Document:

Exhibit 10.14
	 

	 
		EMPLOYMENT AGREEMENT
	 

	 
		AGREEMENT, dated as of December 12, 2005 by
		and between Greenlight Reinsurance, Ltd. (the “Company”) and Barton
		Hedges (“Executive”).
	 

	 
		IN CONSIDERATION of the premises and the
		mutual covenants set forth below, the parties hereby agree as follows:
	 

	 
		1. Employment. The
		Company hereby agrees to employ Executive as the President and Chief
		Underwriting Officer of the Company (the “President and CUO”), and
		Executive hereby accepts such employment, on the terms and conditions
		hereinafter set forth.
	 

	 
		2. Employment Period. The period of employment of Executive by the Company
		under this Agreement (the “Employment Period”) shall commence on the
		later of (a) the date on which the Company obtains all necessary work permits
		in order for Executive to work in the Cayman Islands including, without
		limitation, any and all necessary approvals of the Cayman Islands Monetary
		Authority and (b) January 2, 2006 (the “Effective Date”) and shall
		continue until terminated by either party in accordance with Section 6 of this
		Agreement. Executive’s employment shall at all times be “at
		will” and not for a definite duration, and nothing contained herein shall
		confer upon Executive any contractual right to continued employment. This
		Agreement is conditioned upon the Company maintaining a work permit for
		Executive and Executive complying with the Cayman Islands Immigration laws and
		regulations from time to time in force.
	 

	 
		3. Position and Duties. During the Employment Period, Executive shall serve as
		President and CUO and shall report directly to the Company’s Chief
		Executive Officer (the “CEO”) or the Board of Directors of the
		Company (the “Board”). Executive shall have those powers and duties
		normally associated with the position of President and CUO and such other
		powers and duties as may be prescribed by the Company; provided
		that, such other powers and duties are consistent with
		Executive’s position as President and CUO and do not violate any
		applicable laws or regulations. Executive shall perform his duties to the best
		of his abilities and shall devote all of his working time, attention and
		energies to the performance of his duties for the Company. If requested by the
		Board of Directors of the Company, Executive shall also serve as an officer
		and/or director of the Company for no additional compensation.
	 

	 
		4. Place of Performance. The Company’s principal place of business is the
		Cayman Islands. Executive shall be required to travel to the Cayman Islands as
		necessary to perform his duties hereunder. During the Employment Period,
		Executive shall comply with all Company policies, as may be amended from time
		to time, including, without limitation, conducting the business affairs of the
		Company such that it is not deemed to be engaging in a trade or business within
		the United States.
	 

	 
		5. Compensation and Related Matters.
	 

	 
		(a) Base Salary and Bonus. During the
		Employment Period, the Company shall pay Executive a base salary at the rate of
		not less than US $450,000 per year (“Base Salary”). Executive’s
		Base Salary shall be paid in accordance with the Company’s customary
		payroll practices. The Board shall periodically review Executive’s Base
		Salary for
	 

	 
		 
	 

	 
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		increase (but not decrease), consistent with
		the compensation practices and guidelines of the Company. If Executive’s
		Base Salary is increased by the Company, such increased Base Salary shall then
		constitute the Base Salary for all purposes of this Agreement. In addition to
		Base Salary, during the Employment Period, Executive shall be eligible for an
		annual bonus based on pre-established performance metrics established by the
		Board (the “Bonus”). With respect to the 2006 calendar year,
		Executive shall be guaranteed a Bonus equal to 100% of Base Salary. With
		respect to years thereafter, Executive shall be eligible to receive a
		discretionary Bonus with a target of 100% of Base Salary. Any Bonus earned
		during a calendar year shall be paid at such time as the Company customarily
		pays annual bonuses; provided,
		that, Executive is still employed as of such date. Executive
		shall receive a signing bonus in the amount of $50,000 which shall be payable
		at the end of the first month in which the Effective Date occurs; provided,
		that, Executive remains employed as of such date.
	 

	 
		(b) Expenses. During the Employment
		Period, the Company shall promptly reimburse Executive for all reasonable
		business expenses upon the presentation of reasonably itemized statements of
		such expenses in accordance with the Company’s policies and procedures now
		in force or as such policies and procedures may be modified with respect to all
		senior executive officers of the Company.
	 

	 
		(c) Vacation. During the Employment
		Period, Executive shall be entitled to five (5) weeks of paid vacation per year
		to be used and accrued in accordance with the Company’s policy as it may
		be established from time to time. In addition to vacation, Executive shall be
		entitled to the number of sick days, personal days and national holidays per
		year to which other employees of the Company with similar tenure are entitled
		under the Company’s policies, but in no event less than the minimum days
		mandated by Cayman Islands statutory requirements.
	 

	 
		(d) Welfare, Pension and Incentive
		Benefit Plans. During the Employment Period, Executive shall be entitled to
		participate in such employee benefit plans and insurance programs offered by
		the Company, or which it may adopt from time to time, for its employees, in
		accordance with Cayman Islands Laws and regulations from time to time in force
		and in accordance with the eligibility requirements for participation therein.
		Prior to the time that the Company establishes welfare and health plans, the
		Company shall reimburse Executive for the cost of health insurance for himself
		and his family that is comparable to the health insurance Executive has in
		effect as of the Effective Date. In addition, during the Employment Period, the
		Company shall reimburse Executive for his reasonable expenses incurred in
		having an accountant assist and prepare his annual tax return. The Company will
		provide a workers’ compensation plan that meets or exceeds the statutory
		requirements of the Cayman Islands.
	 

	 
		(e) Housing Allowance. During the
		Employment Period, Executive shall be entitled to receive a Cayman Islands
		housing allowance of US $6,000 per month. Executive will be responsible for any
		taxes due on such allowance.
	 

	 
		(f) Stock Options.
	 

	 
		(i) On the Effective Date or as soon as
		administratively feasible thereafter, Greenlight Capital Re, Ltd. (the
		“Parent”) shall grant Executive a 
	 

	 
		 
	 

	 
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		stock option (an “Option”) to
		acquire 250,000 shares of the Parent’s Class A ordinary shares, $0.10 par
		value per share (“Shares”) under such terms and conditions as
		provided for under the Parent’s then existing stock incentive plan which
		are not inconsistent with clauses (ii) and (iii) below.
	 

	 
		(ii) The Option described in paragraph (i)
		above shall be granted subject to the following terms and conditions: (A) the
		Option shall be granted under and subject to the Parent’s stock incentive
		plan (the “Plan”); (B) the exercise price per Share subject to the
		Option shall be equal to the fair market value per Share as of the date of
		grant; (C) the Option shall be vested as to 33 1/3% of the Shares subject
		thereto on each of the first three anniversaries of the date of grant;
		provided, that, the Option shall cease to vest upon Executive’s
		termination of employment with the Company; (D) the Option shall be exercisable
		for the ten (10) year period following the date of grant; provided, that, upon
		Executive’s termination of employment with the Company for any reason, any
		unvested portion of the Option shall automatically terminate and the vested
		portion of the Option shall remain exercisable for 90 days after
		Executive’s termination of employment with the Company; and (E) the Option
		shall be evidenced by, and subject to, a stock option agreement whose terms and
		conditions are consistent with the terms hereof.
	 

	 
		(iii) The Shares acquired upon exercise of
		the Options shall be subject to the terms and conditions of the Parent’s
		Shareholders’ Agreement as it may be amended from time to time and
		Executive shall become a party to such agreement at such time.
	 

	 
		6. Termination.
		Executive’s employment hereunder may be terminated under the following
		circumstances:
	 

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

	 
		(b) Disability. If, as a result of
		Executive’s incapacity due to physical or mental illness, Executive shall
		have been substantially unable to perform his duties hereunder for an entire
		period of at least 90 consecutive days or 180 non-consecutive days within any
		365-day period, the Company shall have the right to terminate Executive’s
		employment hereunder for “Disability”, and such termination in and of
		itself shall not be, nor shall it be deemed to be, a breach of this
		Agreement.
	 

	 
		(c) Cause. The Company shall have the
		right to terminate Executive’s employment for Cause, and such termination
		in and of itself shall not be, nor shall it be deemed to be, a breach of this
		Agreement. For purposes of this Agreement, “Cause” shall mean
		Executive’s (i) drug or alcohol use which impairs the ability of Executive
		to perform his duties hereunder; (ii) conviction by a court of competent
		jurisdiction, or plea of “no contest” or guilty to a criminal
		offense; (iii) engaging in fraud, embezzlement or any other illegal conduct
		with respect to the Company or any of its affiliates (collectively, the
		“Group”); (iv) willfully violating the Restrictive Covenants set
		forth in Section 9 of this Agreement; (v) willful failure or refusal to perform
		his duties hereunder (other than such failure caused by Executive’s
		Disability or while 
	 

	 
		 
	 

	 
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		on vacation) after a written demand for
		performance is delivered to Executive by the Board which specifically
		identifies the manner in which the Board believes that Executive has failed or
		refused to perform his duties; or (vi) breach of any material provision of this
		Agreement or any Group policies related to conduct which is not cured, if
		curable, within ten (10) days after written notice thereof. The Company shall
		have the right to suspend Executive with pay in order to investigate any event
		which it reasonably believes may provide a basis to terminate Executive’s
		employment for Cause and such action shall not give Executive Good Reason to
		terminate his employment.
	 

	 
		(d) Good Reason. Executive may
		terminate his employment with the Company for “Good Reason” within
		thirty (30) days after Executive has knowledge of the occurrence, without
		Executive’s written consent, of one of the following events that has not
		been cured, if curable, within thirty (30) days after written notice thereof
		has been given by Executive to the Company and such termination in and of
		itself shall not be, nor shall it be deemed to be, a breach of this Agreement.
		“Good Reason” shall be limited to the following: (i) any material and
		adverse change to Executive’s duties which are inconsistent with his
		duties set forth herein, (ii) a reduction of Executive’s Base Salary, or
		(iii) a failure by the Company to comply with any other material provisions of
		this Agreement.
	 

	 
		(e) Without Cause. The Company shall
		have the right to terminate Executive’s employment hereunder without Cause
		at any time by providing Executive with a Notice of Termination and such
		termination shall not in and of itself be, nor shall it be deemed to be, a
		breach of this Agreement.
	 

	 
		(f) Without Good Reason. Executive
		shall have the right to terminate his employment hereunder without Good Reason
		by providing the Company with a Notice of Termination at least ninety (90) days
		prior to such termination, and such termination shall not in and of itself be,
		nor shall it be deemed to be, a breach of this Agreement.
	 

	 
		(g) Dissolution of the Company. The
		Company shall have the right to terminate Executive’s employment hereunder
		in connection with the Board’s resolution to dissolve the Company by
		providing Executive with a Notice of Termination, and such termination shall
		not in and of itself be, nor shall it be deemed to be, a breach of this
		Agreement.
	 

	 
		7. Termination Procedure.
	 

	 
		(a) Notice of Termination. Any
		termination of Executive’s employment by the Company or by Executive
		(other than termination pursuant to Section 6(a)) shall be communicated by
		written Notice of Termination to the other party hereto in accordance with
		Section 13 of this Agreement. For purposes of this Agreement, a “Notice of
		Termination” shall mean a notice which 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 Executive’s employment under the provision so
		indicated.
	 

	 
		(b) Date of Termination. “Date
		of Termination” shall mean (i) if Executive’s employment is
		terminated by his death, the date of his death, (ii) if Executive’s
		employment is terminated pursuant to Section 6(b), thirty (30) days after
		Notice of Termination
	 

	 
		 
	 

	 
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		(provided that Executive shall not have
		returned to the substantial performance of his duties on a full-time basis
		during such thirty (30) day period), and (iii) if Executive’s employment
		is terminated for any other reason, the date on which a Notice of Termination
		is given or any later date (within ninety (90) days after the giving of such
		notice) set forth in such Notice of Termination; provided,
		that, if applicable, the Notice of Termination shall not be
		effective until the cure period has expired and such event or events leading to
		such termination have not yet been cured.
	 

	 
		8. Compensation Upon Termination. In the event Executive’s employment is
		terminated, the Company shall provide Executive with the payments set forth
		below and shall not be required to provide any other payments or benefits to
		Executive upon such termination. Executive acknowledges and agrees that the
		payments set forth in this Section 8 constitute liquidated damages for
		termination of his employment and that prior to receiving any such payments
		under Section 8 and as a material condition thereof, Executive shall, if
		requested by the Company, sign and agree to be bound by a general release of
		claims against the Company and its affiliates related to Executive’s
		employment (and termination of employment) with the Company in such form as the
		Board deems appropriate. Upon Executive’s termination of employment for
		any reason, upon the request of the Board, he shall resign any membership or
		positions that he then holds with the Company or any of its affiliates.
	 

	 
		(a) Termination By the Company without
		Cause or By Executive for Good Reason. If Executive’s employment is
		terminated by the Company without Cause or by Executive for Good Reason:

	 

	 
		(i) as soon as practicable following such
		termination, the Company shall pay to Executive: (A) his accrued, but unpaid
		Base Salary earned through the Date of Termination, his accrued, but unpaid
		Bonus earned for the year immediately prior to the year in which the Date of
		Termination occurs and any accrued, but unused vacation pay through the Date of
		Termination (the “Accrued Obligations”); (B) the target Bonus
		Executive would have earned for the year of termination assuming targets had
		been achieved, pro-rated based on the number of days Executive was employed by
		the Company during the year over the number of days in such year (the
		“Pro-Rated Bonus”); and 
	 

	 
		(ii) commencing on the Severance Payment
		Date (as defined below) and provided Executive does not breach Section 9 of
		this Agreement following his termination in which case all payments under this
		clause (ii) shall cease, the Company shall continue to pay Executive the sum of
		his annual rate of Base Salary and target Bonus (assuming targets had been
		achieved) in twelve (12) equal monthly installments. For purposes of this
		Agreement, the “Severance Payment Date” shall mean (i) if the Board
		(or its delegate) determines in its discretion that Executive is a
		“specified employee” (as defined in Section 409A(a)(2)(B)(i) of the
		United States Internal Revenue Code of 1986, as amended (the “Code”))
		as of the date of termination and that Section 409A of the Code applies with
		respect to a payment to Executive pursuant to this Section 8(a), the six-month
		anniversary of the date of termination or (ii) if the Board (or its delegate)
		determines in its discretion that Executive is not a specified employee as of
		the date of termination (or that Section 409A of the Code does not apply with
		respect to a 
	 

	 
		 
	 

	 
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		payment to Executive pursuant to this
		Section 8(a)), the first day following the applicable revocation period set
		forth in the release contemplated in this Section 8; and
	 

	 
		(iii) the Company shall reimburse Executive
		pursuant to Section 5 for reasonable expenses incurred, but not paid prior to
		such termination of employment; and
	 

	 
		(iv) Executive shall be entitled to any
		other rights, compensation and/or benefits as may be due to Executive in
		accordance with the terms and provisions of any agreements, plans or programs
		of the Company.
	 

	 
		(b) Termination By the Company for Cause
		or By Executive Without Good Reason. If Executive’s employment is
		terminated by the Company for Cause or by Executive (other than for Good
		Reason):
	 

	 
		(i) the Company shall pay Executive, as soon
		as practicable following the Date of Termination, the Accrued Obligations;
		and
	 

	 
		(ii) the Company shall reimburse Executive
		pursuant to Section 5 for reasonable expenses incurred, but not paid prior to
		such termination of employment.
	 

	 
		(c) Disability. During any period
		that Executive fails to perform his duties hereunder as a result of incapacity
		due to physical or mental illness (“Disability Period”), Executive
		shall continue to receive his full Base Salary set forth in Section 5(a) until
		his employment is terminated pursuant to Section 6(b) off-set, on a dollar for
		dollar basis, by any insurance or social security payments made to Executive
		relating to such disability. In the event Executive’s employment is
		terminated for Disability pursuant to Section 6(b):
	 

	 
		(i) the Company shall pay to Executive as
		soon as practicable following the Date of Termination: (A) the Accrued
		Obligations and (B) a Pro-Rated Bonus; and
	 

	 
		(ii) the Company shall continue to pay
		Executive his annual rate of Base Salary and provide Executive the health
		insurance benefits that he was receiving immediately prior to the Date of
		Termination, for the lesser of (A) one year following the Date of Termination
		or (B) until such time as any Company long-term disability benefit plan becomes
		available to Executive; provided,
		that, if the Company is unable to continue the health
		insurance benefits following the Date of Termination, the Company shall pay
		Executive the cost of similar health insurance benefits, not to exceed the cost
		the Company would incur if Executive had continued to remain in the
		Company’s health plans; and
	 

	 
		(iii) the Company shall reimburse Executive
		pursuant to Section 5 for reasonable expenses incurred, but not paid prior
		to such termination of employment; and
	 

	 
		 
	 

	 
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		(iv) Executive shall be entitled to any
		other rights, compensation and/or benefits as may be due to Executive in
		accordance with the terms and provisions of any agreements, plans or programs
		of the Company.
	 

	 
		(d) Death. If Executive’s
		employment is terminated by his death:
	 

	 
		(i) the Company shall pay in a lump sum to
		Executive’s beneficiary, legal representatives or estate, as the case may
		be, the Accrued Obligations and Pro-Rated Bonus as soon as practicable
		following such death; and
	 

	 
		(ii) the Company shall reimburse
		Executive’s beneficiary, legal representatives, or estate, as the case may
		be, pursuant to Section 5 for reasonable expenses incurred, but not paid prior
		to such termination of employment; and
	 

	 
		(iii) Executive’s spouse and dependents
		shall be entitled to continue receiving health insurance benefits that they
		were receiving as of the Date of Termination for one (1) year following
		Executive’s death; provided, that; if the Company is unable to continue
		the health insurance benefits following the Date of Termination, the Company
		shall pay Executive’s spouse and dependents the cost of similar health
		insurance benefits, not to exceed the cost the Company would incur if Executive
		had continued to remain in the Company’s health plans; and
	 

	 
		(iv) Executive’s beneficiary, legal
		representatives or estate, as the case may be, shall be entitled to any other
		rights, compensation and benefits as may be due to any such persons or estate
		in accordance with the terms and provisions of any agreements, plans or
		programs of the Company.
	 

	 
		(e) Dissolution of the Company. If
		Executive’s employment is terminated by the Company without Cause in
		connection with a dissolution of the Company which occurs prior to the third
		anniversary of the Effective Date, the Company shall pay Executive the
		following benefits in lieu of the payments and benefits described in Section
		8(a) of this Agreement:
	 

	 
		(i) as soon as practicable following such
		termination, the Company shall pay to Executive the Accrued Obligations and the
		Pro-Rated Bonus; and
	 

	 
		(ii) commencing on the Severance Payment
		Date, a lump sum cash payment equal to the greater of (A) Executive’s
		annual rate of Base Salary as of the Date of Termination plus his target Bonus
		for the year of termination assuming targets had been achieved; or (B) the
		aggregate sum of Base Salary (measured as of the Date of Termination) that
		would have been paid to Executive from the Date of Termination through the
		third anniversary of the Effective Date assuming Executive had remained
		employed; and
	 

	 
		(iii) the payments and benefits described in
		Sections 8(a)(iii) and (iv) of this Agreement.
	 

	 
		 
	 

	 
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		9. Restrictive Covenants.
	 

	 
		(a) Acknowledgments. Executive
		acknowledges that: (i) as a result of Executive’s employment by the
		Company, Executive has obtained and will obtain Confidential Information (as
		defined below); (ii) the Confidential Information has been developed and
		created by the Group at substantial expense and the Confidential Information
		constitutes valuable proprietary assets; (iii) the Group will suffer
		substantial damage and irreparable harm which will be difficult to compute if,
		during the Employment Period and thereafter, Executive should enter a
		Competitive Business (as defined herein) in violation of the provisions of this
		Agreement; (iv) the nature of the Group’s business is such that it could
		be conducted anywhere in the world and that it is not limited to a geographic
		scope or region; (v) the Group will suffer substantial damage which will be
		difficult to compute if, during the Employment Period or thereafter, Executive
		should solicit or interfere with the Group’s employees, clients or
		customers or should divulge Confidential Information relating to the business
		of the Group; (vi) the provisions of this Agreement are reasonable and
		necessary for the protection of the business of the Group; (vi) the Company
		would not have hired or continued to employ Executive and the Parent would not
		have granted the Options unless he agreed to be bound by the terms hereof; and
		(vii) the provisions of this Agreement will not preclude Executive from other
		gainful employment. “Competitive Business” as used in this Agreement
		shall mean any business which competes, directly or indirectly, with any aspect
		of the Group’s business. “Confidential Information” as used in
		this Agreement shall mean any and all confidential and/or proprietary
		knowledge, data, or information of the Group including, without limitation,
		any: (A) trade secrets, drawings, inventions, methodologies, mask works, ideas,
		processes, formulas, source and object codes, data, programs, software source
		documents, works of authorship, know-how, improvements, discoveries,
		developments, designs and techniques, and all other work product of the Group,
		whether or not patentable or registrable under trademark, copyright, patent or
		similar laws; (B) information regarding plans for research, development, new
		service offerings and/or products, marketing, advertising and selling,
		distribution, business plans, business forecasts, budgets and unpublished
		financial statements, licenses, prices and costs, suppliers, customers or
		distribution arrangements; (C) any information regarding the skills and
		compensation of employees, suppliers, agents, and/or independent contractors of
		the Group; (D) concepts and ideas relating to the development and distribution
		of content in any medium or to the current, future and proposed products or
		services of the Group; (E) information about the Group’s investment
		program, trading methodology, or portfolio holdings; or (F) any other
		information, data or the like that is labeled confidential or orally disclosed
		to Executive as confidential.
	 

	 
		(b) Confidentiality. In consideration
		of the benefits provided for in this Agreement, Executive agrees not to, at any
		time, either during the Employment Period or thereafter, divulge, use, publish
		or in any other manner reveal, directly or indirectly, to any person, firm,
		corporation or any other form of business organization or arrangement and keep
		in the strictest confidence any Confidential Information, except (i) as may be
		necessary to the performance of Executive’s duties hereunder, (ii) with
		the Company’s express written consent, (iii) to the extent that any such
		information is in or becomes in the public domain other than as a result of
		Executive’s breach of any of his obligations hereunder, or (iv) where
		required to be disclosed by court order, subpoena or other government process
		and in such event, Executive shall cooperate with the Company in attempting to
		keep such information confidential. Upon the
	 

	 
		 
	 

	 
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		request of the Company, Executive agrees to
		promptly deliver to the Company the originals and all copies, in whatever
		medium, of all such Confidential Information.
	 

	 
		(c) Non-Compete. In consideration of
		the benefits provided for in this Agreement, Executive covenants and agrees
		that during the Employment Period and for a period of six (6) months following
		the termination of his employment for whatever reason, or following the date of
		cessation of the last violation of this Agreement, or from the date of entry by
		a court of competent jurisdiction of a final, unappealable judgment enforcing
		this covenant, whichever of the foregoing is last to occur, he will not, for
		himself, or in conjunction with any other person, firm, partnership,
		corporation or other form of business organization or arrangement (whether as a
		shareholder, partner, member, principal, agent, lender, director, officer,
		manager, trustee, representative, employee or consultant), directly or
		indirectly, be employed by, provide services to, in any way be connected,
		associated or have any interest in, or give advice or consultation to any
		Competitive Business; provided,
		that, this clause shall have no effect upon a dissolution of
		the Company.
	 

	 
		(d) Non-Solicitation of Employees. In
		consideration of the benefits provided for in this Agreement, Executive
		covenants and agrees that during the Employment Period and for a period of one
		(1) year thereafter, Executive shall not, without the prior written permission
		of the Company, (i) directly or indirectly solicit, employ or retain, or have
		or cause any other person or entity to solicit, employ or retain, any person
		who is employed or is providing services to the Group at the time of his
		termination of employment or was or is providing such services within the
		twelve (12) month period before or after his termination of employment or (ii)
		request or cause any employee of the Group to breach or threaten to breach any
		terms of said employee’s agreements with the Group or to terminate his or
		her employment with the Group; provided,
		that, this clause shall have no effect upon a dissolution of
		the Company.
	 

	 
		(e) Non-Solicitation of Clients and
		Customers. In consideration of the benefits provided for in this Agreement,
		Executive covenants and agrees that during the Employment Period and for a
		period of one (1) year thereafter, he will not, for himself, or in conjunction
		with any other person, firm, partnership, corporation or other form of business
		organization or arrangement (whether as a shareholder, partner, member, lender,
		principal, agent, director, officer, manager, trustee, representative, employee
		or consultant), directly or indirectly: (i) solicit or accept any business that
		is directly related to the business of the Group from any person or entity who,
		at the time of, or at the time during the twenty-four (24) month period
		preceding, termination was a person or entity with which the Group had entered
		into a binding contract; (ii) request or cause any of the Group’s clients
		or customers to cancel or terminate any business relationship with the Group
		involving services or activities which were directly or indirectly the
		responsibility of Executive during his employment or (iii) pursue any Group
		project known to Executive upon termination of his employment that the Group is
		actively pursuing (or was actively pursuing within six months of termination)
		while the Group is (or is contemplating) actively pursuing such project;
		provided, that, this
		clause shall have no effect upon a dissolution of the Company.
	 

	 
		(f) Post-Employment Property. The
		parties agree that any work of authorship, invention, design, discovery,
		development, technique, improvement, source code, 
	 

	 
		 
	 

	 
		9
	 

	 
		 
	 

	 
 

	 
		hardware, device, data, apparatus, practice,
		process, method or other work product whatever (whether patentable or subject
		to copyright, or not, and hereinafter collectively called
		“discovery”) related to the business of the Group that Executive,
		either solely or in collaboration with others, has made or may make, discover,
		invent, develop, perfect, or reduce to practice during the Employment Period,
		whether or not during regular business hours and created, conceived or prepared
		on the Group’s premises or otherwise shall be the sole and complete
		property of the Group. More particularly, and without limiting the foregoing,
		Executive agrees that all of the foregoing and any (i) inventions (whether
		patentable or not, and without regard to whether any patent therefor is ever
		sought), (ii) marks, names, or logos (whether or not registrable as trade or
		service marks, and without regard to whether registration therefor is ever
		sought), (iii) works of authorship (without regard to whether any claim of
		copyright therein is ever registered), and (iv) trade secrets, ideas, and
		concepts ((i) - (iv) collectively, “Intellectual Property Products”)
		created, conceived, or prepared on the Group’s premises or otherwise,
		whether or not during normal business hours, shall perpetually and throughout
		the world be the exclusive property of the Group, as shall all tangible media
		(including, but not limited to, papers, computer media of all types, and
		models) in which such Intellectual Property Products shall be recorded or
		otherwise fixed. Executive further agrees promptly to disclose in writing and
		deliver to the Company all Intellectual Property Products created during his
		engagement by the Company, whether or not during normal business hours.
		Executive agrees that all works of authorship created by Executive during his
		engagement by the Company shall be works made for hire of which the Group is
		the author and owner of copyright. To the extent that any competent
		decision-making authority should ever determine that any work of authorship
		created by Executive during his engagement by the Company is not a work made
		for hire, Executive hereby assigns all right, title and interest in the
		copyright therein, in perpetuity and throughout the world, to the applicable
		Group entity. To the extent that this Agreement does not otherwise serve to
		grant or otherwise vest in the Group all rights in any Intellectual Property
		Product created by Executive during his engagement by the Company, Executive
		hereby assigns all right, title and interest therein, in perpetuity and
		throughout the world, to the Company. Executive agrees to execute, immediately
		upon the Company’s reasonable request and without charge, any further
		assignments, applications, conveyances or other instruments, at any time after
		execution of this Agreement, whether or not Executive is engaged by the Company
		at the time such request is made, in order to permit the Group and/or its
		respective assigns to protect, perfect, register, record, maintain, or enhance
		their rights in any Intellectual Property Product; provided,
		that, the Company shall bear the cost of any such
		assignments, applications or consequences. Upon termination of Executive’s
		employment by the Company for any reason whatsoever, and at any earlier time
		the Company so requests, Executive will immediately deliver to the custody of
		the person designated by the Company all originals and copies of any documents
		and other property of the Company in Executive’s possession, under
		Executive’s control or to which he may have access.
	 

	 
		(g) Non-Disparagement. Executive
		acknowledges and agrees that he will not defame or publicly criticize the
		services, business, integrity, veracity or personal or professional reputation
		of the Group and its respective officers, directors, partners, executives or
		agents thereof in either a professional or personal manner at any time during
		or following the Employment Period.
	 

	 
		 
	 

	 
		10
	 

	 
		 
	 

	 
 

	 
		(h) Enforcement. If Executive commits
		a breach, or threatens to commit a breach, of any of the provisions of this
		Section 9, the Company shall have the right and remedy to have the provisions
		specifically enforced by any court having jurisdiction, it being acknowledged
		and agreed by Executive that the services being rendered hereunder to the
		Company are of a special, unique and extraordinary character and that any such
		breach or threatened breach will cause irreparable injury to the Group and that
		money damages will not provide an adequate remedy to the Group. Such right and
		remedy shall be in addition to, and not in lieu of, any other rights and
		remedies available to the Company at law or in equity. Accordingly, Executive
		consents to the issuance of an injunction, whether preliminary or permanent,
		consistent with the terms of this Agreement. In addition, the Company shall
		have the right to cease making any payments or provide any benefits to
		Executive under this Agreement in the event he breaches or threatens to breach
		any of the provisions hereof (and such action shall not be considered a breach
		under the Agreement).
	 

	 
		(i) Blue Pencil. If, at any time, the
		provisions of this Section 9 shall be determined to be invalid or unenforceable
		under any applicable law, by reason of being vague or unreasonable as to area,
		duration or scope of activity, this Agreement shall be considered divisible and
		shall become and be immediately amended to only such area, duration and scope
		of activity as shall be determined to be reasonable and enforceable by the
		court or other body having jurisdiction over the matter and Executive and the
		Company agree that this Agreement as so amended shall be valid and binding as
		though any invalid or unenforceable provision had not been included
		herein.
	 

	 
		(j) EXECUTIVE ACKNOWLEDGES THAT HE HAS
		CAREFULLY READ THIS SECTION 9 AND HAS HAD THE OPPORTUNITY TO REVIEW ITS
		PROVISIONS WITH ANY ADVISORS AS HE CONSIDERED NECESSARY AND THAT EXECUTIVE
		UNDERSTANDS THIS AGREEMENT’S CONTENTS AND SIGNIFIES SUCH UNDERSTANDING AND
		AGREEMENT BY SIGNING BELOW.
	 

	 
		10. Resolution of Differences Over Breaches of
		Agreement. The parties shall use good
		faith efforts to resolve any controversy or claim arising out of, or relating
		to this Agreement or the breach thereof, first in accordance with the
		Company’s internal review procedures, except that this requirement shall
		not apply to any claim or dispute under or relating to Section 9 of this
		Agreement. If despite their good faith efforts, the parties are unable to
		resolve such controversy or claim through the Company’s internal review
		procedures, then such controversy or claim shall be resolved by binding
		arbitration for resolution in New York, New York in accordance with the rules
		and procedures of the Employment Dispute Resolution Rules of the American
		Arbitration Association then in effect. The decision of the arbitrator shall be
		final and binding on both parties, and any court of competent jurisdiction may
		enter judgment upon the award. Each party shall pay its own expenses, including
		legal fees, in such dispute and shall split the cost of the arbitrator and the
		arbitration proceedings.
	 

	 
		11. Indemnification.
		The Company agrees that if Executive is made a party or threatened to be made a
		party to any action, suit or proceeding, whether civil, criminal,
		administrative or investigative, by reason of the fact that Executive is or was
		a director or officer of the Company or any other entity within the Group or is
		or was serving at the request of the Company or any other member of the Group
		as a director, officer, member, employee or agent of
	 

	 
		 
	 

	 
		11
	 

	 
		 
	 

	 
 

	 
		another corporation or a partnership, joint
		venture, trust or other enterprise, Executive shall be indemnified and held
		harmless by the Company to the fullest extent authorized by the Company’s
		by-laws and/or charter, as the same exists or may hereafter be amended, against
		all expenses incurred or suffered by Executive in connection therewith, except
		for willful misconduct or any acts (or omissions) of gross negligence by
		Executive.
	 

	 
		12. Successors; Binding Agreement. The rights and benefits of Executive hereunder shall
		not be assignable, whether by voluntary or involuntary assignment or transfer
		by Executive. This Agreement shall be binding upon, and inure to the benefit
		of, the successors and assigns of the Company, and the heirs, executors and
		administrators of Executive, and shall be assignable by the Company or to any
		entity acquiring substantially all of the assets of the Company, whether by
		merger, consolidation, sale of assets or similar transactions.
	 

	 
		13. 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 delivered either personally or by overnight, certified or
		registered mail, return receipt requested, postage prepaid, addressed, in the
		case of Executive, to the last address on file with the Company and if to the
		Company, to its executive offices or to such other address as any party may
		have furnished to the other in writing in accordance herewith, except that
		notices of change of address shall be effective only upon receipt.
	 

	 
		14. Governing Law.
		This Agreement is governed by, and is to be construed and enforced in
		accordance with, the laws of the State of New York without regard to principles
		of conflicts of laws. If, under such law, any portion of this Agreement is at
		any time deemed to be in conflict with any applicable statute, rule, regulation
		or ordinance, such portion shall be deemed to be modified or altered to conform
		thereto or, if that is not possible, to be omitted from this Agreement, and the
		invalidity of any such portion shall not affect the force,- effect and validity
		of the remaining portion hereof.
	 

	 
		15. Amendment. No
		provisions of this Agreement may be amended, modified, or waived unless such
		amendment or modification has been approved by the Board and is agreed to in a
		writing signed by Executive and a member of the Board (excluding Executive or
		any other member of the Board who is also an employee of the Company), and such
		waiver is set forth in writing and signed by the party to be charged. No waiver
		by either party hereto at any time of any breach by the other party hereto of
		any condition or provision of this Agreement to be performed by such other
		party shall be deemed a waiver of similar or dissimilar provisions or
		conditions at the same or at any prior or subsequent time.
	 

	 
		16. Survival. The
		respective obligations of, and benefits afforded to, Executive and the Company
		as provided in Section 9 of this Agreement shall survive the termination of
		this Agreement.
	 

	 
		17. No Conflict of Interest. During the Employment Period, Executive shall not,
		directly or indirectly, render service, or undertake any employment or
		consulting agreement with another entity without the express written consent of
		the Board.
	 

	 
		 
	 

	 
		12
	 

	 
		 
	 

	 
 

	 
		18. Counterparts.
		This Agreement may be executed in two or more Counterparts, each of which shall
		be deemed to be an original but all of which together will constitute one and
		the same instrument.
	 

	 
		19. Entire Agreement. This Agreement sets forth the entire agreement of the
		parties hereto in respect of the subject matter contained herein and supersedes
		all prior agreements, promises, covenants, arrangements, communications,
		representations or warranties, whether oral or written, by any officer,
		employee or representative of any party hereto in respect of such subject
		matter. Any prior agreement of the parties hereto in respect of the subject
		matter contained herein is hereby terminated and canceled as of the date
		hereof.
	 

	 
		20. Section Headings. The section headings in this Agreement are for
		convenience of reference only, and they form no part of this Agreement and
		shall not affect its interpretation.
	 

	 
		21. Withholding. All
		payments hereunder shall be subject to any required withholding of Federal,
		state and local taxes pursuant to any applicable law or regulation.
	 

	 
		22. Representation.
		Executive represents and warrants to the Company, and Executive acknowledges
		that the Company has relied on such representations and warranties in employing
		Executive, that neither Executive’s duties as an employee of the Company
		nor his performance of this Agreement will breach any other agreement to which
		Executive is a party, including without limitation, any agreement limiting the
		use or disclosure of any information acquired by Executive prior to his
		employment by the Company. In the course of performing Executive’s work
		for the Company, Executive will not disclose or make use of any information,
		documents or materials that Executive is under any obligation to any other
		party to maintain in confidence. In addition, Executive represents and warrants
		and acknowledges that the Company has relied on such representations and
		warranties in employing Executive, that he has not entered into, and will not
		enter into, any agreement, either oral or written, in conflict herewith. If it
		is determined that Executive is in breach or has breached any of the
		representations set forth herein, the Company shall have the right to terminate
		Executive’s employment for Cause.
	 

	 
		23. Review by Counsel. Executive represents and warrants that this Agreement
		is the result of full and otherwise fair faith bargaining over its terms
		following a full and otherwise fair opportunity to have legal counsel for
		Executive review this Agreement and to verify that the terms and provisions of
		this Agreement are reasonable and enforceable. Executive acknowledges that he
		has read and understands the foregoing provisions and that such provisions are
		reasonable and enforceable. This Agreement has been jointly drafted by both
		parties. 
	 

	 
		[SIGNATURE PAGE FOLLOWS]
	 

	 
		 
	 

	 
		13
	 

	 
		 
	 

	 
 

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

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  GREENLIGHT REINSURANCE, LTD.
				

			 
	
				
				   
				

			 	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Leonard Golberg
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: Leonoard Goldberg
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: CEO
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Barton Hedges
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: Barton Hedges
				           12/12/05
				

			 

 

	 
		Only with respect to the Options
		contemplated by Section 5(f) of the Agreement.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  GREENLIGHT CAPITAL RE, LTD.
				

			 
	
				
				   
				

			 	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Leonard Golberg
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: Leonoard Goldberg
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: CEO
				

			 

 

	 
		 
	 

	 
		14Exhibit 10.15
	 

	 
		 
	 

	 
			
				
				  FORM RL8
				

			 	
				
				  INSTRUMENT NO.
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		CAYMAN ISLANDS
	 

	 
		The Registered Land Law (1995 Revision)
		
	 

	 
		The Registered Land Rules (2001
		Revision)
	 

	 
		THIRD SCHEDULE
	 

	 
		LEASE/SUB-LEASE
	 

	 
		 
	 

	 
			
				
				  REGISTRATION SECTION
				

			 	
				
				   
				

			 	
				
				  BLOCK
				

			 	
				
				   
				

			 	
				
				  PARCEL
				

			 
	
				
				  WBBS
				

			 	
				
				   
				

			 	
				
				  12C
				

			 	
				
				   
				

			 	
				
				  190/62
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  I/WE
				

			 	
				
				  GRAND PAVILION LTD
 P.O. BOX
				  32336 SMB
 GRAND CAYMAN
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	 	 	 	 	 
	
				
				  HEREBY LEASE/SUB-LEASE to
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	 	 	 	 	 
	
				
				  of
				

			 	
				
				  GREENLIGHT REINSURANCE, LTD
 P.O.
				  BOX 1109 GT
 GRAND CAYMAN
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		the land comprised in the above-mentioned
		title (or) that portion of land comprised in the above-mentioned title which is
		shown on the registry map as parcel number 190
	 

	 
		or on the filed plan as number
		______________ for the term of 5 years
	 

	 
		from the 1st day of September at
		the rent of US $88,740.00 1st year
	 

	 
		payable Monthly, subject to sections 52 to
		53 of the above law,
	 

	 
		unless hereby negatived, modified or added
		to. (Here set forth any variation, or make reference to an attached
		document).
	 

	 
		*The Lessees declare that they hold the
		lease as proprietors in common in the following undivided shares:-
	 

	 
		(or as Joint Proprietors)
	 

	 
		 
	 

	 
			
				
				  Dated this 25th
				

			 	
				
				  day of August
				

			 	
				
				                2005

				

			 
	
				
				  Signed by the Lessor
				

			 	
				
				    /s/
				

			 
	
				
				  in the presence of:-
				

			 	
				
				    /s/
				

			 
	
				
				  Signed by the Lessee
				

			 	
				
				    /s/
				

			 
	
				
				  to the presence of:-
				

			 	
				
				    /s/
				

			 
	
				
				  *Delete if not applicable
				

			 	
				
				   
				

			 
	
				
				   
				

			 

 

	 
		FOR OFFICIAL USE ONLY
	 

	 
		I, the Registrar of Lands in the Cayman
		Islands hereby certify that this document was received by me for registration
		on the 2 day of Dec 2005, and that stamp duty assessed/adjudicated by
		me/Treasury at C.I.$ 3,958.00 and Land Registry fees at C.I.$ 50.00
		relating thereto have been paid.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  REGISTERED this 4 day of Jan,
				  2006
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  /s/
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  REGISTRAR OF LANDS 

				  CAYMAN ISLANDS
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
 

	 
		THIS LEASE is made the 25th
		day of August, 2005
	 

	 
		 
	 

	 
			
				
				  BETWEEN:
				

			 	
				
				   
				

			 	
				
				  GRAND PAVILION
				  LTD., of P.O. Box 32336 SMB, Grand
				  Cayman, Cayman Islands, (hereinafter called “the Landlord” which
				  expression shall where the context so admits include the persons for the time
				  being entitled to the reversion immediately expectant on the term hereby
				  created) of the one part
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  AND:
				

			 	
				
				   
				

			 	
				
				  GREENLIGHT REINSURANCE,
				  LTD., of P.O. Box 1109 GT, Grand
				  Cayman, Cayman Islands (hereinafter called “the Tenant” which
				  expression shall where the context so admits include the successors in title
				  and assigns of the Tenants) of the other part
				

			 

 

	 
		WITNESSES as follows:
	 

	 
			
				
				  A.
				

			 	
				
				  In consideration of the rent and
				  Tenant’s covenants hereinafter reserved and contained the Landlord
				  HEREBY LEASES to the Tenant ALL THOSE
				  premises described in Schedule 1 hereto (hereinafter called “the Demised
				  Premises”) and which form part of the building known as Grand Pavilion
				  Commercial Centre, West Bay Road, Grand Cayman, Cayman Islands (hereinafter
				  called “the Building”) TOGETHER WITH AND SUBJECT TO (but to the exclusion of all other liberties,
				  easements, rights and advantages) the particular rights and matters also
				  contained in Schedule 1 hereto TO
				  HOLD the same unto the Tenant from the
				  1st day of September, 2005 (“the commencement date”) until the 31st
				  day of August, 2010 paying therefore from the commencement date the annual rent
				  according to the attached Schedule 2 by equal and monthly installments without
				  deduction during the said term and payable starting on the commencement date
				  and thereafter on the first day of each calendar month in each year and pro
				  rated where relevant for any part of such month failing within the term of this
				  Lease according to the attached Schedule 2.
				

			 

 

	 
			
				
				  B.
				

			 	
				
				  The Tenant HEREBY COVENANTS
				  with the Landlord as follows:
				

			 

 

	 
			
				
				  1.
				

			 	
				
				  To pay the said rent on the days and
				  in the manner aforesaid and to pay to the Landlord a sum equal to a fair
				  proportion as hereinafter defined of the amount of the aggregate annual sum
				  payable (if any) to the Cayman Islands Government or m any other authority
				  whether local, governmental and/or otherwise in respect of the Building for
				  site value tax or for any other rates, taxes, assessments or outgoings
				  whatsoever now or hereinafter imposed or charged such additional payment to be
				  made on the date for payment of rent next after receipt by the Landlord of a
				  demand therefore and for the purpose of this sub-clause the amount of such fair
				  proportion which the area of the Demised Premises as set forth in Schedule
				  hereto (“the floor area”) bears to the total net usable area of the
				  Building which on the date of the consummation of this lease is 77,000 square
				  feet (“the total area”) PROVIDED THAT should different areas
				  of the Building suffer land tax at different rates then the said proportion
				  shall be adjusted rateably to reflect such difference.
				

			 

 

	 
			
				
				  2.
				

			 	
				
				  To pay
				

			 

 

	 
			
				
				   
				

			 	
				
				  1)
				

			 	
				
				  All Telephone charges directly to
				  the telephone company in respect of the demised premises.
				

			 

 

	 
			
				
				   
				

			 	
				
				  2)
				

			 	
				
				  All sewage charges in respect of the
				  demised premises apportioned on a square footage basis with the occupiers of
				  the remaining parts of the building not leased to the Tenant under this Lease
				  in accordance with the formula and classification applied by the Water
				  Authority in respect of the building from time to time.
				

			 

 

	 
			
				
				   
				

			 	
				
				  3)
				

			 	
				
				  In the case of electricity such
				  charge if not separately metered for the Demised Premises to be such proportion
				  of the total electricity costs with respect to the Building (including without
				  
				

			 

 

	 
		 
	 

	 
		 
	 

	 
 

	 
		limitation those in respect of air
		conditioning) as equals the proportion which the floor area of the Demised
		Premises bears to the total floor area of the Building (77,000 square feet)
		PROVIDED THAT the minimum payable by the Tenant for electricity in any month
		shall be a sum equal to the total number of square feet of the demised premises
		(being 2958 sq. ft.) multiplied by CI$6.00 per annum (ie US$ 1803.65 per month)
		and PROVIDED FURTHER if the Tenant shall install any machinery or equipment
		such as computers or business machines or special equipment the Landlord shall
		be entitled to meter the electricity consumed thereby and the Tenant shall pay
		the additional cost of electricity so consumed and the cost of installation of
		any separate meter and wiring necessary in connection therewith.
	 

	 
			
				
				   
				

			 	
				
				  4)
				

			 	
				
				  In the case of water, such charge if
				  not separately metered for the Demised Premises to be such proportion of the
				  total water costs with respect to the Building (including without limitation
				  those in respect of air conditioning) as equals the proportion which the floor
				  area of the Demised Premises bears to the total floor area of the Building
				  (77,000 square feet).
				

			 

 

	 
			
				
				   
				

			 	
				
				  5)
				

			 	
				
				  In the case of Maintenance Fees,
				  such charge to be such proportion of the total Maintenance costs with respect
				  to the Building (including without limitation those in respect of air
				  conditioning) as equals the proportion which the floor area of the Demised
				  Premises bears to the total floor area of the Building (77,000 square feet)
				  PROVIDED THAT the minimum payable by the Tenant for Maintenance Fees in any
				  month shall be a sum equal to the total number of square feet of the demised
				  premises (being 2958 sq. ft.) multiplied by CI$7.00 per annum and insurance
				  adjustment of CI$2.90 per annum totalling CI$9.90 per annum (i.e. US$ 2976.03
				  per month). For the purpose of this paragraph maintenance fees shall exclude
				  remuneration of any kind payable to the beneficial owners of the Landlord.
				  Maintenance fees will include but are not limited to insurance, landscaping,
				  painting, cleaning and salaries and wages required to maintain and operate the
				  property and the general maintenance of the building and its equipment. Major
				  repairs to the building or equipment costing over CI$2000 per event are
				  excluded from Maintenance costs. In the event that Maintenance Fees exceeds
				  CI$9.90 per square foot per annum the Landlord shall provide accounts therefor;
				  audited by a recognised accounting firm, for the inspection of the Tenant. In
				  the event of a dispute in respect to the validity of these fees, both parties
				  agree to abide by the decision of the auditor in respect to the validity of
				  such amounts.
				

			 

 

	 
			
				
				  3.
				

			 	
				
				  To keep the interior of the Demised
				  Premises and the appurtenances thereof including floors, wails, ceilings, the
				  inside of doors, entrances into corridors, the glass windows (excluding the
				  outside) and all the fixtures and fittings and painting, papering and
				  decoration in the Demised Premises well and sufficiently cleaned (in the case
				  of windows at regular intervals) and in good and substantial repair and
				  condition (including where relevant replacement, repainting, repapering and
				  redecoration thereof but only in manner approved in advance by the Landlord),
				  fair wear and tear excepted and to permit the Landlord and the Landlord’s
				  agents or contractors on its behalf to clean, paint or treat as the case may be
				  the outside of all doors entering into corridors from the Demised Premises and
				  the outside of all window frames and glass in the Demised Premises in such
				  colour and in such manner and at such times as the Landlord may desire or
				  direct with the right to enter the Demised Premises as may be necessary for
				  such purposes.
				

			 

 

	 
			
				
				  4.
				

			 	
				
				  Not, to alter, injure, cut or maim
				  any of the floors, walls, partitions, ceilings, windows, doors, cables, wire,
				  channels, pipes, ducts, appurtenances, fixtures or fittings including air
				  conditioning and other equipment in, of or to the Demised Premises and not to
				  make any alterations or additions to the interior or interior appearance of the
				  Demised Premises without the consent in writing of the Landlord such consent
				  not to be unreasonably withheld and not to permit any of the foregoing to be
				  done.
				

			 

 

	 
			
				
				  5.
				

			 	
				
				  To permit any agent or employee of
				  the Landlord to enter the Demised Premises in the ordinary course of his duty
				  during normal business hours and to permit the Landlord and the Landlord’s
				  agents, surveyors and workmen to enter with all necessary appliances upon the
				  Demised Premises at any reasonable time during normal business hours having
				  given prior notice of such intention and in the case of fire or any other
				  emergency without notice and/or for the purpose of examining 
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 
 

	 
		the condition thereof or of doing such works
		and things as may be required for any repairs, alterations, additions,
		maintenance, cleaning, installations, improvements or renewals of or to the
		Demised Premises or any part of the Building or apparatus or equipment therein
		and also for the purpose of viewing the state and condition of the Demised
		Premises and before the expiration of one calendar month’s notice given in
		writing by the Landlord or its agents to execute any repairs lawfully required
		to be done by the Tenant and in accordance with such notice and if the Tenant
		shall within such time fail to execute such work the Landlord may thereupon
		cause such work to be done and recover the cost thereof from the Tenant but
		without prejudice to the Landlord’s right of re-entry hereinafter
		mentioned PROVIDED THAT notwithstanding anything to the contrary
		contained in this Lease the Landlord or any of its agents, servants, workmen or
		contractors shall not be permitted at any time to enter into any cage or other
		part of the Demised Premises where money, securities or valuables of whatever
		nature are kept for any purpose unless accompanied by a properly authorised
		representative of the Tenant who shall provide such representative promptly on
		request.
	 

	 
			
				
				  6.
				

			 	
				
				  To use the Demised Premises only as
				  offices for the purpose of a profession or business.
				

			 

 

	 
			
				
				  7.
				

			 	
				
				  Not knowingly to do or permit or
				  sutler to be done upon or within the Demised Premises anything which shall
				  constitute or may be or become a nuisance or annoyance to or in any way
				  interfere with the quiet and peaceful user of the other parts of the Building
				  or any adjoining or neighbouring premises.
				

			 

 

	 
			
				
				  8.
				

			 	
				
				  Not to use or permit the Demised
				  Premises to be used for residential purposes or for overnight
				  accommodation.
				

			 

 

	 
			
				
				  9.
				

			 	
				
				  Not to obstruct, litter, deface, or
				  damage in any manner the driveways, fire escapes, entrances, stairways,
				  corridors, passages and other common areas or facilities of the
				  Building.
				

			 

 

	 
			
				
				  10.
				

			 	
				
				  Not to do or suffer to be done
				  knowingly anything whereby the policy or policies of insurance on the Demised
				  Premises or on the Building against fire or any other risk may become void or
				  voidable or whereby the premium thereon may be increased and to repay to the
				  Landlord all sums paid by the Landlord by way of increased premiums and all
				  expenses incurred by the Landlord in or about any renewal of such policy or
				  policies and any other expenses or charges incurred by the Landlord or rendered
				  necessary by reason of a breach or non-observance of the provisions of this
				  sub-clause.
				

			 

 

	 
			
				
				  11.
				

			 	
				
				  Not to permit any open or internal
				  combustion fire to be burned or cooking to be done (excluding the heating of
				  water for beverages) within the Demised Premises without the prior consent in
				  writing of the Landlord.
				

			 

 

	 
			
				
				  12.
				

			 	
				
				  Not without the prior consent of the
				  Landlord to bring or allow to be brought on to the Demised Premises or any part
				  of the Building any machines or machinery save typewriters and such office and
				  computer equipment as is requisite for the Tenant’s office and to observe
				  such regulations as the Landlord shall specify regarding load factors and
				  stresses within the Building.
				

			 

 

	 
			
				
				  13.
				

			 	
				
				  Not to paint and affix or exhibit
				  any name or writing or any sign, placard or advertisement in the vestibules,
				  entrances, stairways, corridors or passages of or upon or outside any wall,
				  door, entrance, window, roof or exterior wall of the Building without the
				  consent in writing of the Landlord such consent not to be unreasonably refused
				  or delayed PROVIDED however that all signs of any type whatsoever shall in each
				  case conform with that permitted of other tenants and as shall from time to
				  time be reasonably approved by the Landlord.
				

			 

 

	 
			
				
				  14.
				

			 	
				
				  Not to charge, encumber, assign,
				  sublet or part with possession of the Demised Premises or any part thereof
				  without the previous consent in writing of the Landlord which shall not be
				  unreasonably withheld or delayed in the case of the proposed assignments or
				  subleases of the 
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 
 

	 
		whole of the Demised Premises where the
		assignee or sublessee (as the case may be) is a responsible, financially sound
		and reputable person and within one month after any permitted assignment or
		underletting or mortgage, charge, transfer, disposition or devolution of the
		Demised Premises (or any part thereof) to give notice thereof in duplicate to
		the Landlord’s attorneys-at-law and to produce to them the original or
		certified copy of the instrument or instruments and also to deliver to the said
		attorneys-at-law for retention by the Landlord a copy thereof.
	 

	 
			
				
				  15.
				

			 	
				
				  Not to bring or permit or suffer to
				  be brought onto the Demised Premises any materials or objects of a type likely
				  to cause a nuisance or annoyance.
				

			 

 

	 
			
				
				  16.
				

			 	
				
				  Not to bring or permit to be brought
				  any vehicles, bicycles, animals or birds into the Building and not to use the
				  Demised Premises or permit the same to be used for any illegal or immoral
				  purpose or any purpose of a nature likely to injure the reputation of the
				  Building.
				

			 

 

	 
			
				
				  17.
				

			 	
				
				  Not to deliver or permit delivery to
				  or removal from the Demised Premises of furniture, fittings, and equipment
				  except at times approved by the Landlord.
				

			 

 

	 
			
				
				  18.
				

			 	
				
				  To observe and conform to all
				  reasonable regulations and restrictions made by the Landlord or its agents or
				  servants for the proper management of the Building and notified in writing by
				  the Landlord or its agents or servants to the Tenant from time to time.
				

			 

 

	 
			
				
				  19.
				

			 	
				
				  To indemnify and hold harmless the
				  Landlord against all damage, loss or injury to the Demised Premises or any
				  other part of the Building (including windows thereof) or the appurtenances and
				  equipment therein and thereto or to any person solely caused by any act,
				  default or negligence of the Tenant, its servants, agents, licensees or
				  invitees and to pay and make good to the Landlord all and every loss or damage
				  whatsoever incurred or sustained by the non-observance of the Tenant’s
				  covenants herein contained and to indemnify and hold harmless the Landlord
				  against all actions, claims, liability, costs and expenses thereby
				  arising.
				

			 

 

	 
			
				
				  20.
				

			 	
				
				  To ensure that in all of the Tenants
				  insurance policies relating to the Demised Premises the Landlord in addition to
				  the Tenant is registered or listed as an additional insured party with benefits
				  identical to those of the Tenant in the case of a claim.
				

			 

 

	 
			
				
				  21.
				

			 	
				
				  To yield up the Demised Premises at
				  the expiration or earlier determination of the term hereby created with
				  fixtures and fittings thereto in the condition required by the Tenants
				  covenants hereinbefore contained.
				

			 

 

	 
			
				
				  22.
				

			 	
				
				  To pay the stamp duty attracted by
				  this Lease from time to time and any registration fees in relation
				  thereto.
				

			 

 

	 
			
				
				  C.
				

			 	
				
				  The Landlord HEREBY COVENANTS
				  with the Tenant as follows:
				

			 

 

	 
			
				
				  1.
				

			 	
				
				  Subject to the provisions of
				  sub-clauses B.1. and B.2. to pay all existing and future taxes, rates and
				  outgoings payable in respect of the Demised Premises or of the Building other
				  than those which may be payable solely as a result of the occupation of the
				  Demised Premises by the Tenant which shall be payable by the Tenant.
				

			 

 

	 
			
				
				  2.
				

			 	
				
				  To insure and at all times during
				  the said term keep insured the Building (unless the insurance thereof shall be
				  made void solely through or by reason of the act or default of the Tenant or
				  other Tenants or their servants, agents, licensees or visitors or any of them)
				  against loss or damage by fire, hurricane, earthquake, riot, strike and such
				  other hazards and risks as the Landlord may desire.
				

			 

 

	 
			
				
				  3.
				

			 	
				
				  To keep the roof, structure,
				  exterior walls, plumbing, drainage, electrical and sanitary equipment and other
				  apparatus of and to the Building in good and tenantable repair.
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 
 

	 
			
				
				  4.
				

			 	
				
				  Unless prevented by any cause beyond
				  the control of the Landlord, to keep adequately lighted the parking areas,
				  vestibules, entrances, stairways, corridors, passages, lavatories and washing
				  conveniences in common use by the Tenant and other tenants of the Building
				  during such hours as the Landlord may reasonably decide and to clean and keep
				  tidy the same and as and when necessary repaint the same and all windows
				  affording light to the same and keep the same in good and tenantable repair
				  (and in the case of lavatories and washing conveniences supplied with running
				  water).
				

			 

 

	 
			
				
				  5.
				

			 	
				
				  To keep the air conditioning
				  equipment installed in the Building in good running order, electrical power
				  failure or other causes beyond the control of the Landlord excepted and subject
				  to Clause B 2.(5) (regarding Maintenance Fees) to pay the running (excluding
				  electricity) and maintenance costs in respect thereof and the Landlord shall be
				  entitled without liability whatsoever to the Tenant to stop the said equipment
				  in order to carry out such maintenance, repairs, improvements or alterations
				  thereto as may be necessary or desirable from time to time PROVIDED that the
				  Landlord shall not stop the air conditioning equipment located in the
				  Tenant’s server room without advance notice to the Tenant
				

			 

 

	 
			
				
				  6.
				

			 	
				
				  To employ and maintain a staff to
				  carry out the cleaning and other obligations to be carried out by the Landlord
				  in accordance with the provisions of sub-clause 4 and 5 of the clause.
				

			 

 

	 
			
				
				  7.
				

			 	
				
				  To provide dedicated parking
				  facilities (but not necessarily immediately adjacent to the Building) for the
				  Tenant for a minimum of 8 vehicles.
				

			 

 

	 
			
				
				  8.
				

			 	
				
				  That the Tenant paying the rent
				  hereby reserved and, performing and observing the covenants on the
				  Tenant’s part herein contained shall subject to the provisions of this
				  Lease be entitled peaceably to bold and enjoy the Demised Premises without any
				  interruption by the Landlord or any person rightfully claiming under it.

				

			 

 

	 
			
				
				  D.
				

			 	
				
				  PROVIDED ALWAYS and it is
				  hereby agreed as follows:
				

			 

 

	 
			
				
				  1.
				

			 	
				
				  All immoveable fixtures, fittings,
				  partitions, floor covering, carpeting, installations, alterations and additions
				  in the Demised Premises and whether installed and/or paid for by the Landlord
				  or the Tenant (except all such fixtures in the nature of trade fixtures or
				  machinery as shall have been installed by the Tenant during the term hereof
				  which subject to the proviso hereinafter as to repair of damage the Tenant
				  shall be entitled to remove at the termination of the term hereby created)
				  shall unless expressly otherwise agreed in writing by the Landlord, be and
				  become the property of the Landlord and shall not be removed by the Tenant at
				  any time PROVIDED ALWAYS that the Landlord may at the termination of the term
				  hereby created require if it so desires the Tenant to remove any of the
				  foregoing (including trade fixtures and/or machinery) placed or affixed by the
				  Tenant in the Demised Premises and to make good at the Tenant’s expense
				  any damage caused thereby.
				

			 

 

	 
			
				
				  2.
				

			 	
				
				  The Demised Premises shall be air
				  conditioned only during the usual business hours of 7:00 am to 6:00 pm Monday
				  to Friday inclusive and otherwise try arrangement between the Landlord and the
				  Tenant.
				

			 

 

	 
			
				
				  3.
				

			 	
				
				  If the Demised Premises or any part
				  thereof is damaged or destroyed by fire, storm or tempest or other act of God
				  or the Queen’s enemies or other cause whatsoever during the continuance of
				  the term hereby created so as to render the Demised Premises unfit for
				  occupation and use, the Landlord will until such time as the Demised Premises
				  shall be fit for occupation or use allow the Tenant total or a just
				  proportionate abatement of the rent reserved hereunder according to the nature
				  and extent of the damage sustained for so long as the Demised Premises shall be
				  unfit for occupation and use PROVIDED ALWAYS the Tenant’s right to
				  abatement of the rent shall cease if the insurance moneys shall be wholly or
				  partially irrecoverable by reason solely of any act or default of the Tenant,
				  its servants, agents, licensees or invitees.
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		5
	 

	 
		 
	 

	 
 

	 
			
				
				  4.
				

			 	
				
				  If at any time during the term
				  hereby created the Demised Premises shall be destroyed or damaged by fire,
				  storm or tempest or other act of God or the Queen’s enemies so as to
				  become totally unfit for occupation and use or such damage shall in the opinion
				  of the Landlord not be capable of repair within 180 days of its occurrence then
				  and in such case the Landlord shall be under no liability to reinstate the
				  Demised Premises and in such case either party shall have the right to
				  terminate this Lease by giving to the other fourteen days’ notice in
				  writing whereupon the terms hereby created shall absolutely determine but
				  without prejudice to the rights and remedies of either party in respect of any
				  antecedent claim or breach of covenant and without prejudice to the
				  Tenant’s right to a total or just proportionate abatement of the rent by
				  the Landlord.
				

			 

 

	 
			
				
				  5.
				

			 	
				
				  If the rent hereby reserved or any
				  part thereof shall at any time be unpaid for 14 days after becoming payable
				  (whether formally demanded or not) or if any of the stipulations on the
				  Tenant’s part herein contained shall not be performed or observed or if
				  the Tenant shall go into liquidation whether voluntarily or otherwise it shall
				  be lawful for the Landlord at any time thereafter to re-enter the Demised
				  Premises or any part thereof in the name of the whole and thereupon the term
				  created hereby shall absolutely determine but without prejudice to the right of
				  action of the Landlord in respect of any antecedent breach of the Tenant’s
				  obligations herein contained.
				

			 

 

	 
			
				
				  6.
				

			 	
				
				  During the last three months of the
				  term hereby created, howsoever determined, the Landlord or his agents shall
				  have the right at reasonable times with advance notice to the Tenant to enter
				  and show the Demised Premises to prospective tenants thereof.
				

			 

 

	 
			
				
				  7.
				

			 	
				
				  If any question or difference
				  whatsoever shall arise between the parties or their respective representatives
				  or between either of the parties hereto and the representatives of the other of
				  them touching this Lease or any clause or thing herein contained or the
				  construction hereof or as to any matter in any way connected therewith or
				  arising thereout or the operation thereof of the rights, duties or liabilities
				  of any party in connection with the Demised Premises then and in every case
				  unless the parties concur in the appointment of a single arbitrator the matter
				  in difference shall be referred to two arbitrators one to be appointed by each
				  party pursuant to and so as with regard to the mode and consequence of the
				  reference and in all other respects to conform with the provisions in that
				  behalf contained in the Arbitration Law 1996 Revised of the Cayman Islands or
				  any then subsisting statutory modification thereof AND upon every or any such
				  reference the arbitrator or arbitrators and umpire who shall have been named
				  pursuant to the provisions of the said Arbitration Law shall respectively have
				  power to take the opinion of such counsel as they or he think fit upon any
				  question of law that may arise and at their or his discretion to adopt any
				  opinion so taken and to obtain assistance of such accountant, surveyor, valuer
				  or other person as they or he may think fit and to act upon any statement of
				  account, survey, valuation or expert assistance thus obtained and each of the
				  parties shall do acts and things and execute all deeds and instruments
				  necessary to give effect to the award to be made pursuant to this
				  submission.
				

			 

 

	 
			
				
				  8.
				

			 	
				
				  Nothing herein shall be construed so
				  as to limit or restrict the right of the Landlord to construct additions or
				  extensions to the Building or to construct other buildings upon the Parcel on
				  which the Building is situated or any part thereof or upon any parcel or
				  parcels adjoining thereto PROVIDED that such construction, additions or
				  extensions thereto shall not infringe upon the Tenant’s use of and right
				  to the designated parking spaces as set out in clause C.7 hereof.
				

			 

 

	 
			
				
				  9.
				

			 	
				
				  Any notice under this Lease shall be
				  in writing. Any notice to the Tenant shall be sufficiently served if addressed
				  to the Tenant and delivered to the Demised Premises and/or by post to the
				  Tenant’s registered office. Any notice to the Landlord shall be
				  sufficiently served if addressed to the Landlord at its registered office. Any
				  notice posted to the Landlord or the Tenant shall be deemed to have been served
				  within three days following that on which it was posted.
				

			 

 

	 
			
				
				  10.
				

			 	
				
				  In so far as terms and provisions of
				  this Lease are inconsistent with the terms and provisions of the Registered
				  Land Law, 1995 Revised, the said Registered Land Law 1995 Revised shall be
				  deemed to have been varied to that extent.
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		6
	 

	 
		 
	 

	 
 

	 
			
				
				  11.
				

			 	
				
				  This Lease supersedes all previous
				  leases, agreements for leases or other similar deeds or agreements between the
				  Landlord and Tenant, which to the extent required are hereby deemed terminated
				  and of no further effect.
				

			 

 

	 
			
				
				  12.
				

			 	
				
				  In this Lease where the context so
				  admits:-
				

			 

 

	 
			
				
				   
				

			 	
				
				  (a)
				

			 	
				
				  words importing the masculine gender
				  shall include the feminine gender and vice versa and words importing the
				  singular number only shall include the plural number and vice versa and words
				  importing persons and all references to persons shall include corporations and
				  firms.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (b)
				

			 	
				
				  if at any time two or more persons
				  are included in the expression “the Tenant” then covenants entered
				  into or implied therein by or on the part of the Tenant shall be deemed to be
				  and shall be construed as covenants entered into by and binding on such persons
				  jointly and severally.
				

			 

 

	 
			
				
				  13.
				

			 	
				
				  This Lease shall be construed in
				  accordance with the Laws of the Cayman Islands.
				

			 

 

	 
			
				
				  14.
				

			 	
				
				  This Lease shall be binding on and
				  inure to the benefit of each party’s respective successors and
				  assigns.
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		7
	 

	 
		 
	 

	 
 

	 
		Schedule l
	 

	 
		ALL THOSE premises in Grand Pavilion
		building, situated on West Bay Road, Grand Cayman, Cayman Islands and having a
		total floor area of 2958 sq. ft. (square feet) and shown edged red on the plan
		annexed hereto and being part of the Parcel Number 190, Block 12C, West Bay
		Beach South Registration Section. TOGETHER WITH the right for the Tenant
		and others authorised by the Tenant to the use in common with the Landlord and
		all others so authorised by the Landlord and all others entitled thereto of the
		lavatories and washroom facilities shown and edged green on the plan annexed
		hereto AND TOGETHER ALSO WITH the right for the Tenant and persons
		authorised by the Tenant to use in common with the Landlord and all others
		entitled thereto driveways, the access ways, vestibules, entrances, stairways,
		corridors and passages to and in the Building for the purposes only of egress
		and ingress from and to the Demised Premises as and when necessary for the use
		and enjoyment of the Demised Premises AND TOGETHER WITH the right for
		the Tenant to the free and uninterrupted use of all electric, telephone and
		other wires and cables and free passage and running of water and air through
		the sewers, drains, ducts, pipes and channels placed or to be placed upon,
		through, in or under the adjacent premises in the Building so far as necessary
		in the enjoyment of the Demised Premises and in common with the Landlord and
		all others so authorised by the Landlord and all other persons entitled thereto
		EXCEPTING AND RESERVING to the Landlord and the other tenants and
		occupiers of the Building and all such other persons entitled thereto the right
		of free passage and running of water and air through the sewers, drains, ducts,
		pipes and channels made or to be made upon, through, in or under the Demised
		Premises and the free and uninterrupted use of all electric, telephone and
		other wires and cables placed or to be placed upon, through, in or under the
		same.
	 

	 
		IN WITNESS WHEREOF the parties hereto have
		caused this Deed to be executed the day and year before written.
	 

	 
		 
	 

	 
			
				
				  THE COMMON SEAL OF
				

			 	
				
				  )
				

			 	
				
				   
				

			 
	
				
				  GRAND PAVILION
				  LTD.
				

			 	
				
				  )
				

			 	
				
				   
				

			 
	
				
				  was hereunto affixed by
				

			 	
				
				  )
				

			 	
				
				  /s/ Gene Thompson
				

			 
	
				
				  Mr. Gene Thompson
				

			 	
				
				  )
				

			 	
				
				  Gene Thompson
				

			 
	
				
				  &
				

			 	
				
				  )
				

			 	
				
				  Director
				

			 
	
				
				  Mr. Norberg Thompson
				

			 	
				
				  )
				

			 	
				
				   
				

			 
	
				
				  In the presence of:
				

			 	
				
				  )
				

			 	
				
				  /s/ N.K. Thompson
				

			 
	
				
				   
				

			 	
				
				  )
				

			 	
				
				  N.K. Thompson O.B.E.
				

			 
	
				
				   
				

			 	
				
				  )
				

			 	
				
				  Director
				

			 
	
				
				  /s/
				

			 	
				
				  )
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SIGNED, SEALED and
				

			 	
				
				  )
				

			 	
				
				   
				

			 
	
				
				  DELIVERED by:
				

			 	
				
				  )
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  )
				

			 	
				
				   
				

			 
	
				
				  /s/ Leonard Goldberg
				

			 	
				
				  )
				

			 	
				
				  /s/ Alan Brooks
				

			 
	
				
				  on behalf of
				

			 	
				
				  )
				

			 	
				
				  on behalf of
				

			 
	
				
				   
				

			 	
				
				  )
				

			 	
				
				   
				

			 
	
				
				  Greenlight Reinsurance, Ltd.
				

			 	
				
				  )
				

			 	
				
				  Greenlight Reinsurance, Ltd.
				

			 
	
				
				   
				

			 	
				
				  )
				

			 	
				
				   
				

			 
	
				
				  in the presence of:
				

			 	
				
				  )
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  )
				

			 	
				
				   
				

			 
	
				
				  /s/
				

			 	
				
				  )
				

			 	
				
				   
				

			 
	
				
				  Notary Public
				

			 	
				
				  )
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		8
	 

	 
		 
	 

	 
 

	 
		Schedule 2.
	 

	 
		Annual Rent
	 

	 
		 
	 

	 
			
				
				  Year 1 & 2
				

			 	
				
				  US$30.00 per square foot being
				  US$88,740.00 per year
				

			 
	
				
				  Year 3
				

			 	
				
				  5% increase being US$93,177 per
				  year
				

			 
	
				
				  Year 4
				

			 	
				
				  5% increase being US$97,835.85 per
				  year
				

			 
	
				
				  Year 5
				

			 	
				
				  5% increase being US$102,727.64 per
				  year
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		9
	 

	 
		 
	 

	 
 

	 
		[Diagram of Floor Plan]
	 

	 
		 
	 

	 
	 
		 
	 

	 
 

	 
		OPTION TO LEASE
	 

	 
		This option to lease is made on the 25th day
		of August, 2005 between GRAND PAVILION LTD. of P.O. Box 32336 SMB, Grand
		Cayman, Cayman Islands hereinafter called the Landlord and Greenlight
		Reinsurance, Ltd., of P.O. Box 1109 GT, Grand Cayman, Cayman Islands
		hereinafter called the Tenant.
	 

	 
		Reference is made to a lease in respect of
		2958 square feet dated the 25th day of August, 2005 hereinafter called the
		Principal Lease. Provided always that in respect to said lease no event of
		default shall have occurred and is continuing and provided always that said
		lease is in effect, in consideration of the rent and Tenant’s covenant
		contained in said lease Landlord hereby grants to Tenant the option to rent the
		space etched in red on the attached schedule upon terms similar to those in the
		Principal Lease, save that, as varied in writing by the Landlord and the
		Tenant, the term shall commence on the 1st day of September, 2010, for a period
		of 5 years. The rental rate shall increase by 5% per annum for each year of the
		option. For the avoidance of doubt, this option is conditional upon the
		Principal Lease being valid and continuing.
	 

	 
		Tenant shall give Landlord not more than
		nine and not less than six months’ notice of intention to exercise this
		option.
	 

	 
		 
	 

	 
			
				
				  Signed by Grand Pavilion Ltd.

				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  
 /s/
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 
	
				
				  Gene Thompson
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
			
				
				  For the Director of Greenlight
				  Reinsurance, Ltd.
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  
 Signed by
				

			 	
				
				  /s/ Leonard Goldberg
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
					

 

	 
		Tenant
	 

	 
		 
	 

	 
		 
	 

	 
 

	 
		[Company Logo]
	 

	 
		August 26, 2005
	 

	 
		Mr. Leonard Goldberg
	 

	 
		Greenlight Reinsurance Ltd.
	 

	 
		PO Box 1109 GT
	 

	 
		Grand Cayman
	 

	 
		Cayman Islands
	 

	 
		Dear Mr. Goldberg:
	 

	 
		Re: Grand Pavilion Commercial
		Centre
	 

	 
		Following the execution and exchange of the
		Agreement for Lease between us with respect to the above, we hereby confirm
		that to the best of our knowledge the Grand Pavilion Commercial Centre is free
		from the effect of any mould, mildew and/or other types of fungi and that all
		appropriate measures have been taken to remediate against mould, mildew and
		other types of fungi.
	 

	 
		We further confirm that should any mould,
		mildew and/or other types of fungi be discovered at Grand Pavilion Commercial
		Centre that this occurrence alone shall be a sufficient basis for you to
		terminate the said Agreement for Lease and that any monies paid in respect of
		rent or other monies paid in advance shall be refunded to you in total or on a
		pro rata basis as applicable.
	 

	 
		 
	 

	 
			
				
				  Yours sincerely,
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  GRAND PAVILION LTD.
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  
 Per:
				

			 	
				
				  /s/ Gene Thompson
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	 	
				
				  Gene Thompson
				

			 	 	 	 	 
						

 

	 
		 
	 

	 
		 
	 

	 
		PO Box 32336 / Seven Mile Beach / Grand
		Cayman, Cayman Islands
	 

	 
		Telephone (345) 769-5656 / Facsimile (345)
		769-5757

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