may deem appropriate:

     

    7.01 Option
      Period.
      Each
      ISO will expire as of the earliest of:

     

    
      	 	
              (i)

            	
              the
                date on which it is forfeited under the provisions of Section
                10.1;

            

    

     

    
      	 	
              (ii)

            	
              10
                years from the Award Date, except as set forth in Section 7.02
                below;

            

    

     

    
      	 	
              (iii)

            	
              immediately
                upon the Participant’s termination of employment with the Company and its
                Subsidiaries for Cause;

            

    

     

    
      	 	
              (iv)

            	
              three
                months after the Participant’s termination of employment with the Company
                and its Subsidiaries for any reason other than for Cause or death
                or total
                and permanent disability;

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
      	 	
              (v)

            	
              12
                months after the Participant’s death or total and permanent disability;
                or

            

    

     

    
      	 	
              (vi)

            	
              any
                other date (within the limits of the Code) specified by the Committee
                when
                the ISO is granted.

            

    

     

    Notwithstanding
      the foregoing provisions granting discretion to the Committee to determine
      the
      terms and conditions of ISOs, such terms and conditions shall meet the
      requirements set forth in section 422 of the Code or any successor
      thereto.

     

    7.02 Option
      Price and Expiration.
      The
      Option Price of any ISO shall be determined by the Committee at the time an
      ISO
      is granted, and shall be no less than 100% of the Fair Market Value of the
      Ordinary Shares subject to the ISO on the Award Date; provided, however, that
      if
      an ISO is granted to a Participant who, immediately before the grant of the
      ISO,
      beneficially owns shares representing more than 10% of the total combined voting
      power of all classes of shares of the Company or its parent or subsidiary
      corporations, the Option Price shall be at least 110% of the Fair Market Value
      of the Ordinary Shares subject to the ISO on the Award Date and in such cases,
      the exercise period specified in the Option agreement shall not exceed five
      years from the Award Date.

     

    7.03 Vesting.
      Unless
      otherwise determined by the Committee and set forth in the agreement evidencing
      an Award, ISO Awards shall vest in accordance with Section 10.1.

     

    7.04 Other
      Option Provisions.
      The
      form of ISO authorized by the Plan may contain such other provisions as the
      Committee may, from time to time, determine; provided, however, that such other
      provisions may not be inconsistent with any requirements imposed on incentive
      stock options under Code section 422 and the regulations
      thereunder.

     

    8. Terms
      and Conditions of Restricted Share Awards.

     

    Subject
      to the terms of the Plan, the Committee, in its discretion, may award Restricted
      Shares to any Participant at no additional cost to the Participant. Each
      Restricted Share Award shall be evidenced by an agreement, in such form as
      is
      approved by the Committee, and all Ordinary Shares awarded to Participants
      under
      the Plan as Restricted Shares shall be subject to the following express terms
      and conditions and to such other terms and conditions, not inconsistent with
      the
      Plan, as the Committee shall deem appropriate:

     

    
      	 	
              (a)

            	
              Restricted
                Period.
                Restricted Shares awarded under this Section 8 may not be sold, assigned,
                transferred, pledged or otherwise encumbered before they
                vest.

            

    

     

    
      	 	
              (b)

            	
              Vesting.
                Unless otherwise determined by the Committee and set forth in the
                agreement evidencing an Award, Restricted Share Awards under this
                Section
                8 shall vest in accordance with Section
                10.2.

            

    

     

    
      	 	
              (c)

            	
              Certificate
                Legend.
                Each certificate issued in respect of Restricted Shares awarded under
                this
                Section 8 shall be registered in the name of the Participant and
                shall
                bear the following (or a similar) legend until such shares have
                vested:

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    “The
      transferability of this certificate and the shares represented hereby are
      subject to the terms and conditions (including forfeiture) relating to
      Restricted Shares contained in Section 8 of the Maiden Holdings, Ltd. 2007
      Share
      Incentive Plan and an Agreement entered into between the registered owner and
      Maiden Holdings, Ltd. Copies of such Plan and Agreement are on file at the
      principal office of Maiden Holdings, Ltd.”

     

    
      	 	
              (d)

            	
              Escrow.
                Any Restricted Shares issued pursuant to this Section 8 shall be
                held by
                the Company in escrow for the benefit of the Participant to whom
                the
                Restricted Shares are awarded. Upon vesting, a certificate for the
                vested
                shares shall be issued to the participant free of the restrictive
                legend
                required by Section 8(c).

            

    

     

    9. Manner
      of Exercise of Options.

     

    To
      exercise an Option in whole or in part, a Participant (or, after his death,
      his
      executor or administrator) must give written notice to the Committee on a form
      acceptable to the Committee, stating the number of shares with respect to which
      he intends to exercise the Option. The Company will issue the shares with
      respect to which the Option is exercised upon payment in full of the Option
      Price. The Committee may permit the Option Price to be paid in cash or Ordinary
      Shares held by the Participant having an aggregate Fair Market Value, as
      determined on the date of delivery, equal to the Option Price. The Committee
      may
      also permit the Option Price to be paid by any other method permitted by law,
      including by delivery to the Committee from the Participant of an election
      directing the Company to withhold the number of Ordinary Shares from the
      Ordinary Shares otherwise due upon exercise of the Option having an aggregate
      Fair Market Value on that date equal to the Option Price. If a Participant
      pays
      the Option Price with Ordinary Shares which were received by the Participant
      upon exercise of one or more ISOs, and such Ordinary Shares have not been held
      by the Participant for at least the greater of:

     

    
      	 	
              (a)

            	
              two
                years from the date the ISOs were granted;
                or

            

    

     

    
      	 	
              (b)

            	
              one
                year after the transfer of the Ordinary Shares to the
                Participant;

            

    

     

    the
      use
      of the shares shall constitute a disqualifying disposition and the ISO
      underlying the shares used to pay the Option Price shall no longer satisfy
      all
      of the requirements of Code section 422.

     

    To
      the
      extent that an Option is not exercised by a Participant when it becomes
      initially exercisable, it shall not expire but shall be carried forward and
      shall be exercisable, on a cumulative basis, until the expiration of the
      exercise period. No partial exercise may be for less than 100 full Ordinary
      Shares.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    Notwithstanding
      any other term or provision of the Plan, no Option granted hereunder may be
      exercised and no Award of Restricted Shares shall take effect, in whole or
      in
      part, unless at the time that the Option or Award has vested (i) the Ordinary
      Shares are quoted or listed on the NASDAQ Stock Market System or other national
      securities exchange, (ii) there has been a sale of in excess of twenty percent
      (20%) of its outstanding shares of the Company to persons not affiliated with
      the Company as the date of the adoption of the Plan, or (iii) all or
      substantially all of the Company’s assets and business have been acquired by
      another corporation or the Company has been merged or consolidated with another
      corporation and the Company is not the surviving corporation of such
      transaction.

     

    10. Vesting.

     

    10.1 Options.
      A
      Participant may not exercise an Option until it has become vested. The portion
      of an Award of Options that is vested depends upon the period that has elapsed
      since the Award Date. The following schedule applies to any Award of Options
      under this Plan unless the Committee establishes a different vesting schedule
      on
      the Award Date:

     

    
      	
              Number
                of Months 

              Since
                Award Date

            	 	
               

              Vested
                Percentage

            
	
              fewer
                than 12 months

            	 	
              0.0%

            
	
              12
                months

            	 	
              25.00%

            
	
              15
                months

            	 	
              31.25%

            
	
              18
                months

            	 	
              37.50%

            
	
              21
                months

            	 	
              43.75%

            
	
              24
                months

            	 	
              50.00%

            
	
              27
                months

            	 	
              56.25%

            
	
              30
                months

            	 	
              62.50%

            
	
              33
                months

            	 	
              68.75%

            
	
              36
                months

            	 	
              75.00%

            
	
              39
                months

            	 	
              81.25%

            
	
              42
                months

            	 	
              87.50%

            
	
              45
                months

            	 	
              93.75%

            
	
              48
                months or more

            	 	
              100.00%

            

    

    

     

    Notwithstanding
      the above schedule, unless otherwise determined by the Committee and set forth
      in the agreement evidencing an Award, a Participant’s Awards shall become fully
      vested if a Participant’s employment with the Company and its Subsidiaries or
      service on the board of directors of the Company or a Subsidiary is terminated
      due to: (i) retirement on or after his sixty-fifth birthday; (ii) retirement
      on
      or after his fifty-fifth birthday with consent of the Company; (iii) retirement
      at any age on account of total and permanent disability as determined by the
      Company; or (iv) death. Unless the Committee otherwise provides in the
      applicable agreement evidencing an Award or Section 10.3 applies, if a
      Participant’s employment with or service to the Company or a Subsidiary
      terminates for any other reason, any Awards that are not yet vested are
      immediately and automatically forfeited.

     

    A
      Participant’s employment shall not be considered to be terminated hereunder by
      reason of a transfer of his employment from the Company to a Subsidiary, or
      vice
      versa, or a leave of absence approved by the Participant’s employer. A
      Participant’s employment shall be considered to be terminated hereunder if, as a
      result of a sale or other transaction, the Participant’s employer ceases to be a
      Subsidiary (and the Participant’s employer is or becomes an entity that is
      separate from the Company and its Subsidiaries).

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    10.2 Restricted
      Shares.
      The
      Committee shall establish the vesting schedule to apply to any Award of
      Restricted Shares that is not associated with an ISO or NSO granted under the
      Plan to a Participant, and in the absence of such a vesting schedule, such
      Award
      shall vest in accordance with Section 10.1.

     

    10.3 Effect
      of “Change of Control”.
      Notwithstanding Sections 10.1 and 10.2 above, if within 12 months following
      a
“Change of Control” the employment of a Participant with the Company and its
      Subsidiaries is terminated, the Board of Directors may vest any Award issued
      to
      the Participant, and in the case of an Award other than a Restricted Share
      Award, such Award shall be fully exercisable for 90 days following the date
      on
      which the Participant’s service with the Company and its Subsidiaries is
      terminated, but not beyond the date the Award would otherwise expire but for
      the
      Participant’s termination of employment.

     

    11. Adjustments
      to Reflect Changes in Capital Structure.

     

    11.01 Adjustments.
      If
      there
      is any change in the corporate structure or shares of the Company, the Committee
      shall make any appropriate adjustments, including, but limited to, such
      adjustments deemed necessary to prevent accretion, or to protect against
      dilution, in the number and kind of Ordinary Shares with respect to which Awards
      may be granted under this Plan (including the maximum number of Ordinary Shares
      with respect to which Awards may be granted under this Plan in the aggregate
      and
      individually to any Participant during any calendar year as specified in Section
      3) and, with respect to outstanding Awards, in the number and kind of shares
      covered thereby and in the applicable Option Price.
      For
      the
      purpose of this Section 11, a change in the corporate structure or shares
      of the Company includes, without limitation, any change resulting from a
      recapitalization, stock split, share dividend, consolidation, rights offering,
      separation, reorganization, or liquidation (including a partial liquidation)
      and
      any transaction in which Ordinary Shares are changed into or exchanged for
      a
      different number or kind of shares or other securities of the Company or another
      corporation.

     

    11.02 Cashouts.
      In the
      event of an extraordinary dividend or other distribution, merger,
      reorganization, consolidation, combination, sale of assets, split up, exchange,
      or spin off, or other extraordinary corporate transaction, the Committee may,
      in
      such manner and to such extent (if any) as it deems appropriate and equitable
      make provision for a cash payment or for the substitution or exchange of any
      or
      all outstanding Awards or the cash, securities or property deliverable to the
      holder of any or all outstanding Awards based upon the distribution or
      consideration payable to holders of Ordinary Shares upon or in respect of such
      event; provided, however, in each case, that with respect to any ISO, no such
      adjustment may be made that would cause the Plan to violate section 422 of
      the
      Code (or any successor provision).

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    12. Nontransferability
      of Awards.

     

    ISOs
      are
      not transferable, voluntarily or involuntarily, other than by will or by the
      laws of descent and distribution or pursuant to a qualified domestic relations
      order as defined by the Code. During a Participant’s lifetime, his ISOs may be
      exercised only by him. All other Awards (other than an ISO) are transferable
      by
      will or by the laws of descent and distribution or pursuant to a qualified
      domestic relations order as defined in the Code. With the approval of the
      Committee, a Participant may transfer an Award (other than an ISO) for no
      consideration to or for the benefit of one or more Family Members of the
      Participant subject to such limits as the Committee may establish, and the
      transferee shall remain subject to all the terms and conditions applicable
      to
      the Award prior to such transfer. The transfer of an Award pursuant to this
      Section 12 shall include a transfer of the right set forth in Section 16 hereof
      to consent to an amendment or revision of the Plan and, in the discretion of
      the
      Committee, shall also include transfer of ancillary rights associated with
      the
      Award. For purposes of this Section 12, “Family Members” mean with respect to a
      Participant, any child, stepchild, grandchild, parent, stepparent, grandparent,
      spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law,
      son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including
      adoptive relationships, any person sharing the Participant’s household (other
      than a tenant or employee), a trust in which these persons have more than 50%
      of
      the beneficial interest, a foundation in which these persons (or the
      Participant) control the management of assets, and any other entity in which
      these persons (or the Participant) own more than 50% of the voting
      interests.

     

    13. Rights
      as Shareholder.

     

    No
      Ordinary Shares may be delivered upon the exercise of any Option until full
      payment has been made. A Participant has no rights whatsoever as a shareholder
      with respect to any shares covered by an Option until the date of the issuance
      of a share certificate for the shares.

     

    14. Withholding
      Tax.

     

    The
      Committee may, in its discretion and subject to such rules as it may adopt,
      permit or require a Participant to pay all or a portion of the federal, state
      and local taxes, including FICA and Medicare withholding tax, arising in
      connection with any Awards by (i) having the Company withhold Ordinary Shares
      at
      the minimum rate legally required, (ii) tendering back Ordinary Shares received
      in connection with such Award or (iii) delivering other previously acquired
      Ordinary Shares having a Fair Market Value approximately equal to the amount
      to
      be withheld.

     

    15. No
      Right to Employment.

     

    Participation
      in the Plan will not give any Participant a right to be retained as an employee
      or director of the Company or its parent or Subsidiaries, or any right or claim
      to any benefit under the Plan, unless the right or claim has specifically
      accrued under the Plan.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    16. Amendment
      of the Plan.

     

    The
      Board, at any time and from time to time, may modify or amend the Plan in any
      respect, except that without the approval of the shareholders of the Company,
      the Board may not (a) materially increase the benefits accruing to Participants,
      (b) increase the maximum number of shares which may be issued under the Plan
      (except for permissible adjustments provided in the Plan) or (c) materially
      modify the requirements as to eligibility for participation in the Plan or
      exercise of an Option. The termination or any modification or amendment of
      the
      Plan shall not, without the consent of the Participant, affect the Participant’s
      rights under an Award previously granted to him or her. With the consent of
      the
      Participant affected, the Board may amend outstanding option agreements in
      a
      manner not inconsistent with the Plan. The Board hereby reserves the right
      to
      amend or modify the terms and provisions of the Plan and of any outstanding
      options under the Plan to the extent necessary to qualify any or all options
      under the Plan for such favorable United States federal income tax treatment
      (including deferral of taxation upon exercise) as may be afforded ISO’s under
      Section 422A of the Code or any successor provision of the Code.

     

    17. Conditions
      Upon Issuance of Shares.

     

    An
      Option
      shall not be exercisable and a share of Ordinary Shares shall not be issued
      pursuant to the exercise of an Option, and Restricted Shares shall not be
      awarded until and unless the award of Restricted Shares, exercise of such Option
      and the issuance and delivery of such share pursuant thereto shall comply with
      all relevant provisions of law, including, without limitation, the United States
      Securities Act of 1933, as amended, the Exchange Act, the rules and regulations
      promulgated thereunder, and the requirements of any stock exchange or national
      securities association upon which the Ordinary Shares may then be listed or
      quoted, and shall be further subject to the approval of counsel for the Company
      with respect to such compliance.

     

    As
      a
      condition to the exercise of an Option, the Company may require the person
      exercising such Option to represent and warrant at the time of any such exercise
      that the Ordinary Shares are being purchased only for investment and without
      any
      present intention to sell or distribute such shares if, in the opinion of
      counsel for the Company, such a representation is required by any of the
      aforementioned relevant provisions of law.

     

    18. Substitution
      or Assumption of Awards by the Company.

     

    The
      Company, from time to time, also may substitute or assume outstanding awards
      granted by another company, whether in connection with an acquisition of such
      other company or otherwise, by either (a) granting an Award under the Plan
      in
      substitution of such other company’s award, or (b) assuming such award as if it
      had been granted under the Plan if the terms of such assumed award could be
      applied to an Award granted under the Plan. Such substitution or assumption
      shall be permissible if the holder of the substituted or assumed award would
      have been eligible to be granted an Award under the Plan if the other company
      had applied the rules of the Plan to such grant. In the event the Company
      assumes an award granted by another company, the terms and conditions of such
      award shall remain unchanged (except that the exercise price and the number
      and
      nature of shares issuable upon exercise of any such option will be adjusted
      appropriately pursuant to section 424(a) of the Code). In the event the Company
      elects to grant a new Award rather than assuming an existing option, such new
      Award may be granted with a similarly adjusted exercise price.

     

    19. Effective
      Date and Termination of Plan.

     

    19.01 Effective
      Date.
      This
      Plan is effective as of the date of its adoption by the Board of Directors,
      subject to subsequent approval by the Company’s shareholders.

     

    19.02 Termination
      of the Plan.
      Unless
      sooner terminated in accordance with Section 11.02 hereof, the Plan shall
      terminate upon the earlier of (i) the tenth anniversary of the date of its
      adoption by the Board or (ii) the date on which all shares available for
      issuance under the Plan shall have been issued pursuant to the exercise or
      cancellation of Options granted hereunder and/or the issuance of Restricted
      Shares. If the date of termination is determined under (i) above, then Options
      outstanding on such date shall continue to have force and effect in accordance
      with the provisions of the instruments evidencing such Options.

     

    

    
      
        
        

      

      
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