Document:

EX 10.12

    EXHIBIT
      10.12

    

    INDEMNIFICATION
      AGREEMENT 

    

    This
      Agreement, made and entered into as of this 7th
      day of
      March, 2006 (“Agreement”), among and between AmTrust Financial Services, Inc., a
      Delaware corporation (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. 

    

    (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

     

    
      
         

      

      
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    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.
      

    

    (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

     

    
      
         

      

      
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    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,

     

    
      
         

      

      
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    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. 

    

    (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

     

    
      
         

      

      
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    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. 

    

    (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 __, 2006.

      

    

    

    (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: 

            

    

    

    59
      Maiden
      Lane

    6th
      Floor

    New
      York,
      NY 10038

    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	 	AMTRUST
              FINANCIAL SERVICES, INC.
	 	 	 
	 	 	 
	By: _____________________________________	 	By: ___________________________________
	
              Secretary

            	 	
              President
                and CEO

            
	 	 	
            
	 	 	 
	 	 	
              INDEMNITEE

            
	 	 	 
	 	 	       
	 	 	 
	 	
              Address:   

            	          
	 	 	      

    

     

     

    
      
         

      

        -10-<PAGE>

                                                                     Exhibit 4.1

                                                             English Translation

                                     [FRONT]

                  SHARE CERTIFICATE REPRESENTING COMMON SHARES
                                       OF
                                  GMARKET INC.

                                                                   [__] Issuance

                                                            Certificate No.: ___

                                    One Share

                                 ONE HUNDRED WON

1. Name of Issuer:                    Gmarket Inc.

1. Date of Incorporation of Issuer:   April 7, 2000

1. Number of Authorized Shares:       200,000,000

1. Par Value:                         100 Won

1. Type of Shares:                    Common Shares in Registered Form

1. Issuance Date:

This share certificate has been issued and delivered to the shareholder whose
name appeared hereinbelow to certify that such shareholder is the holder of one
common share of the Issuer in accordance with the articles of incorporation of
the Issuer.

                                     GMARKET INC.

                                     Representative Director Young Bae Ku

<PAGE>

                                     [BACK]

<TABLE>
<CAPTION>
                                      DATE OF
         TO: [SHAREHOLDER]           ISSUANCE
----------------------------------   --------
DATE OF     NAME OF     WITNESS OF    DATE OF     NAME OF     WITNESS OF
 ENTRY    SHAREHOLDER      ENTRY       ENTRY    SHAREHOLDER      ENTRY
-------   -----------   ----------   --------   -----------   ----------
<S>       <C>           <C>          <C>        <C>           <C>
[ ]                                  [ ]

[ ]                                  [ ]
</TABLE>

Please do not make any marks or otherwise taint the portion below as it will be
computer processed.

                                       2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]