Document:

FORM OF STOCK PURCHASE WARRANT

THIS WARRANT AND THE SHARES ISSUABLE UPON THE EXERCISE OF THIS WARRANT HAVE BEEN
ACQUIRED SOLELY FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY STATE SECURITIES LAWS. SUCH
SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH SALE, OFFER, PLEDGE OR
HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY
REQUIREMENTS OF THE ACT AND OF ANY APPLICABLE STATE SECURITIES LAWS.

                                   DATE OF ORIGINAL ISSUANCE: ____________, 2003

NO. ______                   JAMES RIVER GROUP, INC.

     THIS CERTIFIES THAT, for value received, the Holder (as hereafter defined)
is entitled to purchase from the Company up to a total of ____________ shares of
common stock, par value $0.01 per share (the "Common Stock"), of the Company at
an exercise price equal to $100 per share of Common Stock (as adjusted from time
to time as provided in Section 5, the "Exercise Price"), at any time and from
time to time from and after the date hereof and through and including
________________ (the "Expiration Date"), and subject to the following terms and
conditions:

     1. Exercise Period. This Warrant shall be exercisable in whole or in part,
commencing on the date hereof, and shall expire and no longer be exercisable
after the Expiration Date.

     2. Method of Exercise; Payment.

          (a) Cash Exercise. The purchase rights represented by this Warrant may
be exercised by the Holder, in whole or in part, by the surrender of this
Warrant (with the notice of exercise form attached hereto as Attachment A duly
executed) at the principal office of the Company, and by the payment to the
Company, by certified cashier's or other check of an amount equal to the
aggregate Exercise Price for the number of shares of Common Stock being
purchased.

          (b) Net Exercise. In lieu of exercising this Warrant pursuant to
Section 2(a) above, the Holder may elect to receive, without the payment by the
Holder of any additional consideration, shares of Common Stock equal to the
value of this Warrant (or the portion thereof being canceled) by surrender of
this Warrant at the principal office of the Company together with notice of such
election, in which event the Company shall issue to the Holder a number of
shares of Common Stock of the Company computed using the following formula:

          X = Y (A-B)
              -------
                 A

Where X = the number of shares of Stock to be issued to the Holder pursuant to
          this net exercise.

      Y = the number of shares in respect of which the net issue election is
          made.

      A = the fair market value of one share of Common Stock at the time the net
          issue election is made.

      B = the Exercise Price (as adjusted to the date of the net issuance).

          (c) Fair Market Value. For purposes of Section 2(b), the fair market
value of one share of Common Stock as of a particular date shall be determined
as follows: (i) if traded on a securities exchange or through the Nasdaq
National Market, the value shall be deemed to be the average of the closing
prices, as reported by Bloomberg L.P., or the successor to its function of
reporting stock prices, of the securities on such exchange over the ten (10) day
period ending three (3) days prior to the net exercise election; (ii) if traded
over-the-counter, the value shall be deemed to be the average of the closing bid
or sale prices (whichever is applicable), as reported by Bloomberg L.P., or the
successor to its function of reporting stock prices over the ten (10) day period
ending three (3) days prior to the net exercise; and (iii) if there is no active
public market, the value shall be the fair market value thereof, as determined
in good faith by the Board of Directors of the Company.

          (d) Stock Certificates. In the event of any exercise of purchase
rights represented by this Warrant, certificates for the number of shares of
Common Stock so purchased shall be delivered to the Holder as soon as
practicable thereafter, and, unless this Warrant has been fully exercised or has
expired, a new Warrant representing the shares with respect to which this
Warrant shall not have been exercised shall also be issued to the Holder within
such time.

     3. Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the
Company of evidence reasonably satisfactory to it of the loss, theft,
destruction or mutilation of this Warrant, and in case of loss, theft or
destruction, of indemnity or security reasonably satisfactory to it, and upon
reimbursement to the Company of all reasonable expenses incidental thereto, and
upon surrender and cancellation of this Warrant, if mutilated, the Company will
make and deliver a new Warrant of like tenor and dated as of such cancellation,
in lieu of this Warrant.

     4. Stock Fully Paid; Reservation of Shares. All of the Common Stock
issuable upon the exercise of the rights represented by this Warrant will, upon
issuance and receipt of the Exercise Price therefor, be duly and validly issued,
fully-paid and nonassessable, and free from all taxes, liens and charges with
respect to the issue thereof. During the period within which the rights
represented by this Warrant may be exercised, the Company shall at all times
have authorized and reserved for issuance a sufficient number of shares of its
Common Stock to provide for the exercise of the rights represented by this
Warrant.

     5. Adjustment of Exercise Price and Number of Shares. The Exercise Price
and number of shares of Common Stock issuable upon exercise of this Warrant are
subject to adjustment from time to time as set forth in this Section 5.

          (a) Stock Dividends, Subdivisions and Combinations. If the Company at
any time or from time to time while this Warrant is outstanding (i) pays a stock
dividend on its

                                       -2-

Common Stock or otherwise makes a distribution on any class of capital stock
that is payable in shares of Common Stock, (ii) effects a subdivision of the
outstanding Common Stock or (iii) combines the outstanding shares of Common
Stock, then in each such case the Exercise Price shall be multiplied by a
fraction of which the numerator shall be the number of shares of Common Stock
outstanding immediately before such event and of which the denominator shall be
the number of shares of Common Stock outstanding immediately after such event.
Any adjustment of the Exercise Price under this paragraph (a) shall become
effective at the close of business on the date the subdivision or combination
becomes effective.

          (b) Reclassification, Exchange and Substitution. If the Common Stock
shall be changed into the same or a different number of shares of any other
class or classes of stock, whether by recapitalization, reclassification or
otherwise (other than a subdivision or combination of shares, stock dividend,
reorganization, merger, consolidation or sale of assets as provided for
elsewhere in this Section 5), then the Holder shall have the right thereafter to
receive, upon exercise of this Warrant, the same amount and kind of securities,
cash or property as it would have been entitled to receive upon the occurrence
of such transaction if it had been, immediately prior to such transaction, the
holder of the number of shares of Common Stock then issuable upon exercise in
full of this Warrant.

          (c) Reorganizations, Mergers, Consolidations or Sales of Assets. If
the Company shall be a party to any transaction, including without limitation, a
merger, consolidation, sale of all or substantially all of the Company's assets,
or a reorganization, reclassification or recapitalization of the capital stock
of the Company, but excluding any transaction for which provision for adjustment
is otherwise made in this Section 5 (each of the foregoing being referred to as
a "Transaction"), in each case, as a result of which shares of Common Stock are
converted into the right to receive stock, securities or other property
(including cash or any combination thereof), then the Holder shall have the
right thereafter to receive, upon exercise of this Warrant, the same amount and
kind of securities, cash or property as it would have been entitled to receive
upon the occurrence of such Transaction if it had been, immediately prior to
such Transaction, the holder of the number of Shares of Common Stock then
issuable upon exercise in full of this Warrant (the "Alternate Consideration").
For purposes of any such exercise, the determination of the Exercise Price shall
be appropriately adjusted to apply to such Alternate Consideration based on the
amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Transaction, and the Company shall apportion the Exercise Price
among the Alternate Consideration in a reasonable manner reflecting the relative
value of any different components of the Alternate Consideration. If holders of
Common Stock are given any choice as to the securities, cash or property to be
received in a Transaction, then the Holder shall be given the same choice as to
the Alternate Consideration it receives upon any exercise of this Warrant
following such Transaction. The Company shall not effect any Transaction (other
than a consolidation or merger in which the Company is the continuing
corporation) unless prior to or simultaneously with the consummation thereof,
the successor entity or purchaser shall provide that such successor or surviving
entity shall comply with the provisions of this paragraph (c) and insuring that
the Warrant (or any such replacement security) will be similarly adjusted upon
any subsequent transaction analogous to a Transaction. The provisions of this
paragraph (c) shall similarly apply to successive Transactions.

                                       -3-

          (d) Issuances at Less than the Exercise Price. While any portion of
this Warrant is outstanding, if the Company issues any shares of Common Stock or
issues any rights, warrants, convertible debt or other securities entitling the
holders thereof to subscribe for, purchase or acquire shares of Common Stock, at
a price per share less than the Exercise Price, then, the Exercise Price shall
be immediately and automatically reduced to such lower price. Such adjustment
shall be made whenever such Common Stock, rights, warrants, convertible debt or
other securities are issued and shall become effective immediately after
issuance of such Common Stock, rights, warrants, convertible debt or other
securities. Notwithstanding the foregoing (I) if every such right, warrant,
convertible debt or other security shall expire or terminate without having been
exercised or converted, the Exercise Price shall immediately upon such
expiration or termination be recomputed, and effective immediately upon such
expiration or termination, be increased to the price which it would have been
(but reflecting any other adjustments in the Exercise Price made pursuant to the
provisions of this Section 5 had the adjustment of the Exercise Price made upon
the issuance of such rights, warrants or convertible debt or other securities
not occurred), and (II) the Exercise Price shall not be adjusted pursuant to
this paragraph (d) upon the issuance of shares of Common Stock in any of the
following circumstances: (1) upon the conversion of any Preferred Stock, (2) as
a dividend on any Preferred Stock, (3) as a dividend on Common Stock, (4) in
connection with Board approved transactions, the primary purpose of which is not
the raising of capital, at a price per share of not less than 75% of the Series
B Conversion Amount (as defined in the Company's Second Amended and Restated
Certificate of Incorporation), provided, that the aggregate number of shares of
Common Stock so issued in any twelve-month period does not exceed 5% of the
Company's book value (determined by the Board of Directors in accordance with
GAAP) measured as of the end of the Company's quarterly financial period
immediately preceding the commencement of such twelve-month period, or (5)
resulting from the grant or exercise of options or other awards under stock
option, employee incentive or similar plans approved by the Board of Directors.

          (e) Number of Shares of Common Stock. Simultaneously with any
adjustment to the Exercise Price pursuant to paragraph (a) and (d) of this
Section 5, the number of shares of Common Stock that may be purchased upon
exercise of this Warrant shall be increased or decreased proportionately, so
that after such adjustment the aggregate Exercise Price payable hereunder for
the adjusted number of shares of Common Stock shall be the same as the aggregate
Exercise Price in effect immediately prior to such adjustment.

          (f) Calculations. All calculations under this Section 5 shall be made
to the nearest cent or the nearest 1/100th of a share, as applicable. The number
of shares of Common Stock outstanding at any given time shall not include shares
owned or held by or for the account of the Company, and the disposition of any
such shares shall be considered an issue or sale of Common Stock.

     6. Notice of Adjustments. Whenever the number of shares of Common Stock
purchasable hereunder or the Exercise Price thereof shall be adjusted pursuant
to Section 5 hereof, the Company shall provide notice to the Holder setting
forth, in reasonable detail, the event requiring the adjustment, the amount of
the adjustment, the method by which such adjustment was calculated, and the
number of shares of Common Stock which may be purchased and the Exercise Price
therefor after giving effect to such adjustment.

                                       -4-

     7. Notice of Corporate Events. If the Company (i) declares a dividend or
any other distribution of cash, securities or other property in respect of its
Common Stock, including without limitation any granting of rights or warrants to
subscribe for or purchase any capital stock of the Company, (ii) authorizes or
approves, enters into any agreement contemplating or solicits stockholder
approval for any Transaction or (iii) authorizes the voluntary dissolution,
liquidation or winding up of the affairs of the Company, then the Company shall
deliver to the Holder a notice describing the material terms and conditions of
such transaction, at least 5 calendar days prior to the applicable record or
effective date on which a person would need to hold Common Stock in order to
participate in or vote with respect to such transaction, and the Company will
take all steps reasonably necessary in order to insure that the Holder is given
the practical opportunity to exercise this Warrant prior to such time so as to
participate in or vote with respect to such transaction; provided, however, that
the failure to deliver such notice or any defect therein shall not affect the
validity of the corporate action required to be described in such notice.

     8. Fractional Shares. This Warrant may not be exercised for fractional
shares. In lieu of such fractional shares the Company shall make a cash payment
therefor on the basis of the Exercise Price then in effect.

     9. Restrictions on Transferability of Securities.

          (a) Restrictions on Transferability. This Warrant and the Common Stock
issuable upon the exercise of the purchase rights represented by this Warrant
(collectively the "Securities") shall not be sold, assigned, transferred or
pledged except upon the conditions specified in this Section 9, which conditions
are intended to ensure compliance with the provisions of the Act. Each holder of
any of the Securities will cause any proposed purchaser, assignee, transferee,
or pledgee of the Securities held by such holder to agree to take and hold such
Securities subject to the provisions and upon the conditions specified in this
Section 9.

          (b) Restrictive Legend. Each certificate representing the Securities
and any other securities issued in respect of the Securities pursuant to Section
5 shall (unless otherwise permitted by the provisions of Section 9(c) below) be
stamped or otherwise imprinted with a legend in the following form (in addition
to any legend required under applicable state securities laws):

          THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ACQUIRED FOR
          INVESTMENT ONLY AND NOT FOR RESALE. THEY HAVE NOT BEEN REGISTERED
          UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR ANY STATE SECURITIES
          LAWS. THESE SECURITIES MAY NOT BE SOLD, TRANSFERRED, PLEDGED, OR
          HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS FIRST REGISTERED UNDER
          SUCH LAWS, UNLESS THE CORPORATION HAS RECEIVED EVIDENCE SATISFACTORY
          TO IT THAT REGISTRATION UNDER SUCH LAWS IS NOT REQUIRED.

                                       -5-

Each holder of Securities and each subsequent transferee (hereinafter
collectively referred to as a "Holder") consents to the Company making a
notation on its records and giving instructions to any transfer agent of the
Securities in order to implement the restrictions on transfer established in
this Section 8.

          (c) Notice of Proposed Transfers. Each Holder of a certificate
representing the Securities, by acceptance thereof, agrees to comply in all
respects with the provisions of this Section 9(c). Prior to any proposed sale,
assignment, transfer or pledge of any Securities (other than (i) a transfer not
involving a change in beneficial ownership, (ii) in transactions involving the
distribution without consideration of Securities by a Holder to any of its
partners, or retired partners, or to the estate of any of its partners or
retired partners, (iii) a transfer to an affiliated fund, partnership or
company, which is not a competitor of the Company, subject to compliance with
applicable securities laws or (iv) transfers in compliance with Rule 144 under
the Act, so long as the Company is furnished with satisfactory evidence of
compliance with such Rule), unless there is in effect a registration statement
under the Act covering the proposed transfer, the Holder thereof shall give
written notice to the Company of such Holder's intention to effect such
transfer, sale, assignment or pledge. Each such notice shall describe the manner
and circumstances of the proposed transfer, sale, assignment or pledge in
sufficient detail, and shall be accompanied, at such Holder's expense, by either
(i) an opinion of counsel (who shall, and whose opinion shall be, addressed to
the Company and reasonably satisfactory to the Company) to the effect that the
proposed transfer of the Securities may be effected without registration under
the Act or (ii) a "no action" letter from the Securities and Exchange Commission
(the "Commission") to the effect that the transfer of such securities without
registration will not result in a recommendation by the staff of the Commission
that action be taken with respect thereto, whereupon the Holder of such
Securities shall be entitled to transfer such Securities in accordance with the
terms of the notice delivered by such Holder to the Company. Each certificate
evidencing the Securities transferred as above provided shall bear, except if
such transfer is made pursuant to Rule 144, the appropriate restrictive legend
set forth in Section 9(b) above, except that such certificate shall not bear
such restrictive legend if in the opinion of counsel for such Holder and in the
opinion of counsel for the Company such legend is not required in order to
establish compliance with any provision of the Act.

     10. Holder's Representations and Warranties.

          (a) Purchase Entirely for Own Account. That the Securities are being
acquired for investment for the Holder's own account, not as a nominee or agent,
and not with a view to the resale or distribution of any part thereof, and that
the Holder has no present intention of selling, granting any participation in,
or otherwise distributing the same. By executing this Agreement, the Holder
further represents that it does not have any contract, undertaking, agreement or
arrangement with any person or entity to sell, transfer or grant participation
to such person or to any third person, with respect to any of the Securities.

          (b) Disclosure of Information. The Holder has requested and believes
it has received all the information it considers necessary or appropriate for
deciding whether to purchase the Warrant. The Holder further represents that it
has had an opportunity to ask questions, if any, and receive answers from the
Company regarding the terms and conditions of the offering of the Warrant and of
the business as conducted or as proposed to be conducted.

                                       -6-

          (c) Investment Experience. The Holder is an investor in securities of
companies in the development stage and acknowledges that it is able to fend for
itself, and bear the economic risk of its investment and has such knowledge and
experience in financial or business matters that it is capable of evaluating the
merits and risks of the investment in the Securities. Holder also represents it
has not been organized for the purpose of acquiring the Securities.

          (d) Regulation D. The Holder is an "Accredited Investor" as that term
is defined in Regulation D promulgated under the Act.

     11. No Rights as Stockholders. This Warrant does not entitle the Holder to
any additional voting rights or other rights as a stockholder of the Company
prior to the exercise of the Warrant.

     12. Notices. All notices and other communications required or permitted
hereunder shall be in writing, shall be effective when given, and shall in any
event be deemed to be given upon receipt or, if earlier, (a) five (5) days after
deposit with the U.S. Postal Service or other applicable postal service, (b)
upon delivery, if delivered by hand, (c) two (2) business days after the
business day of deposit with Federal Express or similar overnight courier,
freight prepaid or (d) one (1) business day after the business day of facsimile
transmission, if delivered by facsimile transmission with copy by first class
mail, postage prepaid, and shall be addressed (i) if to the Holder, at the
Holder's address as provided to the Company, and (ii) if to the Company, at the
address of its principal corporate offices (attention: Chief Financial Officer),
or at such other address as the Company shall have furnished to the other
parties hereto in writing.

     13. Amendments and Waivers. Any term of this Warrant may be amended and the
observance of any term of this Warrant may be waived (either generally or in a
particular instance and either retroactively or prospectively), with the written
consent of the Company and the Holder.

     14. Attorneys' Fees. If any action of law or equity is necessary to enforce
or interpret the terms of this Warrant, the prevailing party shall be entitled
to its reasonable attorneys' fees, costs and disbursements in addition to any
other relief to which it may be entitled.

     15. Headings. The section and subsection headings of this Warrant are
inserted for convenience only and shall not constitute a part of this Warrant in
construing or interpreting any provision hereof.

     16. Governing Law. This Warrant and all actions arising out of or in
connection with such Warrant shall be governed by and construed in accordance
with the laws of the State of Delaware without regard to conflicts of law
provisions.

     17. Assignment. This Warrant and the rights represented by this Warrant may
not be transferred, assigned or pledged, in whole or in part, without the prior
written consent of the Company, except that a transfer from the Holder to any
other entity which controls, is controlled by or is under common control with
the Holder, may be effected by delivery by the Holder of a form of transfer
attached hereto as Attachment B duly executed at the principal office of the

                                       -7-

Company. The transfer shall be recorded on the books of the Company upon the
surrender of this Warrant, properly endorsed, to the Company at its principal
offices. In the event of a partial transfer, the Company shall issue to the
holders one or more appropriate new warrants.

     18. Successors and Assigns. The terms and provisions of this Warrant shall
inure to the benefit of, and be binding upon, the Company and the Holders hereof
and their respective successors and permitted assigns.

     19. Entire Agreement. This Warrant constitutes the entire agreement among
the parties hereto and supersedes in its entirety any prior agreements, whether
written or oral, among the parties hereto with respect to the subject matter
hereof.

Issued this ___ day of _____________.

                                                    JAMES RIVER GROUP, INC.

                                                    By:
                                                        ------------------------
                                                    Name:
                                                    Title:

                                       -8-STOCKHOLDERS' AGREEMENT

          AGREEMENT, dated as of January 21, 2003, by and among JAMES RIVER
GROUP, INC., a Delaware corporation (the "Company"), J. Adam Abram (the
"Founder"), the individuals and/or entities listed as Series A Preferred Holders
on Schedule 1 hereto (the "Series A Preferred Holders") and the individuals
listed as Management Optionees on Schedule 1 hereto from time to time
(collectively, the "Management Optionees"). The Founder and any other person or
entity who now owns or shall hereafter acquire shares of common stock, par value
$.01 per share, of the Company (the "Common Stock") or preferred stock, par
value $.01 per share, of the Company (the "Preferred Stock"), pursuant to the
provisions of, and subject to the restrictions and rights set forth in this
Agreement are sometimes hereinafter referred to individually as a "Stockholder"
or, collectively, as the "Stockholders." The Common Stock, the Preferred Stock,
and any other equity securities now or hereafter issued and outstanding
(including any options and warrants exercisable for, exchangeable with, or
securities convertible into, equity securities) are sometimes hereinafter
collectively referred to as the "Equity Stock."

                                   ARTICLE I

                                   BACKGROUND

     1.1 Authorized Capital. As of the date hereof, the Company has the
following authorized capital stock as set forth in its Amended and Restated
Certificate of Incorporation (as so amended, the "Certificate"):

          (i) 805,000 shares of Common Stock, each of which shares is entitled
     to one vote; and

          (ii) 635,000 shares of Preferred Stock, each of which is entitled to
     one vote for each share of Common Stock into which such share of Preferred
     Stock could be converted as of the record date for such vote, voting
     together with the Common Stock as a single class on all matters submitted
     to the Stockholders of the Company, and is additionally entitled to the
     designations, preferences and privileges provided therefor in the
     Certificate, in the implementing resolutions adopted by the Company's Board
     of Directors (the "Board") with respect to the issuance of any shares
     thereof, and reflected in any Certificate of Designation filed with respect
     thereto from time to time under Sections 103 and 151(g) of the Delaware
     General Corporation Law.

     1.2 Capitalization of the Company. As of the date hereof,

          (i) The Founder has purchased from the Company one (1) share of Common
     Stock for $.01; and

          (ii) The Series A Preferred Holders have received, in the aggregate,
     in consideration of a cash purchase price equal to $100 per share, 85,000
     shares of Series A

     Convertible Preferred Stock (such Series A Convertible Preferred Stock to
     be referred to hereafter as the "Series A Preferred").

          By reason of the foregoing transactions, the Founder holds of record
and beneficially one share of Common Stock and the Series A Preferred Holders
hold of record and beneficially 85,000 shares of Preferred Stock. At the closing
of the next succeeding issuance of preferred stock, the Company shall have
issued or reserved for future issuance to Management Optionees options to
purchase the number of shares of Common Stock that will equal 17.5% of the
outstanding Equity Stock as of the closing of such issuance.

          Schedule 1 annexed hereto shall set forth from time to time the number
of shares of Preferred Stock held of record and beneficially by each Series A
Preferred Holder, and the number of shares of Common Stock which each Management
Optionee shall receive options to purchase or receive upon exercise of such
options from time to time.

     1.3 Purpose of this Agreement. The Company and the Stockholders deem it in
their respective best interests to provide for the corporate governance of the
Company and desire to enter into this Agreement in order to effectuate that
purpose. The Stockholders also desire to place certain conditions on the sale,
assignment, transfer, encumbrance or other disposition of the Equity Stock
(including Equity Stock issued and outstanding as of the date hereof as well as
Equity Stock which may be issued hereafter) and to provide for certain rights
and obligations with respect thereto as hereinafter provided.

          In consideration of the premises and of the terms and conditions
hereinafter set forth, the parties hereto mutually agree as follows:

                                   ARTICLE II

                                   DEFINITIONS

     2.1 All capitalized terms used herein which are not otherwise defined in
this Agreement shall have the meanings ascribed thereto in the Company's
Confidential Private Placement Memorandum, dated as of December 16, 2002, as
supplemented by the Supplement dated December 23, 2002 (the "Memorandum").

     2.2 As used herein, the following terms shall have the following meanings:

          "Person" means a natural person, corporation, partnership, trust,
limited liability company, governmental body or agency or other legal entity.

          "Qualified IPO" means an underwritten initial public offering on a
"firm commitment" basis pursuant to an effective registration statement (other
than on Forms S-4 or S-8 or any successor forms thereto) filed pursuant to the
Securities Act, or series of such public offerings (whether related or
unrelated), covering the offer and sale of Common Stock for the account of the
Company in which the Company actually receives aggregate cash proceeds equal to
or greater than $50,000,000 (after deducting underwriters' discounts and
commissions and other offering expenses).

                                      -2-

          "Securities Act" means the Securities Act of 1933, as amended.

          "Transfer" means to directly or indirectly, absolutely or
conditionally, voluntarily or involuntarily sell, assign, transfer, pledge,
hypothecate, mortgage, encumber or otherwise dispose of.

          "Triggering IPO" means an underwritten initial public offering on a
"firm commitment" basis pursuant to an effective registration statement (other
than on Forms S-4 or S-8 or any successor forms thereto) filed pursuant to the
Securities Act, or series of such public offerings (whether related or
unrelated), covering the offer and sale of Common Stock for the account of the
Company in which the Company actually receives aggregate cash proceeds equal to
or greater than $25,000,000 (after deducting underwriters' discounts and
commissions and other offering expenses).

                                  ARTICLE III

                              CORPORATE GOVERNANCE

     3.1 Number of Directors. (a) For so long as Trident II, L.P. and certain of
its co-investment vehicles which Trident II, L.P. shall have identified in
writing to the Company ("Trident") hold shares of the Company's Series A
Convertible Stock converted or convertible into 34,000 shares of Common Stock
(as adjusted for any stock split, recapitalization or other event affecting the
total equity capitalization of the Company), the Board shall consist of no more
than nine directors (each, a "Director") and Trident shall have the right to
designate one member of the Board (the "Trident A Director") who shall be
reasonably acceptable to the other Directors.

               (b) If, when and for so long as Trident holds shares of the
Company's second series of preferred stock (expected to be called the "Series B
Convertible Preferred Stock") converted or convertible into 100,000 shares of
Common Stock (as adjusted for any stock split, recapitalization or other event
affecting the total equity capitalization of the Company), the Board of
Directors of the Company shall consist of no more than nine Directors and
Trident shall have the right to designate another member of the Board of
Directors (the "Trident B Director") who shall be reasonably acceptable to the
other Directors, in addition to any Trident A Director.

               (c) For so long as any share of the Company's Series A Preferred
is outstanding, the holders of a majority of such shares, voting together as a
class, shall have the right to elect at least 25% of the members, and in any
case at least one member, of the Board (each, a "Series A Director"); provided
that (i) a Trident A Director shall not be deemed a Series A Director and (ii)
at any time there is a Trident A Director, Trident shall abstain from voting on,
and its shares shall not be counted in determining the vote required to elect,
any Series A Directors.

               (d) The Founder shall be entitled to be a Director or to appoint
a representative to serve as a Director for so long as he serves as an officer
of the Company or holds any Equity Stock.

                                      -3-

               (e) The number of directors may thereafter be increased or
decreased in accordance with the Certificate and the By-laws, subject to the
provisions of this Agreement.

     3.2 Board of Directors. From and after the Closing, the Board shall consist
of J. Adam Abram and such other members as the holders of a majority of the
Common Stock (on an as-converted basis) have designated in accordance with
Section 3.1. Each such Director shall hold his office until the 2003 Annual
Meeting of Stockholders of the Company (or a Special Meeting of Stockholders
held in lieu thereof) and until his successor is duly elected and qualified or
until his earlier resignation or removal. Each Stockholder agrees to vote all of
his or its shares of Common Stock, and use his or its best efforts to elect to
the Board at the 2003 Annual Meeting of Stockholders of the Company and
subsequent Annual Meetings or at any Special Meeting at which Directors are to
be elected, in accordance with Section 3.1 and this Section 3.2. In the event
that any Series A Director, Trident A Director or Trident B Director ceases to
be a Director for any reason (including without limitation his removal by the
holders of Series A Preferred), which removal may be effected by the holders of
Series A Preferred or Trident, as the case may be, for any reason), each
Stockholder agrees to vote its or his shares and use its or his best efforts to
elect a successor to such Director designated by the holders of Series A
Preferred or Trident, as the case may be. Notwithstanding any other provision
contained herein, the Trident A Director and the Trident B Director (each, a
"Trident Director") can only be removed (except for Cause) if so requested by
Trident, in which case the other holders of Series A Preferred agree to vote to
remove such Trident A Director or Trident B Director, as the case may be.
"Cause" means any serious conflict of interest (in the judgment of a majority of
the other Directors in the reasonable exercise of their fiduciary
responsibilities) (a "Disqualifying Conflict") on the part of a Director or any
serious act of misconduct by a Director as evidenced by a plea of guilty or no
contest to any felony charge brought by any governmental or administrative body
of competent jurisdiction. In the case of any Disqualifying Conflict, the other
Directors shall, prior to acting to remove the Trident Director, provide Trident
and the Trident Director with notice of the conflict and an explanation of the
conflict. The Trident Director shall then be given a reasonable period of time
to respond to the other Directors and, if necessary and possible, to resolve the
conflict before such Trident Director is removed from the Board. At any time a
Trident Director is removed or otherwise ceases to be a Director, the other
holders of Series A Preferred agree to vote promptly to elect a replacement
designated in writing by Trident. The Board of Directors shall establish a
compensation committee (the "Compensation Committee") and an audit committee
(the "Audit Committee"), in addition to any other committees it deems
appropriate. At least one of the directors designated by Trident shall serve on
the Compensation Committee and the Audit Committee.

     3.3 Covenant to Vote. Each Stockholder shall appear in person or by proxy
at any Stockholders Meeting for the purpose of establishing a quorum and shall
vote the shares of Equity Stock owned by such Stockholder upon any matter in a
manner so as to be consistent and not in conflict with, and to implement, the
terms of this Agreement. Each Stockholder also agrees to execute and deliver
unanimous written consents of Stockholders of the Company in lieu of attendance
at a Stockholders meeting of the Company if required to implement the terms of
this Agreement or to approve or authorize corporate action consistent with the
terms hereof.

                                      -4-

     3.4 No Voting or Conflicting Agreements. No Stockholder shall grant any
proxy or enter into or agree to be bound by any voting trust with respect to
Equity Stock, nor shall any Stockholder enter into any stockholder agreements or
arrangements of any kind with any person with respect to Equity Stock, which are
in conflict or are inconsistent with the provisions and purposes of this
Agreement (whether or not such agreements and arrangements are with other
Stockholders or holders of Equity Stock that are not parties to this Agreement).
The foregoing prohibition includes, but is not limited to, agreements or
arrangements with respect to the acquisition, disposition or voting of shares of
Equity Stock to the extent inconsistent with this Agreement. No Stockholder
shall act, for any reason, as a member of a group or in concert with any other
persons in connection with the acquisition, disposition or voting of Equity
Stock in any manner which is in conflict or is inconsistent with the provisions
of this Agreement. Actions taken by the Board or the Stockholders to find
purchasers to (a) acquire shares of Equity Stock or (b) find purchasers to
acquire the Company shall not be deemed to be prohibited hereunder by reason of
the foregoing provisions of this Section 3.4.

     3.5 Conflict with Certificate or By-laws. In the event of any conflict or
inconsistency between or among the provisions of this Agreement and the
Certificate or By-laws of the Company in effect at any time during the term of
this Agreement, the provisions of this Agreement shall govern and be deemed
controlling and each Stockholder agrees to vote its or his shares of Equity
Stock and to cause the Board to authorize an approve such amendments to the
Certificate and/or the By-laws as shall resolve and remove any such conflicts or
inconsistencies.

     3.6 Allocation of Series B Convertible Preferred Stock. The Board of
Directors shall have sole discretion with respect to the allocation among
investors of the Series B Shares and shall have the authority to authorize
agreements between the Company and any investors or potential investors
respecting allocations of the Series B Shares and any subsequent equity
offerings and other matters.

                                   ARTICLE IV

                               TRANSFER PROVISIONS

     4.1 Management Optionees' Shares. No Management Optionee may Transfer,
other than to a Family Transferee (as defined in Section 4.2(d)(i) below), any
Equity Stock now or hereafter owned by such Management Optionee, and no Family
Transferee may Transfer any Equity Stock now or hereafter owned by such Family
Transferee, until the occurrence of (a) a Company Sale Transaction or (b) the
closing of a Triggering IPO. A "Company Sale Transaction" means (i) the Transfer
of all of the then outstanding shares of the Equity Stock of the Company or any
Subsidiary or Subsidiaries of the Company that together comprise substantially
all of the business of the Company (the "Transferred Business") to one or more
persons that did not Control, were not Controlled by and were not under common
Control with, the Company prior to such Company Sale Transaction (each, an
"Independent Third Party"), (ii) a merger or consolidation of the Transferred
Business in which the holders of the Equity Stock prior to such transaction hold
less than fifty percent (50%) of the equity securities in the entity resulting
from such transaction or (iii) the sale or other Transfer of all or
substantially all of the assets and business of the Transferred Business to an
Independent Third Party. For purposes of the foregoing, the term "Control" shall
mean direct or indirect ownership of a majority of the

                                      -5-

voting equity securities of another entity, the ability to appoint a majority of
the board of directors or similar governing body of such entity, or the ability,
through contract or otherwise, to direct the management of such entity.

     4.2 Right of First Refusal. No Stockholder may Transfer any Equity Stock
now or hereafter owned by it other than (i) upon compliance with the provisions
of paragraphs (a) and (b) below, or (ii) in a "Permitted Transfer" (as defined
in Section 4.2(d), below).

               (a) If a Stockholder receives a bona fide written cash offer (an
"Offer") for the purchase of any or all of its Equity Stock that it desires to
accept, then it (in such capacity, the "Selling Stockholder") shall deliver a
written notice (the "Option Notice") to the Company, and shall attach thereto a
copy of the Offer. The Company shall send a copy of the Option Notice and the
Offer to each Stockholder other than the Selling Stockholder. The Option Notice
shall set forth the identity of the proposed transferee, the identity of the
Equity Stock to which such Offer applies (the "Offered Securities"), the
purchase price to be paid for such Offered Securities (the "Purchase Price"),
evidence of the proposed transferee's financial ability to pay the Purchase
Price, and a brief description of any other material terms of the proposed
Transfer not contained in the Offer. The Company shall have an irrevocable
option, exercisable by written notice (an "Option Election Notice") delivered to
the Selling Stockholder on or prior to the thirtieth (30th) day following
receipt of the Option Notice (the "Option Expiration Date"), to purchase, at the
price and on the terms set forth in the Option Notice, all, but not less than
all, of the Offered Securities. Each Stockholder other than the Selling
Stockholder shall deliver to the Company a notice (the "Shareholder Election
Notice") no later than the twentieth (20th) day following receipt of the Option
Notice stating whether, in the event the Company does not exercise its option,
such Stockholder is willing to purchase (i) its pro rata share of the Offered
Securities and/or (ii) a number of Offered Securities greater than its pro rata
share up to such Stockholder's stated maximum (at its sole discretion) (its
"Excess Pledge").

               (b) If the Company elects not to exercise its option, it shall
determine from the Shareholder Election Notices it has received whether or not
the other Shareholders are willing to purchase all, but not less than all, of
the Offered Securities, and shall notify the Selling Stockholder thereof prior
to the Option Expiration Date. If other Stockholders ("Purchasing Stockholders")
are willing (based on their Shareholder Election Notices) to purchase all, but
not less than all, of the Offered Securities, the Company shall (i) deliver an
Option Election Notice on behalf of the Purchasing Stockholders to the Selling
Stockholder on or prior to the Option Expiration Date and (ii) allocate the
Offered Securities, first pro rata to each Purchasing Stockholder based on its
ownership percentage of the issued and outstanding equity securities of the
Company, then to each Purchasing Stockholder willing (as set forth in its
Shareholder Election Notice) to purchase more than its pro rata share, in the
ratio of its Excess Pledge to the total of all Excess Pledges.

               (c) If the Company delivers an Option Election Notice to the
Selling Stockholder on or prior to the Option Expiration Date, the closing of
the Transfer of the Offered Securities by the Selling Stockholder to the Company
or the Purchasing Stockholders, as the case may be, shall occur within fifteen
(15) days of the date of the Option Election Notice (or on such other date as
the Selling Stockholder and the Company (on its own behalf or on behalf of the
Purchasing Stockholders) may agree) (the "Closing Expiration Date"). At the
closing, the

                                      -6-

Selling Stockholder shall deliver to the Company or the Purchasing Stockholders,
as the case may be, the certificates, warrants or other instruments representing
the Offered Securities, together with all instruments and evidences of transfer
as the Company (on its own behalf or on behalf of the Purchasing Stockholders)
may reasonably request, and the Company or the Purchasing Stockholders, as the
case may be, shall deliver to the Selling Stockholder the Purchase Price to be
paid on account of the Offered Securities as set forth in the Option Notice.

               (d) The term "Permitted Transfer" shall mean each of the
following Transfers of Equity Stock, which shall not be subject to the
provisions of Sections 4.1 and 4.2 above or the provisions of Section 4.4 below:

                    (i) Any Transfer to a Stockholder's spouse or domestic
     partner or minor children, or a family investment vehicle controlled by a
     Stockholder or such Stockholder's spouse or domestic partner (any of the
     foregoing, a "Family Transferee"), or to the estate or personal
     representative of a Stockholder in the event of death;

                    (ii) Any Transfer (A) to the Company, (B) pursuant to a
     registration statement filed with, and declared effective by, the
     Securities and Exchange Commission under the Securities Act or (C) pursuant
     to Rule 144 of the Securities Act; and

                    (iii) Any Transfer to an Affiliate of a Stockholder or to
     one or more limited partners of a Stockholder that is a limited partnership
     in accordance with the terms of the applicable limited partnership
     agreement. "Affiliate" means an entity Controlling, Controlled by or under
     common Control with a Stockholder.

     4.3 Other Transfer Provisions. (a) Except in the event of a Triggering IPO
or Qualified IPO, no Transfer of any Equity Stock permitted under this Agreement
shall be effective at any time prior to the termination of this Agreement unless
the transferee thereof shall have executed an appropriate document confirming
that (i) such transferee or transferees takes such Equity Stock subject to all
of the terms and conditions of this Agreement and (ii) the certificates or other
instruments representing such Equity Stock shall bear the legend set forth in
Section 6.1 hereof or such other legend acceptable to the Company indicating
that such Equity Stock is subject to the terms of this Agreement, and such
document and certificate shall have been delivered to and approved by the Board
prior to such transferee's acquisition of Equity Stock. The Company shall not
transfer upon its books any Equity Stock held or owned by any Stockholder to any
person except in accordance with this Agreement.

               (b) Compliance with Securities Laws. Unless otherwise explicitly
provided herein, except in connection with a sale of Equity Stock included in a
registered public offering in accordance with the Securities Act, or sales of
Equity Stock pursuant to Rule 144 thereunder (or any successor rule or
regulation to Rule 144 hereinafter adopted by the Securities and Exchange
Commission), no Stockholder shall Transfer any Equity Stock to any Person
(regardless of the manner in which such Stockholder initially acquired such
Equity Stock) at any time prior to the termination of this Agreement unless the
certificates or other instruments representing such securities bear legends as
provided in Article VI to the effect that such securities are not registered
under the Securities Act and are subject to the terms of this

                                      -7-

Agreement. No Stockholder shall Transfer any Equity Stock at any time if such
action would constitute a violation of any state securities or blue sky laws or
a breach of the conditions to any exemption from registration of Equity Stock
under any such laws or a breach of any undertaking or agreement of such
Stockholder entered into pursuant to such laws or in connection with obtaining
an exemption thereunder.

     4.4 Tag-Along Rights.

               (a) Subject to the provisions of Sections 4.1 and 4.2, if at any
time or from time to time any Stockholder proposes, in a single transaction or a
series of transactions, directly or indirectly to Transfer other than in a
Permitted Transfer pursuant to Section 4.2(d) (each such Person thereby becoming
a "Selling Shareholder") any Series A Shares, Series B Shares and/or shares of
Common Stock (any of the foregoing, "Tag-Along Securities") for aggregate
consideration having a value of $50,000 or more ("Offer Shares"), such Selling
Shareholder shall refrain from effecting such transaction unless, prior to the
consummation thereof, each other holder of Tag-Along Securities shall have been
afforded the opportunity to join in such transfer on a pro rata basis, as
provided in Section 4.4(b).

               (b) Prior to the consummation of any transaction subject to this
Section 4.4, the person or group that proposes to acquire the Offer Shares in a
transaction subject to this Section 4.4 (the "Proposed Purchaser") shall offer
(the "Purchase Offer") in writing to each holder of Tag-Along Securities (a
"Tagging Holder") to acquire from such holder that number of Tag Along
Securities (the "Pro Rata Portion") proposed to be transferred by such Tagging
Holder (counted on an as-converted basis) multiplied by a fraction, the
numerator of which is the aggregate ownership of Tag Along Securities held by
such Tagging Holder immediately prior to the proposed Transfer and the
denominator of which is the aggregate ownership of Tag Along Securities by all
Tagging Holders who elect to participate in such Transfer and the Selling
Shareholder immediately prior to such proposed Transfer. Notwithstanding the
foregoing, any Tagging Holder may elect to sell less than his Pro Rata Portion,
in which event any excess Tag Along Securities allocated to such Tagging Holder
shall be re-allocated among the other Tagging Holders on the same basis as
provided in the immediately preceding sentence (and such process shall be
repeated as many times as is necessary until all Tag Along Securities proposed
to be purchased in such Transfer by the Proposed Purchaser have been allocated).
Each Tagging Holder and the Selling Shareholder shall receive from the Proposed
Purchaser the same consideration determined on an as-converted basis (the
"Offering Price") and on the same terms and conditions; provided that (i) for
purposes of the foregoing Tag-Along Securities of a different series or class
than the Offer Shares shall be priced with reference to the number of shares of
Common Stock such Tag-Along Securities comprise or are convertible into and (ii)
no holders of Tag-Along Shares shall be required to convert Series A Shares or
Series B Shares into Common Stock in connection with any such transaction. Each
holder of Tag Along Securities shall have twenty (20) days from the receipt of
the Purchase Offer in which to accept such Purchase Offer. The Selling
Shareholder shall notify the Proposed Purchaser that the sale or other transfer
is subject to this Section 4.4 and shall ensure that no sale or other transfer
is consummated without the Proposed Purchaser first complying with this Section
4.4.

                                      -8-

                                   ARTICLE V

                      INVOLUNTARY TRANSFER OF EQUITY STOCK

     5.1 Certain Involuntary Transfers; Seller's Notice. In the event a
Stockholder shall involuntarily Transfer (by operation of law or decision or
judgment of a court of competent jurisdiction) directly or indirectly any or all
of his shares of Equity Stock and such Transfer is not otherwise permitted
pursuant to the terms of this Agreement, such Stockholder shall promptly give
written notice of such involuntary transfer (the "Involuntary Transfer Notice")
to the Company, with a copy to the other Stockholders and the transferee,
stating that the involuntary Transfer occurred and the reason therefor, the date
of the Transfer, the name and address of the transferee and the number and type
of Equity Stock acquired by the transferee.

     5.2 Right to Repurchase. For a period of 90 days from the date of receipt
of the Involuntary Transfer Notice or, failing receipt of such notice, 90 days
from the date the Company sends written notice to the transferee with a copy to
the other Stockholders that the Transfer is deemed to be an involuntary Transfer
subject to repurchase under this Agreement, the other Stockholders shall have
the irrevocable and exclusive option, to purchase all of the Equity Stock so
transferred, exercisable in the same manner as provided in Section 4.1 hereof,
all of which terms shall, except as expressly provided in Section 5.3, be
applicable to such purchase.

     5.3 Purchase Price. The purchase price for the Equity Stock Transferred
pursuant to Section 5.2 shall be equal to the lesser of (a) the price which the
involuntary transferee (the "Involuntary Transferee") paid for such Equity Stock
(to the extent such price may be determined) or (b) the Fair Market Value for
such shares of Equity Stock determined as follows: An investment banking or
similar firm located in New York City of recognized national stature will serve
as an appraiser (the "Appraiser") whose determination of the Fair Market Value
shall be final, binding and conclusive on all of the parties to this Agreement.
Such Appraiser shall be selected by the Board, provided, however, that if the
Involuntary Transferee objects to the Fair Market Value as determined by the
Appraiser selected by the Board, such Involuntary Transferee may select its own
Appraiser at its own expense. If the Transferee selects its own appraiser, the
Purchase Price for the Equity Stock Transferred pursuant to Section 5.2 shall be
the mean between the two appraisals, and the Involuntary Transferee and the
Company shall each bear 50% of the fees and costs of the Appraiser selected by
the Board.

                                   ARTICLE VI

                          LEGENDS ON STOCK CERTIFICATES

     6.1 Legends on Stock Certificates. A copy of this Agreement shall be filed
with the Secretary of the Company and maintained with the records of the
Company. Each Stockholder hereby agrees that each outstanding certificate or
other instrument representing Equity Stock shall bear legends reading
substantially as follows:

          The securities represented by this certificate were acquired for
          investment only and not for resale. They have not been registered
          under the Securities Act of 1933, as amended, or any state

                                      -9-

          securities law. These securities may not be sold, transferred,
          pledged, or hypothecated or otherwise disposed of unless first
          registered under such laws, or unless the Corporation has received
          evidence satisfactory to it that registration under such laws is not
          required.

          The securities represented by this certificate are subject to
          significant restrictions on resale and transfer and certain other
          restrictions as set forth in a Stockholders' Agreement dated as of
          January 21, 2003 (the "Stockholders' Agreement"), a copy of which may
          be obtained from the Corporation or from the holder of this
          certificate. No transfer of such securities will be made on the books
          of the Corporation unless accompanied by evidence of compliance with
          the terms of such Agreement.

          An irrevocable proxy coupled with an interest has been granted by the
          holder of this certificate pursuant to the Stockholders' Agreement.

Each such certificate or other instrument shall bear any additional legends
which may be required for compliance with state securities or blue sky laws.

                                  ARTICLE VII

                                     CLOSING

     7.1 Closing. Any Stockholder who is selling and any Person who is
purchasing any shares of Equity Stock from a Stockholder pursuant to this
Agreement shall mutually determine a closing date (the "Closing Date") (subject
to the rights of the Company and other Stockholders set forth in Article IV).
The closing shall be held at 10:00 a.m., New York City time, at the office of
the Company or at such other time or place as the parties may agree. On the
Closing Date, any selling Stockholder shall deliver certificates with
appropriate transfer tax stamps affixed and with stock powers endorsed in blank,
representing the shares of Equity Stock to be purchased, who shall deliver to
such Stockholder the purchase price which is payable in cash, by wire transfer
of immediately available funds or by certified check payable in New York
Clearing House funds, and/or the other consideration, if any, permitted by the
terms of this Agreement to be given in exchange for such securities. In
addition, if the Person selling such securities is the personal representative
of a Deceased Stockholder, the personal representative shall also deliver to the
purchaser or purchasers (i) true copies of letters testamentary or letters of
administration evidencing his appointment and qualification; (ii) a certificate
issued by the Internal Revenue Service pursuant to Section 6325 of the Code
discharging the securities being sold from liens imposed by the Code; and (iii)
an estate tax waiver issued by the state of the decedent's domicile.

                                      -10-

                                  ARTICLE VIII

                                  MISCELLANEOUS

     8.1 Term. This Agreement shall be effective commencing the date hereof and
shall terminate immediately upon the closing of a Company Sale Transaction or
Qualified IPO.

     8.2 Injunctive Relief. It is expressly acknowledged by all of the
Stockholders that it will be impossible to measure in money the damages that
would be suffered if the parties fail to comply with any of the obligations
herein imposed on them and that, in the event of any such failure, an aggrieved
person will be irreparably damaged and will not have an adequate remedy at law.
In addition to any other remedies available at law or in equity, any such person
shall, therefore, be entitled to injunctive relief, including specific
performance, to enforce such obligations, and if any action should be brought in
equity to enforce any of the provisions of this Agreement, none of the parties
hereto shall raise the defense that there is an adequate remedy at law.

     8.3 Notice. All notices, statements, instructions or other documents
required to be given hereunder, shall be in writing and shall be given either
personally, by telecopy (followed by first class U.S. mail), by Federal Express
or other reputable express delivery service for overnight delivery, or by
mailing the same in a sealed envelope, first-class mail, postage prepaid and
either certified or registered, return receipt requested, addressed to the
Company at its principal offices and to the other parties at their addresses
reflected in the stock records of the Company. Each Stockholder, by written
notice given to the Company in accordance with this Section 8.3 may change the
address to which notices, statements, instructions or other documents are to be
sent to such Stockholder. All notices, statements, instructions and other
documents hereunder shall be deemed to have been given on the date of delivery,
if given personally or by telecopy, one day after delivery by overnight courier
or two days after the date of mailing, if mailed. Whenever pursuant to this
Agreement any notice is required to be given by any Stockholder to any other
Stockholder or Stockholders, such Stockholder may request from the Company a
list of addresses of all Stockholders of the Company, which list shall be
promptly furnished to such Stockholder.

     8.4 Successors and Assigns. This Agreement shall be binding upon and shall
inure to the benefit of the parties, and their respective successors and
assigns. If any transferee of any Stockholder shall acquire any Equity Stock, in
any manner, whether by operation of law or otherwise, such Equity Stock shall be
held subject to all of the terms of this Agreement, and by taking and holding
such securities such person shall be conclusively deemed to have agreed to be
bound by and to perform all of the terms and provisions of this Agreement;
provided, however, that nothing in this Section 8.4 shall give any Stockholder
any right to transfer any shares of Equity Stock in contravention of the terms
of this Agreement.

     8.5 Governing Law. Regardless of the place of execution of this Agreement,
this Agreement shall be governed by and construed in accordance with the laws of
the State of New York, applicable to agreements made and to be wholly performed
in such State, without regard to statutory provisions (other than Section 5402
of the New York General Obligations Law) or to principles or canons of conflicts
of laws of New York or of any other jurisdiction.

                                      -11-

     8.6 WAIVERS OF JURY TRIAL. THE STOCKHOLDERS PARTY HERETO AND THE COMPANY
HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION
OR PROCEEDING RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN.

     8.8 Headings. Section headings are inserted herein for convenience only and
do not form a part of this Agreement. Unless otherwise indicated, reference in
this Agreement to a Section shall be deemed to refer to such Section of this
Agreement.

     8.9 Entire Agreement; Amendment. This Agreement (together with all
schedules hereto) contains the entire agreement among the parties hereto with
respect to the transactions contemplated herein, supersede all prior written
agreements and negotiations and oral understandings among the parties hereto,
and may not be discharged except by performance, or amended or supplemented
except by an instrument in writing signed by the Company and each Stockholder
against whom such amendment is sought to be enforced.

     8.10 Inspection. So long as this Agreement shall be in effect, this
Agreement shall be made available for inspection by any Stockholder of the
Company at the principal offices of the Company.

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

                                      -12-

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

                                      JAMES RIVER GROUP, INC.

                                      By:/s/ J. Adam Abram
                                         ---------------------------------------
                                         Name: J. Adam Abram
                                         Title: Chief Executive Officer

                                      FOUNDER:

                                      /s/ J. Adam Abram
                                      ------------------------------------------
                                      J. Adam Abram

                                      SERIES A INVESTOR:

                                      /s/ Series A Investors named on Schedule 1
                                      ------------------------------------------
                                      Name:
                                      Title (if signing for an entity)

                                      -13-

                                        MANAGEMENT OPTIONEES

                                        ----------------------------------------
                                        Name:
                                        Title:

                                      -14-

                                   SCHEDULE 1

SERIES A PREFERRED HOLDER                           SHARES OF SERIES A PREFERRED
-------------------------                           ----------------------------
207 Ventures LLC                                                  550
Abram Investments, LLC                                          3,684
J. Adam Abram                                                   7,796
Ruth J. Abram                                                   2,250
Stephen A. Bassock Generation Skipping Trust                      280
Stephen A. Bassock                                                550
Bronfman Associates III                                         3,000
Alan N. Colner                                                  3,000
Compadres Investments, LLC                                      1,380
Edward Desch IRA                                                  630
Edward Desch and Diane C. Desch                                   200
Peter G. Doyle                                                    140
Joel L. Fleishman                                                 220
Brian Haney                                                       250
Haslemere Partners, LP                                          2,750
Holladay Family LP                                                690
Jay C. Huffard                                                    280
Joshua C. Huffard                                                 140
David G. Kay                                                      550
Edward P. Kehoe and Marilyn F. Kehoe                              500
Michael P. Kehoe and Bevin J. Kehoe                             1,000
William Kenney, Jr. IRA                                           750
Howard C. Landis                                                  550
Steven J. Lerner                                                  550
Steven J. Lerner Family Trust                                     550
Raymer F. Maguire, Jr.                                            280
Raymer F. Maguire Trust                                         6,000
Marsh & McLennan Capital Professionals Fund LP                    200
Marsh & McLennan Employee Securities                              457
William T. McCaffrey                                              550
W. Wallace McDowell, Jr.                                          550
OA Capital LLC                                                  8,900
Donaldson C. Pillsbury, Jr.                                       140
Morton F. Silver                                                  550
Buphinder Sodhi                                                    50
Martin L. Solomon                                               2,750
Michael Steinhardt                                              8,900
E. Caperton Thomas                                                100
Trident II, LP                                                 16,343
VCM Series A Fund LLC                                             104

SERIES A PREFERRED HOLDER                           SHARES OF SERIES A PREFERRED
-------------------------                           ----------------------------
Virginia Capital SBIC LP                                        5,396
Lewis Wilkinson IRA                                               550
Richard W. Wright                                                 890
Judy D. Young                                                      50

                                                        NUMBER OF COMMON
                                                        SHARES OPTIONEE HAS
MANAGEMENT OPTIONEE                                     OPTIONS TO PURCHASE
-------------------                                     -------------------

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