Document:

EXHIBIT
      4.2

     

     

     

     

    THIS
      WARRANT AND THE SECURITIES REPRESENTED BY THIS WARRANT HAVE BEEN ACQUIRED FOR
      INVESTMENT AMD HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED (THE “SECURITIES ACT”), OR QUALIFIED UNDER ANY STATE OR FOREIGN
      SECURITIES LAWS. THE TRANSFER OF ANY COMMON SHARES ISSUABLE UPON THE EXERCISE
      HEREOF IS SUBJECT TO THE TRANSFER RESTRICTIONS SPECIFIED IN SECTION 4.5 OF
      THIS
      WARRANT. THIS WARRANT MAY NOT BE EXERCISED AND THE WARRANT AND THE SECURITIES
      ISSUABLE UPON ITS EXERCISE MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED,
      HYPOTHECATED, ASSIGNED OR OTHERWISE TRANSFERRED WITHOUT REGISTRATION UNDER
      THE
      SECURITIES ACT AND ANY APPLICABLE STATE OR FOREIGN SECURITIES LAWS, UNLESS
      THE
      COMPANY RECEIVES AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH
      TRANSFER DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR QUALIFICATION
      UNDER ANY OTHER APPLICABLE SECURITIES LAWS.

     

    MAIDEN
      HOLDINGS, LTD.

     

    

     

    Warrant
      To Purchase 1,350,000 Common Shares

     

    Issuance
      Date: June 7, 2007

     

    This
      Warrant Certifies That,
      for
      value received, George
      Karfunkel
      (the
“Holder”),
      is
      entitled to subscribe for and purchase at the Exercise Price (defined below)
      from Maiden
      Holdings, Ltd.,
      a
      Cayman Islands company (the “Company”),
      on
      the terms and subject to the conditions hereinafter set forth, One Million
      Three
      Hundred Fifty Thousand (1,350,000) Common Shares (defined below) of the
      Company.

     

    1.  DEFINITIONS.
      In
      addition to the definitions set forth in this Warrant, as used herein, the
      following terms shall have the following respective meanings:

     

    “Affiliate”
      shall
      mean, with respect to any specified person, any other person controlling,
      controlled by, or under common control with, such person. For the purposes
      of
      this definition, control when used with respect to any specified person means
      the power to direct the management and policies of such person, directly or
      indirectly, whether through the ownership of voting securities, by contract
      or
      otherwise and the terms “controlling” and “controlled” have meanings correlative
      to the foregoing.

     

    “Business
      Day”
      shall
      mean any day except Saturday, Sunday and any day which shall be a federal legal
      holiday in the United States or in Bermuda, or a day on which banking
      institutions in the State of New York or Bermuda are authorized or required
      by
      law or other government action to close.

     

    “Common
      Shares” shall
      mean common shares, $0.01 par value each, of the Company.

     

    “Exercise
      Price”
      shall
      mean Ten United States Dollars (U.S.$10.00) per share, subject to adjustment
      pursuant to Section 5 below; provided,
      that at
      no time shall the Exercise Price be less than the then current par value of
      any
      share to be issued pursuant hereto.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    “Warrant
      Shares”
      shall
      mean the number of the Company’s Common Shares issuable upon exercise of this
      Warrant, subject to adjustment pursuant to the terms herein, including but
      not
      limited to adjustment pursuant to Section 5 below.

     

    2.  EXERCISE
      OF WARRANT.
      Subject
      to the limitations set forth in Section 4.5 of this Warrant, the rights
      represented by this Warrant may be exercised in whole or in part during the
      period commencing on the Issuance Date of this Warrant and ending on the tenth
      anniversary thereof (such period being referred to as the “Exercise
      Period”)
      by
      delivery of the following to the Company at its address set forth below (or
      at
      such other address as it may designate by notice in writing to the
      Holder):

     

    
      	 	
              (a)

            	
              An
                executed Notice of Exercise in the form attached
                hereto;

            

    

     

    
      	 	
              (b)

            	
              Payment
                of the Exercise Price by any of the following: (i) in cash, (ii)
                by check,
                or (iii) in immediately available funds, by wire transfer to a bank
                account designated in writing by the Company;
                and

            

    

     

    
      	 	
              (c)

            	
              This
                warrant.

            

    

     

    Upon
      the
      exercise of the rights represented by this Warrant, if applicable, the Company
      shall use reasonable efforts to complete as quickly as possible the requirements
      of Section 42A of the Bermuda Companies Act 1981, as amended (the “Bermuda
      Act”),
      and a
      certificate or certificates for the Warrant Shares so purchased, registered
      in
      the name of the Holder or persons affiliated with the Holder, if the Holder
      so
      designates (and subject to securities law limitations as to any such Affiliate
      and the transfer restrictions contained in the Company’s Bye-laws), shall be
      issued and delivered to the Holder or the Holder’s designee, as the case may be,
      within five (5) Business Days after the rights represented by this Warrant
      shall
      have been so exercised. In the event that this Warrant is being exercised for
      less than all of the then current number of Warrant Shares purchasable
      hereunder, the Company shall, concurrently with the issuance by the Company
      of
      the number of Warrant Shares for which this Warrant is then being exercised,
      issue a new Warrant to the Holder, which shall be identical hereto, except
      that
      the number of remaining Warrant Shares covered thereby shall be adjusted
      accordingly, and exercisable for the remaining number of Warrant Shares
      purchasable hereunder.

     

    The
      person in whose name any certificate or certificates for Warrant Shares are
      to
      be issued upon exercise of this Warrant shall be deemed to have become the
      holder of record of such shares on the latest of (i) the date the Company
      receives the executed Notice of Exercise, payment of the Exercise Price, if
      any,
      and this Warrant; (ii) if applicable, the date the Company has complied with
      the
      requirements of Section 42A of the Bermuda Act; and (iii) the date on which
      the
      Holder’s or designee’s name is entered in the Register of Members of the
      Company, irrespective of the date of delivery of such certificate or
      certificates.

     

    3.  COVENANTS
      OF THE COMPANY.

     

    3.1  Covenants
      as to Warrant Shares.
      The
      Company covenants and agrees that all Warrant Shares that may be issued upon
      the
      exercise of the rights represented by this Warrant will, upon issuance, be
      validly issued and outstanding, fully paid and nonassessable, and free from
      all
      taxes, liens and charges with respect to the issuance thereof. The Company
      further covenants and agrees that the Company will at all times hereunder have
      authorized and reserved, free from preemptive rights, a sufficient number of
      its
      Common Shares to provide for the exercise of the rights represented by this
      Warrant. If the number of authorized but unissued Common Shares shall not be
      sufficient to permit exercise of this Warrant, the Company will take such
      corporate action as may, in the opinion of its counsel, be necessary to increase
      its authorized but unissued Common Shares to such number of shares as shall
      be
      sufficient for such purposes.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    3.2  Notices
      of Record Date.
      In the
      event of any taking by the Company of a record of the holders of any class
      of
      securities for the purpose of determining the holders thereof who are entitled
      to receive any dividend (other than a cash dividend which is comparable to
      cash
      dividends paid in previous quarters) or other distribution, the Company shall
      mail to the Holder, at least ten (10) days prior to the date specified herein,
      a
      notice specifying the date on which any such record is to be taken for the
      purpose of such dividend or distribution.

     

    4.  REPRESENTATIONS
      AND COVENANTS OF HOLDER.

     

    4.1  Acquisition
      of Warrant for Own Account.
      The
      Holder represents and warrants that it is acquiring the Warrant and the Warrant
      Shares solely for its account for investment and not with a view to or for
      sale
      or distribution of said Warrant or Warrant Shares or any part thereof. The
      Holder also represents that the entire legal and beneficial interests of the
      Warrant and Warrant Shares the Holder is acquiring is being acquired for, and
      will be held for, its account only.

     

    4.2  Securities
      Are Not Registered.

     

    (a)  The
      Holder understands that the Warrant and the Warrant Shares have not been
      registered under the Securities Act of 1933, as amended (the “Securities
      Act”),
      on
      the basis that no distribution or public offering of the shares of the Company
      is to be effected. The Holder realizes that the basis for the exemption may
      not
      be present if, notwithstanding its representations, the Holder has a present
      intention of acquiring the securities for a fixed or determinable period in
      the
      future, selling (in connection with a distribution or otherwise), granting
      any
      participation in, or otherwise distributing the securities. The Holder has
      no
      such present intention.

     

    (b)  The
      Holder recognizes that the Warrant and the Warrant Shares must be held
      indefinitely unless they are subsequently registered under the Securities Act
      or
      an exemption from such registration is available. The Holder recognizes that
      the
      Company has no obligation to register the Warrant, or to comply with any
      exemption from such registration.

     

    (c)  The
      Holder is aware that neither the Warrant nor the Warrant Shares may be sold
      pursuant to Rule 144 adopted under the Securities Act unless certain conditions
      are met, including, among other things, the existence of a public market for
      the
      shares, the availability of certain current public information about the
      Company, the resale following the required holding period under Rule 144 and
      the
      number of shares being sold during any three month period not exceeding
      specified limitations. Holder is aware that the conditions for resale set forth
      in Rule 144 have not been satisfied and that there can be no assurance that
      the
      Company will satisfy these conditions in the foreseeable future.

     

    4.3  Legended
      Shares.

     

    The
      Holder understands and agrees that all certificates evidencing the Common Shares
      to be issued in connection with the exercise of this Warrant will bear legends
      substantially in the form set forth below:

     

    THESE
      SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “SECURITIES ACT”). THESE SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE,
      PLEDGED, HYPOTHECATED, ASSIGNED OR OTHERWISE TRANSFERRED (EXCEPT TO THE COMPANY
      OR A SUBSIDIARY THEREOF) UNLESS (I) (A) THERE IS IN EFFECT A REGISTRATION
      STATEMENT AS TO THE SECURITIES UNDER THE SECURITIES ACT, OR (B) A WRITTEN
      OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
      REQUIRED IS PROVIDED TO THE COMPANY, AND (II) THE TRANSFEREE, IF APPLICABLE,
      HAS
      OBTAINED THE CONSENT OF THE BERMUDA MONETARY AUTHORITY.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    IN
      ADDITION, ANY SALE, OFFER FOR SALE, PLEDGE OR HYPOTHECATION OR OTHER DISPOSITION
      OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS RESTRICTED BY, AND THE
      RIGHTS ATTACHING TO THESE SECURITIES ARE SUBJECT TO, THE TERMS AND CONDITIONS
      CONTAINED IN THE WARRANT ISSUED ON JUNE 7, 2007 BY THE COMPANY TO GEORGE
      KARFUNKEL (THE “GEORGE KARFUNKEL WARRANT”) AND IN THE BYE-LAWS OF THE COMPANY,
      AS THEY MAY BE AMENDED FROM TIME TO TIME, WHICH ARE AVAILABLE FOR EXAMINATION
      BY
      HOLDERS OF SECURITIES AT THE REGISTERED OFFICE OF THE COMPANY.

     

    UNDER
      THE
      TERMS OF THE GEORGE KARFUNKEL WARRANT, THE SHARES REPRESENTED BY THIS
      CERTIFICATE MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, ASSIGNED
      OR OTHERWISE TRANSFERRED PRIOR TO JUNE 7, 2010.

     

    4.4  Accredited
      Investor Status.
      The
      Holder is an “accredited investor” as defined in Regulation D promulgated under
      the Securities Act.

     

    4.5  Transfer
      Restriction.
      The
      Holder hereby acknowledges, covenants and agrees that the Warrant Shares may
      not
      be sold, offered for sale, hypothecated, assigned or otherwise transferred,
      directly or indirectly, prior to June 7, 2010.

     

    4.6  Reservation
      of Shares.
      The
      Company covenants and agrees that the Company will, at all times during the
      Exercise Period, have authorized and reserved, free from preemptive rights,
      a
      sufficient number of Common Shares to provide for the exercise of the rights
      represented by the Warrant. The Company further covenants and agrees to take
      all
      such actions as may be necessary to ensure that all Common Shares delivered
      upon
      exercise of this Warrant will be duly and validly authorized and issued and
      fully paid and nonassessable and free from preemptive rights with respect to
      the
      issue thereof.

     

    5.  ADJUSTMENT
      OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES.
      The
      Exercise Price in effect and the number and kind of securities purchasable
      upon
      the exercise of this Warrant shall be subject to adjustment from time to time
      upon the happening of certain events as provided in this Section 5 and in
      Section 7 below. In the event of changes in the outstanding Common Shares of
      the
      Company by reason of share dividends, splits, recapitalizations,
      reclassifications, combinations or exchanges of shares, reorganizations,
      liquidations, or the like, the number and class of Exercise Shares available
      under the Warrant in the aggregate and the Exercise Price shall be
      correspondingly adjusted to give the Holder of the Warrant, on exercise for
      the
      same aggregate Exercise Price, the total number, class, and kind of shares
      as
      the Holder would have owned had the Warrant been exercised prior to the event
      and had the Holder continued to hold such shares until after the event requiring
      adjustment. The form of this Warrant need not be changed because of any
      adjustment in the number of Exercise Shares subject to this
      Warrant.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    6.  FRACTIONAL
      SHARES.
      No
      fractional shares shall be issued upon the exercise of this Warrant as a
      consequence of any adjustment pursuant hereto. All Warrant Shares (including
      fractions) issuable upon exercise of this Warrant may be aggregated for purposes
      of determining whether the exercise would result in the issuance of any
      fractional share. If, after aggregation, the exercise would result in the
      issuance of a fractional share, the Company shall, in lieu of issuance of any
      fractional share, pay the Holder otherwise entitled to such fraction a sum
      in
      cash equal to the product resulting from multiplying the then current fair
      market value of an Exercise Share by such fraction.

     

    7.  REORGANIZATION.
      In the
      event of, at any time during the Exercise Period, any capital reorganization,
      or
      any reclassification of the capital shares of the Company (other than a change
      in par value or as a result of a share dividend or subdivision, split-up or
      combination of shares), or the consolidation, amalgamation or merger of the
      Company with or into another corporation, or the sale or other disposition
      of
      all or substantially all the properties and assets of the Company in its
      entirety to any other person (an “Organic
      Change”),
      then,
      as a condition of such Organic Change, lawful and adequate provisions shall
      be
      made by the Company whereby the Holder hereof shall thereafter have the right
      to
      purchase and receive (in lieu of the Common Shares of the Company immediately
      theretofore purchasable and receivable upon the exercise of the rights
      represented hereby) such shares, securities or other assets or property as
      may
      be issued or payable with respect to or in exchange for a number of outstanding
      Common Shares equal to the number of shares immediately theretofore purchasable
      and receivable upon the exercise of the rights represented hereby.

     

    8.  NO
      SHAREHOLDER RIGHTS.
      This
      Warrant in and of itself shall not entitle the Holder to any voting rights
      or
      other rights as a shareholder of the Company.

     

    9.  REGISTRATION
      RIGHTS.
      The
      Company shall afford the Holder certain registration rights with respect to
      the
      Warrant Shares in accordance with the terms and subject to the conditions of
      that certain Registration Rights Agreement between the Company and Barry D.
      Zyskind, George Karfunkel and Michael Karfunkel to
      be
      entered into in connection with the Company’s proposed private placement of
      Common Shares contemplated by the preliminary offering memorandum dated June
      7,
      2007.

     

    10.  TRANSFER
      OF WARRANT.
      Neither
      this Warrant nor any of the rights or interests of the Holder hereunder are
      transferable or assignable, except by operation of law, without the prior
      written consent of the Company. Subject to the foregoing and Section 4 above,
      this warrant and the rights and interests of the Holder hereunder may be
      transferred as to all or any part of the Common Shares issuable upon exercise
      hereof, provided
      that the
      Holder and the transferee shall deliver to the Company a properly completed
      and
      executed Assignment Form in the form attached to this Warrant.

     

    11.  LOST,
      STOLEN, MUTILATED OR DESTROYED WARRANT.
      Upon
      receipt of evidence satisfactory to the Company of the ownership of and the
      loss, theft, destruction or mutilation of this Warrant and of indemnity (other
      than in connection with any mutilated Warrant surrendered to the Company for
      cancellation) reasonably satisfactory to the Company, upon reimbursement of
      the
      Company’s reasonable direct expenses, and upon such other terms as the Company
      may reasonably impose (which shall, in the case of a mutilated Warrant, include
      the surrender thereof), the Company shall issue a new Warrant of like
      denomination and tenor as the Warrant so lost, stolen, mutilated or destroyed.
      Any such new Warrant shall constitute an original contractual obligation of
      the
      Company, whether or not the allegedly lost, stolen, mutilated or destroyed
      Warrant shall be at any time enforceable by anyone.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    12.  NOTICES,
      ETC.
      All
      notices required or permitted hereunder shall be in writing and shall be deemed
      effectively given: (a) upon personal delivery to the party to be notified,
      (b)
      when sent by confirmed telex or facsimile if sent during normal business hours
      of the recipient, if not, then on the next Business Day, (c) five (5) days
      after
      having been sent by registered or certified mail, return receipt requested,
      postage prepaid, or (d) one (1) day after deposit with a nationally recognized
      overnight courier, specifying next day delivery, with written verification
      of
      receipt. All communications shall be sent to the Company at the address listed
      on the signature page and to the Holder at AmTrust Financial Services, 59 Maiden
      Lane, 6th
      Floor,
      New York, New York 10038, or at such other address as the Company or Holder
      may
      designate by ten (10) days advance written notice to the other parties
      hereto.

     

    13.  ACCEPTANCE.
      Receipt
      of this Warrant by the Holder shall constitute acceptance of and agreement
      to
      all of the terms and conditions contained herein.

     

    14.  GOVERNING
      LAW.
      This
      Warrant and all rights, obligations and liabilities hereunder shall be governed
      by and construed under the laws of the State of New York, without giving effect
      to conflicts of laws principles.

     

    15.  SEVERABILITY.
      In the
      event that any provision or any part of any provision of this Warrant shall
      be
      void or unenforceable for any reason whatsoever, then such provision shall
      be
      stricken and of no force and effect. However, unless such stricken provision
      goes to the essence of the consideration bargained for by a party, the remaining
      provisions of this Warrant shall continue in full force and effect, and to
      the
      extent required, shall be modified to preserve their validity.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Company has caused this Warrant to be executed by its
      duly
      authorized officer as of June 7, 2007.

     

     

    MAIDEN
      HOLDINGS, LTD.

       

    
      	 	By: 	/s/ Bentzion S.
              Turin________________

      	 	Name:	Bentzion S. Turin

      	 	
              Title:

            	
              Chief
                Operating Officer, General Counsel and
                Secretary

            

    

     

    Address:      7
      Reid
      Street

    Hamilton
      HM 12 Bermuda

    Attn:
      Bentzion S. Turin

    Facsimile:
      (441) 292-5796

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    NOTICE
      OF EXERCISE

     

    To:
      Maiden Holdings, Ltd.

     

    (1) The
      undersigned hereby elects to purchase ___ Common Shares of Maiden
      Holdings, Ltd.
      (the
“Company”)
      pursuant to the terms of the attached Warrant, and tenders herewith payment
      of
      the exercise price in full, together with all applicable transfer taxes, if
      any.

     

    (2) Please
      issue a certificate or certificates representing said Common Shares in the
      name
      of the undersigned.

     

    (3) The
      undersigned represents that (i) the aforesaid Common Shares are being acquired
      for the account of the undersigned for investment and not with a view to, or
      for
      resale in connection with, the distribution thereof and that the undersigned
      has
      no present intention of distributing or reselling such shares; (ii) the
      undersigned is aware of the Company’s business affairs and financial condition
      and has acquired sufficient information about the Company to reach an informed
      and knowledgeable decision regarding its investment in the Company; (iii) the
      undersigned is experienced in making investments of this type and has such
      knowledge and background in financial and business matters that the undersigned
      is capable of evaluating the merits and risks of this investment and protecting
      the undersigned’s own interests; (iv) the undersigned understands that the
      Common Shares issuable upon exercise of this Warrant have not been registered
      under the Securities Act of 1933, as amended (the “Securities
      Act”),
      by
      reason of a specific exemption from the registration provisions of the
      Securities Act, which exemption depends upon, among other things, the bona
      fide
      nature of the investment intent as expressed herein, and, because such
      securities have not been registered under the Securities Act, they must be
      held
      indefinitely unless subsequently registered under the Securities Act or an
      exemption from such registration is available; (v) the undersigned is aware
      that
      the aforesaid Common Shares may not be sold pursuant to Rule 144 adopted under
      the Securities Act unless certain conditions are met and until the undersigned
      has held the shares for the number of years prescribed by Rule 144, that among
      the conditions for use of Rule 144 is the availability of current information
      to
      the public about the Company and that the Company has not made such information
      available and has no present plans to do so; and (vi) the undersigned agrees
      not
      to make any disposition of all or any part of the aforesaid Common Shares unless
      and until there is then in effect a registration statement under the Securities
      Act covering such proposed disposition and such disposition is made in
      accordance with said registration statement, or the undersigned has provided
      the
      Company with an opinion of counsel satisfactory to the Company, stating that
      such registration is not required.

     

    
      	 	 	 
	
              (Date)

            	 	
              (Signature)

            
	 	 	 
	 	 	
              (Print
                name)

            

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    ASSIGNMENT
      FORM

     

    (To
      assign the foregoing Warrant, execute this form and supply required information.
      Do not use this form to purchase shares.)

     

    FOR
      VALUE RECEIVED,
      the
      foregoing Warrant and all rights evidenced thereby are hereby assigned
      to

     

    
      
        	Name:	 	 
	 	 	
                (Please
                  Print)

              
	Address:
                	 	 
	 	 	
                (Please
                  Print)

              

      

    

     

    with
      respect to _________ shares of  Common Stock.

    

    Dated:
      _________ ,
      20__

    

    
       

      
        
          	
                  Holder’s

                  Signature:

                	 	 	 
	 	 	
                   

                	 
	
                  Holder’s

                  Address:

                	 	 	 
	 	 	
                   

                	 

        

      

    

    

    
      NOTE:
        The
        signature of the Holder on this Assignment Form must correspond with the
        name as
        it appears on the face of the Warrant, without alteration or enlargement
        or any
        change whatever. Officers of corporations and those acting in a fiduciary
        or
        other representative capacity should file proper evidence of authority to
        assign
        the foregoing Warrant.

    

     

    The
      undersigned represents that (i) the aforesaid Warrant and the Common Shares
      issuable upon exercise thereof are being acquired for the account of the
      undersigned for investment and not with a view to, or for resale in connection
      with, the distribution thereof and that the undersigned has no present intention
      of distributing or reselling such Warrant or Common Shares; (ii) the undersigned
      understands that such Warrant and Common Shares have not been registered under
      the Securities Act of 1933, as amended (the “Securities
      Act”),
      by
      reason of a specific exemption from the registration provisions of the
      Securities Act, which exemption depends upon, among other things, the bona
      fide
      nature of the investment intent as expressed herein, and, because such
      securities have not been registered under the Securities Act, they must be
      held
      indefinitely unless subsequently registered under the Securities Act or an
      exemption from such registration is available; (iii) the undersigned is aware
      that the aforesaid Warrant and Common Shares may not be sold pursuant to Rule
      144 adopted under the Securities Act unless certain conditions are met and
      until
      the undersigned has held such Warrant or Common Shares for the number of years
      prescribed by Rule 144, that among the conditions for use of Rule 144 is the
      availability of current information to the public about the Company and that
      the
      Company has not made such information available and has no present plans to
      do
      so; and (iv) the undersigned agrees not to make any disposition of all or any
      part of the aforesaid Warrant or Common Shares unless and until there is then
      in
      effect a registration statement under the Securities Act covering such proposed
      disposition and such disposition is made in accordance with said registration
      statement, or the undersigned has provided the Company with an opinion of
      counsel satisfactory to the Company, stating that such registration is not
      required.

     

    
      
        
          
            	
                    Holder’s

                    Signature:

                  	 	 	 
	 	 	
                     

                  	 

          

        

      

      
 

      
        
          
          

        

        
          9EXHIBIT
      4.3

     

     

    
 

     

    THIS
      WARRANT AND THE SECURITIES REPRESENTED BY THIS WARRANT HAVE BEEN ACQUIRED FOR
      INVESTMENT AMD HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED (THE “SECURITIES ACT”), OR QUALIFIED UNDER ANY STATE OR FOREIGN
      SECURITIES LAWS. THE TRANSFER OF ANY COMMON SHARES ISSUABLE UPON THE EXERCISE
      HEREOF IS SUBJECT TO THE TRANSFER RESTRICTIONS SPECIFIED IN SECTION 4.5 OF
      THIS
      WARRANT. THIS WARRANT MAY NOT BE EXERCISED AND THE WARRANT AND THE SECURITIES
      ISSUABLE UPON ITS EXERCISE MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED,
      HYPOTHECATED, ASSIGNED OR OTHERWISE TRANSFERRED WITHOUT REGISTRATION UNDER
      THE
      SECURITIES ACT AND ANY APPLICABLE STATE OR FOREIGN SECURITIES LAWS, UNLESS
      THE
      COMPANY RECEIVES AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH
      TRANSFER DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR QUALIFICATION
      UNDER ANY OTHER APPLICABLE SECURITIES LAWS.

     

    MAIDEN
      HOLDINGS, LTD.

     

    

     

    Warrant
      To Purchase 1,350,000 Common Shares

     

    Issuance
      Date: June 7, 2007

     

    This
      Warrant Certifies That,
      for
      value received, Michael
      Karfunkel
      (the
“Holder”),
      is
      entitled to subscribe for and purchase at the Exercise Price (defined below)
      from Maiden
      Holdings, Ltd.,
      a
      Cayman Islands company (the “Company”),
      on
      the terms and subject to the conditions hereinafter set forth, One Million
      Three
      Hundred Fifty Thousand (1,350,000) Common Shares (defined below) of the
      Company.

     

    1.  DEFINITIONS.
      In
      addition to the definitions set forth in this Warrant, as used herein, the
      following terms shall have the following respective meanings:

     

    “Affiliate”
      shall
      mean, with respect to any specified person, any other person controlling,
      controlled by, or under common control with, such person. For the purposes
      of
      this definition, control when used with respect to any specified person means
      the power to direct the management and policies of such person, directly or
      indirectly, whether through the ownership of voting securities, by contract
      or
      otherwise and the terms “controlling” and “controlled” have meanings correlative
      to the foregoing.

     

    “Business
      Day”
      shall
      mean any day except Saturday, Sunday and any day which shall be a federal legal
      holiday in the United States or in Bermuda, or a day on which banking
      institutions in the State of New York or Bermuda are authorized or required
      by
      law or other government action to close.

     

    “Common
      Shares” shall
      mean common shares, $0.01 par value each, of the Company.

     

    “Exercise
      Price”
      shall
      mean Ten United States Dollars (U.S.$10.00) per share, subject to adjustment
      pursuant to Section 5 below; provided,
      that at
      no time shall the Exercise Price be less than the then current par value of
      any
      share to be issued pursuant hereto.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    “Warrant
      Shares”
      shall
      mean the number of the Company’s Common Shares issuable upon exercise of this
      Warrant, subject to adjustment pursuant to the terms herein, including but
      not
      limited to adjustment pursuant to Section 5 below.

     

    2.  EXERCISE
      OF WARRANT.
      Subject
      to the limitations set forth in Section 4.5 of this Warrant, the rights
      represented by this Warrant may be exercised in whole or in part during the
      period commencing on the Issuance Date of this Warrant and ending on the tenth
      anniversary thereof (such period being referred to as the “Exercise
      Period”)
      by
      delivery of the following to the Company at its address set forth below (or
      at
      such other address as it may designate by notice in writing to the
      Holder):

     

    
      	 	
              (a)

            	
              An
                executed Notice of Exercise in the form attached
                hereto;

            

    

     

    
      	 	
              (b)

            	
              Payment
                of the Exercise Price by any of the following: (i) in cash, (ii)
                by check,
                or (iii) in immediately available funds, by wire transfer to a bank
                account designated in writing by the Company;
                and

            

    

     

    
      	 	
              (c)

            	
              This
                warrant.

            

    

     

    Upon
      the
      exercise of the rights represented by this Warrant, if applicable, the Company
      shall use reasonable efforts to complete as quickly as possible the requirements
      of Section 42A of the Bermuda Companies Act 1981, as amended (the “Bermuda
      Act”),
      and a
      certificate or certificates for the Warrant Shares so purchased, registered
      in
      the name of the Holder or persons affiliated with the Holder, if the Holder
      so
      designates (and subject to securities law limitations as to any such Affiliate
      and the transfer restrictions contained in the Company’s Bye-laws), shall be
      issued and delivered to the Holder or the Holder’s designee, as the case may be,
      within five (5) Business Days after the rights represented by this Warrant
      shall
      have been so exercised. In the event that this Warrant is being exercised for
      less than all of the then current number of Warrant Shares purchasable
      hereunder, the Company shall, concurrently with the issuance by the Company
      of
      the number of Warrant Shares for which this Warrant is then being exercised,
      issue a new Warrant to the Holder, which shall be identical hereto, except
      that
      the number of remaining Warrant Shares covered thereby shall be adjusted
      accordingly, and exercisable for the remaining number of Warrant Shares
      purchasable hereunder.

     

    The
      person in whose name any certificate or certificates for Warrant Shares are
      to
      be issued upon exercise of this Warrant shall be deemed to have become the
      holder of record of such shares on the latest of (i) the date the Company
      receives the executed Notice of Exercise, payment of the Exercise Price, if
      any,
      and this Warrant; (ii) if applicable, the date the Company has complied with
      the
      requirements of Section 42A of the Bermuda Act; and (iii) the date on which
      the
      Holder’s or designee’s name is entered in the Register of Members of the
      Company, irrespective of the date of delivery of such certificate or
      certificates.

     

    3.  COVENANTS
      OF THE COMPANY.

     

    3.1  Covenants
      as to Warrant Shares.
      The
      Company covenants and agrees that all Warrant Shares that may be issued upon
      the
      exercise of the rights represented by this Warrant will, upon issuance, be
      validly issued and outstanding, fully paid and nonassessable, and free from
      all
      taxes, liens and charges with respect to the issuance thereof. The Company
      further covenants and agrees that the Company will at all times hereunder have
      authorized and reserved, free from preemptive rights, a sufficient number of
      its
      Common Shares to provide for the exercise of the rights represented by this
      Warrant. If the number of authorized but unissued Common Shares shall not be
      sufficient to permit exercise of this Warrant, the Company will take such
      corporate action as may, in the opinion of its counsel, be necessary to increase
      its authorized but unissued Common Shares to such number of shares as shall
      be
      sufficient for such purposes.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    3.2  Notices
      of Record Date.
      In the
      event of any taking by the Company of a record of the holders of any class
      of
      securities for the purpose of determining the holders thereof who are entitled
      to receive any dividend (other than a cash dividend which is comparable to
      cash
      dividends paid in previous quarters) or other distribution, the Company shall
      mail to the Holder, at least ten (10) days prior to the date specified herein,
      a
      notice specifying the date on which any such record is to be taken for the
      purpose of such dividend or distribution.

     

    4.  REPRESENTATIONS
      AND COVENANTS OF HOLDER.

     

    4.1  Acquisition
      of Warrant for Own Account.
      The
      Holder represents and warrants that it is acquiring the Warrant and the Warrant
      Shares solely for its account for investment and not with a view to or for
      sale
      or distribution of said Warrant or Warrant Shares or any part thereof. The
      Holder also represents that the entire legal and beneficial interests of the
      Warrant and Warrant Shares the Holder is acquiring is being acquired for, and
      will be held for, its account only.

     

    4.2  Securities
      Are Not Registered.

     

    (a)  The
      Holder understands that the Warrant and the Warrant Shares have not been
      registered under the Securities Act of 1933, as amended (the “Securities
      Act”),
      on
      the basis that no distribution or public offering of the shares of the Company
      is to be effected. The Holder realizes that the basis for the exemption may
      not
      be present if, notwithstanding its representations, the Holder has a present
      intention of acquiring the securities for a fixed or determinable period in
      the
      future, selling (in connection with a distribution or otherwise), granting
      any
      participation in, or otherwise distributing the securities. The Holder has
      no
      such present intention.

     

    (b)  The
      Holder recognizes that the Warrant and the Warrant Shares must be held
      indefinitely unless they are subsequently registered under the Securities Act
      or
      an exemption from such registration is available. The Holder recognizes that
      the
      Company has no obligation to register the Warrant, or to comply with any
      exemption from such registration.

     

    (c)  The
      Holder is aware that neither the Warrant nor the Warrant Shares may be sold
      pursuant to Rule 144 adopted under the Securities Act unless certain conditions
      are met, including, among other things, the existence of a public market for
      the
      shares, the availability of certain current public information about the
      Company, the resale following the required holding period under Rule 144 and
      the
      number of shares being sold during any three month period not exceeding
      specified limitations. Holder is aware that the conditions for resale set forth
      in Rule 144 have not been satisfied and that there can be no assurance that
      the
      Company will satisfy these conditions in the foreseeable future.

     

    4.3  Legended
      Shares.

     

    The
      Holder understands and agrees that all certificates evidencing the Common Shares
      to be issued in connection with the exercise of this Warrant will bear legends
      substantially in the form set forth below:

     

    THESE
      SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “SECURITIES ACT”). THESE SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE,
      PLEDGED, HYPOTHECATED, ASSIGNED OR OTHERWISE TRANSFERRED (EXCEPT TO THE COMPANY
      OR A SUBSIDIARY THEREOF) UNLESS (I) (A) THERE IS IN EFFECT A REGISTRATION
      STATEMENT AS TO THE SECURITIES UNDER THE SECURITIES ACT, OR (B) A WRITTEN
      OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
      REQUIRED IS PROVIDED TO THE COMPANY, AND (II) THE TRANSFEREE, IF APPLICABLE,
      HAS
      OBTAINED THE CONSENT OF THE BERMUDA MONETARY AUTHORITY.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    IN
      ADDITION, ANY SALE, OFFER FOR SALE, PLEDGE OR HYPOTHECATION OR OTHER DISPOSITION
      OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS RESTRICTED BY, AND THE
      RIGHTS ATTACHING TO THESE SECURITIES ARE SUBJECT TO, THE TERMS AND CONDITIONS
      CONTAINED IN THE WARRANT ISSUED ON JUNE 7, 2007 BY THE COMPANY TO MICHAEL
      KARFUNKEL (THE “MICHAEL KARFUNKEL WARRANT”) AND IN THE BYE-LAWS OF THE COMPANY,
      AS THEY MAY BE AMENDED FROM TIME TO TIME, WHICH ARE AVAILABLE FOR EXAMINATION
      BY
      HOLDERS OF SECURITIES AT THE REGISTERED OFFICE OF THE COMPANY.

     

    UNDER
      THE
      TERMS OF THE MICHAEL KARFUNKEL WARRANT, THE SHARES REPRESENTED BY THIS
      CERTIFICATE MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, ASSIGNED
      OR OTHERWISE TRANSFERRED PRIOR TO JUNE 7, 2010.

     

    4.4  Accredited
      Investor Status.
      The
      Holder is an “accredited investor” as defined in Regulation D promulgated under
      the Securities Act.

     

    4.5  Transfer
      Restriction.
      The
      Holder hereby acknowledges, covenants and agrees that the Warrant Shares may
      not
      be sold, offered for sale, hypothecated, assigned or otherwise transferred,
      directly or indirectly, prior to June 7, 2010.

     

    4.6  Reservation
      of Shares.
      The
      Company covenants and agrees that the Company will, at all times during the
      Exercise Period, have authorized and reserved, free from preemptive rights,
      a
      sufficient number of Common Shares to provide for the exercise of the rights
      represented by the Warrant. The Company further covenants and agrees to take
      all
      such actions as may be necessary to ensure that all Common Shares delivered
      upon
      exercise of this Warrant will be duly and validly authorized and issued and
      fully paid and nonassessable and free from preemptive rights with respect to
      the
      issue thereof.

     

    5.  ADJUSTMENT
      OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES.
      The
      Exercise Price in effect and the number and kind of securities purchasable
      upon
      the exercise of this Warrant shall be subject to adjustment from time to time
      upon the happening of certain events as provided in this Section 5 and in
      Section 7 below. In the event of changes in the outstanding Common Shares of
      the
      Company by reason of share dividends, splits, recapitalizations,
      reclassifications, combinations or exchanges of shares, reorganizations,
      liquidations, or the like, the number and class of Exercise Shares available
      under the Warrant in the aggregate and the Exercise Price shall be
      correspondingly adjusted to give the Holder of the Warrant, on exercise for
      the
      same aggregate Exercise Price, the total number, class, and kind of shares
      as
      the Holder would have owned had the Warrant been exercised prior to the event
      and had the Holder continued to hold such shares until after the event requiring
      adjustment. The form of this Warrant need not be changed because of any
      adjustment in the number of Exercise Shares subject to this
      Warrant.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
      6.  FRACTIONAL
        SHARES.
        No
        fractional shares shall be issued upon the exercise of this Warrant as a
        consequence of any adjustment pursuant hereto. All Warrant Shares (including
        fractions) issuable upon exercise of this Warrant may be aggregated for purposes
        of determining whether the exercise would result in the issuance of any
        fractional share. If, after aggregation, the exercise would result in the
        issuance of a fractional share, the Company shall, in lieu of issuance of
        any
        fractional share, pay the Holder otherwise entitled to such fraction a sum
        in
        cash equal to the product resulting from multiplying the then current fair
        market value of an Exercise Share by such fraction.

       

      7.  REORGANIZATION.
        In the
        event of, at any time during the Exercise Period, any capital reorganization,
        or
        any reclassification of the capital shares of the Company (other than a change
        in par value or as a result of a share dividend or subdivision, split-up
        or
        combination of shares), or the consolidation, amalgamation or merger of the
        Company with or into another corporation, or the sale or other disposition
        of
        all or substantially all the properties and assets of the Company in its
        entirety to any other person (an “Organic
        Change”),
        then,
        as a condition of such Organic Change, lawful and adequate provisions shall
        be
        made by the Company whereby the Holder hereof shall thereafter have the right
        to
        purchase and receive (in lieu of the Common Shares of the Company immediately
        theretofore purchasable and receivable upon the exercise of the rights
        represented hereby) such shares, securities or other assets or property as
        may
        be issued or payable with respect to or in exchange for a number of outstanding
        Common Shares equal to the number of shares immediately theretofore purchasable
        and receivable upon the exercise of the rights represented hereby.

       

      8.  NO
        SHAREHOLDER RIGHTS.
        This
        Warrant in and of itself shall not entitle the Holder to any voting rights
        or
        other rights as a shareholder of the Company.

       

      9.  REGISTRATION
        RIGHTS.
        The
        Company shall afford the Holder certain registration rights with respect
        to the
        Warrant Shares in accordance with the terms and subject to the conditions
        of
        that certain Registration Rights Agreement between the Company and Barry
        D.
        Zyskind, George Karfunkel and Michael Karfunkel to
        be
        entered into in connection with the Company’s proposed private placement of
        Common Shares contemplated by the preliminary offering memorandum dated June
        7,
        2007.

       

      10.  TRANSFER
        OF WARRANT.
        Neither
        this Warrant nor any of the rights or interests of the Holder hereunder are
        transferable or assignable, except by operation of law, without the prior
        written consent of the Company. Subject to the foregoing and Section 4 above,
        this warrant and the rights and interests of the Holder hereunder may be
        transferred as to all or any part of the Common Shares issuable upon exercise
        hereof, provided
        that the
        Holder and the transferee shall deliver to the Company a properly completed
        and
        executed Assignment Form in the form attached to this Warrant.

       

      11.  LOST,
        STOLEN, MUTILATED OR DESTROYED WARRANT.
        Upon
        receipt of evidence satisfactory to the Company of the ownership of and the
        loss, theft, destruction or mutilation of this Warrant and of indemnity (other
        than in connection with any mutilated Warrant surrendered to the Company
        for
        cancellation) reasonably satisfactory to the Company, upon reimbursement
        of the
        Company’s reasonable direct expenses, and upon such other terms as the Company
        may reasonably impose (which shall, in the case of a mutilated Warrant, include
        the surrender thereof), the Company shall issue a new Warrant of like
        denomination and tenor as the Warrant so lost, stolen, mutilated or destroyed.
        Any such new Warrant shall constitute an original contractual obligation
        of the
        Company, whether or not the allegedly lost, stolen, mutilated or destroyed
        Warrant shall be at any time enforceable by anyone.

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

    

    12. 
NOTICES,
      ETC.
      All
      notices required or permitted hereunder shall be in writing and shall be deemed
      effectively given: (a) upon personal delivery to the party to be notified,
      (b)
      when sent by confirmed telex or facsimile if sent during normal business hours
      of the recipient, if not, then on the next Business Day, (c) five (5) days
      after
      having been sent by registered or certified mail, return receipt requested,
      postage prepaid, or (d) one (1) day after deposit with a nationally recognized
      overnight courier, specifying next day delivery, with written verification
      of
      receipt. All communications shall be sent to the Company at the address listed
      on the signature page and to the Holder at AmTrust Financial Services, 59 Maiden
      Lane, 6th
      Floor,
      New York, New York 10038, or at such other address as the Company or Holder
      may
      designate by ten (10) days advance written notice to the other parties
      hereto.

     

    13.  ACCEPTANCE.
      Receipt
      of this Warrant by the Holder shall constitute acceptance of and agreement
      to
      all of the terms and conditions contained herein.

     

    14.  GOVERNING
      LAW.
      This
      Warrant and all rights, obligations and liabilities hereunder shall be governed
      by and construed under the laws of the State of New York, without giving effect
      to conflicts of laws principles.

     

    15.  SEVERABILITY.
      In the
      event that any provision or any part of any provision of this Warrant shall
      be
      void or unenforceable for any reason whatsoever, then such provision shall
      be
      stricken and of no force and effect. However, unless such stricken provision
      goes to the essence of the consideration bargained for by a party, the remaining
      provisions of this Warrant shall continue in full force and effect, and to
      the
      extent required, shall be modified to preserve their validity.

     

    
      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

    

    IN
      WITNESS WHEREOF, the Company has caused this Warrant to be executed by its
      duly
      authorized officer as of June 7, 2007.

     

    MAIDEN
      HOLDINGS, LTD.

    

     

    
      	 	By:	/s/ Bentzion S.
              Turin                               
              

      	 	Name:	Bentzion S. Turin

      	 	
              Title:

            	
              Chief
                Operating Officer, General Counsel and
                Secretary

            

    

    

    Address:      7
      Reid
      Street

    Hamilton
      HM 12 Bermuda

    Attn:
      Bentzion S. Turin

    Facsimile:
      (441) 292-5796

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    NOTICE
      OF EXERCISE

     

    To:
      Maiden Holdings, Ltd.

     

    (1) The
      undersigned hereby elects to purchase ___ Common Shares of Maiden
      Holdings, Ltd.
      (the
“Company”)
      pursuant to the terms of the attached Warrant, and tenders herewith payment
      of
      the exercise price in full, together with all applicable transfer taxes, if
      any.

     

    (2) Please
      issue a certificate or certificates representing said Common Shares in the
      name
      of the undersigned.

     

    (3) The
      undersigned represents that (i) the aforesaid Common Shares are being acquired
      for the account of the undersigned for investment and not with a view to, or
      for
      resale in connection with, the distribution thereof and that the undersigned
      has
      no present intention of distributing or reselling such shares; (ii) the
      undersigned is aware of the Company’s business affairs and financial condition
      and has acquired sufficient information about the Company to reach an informed
      and knowledgeable decision regarding its investment in the Company; (iii) the
      undersigned is experienced in making investments of this type and has such
      knowledge and background in financial and business matters that the undersigned
      is capable of evaluating the merits and risks of this investment and protecting
      the undersigned’s own interests; (iv) the undersigned understands that the
      Common Shares issuable upon exercise of this Warrant have not been registered
      under the Securities Act of 1933, as amended (the “Securities
      Act”),
      by
      reason of a specific exemption from the registration provisions of the
      Securities Act, which exemption depends upon, among other things, the bona
      fide
      nature of the investment intent as expressed herein, and, because such
      securities have not been registered under the Securities Act, they must be
      held
      indefinitely unless subsequently registered under the Securities Act or an
      exemption from such registration is available; (v) the undersigned is aware
      that
      the aforesaid Common Shares may not be sold pursuant to Rule 144 adopted under
      the Securities Act unless certain conditions are met and until the undersigned
      has held the shares for the number of years prescribed by Rule 144, that among
      the conditions for use of Rule 144 is the availability of current information
      to
      the public about the Company and that the Company has not made such information
      available and has no present plans to do so; and (vi) the undersigned agrees
      not
      to make any disposition of all or any part of the aforesaid Common Shares unless
      and until there is then in effect a registration statement under the Securities
      Act covering such proposed disposition and such disposition is made in
      accordance with said registration statement, or the undersigned has provided
      the
      Company with an opinion of counsel satisfactory to the Company, stating that
      such registration is not required.

     

    

     

    
      	 	 	 
	
              (Date)

            	 	
              (Signature)

            
	 	 	 
	 	 	
              (Print
                name)

            

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    ASSIGNMENT
      FORM

     

    (To
      assign the foregoing Warrant, execute this form and supply required information.
      Do not use this form to purchase shares.)

     

    FOR
      VALUE RECEIVED,
      the
      foregoing Warrant and all rights evidenced thereby are hereby assigned
      to

     

     

    
      	Name:	 	 
	 	 	
              (Please
                Print)

            
	Address:	 	 
	 	 	
              (Please
                Print)

            

    

     

    with
      respect to _________ shares of Common Stock.

    

    Dated:______________,
      20__

     

    
      	
              Holder’s

              Signature:

            	 	 	 
	 	 	 	 
	
              Holder’s

              Address: 

            	 	 	 

    

     

    NOTE:
      The
      signature of the Holder on this Assignment Form must correspond with the name
      as
      it appears on the face of the Warrant, without alteration or enlargement or
      any
      change whatever. Officers of corporations and those acting in a fiduciary or
      other representative capacity should file proper evidence of authority to assign
      the foregoing Warrant.

     

    The
      undersigned represents that (i) the aforesaid Warrant and the Common Shares
      issuable upon exercise thereof are being acquired for the account of the
      undersigned for investment and not with a view to, or for resale in connection
      with, the distribution thereof and that the undersigned has no present intention
      of distributing or reselling such Warrant or Common Shares; (ii) the undersigned
      understands that such Warrant and Common Shares have not been registered under
      the Securities Act of 1933, as amended (the “Securities
      Act”),
      by
      reason of a specific exemption from the registration provisions of the
      Securities Act, which exemption depends upon, among other things, the bona
      fide
      nature of the investment intent as expressed herein, and, because such
      securities have not been registered under the Securities Act, they must be
      held
      indefinitely unless subsequently registered under the Securities Act or an
      exemption from such registration is available; (iii) the undersigned is aware
      that the aforesaid Warrant and Common Shares may not be sold pursuant to Rule
      144 adopted under the Securities Act unless certain conditions are met and
      until
      the undersigned has held such Warrant or Common Shares for the number of years
      prescribed by Rule 144, that among the conditions for use of Rule 144 is the
      availability of current information to the public about the Company and that
      the
      Company has not made such information available and has no present plans to
      do
      so; and (iv) the undersigned agrees not to make any disposition of all or any
      part of the aforesaid Warrant or Common Shares unless and until there is then
      in
      effect a registration statement under the Securities Act covering such proposed
      disposition and such disposition is made in accordance with said registration
      statement, or the undersigned has provided the Company with an opinion of
      counsel satisfactory to the Company, stating that such registration is not
      required.

     

    
      
        	
                Assignee’s

                Signature:

              	 	 	 

      

    

     

     

    
      
        
        

      

      
        9

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