Document:

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                                                                   EXHIBIT 10.22

                                                                  EXECUTION COPY

                       SEABRIGHT INSURANCE HOLDINGS, INC.
                             STOCKHOLDERS AGREEMENT

            This AGREEMENT (this "Agreement") is made as of September 30, 2003,
by and among SeaBright Insurance Holdings, Inc., a Delaware corporation (the
"Company"), the Persons listed on Schedule I attached hereto (as amended from
time to time, the "Summit Stockholders"), and the Persons listed on Schedule II
attached hereto (as amended from time to time, the "Other Stockholders"). The
Summit Stockholders and the Other Stockholders are collectively referred to
herein as the "Stockholders" and individually as a "Stockholder." Except as
otherwise indicated herein, capitalized terms used herein are defined in Section
6 hereof.

            WHEREAS, the Summit Stockholders shall purchase shares of the
Company's Convertible Preferred Stock, par value $.01 per share (the
"Convertible Preferred Stock"), pursuant to that certain Stock Purchase
Agreement between the Summit Stockholders and the Company dated as of the date
hereof (the "Purchase Agreement");

            WHEREAS, the Company and each Other Stockholder are parties to an
Executive Stock Agreement, dated as of the date hereof, pursuant to which each
Other Stockholder shall purchase shares of Convertible Preferred Stock;

            WHEREAS, the Company and the Stockholders desire to enter into this
Agreement to establish the composition of the Company's Board of Directors (the
"Board"), to restrict the sale, assignment, transfer, encumbrance or other
disposition of certain Stockholder Shares, and to provide for certain rights and
obligations in respect thereto as hereinafter provided; and

            WHEREAS, the execution and delivery of this Agreement is a condition
to the transactions contemplated by the Purchase Agreement.

            NOW, THEREFORE, in consideration of the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties to this Agreement hereby agree as
follows:

            1.    Board of Directors.

            (a)   From and after the date of this Agreement and until the
provisions of this Section 1 cease to be effective, each holder of Stockholder
Shares will vote all of his or its Stockholder Shares which are voting shares
and any other voting securities of the Company over which such holder has voting
control and shall take all other necessary or desirable actions within his or
its control (whether in his or its capacity as a stockholder, or through any of
its representatives serving as a director, member of a board committee or
officer of the Company or any of its Subsidiaries or otherwise, and including,
without limitation, attendance at meetings in person or by proxy for purposes of
obtaining a quorum and execution of written consents in lieu of meetings), and
the Company and its Subsidiaries shall take all necessary and desirable actions
within its control (including, without limitation, calling special board and
stockholder meetings), so that:

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            (i)   The authorized number of directors on the Board shall be
established and maintained at five (5) directors (the "Directors") (or such
greater or lesser number as determined from time to time by the holders of a
majority of the Summit Shares).

            (ii)  The following individuals shall be nominated and elected to
the Board:

                  (A)   two (2) representatives designated by the holders of a
                        majority of the Summit Shares, who shall initially be
                        Peter Y. Chung and J. Scott Carter (the "Summit
                        Directors"); and

                  (B)   three (3) representatives designated by the holders of a
                        majority of the Summit Shares, one of whom shall be the
                        chief executive officer of the Company (the "CEO") and
                        the other two of whom shall be designated by the holders
                        of a majority of the Summit Shares after consultation
                        with the CEO (who, for avoidance of doubt, shall not
                        have any right of final approval thereof).

            (iii) The removal from the Board (with or without cause) of any
representative designated hereunder by any party shall only be at such party's
request and under no other circumstances (in each case, determined by the party
entitled to designate any such representative pursuant to this Section 1(a)).

            (iv)  In the event that any representative designated hereunder by
any party ceases to serve as a member of the Board during his term of office,
the resulting vacancy on the Board will be filled by a representative selected
by the party entitled to designate such representative pursuant to Section 1(a).

            (b)   The Company will pay or promptly reimburse the actual
reasonable out-of-pocket expenses incurred by each Director in connection with
attending meetings of the Board or any committee of the Board.

            (c)   The provisions of this Section 1 shall terminate automatically
and be of no further force and effect upon the first to occur of (i) the
consummation of an IPO and (ii) the consummation of a Sale of the Company.

            2.    Restrictions on Transfer of Stockholder Shares.

            (a)   Transfer of Stockholder Shares. No holder of Stockholder
Shares (other than the Summit Stockholders) may sell, transfer, assign, pledge
or otherwise dispose of (whether directly or indirectly, whether with or without
consideration and whether voluntarily or involuntarily or by operation of law)
any interest (legal or beneficial) in any Stockholder Shares (a "Transfer"),
except Transfers pursuant to and in accordance with the provisions of Section
2(b) or Section 3 of this Agreement.

            (b)   Certain Permitted Transfers. The restrictions contained in
Section 2(a) will not apply to any Transfer of Stockholder Shares by any
Stockholder (i) among its Affiliates, (ii) pursuant to Section 3 or a Sale of
the Company or pursuant to a repurchase option in favor of the Company and/or
the Summit Stockholders as set forth in any written agreement between

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such Stockholder and the Company or (iii) pursuant to the applicable laws of
descent and distribution or among such Stockholder's Family Group; provided that
the restrictions contained in this Agreement will continue to apply to the
Stockholder Shares after any Transfer pursuant to clause (i) or (iii) above and
each transferee of such Stockholder Shares shall agree in writing, prior to and
as a condition to the effectiveness of such Transfer, to be bound by the
provisions of this Agreement, without modification or condition, subject only to
the consummation of the Transfer. Upon the Transfer of Stockholder Shares
pursuant to this Section 2(b), the transferor will deliver a written notice to
the Company and the other parties to this Agreement, which notice will disclose
in reasonable detail the identity of such transferee(s) and shall include an
original counterpart of the agreement of such transferee(s) to be bound by this
Agreement.

            (c)   Termination of Restrictions. The restrictions set forth in
this Section 2 shall continue with respect to each Stockholder Share until the
earlier of (i) the consummation of a Sale of the Company and (ii) the
consummation of an IPO.

            3.    Sale of the Company.

            (a)   If the Board and the holders of a majority of the Summit
Shares then outstanding (the "Requisite Holders") approve the sale of the
Company (whether by merger, consolidation, sale of all or substantially all of
its assets or sale of all of the outstanding capital stock) (the "Approved
Sale"), the holders of Stockholder Shares shall consent to and raise no
objections against the Approved Sale, and if the Approved Sale is structured as
a sale of stock, reverse merger or other transaction having the effect of a
stock sale, the holders of Stockholder Shares shall agree to sell all of their
Stockholder Shares on the terms and conditions approved by the Board and the
Requisite Holders. The holders of Stockholder Shares shall take all necessary
and desirable actions in connection with the consummation of the Approved Sale
as requested by the Requisite Holders and the Company.

            (b)   Upon the consummation of the Approved Sale, each Stockholder
shall receive in exchange for the Stockholder Shares held by such Stockholder
the same portion of the aggregate consideration from such Approved Sale that
such Stockholder would have received if such aggregate consideration had been
distributed by the Company in complete liquidation pursuant to the rights and
preferences set forth in the Company's Certificate of Incorporation as in effect
immediately prior to the consummation of such Approved Sale. All holders of
Stockholder Shares representing then currently exercisable options or warrants
to acquire Common Stock shall be given an opportunity, at the Board's
discretion, to either (A) exercise such options or warrants prior to the
consummation of the Approved Sale and participate in such sale as holders of
Common Stock or (B) upon the consummation of the Approved Sale, receive in
exchange for such options or warrants consideration equal to the amount
determined by multiplying (1) the same amount of consideration per share of
Common Stock received by the holders of Common Stock in connection with the
Approved Sale less the exercise price per share of Common Stock of such options
or warrants to acquire Common Stock by (2) the number of shares of Common Stock
represented by such then currently exercisable options or warrants.

            (c)   If the Company or the holders of the Company's securities
enter into any negotiation or transaction for which Rule 506 (or any similar
rule then in effect) promulgated by the Securities and Exchange Commission may
be available with respect to such negotiation or

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transaction (including a merger, consolidation or other reorganization), the
holders of Stockholder Shares who are not "accredited investors" (as such term
is defined in Rule 501 promulgated by the Securities and Exchange Commission)
will, at the request of the Company, appoint a purchaser representative (as such
term is defined in Rule 501 promulgated by the Securities and Exchange
Commission) reasonably acceptable to the Company. If any such holder of
Stockholder Shares appoints a purchaser representative designated by the
Company, the Company will pay the fees of such purchaser representative, but if
any holder of Stockholder Shares declines to appoint the purchaser
representative designated by the Company, such holder will appoint another
purchaser representative, and such holder will be responsible for the fees of
the purchaser representative so appointed.

            (d)   Generally, the Company shall pay all transaction costs
associated with any Approved Sale to the extent such costs are incurred for the
benefit of all holders of Stockholder Shares. To the extent such costs are not
paid by the Company prior to the distribution to the holders of Stockholder
Shares of proceeds from any Approved Sale, or by the acquiring company, such
costs shall be borne by each holder according to his or its pro rata share
(based upon the amount of consideration received by such holder for such
Stockholder Shares in the Approved Sale) of the costs of any Approved Sale. Each
holder of Stockholder Shares shall be obligated to join on a pro rata basis
(based upon the amount of consideration received by such holder for such
Stockholder Shares in the Approved Sale) in any indemnification or other
obligations that the Requisite Holders agree to provide in connection with such
Approved Sale (other than any such obligations that relate specifically to a
holder of Stockholder Shares such as indemnification with respect to
representations and warranties given by a holder regarding such holder's title
to and ownership of Stockholder Shares).

            (e)   The provisions of this Section 3 will terminate upon the
earlier to occur of (i) the consummation of an IPO and (ii) the consummation of
a Sale of the Company.

            4.    Legend; Securities Law Matters.

            (a)   Each certificate evidencing Stockholder Shares and each
certificate issued in exchange for or upon the Transfer of any Stockholder
Shares (if such shares remain Stockholder Shares as defined herein after such
Transfer) shall be stamped or otherwise imprinted with a legend in substantially
the following form:

            "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
            REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THE
            SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN
            TRANSFER AND VOTING RESTRICTIONS PURSUANT TO A STOCKHOLDERS
            AGREEMENT, DATED AS OF SEPTEMBER 30, 2003, AMONG THE ISSUER OF SUCH
            SECURITIES (THE "COMPANY") AND CERTAIN OF THE COMPANY'S STOCKHOLDERS
            (AS AMENDED FROM TIME TO TIME, THE "STOCKHOLDER AGREEMENT"). A COPY
            OF SUCH STOCKHOLDERS AGREEMENT WILL BE

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            FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON
            WRITTEN REQUEST."

The Company shall imprint such legend on all certificates evidencing Stockholder
Shares. The legend set forth above shall be removed from the certificates
evidencing any shares which cease to be Stockholder Shares in accordance with
Section 7 hereof.

            (b)   In connection with the Transfer of any Stockholder Shares, the
holder thereof shall deliver written notice to the Company describing in
reasonable detail the Transfer or proposed Transfer, together with, if so
requested by the Company, an opinion of counsel which (to the Company's
reasonable satisfaction) is knowledgeable in securities law matters to the
effect that such Transfer of Stockholder Shares may be effected without
registration of such Stockholder Shares under the Securities Act. In addition,
if the holder of the Stockholder Shares delivers to the Company an opinion of
such counsel that no subsequent Transfer of such Stockholder Shares shall
require registration under the Securities Act, the Company shall promptly upon
such contemplated Transfer deliver new certificates for such securities which do
not bear the Securities Act legend set forth in Section 4(a) above. If the
Company is not required to deliver new certificates for such Stockholder Shares
not bearing such legend, the holder thereof shall not effect any Transfer of the
same until the prospective transferee has confirmed to the Company in writing
its agreement to be bound by the conditions contained in this Section 4(b) and
Section 4(a) above.

            (c)   Upon the request of any Stockholder, the Company shall
promptly supply to such Stockholder or its prospective transferees all
information regarding the Company required to be delivered in connection with a
Transfer pursuant to Rule 144A of the Securities and Exchange Commission.

            (d)   If any Stockholder Shares become eligible for sale pursuant to
Rule 144(k) of the Securities and Exchange Commission or no longer constitute
"restricted securities" (as defined under Rule 144(a) of the Securities and
Exchange Commission), the Company shall, upon the request of the holder of such
Stockholder Shares, remove the legend set forth in Section 4(a) above from the
certificates for such securities.

            5.    Transfers; Future Sales. Prior to any Stockholder Transferring
any Stockholder Shares (other than pursuant to Section 3) to any Person and
prior to the Company issuing any Common Stock (other than pursuant to a Public
Sale) or any options or other rights to acquire Common Stock or any securities
convertible into or exchangeable for such Common Stock to any Person, such
Stockholder or the Company, as the case may be, shall (subject to the remaining
provisions of this Section 5) cause the prospective transferee to be bound by
this Agreement and to execute and deliver to the Company and the other
Stockholders a counterpart of this Agreement. Transferees of Summit Shares
(other than the Other Stockholders, all of whom shall be deemed to be Other
Stockholders and the holders of Other Stockholder Shares hereunder) shall be
deemed to be Summit Stockholders and the holders of Summit Shares hereunder.
Transferees of Other Stockholder Shares (other than the Summit Stockholders or
their Affiliates and their designees, all of whom shall be deemed to be Summit
Stockholders and holders of Summit Shares hereunder) and transferees of Common
Stock (or options or other rights to acquire Common Stock or securities
convertible into or exchangeable for such Common

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Stock) issued or sold by the Company (other than the Summit Stockholders and/or
their Affiliates and designees, all of whom shall be deemed to be Summit
Stockholders and the holders of Summit Shares hereunder) shall be deemed to be
Other Stockholders hereunder. The provisions of this Section 5 shall terminate
automatically and shall be of no further force or effect upon the first to occur
of (i) the consummation of an IPO and (ii) the consummation of a Sale of the
Company.

            6.    Definitions.

            "Affiliate" of a Stockholder means any other Person, entity or
investment fund controlling, controlled by or under common control with the
Stockholder and, in the case of a Stockholder which is a partnership or a
limited liability company, any partner or member, respectively, of the
Stockholder.

            "Capital Stock" means, collectively, the Convertible Preferred Stock
and any other capital stock hereafter created by the Company, as the context may
require.

            "Common Stock" means Company's Common Stock, par value $.01 per
share.

            "Family Group" means a Stockholder's spouse and descendants (whether
or not adopted) and any trust solely for the benefit of the Stockholder and/or
the Stockholder's spouse and/or the Stockholder's descendants (by birth or
adoption), parents or dependents, or any corporation or partnership in which the
direct and beneficial owner of all of the equity interest is such Stockholder
and/or a member of such Stockholder's Family Group.

            "IPO" means the sale in an underwritten public offering registered
under the Securities Act of shares of the Company's Common Stock.

            "Other Stockholder Shares" means (i) any Capital Stock acquired by
any Other Stockholder and (ii) any equity securities issued or issuable directly
or indirectly with respect to the Capital Stock referred to in clause (i) above
by way of stock dividend or stock split or in connection with a combination of
stock, recapitalization, merger, consolidation or other reorganization, or, in
each case, any comparable transaction.

            "Person" means an individual, a partnership, a corporation, a
limited liability company, an association, a joint stock company, a trust, a
joint venture, an unincorporated organization or other entity, or a government
or any branch, department, agency, political subdivision or official thereof.

            "Public Sale" means any sale of Stockholder Shares to the public
pursuant to an offering registered under the Securities Act or to the public
through a broker, dealer or market maker pursuant to the provisions of Rule 144
(other than Rule 144(k)) adopted under the Securities Act.

            "Sale of the Company" means the sale of the Company pursuant to
which a party or parties acquire (i) capital stock of the Company possessing the
voting power under normal circumstances to elect a majority of the Company's
board of directors (whether by merger,

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consolidation or sale or transfer of the Company's capital stock) or (ii) all or
substantially all of the Company's assets determined on a consolidated basis.

            "Securities Act" means the Securities Act of 1933, as amended from
time to time.

            "Stockholder Shares" means the Summit Shares and the Other
Stockholder Shares. For purposes of this Agreement, each Stockholder who holds
options or warrants to acquire Capital Stock shall be deemed to be the holder of
all Stockholder Shares issuable (at the time of such determination) upon the
exercise of such options or warrants. As to any particular shares of stock
constituting Stockholder Shares, such shares will cease to be Stockholder Shares
when they have been (x) effectively registered under the Securities Act and
disposed of in accordance with the registration statement covering them or (y)
sold to the public through a broker, dealer or market maker pursuant to Rule 144
(or by any similar provision then in force) under the Securities Act, in each
case in conformity with the terms and conditions of this Agreement.

            "Subsidiary" means with respect to any Person, any corporation,
partnership, limited liability company, association or other business entity of
which (i) if a corporation, a majority of the total voting power of shares of
stock entitled (without regard to the occurrence of any contingency) to vote in
the election of directors is at the time owned or controlled, directly or
indirectly, by that Person or one or more of the other Subsidiaries of that
Person or a combination thereof or (ii) if a partnership, association, limited
liability company or other business entity, a majority of the partnership,
membership or other similar ownership interests thereof is at the time owned or
controlled, directly or indirectly, by any Person or one or more Subsidiaries of
that Person or a combination thereof. For purposes hereof, a Person or Persons
shall be deemed to have a majority ownership interest in a partnership,
association or other business entity if such Person or Persons shall be
allocated a majority of partnership, association or other business entity gains
or losses or shall be or control the managing director or general partner of
such partnership, association or business entity.

            "Summit Shares" means (i) any Capital Stock acquired by any Summit
Stockholder and (ii) any equity securities issued or issuable directly or
indirectly with respect to the Capital Stock referred to in clause (i) above by
way of stock dividend or stock split or in connection with a combination of
stock, recapitalization, merger, consolidation or other reorganization, or, in
each case, any comparable transaction.

            7.    Transfers in Violation of Agreement. Any Transfer or attempted
Transfer of any Stockholder Shares in violation of any provision of this
Agreement shall be void as against the Company, and the Company shall not record
such Transfer on its books or treat any purported transferee of such Stockholder
Shares as the owner of such shares for any purpose.

            8.    Amendment and Waiver. Except as otherwise provided herein, the
provisions of this Agreement may be amended, modified or waived only upon the
prior written consent of the Company and the holders of a majority of the
then-outstanding Stockholder Shares; provided that no such amendment,
modification or waiver that would materially and adversely treat the Other
Stockholders in a manner different than the Summit Stockholders shall be
effective against the Other Stockholders without the prior written consent of
the holders of a

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majority of the Other Stockholder Shares (with it being understood that the
addition of new parties to this Agreement as Summit Stockholders or Other
Stockholders shall in no event require the consent of any of the Other
Stockholders). The failure of any party to enforce any of the provisions of this
Agreement shall in no way be construed as a waiver of such provisions and shall
not affect the right of such party thereafter to enforce each and every
provision of this Agreement in accordance with its terms.

            9.    Severability. Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability shall not affect
any other provision or the effectiveness or validity of any provision in any
other jurisdiction, and this Agreement shall be reformed, construed and enforced
in such jurisdiction as if such invalid, illegal or unenforceable provision had
never been contained herein.

            10.   Entire Agreement. Except as otherwise expressly set forth
herein, this Agreement embodies the complete agreement and understanding among
the parties hereto with respect to the subject matter hereof and supersedes and
preempts any prior understandings, agreements or representations by or among the
parties, written or oral, which may have related to the subject matter hereof in
any way.

            11.   Successors and Assigns. Except as otherwise provided herein
(and subject to the provisions of Section 5), this Agreement shall bind and
inure to the benefit of and be enforceable by the Company and its successors and
assigns and the Stockholders and any subsequent holders of Stockholder Shares
and the respective successors and assigns of each of them, so long as they hold
Stockholder Shares. If a party hereto ceases to own any Stockholder Shares, such
party will no longer be deemed to be a Stockholder for purposes of this
Agreement.

            12.   Counterparts. This Agreement may be executed in one or more
counterparts (including by means of telecopied signature pages), each of which
shall be an original and all of which taken together shall constitute one and
the same agreement.

            13.   Remedies. The parties hereto acknowledge and agree that money
damages may not be an adequate remedy for any breach of the provisions of this
Agreement and that the Company and any Stockholder shall have the right to
injunctive relief, in addition to all of its rights and remedies at law or in
equity, to enforce the provisions of this Agreement. Nothing contained in this
Agreement shall be construed to confer upon any Person who is not a signatory
hereto or any successor or assign of a signatory hereto any rights or benefits,
as a third party beneficiary or otherwise.

            14.   Notices. All notices, demands and other communications to be
given or delivered under or by reason of the provisions of this Agreement shall
be in writing and shall be deemed to have been given when personally delivered,
sent by telecopy (with receipt confirmed) on a business day during regular
business hours of the recipient (or, if not, on the next succeeding business
day) or three business days after sent by reputable overnight express courier
(charges prepaid), at the address listed below or at any address listed in the
Company's records in case of any Stockholder not so listed herein.

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            If to the Company:

                  SeaBright Insurance Holdings, Inc.
                  2101 4th Avenue, Suite 1600
                  Seattle, WA  98121
                  Attn: Chairman
                  Telephone: (206) 770-8300
                  Telecopy:  (206) 448-4442

            With a copy to (which shall not constitute notice to the Company):

                  Summit Partners, L.P.
                  499 Hamilton Avenue
                  Palo Alto, California 94301
                  Attention: Peter Y. Chung
                             J. Scott Carter
                  Telephone: (650) 321-1166
                  Telecopy:  (650) 321-1188

            And to:

                  Kirkland & Ellis
                  200 East Randolph Drive
                  Chicago, Illinois 60601
                  Attention: Ted H. Zook, P.C.
                             Stephen D. Oetgen
                  Telephone: (312) 861-2000
                  Telecopy:  (312) 861-2200

            If to any Summit Stockholder:

                  Summit Partners, L.P.
                  499 Hamilton Avenue
                  Palo Alto, California 94301
                  Attention: Peter Y. Chung
                             J. Scott Carter
                  Telephone: (650) 321-1166
                  Telecopy:  (650) 321-1188

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            With a copy to (which shall not constitute notice to the Summit
Stockholders):

                  Kirkland & Ellis
                  200 East Randolph Drive
                  Chicago, Illinois 60601
                  Attention: Ted H. Zook, P.C.
                             Stephen D. Oetgen
                  Telephone: (312) 861-2000
                  Telecopy:  (312) 861-2200

            15.   Governing Law. All issues and questions concerning the
construction, validity, interpretation and enforceability of this Agreement and
the exhibits and schedules hereto shall be governed by, and construed in
accordance with, the laws of the State of Delaware, without giving effect to any
choice of law or conflict of law rules or provisions (whether of the State of
Delaware or any other jurisdiction) that would cause the application of the laws
of any jurisdiction other than the State of Delaware.

            16.   Delivery by Facsimile. This Agreement and any signed agreement
or instrument entered into in connection herewith or contemplated hereby, and
any amendments hereto or thereto, to the extent signed and delivered by means of
a facsimile machine, shall be treated in all manner and respects as an original
agreement or instrument and shall be considered to have the same binding legal
effect as if it were the original signed version thereof delivered in person. At
the request of any party hereto or to any such agreement or instrument, each
other party hereto or thereto shall re-execute original forms thereof and
deliver them to all other parties. No party hereto or to any such agreement or
instrument shall raise the use of a facsimile machine to deliver a signature or
the fact that any signature or agreement or instrument was transmitted or
communicated through the use of a facsimile machine as a defense to the
formation of a contract and each such party forever waives any such defense.

            17.   Descriptive Headings. The descriptive headings of this
Agreement are inserted for convenience only and do not constitute a part of this
Agreement.

            18.   No Strict Construction. The parties hereto have participated
jointly in the negotiation and drafting of this Agreement. In the event an
ambiguity or question of intent or interpretation arises, this Agreement shall
be construed as if drafted jointly by the parties hereto, and no presumption or
burden of proof shall arise favoring or disfavoring any party by virtue of the
authorship of any of the provisions of this Agreement.

               [THE REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

                                    * * * * *

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

                                        SEABRIGHT INSURANCE HOLDINGS, INC.

                                        By: /s/ John Pasqualetto
                                            ------------------------------------

                                        Its: President

                                        SUMMIT VENTURES V, L.P.

                                        By:  Summit Partners V, L.P.
                                        Its: General Partner

                                        By:  Summit Partners, LLC
                                        Its: General Partner

                                        By: /s/ Peter Chung
                                            ------------------------------------
                                            Member

                                        SUMMIT V COMPANION FUND, L.P.

                                        By:  Summit Partners V, L.P.
                                        Its: General Partner

                                        By:  Summit Partners, LLC
                                        Its: General Partner

                                        By: /s/ Peter Chung
                                            ------------------------------------
                                            Member

                                        SUMMIT V ADVISORS FUND (QP), L.P.

                                        By:  Summit Partners V, L.P.
                                        Its: General Partner

                                        By:  Summit Partners, LLC
                                        Its: General Partner

                                        By: /s/ Peter Chung
                                            ------------------------------------
                                            Member

<PAGE>

                                        SUMMIT V ADVISORS FUND, L.P.

                                        By:  Summit Partners V, L.P.
                                        Its: General Partner

                                        By:  Summit Partners, LLC
                                        Its: General Partner

                                        By: /s/ Peter Chung
                                            ------------------------------------
                                            Member

                                        SUMMIT VENTURES VI-A, L.P.

                                        By:  Summit Partners VI (GP), L.P.
                                        Its: General Partner

                                        By:  Summit Partners VI (GP), LLC
                                        Its: General Partner

                                        By: /s/ Peter Chung
                                            ------------------------------------
                                            Member

                                        SUMMIT VENTURES VI-B, L.P.

                                        By:  Summit Partners VI (GP), L.P.
                                        Its: General Partner

                                        By:  Summit Partners VI (GP), LLC
                                        Its: General Partner

                                        By: /s/ Peter Chung
                                            ------------------------------------
                                            Member

                                        SUMMIT VI ADVISORS FUND, L.P.

                                        By:  Summit Partners VI (GP), L.P.
                                        Its: General Partner

                                        By:  Summit Partners VI (GP), LLC
                                        Its: General Partner

                                        By: /s/ Peter Chung
                                            ------------------------------------
                                            Member

<PAGE>

                                        SUMMIT VI ENTREPRENEURS FUND, L.P.

                                        By:  Summit Partners VI (GP), L.P.
                                        Its: General Partner

                                        By:  Summit Partners VI (GP), LLC
                                        Its: General Partner

                                        By: /s/ Peter Chung
                                            ------------------------------------
                                            Member

                                        SUMMIT INVESTORS VI, L.P.

                                        By:  Summit Partners VI (GP), L.P.
                                        Its: General Partner

                                        By:  Summit Partners, VI (GP), LLC
                                        Its: General Partner

                                        By: /s/ Peter Chung
                                            ------------------------------------
                                            Member

                                        RANDOLPH STREET PARTNERS V

                                            /s/ Stephen Oetgen
                                        ----------------------------------------
                                        By:  Stephen Oetgen
                                        Its: General Partner

                                            /s/ John Pasqualetto
                                        ----------------------------------------
                                        John Pasqualetto

                                            /s/ Richard J. Gergasko
                                        ----------------------------------------
                                        Richard J. Gergasko

                                            /s/ Jeffrey C. Wanamaker
                                        ----------------------------------------
                                        Jeffrey C. Wanamaker

                                            /s/ Joseph De Vita
                                        ----------------------------------------
                                        Joseph De Vita

                                            /s/ Richard Seelinger
                                        ----------------------------------------
                                        Richard Seelinger

<PAGE>

                                     CONSENT

            The undersigned spouse of ______________ hereby acknowledges that I
have read the foregoing Stockholders Agreement and that I understand its
contents. I am aware that the Agreement provides for the repurchase of my
spouse's shares of Convertible Preferred Stock under certain circumstances and
imposes other restrictions on the transfer of such Convertible Preferred Stock.
I agree that my spouse's interest in the Convertible Preferred Stock is subject
to this Agreement and any interest I may have in such Convertible Preferred
Stock shall be irrevocably bound by this Agreement and further that the my
community property interest, if any, shall be similarly bound by this Agreement.

            I am aware that the legal, financial and other matters contained in
this Agreement are complex and I am free to seek advice with respect thereto
from independent counsel. I have either sought such advice or determined after
carefully reviewing this Agreement that I will waive such right.

                                        ________________________________________
                                        Name of Spouse:

                                        ________________________________________
                                        Witness

<PAGE>

                                   SCHEDULE I

                               Summit Stockholders

                             Summit Ventures V, L.P.
                          Summit V Companion Fund, L.P.
                        Summit V Advisors Fund (QP), L.P.
                          Summit V Advisors Fund, L.P.
                           Summit Ventures VI-A, L.P.
                           Summit Ventures VI-B, L.P.
                          Summit VI Advisors Fund, L.P.
                       Summit VI Entrepreneurs Fund, L.P.
                            Summit Investors VI, L.P.
                           Randolph Street Partners V

<PAGE>

                                   SCHEDULE II

                               Other Stockholders

                                John Pasqualetto
                               Richard J. Gergasko
                              Jeffrey C. Wanamaker
                                 Joseph De Vita
                                Richard Seelinger<PAGE>
                                                                   Exhibit 10.23

                       SEABRIGHT INSURANCE HOLDINGS, INC.
                             REGISTRATION AGREEMENT

                  THIS AGREEMENT is made as of September 30, 2003, by and among
SeaBright Insurance Holdings, Inc., a Delaware corporation (the "Company"), and
the Persons identified on the Schedule of Investors attached hereto (the
"Investors").

                  WHEREAS, the parties to this Agreement are parties to a Stock
Purchase Agreement of even date herewith (the "Purchase Agreement");

                  WHEREAS, in order to induce the Investors to enter into the
Purchase Agreement, the Company has agreed to provide the registration rights
set forth in this Agreement;

                  WHEREAS, the execution and delivery of this Agreement is a
condition to the Closing under the Purchase Agreement; and

                  WHEREAS, unless otherwise provided in this Agreement,
capitalized terms used herein shall have the meanings set forth in paragraph 8
hereof.

                  NOW, THEREFORE, in consideration of the mutual covenants
contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties to this Agreement
hereby agree as follows:

                  1. Demand Registrations.

                  (a) Requests for Registration. Subject to the terms and
conditions of this paragraph 1, the holders of a majority of the Registrable
Securities may at any time request registration under the Securities Act of all
or any portion of their Registrable Securities on Form S-1 or any similar
long-form registration ("Long-Form Registrations"), and the holders of a
majority of the Registrable Securities may at any time request registration
under the Securities Act of all or any portion of their Registrable Securities
on Form S-2 or S-3 or any similar short-form registration ("Short-Form
Registrations") if available. All registrations requested pursuant to this
paragraph 1(a) are referred to herein as "Demand Registrations". Each request
for a Demand Registration shall specify the approximate number of Registrable
Securities requested to be registered, the anticipated per share price range for
such offering and the intended method of distribution. Within ten days after
receipt of any such request, the Company shall give written notice of such
requested registration to all other holders of Registrable Securities and,
subject to the terms of paragraph (d) hereof, shall include in such registration
(and in all related registrations and qualifications under state blue sky laws
or in compliance with other registration requirements and in any related
underwriting) all Registrable Securities with respect to which the Company has
received written requests for inclusion therein within 15 days after the receipt
of the Company's notice.

                  (b) Long-Form Registrations. The holders of Registrable
Securities shall be entitled to request four (4) Long-Form Registrations in
which the Company shall pay all Registration Expenses. A registration shall not
count as one of the permitted Long-Form Registrations until it has become
effective and unless the holders of Registrable Securities are

<PAGE>

able to register and sell at least 80% of the Registrable Securities requested
to be included in such registration; provided that in any event the Company
shall pay all Registration Expenses in connection with any registration
initiated as a Long-Form Registration whether or not it has become effective and
whether or not such registration has counted as one of the permitted Long-Form
Registrations hereunder.

                  (c) Short-Form Registrations. In addition to the Long-Form
Registrations provided pursuant to paragraph 1(b), the holders of Registrable
Securities shall be entitled to request an unlimited number of Short-Form
Registrations in which the Company shall pay all Registration Expenses. Demand
Registrations shall be Short-Form Registrations whenever the Company is
permitted to use any applicable short form and if the managing underwriters (if
any) agree to the use of a Short-Form Registration. After the Company has become
subject to the reporting requirements of the Securities Exchange Act, the
Company shall use its best efforts to make Short-Form Registrations available
for the sale of Registrable Securities.

                  (d) Priority on Demand Registrations. The Company shall not
include in any Demand Registration any securities which are not Registrable
Securities without the prior written consent of the holders of a majority of the
Registrable Securities included in such registration. If a Demand Registration
is an underwritten offering and the managing underwriters advise the Company in
writing that in their opinion the number of Registrable Securities and, if
permitted hereunder, other securities requested to be included in such offering
exceeds the number of Registrable Securities and other securities, if any, which
can be sold in an orderly manner in such offering within a price range
acceptable to the holders of a majority of the Registrable Securities initially
requesting registration, the Company shall include in such registration prior to
the inclusion of any securities which are not Registrable Securities the number
of Registrable Securities requested to be included which in the opinion of such
underwriters can be sold in an orderly manner within the price range of such
offering, pro rata among the respective holders thereof on the basis of the
amount of Registrable Securities owned by each such holder.

                  (e) Restrictions on Long-Form Registrations. The Company shall
not be obligated to effect any Long-Form Registration within 90 days after the
effective date of a previous Long-Form Registration. The Company may postpone
for up to 90 days the filing or the effectiveness of a registration statement
for a Demand Registration if the Company and the holders of a majority of the
Registrable Securities agree that such Demand Registration would reasonably be
expected to have a material adverse effect on any proposal or plan by the
Company or any of its Subsidiaries to engage in any acquisition of assets (other
than in the ordinary course of business) or any merger, consolidation, tender
offer, reorganization or similar transaction; provided that in such event, the
holders of Registrable Securities initially requesting such Demand Registration
shall be entitled to withdraw such request and, if such request is withdrawn,
such Demand Registration shall not count as one of the permitted Demand
Registrations hereunder and the Company shall pay all Registration Expenses in
connection with such registration. The Company may delay a Demand Registration
hereunder only once in any twelve-month period.

                  (f) Selection of Underwriters. The holders of a majority of
the Registrable Securities included in any Demand Registration shall have the
right to select the investment banker(s) and manager(s) to administer the
offering.

                                      -2-
<PAGE>

                  (g) Other Registration Rights. The Company represents and
warrants that it is not a party to, or otherwise subject to, any other agreement
granting registration rights to any other Person with respect to any securities
of the Company. Except as provided in this Agreement, the Company shall not
grant to any Persons the right to request the Company to register any equity
securities of the Company, or any securities convertible or exchangeable into or
exercisable for such securities, without the prior written consent of the
holders of a majority of the Registrable Securities.

                  2. Piggyback Registrations.

                  (a) Right to Piggyback. Whenever the Company proposes to
register any of its securities under the Securities Act (other than pursuant to
a Demand Registration) and the registration form to be used may be used for the
registration of Registrable Securities (a "Piggyback Registration"), the Company
shall give prompt written notice (in any event within three (3) business days
after its receipt of notice of any exercise of demand registration rights other
than under this Agreement) to all holders of Registrable Securities of its
intention to effect such a registration and, subject to the terms of paragraphs
2(c) and 2(d) hereof, shall include in such registration (and in all related
registrations or qualifications under blue sky laws or in compliance with other
registration requirements and in any related underwriting) all Registrable
Securities with respect to which the Company has received written requests for
inclusion therein within twenty (20) days after the receipt of the Company's
notice.

                  (b) Piggyback Expenses. The Registration Expenses of the
holders of Registrable Securities shall be paid by the Company in all Piggyback
Registrations.

                  (c) Priority on Primary Registrations. If a Piggyback
Registration is an underwritten primary registration on behalf of the Company,
and the managing underwriters advise the Company in writing that in their
opinion the number of securities requested to be included in such registration
exceeds the number which can be sold in an orderly manner in such offering
within a price range acceptable to the Company, the Company shall include in
such registration (i) first, the securities the Company proposes to sell, (ii)
second, the Registrable Securities requested to be included in such
registration, pro rata among the holders of such Registrable Securities on the
basis of the number of shares owned by each such holder, and (iii) third, other
securities requested to be included in such registration; provided that in any
event the holders of Registrable Securities shall be entitled to register at
least 20% of the securities to be included in any such registration.

                  (d) Priority on Secondary Registrations. If a Piggyback
Registration is an underwritten secondary registration on behalf of holders of
the Company's securities, and the managing underwriters advise the Company in
writing that in their opinion the number of securities requested to be included
in such registration exceeds the number which can be sold in an orderly manner
in such offering within a price range acceptable to the holders initially
requesting such registration, the Company shall include in such registration (i)
first, the securities requested to be included therein by the holders requesting
such registration and the Registrable Securities requested to be included in
such registration, pro rata among the holders of such securities on the basis of
the number of securities owned by each, and (ii) second, other securities
requested to be included in such registration.

                                      -3-
<PAGE>

                  (e) Selection of Underwriters. If any Piggyback Registration
is an underwritten offering, the selection of investment banker(s) and
manager(s) for the offering must be approved by the holders of a majority of the
Registrable Securities included in such Piggyback Registration. Such approval
shall not be unreasonably withheld or delayed so long as such investment
banker(s) and manager(s) are of recognized national standing.

                  (f) Other Registrations. If the Company has previously filed a
registration statement with respect to Registrable Securities pursuant to
paragraph 1 or pursuant to this paragraph 2, and if such previous registration
has not been withdrawn or abandoned, the Company shall not file or cause to be
effected any other registration of any of its equity securities or securities
convertible or exchangeable into or exercisable for its equity securities under
the Securities Act (except on Form S-8 or any successor form), whether on its
own behalf or at the request of any holder or holders of such securities, until
a period of at least ninety (90) days has elapsed from the effective date of
such previous registration.

                  3. Holdback Agreements.

                  (a) No holder of Registrable Securities shall effect any
public sale or distribution (including sales pursuant to Rule 144) of equity
securities of the Company, or any securities convertible into or exchangeable or
exercisable for such securities, during such period of time (not to exceed 180
days) following the effective date of the Company's initial public offering of
its Common Stock under the Securities Act (the "Initial Public Offering") as may
be determined by the underwriters managing such Initial Public Offering (except
as part of such underwritten registration), unless the underwriters managing
such Initial Public Offering otherwise agree in writing. This paragraph 3(a)
shall not be applicable unless the Company causes all of its executive officers
and directors to be similarly bound.

                  (b) The Company (i) shall not effect any public sale or
distribution of its equity securities, or any securities convertible into or
exchangeable or exercisable for such securities, during such period of time (not
to exceed 90 days as may be determined by the underwriters managing such
underwritten registration) following the effective date of any underwritten
Demand Registration or any underwritten Piggyback Registration (except as part
of such underwritten registration or pursuant to registrations on Form S-4 or
Form S-8 or any successor form), unless the underwriters managing the registered
public offering otherwise agree, and (ii) shall cause each holder (other than
the Investors) of at least 2% (on a fully-diluted basis) of its Common Stock, or
any securities convertible into or exchangeable or exercisable for Common Stock,
purchased from the Company at any time after the date of this Agreement (other
than in a registered public offering) to agree not to effect any public sale or
distribution (including sales pursuant to Rule 144) of any such securities
during such period (except as part of such underwritten registration, if
otherwise permitted), unless the underwriters managing the registered public
offering otherwise agree.

                  4. Registration Procedures. Whenever the holders of
Registrable Securities have requested that any Registrable Securities be
registered pursuant to this Agreement, the Company shall use its best efforts to
effect the registration and the sale of such Registrable Securities in
accordance with the intended method of disposition thereof, and pursuant thereto
the Company shall as expeditiously as possible:

                                      -4-
<PAGE>

                  (a) prepare and file with the Securities and Exchange
Commission a registration statement, and all amendments and supplements thereto
and related prospectuses as may be necessary to comply with applicable
securities laws, with respect to such Registrable Securities and use its best
efforts to cause such registration statement to become effective (provided that
before filing a registration statement or prospectus or any amendments or
supplements thereto, the Company shall furnish to the counsel selected by the
holders of a majority of the Registrable Securities covered by such registration
statement copies of all such documents proposed to be filed, which documents
shall be subject to the review and comment of such counsel);

                  (b) notify each holder of Registrable Securities of the
effectiveness of each registration statement filed hereunder and prepare and
file with the Securities and Exchange Commission such amendments and supplements
to such registration statement and the prospectus used in connection therewith
as may be necessary to keep such registration statement effective for a period
of not less than 180 days and comply with the provisions of the Securities Act
with respect to the disposition of all securities covered by such registration
statement during such period in accordance with the intended methods of
disposition by the sellers thereof set forth in such registration statement;

                  (c) furnish to each seller of Registrable Securities such
number of copies of such registration statement, each amendment and supplement
thereto, the prospectus included in such registration statement (including each
preliminary prospectus) and such other documents as such seller may reasonably
request in order to facilitate the disposition of the Registrable Securities
owned by such seller;

                  (d) use its best efforts to register or qualify such
Registrable Securities under such other securities or blue sky laws of such
jurisdictions as any seller reasonably requests and do any and all other acts
and things which may be reasonably necessary or advisable to enable such seller
to consummate the disposition in such jurisdictions of the Registrable
Securities owned by such seller (provided that the Company shall not be required
to (i) qualify generally to do business in any jurisdiction where it would not
otherwise be required to qualify but for this subparagraph, (ii) subject itself
to taxation in any such jurisdiction or (iii) consent to general service of
process in any such jurisdiction);

                  (e) notify each seller of such Registrable Securities, at any
time when a prospectus relating thereto is required to be delivered under the
Securities Act, of the happening of any event as a result of which the
prospectus included in such registration statement contains an untrue statement
of a material fact or omits any fact necessary to make the statements therein
not misleading, and, at the request of any such seller, the Company shall
prepare a supplement or amendment to such prospectus so that, as thereafter
delivered to the purchasers of such Registrable Securities, such prospectus
shall not contain an untrue statement of a material fact or omit to state any
fact necessary to make the statements therein not misleading;

                  (f) cause all such Registrable Securities to be listed on each
securities exchange on which similar securities issued by the Company are then
listed and, if not so listed, to be listed on the NASD automated quotation
system and, if listed on the NASD automated quotation system, use its best
efforts to secure designation of all such Registrable Securities

                                      -5-
<PAGE>

covered by such registration statement as a NASDAQ "national market system
security" within the meaning of Rule 11Aa2-1 of the Securities and Exchange
Commission or, failing that, to secure NASDAQ authorization for such Registrable
Securities and, without limiting the generality of the foregoing, to arrange for
at least two market makers to register as such with respect to such Registrable
Securities with the NASD;

                  (g) provide a transfer agent and registrar for all such
Registrable Securities not later than the effective date of such registration
statement;

                  (h) enter into such customary agreements (including
underwriting agreements in customary form) and take all such other actions as
the holders of a majority of the Registrable Securities being sold or the
underwriters, if any, reasonably request in order to expedite or facilitate the
disposition of such Registrable Securities (including effecting a stock split or
a combination of shares);

                  (i) make available for inspection by any seller of Registrable
Securities, any underwriter participating in any disposition pursuant to such
registration statement and any attorney, accountant or other agent retained by
any such seller or underwriter, all financial and other records, pertinent
corporate documents and properties of the Company, and cause the Company's
officers, directors, employees and independent accountants to supply all
information reasonably requested by any such seller, underwriter, attorney,
accountant or agent in connection with such registration statement;

                  (j) otherwise use its best efforts to comply with all
applicable rules and regulations of the Securities and Exchange Commission, and
make available to its security holders, as soon as reasonably practicable, an
earnings statement covering the period of at least twelve months beginning with
the first day of the Company's first full calendar quarter after the effective
date of the registration statement, which earnings statement shall satisfy the
provisions of Section 11(a) of the Securities Act and Rule 158 thereunder;

                  (k) permit any holder of Registrable Securities which holder,
in its sole and exclusive judgment, might be deemed to be an underwriter or a
controlling person of the Company, to participate in the preparation of such
registration or comparable statement and to require the insertion therein of
material, furnished to the Company in writing, which in the reasonable judgment
of such holder and its counsel should be included;

                  (l) in the event of the issuance of any stop order suspending
the effectiveness of a registration statement, or of any order suspending or
preventing the use of any related prospectus or suspending the qualification of
any common stock included in such registration statement for sale in any
jurisdiction, the Company shall use its best efforts promptly to obtain the
withdrawal of such order;

                  (m) use its best efforts to cause such Registrable Securities
covered by such registration statement to be registered with or approved by such
other governmental agencies or authorities as may be necessary to enable the
sellers thereof to consummate the disposition of such Registrable Securities;
and

                                      -6-
<PAGE>

                  (n) obtain a cold comfort letter from the Company's
independent public accountants in customary form and covering such matters of
the type customarily covered by cold comfort letters as the holders of a
majority of the Registrable Securities being sold reasonably request (provided
that such Registrable Securities constitute at least 10% of the securities
covered by such registration statement).

                  5. Registration Expenses.

                  (a) All expenses incident to the Company's performance of or
compliance with this Agreement, including without limitation all registration,
qualification and filing fees, fees and expenses of compliance with securities
or blue sky laws, printing expenses, messenger and delivery expenses, fees and
disbursements of custodians, and fees and disbursements of counsel for the
Company and all independent certified public accountants, underwriters
(excluding discounts and commissions) and other Persons retained by the Company
(all such expenses being herein called "Registration Expenses"), shall be borne
by the Company as provided in this Agreement, and the Company shall also pay all
of its internal expenses (including, without limitation, all salaries and
expenses of its officers and employees performing legal or accounting duties),
the expense of any annual audit or quarterly review, the expense of any
liability insurance and the expenses and fees for listing the securities to be
registered on each securities exchange on which similar securities issued by the
Company are then listed or on the NASD automated quotation system.

                  (b) In connection with each Demand Registration and each
Piggyback Registration, the Company shall reimburse the holders of Registrable
Securities included in such registration for the reasonable fees and
disbursements of one counsel chosen by the holders of a majority of the
Registrable Securities included in such registration and for the reasonable fees
and disbursements of each additional counsel retained by any holder of
Registrable Securities for the purpose of rendering a legal opinion on behalf of
such holder in connection with any underwritten Demand Registration or Piggyback
Registration.

                   6. Indemnification.

                  (a) The Company agrees to indemnify, to the extent permitted
by law, each holder of Registrable Securities, its officers and directors and
each Person who controls such holder (within the meaning of the Securities Act)
against all losses, claims, actions, damages, liabilities and expenses caused by
(i) any untrue or alleged untrue statement of material fact contained in any
registration statement, prospectus or preliminary prospectus or any amendment
thereof or supplement thereto or any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein
not misleading, or (ii) any violation or alleged violation by the Company of the
Securities Act or any other similar federal or state securities laws or any rule
or regulation promulgated thereunder applicable to the Company and relating to
action or inaction required of the Company in connection with any such
registration, qualification or compliance, and to pay to each holder of
Registrable Securities, its officers and directors and each Person who controls
such holder (within the meaning of the Securities Act), as incurred, any legal
and any other expenses reasonably incurred in connection with investigating,
preparing or defending any such claim, loss, damage, liability or action, except
insofar as the same are caused by or contained in any information furnished in
writing to the Company by such

                                      -7-
<PAGE>

holder expressly for use therein or by such holder's failure to deliver a copy
of the registration statement or prospectus or any amendments or supplements
thereto after the Company has furnished such holder with a sufficient number of
copies of the same. In connection with an underwritten offering, the Company
shall indemnify such underwriters, their officers and directors and each Person
who controls such underwriters (within the meaning of the Securities Act) to the
same extent as provided above with respect to the indemnification of the holders
of Registrable Securities.

                  (b) In connection with any registration statement in which a
holder of Registrable Securities is participating, each such holder shall
furnish to the Company in writing such information and affidavits as the Company
reasonably requests for use in connection with any such registration statement
or prospectus and, to the extent permitted by law, shall indemnify the Company,
its directors and officers and each Person who controls the Company (within the
meaning of the Securities Act) against any losses, claims, damages, liabilities
and expenses resulting from any untrue or alleged untrue statement of material
fact contained in the registration statement, prospectus or preliminary
prospectus or any amendment thereof or supplement thereto or any omission or
alleged omission of a material fact required to be stated therein or necessary
to make the statements therein not misleading, but only to the extent that such
untrue statement or omission is contained in any information or affidavit so
furnished in writing by such holder; provided that the obligation to indemnify
shall be individual, not joint and several, for each holder and shall be limited
to the net amount of proceeds received by such holder from the sale of
Registrable Securities pursuant to such registration statement.

                  (c) Any Person entitled to indemnification hereunder shall (i)
give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification (provided that the failure to give prompt
notice shall not impair any Person's right to indemnification hereunder to the
extent such failure has not prejudiced the indemnifying party) and (ii) unless
in such indemnified party's reasonable judgment a conflict of interest between
such indemnified and indemnifying parties may exist with respect to such claim,
permit such indemnifying party to assume the defense of such claim with counsel
reasonably satisfactory to the indemnified party. If such defense is assumed,
the indemnifying party shall not be subject to any liability for any settlement
made by the indemnified party without its consent (but such consent shall not be
unreasonably withheld). An indemnifying party who is not entitled to, or elects
not to, assume the defense of a claim shall not be obligated to pay the fees and
expenses of more than one counsel for all parties indemnified by such
indemnifying party with respect to such claim, unless in the reasonable judgment
of any indemnified party a conflict of interest may exist between such
indemnified party and any other of such indemnified parties with respect to such
claim. In such instance, the conflicting indemnified parties shall have a right
to retain one separate counsel, chosen by the holders of a majority of the
Registrable Securities included in the registration, at the expense of the
indemnifying party. No indemnifying party, in the defense of such claim or
litigation, shall, except with the consent of each indemnified party, consent to
the entry of any judgment or enter into any settlement which does not include as
an unconditional term thereof the giving by the claimant or plaintiff to such
indemnified party of a release from all liability in respect to such claim or
litigation.

                  (d) The indemnification provided for under this Agreement
shall remain in full force and effect regardless of any investigation made by or
on behalf of the indemnified

                                       -8-

<PAGE>

party or any officer, director or controlling Person of such indemnified party
and shall survive the transfer of securities. The Company also agrees to make
such provisions, as are reasonably requested by any indemnified party, for
contribution to such party in the event the Company's indemnification is
unavailable for any reason.

                  7. Participation in Underwritten Registrations. No Person may
participate in any registration hereunder which is underwritten unless such
Person (i) agrees to sell such Person's securities on the basis provided in any
underwriting arrangements approved by the Person or Persons entitled hereunder
to approve such arrangements and (ii) completes and executes all questionnaires,
powers of attorney, indemnities, underwriting agreements and other documents
required under the terms of such underwriting arrangements; provided that no
holder of Registrable Securities included in any underwritten registration shall
be required to make any representations or warranties to the Company or the
underwriters (other than representations and warranties regarding such holder
and such holder's intended method of distribution) or to undertake any
indemnification obligations to the Company or the underwriters with respect
thereto, except as otherwise provided in paragraph 6 hereof.

                  8. Definitions.

                  (a) "Common Stock" means shares of the Company's common stock,
par value $.01 per share.

                  (b) "Registrable Securities" means (i) any Common Stock held
by any of the Investors (including any Common Stock issued or issuable upon
conversion of shares of the Company's Convertible Preferred Stock, par value
$.01 per share, issued pursuant to the Stock Purchase Agreement), (ii) any
Common Stock issued or issuable with respect to the securities referred to in
clause (i) above by way of a stock dividend or stock split or in connection with
a combination of shares, recapitalization, merger, consolidation or other
reorganization and (iii) any other shares of Common Stock held by Persons
holding securities described in clauses (i) or (ii) above. As to any particular
Registrable Securities, such securities shall cease to be Registrable Securities
when they have been distributed to the public pursuant to an offering registered
under the Securities Act or sold to the public through a broker, dealer or
market maker in compliance with Rule 144 under the Securities Act (or any
similar rule then in force) or repurchased by the Company or any Subsidiary. As
to any particular Registrable Securities held by the Investors, such securities
shall cease to be Registrable Securities when they have been distributed by the
Investors to any of their direct or indirect partners or members (but only if
the Investors advise the Company in writing of their desire to exclude the
securities so distributed from the definition of "Registrable Securities"
hereunder at any time before or after the date of such distribution). For
purposes of this Agreement, a Person shall be deemed to be a holder of
Registrable Securities, and the Registrable Securities shall be deemed to be in
existence, whenever such Person has the right to acquire directly or indirectly
such Registrable Securities (upon conversion or exercise in connection with a
transfer of securities or otherwise, but disregarding any restrictions or
limitations upon the exercise of such right), whether or not such acquisition
has actually been effected, and such Person shall be entitled to exercise the
rights of a holder of Registrable Securities hereunder.

                                       -9-
<PAGE>
                  (c) Unless otherwise stated, other capitalized terms contained
herein have the meanings set forth in the Purchase Agreement.

                  9. Miscellaneous.

                  (a) No Inconsistent Agreements. The Company shall not
hereafter enter into any agreement with respect to its securities which is
inconsistent with or violates the rights granted to the holders of Registrable
Securities in this Agreement.

                  (b) Adjustments Affecting Registrable Securities. The Company
shall not take any action, or permit any change to occur, with respect to its
securities which would adversely affect the ability of the holders of
Registrable Securities to include such Registrable Securities in a registration
undertaken pursuant to this Agreement or which would adversely affect the
marketability of such Registrable Securities in any such registration
(including, without limitation, effecting a stock split or a combination of
shares).

                  (c) Remedies. Any Person having rights under any provision of
this Agreement shall be entitled to enforce such rights specifically (without
posting a bond or other security), to recover damages caused by reason of any
breach of any provision of this Agreement and to exercise all other rights
granted by law. The parties hereto agree and acknowledge that money damages
would not be an adequate remedy for any breach of the provisions of this
Agreement and that, in addition to any other rights and remedies existing in its
favor, any party shall be entitled to specific performance and/or other
injunctive relief from any court of law or equity of competent jurisdiction
(without posting any bond or other security) in order to enforce or prevent
violation of the provisions of this Agreement.

                  (d) Amendments and Waivers. Except as otherwise provided
herein, the provisions of this Agreement may be amended or waived only upon the
prior written consent of the Company and holders of a majority of the
Registrable Securities. The failure of any party to enforce any of the
provisions of this Agreement shall in no way be construed as a waiver of such
provisions and shall not affect the right of such party thereafter to enforce
each and every provision of this Agreement in accordance with its terms.

                  (e) Successors and Assigns. All covenants and agreements in
this Agreement by or on behalf of any of the parties hereto shall bind and inure
to the benefit of the respective successors and assigns of the parties hereto
whether so expressed or not. In addition, whether or not any express assignment
has been made, the provisions of this Agreement which are for the benefit of
purchasers or holders of Registrable Securities are also for the benefit of, and
enforceable by, any subsequent holder of Registrable Securities.

                  (f) Severability. Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be prohibited
by or invalid under applicable law, such provision shall be ineffective only to
the extent of such prohibition or invalidity, without invalidating the remainder
of this Agreement.

                                      -10-
<PAGE>

                  (g) Counterparts. This Agreement may be executed
simultaneously in two or more counterparts, any one of which need not contain
the signatures of more than one party, but all such counterparts taken together
shall constitute one and the same Agreement.

                  (h) Descriptive Headings. The descriptive headings of this
Agreement are inserted for convenience only and do not constitute a part of this
Agreement.

                  (i) Governing Law. The corporate law of the State of Delaware
shall govern all issues and questions concerning the relative rights of the
Company and its stockholders. All other issues and questions concerning the
construction, validity, interpretation and enforcement of this Agreement and the
exhibits and schedules hereto shall be governed by, and construed in accordance
with, the laws of the State of California, without giving effect to any choice
of law or conflict of law rules or provisions (whether of the State of
California or any other jurisdiction) that would cause the application of the
laws of any jurisdiction other than the State of California.

                  (j) Notices. All notices, demands or other communications to
be given or delivered under or by reason of the provisions of this Agreement
shall be in writing and shall be deemed to have been given when delivered
personally to the recipient, sent to the recipient by reputable overnight
courier service (charges prepaid) or mailed to the recipient by certified or
registered mail, return receipt requested and postage prepaid. Such notices,
demands and other communications shall be sent to each Investor at the address
indicated on the Schedule of Investors and to the Company at the address
indicated below:

                  SeaBright Insurance Holdings, Inc.
                  2101 4th Avenue, Suite 1600
                  Seattle, Washington 98121
                  Attn:  Chairman
                  Telephone: (206) 770-8300
                  Telecopy: (206) 448-4442

                  with a copy to (which shall not constitute notice to
                  the Company):

                  Summit Partners, L.P.
                  499 Hamilton Avenue
                  Suite 200
                  Palo Alto, California 94301
                  Attn:   Peter Y. Chung
                          J. Scott Carter
                  Telephone: (650) 614-6600
                  Telecopy: (650) 321-1188

                                      -11-
<PAGE>

                  Kirkland & Ellis
                  200 East Randolph Drive
                  Chicago, Illinois 60601
                  Attn:    Ted H. Zook, P.C.
                           Stephen D. Oetgen
                  Telephone: (312) 861-2000
                  Telecopy:  (312) 861-2200

or to such other address or to the attention of such other person as the
recipient party has specified by prior written notice to the sending party.

                                    * * * * *

                                      -12-
<PAGE>

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

                                              SEABRIGHT INSURANCE HOLDINGS, INC.

                                              By:  /s/ John G. Pasqualetto
                                                   -----------------------------
                                              Its: President
                                                   -----------------------------

                                              SUMMIT VENTURES V, L.P.

                                              By:  Summit Partners V, L.P.,
                                                   its General Partner

                                              By:  Summit Partners, LLC,
                                                   its General Partner

                                              By:  /s/ Peter Chung
                                                   -----------------------------
                                                   Member

                                              SUMMIT VENTURES V COMPANION FUND,
                                              L.P.

                                              By:  Summit Partners V, L.P.,
                                              Its  General Partner

                                              By:  Summit Partners, LLC,
                                              Its: General Partner

                                              By:  /s/ Peter Chung
                                                   -----------------------------
                                                   Member

                                              SUMMIT V ADVISORS (QP) FUND, L.P.

                                              By:  Summit Partners V, L.P.,
                                                   Its: General Partner

                                              By:  Summit Partners, LLC,
                                              Its: General Partner

                                              By:  /s/ Peter Chung
                                                   -----------------------------
                                                   Member

<PAGE>

                                              SUMMIT V ADVISORS FUND, L.P.

                                              By:  Summit Partners V, L.P.
                                              Its: General Partner

                                              By:  Summit Partners, LLC
                                              Its: General Partner

                                              By:  /s/ Peter Chung
                                                   -----------------------------
                                                   Member

                                              SUMMIT VENTURES VI-A, L.P.

                                              By:  Summit Partners VI (GP), L.P.
                                              Its: General Partner

                                              By:  Summit Partners VI (GP), LLC
                                              Its: General Partner

                                              By:  /s/ Peter Chung
                                                   -----------------------------
                                                          Member

                                              SUMMIT VENTURES VI-B, L.P.

                                              By:  Summit Partners VI (GP), L.P.
                                              Its: General Partner

                                              By:  Summit Partners VI (GP), LLC
                                              Its: General Partner

                                              By:  /s/ Peter Chung
                                                   -----------------------------
                                                   Member

                                              SUMMIT VI ADVISORS FUND, L.P.

                                              By:  Summit Partners VI (GP), L.P.
                                              Its: General Partner

                                              By:  Summit Partners VI (GP), LLC
                                              Its: General Partner

                                              By:  /s/ Peter Chung
                                                   -----------------------------
                                                   Member

                                      E-1
<PAGE>

                                              SUMMIT VI ENTREPRENEURS FUND, L.P.

                                              By:  Summit Partners VI (GP), L.P.
                                              Its: General Partner

                                              By:  Summit Partners VI (GP), LLC
                                              Its: General Partner

                                              By:  /s/ Peter Chung
                                                   -----------------------------
                                                   Member

                                              SUMMIT INVESTORS ADVISORS VI, L.P.

                                              By:  Summit Partners VI (GP), L.P.
                                              Its: General Partner

                                              By:  Summit Partners, VI (GP), LLC
                                              Its: General Partner

                                              By:  /s/ Peter Chung
                                                   -----------------------------
                                                   Member

                                              Randolph Street Partners V

                                              /s/  Stephen Oetgen
                                              ----------------------------------
                                              By:  Stephen Oetgen
                                              ----------------------------------
                                              Its: General Partner
                                              ----------------------------------

                                      E-2
<PAGE>

                              SCHEDULE OF INVESTORS

                             Summit Ventures V, L.P.
                     Summit Ventures V Companion Fund, L.P.
                        Summit V Advisors (QP) Fund, L.P.
                          Summit V Advisors Fund, L.P.
                           Summit Ventures VI-A, L.P.
                           Summit Ventures VI-B, L.P.
                          Summit VI Advisors Fund, L.P.
                       Summit VI Entrepreneurs Fund, L.P.
                     Summit VI Investors Advisors Fund, L.P
                           Randolph Street Partners V

                                      E-3

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