Document:

Unassociated Document

     

    
      INDEMNIFICATION
        AGREEMENT

       

      THIS
        AGREEMENT is entered into, effective as of March __, 2008 by and between
        Ever-Glory International Group, Inc., a Florida corporation (the “Company”), and
        ___________________ (“Indemnitee”).

      

      WHEREAS,
        it is essential to the Company to retain and attract as directors and officers
        the most capable persons available; 

      

      WHEREAS,
        Indemnitee is a director of the Company; and

      

      WHEREAS,
        in recognition of Indemnitee’s need for substantial protection against personal
        liability in order to enhance Indemnitee’s continued and effective service to
        the Company, and in order to induce Indemnitee to provide services to the
        Company as a director, the Company wishes to provide in this Agreement for
        the
        indemnification of and the advancing of expenses to Indemnitee to the fullest
        extent (whether partial or complete) permitted by the laws of the Company’s
        state of incorporation and as set forth in this Agreement, and, to the extent
        insurance is maintained, for the coverage of Indemnitee under the Company’s
        directors’ and officers’ liability insurance policies.

      

      NOW,
        THEREFORE, in consideration of the above premises and of Indemnitee’s continuing
        to serve the Company directly or, at its request, with another enterprise,
        and
        intending to be legally bound hereby, the parties agree as follows:

      

      1.
        Certain
        Definitions.

      

      (a)
        “Board”
means
        the Board of Directors of the Company.

      

      (b)
        “Change
        in Control”
shall
        be deemed to have occurred if (i) any “person” (as such term is used in Sections
        13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Act”)),
        other than a trustee or other fiduciary holding securities under an employee
        benefit plan of the Company or a corporation owned directly or indirectly
        by the
        stockholders of the Company in substantially the same proportions as their
        ownership of stock of the Company (collectively “excluded persons”), is or
        becomes the “Beneficial Owner” (as defined in Rule 13d-3 under the Act),
        directly or indirectly, of securities of the Company representing 30% or
        more of
        the total voting power represented by the Company’s then outstanding Voting
        Securities, or (ii) during any period of two consecutive years, individuals
        who
        at the beginning of such period constitute the Board and any new director
        whose
        election by the Board or nomination for election by the Company’s stockholders
        was approved by a vote of at least two-thirds (2/3) of the directors then
        still
        in office who either were directors at the beginning of the period or whose
        election or nomination for election was previously so approved, cease for
        any
        reason to constitute a majority of the Board, or (iii) the stockholders of
        the
        Company approve a merger or consolidation of the Company with any other
        corporation, other than a merger or consolidation that would result in the
        Voting Securities of the Company outstanding immediately prior thereto
        continuing to represent (either by remaining outstanding or by being converted
        into Voting Securities of the surviving entity) at least 50% of the total
        voting
        power represented by the Voting Securities of the Company or such surviving
        entity outstanding immediately after such merger or consolidation, or (iv)
        the
        stockholders of the Company approve a plan of complete liquidation of the
        Company or an agreement for the sale or disposition by the Company (in one
        transaction or a series of transactions) of all or substantially all of the
        Company’s assets.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      (c)
        “Expenses”
means
        any expense, liability, or loss, including attorneys’ fees, judgments, fines,
        amounts paid or to be paid in settlement, any interest, assessments, or other
        charges imposed thereon, and any federal, state, local, or foreign taxes
        imposes
        as a result of the actual or deemed receipt of any payments under this
        Agreement, paid or incurred in connection with investigating, defending,
        being a
        witness in, or participating in (including on appeal), or preparing for any
        of
        the foregoing in, any Proceeding relating to any Indemnifiable
        Event.

      

      (d)
        “Indemnifiable
        Event”
means
        any event or occurrence that takes place either prior to or after the effective
        date of this Agreement, related to the fact that Indemnitee is or was a director
        or an officer (if the Indemnitee should be appointed as an officer) of the
        Company, or while a director or officer is or was serving at the request
        of the
        Company as a director, officer, employee, trustee, agent, or fiduciary of
        another foreign or domestic corporation, partnership, joint venture, employee
        benefit plan, trust, or other enterprise, or was a director, officer, employee,
        or agent of a foreign or domestic corporation that was a predecessor corporation
        of the Company or of another enterprise at the request of such predecessor
        corporation, or related to anything done or not done by Indemnitee in any
        such
        capacity.

      

      (e) “Independent
        Counsel”
means
        the person or body appointed in connection with Section 3.

      

      (f)
        “Potential
        Change in Control”
shall
        be deemed to have occurred if (i) the Company enters into an agreement or
        arrangement, the consummation of which would result in the occurrence of
        a
        Change in Control, (ii) any person (including the Company) publicly announces
        an
        intention to take or to consider taking actions that, if consummated, would
        constitute a Change in Control, (iii) any person (other than an excluded
        Person)
        who is or becomes the Beneficial Owner, directly or indirectly, of securities
        of
        the Company representing 10% or more of the combined voting power of the
        Company’s then outstanding Voting Securities, increases his beneficial ownership
        of such securities by 5% or more over the percentage so owned by such person
        on
        the date hereof, or (iv) the Board adopts a resolution to the effect that,
        for
        purposes of this Agreement, a Potential Change in Control has
        occurred.

      

      (g)
        “Proceeding”
means
        (i) any threatened, pending, or complete action, suit, or proceeding, whether
        civil, criminal, administrative, investigative, or other, or (ii) any inquiry,
        hearing, or investigation, whether conducted by the Company or any other
        party,
        that Indemnitee in good faith believes might lead to the institution of any
        such
        action, or proceeding.

      

      (h)
        “Reviewing
        Party”
means
        the person or body appointed in accordance with Section 3 of this
        Agreement.

      

      (i)
        “Voting
        Securities”
any
        securities of the Company that vote generally in the election of
        directors.

      

      2.
        Agreement
        to Indemnify.

      

      (a)
        General
        Agreement.
        In the
        event Indemnitee was, is, or become a party to or witness or other participant
        in, or is threatened to be made a party to or witness or other participant
        in, a
        Proceeding by reason of (or arising in part out of) an Indemnifiable Event,
        the
        Company shall indemnify Indemnitee from and against any and all Expenses
        to the
        fullest extent permitted by law, as the same exists or may hereafter be amended
        or interpreted (but in the case of any such amendment or interpretation,
        only to
        the extent that such amendment or interpretation permits the Company to provide
        broader indemnification rights than were permitted prior thereto). The parties
        hereto intend that this Agreement shall provide for indemnification in excess
        of
        that expressly permitted by statute, including, without limitation, any
        indemnification provided by the Company’s Articles of Incorporation as amended,
        its bylaws as amended, vote of its stockholders or disinterested directors,
        or
        applicable law.

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      (b)
        Initiation
        of Proceeding.
        Notwithstanding anything in this Agreement to the contrary, Indemnitee shall
        not
        be entitled to indemnification pursuant to this Agreement in connection with
        any
        Proceeding initiated by Indemnitee against the Company or any director or
        officer of the Company unless (i) the Company has joined in or the Board
        has
        consented to the initiation of such Proceeding, (ii) the Proceeding is one
        to
        enforce indemnification rights under Section 5, or (iii) the Proceeding is
        instituted after a Change in Control and Independent Counsel has approved
        its
        initiation.

      

      (c)
        Expense
        Advances.
        If so
        requested by Indemnitee, the Company shall advance (within ten business days
        of
        such request) any and all Expenses to Indemnitee (an “Expense Advance”);
        provided that such request shall be accompanied by reasonable evidence of
        the
        expenses incurred by Indemnitee and that, if and to the extent that the
        Reviewing Party determines that Indemnitee would not be permitted to be so
        indemnified under applicable law, the Company shall be entitled to be reimbursed
        by Indemnitee (who hereby agrees to reimburse the Company) for all such amounts
        theretofore paid. If Indemnitee has commenced legal proceedings in a court
        of
        competent jurisdiction to secure a determination that Indemnitee should be
        indemnified under applicable law, as provided in Section 4, any determination
        made by the Reviewing Party that Indemnitee would not be permitted to be
        indemnified under applicable law shall not be binding and Indemnitee shall
        not
        be required to reimburse the Company for any Expense Advance until a final
        judicial determination is made with respect thereto (as to which all rights
        of
        appeal therefrom have been exhausted or have lapsed). 

        

      (d)
        Mandatory
        Indemnification.
        Notwithstanding any other provision of this Agreement (other than Section
        2(f)
        below), to the extent that Indemnitee has been successful on the merits in
        defense of any Proceeding relating in whole or in part to an Indemnifiable
        Event
        or in defense of any issue or matter therein, Indemnitee shall be indemnified
        against all Expenses incurred in connection therewith. 

      

      (e)
        Partial
        Indemnification.
        If
        Indemnitee is entitled under any provision of this Agreement to indemnification
        by the Company for some or a portion of Expenses, but not, however, for the
        total amount thereof, the Company shall nevertheless indemnify Indemnitee
        for
        the portion thereof to which Indemnitee is entitled.

       

      (f)
        Prohibited
        Indemnification.
        No
        indemnification pursuant to this Agreement shall be paid by the Company on
        account of any Proceeding in which judgment is rendered against Indemnitee
        for
        an accounting of profits made from the purchase or sale by Indemnitee of
        securities of the Company pursuant to the provisions of Section 16(b) of
        the Act
        or similar provisions of any federal, state or local laws.

      

      3.
        Reviewing
        Party.
        Prior
        to any Change in Control, the Reviewing Party shall be any appropriate person
        or
        body consisting of a member or members of the Board or any other person or
        body
        appointed by the Board who is not a party to the particular Proceeding with
        respect to which Indemnitee is seeking indemnification; after a Change in
        Control, the Reviewing Party shall be the Independent Counsel referred to
        below.
        With respect to all matters arising after a Change in Control (other than
        a
        Change in Control approved by a majority of the directors on the Board who
        were
        directors immediately prior to such Change in Control) concerning the rights
        of
        Indemnitee to indemnity payments and Expense Advances under this Agreement
        or
        any other agreement or under applicable law or the Company’s Articles of
        Incorporation as amended or bylaws now or hereafter in effect relating to
        indemnification for Indemnifiable Events, the Company shall seek legal advice
        only from Independent Counsel selected by Indemnitee and approved by the
        Company
        and who has not otherwise performed services for the Company or the Indemnitee
        (other than in connection with indemnification matters) within the last five
        years. The 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. Such counsel,
        among other things, shall render its written opinion to the Company and
        Indemnitee as to whether and to what extent the Indemnitee should be permitted
        to be indemnified under applicable law. The Company agrees to pay the reasonable
        fees of the Independent Counsel and to indemnify fully such counsel against
        any
        and all expenses (including attorney’s fees), claims, liabilities, loss, and
        damages arising out of or relating to this Agreement or the engagement of
        Independent Counsel pursuant hereto.

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

      4.
        Indemnification
        Process and Appeal.

      

      (a)
        Suit
        To Enforce Rights.
        Regardless of any action by the Reviewing Party, if Indemnitee has not received
        full indemnification within 60 days after making a request in accordance
        with
        Section 2(c), Indemnitee shall have the right to enforce its indemnification
        rights under this Agreement by commencing litigation, in any appropriate
        court
        having subject matter jurisdiction thereof and in which venue is proper,
        seeking
        an initial determination by the court or challenging any determination by
        the
        Reviewing Party or any aspect thereof, provided, however, that such 60-day
        period shall be extended for reasonable time, not to exceed another 60 days,
        if
        the reviewing party in good faith requires additional time for the obtaining
        or
        evaluating of documentation and information relating thereto. The Company
        hereby
        consents to service of process and to appear in any such proceeding. Any
        determination by the Reviewing Party not challenged by the Indemnitee shall
        be
        binding on the Company and Indemnitee. The remedy provided for in this Section
        4
        shall be in addition to any other remedies available to Indemnitee in law
        or
        equity.

      

      (b)
        Defense
        to Indemnification, Burden of Proof, and Presumptions.
        It
        shall be a defense to any action brought by Indemnitee against the Company
        to
        enforce this Agreement (other than an action brought to enforce a claim for
        Expenses incurred in defending a Proceeding in advance of its final disposition
        where the required undertaking has been tendered to the Company) that is
        not
        permissible under applicable law for the Company to indemnify Indemnitee
        for the
        amount claimed. In connection with any such action or any determination by
        the
        Reviewing Party or otherwise as to whether Indemnitee is entitled to be
        indemnified hereunder, the burden of proving such a defense or determination
        shall be on the Company. Neither the failure of the Reviewing Party or the
        Company (including its Board, independent legal counsel, or its stockholders)
        to
        have made a determination prior to the commencement of such action by Indemnitee
        that indemnification of the claimant is proper under the circumstances because
        Indemnitee has met the standard of conduct set forth in applicable law, nor
        an
        actual determination by the Reviewing Party or Company (including its Board,
        independent legal counsel, or its stockholders) that the Indemnitee had not
        met
        such applicable standard of conduct, shall be a defense to the action or
        create
        a presumption that the Indemnitee has not met the applicable standard of
        conduct. For purposes of this Agreement, the termination of any claim, action,
        suit, or proceeding, by judgment, order, settlement (whether with or without
        court approval), conviction, or upon a plea of nolo contendere, or its
        equivalent shall not create a presumption that Indemnitee did not meet any
        particular standard of conduct or have any particular belief or that a court
        has
        determined that indemnification is not permitted by applicable law.

      

      5.
        Indemnification
        For Expenses Incurred In Enforcing Rights.
        The
        Company shall indemnify Indemnitee against any and all Expenses and, if
        requested by Indemnitee, shall (within ten business days of such request),
        advance such Expenses to Indemnitee, that are incurred by Indemnitee in
        connection with any claim asserted against or covered action brought by
        Indemnitee for (i) indemnification of Expenses or Expense Advances by the
        Company under this Agreement or any other agreement or under applicable law
        or
        the Company’s Articles of Incorporation as amended, or bylaws now or hereafter
        in effect relating to indemnification for Indemnifiable Events, and or (ii)
        recovery under directors’ and officers’ liability insurance policies maintained
        by the Company, regardless of whether Indemnitee ultimately is determined
        to be
        entitled to such indemnification, Expense Advances, or insurance recovery,
        as
        the case may be.

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

       

      6.
        Notification
        and Defense of Proceeding.

      

      (a)
        Notice.
        Promptly after receipt by Indemnitee of notice of the commencement of any
        Proceeding, Indemnitee shall, if a claim in respect thereof is to be made
        against the Company under this Agreement, notify the Company of the commencement
        thereof, but the omission so to notify the Company will not relieve the Company
        from any liability that it may have to Indemnitee, except as provided in
        Section
        6(c).

      

      (b)
        Defense.
        With
        respect to any Proceeding as to which Indemnitee notifies the Company of
        the
        commencement thereof, the Company shall be entitled to participate in the
        Proceeding at its own expense and except as otherwise provided below, to
        the
        extent the Company so wishes, it may assume the defense thereof with counsel
        reasonably satisfactory to Indemnitee. After notice from the Company to
        Indemnitee of its election to assume the defense of any Proceeding, the Company
        shall not be liable to Indemnitee under this Agreement or otherwise for any
        Expenses subsequently incurred by Indemnitee in connection with the defense
        of
        such Proceeding other than reasonable costs of investigation or as otherwise
        provided below. Indemnitee shall have the right to employ his or her own
        legal
        counsel in such Proceeding, but all Expenses related thereto incurred after
        notice from the Company of its assumption of the defense shall be at
        Indemnitee’s expense unless: (i) the employment of legal counsel by Indemnitee
        has been authorized by the Company, (ii) Indemnitee has reasonably determined
        that there may be a conflict of interest between Indemnitee and the Company
        in
        the defense of the Proceeding, (iii) after a Change in Control, the employment
        of counsel by Indemnitee has been approved by the Independent Counsel, or
        (iv)
        the Company shall not in fact have employed counsel to assume the defense
        of
        such Proceeding, in each of which case all Expenses of the Proceeding shall
        be
        borne by the Company. The Company shall not be entitled to assume the defense
        of
        any Proceeding brought by or on behalf of the Company or as to which Indemnitee
        shall have made the determination provided for in (ii) above.

      

      (c)
        Settlement
        of Claims.
        The
        Company shall not be liable to indemnify Indemnitee under this Agreement
        or
        otherwise for any amounts paid in settlement of any Proceeding effected without
        the Company’s written consent, provided, however, that if a Change in Control
        has occurred, the Company shall be liable for indemnification of Indemnitee
        for
        amounts paid in settlement if the Independent Counsel has approved the
        settlement. The Company shall not settle any Proceeding in any manner that
        would
        impose any penalty or limitation on Indemnitee without Indemnitee’s written
        consent. The Company shall not be liable to indemnify the Indemnitee under
        this
        Agreement with regard to any judicial award if the Company was not given
        a
        reasonable and timely opportunity, at its expense, to participate in the
        defense
        of such action; the Company’s liability hereunder shall not be excused if
        participation in the Proceeding by the Company was barred by this
        Agreement.

      

      7.
        Non-Exclusivity.
        The
        rights of Indemnitee hereunder shall be in addition to any other rights
        Indemnitee may have under the Company’s Articles of Incorporation as amended,
        bylaws, applicable law, or otherwise. To the extent that a change in applicable
        law (whether by statute or judicial decision) permits greater indemnification
        by
        agreement than would be afforded currently under the Company’s Articles of
        Incorporation as amended, bylaws, applicable law, or this Agreement, it is
        the
        intent of the parties that Indemnitee enjoy by this Agreement the greater
        benefits so afforded by such change. 

      

      8.
        Liability
        Insurance.
        To the
        extent the Company maintains an insurance policy or policies providing
        directors’ and officers’ liability insurance, 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 Company director or
        officer.

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

       

      9.
        Amendment
        of this Agreement.
        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 operate as a waiver of any other provisions
        hereof (whether or not similar), nor shall such waiver constitute a continuing
        waiver. Except as specifically provided herein, no failure to exercise or
        any
        delay in exercising any right or remedy hereunder shall constitute a waiver
        thereof.

      

      10.
        Subrogation.
        In the
        event of 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 documents required and shall do everything that may
        be
        necessary to secure such rights, including the execution of such documents
        necessary to enable the Company effectively to bring suit to enforce such
        rights.

      

      11.
        No
        Duplication Of Payments.
        The
        Company shall not be liable under this Agreement to make any payment in
        connection with any claim made against Indemnitee to the extent Indemnitee
        has
        otherwise received payment (under any insurance policy, bylaw, or otherwise)
        of
        the amounts otherwise indemnifiable hereunder.

      

      12.
        Binding
        Effect.
        This
        Agreement shall be binding upon and inure to the benefit of and be enforceable
        by the parties hereto and their respective successors (including any direct
        or
        indirect successor by purchase, merger, consolidation, or otherwise to all
        or
        substantially all of the business and/or assets of the Company), assigns,
        spouses, heirs, and personal and legal representatives. The indemnification
        provided under this Agreement shall continue as to Indemnitee for any action
        taken or not taken while serving in an indemnified capacity pertaining to
        an
        Indemnifiable Event even though he or she may have ceased to serve in such
        capacity at the time of any Proceeding.

      

      13.
        Severability.
        If any
        provision (or portion thereof) of this Agreement shall be held by a court
        of
        competent jurisdiction to be invalid, void, or otherwise unenforceable, the
        remaining provisions shall remain enforceable to the fullest extent permitted
        by
        law. Furthermore, to the fullest extent possible, the provisions of this
        Agreement (including, without limitation, each portion of this Agreement
        containing any provision held to be invalid, void, or otherwise unenforceable,
        that is not itself invalid, void, or unenforceable) shall be construed so
        as to
        give effect to the intent manifested by the provision held invalid, void,
        or
        unenforceable.

      

      14.
        Governing
        Law.
        This
        Agreement shall be governed by and construed and enforced in accordance with
        the
        laws of the state of incorporation of the Company applicable to contracts
        made
        and to be performed in such state without giving effect to the principles
        of
        conflicts of laws.

      

      15.
        Notices.
        All
        notices, demands, and other communications required or permitted

      hereunder
        shall be made in writing and shall be deemed to have been duly given if
        delivered by hand, against receipt, or mailed, postage prepaid, certified
        or
        registered mail, return receipt requested, and addressed to the Company
        at:

      

      Ever-Glory
        International Group, Inc.

      100
        N.
        Barranca Ave., #810

      West
        Covina, California 91791

      Attn:
        Chief Executive Officer

       

      Notice
        of
        change of address shall be effective only when given in accordance with this
        Section. All notices complying with this Section shall be deemed to have
        been
        received on the date of delivery or on the third business day after
        mailing.

       

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

       

      16.
        Counterparts.
        This
        Agreement may be executed in one or more counterparts, each of which shall
        be
        deemed an original, but all of which together shall constitute one and the
        same
        instrument.

      

      

      

      

      [Remainder
        of Page Left Blank Intentionally]

       

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

       

      IN
        WITNESS WHEREOF, the parties hereto have duly executed and delivered this
        Indemnification Agreement as of the day specified above.

       

       

      

      COMPANY:

       

      
        	 	 	 
	 	
                EVER-GLORY
                  INTERNATIONAL GROUP, INC.

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Kang
                Yihua
	 	Chief
                Executive Officer

      

       

      
        	 	 	 
	INDEMNITEE:	         
                	 
	 	
                
[Indemnitee]

      

       

      
        
           

        

        
          8EXHIBIT
      10.2

    EMPLOYMENT
      AGREEMENT

    

    THIS
      EMPLOYMENT AGREEMENT
      dated as
      of April 1, 2008 (the “Effective Date”), by and between Maiden Holdings, Ltd.,
      48 Par-la-Ville Road, Suite 1141, Hamilton HM 11, Bermuda, a Bermuda company
      (the “Company”) and Bentzion S. Turin, an individual residing 35 Belmont Hills
      Dr., Apt. 6P, Warwick WK 06, Bermuda (“Executive”).

    

    WITNESSETH

    

    WHEREAS,
      The
      Company and Executive desire to enter into this Employment Agreement (the
“Agreement”) in order to set forth the terms and conditions of Executive’s
      employment, intending to supersede any prior employment agreement, written
      or
      oral, whether with the Company or other affiliates.

    

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

    

    1. Duties
      and Responsibilities.
      The
      duties and responsibilities of Executive shall be those of a senior executive
      of
      the Company, as the same shall be assigned to him, from time to time, by the
      Board of Directors of the Company. Executive recognizes that, during the period
      of his employment hereunder, he owes an undivided duty of loyalty to the Company
      and agrees to devote all of his business time and attention to the performance
      of his duties and responsibilities and to use his best efforts to promote and
      develop the business of the Company. Subject to the approval of the Board of
      Directors, which shall not be unreasonably withheld, Executive shall be entitled
      to serve on corporate, civic, and/or charitable boards or committees and to
      otherwise reasonably participate as a member in community, civic, or similar
      organizations and the pursuit of personal investments which do not present
      any
      material conflicts of interest with the Company. Executive’s principal place of
      work shall be Hamilton, Bermuda, or as otherwise designated by the Chief
      Executive Officer of the Company. Executive shall also be required to travel
      as
      reasonably necessary to carry out his duties. This Agreement can be assigned
      by
      the Company to an affiliate of the Company. Executive agrees to execute another
      Employment Agreement with such affiliate, substantially equivalent to this
      Agreement, upon such assignment.

    

    It
      is the
      intention of the Company that Executive shall continue in his role as Chief
      Operating Officer, General Counsel and Secretary of the Company and of Maiden
      Insurance Company, Ltd. (“Maiden Insurance”) to serve in such position at the
      pleasure of the Board of Directors, reporting on a day-to-day basis directly
      to
      the Chief Executive Officer of the Company and of Maiden Insurance.

    

    2. Employment
      Period.
      For a
      period commencing on the Effective Date hereof and ending two years from the
      Effective Date (the “Employment Period”), the Company hereby employs Executive
      in the capacities herein set forth. Executive agrees, pursuant to the terms
      hereof, to serve in such capacities for the Employment Period. This Agreement
      shall renew for successive two year periods unless one of the parties provides
      written notice of not less than ninety days prior to the end of the Employment
      Period or any successive Employment Period that the party will not renew the
      Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    3. Compensation
      and Benefits.

    

    (a) Salary.
      The Company shall pay or cause an affiliate to pay Executive a salary at the
      rate of Two Hundred Seventy Five Thousand Dollars ($275,000) per annum
      (“Salary”), payable in accordance with the Company’s normal payroll process.
      Executive shall be entitled to a salary review annually at the end of each
      calendar year. Such salary review shall be based entirely on merit and any
      salary adjustments shall be determined by the Board of Directors of the Company
      solely at its discretion.

    

    (b) Profit
      Bonus. Executive shall be eligible to receive an annual bonus, which shall
      be
      determined by the Company’s Board of Directors in its sole
      discretion.

    

    (c) Stock
      Options. On June 26, 2007 the Company granted Executive options to purchase
      75,000 shares and on March 24, 2008 the Company granted Executive additional
      options to purchase 75,000 shares of the Company’s common shares under the
      Company’s 2007 Equity Incentive Plan (the “Plan”), subject to the terms and
      conditions of the Plan and respective award agreement, for a total of 150,000
      share options granted prior to the Effective Date of this Agreement. Such share
      options are incentive share options within the meaning of Section 422 of the
      Internal Revenue Code of 1986, as amended, to the extent permitted by law.
      Twenty-five percent of the options are exercisable on the first anniversary
      of
      the date that such options are granted, with an additional 6.25% of such options
      vesting each quarter thereafter based on Executive's continued employment,
      and
      expire ten years after the date of grant.

    

    (d) Executive
      may also receive other bonus payments and additional share option grants as
      determined at the sole discretion of the Board of Directors (“Discretionary
      Bonus”).

    

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

    

    
      	 	
              (i)

            	
              five
                weeks (5) weeks of paid vacation for each twelve (12) months of the
                Employment, or such greater period as may be approved from time to
                time by
                Board of Directors. Unused vacation time shall not be carried over
                to any
                subsequent calendar year; 

            

    

    

    
      	 	
              (ii)

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

            

    

    

    
      	 	
              (iii)

            	
              participation
                in such employee benefit plans to which executive employees of the
                Company, their dependents and beneficiaries generally are entitled
                during
                the Employment Period and, including, without limitation, health
                insurance, disability and life insurance, retirement plans and other
                present or successor plans and practices of Company for which executive
                employees, their dependents and beneficiaries are
                eligible.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    4. Reimbursement
      of Expenses. 

    

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

    

    (b) Following
      the end of each calendar year the Company shall retain a US tax consultant
      to
      determine whether Executive will have any out of pocket US tax expenses due
      to
      housing or travel benefits, which the Company provided for Executive during
      the
      previous calendar year to facilitate Executive’s performance of his duties
      hereunder. The Company will reimburse Executive for all such out of pocket
      expenses.

    

    5. Disability.
      In the
      event that Executive shall be unable to perform because of illness or
      incapacity, physical or mental, all the functions, duties and responsibilities
      to be performed by him hereunder for a consecutive period of two (2) months
      or
      for a total period of three (3) months during any consecutive twelve (12) month
      period, the Company may terminate this Agreement effective on or after the
      expiration of such period (the “Disability Period”) upon five (5) business days’
written notice to Executive specifying the termination date (the “Disability
      Termination Date”). Executive shall be entitled to receive his Salary and any
      unreimbursed expenses to the Disability Termination Date and for a period of
      the
      three months thereafter. Disability under this paragraph, shall be determined
      by
      a physician who shall be selected by the Company and approved by Executive.
      Such
      approval shall not be unreasonably withheld or delayed, and a physician shall
      be
      deemed to be approved unless he or she is disapproved in writing by Executive
      within ten (10) days after his or her name is submitted. The Company may obtain
      disability income insurance for the benefit of Executive in such amounts as
      the
      Company may determine.

    

    6. Death.
      In the
      event of the death of Executive during the Employment Period, this Agreement
      and
      the employment of Executive hereunder shall terminate on the date of death
      of
      Executive. Executive’s heirs or legal representatives shall be entitled to
      receive his Salary earned to the date of his death and for a period of three
      months thereafter and any unreimbursed expenses.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      
        7.
          Termination. 
 

    

    The
      Company may discharge Executive for Cause at any time. Cause for discharge
      shall
      include (i) a material breach of this Agreement by Executive, but only if such
      breach is not cured within thirty (30) days following written notice by the
      Company to Executive of such breach, assuming such breach may be cured; (ii)
      Executive is convicted of any act or course of conduct involving moral
      turpitude; or (iii) Executive engages in any willful act or willful course
      of
      conduct constituting an abuse of office or authority which significantly
      adversely affects the business or reputation of the Company. No act, failure
      to
      act or course of conduct on Executive’s part shall be considered “willful”
unless done, or omitted to be done, by him not in good faith and without
      reasonable belief that his action, omission or course of conduct was in the
      best
      interest of the Company. Any written notice by the Company to Executive pursuant
      to this paragraph 7 shall set forth, in reasonable detail, the facts and
      circumstances claimed to constitute the Cause. If Executive is discharged for
      Cause, the Company, without any limitations on any remedies it may have at
      law
      or equity, shall have no liability for salary or any other compensation and
      benefits to Executive after the date of such discharge.

    

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

    

    9. Restrictive
      Covenant.

    

    (a) Prohibited
      Activities.
      Executive agrees that he shall not (unless he has received the prior written
      consent of the Company), during the period beginning on the date of termination
      of employment and during the term of this Agreement and ending two (2) years
      thereafter (the “Restriction Period”), directly or indirectly, for any reason,
      for his own account or on behalf of or together with any other person or
      firm:

    

    
      	 	
              (i)

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

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
      	 	
              (ii)

            	
              call
                on, solicit or perform services for, directly or indirectly through
                any
                person or firm, any person or firm that at that time is, or at any
                time
                within one year prior to that time was, a customer of the Company
                or any
                prospective customer that had or, to the knowledge of Executive,
                was about
                to receive a business proposal from the Company, for the purpose
                of
                soliciting or selling any product or service in competition with
                the
                Company; or 

            

    

    

    
      	 	
              (iii)

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

            

    

    

    (b) Damages.
      Because
      of (i) the difficulty of measuring economic losses to the Company as a result
      of
      any breach by Executive of the covenants in Sections 9(a), and (ii) the
      immediate and irreparable damage which could be caused to the Company for which
      they would have no other adequate remedy, Executive agrees that the Company
      may
      enforce the provisions of Paragraph 9(a) by injunction and restraining order
      against Executive if he breaches any of said provisions, without necessity
      of
      providing a bond or other security.

    

    (c) Reasonable
      Restraint.
      The
      parties hereto agree that Sections 9(a) and 9(b) impose a reasonable restraint
      on Executive in light of the activities and business of the Company on the
      date
      hereof and the current business plans of the Company.

    

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

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    11. Construction.
      If the
      provisions of paragraph 9 should be deemed unenforceable, invalid, or overbroad
      in whole or in part for any reason, then any court of competent jurisdiction
      designated in accordance with paragraph 13 is hereby authorized, requested,
      and
      instructed to reform such paragraph to provide for the maximum competitive
      restraint upon Executive’s activities (in time, product, geographic area and
      customer or employee solicitation) which shall then be legal and
      valid.

    

    12. Damages
      and Jurisdiction.
      Executive agrees that violation of or threatened violation of any of paragraphs
      8, 9 or 10 would cause irreparable injury to the Company for which any remedy
      at
      law would be inadequate, and the Company shall be entitled in any court of
      law
      or equity of competent jurisdiction to preliminary, permanent and other
      injunctive relief against any breach or threatened breach of the provisions
      contained in any of said paragraphs 8, 9 or 10 hereof, and such compensatory
      damages as shall be awarded. Further, in the event of a violation of the
      provisions of paragraph 9, the Restriction Period referred to therein shall
      be
      extended for a period of time equal to the period that any violation
      occurred.

    

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

    

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

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

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

    

    16. Withholding.
      Any
      payments provided for herein shall be reduced by any amounts required to be
      withheld by the Company from time to time under any applicable employment or
      income tax laws or similar statutes or other provisions of law then in
      effect.

    

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

    

    18. No
      Restrictions.
      Executive represents and warrants that as of the Effective Datet Executive
      is
      not subject to any contractual obligations or other restrictions, including,
      but
      not limited to, any covenant not to compete, that could interfere in any way
      with his employment hereunder.

    

    19. Miscellaneous.

    

    (a) This
      Agreement will be binding and inure to the benefit of Executive and Executive’s
      personal representatives, and the Company, their successors and
      assigns.

    

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

    

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

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

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

     

    If
      to the
      Company:

    

    Maiden
      Holdings, Ltd.

    48
      Par-laVille Road, Suite 1141

    Hamilton
      HM 11 Bermuda

    Attention:
      CEO

    

    If
      to
      Executive

    

    Bentzion
      S. Turin

    35
      Belmont Hills Dr., 6P

    Warwick
      WK06 Bermuda

    

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

    

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

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

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

    

    MAIDEN
      HOLDINGS, LTD.

    

     

    
      	 By:	
              /s/
                Max G. Caviet

            	 	
               /s/
                Bentzion S. Turin

            
	 	
              Max
                G. Caviet

            	 	
               Bentzion
                S. Turin

            

    

     

    
      
        
        

      

      
        9

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