Document:

EXHIBIT
      4.4

     

     

     

     

    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, Barry
      D. Zyskind
      (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 BARRY D.
      ZYSKIND (THE “ZYSKIND 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 ZYSKIND 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.

     

    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.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    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
      4.5

    

    REGISTRATION
      RIGHTS AGREEMENT

     

    This
      Registration Rights Agreement (this “Agreement”)
      is
      made and entered into as of July 3, 2007, by and between Maiden Holdings, Ltd.,
      a Bermuda company limited by shares (together with any successor entity thereto,
      the “Company”),
      and
      Friedman, Billings, Ramsey & Co., Inc., a Delaware corporation
      (“FBR”),
      for
      the benefit of FBR, the purchasers of the Company’s common stock, par value
      $0.01 per share, as participants (“Participants”)
      in the
      private placement by the Company of shares of its common stock (the
“Private
      Placement”),
      and
      the direct and indirect transferees of FBR, and each of the
      Participants.

     

    This
      Agreement is made pursuant to the Purchase/Placement Agreement (the
“Purchase/Placement
      Agreement”),
      dated
      as of June 26, 2007, by and among the Company and FBR in connection with the
      purchase and sale or placement of an aggregate of 45,000,000 shares of the
      Company’s common stock (plus an additional 6,750,000 shares to cover additional
      allotments, if any). In order to induce FBR to enter into the Purchase/Placement
      Agreement, the Company has agreed to provide the registration rights provided
      for in this Agreement to FBR, the Participants, and their respective direct
      and
      indirect transferees. The execution of this Agreement is a condition to the
      closing of the transactions contemplated by the Purchase/Placement
      Agreement.

     

    The
      parties hereby agree as follows:

     

    1. Definitions

     

    As
      used
      in this Agreement, the following terms shall have the following
      meanings:

     

    Accredited
      Investor Shares:
      Shares
      initially sold by the Company to “accredited investors” (within the meaning of
      Rule 501(a) promulgated under the Securities Act) as Participants.

     

    Agreement:
      As
      defined in the preamble.

     

    Affiliate:
      As to
      any specified Person, (i) any Person directly or indirectly owning,
      controlling or holding, with power to vote, ten percent or more of the
      outstanding voting securities of such other Person, (ii) any Person ten
      percent or more of whose outstanding voting securities are directly or
      indirectly owned, controlled or held, with power to vote, by such other Person,
      (iii) any Person directly or indirectly controlling, controlled by or under
      common control with such other Person, (iv) any executive officer,
      director, trustee or general partner of such Person and (v) any legal
      entity for which such Person acts as an executive officer, director, trustee
      or
      general partner. An indirect relationship shall include circumstances in which
      a
      Person's spouse, children, parents, siblings or mother-, father-, sister- or
      brother-in-law is or has been associated with a Person.

     

    Business
      Day:
      With
      respect to any act to be performed hereunder, each Monday, Tuesday, Wednesday,
      Thursday and Friday that is not a day on which banking institutions in New
      York,
      New York or other applicable places where such act is to occur are authorized
      or
      obligated by applicable law, regulation or executive order to
      close.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    Closing
      Date:
      July 3,
      2007 or such other time or such other date as FBR and the Company may
      agree.

     

    Commission:
      The
      Securities and Exchange Commission.

     

    Common
      Stock:
      The
      common stock, par value $0.01 per share, of the Company.

     

    Company:
      As
      defined in the preamble.

     

    Controlling
      Person:
      As
      defined in Section 6(a) hereof.

     

    End
      of
      Suspension Notice:
      As
      defined in Section 5(b) hereof.

     

    Exchange
      Act:
      The
      Securities Exchange Act of 1934, as amended, and the rules and regulations
      promulgated by the Commission pursuant thereto.

     

    FBR:
      As
      defined in the preamble.

     

    Holder:
      Each
      record owner of any Registrable Shares from time to time, including FBR and
      its
      Affiliates.

     

    Indemnified
      Party:
      As
      defined in Section 6(c) hereof.

     

    Indemnifying
      Party:
      As
      defined in Section 6(c) hereof.

     

    Inside
      Holders:
      Michael
      Karfunkel, George Karfunkel and Barry D. Zyskind and any transferees of shares
      of Common Stock therefrom.

     

    IPO
      Registration Statement:
      As
      defined in Section 2(b) hereof.

     

    Liabilities:
      As
      defined in Section 6(a) hereof.

     

    Market
      Value:
      With
      respect to the Common Stock for any 180-day period contemplated by Section
      2(e)(ii) shall mean (i) if the Common Stock is then listed on a national
      securities exchange, the average of the closing sale prices on the principal
      exchange on which the Common Stock is then listed for the days in which sales
      occurred in the last thirty (30) days of such 180-day period or (ii) if the
      Common Stock is not then listed on a stock exchange but is eligible for resale
      on The Portal Market, the average of the closing sale prices for days on which
      trading is reporting on The Portal Market in the last thirty (30) days of such
      180-day period.

     

    NASD:
      The
      National Association of Securities Dealers, Inc.

     

    No
      Objections Letter:
      As
      defined in Section 4(t) hereof.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    Offering
      Memorandum:
      The
      Offering Memorandum of the Company dated June 26, 2007 pursuant to which the
      Rule 144A Shares, the Regulation S Shares and the Accredited Investor Shares
      are
      offered and sold.

     

    Participant:
      As
      defined in the preamble.

     

    Person:
      Any
      individual, partnership, corporation, limited liability company, joint stock
      company, association, trust, unincorporated organization, or a government agency
      or political subdivision thereof.

     

    Private
      Placement:
      As
      defined in the preamble.

     

    Proceeding:
      An
      action, claim, suit or proceeding (including without limitation, an
      investigation or partial proceeding, such as a deposition), whether commenced
      or, to the knowledge of the Person subject thereto, threatened.

     

    Prospectus:
      The
      prospectus included in any Registration Statement, including any preliminary
      prospectus, and all other amendments and supplements to any such prospectus,
      including post-effective amendments, and all material incorporated by reference
      or deemed to be incorporated by reference, if any, in such
      prospectus.

     

    Purchase/Placement
      Agreement:
      As
      defined in the preamble.

     

    Purchaser
      Indemnitee:
      As
      defined in Section 6(a) hereof.

     

    Registrable
      Shares:
      The
      Rule 144A Shares, the Accredited Investor Shares and the Regulation S Shares,
      upon original issuance thereof, and at all times subsequent thereto, including
      upon the transfer thereof by the original holder or any subsequent holder and
      any shares or other securities issued in respect of such Registrable Shares
      by
      reason of or in connection with any stock dividend, stock distribution, stock
      split, purchase in any rights offering or in connection with any exchange for
      or
      replacement of such Registrable Shares or any combination of shares,
      recapitalization, merger or consolidation, any other equity securities issued
      in
      respect of Registrable Shares pursuant to any other pro rata distribution with
      respect to the Common Stock or any issuance of shares pursuant to Section
      2(e)(ii), until, in the case of any such Rule 144A Share, Accredited Investor
      Share or Regulation S Share, the earliest to occur of (i) the date on which
      it has been registered effectively pursuant to the Securities Act and disposed
      of in accordance with the Registration Statement relating to it, (ii) the
      date on which either it is distributed to the public pursuant to Rule 144 (or
      any similar provision then in effect) or is saleable pursuant to Rule 144(k)
      promulgated by the Commission pursuant to the Securities Act or (iii) the
      date on which it is sold to the Company.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    Registration
      Expenses:
      Any and
      all expenses incident to the performance of or compliance with this Agreement,
      including, without limitation: (i) all Commission, securities exchange,
      NASD registration, listing, inclusion and filing fees, (ii) all fees and
      expenses incurred in connection with compliance with international, federal
      or
      state securities or blue sky laws (including, without limitation, any
      registration, listing and filing fees and reasonable fees and disbursements
      of
      counsel in connection with blue sky qualification of any of the Registrable
      Shares and the preparation of a blue sky memorandum and compliance with the
      rules of the NASD), (iii) all expenses in preparing or assisting in
      preparing, word processing, duplicating, printing, delivering and distributing
      any Registration Statement, any Prospectus, any amendments or supplements
      thereto, any underwriting agreements, securities sales agreements, certificates
      and any other documents relating to the performance under and compliance with
      this Agreement, (iv) all fees and expenses incurred in connection with the
      listing or inclusion of any of the Registrable Shares on any securities exchange
      or The Nasdaq Stock Market pursuant to Section 4(n) of this Agreement,
      (v) the fees and disbursements of counsel for the Company and of the
      independent public accountants of the Company (including, without limitation,
      the expenses of any special audit and “cold comfort” letters required by or
      incident to such performance), (vi) reasonable fees and disbursements (not
      exceeding $35,000) of one counsel (which counsel shall be Sidley Austin LLP,
      unless another such counsel shall have been selected by the Holders holding
      a
      majority of the Registrable Shares) (such counsel, “Selling
      Holders’ Counsel”)
      and
      (vii) any fees and disbursements customarily paid in issues and sales of
      securities (including the fees and expenses of any experts retained by the
      Company in connection with any Registration Statement); provided, however,
      that
      Registration Expenses shall exclude (i) brokers' or underwriters' discounts
      and
      commissions, if any, relating to the sale or disposition of Registrable Shares
      by a Holder and (ii) any fees and expenses incurred by any underwriter, other
      than such fees and expenses (x) agreed to be paid under this Agreement or (y)
      that the Company shall have agreed in writing with such underwriter to pay.
      

     

    Registration
      Statement:
      Any
      registration statement of the Company that covers the resale of Registrable
      Shares pursuant to the provisions of this Agreement, including the Prospectus,
      amendments and supplements to such registration statement or Prospectus,
      including pre- and post-effective amendments, all exhibits thereto and all
      material incorporated by reference or deemed to be incorporated by reference,
      if
      any, in such registration statement.

     

    Regulation
      S:
      Regulation S (Rules 901-905) promulgated by the Commission under the Securities
      Act, as such rules may be amended from time to time, or any similar rule or
      regulation hereafter adopted by the Commission as a replacement thereto having
      substantially the same effect as such regulation.

     

    Regulation
      S Shares:
      Shares
      initially resold by FBR pursuant to the Purchase/Placement Agreement to
“non-U.S. persons” (in accordance with Regulation S) in an “offshore
      transaction” (in accordance with Regulation S).

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    Rule
      144:
      Rule
      144 promulgated by the Commission pursuant to the Securities Act, as such rule
      may be amended from time to time, or any similar rule or regulation hereafter
      adopted by the Commission as a replacement thereto having substantially the
      same
      effect as such rule.

     

    Rule
      144A:
      Rule
      144A promulgated by the Commission pursuant to the Securities Act, as such
      rule
      may be amended from time to time, or any similar rule or regulation hereafter
      adopted by the Commission as a replacement thereto having substantially the
      same
      effect as such rule.

     

    Rule
      144A Shares:
      Shares
      initially resold by FBR pursuant to the Purchase/Placement Agreement to
“qualified institutional buyers” (as such term is defined in Rule
      144A).

     

    Rule
      158:
      Rule
      158 promulgated by the Commission pursuant to the Securities Act, as such rule
      may be amended from time to time, or any similar rule or regulation hereafter
      adopted by the Commission as a replacement thereto having substantially the
      same
      effect as such rule.

     

    Rule
      174:
      Rule
      174 promulgated by the Commission pursuant to the Securities Act, as such rule
      may be amended from time to time, or any similar rule or regulation hereafter
      adopted by the Commission as a replacement thereto having substantially the
      same
      effect as such rule.

     

    Rule
      415:
      Rule
      415 promulgated by the Commission pursuant to the Securities Act, as such rule
      may be amended from time to time, or any similar rule or regulation hereafter
      adopted by the Commission as a replacement thereto having substantially the
      same
      effect as such rule.

     

    Rule
      424:
      Rule
      424 promulgated by the Commission pursuant to the Securities Act, as such rule
      may be amended from time to time, or any similar rule or regulation hereafter
      adopted by the Commission as a replacement thereto having substantially the
      same
      effect as such rule.

     

    Rule
      429:
      Rule
      429 promulgated by the Commission pursuant to the Securities Act, as such rule
      may be amended from time to time, or any similar rule or regulation hereafter
      adopted by the Commission as a replacement thereto having substantially the
      same
      effect as such rule.

     

    Securities
      Act:
      The
      Securities Act of 1933, as amended, and the rules and regulations promulgated
      by
      the Commission thereunder.

     

    Shares:
      The
      shares of Common Stock being offered and sold pursuant to the terms and
      conditions of the Purchase/Placement Agreement 

     

    Shelf
      Registration Statement:
      As
      defined in Section 2(a) hereof.

     

    Suspension
      Event:
      As
      defined in Section 5(b) hereof.

     

    Suspension
      Notice:
      As
      defined in Section 5(b) hereof.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    Underwritten
      Offering:
      A sale
      of securities of the Company to an underwriter or underwriters for reoffering
      to
      the public.

     

    2. Registration
      Rights

     

    (a) Mandatory
      Shelf Registration. As
      set
      forth in Section 4 hereof, the Company agrees to file with the Commission
      as soon as reasonably practicable following the date of this Agreement (but
      in
      no event later than the date that is 90 days after the date of this Agreement)
      a
      shelf Registration Statement on Form S-1 or such other form under the Securities
      Act then available to the Company providing for the resale of any Registrable
      Shares pursuant to Rule 415 from time to time by the Holders (a “Shelf
      Registration Statement”).
      The
      Company shall use its commercially reasonable efforts to cause such Shelf
      Registration Statement to be declared effective by the Commission as soon as
      practicable. Any Shelf Registration Statement shall provide for the resale
      from
      time to time, and pursuant to any method or combination of methods legally
      available (including, without limitation, an Underwritten Offering, a direct
      sale to purchasers or a sale through brokers or agents, which may include sales
      over the internet) by the Holders of any and all Registrable Shares.

     

    (b) IPO
      Registration.
      If the
      Company proposes to file a registration statement on Form S-1 or such other
      form
      under the Securities Act providing for the initial public offering of shares
      of
      Common Stock (the “IPO
      Registration Statement”),
      the
      Company will notify each Holder of the proposed filing and afford each Holder
      an
      opportunity to include in the IPO Registration Statement all or any part of
      the
      Registrable Shares then held by such Holder. Each Holder desiring to include
      in
      the IPO Registration Statement all or part of the Registrable Shares held by
      such Holder shall, within twenty (20) days after mailing or delivery of the
      above-described notice from the Company, so notify the Company in writing,
      and
      in such notice shall inform the Company of the number of Registrable Shares
      such
      Holder wishes to include in the IPO Registration Statement. Any election by
      any
      Holder to include any Registrable Shares in the IPO Registration Statement
      will
      not affect the inclusion of such Registrable Shares in the Shelf Registration
      Statement until such Registrable Shares have been sold under the IPO
      Registration Statement.

     

    (i) Right
      to Terminate IPO Registration.
      The
      Company shall have the right to terminate or withdraw the IPO Registration
      Statement initiated by it referred to in this Section 2(b) prior to the
      effectiveness of such registration whether or not any Holder has elected to
      include Registrable Shares in such registration.

     

    (ii) Selection
      of Underwriter.
      The
      Company shall have the sole right to select the managing underwriter(s) for
      its
      initial public offering, regardless of whether any Registrable Securities are
      included in the IPO Registration Statement or otherwise.

     

    (iii) Shelf
      Registration not Impacted by IPO Registration Statement.
      The
      Company's obligation to file the Shelf Registration Statement pursuant to
      Section 2(a) hereof shall not be affected by the filing or effectiveness of
      the IPO Registration Statement.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    (c) Underwriting.
      The
      Company shall advise all Holders of the underwriter for the Underwritten
      Offering proposed under the IPO Registration Statement. The right of any such
      Holder to include any of its Registrable Shares in the IPO Registration
      Statement pursuant to Section 2(b) shall be conditioned upon such Holder's
      participation in such underwriting and the inclusion of such Holder's
      Registrable Shares in the underwriting to the extent provided herein. All
      Holders proposing to distribute their Registrable Shares through such
      underwriting shall enter into an underwriting agreement in customary form with
      the managing underwriter(s) selected for such underwriting and complete and
      execute any questionnaires, powers of attorney, indemnities, securities escrow
      agreements and other documents reasonably required under the terms of such
      underwriting, and furnish to the Company such information as the Company may
      reasonably request in writing for inclusion in the Registration Statement;
      provided,
      however,
      that no
      Holder shall be required to make any representations or warranties to or
      agreements with the Company or the underwriters other than representations,
      warranties or agreements regarding such Holder and such Holder's intended method
      of distribution and any other representation required by law or reasonably
      requested by the underwriters. Notwithstanding any other provision of this
      Agreement, if the managing underwriter(s) determine(s) in good faith that
      marketing factors require a limitation on the number of shares to be included,
      then the managing underwriter(s) may exclude shares (including Registrable
      Shares) from the IPO Registration Statement and Underwritten Offering, and
      any
      shares included in such IPO Registration Statement and Underwritten Offering
      shall be allocated first,
      to the
      Company, and second,
      to each
      of the Holders requesting inclusion of their Registrable Shares in such IPO
      Registration Statement (on a pro
      rata
      basis
      based on the total number of Registrable Shares then held by each such Holder
      who is requesting inclusion); provided,
      however,
      that
      the number of Registrable Shares to be included in the IPO Registration
      Statement shall not be reduced unless all other securities of the Company held
      by (i) officers, directors, other employees of the Company and consultants;
      and (ii) other holders of the Company’s capital stock with registration
      rights that are inferior (with respect to such reduction) to the registration
      rights of the Holders set forth herein, are first entirely excluded from the
      underwriting and registration; provided,
      further,
      however,
      that
      Holders of Registrable Shares shall be permitted to include Registrable Shares
      comprising at least 20% of the total securities included in the Underwritten
      Offering proposed under the IPO Registration Statement.

     

    By
      electing to include the Registrable Shares in the IPO Registration Statement,
      the Holder of such Registrable Shares shall be deemed to have agreed not to
      effect any public sale or distribution of securities of the Company of the
      same
      or similar class or classes of the securities included in the IPO Registration
      Statement or any securities convertible into or exchangeable or exercisable
      for
      such securities, including a sale pursuant to Rule 144 or Rule 144A under the
      Securities Act, during such periods as reasonably requested (but in no event
      for
      a period longer than thirty (30) days prior to and one hundred eighty (180)
      days
      following the effective date of the IPO Registration Statement) by the
      representatives of the underwriters, if an Underwritten Offering, or by the
      Company in any other registration. If (i) during the last 17 days of the
      restricted period described above the Company issues an earnings release or
      material news or a material event relating to the Company occurs; or (ii) prior
      to the expiration of such restricted period, the Company announces that it
      will
      release earnings results during the 16 day period beginning on the last day
      of
      the restricted period; the restrictions imposed by this agreement shall continue
      to apply until the expiration of the 18 day period beginning on the issuance
      of
      the earnings release or the occurrence of the material news or material
      event.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    If
      any
      Holder disapproves of the terms of any such underwriting, such Holder may elect
      to withdraw therefrom by written notice to the Company and the underwriter,
      delivered at least ten (10) Business Days prior to the effective date of the
      IPO
      Registration Statement. Any Registrable Shares excluded or withdrawn from such
      underwriting shall be excluded and withdrawn from the registration.

     

    (d) Expenses.
      The
      Company shall pay all Registration Expenses in connection with the registration
      of the Registrable Shares pursuant to this Agreement. Each Holder participating
      in a registration pursuant to this Section 2 shall bear such Holder's
      proportionate share (based on the total number of Registrable Shares sold in
      such registration) of all discounts and commissions payable to underwriters
      or
      brokers in connection with a registration of Registrable Shares pursuant to
      this
      Agreement. 

     

    (e) Executive
      Bonuses.
      (i) If
      the Company does not file a Registration Statement registering the resale of
      the
      Accredited Investor Shares, the Rule 144A Shares, and the Regulation S Shares
      within ninety (90) days after the Closing Date, other than as a result of the
      Commission being unable to accept such filings, each of Max G. Caviet and Ben
      Turin shall forfeit any bonus that would otherwise be payable to him in the
      2007
      fiscal year (or to which he or she became entitled as a result of performance
      during the 2007 fiscal year), whether under an employment agreement with the
      Company, a bonus plan or any other bonus arrangement, including any bonus
      compensation for which payment would otherwise be deferred until after
      2007.

     

    (ii) If
      the
      Company does not file a Registration Statement registering the resale of the
      Accredited Investor Shares, the Rule 144A Shares, and the Regulation S Shares
      within two hundred forty (240) days after the Closing Date, it shall pay not
      later than two hundred forty-five (245) days after the Closing Date to the
      Holders (other than the Inside Holders) an aggregate of six million dollars
      ($6,000,000) in cash (such amounts to be paid to them pro rata, based on the
      respective number of Registrable Shares then held by such Holders). If the
      Company has not filed a Registration Statement registering the resale of the
      Accredited Investor Shares, the Rule 144A Shares, and the Regulation S Shares
      by
      the end of any rolling 180-day period commencing after such 240-day period
      (e.g.,
      if at
      the end of 420 days or 600 days after the Closing Date or the end of any such
      subsequent period), the Company will make an additional payment not later than
      five days after the end of each such 180-day period to the Holders (other than
      the Inside Shareholders) of an aggregate of six million dollars ($6,000,000)
      in
      cash (or to the extent provided below, at the Company’s option in Common Stock),
      such payment to be made pro rata, based on the respective number of Registrable
      Shares held by such Holders. If the Company elects to make any such additional
      payment in Common Stock, such stock will be valued at its Market Value as of
      the
      end of such 180-day period; provided,
      that
      the Company shall not have the option to elect to an additional payment in
      Common Stock rather than cash if there has not been at least five (5) days
      of
      trading in the Common Stock on a stock exchange or the Portal Market during
      at
      least five (5) days during the last thirty (30) days of such 180-day period.
      The
      parties acknowledge that damages from a failure to file a Registration Statement
      are difficult to measure and that the payments provided for in this Section
      2(e)(ii) are reasonable liquidated damages and not a penalty. 

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    3. Rules
      144 and 144A Reporting

     

    With
      a
      view to making available the benefits of certain rules and regulations of the
      Commission that may at any time permit the sale of the Registrable Shares to
      the
      public without registration, the Company agrees to:

     

    (a) make
      and
      keep public information available, as those terms are understood and defined
      in
      Rule 144 under the Securities Act, at all times after the effective date of
      the
      first registration under the Securities Act filed by the Company for an offering
      of its securities to the general public;

     

    (b) use
      commercially reasonable efforts to file with the Commission in a timely manner
      all reports and other documents required to be filed by the Company under the
      Securities Act and the Exchange Act (at any time after it has become subject
      to
      such reporting requirements);

     

    (c) so
      long
      as a Holder owns any Registrable Shares, if the Company is not required to
      file
      reports and other documents under the Securities Act and the Exchange Act,
      it
      will make available other information as required by, and so long as necessary
      to permit sales of Registrable Shares pursuant to, Rule 144 or Rule 144A, and
      in
      any event shall make available (either by mailing a copy thereof, by posting
      on
      the Company’s website, or by press release) to each Holder a copy
      of:

     

    (i) the
      Company’s annual consolidated financial statements (including at least balance
      sheets, statements of profit and loss, statements of stockholders’ equity and
      statements of cash flows) prepared in accordance with U.S. generally accepted
      accounting principles, accompanied by an audit report of the Company’s
      independent accountants, no later than ninety (90) days after the end of each
      fiscal year of the Company; and

     

    (ii) the
      Company’s unaudited quarterly financial statements (including at least balance
      sheets, statements of profit and loss, statements of stockholders’ equity and
      statements of cash flows) prepared in a manner consistent with the preparation
      of the Company’s annual financial statements, no later than forty-five (45) days
      after the end of each fiscal quarter of the Company (other than the fourth
      fiscal quarter); and

     

    the
      Company shall hold, a reasonable time after the availability of such financial
      statements and upon reasonable notice to the Holders and FBR (either by mail,
      by
      posting on the Company’s website, or by press release), a quarterly investor
      conference call to discuss such financial statements, which call will also
      include an opportunity for the Holders to ask questions of management with
      regard to such financial statements, and will also cooperate with, and make
      management reasonably available to, FBR personnel in connection with making
      Company information available to investors; and

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    (d) so
      long
      as a Holder owns any Registrable Shares, to furnish to the Holder promptly
      upon
      request (i) a written statement by the Company as to its compliance with the
      reporting requirements of Rule 144 (at any time after ninety (90) days after
      the
      effective date of the first registration statement filed by the Company for
      an
      offering of its securities to the general public), and of the Securities Act
      and
      the Exchange Act (at any time after it has become subject to the reporting
      requirements of the Exchange Act), (ii) a copy of the most recent annual or
      quarterly report of the Company, and (iii) such other reports and documents
      of
      the Company, and take such further actions, as a Holder may reasonably request
      in availing itself of any rule or regulation of the Commission allowing a Holder
      to sell any such Registrable Shares without registration.

     

    4. Registration
      Procedures

     

    In
      connection with the obligations of the Company with respect to any registration
      pursuant to this Agreement, the Company shall use its commercially reasonable
      efforts to effect or cause to be effected the registration of the Registrable
      Shares under the Securities Act to permit the sale of such Registrable Shares
      by
      the Holder or Holders in accordance with the Holder’s or Holders' intended
      method or methods of distribution, and the Company shall:

     

    (a) notify
      FBR and Selling Holders' Counsel, in writing, at least ten (10) Business Days
      prior to filing a Registration Statement, of its intention to file a
      Registration Statement with the Commission and, at least five (5) Business
      Days
      prior to filing, provide a copy of the Registration Statement to FBR, its
      counsel, and Selling Holders' Counsel for review and comment; prepare and file
      with the Commission, as specified in this Agreement, a Registration
      Statement(s), which Registration Statement(s) (x) shall comply as to form in
      all
      material respects with the requirements of the applicable form and include
      all
      financial statements required by the Commission to be filed therewith and (y)
      shall be acceptable to FBR, its counsel and Selling Holders’ Counsel; notify FBR
      and Selling Holders' Counsel in writing, at least five (5) Business Days prior
      to filing of any amendment or supplement to such Registration Statement and,
      at
      least three (3) Business Days prior to filing, provide a copy of such amendment
      or supplement to FBR, its counsel and Selling Holders' Counsel for review and
      comment; promptly following receipt from the Commission, provide to FBR, its
      counsel and Selling Holders’ Counsel copies of any comments made by the staff of
      the Commission relating to such Registration Statement and of the Company's
      responses thereto for review and comment; and use its commercially reasonable
      efforts to cause such Registration Statement to become effective as soon as
      practicable after filing and to remain effective, subject to Section 5
      hereof, until the earlier of (i) such time as all Registrable Shares
      covered thereby have been sold in accordance with the intended distribution
      of
      such Registrable Shares, (ii) there are no Registrable Shares outstanding
      or (iii) the second anniversary of the effective date of such Registration
      Statement (subject to extension as provided in Section 5(c) hereof);
provided,
      however,
      that the
      Company shall not be required to cause the IPO Registration Statement to remain
      effective for any period longer than ninety (90) days following the effective
      date of the IPO Registration Statement (subject to extension as provided in
      Section 5(c) hereof); provided,
      further,
      that if
      the Company has an effective Shelf Registration Statement on Form S-1 under
      the
      Securities Act and becomes eligible to use Form S-3 or such other short-form
      registration statement form under the Securities Act, the Company may file
      a
      post-effective amendment on Form S-3 to such registration statement on Form
      S-1;

     

    
      
        
        

      

      
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    (b) subject
      to Section 4(i) hereof, (i) prepare and file with the Commission such
      amendments and post-effective amendments to each such Registration Statement
      as
      may be necessary to keep such Registration Statement effective for the period
      described in Section 4(a) hereof; (ii) cause each Prospectus contained
      therein to be supplemented by any required Prospectus supplement, and as so
      supplemented to be filed pursuant to Rule 424 or any similar rule that may
      be
      adopted under the Securities Act; and (iii) comply with the provisions of
      the Securities Act with respect to the disposition of all securities covered
      by
      each Registration Statement during the applicable period in accordance with
      the
      intended method or methods of distribution by the selling Holders
      thereof;

     

    (c) furnish
      to the Holders, without charge, as many copies of each Prospectus, including
      each preliminary Prospectus, and any amendment or supplement thereto and such
      other documents as such Holder may reasonably request, in order to facilitate
      the public sale or other disposition of the Registrable Shares; the Company
      consents to the use of such Prospectus, including each preliminary Prospectus,
      by the Holders, if any, in connection with the offering and sale of the
      Registrable Shares covered by any such Prospectus;

     

    (d) use
      its
      commercially reasonable efforts to register or qualify, or obtain exemption
      from
      registration or qualification for, all Registrable Shares by the time the
      applicable Registration Statement is declared effective by the Commission under
      all applicable state securities or “blue sky” laws of such jurisdictions as FBR
      or any Holder of Registrable Shares covered by a Registration Statement shall
      reasonably request in writing, keep each such registration or qualification
      or
      exemption effective during the period such Registration Statement is required
      to
      be kept effective pursuant to Section 4(a) and do any and all other acts
      and things that may be reasonably necessary or advisable to enable such Holder
      to consummate the disposition in each such jurisdiction of such Registrable
      Shares owned by such Holder; provided,
      however,
      that the
      Company shall not be required to (i) qualify generally to do business in
      any jurisdiction or to register as a broker or dealer in such jurisdiction
      where
      it would not otherwise be required to qualify but for this Section 4(d) and
      except as may be required by the Securities Act, (ii) subject itself to
      taxation in any such jurisdiction, or (iii) submit to the general service
      of process in any such jurisdiction;

     

    (e) use
      its
      commercially reasonable efforts to cause all Registrable Shares covered by
      such
      Registration Statement to be registered and approved by such other governmental
      agencies or authorities as may be necessary to enable the Holders thereof to
      consummate the disposition of such Registrable Shares; provided,
      however,
      that the
      Company shall not be required to (i) qualify generally to do business in
      any jurisdiction or to register as a broker or dealer in any jurisdiction where
      it would not otherwise be required to qualify but for this Section 4(e) and
      except as may be required by the Securities Act, (ii) subject itself to
      taxation in any jurisdiction, or (iii) submit to the general service of
      process in any jurisdiction;

     

    (f) notify
      FBR and each Holder promptly and, if requested by FBR or any Holder, confirm
      such advice in writing (i) when a Registration Statement has become
      effective and when any post-effective amendments and supplements thereto become
      effective, (ii) of the issuance by the Commission or any state securities
      authority of any stop order suspending the effectiveness of a Registration
      Statement or the initiation of any proceedings for that purpose, (iii) of
      any request by the Commission or any other federal, state or foreign
      governmental authority for amendments or supplements to a Registration Statement
      or related Prospectus or for additional information, (iv) of the happening
      of any event during the period a Registration Statement is effective as a result
      of which such Registration Statement or the related Prospectus or any document
      incorporated by reference therein contains any untrue statement of a material
      fact or omits to state any material fact required to be stated therein or
      necessary to make the statements therein (in the case of the Prospectus, in
      light of the circumstances under which they were made) not misleading (which
      information shall be accompanied by an instruction to suspend the use of the
      Prospectus until the requisite changes have been made) and (v) at the
      request of any such Holder, promptly to furnish to such Holder a reasonable
      number of copies of a supplement to or an amendment of such Prospectus as may
      be
      necessary so that, as thereafter delivered to the purchaser of such securities,
      such Prospectus shall not include an untrue statement of a material fact or
      omit
      to state a material fact required to be stated therein or necessary to make
      the
      statements therein, in light of the circumstances under which they were made,
      not misleading;

     

    
      
        
        

      

      
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    (g) make
      every reasonable effort to avoid the issuance of, or if issued, to obtain the
      withdrawal of, any order enjoining or suspending the use or effectiveness of
      a
      Registration Statement or suspending of the qualification (or exemption from
      qualification) of any of the Registrable Shares for sale in any jurisdiction,
      as
      promptly as practicable;

     

    (h) upon
      request, furnish to each requesting Holder of Registrable Shares, without
      charge, at least one conformed copy of each Registration Statement and any
      post-effective amendment or supplement thereto (without documents incorporated
      therein by reference or exhibits thereto, unless requested);

     

    (i) except
      as
      provided in Section 5, upon the occurrence of any event contemplated by
      Section 4(f)(iv) hereof, use its commercially reasonable efforts to
      promptly prepare a supplement or post-effective amendment to a Registration
      Statement or the related Prospectus or any document incorporated therein by
      reference or file any other required document so that, as thereafter delivered
      to the purchasers of the Registrable Shares, such Prospectus will not contain
      any untrue statement of a material fact or omit to state a material fact
      required to be stated therein or necessary to make the statements therein,
      in
      the light of the circumstances under which they were made, not
      misleading;

     

    (j) if
      requested by the representative of the underwriters, if any, or any Holders
      of
      Registrable Shares being sold in connection with such offering,
      (i) promptly incorporate in a Prospectus supplement or post-effective
      amendment such information as the representative of the underwriters, if any,
      or
      such Holders indicate relates to them or that they reasonably request be
      included therein and (ii) make all required filings of such Prospectus
      supplement or such post-effective amendment as soon as practicable after the
      Company has received notification of the matters to be incorporated in such
      Prospectus supplement or post-effective amendment;

     

    (k) in
      the
      case of an Underwritten Offering, use its commercially reasonable efforts to
      furnish to the underwriters a signed counterpart, addressed to the underwriters,
      of: (i) an opinion of counsel for the Company, dated the date of each
      closing under the underwriting agreement, reasonably satisfactory to the
      underwriters; and (ii) a “comfort” letter, dated the effective date of such
      Registration Statement and the date of each closing under the underwriting
      agreement, signed by the independent public accountants who have certified
      the
      Company's financial statements included in such Registration Statement, covering
      substantially the same matters with respect to such Registration Statement
      (and
      the Prospectus included therein) and with respect to events subsequent to the
      date of such financial statements, as are customarily covered in accountants'
      letters delivered to underwriters in underwritten public offerings of securities
      and such other financial matters as the underwriters may reasonably
      request;

     

    
      
        
        

      

      
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    (l) enter
      into customary agreements (including in the case of an Underwritten Offering,
      an
      underwriting agreement in customary form) and take all other action in
      connection therewith in order to expedite or facilitate the distribution of
      the
      Registrable Shares included in such Registration Statement and, in the case
      of
      an Underwritten Offering, make representations and warranties to the Holders
      covered by such Registration Statement and to the underwriters in such form
      and
      scope as are customarily made by issuers to underwriters in underwritten
      offerings and confirm the same to the extent customary if and when
      requested;

     

    (m) make
      available for inspection by the representative of any underwriters participating
      in any disposition pursuant to a Registration Statement and any one special
      counsel retained by the Holders or any one special counsel or firm of
      accountants retained by the underwriters, all financial and other records,
      pertinent corporate documents and properties of the Company and cause the
      respective officers, directors and employees of the Company to supply all
      information reasonably requested by the representative of the underwriters,
      counsel or accountants in connection with a Registration Statement; provided,
      however, that
      such
      records, documents or information that the Company determines, in good faith,
      to
      be confidential and notifies such representative of the underwriters, counsel
      or
      accountants are confidential shall not be disclosed by such representative
      of
      the underwriters, counsel or accountants unless (i) the release of such
      records, documents or information is ordered pursuant to a subpoena or other
      order from a court of competent jurisdiction, or (ii) such records,
      documents or information have been generally made available to the
      public;

     

    (n) use
      its
      commercially reasonable efforts (including, without limitation, seeking to
      cure
      any deficiencies cited by the exchange or market in the Company's listing or
      inclusion application) to list or include all Registrable Shares on the New
      York
      Stock Exchange or The Nasdaq Stock Market;

     

    (o) prepare
      and file in a timely manner all documents and reports required by the Exchange
      Act and, to the extent the Company's obligation to file such reports pursuant
      to
      Section 15(d) of the Exchange Act expires prior to the expiration of the
      effectiveness period of the Registration Statement as required by
      Section 4(a) hereof, the Company shall register the Registrable Shares
      under the Exchange Act and shall maintain such registration through the
      effectiveness period required by Section 4(a) hereof;

     

    (p) provide
      a
      CUSIP number for all Registrable Shares, not later than the effective date
      of
      the Registration Statement;

     

    (q) (i) otherwise
      use its commercially reasonable efforts to comply with all applicable rules
      and
      regulations of the Commission, (ii) make generally available to its
      stockholders, as soon as reasonably practicable, an earning statement covering
      at least 12 months that satisfy the provisions of Section 11(a) of the
      Securities Act and (at the Company’s option) Rule 158 (or any similar rule
      promulgated under the Securities Act ) thereunder, but in no event later than
      forty five (45) days after the end of the fourth full fiscal quarter ending
      after the fiscal quarter in which any registration statement is declared
      effective;

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    (r) provide
      and cause to be maintained a registrar and transfer agent for all Registrable
      Shares covered by any Registration Statement from and after a date not later
      than the effective date of such Registration Statement;

     

    (s) in
      connection with any sale or transfer of the Registrable Shares (whether or
      not
      pursuant to a Registration Statement) that will result in the security being
      delivered no longer being Registrable Shares, cooperate with the Holders and
      the
      representative of the underwriters, if any, to facilitate the timely preparation
      and delivery of certificates representing the Registrable Shares to be sold,
      which certificates shall not bear any transfer restrictive legends (other than
      as required by the Company's Charter) and to enable such Registrable Shares
      to
      be in such denominations and registered in such names as the representative
      of
      the underwriters, if any, or the Holders may request at least two (2) Business
      Days prior to any sale of the Registrable Shares; 

     

    (t) in
      connection with the initial filing of a Shelf Registration Statement and each
      amendment thereto with the Commission pursuant to Section 2(a) hereof, prepare
      and, within one Business Day of such filing with the Commission, provide
      information to the Holders, any underwriter or their counsel as such Holders,
      such underwriter or their counsel may reasonably request in order to assist
      such
      Holders or such underwriter to file with the NASD all forms and information
      required or requested by the NASD in order to obtain written confirmation from
      the NASD that the NASD does not object to the fairness and reasonableness of
      the
      underwriting terms and arrangements (or any deemed underwriting terms and
      arrangements) (each such written confirmation, a “No
      Objections Letter”)
      relating to the resale of Registrable Shares pursuant to the Shelf Registration
      Statement, including, without limitation, information provided to the NASD
      through its COBRADesk system, and pay all costs, fees and expenses incident
      to
      the NASD’s review of the Shelf Registration Statement and the related
      underwriting terms and arrangements, including, without limitation, all filing
      fees associated with any filings or submissions to the NASD and the legal
      expenses, filing fees and other disbursements of FBR and any other NASD member
      that is the holder of, or is affiliated or associated with an owner of,
      Registrable Shares included in the Shelf Registration Statement (including
      in
      connection with any initial or subsequent member filing);

     

    (u) in
      connection with the initial filing of a Shelf Registration Statement and each
      amendment thereto with the Commission pursuant to Section 2(a) hereof, provide
      to FBR and its representatives the opportunity to conduct due diligence,
      including, without limitation, an inquiry of the Company’s financial and other
      records, and make available members of its management for questions regarding
      information which FBR may request in order to fulfill any due diligence
      obligation on its part; and

     

    (w) upon
      effectiveness of the first Registration Statement filed under this Agreement,
      the Company will take such actions and make such filings as are necessary to
      effect the registration of the Common Stock under the Exchange Act
      simultaneously with or immediately following the effectiveness of the
      Registration Statement.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    The
      Company may require the Holders to furnish to the Company such information
      regarding the proposed distribution by such Holder of such Registrable Shares
      as
      the Company may from time to time reasonably request in writing or as shall
      be
      required to effect the registration of the Registrable Shares, and no Holder
      shall be entitled to be named as a selling stockholder in any Registration
      Statement and no Holder shall be entitled to use the Prospectus forming a part
      thereof if such Holder does not provide such information to the Company. Each
      Holder further agrees to furnish promptly to the Company in writing all
      information required from time to time to make the information previously
      furnished by such Holder not misleading.

     

    Each
      Holder agrees that, upon receipt of any notice from the Company of the happening
      of any event of the kind described in Section 4(f)(iii) or 4(f)(iv) hereof,
      such Holder will immediately discontinue disposition of Registrable Shares
      pursuant to a Registration Statement until such Holder's receipt of the copies
      of the supplemented or amended Prospectus. If so directed by the Company, such
      Holder will deliver to the Company (at the expense of the Company) all copies
      in
      its possession, other than permanent file copies then in such Holder's
      possession, of the Prospectus covering such Registrable Shares current at the
      time of receipt of such notice.

     

    5. Black-Out
      Period

     

    (a) Subject
      to the provisions of this Section 5 and a good faith determination by a
      majority of the independent members of the Board of Directors of the Company
      that it is in the best interests of the Company to suspend the use of the
      Registration Statement, following the effectiveness of a Registration Statement
      (and the filings with any international, federal or state securities
      commissions), the Company, by written notice to FBR and the Holders, may direct
      the Holders to suspend sales of the Registrable Shares pursuant to a
      Registration Statement for such times as the Company reasonably may determine
      is
      necessary and advisable (but in no event for more than an aggregate of ninety
      (90) days in any rolling twelve (12)-month period commencing on the Closing
      Date
      or more than sixty (60) days in any rolling 90-day period), if any of the
      following events shall occur: (i) the representative of the underwriters of
      an
      Underwritten Offering of primary shares by the Company has advised the Company
      that the sale of Registrable Shares pursuant to the Registration Statement
      would
      have a material adverse effect on the Company’s primary offering; (ii) the
      majority of the independent members of the Board of Directors of the Company
      shall have determined in good faith that (A) the offer or sale of any
      Registrable Shares would materially impede, delay or interfere with any proposed
      financing, offer or sale of securities, acquisition, corporate reorganization
      or
      other significant transaction involving the Company, (B) after the advice
      of counsel, the sale of Registrable Shares pursuant to the Registration
      Statement would require disclosure of non-public material information not
      otherwise required to be disclosed under applicable law, and (C) 
(x) the Company has a bona fide business purpose for preserving the
      confidentiality of such transaction, (y) disclosure would have a material
      adverse effect on the Company or the Company’s ability to consummate such
      transaction, or (z) the proposed transaction renders the Company unable to
      comply with Commission requirements, in each case under circumstances that
      would
      make it impractical or inadvisable to cause the Registration Statement (or
      such
      filings) to become effective or to promptly amend or supplement the Registration
      Statement on a post-effective basis, as applicable; or (iii) the majority
      of the independent members of the Board of Directors of the Company shall have
      determined in good faith, after the advice of counsel, that it is required
      by
      law, rule or regulation or that it is in the best interests of the Company
      to
      supplement the Registration Statement or file a post-effective amendment to
      the
      Registration Statement in order to incorporate information into the Registration
      Statement for the purpose of (1) including in the Registration Statement
      any prospectus required under Section 10(a)(3) of the Securities Act;
      (2) reflecting in the prospectus included in the Registration Statement any
      facts or events arising after the effective date of the Registration Statement
      (or of the most-recent post-effective amendment) that, individually or in the
      aggregate, represents a fundamental change in the information set forth therein;
      or (3) including in the prospectus included in the Registration Statement
      any material information with respect to the plan of distribution not disclosed
      in the Registration Statement or any material change to such information. Upon
      the occurrence of any such suspension, the Company shall use all reasonable
      efforts to cause the Registration Statement to become effective or to promptly
      amend or supplement the Registration Statement on a post-effective basis or
      to
      take such action as is necessary to make resumed use of the Registration
      Statement compatible with the Company’s best interests, as applicable, so as to
      permit the Holders to resume sales of the Registrable Shares as soon as
      possible. 

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    (b) In
      the
      case of an event that causes the Company to suspend the use of a Registration
      Statement (a “Suspension
      Event”),
      the
      Company shall give written notice (a “Suspension
      Notice”)
      to FBR
      and the Holders to suspend sales of the Registrable Shares and such notice
      shall
      state generally the basis for the notice and that such suspension shall continue
      only for so long as the Suspension Event or its effect is continuing and the
      Company is using all reasonable efforts and taking all reasonable steps to
      terminate suspension of the use of the Registration Statement as promptly as
      possible. The Holders shall not effect any sales of the Registrable Shares
      pursuant to such Registration Statement (or such filings) at any time after
      it
      has received a Suspension Notice from the Company and prior to receipt of an
      End
      of Suspension Notice (as defined below). If so directed by the Company, each
      Holder will deliver to the Company (at the expense of the Company) all copies
      other than permanent file copies then in such Holder’s possession of the
      Prospectus covering the Registrable Shares at the time of receipt of the
      Suspension Notice. The Holders may recommence effecting sales of the Registrable
      Shares pursuant to the Registration Statement (or such filings) following
      further notice to such effect (an “End
      of
      Suspension Notice”)
      from
      the Company, which End of Suspension Notice shall be given by the Company to
      the
      Holders and FBR in the manner described above promptly following the conclusion
      of any Suspension Event and its effect. 

     

    (c) Notwithstanding
      any provision herein to the contrary, if the Company shall give a Suspension
      Notice pursuant to this Section 5, the Company agrees that it shall extend
      the period of time during which the applicable Registration Statement shall
      be
      maintained effective pursuant to this Agreement by the number of days during
      the
      period from the date of receipt by the Holders of the Suspension Notice to
      and
      including the date of receipt by the Holders of the End of Suspension Notice
      and
      copies of the supplemented or amended Prospectus necessary to resume
      sales.

     

    
      
        
        

      

      
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    6. Indemnification
      and Contribution

     

    (a) The
      Company agrees to indemnify and hold harmless (i) each Holder of
      Registrable Shares and any underwriter (as determined in the Securities Act)
      for
      such Holder (including, if applicable, FBR), (ii) each Person, if any, who
      controls (within the meaning of Section 15 of the Securities Act or
      Section 20(a) of the Exchange Act), any such Person described in clause (i)
      (any of the Persons referred to in this clause (ii) being hereinafter referred
      to as a “Controlling
      Person”),
      and
      (iii) the respective officers, directors, partners, employees,
      representatives and agents of any such Person or any Controlling Person (any
      Person referred to in clause (i), (ii) or (iii) may hereinafter be referred
      to
      as a “Purchaser
      Indemnitee”),
      to
      the fullest extent lawful, from and against any and all losses, claims, damages,
      judgments, actions, out-of-pocket expenses, and other liabilities (the
“Liabilities”),
      including without limitation and as incurred, reimbursement of all reasonable
      costs of investigating, preparing, pursuing or defending any claim or action,
      or
      any investigation or proceeding by any governmental agency or body, commenced
      or
      threatened, including the reasonable fees and expenses of counsel to any
      Purchaser Indemnitee, joint or several, directly or indirectly related to,
      based
      upon, arising out of or in connection with any untrue statement or alleged
      untrue statement of a material fact contained in any Registration Statement
      or
      Prospectus (as amended or supplemented if the Company shall have furnished
      to
      such Purchaser Indemnitee any amendments or supplements thereto), or any
      preliminary Prospectus or any other document used to sell the Shares, or any
      omission or alleged omission to state therein a material fact required to be
      stated therein or necessary to make the statements therein, in light of the
      circumstances under which they were made, not misleading, except insofar as
      such
      Liabilities arise out of or are based upon (i) any untrue statement or
      omission or alleged untrue statement or omission made in reliance upon and
      in
      conformity with information relating to any Purchaser Indemnitee furnished
      to
      the Company or any underwriter in writing by such Purchaser Indemnitee expressly
      for use therein, or (ii) any untrue statement contained in or omission from
      a preliminary Prospectus if a copy of the Prospectus (as then amended or
      supplemented, if the Company shall have furnished to or on behalf of the Holder
      participating in the distribution relating to the relevant Registration
      Statement any amendments or supplements thereto) was not sent or given by or
      on
      behalf of such Holder to the Person asserting any such Liabilities who purchased
      Shares, if such Prospectus (or Prospectus as amended or supplemented) is
      required by law to be sent or given at or prior to the written confirmation
      of
      the sale of such Shares to such Person and the untrue statement contained in
      or
      omission from such preliminary Prospectus was corrected in the Prospectus (or
      the Prospectus as amended or supplemented). The Company shall notify the Holders
      promptly of the institution, written threat or written assertion of any claim,
      proceeding (including any governmental investigation), or litigation of which
      it
      shall have become aware in connection with the matters addressed by this
      Agreement which involves the Company or a Purchaser Indemnitee. The indemnity
      provided for herein shall remain in full force and effect regardless of any
      investigation made by or on behalf of any Purchaser Indemnitee.

     

    (b) In
      connection with any Registration Statement in which a Holder of Registrable
      Shares is participating, such Holder agrees, severally and not jointly, to
      indemnify and hold harmless the Company, each Person who controls the Company
      within the meaning of Section 15 of the Securities Act or
      Section 20(a) of the Exchange Act and the respective partners, directors,
      officers, members, representatives, employees and agents of such Person or
      Controlling Person to the same extent as the foregoing indemnity from the
      Company to each Purchaser Indemnitee, but only with reference to untrue
      statements or omissions or alleged untrue statements or omissions made in
      reliance upon and in conformity with information relating to such Holder
      furnished to the Company in writing by such Holder expressly for use in any
      Registration Statement or Prospectus, any amendment or supplement thereto or
      any
      preliminary Prospectus. The liability of any Holder pursuant to this paragraph
      shall in no event exceed the net proceeds received by such Holder from sales
      of
      Registrable Shares giving rise to such obligations.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    (c) If
      any
      suit, action, proceeding (including any governmental or regulatory
      investigation), claim or demand shall be brought or asserted against any Person
      in respect of which indemnity may be sought pursuant to paragraph (a) or (b)
      above, such Person (the “Indemnified
      Party”),
      shall
      promptly notify the Person against whom such indemnity may be sought (the
“Indemnifying
      Party”),
      in
      writing of the commencement thereof (but the failure to so notify an
      Indemnifying Party shall not relieve it from any liability which it may have
      under this Section 6, except to the extent the Indemnifying Party is
      materially prejudiced by the failure to give notice), and the Indemnifying
      Party, upon request of the Indemnified Party, shall retain counsel reasonably
      satisfactory to the Indemnified Party to represent the Indemnified Party and
      any
      others the Indemnifying Party may reasonably designate in such proceeding and
      shall pay the reasonable fees and expenses actually incurred by such counsel
      related to such proceeding. Notwithstanding the foregoing, in any such
      proceeding, any Indemnified Party shall have the right to retain its own
      counsel, but the fees and expenses of such counsel shall be at the expense
      of
      such Indemnified Party, unless (i) the Indemnifying Party and the
      Indemnified Party shall have mutually agreed in writing to the contrary,
      (ii) the Indemnifying Party failed within a reasonable time after notice of
      commencement of the action to assume the defense and employ counsel reasonably
      satisfactory to the Indemnified Party, (iii) the Indemnifying Party and its
      counsel do not actively pursue the defense of such action or (iv) the named
      parties to any such action (including any impleaded parties), include both
      such
      Indemnified Party and the Indemnifying Party, or any Affiliate of the
      Indemnifying Party, and such Indemnified Party shall have been reasonably
      advised by counsel that either (x) there may be one or more legal defenses
      available to it which are different from or additional to those available to
      the
      Indemnifying Party or such Affiliate of the Indemnifying Party or (y) a
      conflict may exist between such Indemnified Party and the Indemnifying Party
      or
      such Affiliate of the Indemnifying Party (in which case the Indemnifying Party
      shall not have the right to assume nor direct the defense of such action on
      behalf of such Indemnified Party, it being understood, however, that the
      Indemnifying Party shall not, in connection with any one such action or separate
      but substantially similar or related actions in the same jurisdiction arising
      out of the same general allegations or circumstances, be liable for the fees
      and
      expenses of more than one separate firm of attorneys (in addition to any local
      counsel), for all such Indemnified Parties, which firm shall be designated
      in
      writing by those Indemnified Parties who sold a majority of the Registrable
      Shares sold by all such Indemnified Parties and any such separate firm for
      the
      Company, the directors, the officers and such control Persons of the Company
      as
      shall be designated in writing by the Company). The Indemnifying Party shall
      not
      be liable for any settlement of any proceeding effected without its written
      consent, which consent shall not be unreasonably withheld, but if settled with
      such consent or if there is a final judgment for the plaintiff, the Indemnifying
      Party agrees to indemnify any Indemnified Party from and against any Liability
      of a character for which such Indemnified Party would be liable under paragraph
      (a) or (b), as applicable, of this Section 6 by reason of such settlement or
      judgment. No Indemnifying Party shall, without the prior written consent of
      the
      Indemnified Party, effect any settlement of any pending or threatened proceeding
      in respect of which any Indemnified Party is or could have been a party and
      indemnity could have been sought hereunder by such Indemnified Party, unless
      such settlement includes an unconditional release of such Indemnified Party
      from
      all liability on claims that are the subject matter of such
      proceeding.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    (d) If
      the
      indemnification provided for in paragraphs (a) and (b) of this Section 6 is
      for any reason held to be unavailable to an Indemnified Party in respect of
      any
      Liabilities referred to therein (other than by reason of the exceptions provided
      therein) or is insufficient to hold harmless a party indemnified thereunder,
      then each Indemnifying Party under such paragraphs, in lieu of indemnifying
      such
      Indemnified Party thereunder, shall contribute to the amount paid or payable
      by
      such Indemnified Party as a result of such Liabilities (i) in such
      proportion as is appropriate to reflect the relative benefits of the Indemnified
      Party on the one hand and the Indemnifying Party(ies) on the other in connection
      with the statements or omissions that resulted in such Liabilities, or
      (ii) if the allocation provided by clause (i) above is not permitted by
      applicable law, in such proportion as is appropriate to reflect not only the
      relative benefits referred to in clause (i) above but also the relative fault
      of
      the Indemnifying Party(ies) and the Indemnified Party, as well as any other
      relevant equitable considerations. The relative fault of the Company on the
      one
      hand and any Purchaser Indemnitees on the other shall be determined by reference
      to, among other things, whether the untrue or alleged untrue statement of a
      material fact or the omission or alleged omission to state a material fact
      relates to information supplied by the Company or by such Purchaser Indemnitees
      (or the related Holder) and the parties' relative intent, knowledge, access
      to
      information and opportunity to correct or prevent such statement or
      omission.

     

    (e) The
      parties agree that it would not be just and equitable if contribution pursuant
      to this Section 6 were determined by pro
      rata
      allocation (even if such Indemnified Parties were treated as one entity for
      such
      purpose), or by any other method of allocation that does not take account of
      the
      equitable considerations referred to in paragraph 6(d) above. Notwithstanding
      the provisions of this Section 6, in no event shall a Purchaser Indemnitee
      be required to contribute any amount in excess of the amount by which proceeds
      received by such Purchaser Indemnitee from sales of Registrable Shares exceeds
      the amount of any damages that such Purchaser Indemnitee has otherwise been
      required to pay by reason of such untrue or alleged untrue statement or omission
      or alleged omission. For purposes of this Section 6, each Person, if any,
      who controls (within the meaning of Section 15 of the Act or
      Section 20(a) of the Exchange Act) FBR or a Holder of Registrable Shares
      shall have the same rights to contribution as FBR or such Holder, as the case
      may be, and each Person, if any, who controls (within the meaning of
      Section 15 of the Act or Section 20(a) of the Exchange Act) the
      Company, and each officer, director, partner, employee, representative, agent
      or
      manager of the Company shall have the same rights to contribution as the
      Company. Any party entitled to contribution will, promptly after receipt of
      notice of commencement of any action, suit or proceeding against such party
      in
      respect of which a claim for contribution may be made against another party
      or
      parties, notify each party or parties from whom contribution may be sought,
      but
      the omission to so notify such party or parties shall not relieve the party
      or
      parties from whom contribution may be sought from any obligation it or they
      may
      have under this Section 6 or otherwise, except to the extent that any party
      is materially prejudiced by the failure to give notice. No Person guilty of
      fraudulent misrepresentation (within the meaning of Section 11(f) of the
      Securities Act), shall be entitled to contribution from any Person who was
      not
      guilty of such fraudulent misrepresentation.

     

    (f) The
      indemnity and contribution agreements contained in this Section 6 will be
      in addition to any liability which the Indemnifying Parties may otherwise have
      to the Indemnified Parties referred to above. The Purchaser Indemnitees’
obligations to contribute pursuant to this Section 6 are several in
      proportion to the respective number of Shares sold by each of the Purchaser
      Indemnitees hereunder and not joint.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    7. Market
      Stand-off Agreement

     

    Each
      Holder hereby agrees that it shall not, to the extent requested by the Company
      or an underwriter of securities of the Company, directly or indirectly sell,
      offer to sell (including without limitation any short sale), grant any option
      or
      otherwise transfer or dispose of any Registrable Shares or other shares of
      Common Stock of the Company or any securities convertible into or exchangeable
      or exercisable for shares of Common Stock of the Company then owned by such
      Holder (other than to donees or partners of the Holder who agree to be similarly
      bound) for a period of sixty (60) days following the effective date of an IPO
      Registration Statement of the Company filed under the Securities Act;
provided,
      however,
      that:

     

    (a) the
      restrictions above shall not apply to Registrable Shares sold pursuant to the
      IPO Registration Statement; 

     

    (b) all
      executive officers and directors of the Company then holding shares of Common
      Stock of the Company or securities convertible into or exchangeable or
      exercisable for shares of Common Stock of the Company enter into similar
      agreements; 

     

    (c) the
      Holders shall be allowed any concession or proportionate release allowed to
      any
      officer or director that entered into similar agreements (with such proportion
      being determined by dividing the number of shares being released with respect
      to
      such officer or director by the total number of issued and outstanding shares
      held by such officer or director); provided,
      that
      nothing in this Section 7(c) shall be construed as a right to proportionate
      release for the executive officers and directors of the Company upon the
      expiration of the 60-day period applicable to all Holders other than the
      executive officers and directors of the Company; 

     

    (d) this
      Section 7 shall not be applicable if a Shelf Registration Statement of the
      Company filed under the Securities Act has been declared effective prior to
      the
      filing of an IPO Registration Statement.

     

    In
      order
      to enforce the foregoing covenants, the Company shall have the right to place
      restrictive legends on the certificates representing the securities subject
      to
      this Section 7 and to impose stop transfer instructions with respect to the
      Registrable Shares and such other securities of each Holder (and the securities
      of every other Person subject to the foregoing restriction) until the end of
      such period.

     

    
      8.
        Termination
        of the Company's Obligation

    

     

    
      The
        Company shall have no obligation pursuant to this Agreement with respect
        to any
        Registrable Shares proposed to be sold by a Holder in a registration pursuant
        to
        this Agreement if, in the opinion of counsel to the Company, all such
        Registrable Shares proposed to be sold by a Holder may be sold in a three-month
        period without registration under the Securities Act pursuant to Rule 144
        under
        the Securities Act.

    

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    
      9.
        Limitations
        on Subsequent Registration Rights

       

    

    From
      and
      after the date of this Agreement, the Company shall not, without the prior
      written consent of Holders beneficially owning not less than a majority of
      the
      then outstanding Registrable Shares (provided,
      however,
      that
      for purposes of this Section 9, Registrable Shares that are owned, directly
      or
      indirectly, by an Affiliate of the Company shall not be deemed to be
      outstanding), enter into any agreement with any holder or prospective holder
      of
      any securities of the Company that would allow such holder or prospective holder
      (a) to include such securities in any Registration Statement filed pursuant
      to the terms hereof, unless under the terms of such agreement, such holder
      or
      prospective holder may include such securities in any such registration only
      to
      the extent that the inclusion of his securities will not reduce the amount
      of
      Registrable Shares of the Holders that is included, or (b) to have his
      securities registered on a registration statement that could be declared
      effective prior to, or within one hundred eighty (180) days of, the effective
      date of any Registration Statement filed pursuant to this
      Agreement.

     

    
      10.
        Miscellaneous

       

    

    (a) Remedies.
      In the
      event of a breach by the Company of any of its obligations under this Agreement,
      each Holder, in addition to being entitled to exercise all rights provided
      herein or, in the case of FBR, in the Purchase/Placement Agreement, or granted
      by law, including recovery of damages, will be entitled to specific performance
      of its rights under this Agreement. Subject to Section 6, the Company agrees
      that monetary damages would not be adequate compensation for any loss incurred
      by reason of a breach by it of any of the provisions of this Agreement and
      hereby further agree that, in the event of any action for specific performance
      in respect of such breach, it shall waive the defense that a remedy at law
      would
      be adequate.

     

    (b) Amendments
      and Waivers.
      The
      provisions of this Agreement, including the provisions of this sentence, may
      not
      be amended, modified or supplemented, and waivers or consents to or departures
      from the provisions hereof may not be given, without the written consent of
      the
      Company and Holders beneficially owning not less than a majority of the then
      outstanding Registrable Shares; provided,
      however,
      that for
      purposes of this Section 11(b), (i) Registrable Shares that are owned, directly
      or indirectly, by an Affiliate of the Company shall not be deemed to be
      outstanding and (ii) the provisions of Section 2(e)(ii) may be amended,
      modified, supplemented or waived with the written consent of the Company and
      FBR. No amendment shall be deemed effective if by its terms it expressly
      discriminates against any Holder. Notwithstanding the foregoing, a waiver or
      consent to or departure from the provisions hereof with respect to a matter
      that
      relates exclusively to the rights of a Holder whose securities are being sold
      pursuant to a Registration Statement and that does not directly or indirectly
      affect, impair, limit or compromise the rights of other Holders may be given
      by
      such Holder; provided
      that the
      provisions of this sentence may not be amended, modified or supplemented except
      in accordance with the provisions of the immediately preceding
      sentence.

     

    (c) Notices.
      All
      notices and other communications, provided for or permitted hereunder shall
      be
      made in writing by delivered by facsimile (with receipt confirmed), overnight
      courier or registered or certified mail, return receipt requested, or by
      telegram

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    (i) if
      to a
      Holder, at the most current address given by the transfer agent and registrar
      of
      the Shares to the Company; 

     

    (ii) if
      to the
      Company at the offices of the Company at 7 Reid Street, Hamilton, HM 12,
      Bermuda, Attention:
      Ben Turin; (facsimile: 441-292-5796) with a copy to: with
      a
      copy to LeBoeuf, Lamb, Greene & MacRae LLP, 125 West 55th Street, New York,
      New York 10019, Attention: Matthew M. Ricciardi (facsimile
      212-649-9483);
      and

     

    (iii) If
      to
      FBR, at the offices of FBR at 1001
      Nineteenth Street North, Arlington, Virginia 22209, Attention: Compliance
      Department, (facsimile: 703-312-9698); with a copy to Sidley Austin LLP,
      One
      South Dearborn, Chicago, Illinois 60603, Attention: John J. Sabl (facsimile:
      312-853-7036).

     

    (d) Successors
      and Assigns.
      This
      Agreement shall inure to the benefit of and be binding upon the successors
      and
      assigns of each of the parties hereto, including, without limitation and without
      the need for an express assignment or assumption, subsequent Holders. The
      Company agrees that the Holders shall be third party beneficiaries to the
      agreements made hereunder by FBR and the Company, and each Holder shall have
      the
      right to enforce such agreements directly to the extent it deems such
      enforcement necessary or advisable to protect its rights hereunder; provided,
      however,
      that
      such Holder fulfills all of its obligations hereunder.

     

    (e) Counterparts.
      This
      Agreement may be executed in any number of counterparts and by the parties
      hereto in separate counterparts, each of which when so executed shall be deemed
      to be an original and all of which taken together shall constitute one and
      the
      same agreement.

     

    (f) Headings.
      The
      headings in this Agreement are for convenience of reference only and shall
      not
      limit or otherwise affect the meaning hereof.

     

    (g) Governing
      Law.
      THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
      OF
      THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE
      STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF
      THE
      PARTIES HERETO HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY STATE
      COURT
      IN THE STATE OF NEW YORK OR ANY FEDERAL COURT SITTING IN NEW YORK IN RESPECT
      OF
      ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT,
      AND
      IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND
      UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. EACH OF THE PARTIES
      HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER
      APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING
      OF
      THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT
      AND
      ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT
      HAS
      BEEN BROUGHT IN AN INCONVENIENT FORUM.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    (h) Severability.
      If any
      term, provision, covenant or restriction of this Agreement is held by a court
      of
      competent jurisdiction to be invalid, illegal, void or unenforceable, the
      remainder of the terms, provisions, covenants and restrictions set forth herein
      shall remain in full force and effect and shall in no way be affected, impaired
      or invalidated, and the parties hereto shall use their commercially reasonable
      efforts to find and employ an alternative means to achieve the same or
      substantially the same result as that contemplated by such term, provision,
      covenant or restriction. It is hereby stipulated and declared to be the
      intention of the parties hereto that they would have executed the remaining
      terms, provisions, covenants and restrictions without including any of such
      that
      may be hereafter declared invalid, illegal, void or unenforceable.

     

    (i) Entire
      Agreement.
      This
      Agreement, together with the Purchase/Placement Agreement, is intended by the
      parties hereto as a final expression of their agreement, and is intended to
      be a
      complete and exclusive statement of the agreement and understanding of the
      parties hereto in respect of the subject matter contained herein and
      therein.

     

    (j) Registrable
      Shares Held by the Company or its Affiliates.
      Whenever the consent or approval of Holders of a specified percentage of
      Registrable Shares is required hereunder, Registrable Shares held by the Company
      or its Affiliates shall not be counted in determining whether such consent
      or
      approval was given by the Holders of such required percentage.

     

    (k) Adjustment
      for Stock Splits, etc.
      Wherever
      in this Agreement there is a reference to a specific number of shares or
      liquidated damages payable with respect to any Registrable Shares, then upon
      the
      occurrence of any subdivision, combination, or stock dividend of such shares,
      the specific number of shares or amount of liquidated damages payable with
      respect to any Registrable Shares so referenced in this Agreement shall
      automatically be proportionally adjusted to reflect the effect on the
      outstanding shares of such class or series of stock by such subdivision,
      combination, or stock dividend.

     

    (l) Survival.
      This
      Agreement is intended to survive the consummation of the transactions
      contemplated by the Purchase/Placement Agreement. The indemnification and
      contribution obligations under Section 6 of this Agreement shall survive
      the termination of the Company's obligations under Section 2 of this
      Agreement.

     

    (m) Attorneys’
      Fees.
      In any
      action or proceeding brought to enforce any provision of this Agreement, or
      where any provision hereof is validly asserted as a defense, the prevailing
      party, as determined by the court, shall be entitled to recover its reasonable
      attorneys’ fees in addition to any other available remedy.

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

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

     

    MAIDEN
      HOLDINGS, LTD.

     

    By:______/s/
      Bentzion S. Turin_____________

    Name: Bentzion
      S. Turin

    Title: Chief
      Operating Officer, General Counsel and Assistant Secretary

     

    FRIEDMAN,
      BILLINGS, RAMSEY & CO., INC.

     

    By:______/s/
      James R. Kleebatt______________

    Name: James
      R.
      Kleebatt

    Title: Executive
      Vice President

    

    Each
      of
      the undersigned, Max G. Caviet and Ben Turin, hereby acknowledges and agrees
      to
      the provisions of Section 2(e) of the foregoing Registration Rights
      Agreement.

    

    

    

    __/s/
      Max G. Caviet_______________________

    Max
      G.
      Caviet

    

    

    

    __/s/
      Ben Turin ________________________

    Ben
      Turin

     

    
      
        
        

      

      
        24

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