Document:

EXHIBIT
      10.18

    INDEMNIFICATION
      AGREEMENT 

    

    This
      Agreement, made and entered into as of this 7th
      day of
      January, 2008 (“Agreement”), among and between Maiden Holdings, Ltd., a Bermuda
      company (the “Company”), and the individual listed on the signature page hereof
      (the “Indemnitee”);

    

    WHEREAS,
      it is reasonable, prudent and necessary for the Company contractually to
      obligate itself to indemnify such persons to the fullest extent permitted by
      applicable law so that he will serve or continue to serve the Company free
      from
      undue concern that he will not be so indemnified; and

    

    WHEREAS,
      Indemnitee is willing to serve, for or on behalf of the Company, on the
      condition that he be so indemnified;

    

    NOW
      THEREFORE, in consideration of the premises and the covenants contained herein,
      the Company and Indemnitee do hereby covenant and agree as follows:

    

    SECTION
      1. Service
      by Indemnitee.
      Indemnitee agrees to continue to serve as a director and/or officer of the
      Company. Indemnitee may at any time and for any reason resign from such position
      (subject to any other contractual obligation or any obligation imposed by
      operation of law). 

    

    SECTION
      2. Indemnification
      - General.
      The
      Company shall indemnify, and advance Expenses (as hereinafter defined) to
      Indemnitee as provided by applicable law in effect on the date hereof and to
      such greater extent as applicable law may thereafter from time to time permit.
      The rights of Indemnitee provided under the preceding sentence shall include,
      but shall not be limited to, the rights set forth in the other Sections of
      this
      Agreement. 

    

    The
      indemnification provided under this Agreement is in addition to and not in
      lieu
      of any other indemnification provided to Indemnitee by any other agreement
      or by
      operation of law. 

    

    SECTION
      3. Proceedings
      Other Than Proceedings by or in the Right of the Company.
      Indemnitee shall be entitled to the rights of indemnification provided in this
      Section 3 if, by reason of his Corporate Status (as hereinafter defined), he
      is,
      or is threatened to be made, a party to any threatened, pending, or completed
      Proceeding (as hereinafter defined), other than a Proceeding by or in the right
      of the Company. Pursuant to this Section 3, Indemnitee shall be indemnified
      against Expenses, judgments, penalties, fines and amounts paid in settlement
      actually and reasonably incurred by him or on his behalf in connection with
      such
      Proceeding or any claim, issue or matter therein, if he acted in good faith
      and
      in a manner he reasonably believed to be in or not opposed to the best interests
      of the Company, and, with respect to any criminal Proceeding, had no reasonable
      cause to believe his conduct was unlawful. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    SECTION
      4. Proceedings
      by or in the Right of the Company.
      Indemnitee shall be entitled to the rights of indemnification provided in this
      Section 4 if, by reason of his Corporate Status, he is, or is threatened to
      be
      made, party to any threatened, pending or completed Proceeding brought by or
      in
      the right of the Company to procure a judgment in its favor. Pursuant to this
      Section, Indemnitee shall be indemnified against Expenses actually and
      reasonably incurred by him or on his behalf in connection with such Proceeding
      if he acted in good faith and in a manner he reasonably believed to be in or
      not
      opposed to the best interests of the Company. Notwithstanding the foregoing,
      no
      indemnification against such expenses shall be made in respect of any claim,
      issue or matter in such Proceeding as to which Indemnitee shall have been
      adjudged to be liable to the Company if applicable law prohibits such
      indemnification; provided, however, that, if applicable law so permits,
      indemnification against Expenses shall nevertheless be made by the Company
      in
      such event if and only to the extent that the Court in which such Proceeding
      shall have been brought or is pending, shall determine. 

    

    SECTION
      5. Indemnification
      for Expenses of a Party Who is Wholly or Partly Successful.
      Notwithstanding any other provision of this Agreement, to the extent that
      Indemnitee is, by reason of his Corporate Status, a party to and is successful,
      on the merits or otherwise, in any Proceeding, he shall be indemnified against
      all Expenses actually and reasonably incurred by him or on his behalf in
      connection therewith. If Indemnitee is not wholly successful in such Proceeding,
      but is successful, on the merits or otherwise, as to one or more but less than
      all claims, issues or matters in such Proceeding, the Company shall indemnify
      Indemnitee against all Expenses actually and reasonably incurred by him or
      on
      his behalf in connection with each successfully resolved claim, issue or matter.
      For the purposes of this Section and without limitation, the termination of
      any
      claim, issue or matter in such a Proceeding by settlement or dismissal, with
      or
      without prejudice, shall be deemed to be a successful result as to such claim,
      issue or matter. 

    

    SECTION
      6. Indemnification
      for Expenses of a Witness.
      Notwithstanding any other provision of this Agreement, to the extent that
      Indemnitee is, by reason of his Corporate Status, a witness in any Proceeding,
      he shall be indemnified against all Expenses actually and reasonably incurred
      by
      him or on his behalf in connection therewith. 

    

    SECTION
      7. Advancement
      of Expenses.
      The
      Company shall advance all reasonable Expenses incurred by or on behalf of
      Indemnitee in connection with any Proceeding within twenty (20) days after
      the
      receipt by the Company of a statement or statements from Indemnitee requesting
      such advance or advances from time to time, whether prior to or after final
      disposition of such Proceeding. Such statement or statements shall reasonably
      evidence the Expenses incurred by Indemnitee and shall include or be preceded
      or
      accompanied by an undertaking by or on behalf of Indemnitee to repay any
      Expenses advanced if it shall ultimately be determined that Indemnitee is not
      entitled to be indemnified against such Expenses. 

     

    
      
        
        

      

      
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    SECTION
      8. Procedure
      for Determination of Entitlement to Indemnification.

     

    (a) To
      obtain
      indemnification under this Agreement, Indemnitee shall submit to the Secretary
      of the Company a written request, including therein or therewith such
      documentation and information as is reasonably available to Indemnitee and
      is
      reasonably necessary to determine whether and to what extent Indemnitee is
      entitled to indemnification. The Secretary of the Company shall, promptly upon
      receipt of such a request for indemnification, advise the Board of Directors
      in
      writing that Indemnitee has requested indemnification.

    

    (b) Upon
      written request by Indemnitee for indemnification pursuant to the first sentence
      of Section 8(a) hereof, a determination, if required by applicable law, with
      respect to Indemnitee’s entitlement thereto shall be made in the specific case:
      (i) if a Change in Control (as hereinafter defined) shall have occurred, by
      Independent Counsel (as hereinafter defined) unless Indemnitee shall request
      that such determination be made by the Board of Directors or the stockholders,
      in which case by the person or persons or in the manner provided for in clauses
      (ii) or (iii) of this Section 8(b) in a written opinion to the Board of
      Directors, a copy of which shall be delivered to Indemnitee; (ii) if a Change
      of
      Control shall not have occurred, (A) by the Board of Directors by a majority
      vote of a quorum consisting of Disinterested Directors (as hereinafter defined),
      or (B) if a quorum of the Board of Directors consisting of Disinterested
      Directors is not obtainable or, even if obtainable, such quorum of Disinterested
      Directors so directs, by Independent Counsel in a written opinion to the Board
      of Directors, a copy of which shall be delivered to Indemnitee or (C) by the
      stockholders of the Company; or (iii) as provided in Section 9(b) of this
      Agreement; and, if it is so determined that Indemnitee is entitled to
      indemnification, payment to Indemnitee shall be made within ten (10) days after
      such determination.

    

    Indemnitee
      shall cooperate with the person, persons or entity making such determination
      with respect to Indemnitee’s entitlement to indemnification, including providing
      to such person, persons or entity upon reasonable advance request any
      documentation or information which is not privileged or otherwise protected
      from
      disclosure and which is reasonably available to Indemnitee and reasonably
      necessary to such determination. Any costs or expenses (including attorney’s
      fees and disbursements) incurred by Indemnitee in so cooperating with the
      person, persons or entity making such determination shall be borne by the
      Company (irrespective of the determination as to Indemnitee’s entitlement to
      indemnification) and the Company hereby indemnifies and agrees to hold
      Indemnitee harmless therefrom. 

     

    
      
        
        

      

      
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    (c) In
      the
      event the determination of entitlement to indemnification is to be made by
      Independent Counsel pursuant to Section 8(b) hereof, the Independent Counsel
      shall be selected as provided in this Section 8(c). If a Change of Control
      shall
      not have occurred, the Independent Counsel shall be selected by the Board of
      Directors, and the Company shall give written notice to the Indemnitee advising
      him of the identity of the Independent Counsel so selected. If a Change of
      Control shall have occurred, the Independent Counsel shall be selected by
      Indemnitee (unless Indemnitee shall request that such selection be made by
      the
      Board of Directors, in which event the preceding sentence shall apply), and
      Indemnitee shall give written notice to the Company advising it of the identity
      of the Independent Counsel so selected. In either event, Indemnitee or the
      Company, as the case may be, may within seven (7) days after such written notice
      of selection shall have been given, deliver to the Company or the Indemnitee,
      as
      the case may be, a written objection to such selection. Such objection may
      be
      asserted only on the ground that the Independent Counsel so selected does not
      meet the requirements of “Independent Counsel” as defined in Section 17 of this
      Agreement, and the objection shall set forth with particularity the factual
      basis of such assertion. If such written objection is made, the Independent
      Counsel so selected may not serve as Independent Counsel unless and until a
      court has determined that such objection is without merit. If, within twenty
      (20) days after submission by Indemnitee of a written request for
      indemnification pursuant to Section 8(a) hereof, no Independent Counsel shall
      have been selected and not objected to, either the Company or Indemnitee may
      petition the Supreme Court of the State of New York in New York County or other
      court of competent jurisdiction for resolution of any objection which shall
      have
      been made by the Company or Indemnitee to the other’s selection of Independent
      Counsel and/or for the appointment as Independent Counsel of a person selected
      by the Court or by such other person as the court shall designate, and the
      person with respect to whom an objection is so resolved or the person so
      appointed shall act as Independent Counsel under Section 8(b) hereof. The
      Company shall pay any and all reasonable fees and expenses of Independent
      Counsel incurred by such Independent Counsel in connection with acting pursuant
      to Section 8(b) hereof, and the Company shall pay all reasonable fees and
      expenses incident to the procedures of this Section 8(c), regardless of the
      manner in which such Independent Counsel was selected or appointed. Upon the
      due
      commencement of any judicial proceeding or arbitration pursuant to Section
      19(a)(iii) of this Agreement, Independent Counsel shall be discharged and
      relieved of any further responsibility in such capacity (subject to the
      applicable standards of professional conduct then prevailing). 

    

    SECTION
      9. Presumptions
      and Effect of Certain Proceedings.

    

    (a) If
      a
      Change of Control shall have occurred, in making a determination with respect
      to
      entitlement to indemnification hereunder, the person, persons or entity making
      such determination shall presume that Indemnitee is entitled to indemnification
      under this Agreement, if Indemnitee has submitted a request for indemnification
      in accordance with Section 8(a) of this Agreement, and the Company shall have
      the burden of proof to overcome that presumption in connection with the making
      by any person or entity or any determination contrary to that presumption.
      

     

    
      
        
        

      

      
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    (b) If
      the
      person or entity empowered or selected under Section 8 of this Agreement to
      determine whether Indemnitee is entitled to indemnification shall not have
      made
      a determination within sixty (60) days after receipt by the Company of the
      request therefor, the requisite determination of entitlement to indemnification
      shall be deemed to have been made and Indemnitee shall be entitled to such
      indemnification, absent (i) misstatement by Indemnitee of a material fact,
      or an
      omission of a material fact necessary to make Indemnitee’s statement not
      materially misleading, in connection with the request for indemnification,
      or
      (ii) a prohibition of such indemnification under applicable law; provided,
      however, that such sixty (60) day period may be extended for a reasonable time,
      not to exceed an additional thirty (30) days, if the person or entity making
      the
      determination with respect to entitlement to indemnification in good faith
      requires such additional time for the obtaining or evaluating of documentation
      and/or information relating thereto; and provided further, that the foregoing
      provisions or this Section 9(b) shall not apply (i) if the determination of
      entitlement to indemnification is to be made by the stockholders pursuant to
      Section 8(b) of this Agreement and (A) within fifteen (15) days after receipt
      by
      the Company of the request for such determination the Board of Directors has
      resolved to submit such determination to the stockholders for their
      consideration at an annual meeting thereof to be held within seventy (70) days
      after such receipt and such determination is made thereat, or (B) a special
      meeting of stockholders (i) is called within fifteen (15) days after such
      receipt for the purposes of making such determination, such meeting is held
      for
      such purpose within sixty (60) days after having been so called and such
      determination is made thereat, or (ii) if the determination of entitlement
      to
      indemnification is to made by the Independent Counsel pursuant to Section 8(b)
      of this Agreement. 

    

    (c) The
      termination of any Proceeding or of any claim, issue or matter therein, by
      judgment, order, settlement or conviction, or upon a plea of nolo contendre
      or
      its equivalent, shall not (except as otherwise expressly provided in this
      Agreement) of itself adversely effect the right of Indemnitee to indemnification
      or create a presumption that Indemnitee did not act in good faith and in a
      manner which he reasonably believed to be in or not opposed to the best
      interests of the Company or, with respect to any Criminal Proceeding, that
      Indemnitee had reasonable cause to believe that his conduct was
      unlawful.

    

    SECTION
      10. Remedies
      of Indemnitee

    

    (a) In
      the
      event that (i) a determination is made pursuant to Section 8 of this Agreement
      that Indemnitee is not entitled to indemnification under this Agreement, (ii)
      advancement of Expenses is not timely made pursuant to Section 7 of this
      Agreement, (iii) the determination of entitlement of indemnification is to
      be
      made by Independent Counsel pursuant to Section 8(b) of this Agreement and
      such
      determination shall not have been made and delivered in a written opinion within
      ninety (90) days after receipt by the Company of the request for
      indemnification, or (iv) payment of indemnification is not made pursuant to
      Section 6 of this Agreement within ten (10) days after receipt by the Company
      of
      a written request therefore, or (v) payment of indemnification is not made
      within ten (10) days after a determination has been made that Indemnitee is
      entitled to indemnification or such determination is deemed to have been made
      pursuant to Section 8 or 9 of this Agreement, Indemnitee shall be entitled
      to an
      adjudication in an appropriate court of the State of New York, or in any other
      court of competent jurisdiction, of his entitlement to such indemnification
      or
      advancement of Expenses. Alternatively, Indemnitee, at his option, may seek
      an
      award in arbitration to be conducted by a single arbitrator pursuant to the
      rules of the American Arbitration Association. Indemnitee shall commence such
      proceeding seeking an adjudication or an award in arbitration within 180 days
      following the date on which Indemnitee first has the right to commence such
      proceeding pursuant to this Section 10(a). The Company shall not oppose
      Indemnitee’s right to seek any such adjudication or award in arbitration.

     

    
      
        
        

      

      
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    (b)
      In
      the
      event that a determination shall have been made pursuant to Section 8 of this
      Agreement that Indemnitee is not entitled to indemnification, any judicial
      proceeding or arbitration, commenced pursuant to this Section 10 shall be
      conducted in all respects as a de novo trial, or arbitration, on the merits
      and
      Indemnitee shall not be prejudiced by reason of that adverse determination.
      If a
      Change of Control shall have occurred, in any judicial proceeding or arbitration
      commenced pursuant to this Section 10 the Company shall have the burden of
      proving that Indemnitee is not entitled to indemnification or advancement of
      Expenses, as the case may be. 

    

    (c) If
      a
      determination shall have been made or deemed to have been made pursuant to
      Section 8 or 9 of this Agreement that Indemnitee is entitled to indemnification,
      the Company shall be bound by such determination in any judicial proceeding
      or
      arbitration commenced pursuant to this Section 10, absent (i) a misstatement
      by
      Indemnitee of a material fact, or an omission of a material fact necessary
      to
      make Indemnitee’s statement not materially misleading, in connection with the
      request for indemnification, or (ii) a prohibition of such indemnification
      under
      applicable law. 

    

    (d) The
      Company shall be precluded from asserting in any judicial proceeding or
      arbitration commenced pursuant to this Section 10 that the procedures and
      presumptions of this Agreement are not valid, binding and enforceable and shall
      stipulate in any such court or before such arbitrator that the Company is bound
      by all the provisions of this Agreement. 

    

    (e) In
      the
      event that Indemnitee, pursuant to this Section 10, seeks a judicial
      adjudication of or an award in arbitration to enforce his rights under, or
      to
      recover damages for breach of, this Agreement, Indemnitee shall be entitled
      to
      recover from the Company, and shall be indemnified by the Company against,
      any
      and all expense (of the types described in the definition of Expense in Section
      17 of this Agreement) actually and reasonably incurred by him, but only if
      he
      prevails therein. If it shall be determined in said judicial adjudication or
      arbitration that Indemnitee is entitled to receive part but not all of the
      indemnification or advancement of expenses sought, the expenses incurred by
      Indemnitee in connection with such judicial adjudication or arbitration shall
      be
      appropriately prorated. 

    

    SECTION
      11. Non-Exclusivity;
      Survival of Rights; Insurance; Subrogation.

    

    (a) The
      rights of indemnification and to receive advancement of Expenses as provided
      by
      this Agreement shall not be deemed exclusive of any other rights to which
      Indemnitee may at any time be entitled under applicable law, the certificate
      of
      Incorporation, the Bylaws, any agreement, a vote of stockholders or a resolution
      of directors, or otherwise. No amendment, alteration or termination of this
      Agreement or any provision hereof shall be effective as to any Indemnitee with
      respect to any action taken or omitted by such Indemnitee in his Corporate
      Status prior to such amendment, alteration or termination. 

     

    
      
        
        

      

      
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    (b) To
      the
      extent that the Company maintains an insurance policy or policies providing
      liability insurance for directors, officers, employees, agents or fiduciaries
      of
      the Company or of any other corporation, partnership, joint venture, trust,
      employee benefit plan or other enterprise which such person serves at the
      request of the Company, Indemnitee shall be covered by such policy or policies
      in accordance with its or their terms to the maximum extent of the coverage
      available for any such director, officer, employee or agent under such policy
      or
      policies. 

    

    (c) In
      the
      event of any payment under this Agreement, the Company shall be subrogated
      to
      the extent of such payment to all of the rights of recovery of Indemnitee,
      who
      shall execute all papers required and take all action necessary to secure such
      rights, including execution of such documents as are necessary to enable the
      Company to bring suit to enforce such rights. 

    

    (d) The
      Company shall not be liable under this Agreement to make any payment of amounts
      otherwise indemnifiable hereunder if and to the extent that Indemnitee has
      otherwise actually received such payment under any insurance policy, contract,
      agreement or otherwise. 

    

    SECTION
      12. Duration
      of Agreement.
      This
      Agreement shall continue until and terminate upon the later of: (a) 10 years
      after the date that Indemnitee shall have ceased to serve as a director and/or
      officer, or (b) the final termination of all pending Proceedings in respect
      of
      which Indemnitee is granted rights of indemnification or advancement of Expenses
      hereunder and of any proceeding commenced by Indemnitee pursuant to Section
      10
      of this Agreement relating thereto. This Agreement shall be binding upon the
      Company and its successors and assigns and shall inure to the benefit of
      Indemnitee and his heirs, executors and administrators. 

    

    SECTION
      13. Severability.
      If any
      provision or provisions of this Agreement shall be held to be invalid, illegal
      or unenforceable for any reasons whatsoever: (a) the validity, legality and
      enforceability of the remaining provisions of this Agreement (including without
      limitation, each portion of any Section of this Agreement containing any such
      provisions held to be invalid, illegal or unenforceable, that is not itself
      invalid, illegal or unenforceable) shall not in any way be affected or impaired
      thereby; and (b) to the fullest extent possible, the provisions of this
      Agreement (including, without limitation, each portion of any Section of this
      Agreement containing any such provision held to be invalid, illegal or
      unenforceable, that is not itself invalid, illegal or unenforceable) shall
      be
      construed so as to give effect to the intent manifested by the provision held
      invalid, illegal or unenforceable. 

     

    
      
        
        

      

      
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    SECTION
      14. Exception
      to Right of Indemnification or Advancement of Expenses.
      Notwithstanding any other provision of this Agreement, Indemnitee shall not
      be
      entitled to indemnification or advancement of Expenses under this Agreement
      with
      respect to any Proceeding, or any claim therein, brought or made by him against
      the Company.

    

    SECTION
      15. Identical
      Counterparts.
      This
      Agreement may be executed in one or more counterparts, each of which shall
      for
      all purposes be deemed to be an original but all of which together shall
      constitute one and the same Agreement. Only one such counterpart signed by
      the
      party against whom enforceability is sought needs to be produced to evidence
      the
      existence of this Agreement.

    

    SECTION
      16. Heading.
      The
      headings of the paragraphs of this Agreement are inserted for convenience only
      and shall not be deemed to constitute part of this Agreement or to affect the
      construction thereof.

    

    SECTION
      17. Definitions.
      For
      purposes of this Agreement:

    

    
      
        (a)
          “Change
          in Control” means a change in control of the Company shall be deemed
          to
          have occurred if after the Effective Date (i) any “person” other than principal
          shareholders or an affiliate thereof as of the Effective Date is or becomes
          the
“beneficial owner” directly or indirectly, of securities of the Company
          representing 50% or more of the combined voting power of the Company’s then
          outstanding securities; or (ii) the Company is a party to a merger,
          consolidation, sale of assets or other reorganization, as a consequence
          of which
          members of the Board of Directors in office immediately prior to such a
          transaction or event constitute less than a majority of the Board of Directors
          thereafter.

      

    

    

    Company
      in this Section 17(a) shall mean AmTrust Financial Services, Inc. and any
      related or affiliated company in which the Indemnitee is an officer, director
      or
      employee.

    

    
      
        (b)
          “Corporate
          Status” describes the status of a person who is or was a director, officer,
          employee, agent or fiduciary of the Company or of any other corporation,
          partnership, joint venture, trust, employee benefit plan or other enterprise
          which such person is or was serving at the request of the
          Company.

      

    

    

    
      
        (c)
          “Disinterested
          Director” means a director of the Company who is not and was not
          a
          party to the Proceeding in respect of which indemnification is sought by
          Indemnitee.

      

    

    

    
      
        (d)
          “Effective
          Date” means January 7, 2008.

      

    

    

    (e)
       “Expenses” shall include all reasonable attorney’s fees, retainers, court
      costs, transcript
      costs, fees of experts, witness fees, travel expenses, duplicating costs,
      printing and binding costs, telephone charges, postage, delivery service fees,
      and all other disbursements or expenses of the types customarily incurred in
      connection with prosecuting, defending, preparing to prosecute or defend,
      investigating, or being or preparing to be a witness in a
      Proceeding.

     

    
      
        
        

      

      
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        (f)
          “Independent
          Counsel” means a law firm, or member of a law firm, which is experienced
          in matters of corporation law and neither currently is, nor in the past
          five
          years has been retained to represent: (i) the Company in any material matter,
          or
          (ii) any other party to the Proceeding giving rise to a claim for
          indemnification hereunder. Notwithstanding the forgoing, the term “Independent
          Counsel” shall not include any person who, under the applicable standards of
          professional conduct then prevailing, would have a conflict of interest
          in
          representing either the Company or Indemnitee in an action to determine
          Indemnitee’s rights under this Agreement.

      

    

    

    
      
        (g)
          “Proceeding”
          includes any action, suit, arbitration, alternate dispute resolution
mechanism,
          investigation, administrative hearing or any other proceeding whether civil,
          criminal, administrative or investigative, except one initiated by an Indemnitee
          pursuant to Section 10 of this Agreement to enforce his rights under this
          Agreement. 

      

    

    

    SECTION
      18. Modification
      and Waiver.
      No
      supplement, modification or amendment of this Agreement shall be binding unless
      executed in writing by both of the parties hereto. No waiver of any of the
      provisions of this Agreement shall be deemed or shall constitute a waiver of
      any
      other provisions hereof (whether or not similar) nor shall such waiver
      constitute a continuing waiver.

    

    SECTION
      19. Notice
      by Indemnitee.
      Indemnitee agrees as promptly as practicable to notify the Company in writing
      upon being served with any summons, citation , subpoena, complaint, indictment,
      information or other document relating to any Proceeding or matter which may
      be
      subject to indemnification or advancement of Expenses covered
      hereunder.

    

    SECTION
      20. Notices.
      All
      notices, requests, demands and other communications hereunder shall be in
      writing and shall be deemed to have been duly given if (i) delivered by hand
      and
      receipt for by the party to whom said notice or other communication shall have
      been directed, or (ii) mailed by certified or registered mail with postage
      prepaid, on the third business day after the date on which it is so
      mailed:

    

    
      
        (a)
          If
          to the
          Indemnitee, to:

      

    

    

    The
      address of the respective Indemnitee located on the signature page at the
end
      of
      this Agreement.

    

    
      
        (b)
          If
          the
          Company, to: 

      

    

    

    

    48
      Par-le-Ville Rd, Suite 1141

    Hamilton
      HM11, Bermuda

    Attn:
      General Counsel

     

    
      
        
        

      

      
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    SECTION
      21. Governing
      Law.
      The
      parties agree that this Agreement shall be Governed by, and construed and
      enforced in accordance with, the laws of the State of New York.

    

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

     

     

    
      	 ATTEST 	 	Maiden Holdings, Ltd..
	 	 	 	 	 
	 By:	 	 	By:	 
	 	
               Secretary

            	 	 	
               President
                and CEO

            
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	INDEMNITEE
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	
               Address:

            	 
	 	 	 	 

    

    

     

     

     

    
      
        
        

      

      
        10EMPLOYMENT
      AGREEMENT

     

    THIS
      EMPLOYMENT AGREEMENT (this
      “Agreement”)
      is
      dated as of January 1, 2008, between NeoMedia Technologies, Inc. a Delaware
      corporation (the “Company”),
      and
      Frank Pazera (the “Executive”).

     

    1. Employment.
      The
      Company hereby agrees to employ the Executive, and the Executive hereby agrees
      to be employed by the Company, on the terms and conditions set forth
      herein.

     

    2. Term.
      The
      employment of the Executive by the Company as provided herein will commence
      on
      January 1, 2008 (the “Effective
      Date”)
      and
      terminate as herein provided (such period, the “Employment
      Period”).

     

    3. Position,
      Duties and Responsibilities.

     

    (a) Position.
      Effective as of the Effective Date and throughout the Employment Period, the
      Executive hereby agrees to serve, and the Company hereby agrees to employ,
      the
      Executive, as Chief Financial Officer of the Company, reporting to the Company’s
      Chief Executive Officer (the “CEO”). The Executive shall devote his best efforts
      and substantially all of his business time and attention to the performance
      of
      services to the Company in his capacity as an officer thereof and as may
      reasonably be requested by the CEO. The duties, functions, responsibilities
      and
      authority of the Executive, including those reasonably required by the CEO
      hereunder, shall be those as are reasonable and customary for a person serving
      as Chief Financial Officer of an enterprise comparable to the Company. Subject
      to the foregoing, the Company shall retain full direction and control of the
      means and methods by which the Executive performs the above
      services.

     

    (b) Exclusivity.
      Except
      with the prior written approval of the CEO (which the CEO may grant or withhold
      in its sole and absolute discretion), the Executive, during the Employment
      Period, shall devote substantially all of his working time, attention and
      energies to the business of the Company and will not (i) accept any other
      employment, (ii) serve on the board of directors or similar body of any other
      business entity, or (iii) engage, directly or indirectly, in any other business
      activity (whether or not pursued for pecuniary advantage) that is or may be
      competitive with, or that might place him in a competing position to, that
      of
      the Company or any of its affiliates. Notwithstanding the foregoing, the
      Executive may continue to engage in those activities listed on Schedule
      1
      provided
      such activities do not unreasonably interfere with the performance by the
      Executive of his duties as Chief Financial Officer of the Company.

     

    (c) Conditions
      to Employment.
      The
      Executive has provided the Company with satisfactory proof of the Executive’s
      legal right to work in the United States. The Executive is not party to any
      contract or agreement, whether oral or in writing, that may preclude him from
      rendering services as an employee of the Company hereunder. In connection with,
      and as a condition to his employment by the Company, the Executive has executed
      and agrees to be bound by that certain Confidential Information and Invention
      Assignment Agreement with the Company attached hereto as Exhibit
      A.
      

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    4. Compensation
      and Related Matters.

     

    (a) Salary.
      The
      Company shall pay the Executive a base salary of $200,000 per year, which shall
      be paid to Executive in accordance with the Company’s standard payroll
      practices. The Executive’s performance and salary shall be subject to review and
      increase consistent with the standard practices of the Company.

     

    (b) Bonus.
      The
      Executive shall be eligible to receive a quarterly incentive bonus with a target
      of up to forty percent (40%) of the annual salary each calendar year (the
“Bonus”).
      The
      Bonus shall be payable to the Executive in respect of his services to the
      Company based on the achievement of Revenue, Operating Profit, and Operating
      Metric objectives for 2008 as determined by the CEO and communicated to the
      Executive in advance of each quarter. Except as provided in the immediately
      following sentence, for each calendar quarter, the Bonus shall be payable as
      soon as practicable following the CEO’s determination in its reasonable judgment
      that all or any portion of the Bonus has been earned as a result of the
      achievement of the related performance objectives on a pro rata basis for such
      quarter. 

     

    (c) Stock
      Options.

     

    (i) Initial
      Option Grant.
      The
      Executive shall be granted on the Effective Date, an option to purchase
      5,000,000 shares of the Company’s Common Stock (the “Initial
      Option”).
       The
      shares covered by the Initial Option, if immediately exercisable, would
      constitute one and one-tenth percent (1.1%) of the outstanding Common Stock
      of
      the Company on a fully diluted basis as of the date of grant. Except
      as
      otherwise provided herein, subject to the Executive’s remaining continuously
      employed by the Company as of each such date, the Initial Option shall vest
      and
      become exercisable with respect to twenty-five percent (25%) of the shares
      subject to the Initial Option the Initial Option’s date of grant, and shall
      become vested in equal monthly installments thereafter, such that the Initial
      Option is vested and exercisable with respect to one hundred percent (100%)
      of
      the shares subject to the Initial Option on the fourth year anniversary of
      the
      Initial Option’s date of grant.

     

    (ii) Performance
      Option Grant.
      If, at
      the end of the Company’s 2008-2010 fiscal years, the Company has attained its
      agreed upon operating plan with respect to revenues and with respect to
      operating profit, the Executive shall be granted an option to purchase 5,000,000
      shares per year (subject to appropriate capitalization adjustments) of the
      Company’s Common Stock (the “Performance
      Option”).
      The
      shares covered by the Performance Option, if immediately exercisable, would
      constitute one and one-tenth percent (1.1%) of the outstanding Common Stock
      of
      the Company on a fully diluted basis as of the date of grant. The
      Performance Option shall be granted within two (2) weeks of the Company’s filing
      of its Annual Report on Form 10-K for the applicable fiscal year, which shall
      include the Company’s annual audited financial statements for such fiscal year.
      For performance greater than or equal to 80% of the agreed upon performance
      objectives, options shall be granted on a pro rata basis (i.e. 40% of options
      for 80% of performance goals). The Performance Option shall be vested and
      exercisable as of its date of grant. 

     

    
      
         

      

      
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    (iii) Miscellaneous.
      The
      Initial Option and the Performance Options shall be intended to qualify as
      “incentive stock options” within the meaning of Section 422(b) of the Internal
      Revenue Code of 1986, as amended (the “Code”)
      to the
      maximum extent permitted under the applicable federal income tax rules and
      shall
      each have a per share exercise price equal to the fair market value of a share
      of the Company’s Common Stock as of the dates they are granted. The Initial
      Option and the Performance Option shall be granted under, and subject to the
      terms and conditions of, the Company’s 2003 and 2005 Stock Option Plans (or any
      successor plan(s) thereto). The specific terms of the Initial Option and the
      Performance Option shall be set forth in written stock option agreements between
      the Company and the Executive which, except as provided herein, shall be in
      the
      same form as customarily used by the Company with respect to employee stock
      option grants. 

     

    (d) Business
      Expenses.
      The
      Company shall reimburse the Executive in connection with the conduct of the
      Company’s business upon presentation of sufficient evidence of such expenditures
      consistent with the Company’s policies as in place from time to
      time.

     

    (e) Other
      Benefits.
      The
      Executive shall be entitled to participate in or receive health, welfare, life
      insurance, long-term disability insurance, bonus plan and similar benefits
      as
      the Company provides generally from time to time to its senior executives,
      and
      to its employees, generally. Nothing herein is intended, or shall be construed
      to require the Company to institute or continue any, or any particular, plan
      or
      benefits, other than the contractual Bonus program and the contractual stock
      option program for the Executive described in Sections 4(b) and (c)
      respectively.

     

    (f) Vacations.
      During
      the Employment Period, the Executive shall be entitled to four (4) weeks of
      paid
      vacation each year. The Executive shall also be entitled to all paid holidays
      given by the Company to its senior executives. The Executive agrees to utilize
      his vacation at such time or times as are (i) consistent with the proper
      performance of his duties and responsibilities hereunder and (ii) mutually
      convenient for the Company and the Executive.

     

    (g) Indemnification.
      The
      Executive, in any capacity on behalf of the Company or any of its subsidiaries
      or affiliates, shall be entitled to exculpation, indemnification, and
      advancement of expenses to the fullest extent not prohibited by Delaware or
      other applicable law. The Executive shall also be entitled to coverage under
      each directors’ and officers’ liability insurance policy, if any, maintained by
      or on behalf of the Company’s directors and officers. If, not currently
      available, The Company will adopt such plan within 90 days of the Executives
      start date.

     

    5. Termination.
      The
      Executive’s employment hereunder shall be terminated, or may be terminated, as
      the case may be, under the following circumstances:

     

    (a) Death.
      The
      Executive’s employment hereunder shall terminate upon his death.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    (b) Cause.
      The
      Company may terminate the Executive’s employment hereunder for “Cause.”
Cause
      shall mean (i) Employee’s breach of any of the material terms of this
      Agreement and the failure by the Executive to cure or remedy such breach within
      thirty (30) days after receipt by the Executive of written notice from the
      CEO
      specifying the breach, (ii) his conviction of a crime involving moral turpitude
      or constituting a felony under the laws of any state, the District of Columbia
      or of the United States, or (iii) his willful, intentional and material
      misconduct in the performance of his duties hereunder, including without
      limitation, his willful and intentional failure or refusal to carry out any
      proper direction by the CEO with respect to the services to be rendered by
      him
      hereunder or the manner of rendering such services or his habitual neglect
      of
      his duties as an officer of the Company, which misconduct or neglect, if capable
      of cure in the CEO’s reasonable judgment, shall continue after receipt of
      written notice from the Company, specifying the alleged misconduct.

     

    (c) Employment-At-Will/Termination
      for Any Reason.
      The
      Executive hereby agrees that the Company may dismiss him under this
      Section 5 without regard (i) to any general or specific policies (whether
      written or oral) of the Company relating to the employment or termination of
      its
      employees, or (ii) to any statements made to the Executive, whether made orally
      or contained in any document, pertaining to the Executive’s relationship with
      the Company. Notwithstanding anything to the contrary contained herein, the
      Executive’s employment with the Company is not for any specified term and may be
      terminated by the Company at any time by delivery of a Notice of Termination,
      for any reason, with or without Cause, without liability except with respect
      to
      the payments provided for by Section 5 below.

     

    (d) Termination
      by the Executive for Good Reason.
      The
      Executive may terminate his employment hereunder for “Good
      Reason”.
      Good
      Reason shall mean (i) any reduction in the amount of the Executive’s base salary
      or aggregate incentive compensation opportunities (inclusive of the Bonus)
      which
      reduction may also occur pursuant to any assignment of performance goals and
      corresponding awards which are inconsistent with prior performance goals and
      awards, (ii) any significant reduction in the aggregate value of the Executive’s
      benefits as such benefits may be increased from time to time (unless such
      reduction is pursuant to a general change in benefits applicable to all
      similarly situated employees of the Company), (iii) any material breach by
      the
      Company of this Agreement or other written agreement with the Executive and
      the
      failure to cure or remedy such breach within thirty (30) days after receipt
      by
      the Company of written notice from the Executive, or (iv) any of (A) assignment
      to the Executive of any duties materially inconsistent with his status as Chief
      Financial Officer of the Company, (B) the removal of the Executive from the
      office of Chief Financial Officer or (C) a significant adverse change in the
      nature or scope of the authorities, powers, functions, responsibilities or
      duties attached to the Executive’s position with the Company.

     

    (e) Voluntary
      Resignation.
      The
      Executive may voluntarily resign his position and terminate his employment
      with
      the Company at any time by delivery of a written notice of resignation to the
      Company (the “Notice
      of Resignation”).
      The
      Notice of Resignation shall set forth the date such resignation shall become
      effective (the “Date
      of Resignation”),
      which
      date shall, in any event, be at least sixty (60) days and no more than ninety
      (90) days from the date the Notice of Resignation is delivered to the
      Company.

     

    (f) Notice.
      Any
      termination of the Executive’s employment by the Company or by the Executive for
      Good Reason shall be communicated by written Notice of Termination to the
      Executive or the Company, as applicable. For purposes of this Agreement, a
      “Notice
      of Termination”
shall
      mean a notice that shall indicate the specific termination provision in this
      Agreement relied upon and shall set forth in reasonable detail the facts and
      circumstances claimed to provide a basis for termination of the Executive’s
      employment under the provision so indicated.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    (g) “Date
      of Termination”
shall
      mean (i) if the Executive’s employment is terminated by his death, the date of
      his death and (ii) if the Executive’s employment is terminated pursuant to
      subsections (b), (c) (d) or (e) above, the date specified in the Notice of
      Termination or Notice of Resignation, as applicable.

     

    (h) Termination
      Obligations.

     

    (i) The
      Executive hereby acknowledges and agrees that all personal property and
      equipment furnished to, or prepared by, the Executive in the course of, or
      incident to, his employment, belongs to the Company and shall be promptly
      returned to the Company upon termination of the Employment Period. “Personal
      Property” includes, without limitation, all books, manuals, records,
      reports, notes, contracts, lists, blueprints, and other documents, or materials,
      or copies thereof (including computer files), and all other proprietary
      information relating to the business of the Company. Following termination,
      the
      Executive will not retain any written or other tangible material containing
      any
      proprietary information of the Company.

     

    (ii) Upon
      termination of the Employment Period, the Executive shall be deemed to have
      resigned from all offices, including his position as a director of the Company
      if applicable, then held with the Company or any affiliate.

     

    (iii) Upon
      termination of the Employment Period, this Agreement shall expire, subject
      to
      fulfillment by the Executive and the Company of their respective obligations
      upon termination provided for herein.

     

    6. Compensation
      Upon Termination.

     

    (a) Terminations
      other than by the Company Without Cause or by the Executive For Good
      Reason.
      If the
      Executive’s employment shall terminate for any reason other than as a result of
      (i) the Company’s termination of the Executive’s employment without Cause
      pursuant to Section 5(c) hereof or (ii) the Executive’s termination of his
      employment for Good Reason pursuant to Section 5(d) hereof, the Company shall
      promptly pay the Executive (i) his salary through the Date of Termination.
      

     

    (b) Terminations
      by the Executive For Good Reason.
      If the
      Executive terminates his employment for Good Reason pursuant to Section 5(d)
      hereof, the Company shall, promptly pay the Executive in a single lump sum
      an
      amount equal to six (6) months of the salary payable to the Executive pursuant
      to and in accordance with Section 4(a) hereof. In addition, in the event of
      the
      Executive’s termination of employment for Good Reason, the Company shall cause
      the Initial Option and Performance Options to immediately become vested and
      exercisable. Finally, the Company shall also promptly pay to the Executive
      the
      amounts described
      in Section 6(a) as
      if the
      Executive’s employment had terminated for reasons other than by the Executive
      for Good Reason.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    (c) Termination
      by the Company Without Cause.
      If the
      Company shall terminate the Executive’s employment without Cause pursuant to
      Section 5(c) hereof, the Company shall promptly pay the Executive in a single
      lump sum an amount equal to eighteen (18) months of the salary payable to the
      Executive pursuant to and in accordance with Section 4(a) hereof. In addition,
      the Company shall cause one half (1⁄2) of any remaining portion of the Unvested
      Initial Option to immediately become vested and exercisable.

     

    (d) For
      purposes of this Agreement, “Change in Control” shall mean (i) a sale, lease or
      other disposition, in one transaction or a series of transactions, of all or
      substantially all of the assets of the Company, (ii) a merger or consolidation
      in which the Company is not the surviving entity or if the Company is the
      surviving entity, as a result of which the shares of the Company’s capital stock
      are converted into or exchanged for cash, securities of another entity, or
      other
      property, unless (in any case) the holders of the Company’s outstanding shares
      of Common Stock immediately before the transaction own more than 50% of the
      combined voting power of the outstanding securities of the Company immediately
      after that transaction, (iii) a reverse merger in which the Company is the
      surviving corporation but the shares of the Company’s Common Stock outstanding
      immediately preceding the merger are converted by virtue of the merger into
      other property, whether in the form of securities, cash or otherwise, (iv)
      the
      Company’s stockholders approve a plan or proposal to liquidate or dissolve the
      Company. 

     

    7. Restrictive
      Covenants.

     

    (a) Definitions.

     

    (i) The
      term
“Company”
for
      purposes of Section 7 of this Agreement shall mean NeoMedia Technologies, Inc.,
      a Delaware corporation, and its affiliated and related entities including,
      but
      not limited to, all of NeoMedia Technologies, Inc.’s subsidiaries and joint
      venturers. It is understood that any affiliated or related entities of NeoMedia
      Technologies, Inc. are intended third-party beneficiaries of the provisions
      of
      this Agreement. 

     

    (ii) The
      term
“Confidential
      Information”
shall
      include, but not be limited to, (a) Customer lists and Prospective Customer
      lists; specific information on Customers and Prospective
      Customers (including information on purchasing preferences, credit
      information, and pricing), pricing lists (including item and Customer
      specific pricing information); names of agents; operations; contractual or
      personnel data; trade secrets; license agreements; proprietary purchasing and
      sales methods and techniques; pricing methods and strategies; computer software
      design and/or improvements; methods of distribution; market feasibility studies;
      proposed or existing marketing techniques or plans; future Company business
      plans; project files; design systems; information on current and potential
      Vendors including, but not limited to, their identity, pricing, and purchasing
      information not generally known; personal information about the Company’s
      executive officers and directors; and (b) any information that is of value
      or
      significance to the Company that derives independent economic value, actual
      or
      potential, from not being generally known to, and not being readily
      ascertainable by proper means by, other persons who can obtain economic value
      from its disclosure or use, including information not generally known to the
      competitors of the Company nor intended by the Company for general
      dissemination. Confidential Information shall not include any (1) information
      known generally to the public (other than as a result of unauthorized disclosure
      by the Executive), (2) information that became available from a third party
      source and such source is not bound by a confidentiality agreement, or (3)
      any
      information not otherwise considered by the CEO to be Confidential
      Information.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    (iii) The
      term
“Customer”
shall
      mean any person or entity which has purchased goods, products or services from
      the Company, entered into any contract for products or services with the
      Company, and/or entered into any contract for the distribution of any products
      or services with the Company within the one (1) year immediately preceding
      the
      termination of the Executive’s employment with the Company for whatever
      reason.

     

    (iv) The
      phrase “directly
      or indirectly”
shall
      include the Executive either on his own account, or as a partner, owner,
      promoter, joint venturer, employee, agent, consultant, advisor, manager,
      executive, independent contractor, officer, director, stockholder, or otherwise,
      of an entity.

     

    (v) The
      term
“Non-Compete
      Period”
shall
      mean the Employment Period and the thirty-six (36) months immediately following
      termination of the Executive’s employment with the Company for whatever reason.

     

    (vi) The
      term
“Prospective
      Customer”
shall
      mean any person or entity which has purchased goods, Products or services from
      the Company, entered into any contract for Products or services with the
      Company, and/or entered into any contract for the distribution of any Products
      or services with the Company within the one (1) year immediately preceding
      the
      termination of the Executive’s employment with the Company for whatever
      reason.

     

    (vii) The
      term
“Restricted
      Area”
shall
      include any geographical location anywhere in the world where Executive has
      been
      assigned to perform services on behalf of Company during the Employment Period
      and where the Company, its affiliates or subsidiaries either (a) is engaged
      in
      business, and (b) has evidenced an intention to engage in business.

     

    (viii) The
      term
“Vendor”
shall
      mean any supplier, person or entity from which the Company has purchased
      Products or services during the one (1) year immediately preceding the
      termination of the Executive’s employment with the Company for whatever
      reason.

     

    (b) Non-Competition.
      During
      the Employment Period and Non-Compete Period, in the Restricted Area, the
      Executive shall not, directly or indirectly, engage in, promote, finance, own,
      operate, develop, sell or manage or assist in or carry on in any business in
      competition with the business of the Company, as such business now exists or
      as
      it may exist at the time of the termination of the Executive’s employment with
      the Company for whatever reason; provided,
      however,
      that Executive
      may at any time own securities of any competitor corporation whose securities
      are publicly traded on a recognized exchange so long as the aggregate holdings
      of the Executive in any one such corporation shall constitute not more than
      5%
      of the voting stock of such corporation. 

     

    
      
         

      

      
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    (c) Non-Solicitation
      of Employees or Independent Contractors.
      During
      the Employment Period and the Non-Compete Period, the Executive shall not,
      directly or indirectly, solicit or attempt to induce any employee of the Company
      or independent contractor engaged and/or utilized by the Company in any capacity
      to terminate his employment with, or engagement by, the Company. Likewise,
      during the Employment Period and the Non-Compete Period, the Executive shall
      not, directly or indirectly, hire or attempt to hire for another entity or
      person any employee of the Company or independent contractor engaged and/or
      utilized by the Company in any capacity.

     

    (d) Non-Solicitation
      of Customers, Prospective Customers or Vendors.
      During
      the Employment Period and the Non-Compete Period, the Executive shall not,
      directly or indirectly, sell, assemble, manufacture or distribute products
      or
      services of the type sold or distributed by the Company to any Customer,
      Prospective Customer or Vendor of the Company in the Restricted Area through
      any
      entity other than the Company. The Executive acknowledges and agrees that the
      Company has substantial relationships with its Customers and Vendors, which
      the
      Company expends significant time and resources in acquiring and maintaining,
      and
      that the Company’s relationships with its Customers and Vendors constitute a
      significant and valuable asset of the Company.

     

    (e) Non-Disclosure
      of Confidential Information.
      During
      and after the Employment Period, the Executive shall not, directly or
      indirectly, without the prior written consent of the CEO, or a person duly
      authorized thereby, other than a person to whom disclosure is reasonably
      necessary or appropriate in connection with the performance by Executive of
      the
      duties of Executive as an employee of the Company, disclose or use for the
      benefit of himself or any other person, corporation, partnership, joint venture,
      association, or other business organization, any of the trade secrets or
      Confidential Information of the Company. If Executive is legally required to
      disclose any Confidential Information, Executive will notify the Company prior
      to doing so by providing Company with written notice ten (10) business days
      in
      advance of the intended or compelled disclosure. Notice shall be provided as
      defined in Section 7 below. 

     

    (f) Need
      for Restrictions.
      The
      Executive acknowledges and agrees that each of the restrictive covenants
      contained in this Section 7 is reasonable and necessary to protect the
      legitimate business interests of the Company, including, without limitation,
      the
      need to protect the Company’s trade secrets and Confidential Information and the
      need to protect its relationships with its Customers, Prospective Customers,
      Vendors and agents. The Executive also acknowledges and agrees, as set forth
      in
      Section 7(h) below, that the Company may obtain a temporary and/or permanent
      injunction to restrain any violations or, or otherwise enforce, the restrictive
      covenants contained in this Section 7.

     

    (g) Ownership
      by Company.
      The
      Executive acknowledges and agrees that any of his work product created, produced
      or conceived in connection with his association with the Company shall be deemed
      work for hire and shall be deemed owned exclusively by the Company. The
      Executive agrees to execute and deliver all documents required by the Company
      to
      document or perfect the Company’s proprietary rights in and to the Executive’s
      work product.

     

    (h) Breach
      of Restrictive Covenants.
      In the
      event of a breach by the Executive of any restrictive covenant set forth in
      this
      Section 7, the Executive agrees that such a breach would cause irreparable
      injury to the Company, and that if the Company shall bring legal proceedings
      against the Executive to enforce any restrictive covenant, the Company shall
      be
      entitled to seek all available civil remedies, at law or in equity, including,
      without limitation, an injunction without posting a bond, damages, attorneys’
fees, and costs.

     

    
      
         

      

      
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    (i) Successors
      and Assigns.
      The
      Company and its successors and assigns may enforce these restrictive
      covenants.

     

    (j) Construction,
      Survival.
      If the
      period of time, area, or scope of restriction specified in this Section 7 should
      be adjudged unreasonable in any proceeding, then the period of time, area,
      or
      scope shall be reduced so that the restrictions may be enforced as is adjudged
      to be reasonable. If the Executive violates any of the restrictions contained
      in
      this Section, the restrictive period shall be tolled during the time that the
      Executive is in violation. All the provisions of this Section 7 shall survive
      the term of this Agreement and the Executive’s employment with the
      Company.

     

    8. Return
      of Company Property.
      All of
      the Company’s products, Customer correspondence, internal memoranda, designs,
      sales brochures, training manuals, project files, price lists, Customer and
      Vendor lists, prospectus reports, Customer or Vendor information, sales
      literature, territory printouts, call books, notebooks, textbooks e-mails and
      Internet access, and all other like information or products, including all
      copies, duplications, replications and derivatives of such information or
      products, acquired by the Executive while in the employ of the Company, whether
      prepared by the Executive or coming into the Executive’s possession, shall be
      the exclusive property of the Company and shall be returned to the Company
      promptly upon the Executive’s separation from the Company. The Executive’s
      obligations under this Section 8 shall exist whether or not any of these
      materials contain Confidential Information. The Executive shall provide the
      Company with a signed certificate evidencing that all such property has been
      returned, and that no such property or Confidential Information has been
      retained by the Executive in any form.

     

    9. Notice.
      For the
      purposes of this Agreement, notices, demands and all other communications
      provided for in this Agreement shall be in writing and shall be deemed to have
      been duly given when personally delivered, when transmitted by facsimile with
      receipt confirmed, or one day after delivery to an overnight air courier
      guaranteeing next day delivery, addressed as follows:

    

      
        	
                If
                  to the Executive:

              	
                Frank
                  Pazera

              
	 	
                6304
                  Marina Pointe Circle

              
	 	
                Hixson,
                  TN 37343

              
	 	
                Telephone:
                  (423) 842-6049

              
	 	 
	
                If
                  to the Company:

              	
                NeoMedia
                  Technologies, Inc.

              
	 	
                Two
                  Concourse Pkwy, Suite 500

              
	 	
                Atlanta,
                  GA 30328

              
	 	
                Telephone:
                  (678)
                  638-0460

              
	 	
                Fax:
                  (678) 638-0466

              

      

       

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

       

      
        	
                With
                  a copy to 

              	
                Kirkpatrick
                  & Lockhart Preston Gates Ellis LLP

              
	 	
                201
                  S. Biscayne Ave., Suite 2000

              
	 	
                Miami,
                  Florida 33131

              
	 	
                Telephone:
                  (305) 539-3300

              
	 	
                Fax:
                  (305) 358-7095

              
	 	
                Attention:
                  Clayton E. Parker

              

      

    

     

    or
      to
      such other address as any party may have furnished to the others in writing
      in
      accordance herewith, except that notices of change of address shall be effective
      only upon receipt.

     

    10. Severability.
      The
      invalidity or unenforceability of any provision or provisions of this Agreement
      shall not affect the validity or enforceability of any other provision of this
      Agreement, which shall remain in full force and effect.

     

    11. Assignment.
      This
      Agreement may not be assigned by the Executive, but may be assigned by the
      Company to any successor to its business and will inure to the benefit and
      be
      binding upon any such successor.

     

    12. Tax
      Withholding.
      All
      amounts payable hereunder (including any non-cash benefits) shall be subject
      to
      all applicable tax withholdings.

     

    13. Counterparts.
      This
      Agreement may be executed in several counterparts, each of which shall be deemed
      to be an original but all of which together will constitute one and the same
      instrument.

     

    14. Headings.
      The
      headings contained herein are for reference purposes only and shall not in
      any
      way affect the meaning or interpretation of this Agreement.

     

    15. Choice
      of Law.
      This
      Agreement shall be construed, interpreted and the rights of the parties
      determined in accordance with the laws of the State of Florida (without
      reference to the choice of law provisions of Florida law).

     

    16. Limitation
      on Liabilities.
      If
      either party is awarded any damages as compensation for any breach or action
      related to this Agreement, or any other cause of action based in whole or in
      part on any breach of any provision of this Agreement, such damages shall be
      limited to contractual damages and shall exclude (i) punitive damages, and
      (ii)
      consequential and/or incidental damages (e.g.,
      lost
      profits and other indirect or speculative damages).

     

    17. Entire
      Agreement.
      This
      Agreement contains the entire agreement and understanding between the Company
      and the Executive with respect to the employment of the Executive by the Company
      as contemplated hereby, and no representations, promises, agreements or
      understandings, written or oral, not herein contained shall be of any force
      or
      effect. This Agreement shall not be changed unless in writing and signed by
      both
      the Executive and the CEO of the Company.

     

    18. The
      Executive’s Acknowledgment.
      The
      Executive acknowledges (a) that he has consulted with or has had the
      opportunity to consult with independent counsel of his own choice concerning
      this Agreement and has been advised to do so by the Company, and (b) that
      he has read and understands this Agreement, is fully aware of its legal effect,
      and has entered into it freely based on his own judgment.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

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

     

    
      	 	
              NEOMEDIA
                TECHNOLOGIES, INC.

            
	 	 
	 	
              /s/
                William J. Hoffman

            
	 	
              Name:
                William J. Hoffman

            
	 	
              Title:
                CEO

            
	 	 
	 	
              EXECUTIVE

            
	 	 
	 	
              /s/
                Frank Pazera

            
	 	
              Frank
                Pazera

            

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    SCHEDULE
      1

    

    
      	
              Company/Group

            	 	
              Position

            
	 	 	 
	
              Tatum,
                LLC

            	 	
              Partner

            

    

     

    
      
         

      

      
        12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}]]