Document:

EX-10.3

 Exhibit 10.3 

EMPLOYMENT AGREEMENT 
 This EMPLOYMENT
AGREEMENT (“Agreement”) is dated as of May 11, 2015, between Enstar Group Limited, a Bermuda corporation (“Company”), and Mark Smith (“Executive”). 

BACKGROUND 
 Company desires to employ
Executive, and Executive desires to be an employee of Company, on the terms and conditions contained in this Agreement. 
 NOW, THEREFORE, in
consideration of the premises and the mutual agreements contained herein and intending to be legally bound hereby, the parties hereto agree as follows: 

TERMS 
 1. CAPACITY AND DUTIES 

1.1 Employment; Acceptance of Employment. Company hereby employs Executive effective August 15, 2015 (the “Start Date”),
and Executive hereby agrees to begin employment by Company for the period and upon the terms and conditions hereinafter set forth. 
 1.2
Capacity and Duties. 
 (a) Executive shall serve as Chief Financial Officer of Company. Executive shall perform such duties and shall
have such authority consistent with his position as may from time to time be specified by the Chief Executive Officer of Company. Executive shall report directly to the Chief Executive Officer of Company and his principal place of business shall be
Company’s office in Bermuda. It is recognised that extensive travel may be necessary or appropriate in connection with the performance of Executive’s duties hereunder. 

(b) Executive shall devote his full working time and energy, skill and best efforts to the performance of his duties hereunder, in a manner that will
comply with Company’s rules and policies and will faithfully and diligently further the business and interests of Company. Executive shall not be employed by or participate or engage in or in any manner be a part of the management or operation
of any business enterprise other than Company without the prior written consent of Company, which consent may be granted or withheld in the reasonable discretion of the Board of Directors of Company. Notwithstanding anything herein to the contrary,
nothing shall preclude Executive from (i) serving on the boards of directors of a reasonable number of other corporations or the boards of a reasonable number of trade associations and/or charitable organizations, (ii) engaging in
charitable, community and other business affairs, and (iii) managing his personal investments and affairs, provided that such activities do not materially interfere with the proper performance of his responsibilities and duties hereunder. 

 2. TERM OF EMPLOYMENT 

2.1 Term. The term of Executive’s employment hereunder shall commence on the Start Date and end on December 31, 2017, as further
extended or unless sooner terminated in accordance with the other provisions hereof (the “Term”). Except as hereinafter provided, on December 31, 2017 and on each subsequent anniversary thereof, the Term shall be automatically
extended for one year unless either party shall have given to the other party written notice of termination of this Agreement at least 120 days prior to such anniversary. If written notice of termination is given as provided above, Executive’s
employment under this Agreement shall terminate on the last day of the Term. 
 3. COMPENSATION 

3.1 Basic Compensation. As compensation for Executive’s services during the first twelve months of the Term, Company shall pay to
Executive a salary at the annual rate of $1,000,000 payable in periodic installments in accordance with Company’s regular payroll practices in effect from time to time. For each subsequent twelve-month period of Executive’s employment
hereunder, Executive’s salary shall be in the amount of his initial annual salary with such increases, as may be established by the Compensation Committee of the Board of Directors of Company in its discretion. Once increased, Executive’s
annual salary cannot be decreased without the written consent of Executive. Executive’s annual salary, as determined in accordance with this Section 3.1, is hereinafter referred to as his “Base Salary.” 

3.2 Performance Bonus. Executive shall, following the completion of each fiscal year of Company during the Term, be eligible for a
performance bonus in accordance with Company’s performance bonus plan. Executive shall also be eligible for additional equity and other incentive awards, at a level commensurate with his position and in accordance with the policies and
practices of the Company. 
 3.3 Employee Benefits. During the Term, Executive shall be entitled to participate in such of
Company’s employee benefit plans and benefit programs, as may from time to time be provided by Company. In addition, during the Term, Executive shall be entitled to the following: 

(a) a life insurance policy in the amount of five times the Executive’s Base Salary, provided that Executive assists Company in the procurement of
such policy (including, without limitation, submitting to any required physical examinations and completing accurately any applicable applications and or questionnaires); 

  
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 (b) fully comprehensive medical and dental coverage on a worldwide basis for the Executive, his spouse and
dependents and an annual medical examination for same; 
 (c) long term disability coverage, including coverage for serious illness, and full
compensation paid by Company during the period up to and until Executive begins receiving benefits under such long term disability plan. In the event that the generally applicable group long-term disability plan contains a limitation on benefits
that would result in Executive’s being entitled to benefit payments under such plan which are less than 50% of his salary, Company shall provide Executive with an individual disability policy paying a benefit amount that, when coupled with the
group policy benefit payable, would provide Executive with aggregate benefits in connection with his long-term disability equal to 50% of such salary (provided that, if an individual policy cannot be obtained for such amount on commercially
reasonable rates and on commercially reasonable terms, Company shall provide Executive with a policy providing for the greatest amount of individual coverage that is available on such standard terms and rates). Provision of any individual disability
policy will also be contingent upon Executive being able to be insured at commercially reasonable rates and on commercially reasonable terms and upon Executive assisting Company in the procurement of such policy (including, without limitation,
submitting to any required physical examinations and completing accurately any applicable applications and or questionnaires); and 
 (d) annual
payment from the Company of an amount equal to 10% of Executive’s Base Salary towards Executive’s own pension plan (anticipated to be paid on or before April 1st in respect of the preceding calendar year). 

3.4 Vacation. During the Term, Executive shall be entitled to a paid vacation of 30 days per year (although for the remainder of 2015 this
shall be 15 days). 
 3.5 Expense Reimbursement. Company shall reimburse Executive for all reasonable out-of-pocket expenses incurred by
him in connection with the performance of his duties hereunder in accordance with its regular reimbursement policies as in effect from time to time. 
 4. TERMINATION
OF EMPLOYMENT 
 4.1 Death of Executive. If Executive dies during the Term, and for the year in which Executive dies, Company achieves
the performance goals established in accordance with any incentive plan in which Executive participates, Company shall pay Executive’s estate an amount equal to the bonus that Executive would have received had he been employed by Company for
the full year, multiplied by a fraction, the numerator of which is the number of calendar days Executive was employed in such year and the denominator of which is 365. In addition, Executive’s spouse and dependents (if any) shall be entitled
for a period of 24 months, to continue to receive medical benefits coverage (as described in Section 3.3) at Company’s expense if and to the extent Company was paying for such benefits for Executive’s spouse and dependents at the time
of Executive’s death. 

  
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 4.2 Disability. 

(a) If Executive is or has been materially unable for any reason to perform his duties hereunder for 120 days during any period of 150 consecutive days,
Company shall have the right to terminate Executive’s employment upon 30 days’ prior written notice to Executive at any time during the continuation of such inability, in which event Company shall thereafter be obligated to continue to pay
Executive’s Base Salary for a period of 24 months, periodically in accordance with Company’s regular payroll practices and, within 30 days of such notice, shall pay any other amounts (including salary, bonuses, expense reimbursement, etc.)
that have been fully earned by, but not yet paid to, Executive under this Agreement as of the date of such termination. The amount of payments to Executive under disability insurance policies paid for by Company shall be credited against and shall
reduce the Base Salary otherwise payable by Company following termination of employment. If, for the year in which Executive’s employment is terminated pursuant to this Section, Company achieves the performance goals established in accordance
with any incentive plan in which Executive participates, Company shall pay Executive an amount equal to the bonus that Executive would have received had he been employed by Company for the full year, multiplied by a fraction, the numerator of which
is the number of calendar days Executive was employed in such year and the denominator of which is 365. Executive shall be entitled to continue to receive at Company’s expense medical benefits coverage (as described in Section 3.3) for
Executive and Executive’s spouse and dependents (if any) if and to the extent Company was paying for such benefits to Executive and Executive’s spouse and dependents at the time of such termination, until the earlier of: (1) a period
of 24 months from the date Executive is terminated pursuant to this Section 4.2, or (2) the date Executive begins new employment at an organization offering a comprehensive major medical health plan for Executive and Executive’s
spouse and dependents (regardless of payment policies in effect at such organization). 
 4.3 Termination for Cause. Executive’s
employment hereunder shall terminate immediately upon notice that the Board of Directors of Company is terminating Executive for Cause (as defined herein), in which event Company shall not thereafter be obligated to make any further payments
hereunder other than amounts (including salary, expense reimbursement, etc.) that have been fully earned by, but not yet paid to, Executive under this Agreement as of the date of such termination. “Cause” shall mean (a) fraud or
dishonesty in connection with Executive’s employment that results in a material injury to Company, (b) conviction of any felony or crime involving fraud or misrepresentation or (c) after Executive has received written notice of the
specific material and continuing failure of Executive to perform his duties hereunder (other than death or disability) and has failed to cure such failure within 30 days of receipt of the notice, or (d) material and continuing failure to follow
reasonable instructions of the Board of Directors after Executive has received at least prior written notice of the specific material and continuing failure to follow instructions and has failed to cure such failure within 30 days of receipt of the
notice. 

  
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 4.4 Termination without Cause or for Good Reason. 

(a) If (1) Executive’s employment is terminated by Company for any reason other than Cause, the death or disability of Executive, or at the
natural end of the then-current Term following the provision of due notice pursuant to Section 2.1, or (2) Executive’s employment is terminated by Executive for Good Reason (as defined herein): 

(i) Company shall pay Executive any amounts (including salary, bonuses, expense reimbursement, etc.) that have been fully earned by, but not yet paid
to, Executive under this Agreement as of the date of such termination; 
 (ii) Company shall pay Executive a lump sum amount equal to two times the
Base Salary payable to him; 
 (iii) Executive shall be entitled to continue to receive at Company’s expense medical benefits coverage (as
described in Section 3.3) for Executive and Executive’s spouse and dependents (if any) if and to the extent Company was paying for such benefits to Executive and Executive’s spouse and dependents at the time of such termination until
the earlier of: (A) a period of 24 months from the date Executive is terminated pursuant to this Section 4.4, or (B) the date Executive begins new employment at an organization offering a comprehensive major medical health plan for
Executive and Executive’s spouse and dependents (regardless of payment policies in effect at such organization); 
 (iv) Anything to the
contrary in any other agreement or document notwithstanding, each outstanding equity incentive award granted to Executive before, on or within three years after the date hereof shall become immediately vested and exercisable on the date of such
termination; and 
 (v) In addition, if, for the year in which Executive is terminated, Company achieves the performance goals established in
accordance with any incentive plan in which Executive participates, Company shall pay an amount equal to the bonus that Executive would have received had he been employed by Company for the full year. 

(b) Upon making the payments described in this Section 4.4, Company shall have no further obligation to Executive under this Agreement. 

(c) “Good Reason” shall mean the following: 

(i) material breach of Company’s obligations hereunder, provided that Executive shall have given written notice thereof to Company, and Company
shall have failed to remedy the circumstances within 30 days; 

  
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 (ii) the relocation of Executive’s principal business office outside of Bermuda without the
Executive’s prior agreement; or 
 (iii) any material reduction in Executive’s duties or authority. 

4.5 Change in Control. 
 (a) If,
during the Term, there should be a Change of Control (as defined herein), and within 1 year thereafter either (i) Executive’s employment should be terminated for any reason other than for Cause or (ii) Executive terminates his
employment for Good Reason (as defined in Section 4.4): 
 (i) Company shall pay Executive any amounts (including salary, bonuses, expense
reimbursement, etc.) that have been fully earned by, but not yet paid to, Executive under this Agreement as of the date of such termination; 
 (ii)
Company shall pay Executive a lump sum amount equal to two times Executive’s then current Base Salary; 
 (iii) Executive shall be entitled to
continue to receive at Company’s expense medical benefits coverage (as described in Section 3.3) for Executive and Executive’s spouse and dependents (if any) if and to the extent Company was paying for such benefits to Executive and
Executive’s spouse and dependents at the time of such termination until the earlier of: (A) a period of 24 months from the date Executive is terminated in a manner subject to this Section 4.5, or (B) the date Executive begins new
employment at an organization offering a comprehensive major medical health plan for Executive and Executive’s spouse and dependents (regardless of payment policies in effect at such organization); 

(iv) Anything to the contrary in any other agreement or document notwithstanding, each outstanding equity incentive award granted to Executive before,
on or after the date hereof shall become immediately vested and exercisable on the date of such termination; and 
 (v) In addition, if, for the year
in which Executive is terminated, Company achieves the performance goals established in accordance with any incentive plan in which Executive participates, Company shall pay an amount equal to the bonus that Executive would have received had he been
employed by Company for the full year. 
 (b) Upon making the payments described in this Section 4.5, Company shall have no further obligation to
Executive under this Agreement. 
 (c) A “Change in Control” of Company shall mean: 

  
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 (i) the acquisition by any person, entity or “group” required to file a Schedule 13D or Schedule
14D-1 under the Securities Exchange Act of 1934 (the “1934 Act”) (excluding, for this purpose, Company, its subsidiaries, any employee benefit plan of Company or its subsidiaries which acquires ownership of voting securities of Company,
and any group that includes Executive) of beneficial ownership (within the meaning of Rule 13d-3 under the 1934 Act) of 50% or more of either the then outstanding ordinary shares or the combined voting power of Company’s then outstanding voting
securities entitled to vote generally in the election of directors; 
 (ii) the election or appointment to the Board of Directors of Company, or
resignation of or removal from the Board, of directors with the result that the individuals who as of the date hereof constituted the Board (the “Incumbent Board”) no longer constitute at least a majority of the Board, provided that any
person who becomes a director subsequent to the date hereof whose appointment, election, or nomination for election by Company’s shareholders, was approved by a vote of at least a majority of the Incumbent Board (other than an appointment,
election or nomination of an individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of the directors of Company) shall be, for purposes of this Agreement, considered as
though such person were a member of the Incumbent Board; or 
 (iii) consummation of: (i) a reorganization, merger or consolidation by reason of
which persons who were the shareholders of Company immediately prior to such reorganization, merger or consolidation do not, immediately thereafter, own more than 50% of the combined voting power of the reorganized, merged or consolidated
company’s then outstanding voting securities entitled to vote generally in the election of directors, or (ii) a liquidation or dissolution of Company or the sale, transfer, lease or other disposition of all or substantially all of the
assets of Company (whether such assets are held directly or indirectly). 
 4.6 Execution of Release. In the event Executive’s
employment is terminated pursuant to Sections 4.2, 4.4, or 4.5, it shall be a condition precedent of receipt of the payments and benefits specified in such sections (other than any amounts (including salary, bonuses, expense reimbursement, etc.)
that have been fully earned by, but not yet paid to Executive under this Agreement as of the date of such termination) that: (a) Executive executes (and does not revoke) a full and complete release of Company under this Agreement, all benefit
plans in which Executive participates and all applicable laws and regulations and (b) Executive remains in full compliance with the restrictive covenants set forth in Section 5 and Exhibit A. 

5. RESTRICTIVE COVENANTS 
 5.1 Restrictive Covenants. 

(a) Executive acknowledges that he is one of a small number of key executives and that in such capacity, he will have access to confidential information
of 

  
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the Company and will engage in key client relationships on behalf of the Company and that it is fair and reasonable for protection of the legitimate interests of the Company and the other key
executives of the Company that he should accept the restrictions described in Exhibit A hereto. 
 (b) Promptly following Executive’s termination
of employment, Executive shall return to the Company all property of the Company, and all documents, accounts, letters and papers of every description relating to the affairs and business of the Company or any of its subsidiaries, and copies thereof
in Executive’s possession or under his control. 
 (c) Executive acknowledges and agrees that the covenants and obligations of Executive in
Exhibit A and this Section 5.1 relate to special, unique and extraordinary matters and that a violation of any of the terms of such covenants and obligations will cause the Company irreparable injury for which adequate remedies are not
available at law. Therefore, Executive agrees that the Company shall be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond) restraining Executive from committing any violation of the
covenants and obligations contained in Exhibit A and this Section 5.1. These injunctive remedies are cumulative and are in addition to any other rights and remedies the Company may have at law or in equity. 

(d) Executive agrees that if he applies for, or is offered employment by (or is to provide consultancy services to) any other person, firm, company,
business entity or other organization whatsoever (other than an affiliate of the Company) during the restriction periods set forth in Exhibit A, he shall promptly, and before entering into any contract with any such third party, provide to such
third party a full copy of Exhibit A and this Section 5.1 in order to ensure that such other party is fully aware of Executive’s obligations hereunder. 

5.2 Intellectual Property Rights. Executive recognizes and agrees that Executive’s duties for the Company may include the preparation
of materials, including written or graphic materials for the Company or its affiliate, and that any such materials conceived or written by Executive shall be done within the scope of his employment as a “work made for hire.” Executive
agrees that because any such work is a “work made for hire,” the Company (or the relevant affiliate of the Company) will solely retain and own all rights in said materials, including rights of copyright. Executive agrees to disclose and
assign to the Company his entire right, title and interest in and to all inventions and improvements related to the Company’s business or to the business of the Company’s affiliates (including, but not limited to, all financial and sales
information), whether patentable or not, whether made or conceived by him individually or jointly with others at any time during his employment by the Company hereunder. Such inventions and improvements are to become and remain the property of the
Company and Executive shall take such actions as are reasonably necessary to effectuate the foregoing. 

  
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 6. MISCELLANEOUS 
 6.1
Key Employee Insurance. Company shall have the right at its expense to purchase insurance on the life of Executive, in such amounts as it shall from time to time determine, of which Company shall be the beneficiary. Executive shall
submit to such physical examinations as may reasonably be required and shall otherwise cooperate with Company in obtaining such insurance. 
 6.2
Indemnification/Litigation. Company shall indemnify and defend Executive against all claims arising out of Executive’s activities as an officer or employee of Company or its affiliates to the fullest extent permitted by law and
under Company’s organizational documents. At the request of Company, Executive shall during and after the Term render reasonable assistance to Company in connection with any litigation or other proceeding involving Company or any of its
affiliates. Company shall provide reasonable compensation to Executive for such assistance rendered after the Term. 
 6.3 No
Mitigation. In no event shall Executive be required to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under this Agreement, and such amounts shall not be reduced whether or not
Executive obtains other employment after termination of his employment hereunder (other than as expressly set forth in Sections 4.2, 4.4(a)(iii), and 4.5(a)(iii) related to medical benefits). 

6.4 Severability. The invalidity or unenforceability of any particular provision or part of any provision of this Agreement shall not
affect the other provisions or parts hereof. 
 6.5 Assignment; Benefit. This Agreement shall not be assignable by Executive, and shall
be assignable by Company to any person or entity which may become a successor in interest (by purchase of assets or stock, or by merger, or otherwise) to Company in the business or substantially all of the business presently operated by it. Subject
to the foregoing, this Agreement and the rights and obligations set forth herein shall inure to the benefit of, and be binding upon, the parties hereto and each of their respective permitted successors, assigns, heirs, executors and administrators.

 6.6 Notices. All notices hereunder shall be in writing and shall be sufficiently given if hand-delivered, sent by documented
overnight delivery service or registered or certified mail, postage prepaid, return receipt requested or by e-mail or facsimile, receipt acknowledged, addressed as set forth below or to such other person and/or at such other address as may be
furnished in writing by any party hereto to the other. Any such notice shall be deemed to have been given as of the date received, in the case of personal delivery, or on the date shown on the receipt or confirmation therefor, in all other cases.
Any and all service of process and any other notice in any action, suit or proceeding shall be effective against any party if given as provided in this Agreement; provided that nothing herein shall be deemed to affect the right of any party to serve
process in any other manner permitted by law. 

  
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 (a) If to Company: 

Enstar Group Limited 

P.O. Box HM 2267 

Windsor Place, 3rd Floor 

22 Queen Street 

Hamilton HM JX 

Bermuda 
 Attention:
Paul O’Shea 
 (b) If to Executive: 

Mark Smith 

(Pursuant to Address on file with Company’s Human Resources Department as his primary residence) 

6.7 Entire Agreement; Modification; Advice of Counsel. 

(a) This Agreement constitutes the entire agreement between the parties hereto with respect to the matters contemplated herein and supersedes all prior
agreements and understandings with respect thereto. No addendum, amendment, modification, or waiver of this Agreement shall be effective unless in writing. Neither the failure nor any delay on the part of any party to exercise any right or remedy
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy preclude any other or further exercise of the same or of any other right or remedy with respect to such occurrence or with respect to any
other occurrence. 
 (b) Executive acknowledges that he has been afforded an opportunity to consult with his counsel with respect to this Agreement.

 6.8 Governing Law. This Agreement is made pursuant to, and shall be construed and enforced in accordance with, the laws of Bermuda,
to the extent applicable, without giving effect to otherwise applicable principles of conflicts of law. 
 6.9 Headings; Counterparts.
The headings of paragraphs in this Agreement are for convenience only and shall not affect its interpretation. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original and all of which, when taken
together, shall be deemed to constitute the same Agreement. 

  
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 6.10 Further Assurances. Each of the parties hereto shall execute such further instruments
and take such additional actions as the other party shall reasonably request in order to effectuate the purposes of this Agreement. 
 IN WITNESS
WHEREOF, the parties have executed this Agreement as of the date first above written. 
  

			
	ENSTAR GROUP LIMITED
		
	By:	 	/s/ Dominic Silvester
		 	Name: Dominic Silvester
		 	Title: Chief Executive Officer
		
		 	    /s/ Mark Smith
		 	    Mark Smith

  
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 Exhibit A 

Restrictive Covenants 
  

	 	A.	Noncompetition. During the Term and for a period of twelve (12) months after Executive’s employment terminates (the “Restriction Period”), Executive shall not, without the prior written
permission of the Board, directly or indirectly engage in any Competitive Activity. The term “Competitive Activity” shall include (i) entering the employ of, or rendering services to, any person, firm or corporation engaged in the
insurance and reinsurance run-off or any other business in which the Company or any of its affiliates has been engaged at any time during the last twelve months of the Term and to which Executive has rendered services or about which Executive has
acquired Confidential Information or by which Executive has been engaged at any time during the last twelve months of his period of employment hereunder and in each case in any jurisdiction in which the Company or any of its affiliates has conducted
substantial business (hereinafter defined as the “Business”); (ii) engaging in the Business for Executive’s own account or (becoming interested in any such Business, directly or indirectly, as an individual, partner, shareholder,
member, director, officer, principal, agent, employee, trustee, consultant, or in any other similar capacity; provided, however, nothing in this Paragraph A shall prohibit Executive from owning, solely as a passive investment, 5% or less of the
total outstanding securities of a publicly-held company, or any interest held by Executive in a privately-held company as of the date of this Agreement; provided further that the provisions of this Paragraph A shall not apply in the event
Executive’s employment with the Company is terminated without Cause or with Good Reason. 

  

	 	B.	 Confidentiality. Without the prior written consent of the Company, except to the extent required by an order of a court having competent jurisdiction or
under subpoena from an appropriate regulatory authority, Executive shall not disclose and shall use his best endeavours to prevent the disclosure of any trade secrets, customer lists, market data, marketing plans, sales plans, management
organization information (including data and other information relating to members of the Board and management), operating policies or manuals, business plans or financial records, or other financial, commercial, business or technical information
relating to the Company or any of its subsidiaries or affiliates or information designated as confidential or proprietary that the Company or any of its subsidiaries or affiliates may receive belonging to clients or others who do business with the
Company or any of its subsidiaries or affiliates (collectively, “Confidential Information”) to any third person unless such Confidential Information has been previously disclosed to the public by the Company or any of its
subsidiaries or affiliates or is in the public domain (other than by reason of Executive’s breach of this Paragraph B). In the event that Executive is required to disclose Confidential Information in a legal proceeding, Executive shall provide

  
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the Company with notice of such request as soon as reasonably practicable, so that the Company may timely seek an appropriate protective order or waive compliance with this Paragraph B, except if
such notice would be unlawful or would place Executive in breach of an undertaking he is required to give by law or regulation. 

  

	 	C.	Non-Solicitation of Employees. During the Restriction Period, Executive shall not, without the prior written permission of the Board, directly or indirectly induce any Senior Employee of the Company or any of its
affiliates to terminate employment with such entity, and shall not directly or indirectly, either individually or as owner, agent, employee, consultant or otherwise, offer employment to or employ any Senior Employee unless such person shall have
ceased to be employed by the Company or any affiliate for a period of at least six (6) months. For the purpose of this Paragraph C, “Senior Employee” shall mean a person who, at any time during the last twelve months of
Executive’s period of employment hereunder: 

 (i) is engaged or employed (other than in a clerical, secretarial or administrative
capacity) as an employee, director or consultant of the Company or its affiliates; and 
 (ii) is or was engaged in a capacity in which he obtained
Confidential Information; and 
 (iii) had personal dealings with Executive. 

 

	 	D.	Non-Disparagement. Executive shall not do or say anything adverse or harmful to, or otherwise disparaging of, the Company or its subsidiaries and their respective goodwill. The Company shall not, and shall use
reasonable efforts to ensure that its officers, directors, employees and subsidiaries do not do or say anything adverse or harmful to, or otherwise disparaging of, Executive and his goodwill; provided that no action by either party in
connection with the enforcement of its rights hereunder shall be construed as a violation of this Paragraph D. 

  

	 	E.	Definition. In this Exhibit A, “directly or indirectly” (without prejudice to the generality of the expression) means whether as principal or agent (either alone or jointly or in partnership with any
other person, firm or company) or as a shareholder, member or holder of loan capital in any other company or being concerned or interested in any other person, firm or company and whether as a director, partner, consultant, employee or otherwise.

  

	 	F.	Severability. Each of the provisions contained in this Exhibit A is and shall be construed as separate and severable and if one or more of such provisions is held to be against the public interest or unlawful or
in any way an unreasonable restraint of trade or unenforceable in whole or in part for any reason, the remaining provisions of this Exhibit A or part thereof, as appropriate, shall continue to be in full force and effect. 

  
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 Exhibit 10.4 

TERMINATION AND WAIVER AGREEMENT 

This TERMINATION AND WAIVER AGREEMENT (this “Agreement”) is entered into as of June 3, 2015, by and among First
Reserve Fund XII, L.P., a Cayman Islands limited partnership (“FRF”), FR XII-A Parallel Vehicle, L.P., a Cayman Islands limited partnership (“FRA”), FR XI Offshore AIV, L.P., a Cayman Islands limited partnership
(“FR AIV”), FR Torus Co-Investment, L.P., a Cayman Islands limited partnership (“FRT” and together with FRF, FRA and FR AIV, the “Waiving Parties” and each a “Waiving Party”) and
Enstar Group Limited, a Bermuda company (“Enstar”). Capitalized terms used herein without definitions shall have the respective meanings given to such terms in the Purchase Agreement (as defined below). 

WHEREAS, the Waiving Parties and Enstar are each parties to (i) that certain Shareholder Rights Agreement, dated as of
April 1, 2014, a copy of which is attached hereto as Exhibit A (the “Shareholder Rights Agreement”) and (ii) that certain letter agreement, dated April 1, 2014, a copy of which is attached hereto as Exhibit
B (the “VCOC Letter”); 
 WHEREAS, on or about the date hereof, the Waiving Parties and Canada Pension Plan
Investment Board, a Canadian federal Crown corporation (“CPPIB”) entered into a Securities Purchase Agreement (the “Purchase Agreement”), pursuant to which the Waiving Parties have agreed to (i) waive their
respective rights under the Shareholder Rights Agreement and (ii) acknowledge the termination of the VCOC Letter; 
 WHEREAS, on
or about the date hereof, Enstar has consented to the assignment of certain rights held by the Waiving Parties under that certain Registration Rights Agreement dated as of April 1, 2014 to CPPIB; and 

WHEREAS, the Waiving Parties desire to waive their respective rights under the Shareholder Rights Agreement and acknowledge the
termination of the VCOC Letter, all on the terms and subject to the conditions set forth herein. 
 NOW, THEREFORE, in consideration
of the foregoing and other good and valuable consideration, the Waiving Parties and Enstar hereby agree as follows: 
 1. Waiver of
Rights Under the Shareholder Rights Agreement. Upon the effectiveness of the Closing, the Waiving Parties hereby waive, effective on and as of the Closing Date, any and all rights of the First Reserve Shareholder (as such term is defined in the
Shareholder Rights Agreement) under the Shareholder Rights Agreement. 
 2. Termination of the VCOC Letter. Upon the effectiveness of
the Closing, the Waiving Parties hereby agree that the VCOC Letter shall terminate and be of no further force or effect. 
 3.
Indemnification. The Waving Parties shall indemnify, defend and hold harmless Enstar and its officers, directors, employees and affiliates from any actual damages, losses, liabilities, obligations, claims of any kind, interest and reasonable out-of-pocket expenses (including reasonable attorneys’ fees and expenses) suffered or paid, directly or indirectly, as a result of, in connection with, or arising out of
any breach or alleged breach of the Shareholder Rights Agreement as a result of the transactions contemplated by this Agreement or the Purchase Agreement. 

 4. Miscellaneous. This Agreement embodies the entire agreement and understanding of the
parties hereto with respect to the subject matter hereof and supersedes all prior written and contemporaneous oral agreements, representations, warranties, contracts, correspondence, conversations, memoranda and understandings between or among the
parties or any of their agents, representatives or affiliates relative to such subject matter (except as otherwise expressly set forth herein). This Agreement may be executed in counterparts, each of which shall be deemed an original, but both of
which taken together shall constitute one and the same instrument. Any counterpart or other signature hereupon delivered by facsimile or other electronic means shall be deemed for all purposes as constituting good and valid execution and delivery of
this Agreement by such party. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or
unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and
enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without regard to
principles of conflicts of laws. Each party hereto hereby agrees to execute and deliver, or cause to be executed and delivered, such other documents, instruments and agreements, and take such other actions consistent with the terms of this Agreement
as may be reasonably necessary in order to accomplish the transactions contemplated by this Agreement. 
 [REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK] 

  
 - 2 - 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed as of the
date first above written. 
  

					
	WAIVING PARTIES
	
	First Reserve Fund XII, L.P.
	
	By: First Reserve GP XII, L.P., its general partner
	By: First Reserve GP XII Limited, its general partner
		
	By:	 	 /s/ Kenneth W. Moore

		 	Name:	 	Kenneth W. Moore
		 	Title:	 	Director
	
	FR XII-A Parallel Vehicle, L.P.
	
	By: First Reserve GP XII, L.P., its general partner
	By: First Reserve GP XII Limited, its general partner
		
	By:	 	 /s/ Kenneth W. Moore

		 	Name:	 	Kenneth W. Moore
		 	Title:	 	Director
	
	FR XI Offshore AIV, L.P.
	
	By: FR XI Offshore GP, L.P., its general partner
	By: FR XI Offshore GP Limited, its general partner
		
	By:	 	 /s/ Kenneth W. Moore

		 	Name:	 	Kenneth W. Moore
		 	Title:	 	Director
	
	FR Torus Co-Investment, L.P.
	
	By: First Reserve GP XII Limited, is general partner
		
	By:	 	 /s/ Kenneth W. Moore

		 	Name:	 	Kenneth W. Moore
		 	Title:	 	Director

  
 [Signature Page to
Termination and Waiver Agreement] 

 
					
	ENSTAR
	
	Enstar Group Limited
		
	By:	 	 /s/ Dominic F. Silvester

		 	Name:	 	Dominic F. Silvester
		 	Title:	 	Chief Executive Officer

  
 [Signature Page to
Termination and Waiver Agreement] 

 Exhibit A 

Shareholder Rights Agreement 
 See
Attached. 

 SHAREHOLDER RIGHTS AGREEMENT 

This SHAREHOLDER RIGHTS AGREEMENT, dated as of April 1, 2014 (this “Agreement”), is made among ENSTAR GROUP LIMITED, a
Bermuda company (the “Company”), and FR XI Offshore AIV, L.P., First Reserve Fund XII, L.P., FR XII A Parallel Vehicle L.P. and FR Torus Co-Investment, L.P. (collectively, the “First Reserve Shareholder”) and
Corsair Specialty Investors, L.P. (the “Corsair Shareholder”, and together with the First Reserve Shareholder, the “Shareholders” or individually a “Shareholder”). 

WITNESSETH: 
 A. On
March 11, 2014, the Company, Veranda Holdings Ltd., a Bermuda company and an indirect subsidiary of the Company (“Amalgamation Sub”), Hudson Securityholders Representative LLC, a Delaware limited liability company, and Torus
Insurance Holdings Limited, a Bermuda company (“Torus”), entered into an Amended and Restated Agreement and Plan of Amalgamation (the “Amalgamation Agreement”), pursuant to which Amalgamation Sub and the Company
will amalgamate under the laws of Bermuda (the “Amalgamation”). 
 B. In connection with the Amalgamation and pursuant to
the Amalgamation Agreement, the Shareholders will acquire shares of Parent Common Stock (as defined in the Amalgamation Agreement) (“Parent Shares”). 

C. In order to induce the Shareholders to accept the Parent Shares as a portion of the total consideration for entering into the Amalgamation
Agreement, the Company has agreed to provide the rights set forth in this Agreement. 
 D. Capitalized terms used in this Agreement and set
forth in Section 1.01 are used as defined in Section 1.01. Capitalized terms used in this Agreement that are not defined in this Agreement shall have the meanings ascribed to such terms in the Amalgamation Agreement. 

Now, therefore, the parties hereto agree as follows: 

ARTICLE 1 
 DEFINITIONS 

Section 1.01. Definitions. As used in this Agreement, the following terms have the following meanings: 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under
common control with such Person; provided that, for purposes of this Agreement, the Company shall not be deemed an Affiliate of any Shareholder, and no Shareholder shall be deemed an Affiliate of the Company. For purposes of this definition, when
used with respect to any Person, “control” 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 correlative meanings. 

 “Applicable Law” means, with respect to any Person, any transnational, domestic
or foreign federal, state or local law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling or other similar requirement enacted, adopted, promulgated or
applied by a Governmental Authority that is binding upon or applicable to such Person, as amended unless expressly specified otherwise. 

“Business Day” means a day, other than Saturday, Sunday or other day on which commercial banks in New York, New York or
Hamilton, Bermuda are authorized or required by Applicable Law to close. 
 “CFC” means a “controlled foreign
corporation” within the meaning of section 957 of the Code. 
 “Code” means the Internal Revenue Code of 1986. 

“Governmental Authority” means any transnational, domestic or foreign federal, state or local governmental, regulatory or
administrative authority, department, court, agency or official, including any political subdivision thereof. 
 “Person”
means an individual, corporation, partnership, limited liability company, association, trust or other entity or organization, including a Governmental Authority. 

“PFIC” means a passive foreign investment company, within the meaning of Section 1297 of the Code. 

“Subsidiary” means any entity of which securities or other ownership interests having ordinary voting power to elect a
majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by the Company. 

“United States Shareholder” means a “United States shareholder” within the meaning of Section 951 of the Code.

 Section 1.02. Other Definitional and Interpretative Provisions. The words “hereof”, “herein” and
“hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for convenience of reference only and shall be
ignored in the construction or interpretation hereof. All Exhibits annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any singular term in this Agreement shall be deemed
to include the plural, and any plural term the singular. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without
limitation”, whether or not they are in fact followed by those words or words of like import. References to any statute shall be deemed to refer to such statute as amended from time to time and to any rules or regulations promulgated
thereunder. References to any Person include the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise specified, from and including or through and including, respectively. References to
“law”, “laws” or to a particular statute or law shall be deemed also to include all Applicable Law. 

  
 - 2 - 

 ARTICLE 2 

CERTAIN COVENANTS 

Section 2.01. Board of Directors and Certain VCOC Rights. 

(a) Effective as of the Closing, the Board of Directors of the Company (the “Company Board”) shall adopt a resolution to
appoint to the Company Board, effective as of the Closing Date, one nominee of the First Reserve Shareholder to serve as a Class III director on the Company Board until the Company’s 2015 annual meeting. Beginning with such annual meeting of
the Company’s shareholders or at any meeting of the shareholders of the Company at which the Class III directors of the Company Board are to be elected, or whenever such members of the Company Board are to be elected by written consent, the
Company will include in the slate of directors recommended for election to Class III by the Company Board to the shareholders of the Company one member of the Company Board designated by the First Reserve Shareholder, and will use its commercially
reasonable efforts, subject to the fiduciary duties of the Company Board under Applicable Law, to take all action necessary (including the solicitation of proxies on such person’s behalf) to ensure such person is elected by the shareholders of
the Company as a Class III director of the Company Board. 
 (b) In the event of resignation, death, removal or disqualification of a
director nominated by the First Reserve Shareholder in accordance with this Section 2.01 and subsequently elected to the Company Board, the First Reserve Shareholder shall promptly designate a replacement director, and the Company will use its
commercially reasonable efforts, subject to the fiduciary duties of the Company Board under Applicable Law, to take all action necessary to ensure that such person is elected to the Company Board as a Class III director. Any director nominated by
the First Reserve Shareholder in accordance with this Section 2.01 may be removed and replaced at any time and from time to time, with or without cause (subject to the bye-laws of the Company as in effect from time to time and any requirements
of Applicable Law), in the First Reserve Shareholder’s sole discretion. 
 (c) At the Closing, the Company will enter into a VCOC
rights letter in the form attached hereto as Exhibit A with each of the First Reserve Shareholder and the Corsair Shareholder. 
 (d)
At such time as the First Reserve Shareholder (together with its Affiliates) shall no longer beneficially own at least 75% of the total number of Parent Shares acquired by the First Reserve Shareholder under the Amalgamation Agreement (as adjusted
for stock splits, stock dividends and the like, and, for the avoidance of doubt, including any voting ordinary shares of Parent into which any shares of Parent Series B Non-Voting Preferred Stock (or any non-voting ordinary shares issuable upon
conversion thereof) acquired under the Amalgamation Agreement may be converted), clauses (a) and (b) of this Section 2.01 shall terminate and be of no further force or effect. 

Section 2.02. Certain Tax Matters. 

(a) Tax Return Information. The Company shall provide, from time to time, such additional information regarding the Company or any of
its Subsidiaries as any Shareholder may 

  
 - 3 - 

 
reasonably request, including any information or reports (i) required by reason of reporting or regulatory requirements to which any Shareholder (or any direct or indirect investor therein)
is subject, or (ii) that it is obligated to have available regarding taxation matters. The Company shall promptly furnish to any Shareholder information reasonably requested to enable such Shareholder or its investors to comply with any
applicable tax reporting requirements with respect to the acquisition, ownership, or disposition of, and income attributable to, any Parent Shares held by such Shareholder, including such information as may be reasonably requested by such
Shareholder to complete U.S. federal, state or local or non-U.S. income tax returns or to provide such information to its investors. 
 (b)
PFIC and CFC Information. 
  

	 	(i)	The Company shall, upon reasonable request by any Shareholder, timely make available to such Shareholder such information as will reasonably permit such Shareholder to determine whether the Company or any of its
Subsidiaries is expected to be, or was, a PFIC or a CFC for any taxable year. 

  

	 	(ii)	If the Company determines that it is or any of its Subsidiaries is a CFC for any taxable year and that any Shareholder or Affiliate of Shareholder is a United States Shareholder of such CFC, the Company shall prepare an
annual statement that sets forth the amount that such United States Shareholder is required to include in taxable income on its U.S. tax returns by reason of the Company or such Subsidiary constituting a CFC for such taxable year, as well as any
other information required to comply with applicable CFC reporting requirements. If the Company determines that it or any of its Subsidiaries has become a CFC or ceased to be a CFC, the Company will provide prompt written notice to the Shareholders.

  

	 	(iii)	If any Shareholder reasonably determines that the Company or any of its Subsidiaries is, more likely than not, a CFC and that such Shareholder is a United States Shareholder of such CFC, notwithstanding any
determination by the Company to the contrary, the Company shall provide, and shall cause each Subsidiary to provide such Shareholder, its tax advisors and its other authorized representatives such information (or, in lieu of such information,
reasonable access to the offices, properties, employees, books and records of the Company and the Subsidiaries) as is necessary to enable such Shareholder to comply with the reporting requirements applicable to a United States Shareholder of a CFC.

  

	 	(iv)	 If the Company determines that it is, or is likely to become, a PFIC, or if Shareholder determines that there is a reasonable likelihood that the
Company constitutes a PFIC for any taxable year, the Company shall provide Shareholder with the information necessary in order for Shareholder or any direct or indirect investor therein, as the case may be, to conclude that the Company is not a
PFIC, or (A) upon the request of 

  
 - 4 - 

	 	
Shareholder, permit Shareholder to determine whether any Subsidiary is also a PFIC, (B) accurately prepare all tax returns and comply with any reporting requirements as a result of such
determination, and (C) timely and properly make an election under section 1295 of the Code to treat the Company (and any Subsidiary that the Company or Shareholder determines is likely to be a PFIC) as a “qualified electing fund” (a
“QEF Election”) and comply with the reporting requirements applicable to such a QEF Election. If the Company determines that it has become a PFIC or ceased to be a PFIC, the Company will provide prompt written notice to the
Shareholders. 

  

	 	(v)	At the request of any Shareholder, the Company will obtain professional assistance experienced in matters relating to the relevant aspects of the Code to the extent necessary to make the determinations and, if required,
to provide the information and statements described in this Section 2.02(b). 

 (c) Retention of Tax Information.
The Company hereby undertakes to keep, for so long as may be reasonably requested by any Shareholder, such documentation supporting such tax-related information supplied to such Shareholder as provided under Section 2.02(b). 

(d) Mitigation. The Company shall cooperate with the Shareholders in considering structures that mitigate any adverse PFIC or CFC tax
consequences, and in each case shall take such steps as any Shareholder reasonably requests to implement such structures. 
 (e) CFC
Matters. Each Shareholder shall use commercially reasonable efforts to prevent such Shareholder entity, or any of its Affiliates, from being treated as a United States Shareholder of the Company for any taxable year. 

Section 2.03. Tax or Other Investigations. From and after the date hereof, the Company shall keep each Shareholder informed, on a
current basis, of any events, discussions, notices or changes with respect to any tax (other than ordinary course communications which could not reasonably be expected to be material to the Company), criminal or regulatory investigation or action
involving the Company or any of its Subsidiaries, and shall reasonably cooperate with each Shareholder and its Affiliates in any effort to avoid or mitigate any cost or regulatory consequences to them that might arise from such investigation or
action (including by reviewing written submissions in advance, attending meetings with authorities and coordinating and providing assistance in meeting with regulators). 

Section 2.04. No Non-Competition Agreement. From and after the date hereof, neither the Company nor any of its Subsidiaries shall
enter into any contract, agreement, arrangement or understanding containing any provision or covenant that purports to, or could reasonably be expected to, limit in any respect the ability of any Shareholder or any of its Affiliates to (i) sell
any products or services of or to any other Person or in any geographic region, (ii) engage in any line of business, (iii) compete with or obtain products or services from any Person or (iv) except as may be required in connection
with any transaction with lenders to provide debt financing to the Company or any of its Subsidiaries, provide products or services to the Company or any of its Subsidiaries. 

  
 - 5 - 

 Section 2.05. Non-Promotion. From and after the date hereof, neither the Company nor
any of its Subsidiaries shall, without the prior written consent of any Shareholder or its applicable Affiliate, (a) except as may otherwise be required by Applicable Law or regulatory process, use in advertising, publicity, or otherwise the
name of such Shareholder or any of its Affiliates, or any partner or employee of such Shareholder or any of its Affiliates, nor any trade name, trademark, trade device, service mark, symbol or any abbreviation, contraction or simulation thereof
owned by such Shareholder or any of its Affiliates, or (b) represent, directly or indirectly, that any product or any service provided by the Company or any Subsidiary has been approved or endorsed by such Shareholder or any of its Affiliates.

 ARTICLE 3 
 MISCELLANEOUS 

Section 3.01. Notices. All notices, requests and other communications to any party hereunder shall be in writing (including
facsimile transmission and electronic mail (“e-mail”) transmission, so long as a receipt of such e-mail is requested and received) and shall be given, 

if to the First Reserve Shareholder, to: 
  

			
	FR XI Offshore AIV, L.P., First Reserve Fund XII, L.P., FR XII A
	Parallel Vehicle L.P. and FR Torus Co-Investment, L.P.
	One Lafayette Place,
	Greenwich, CT 06830
	Attention:	  	Alan Schwartz
	Facsimile:	  	(203) 625-8579
	E-mail:	  	aschwartz@firstreserve.com
	
	if to the Corsair Shareholder, to:
	
	Corsair Specialty Investors, L.P.
	c/o Corsair Capital LLC
	717 Fifth Avenue, 24th Floor
	New York, New York 10022
	Attention:	  	D.T. Ignacio Jayanti
		  	Cliff Brokaw
	Facsimile:	  	(212) 224-9445

  
 - 6 - 

			
	if to the Company, to:
	
	Enstar Group Limited
	P.O. Box HM 2267
	Windsor Place, 3rd Floor, 22 Queen Street
	Hamilton HM JX Bermuda
	Attention:	  	Richard J. Harris
	Facsimile:	  	(441) 296-7319
	E-mail:	  	richard.harris@enstargroup.bm
	
	with a copy to:
	
	Drinker Biddle & Reath LLP
	One Logan Square, Suite 2000
	Philadelphia, Pennsylvania 19103
	Attention:	  	Robert C. Juelke
	Facsimile:	  	(215) 988-2757
	E-mail:	  	robert.juelke@dbr.com

 or such other address or facsimile number as such party may hereafter specify for the purpose by notice to the other
parties hereto. All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a Business Day in the place of
receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt. 

Section 3.02. Amendments and Waivers. 

(a) Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed, in the
case of an amendment, by each party to this Agreement, or in the case of a waiver, by the party against whom the waiver is to be effective. 

(b) No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any
single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 

Section 3.03. Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns; provided that no party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the consent of each other party hereto; except that any
Shareholder may transfer or assign its rights and obligations under this Agreement, in whole or from time to time in part, to one or more of its Affiliates; provided that no such transfer or assignment shall relieve such Shareholder of its
obligations hereunder or enlarge, alter or change any obligation of any other party hereto or due to such Shareholder. 

  
 - 7 - 

 Section 3.04. Governing Law. This Agreement shall be governed by and construed in
accordance with the law of the State of New York, without regard to the conflicts of law rules of such state. 
 Section 3.05.
Jurisdiction. 
 (a) The parties hereto agree that any suit, action or proceeding seeking to enforce any provision of, or based on
any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in the United States District Court for the Southern District of New York or any New York State court sitting in New York City,
so long as one of such courts shall have subject matter jurisdiction over such suit, action or proceeding, and that any cause of action arising out of this Agreement shall be deemed to have arisen from a transaction of business in the State of New
York, and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law,
any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.
Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of process on such party as
provided in Section 3.01 shall be deemed effective service of process on such party. 
 (b) EACH FIRST RESERVE SHAREHOLDER HEREBY
IRREVOCABLY DESIGNATES CORPORATION SERVICE COMPANY, WITH AN OFFICE AT 1180 AVENUE OF THE AMERICAS, SUITE 210, NEW YORK, NY 10036-8401, THE CORSAIR SHAREHOLDER IRREVOCABLY DESIGNATES CORSAIR CAPITAL LLC, WITH AN OFFICE AT 717 FIFTH AVENUE, 24TH FLOOR, NEW YORK, NY 10022, AND THE COMPANY HEREBY IRREVOCABLY DESIGNATES ENSTAR (US) INC., WITH AN OFFICE AT 411 FIFTH AVENUE, FIFTH FLOOR, NEW YORK, NY 10016 (EACH SUCH DESIGNEE, IN SUCH CAPACITY,
THE “PROCESS AGENT”), AS ITS DESIGNEE, APPOINTEE AND AGENT TO RECEIVE, FOR AND ON ITS BEHALF SERVICE OF PROCESS IN SUCH JURISDICTION IN ANY LEGAL ACTION OR PROCEEDINGS WITH RESPECT TO THIS AGREEMENT OR ANY OTHER AGREEMENT EXECUTED IN
CONNECTION WITH THIS AGREEMENT, AND SUCH SERVICE SHALL BE DEEMED COMPLETE UPON DELIVERY THEREOF TO THE RESPECTIVE PROCESS AGENT; PROVIDED THAT IN THE CASE OF ANY SUCH SERVICE UPON THE PROCESS AGENT, THE PARTY EFFECTING SUCH SERVICE SHALL ALSO
DELIVER A COPY THEREOF TO EACH OTHER SUCH PARTY IN THE MANNER PROVIDED IN SECTION 3.01 OF THIS AGREEMENT. EACH PARTY SHALL TAKE ALL SUCH ACTION AS MAY BE NECESSARY TO CONTINUE SUCH APPOINTMENT IN FULL FORCE AND EFFECT OR TO APPOINT ANOTHER AGENT SO
THAT SUCH PARTY WILL AT ALL TIMES HAVE AN AGENT FOR SERVICE OF PROCESS FOR THE ABOVE PURPOSES IN NEW YORK. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY PARTY TO SERVE PROCESS IN ANY MANNER PERMITTED BY APPLICABLE LAW. EACH PARTY EXPRESSLY
ACKNOWLEDGES THAT THE FOREGOING DESIGNATION IS INTENDED TO BE IRREVOCABLE UNDER THE LAWS OF THE STATE OF NEW YORK AND OF THE UNITED STATES OF AMERICA. 

  
 - 8 - 

 Section 3.06. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 3.07. Counterparts; Effectiveness; Third Party Beneficiaries. This Agreement may be signed in any number of counterparts,
each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each party hereto shall have received a counterpart hereof signed by all of
the other parties hereto. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or in electronic format shall be effective as delivery of a manually executed counterpart of this Agreement. Until and unless each party
has received a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). No
provision of this Agreement is intended to confer any rights, benefits, remedies, obligations, or liabilities hereunder upon any Person, other than the parties hereto and their respective successors and assigns. 

Section 3.08. Entire Agreement. This Agreement and the VCOC rights letters in the form attached hereto as Exhibit A
constitute the entire agreement between the parties with respect to the subject matter hereof and thereof, and such agreements supersede all prior agreements and understandings, both oral and written, between the parties with respect to the subject
matter hereof and thereof. 
 Section 3.09. Severability. If any term, provision, covenant or restriction of this Agreement is
held by a court of competent jurisdiction or other Governmental Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in
no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent
possible. 
 Section 3.10. Specific Performance. The parties hereto agree that irreparable damage would occur if any provision
of this Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and
provisions hereof in the United States District Court for the Southern District of New York or any New York State court sitting in New York City, in addition to any other remedy to which they are entitled under this Agreement. 

Section 3.11. Treatment of Ambiguities. The parties acknowledge and agree that each party has participated in the drafting of this
Agreement, and that any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be applied in the construction or interpretation of this Agreement. 

  
 - 9 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

					
	ENSTAR GROUP LIMITED
		
	By:	 	 /s/ Richard J. Harris

	Name:	 	Richard J. Harris
	Title:	 	Chief Financial Officer
	
	First Reserve Shareholder
	
	FR XI OFFSHORE AIV, L.P.
		 	By: FR XI OFFSHORE GP, L.P.
		 	By: FR XI OFFSHORE GP LIMITED
		
	By:	 	 /s/ Ryan Zafereo

	Name:	 	Ryan Zafereo
	Title:	 	Director
	
	FIRST RESERVE FUND XII, L.P.
		 	By: FIRST RESERVE GP XII, L.P.
		 	By: FIRST RESERVE GP XII LIMITED
		
	By:	 	 /s/ Ryan Zafereo

	Name:	 	Ryan Zafereo
	Title:	 	Director
	
	FR XII A PARALLEL VEHICLE L.P.
		 	By: FIRST RESERVE GP XII, L.P.
		 	By: FIRST RESERVE GP XII LIMITED
		
	By:	 	 /s/ Ryan Zafereo

	Name:	 	Ryan Zafereo
	Title:	 	Director
	
	FR TORUS CO-INVESTMENT, L.P.
		 	By: FIRST RESERVE GP XII LIMITED
		
	By:	 	 /s/ Ryan Zafereo

	Name:	 	Ryan Zafereo
	Title:	 	Director

  
 [Signature Page to
Shareholder Rights Agreement] 

 
			
	Corsair Shareholder
	
	CORSAIR SPECIALTY INVESTORS, L.P.
	By: Corsair Specialty Investors GP, L.P., its general partner
	By: Corsair Specialty Investors GP, Ltd., its general partner
		
	By:	 	 /s/ Clifford Brokaw

	Name:	 	Clifford Brokaw
	Title:	 	Managing Director

  
 [Signature Page to
Shareholder Rights Agreement] 

 Exhibit A 

Form of VCOC Letter 

ENSTAR GROUP LIMITED LETTERHEAD 

            , 2014 

[Shareholder] 
 [Address] 

Dear Sir/Madam: 
 Reference is made to the
Shareholders Rights Agreement by and among ENSTAR GROUP LIMITED, a Bermuda company (the “Company”), [Shareholder] (the “VCOC Investor”) and the other parties thereto, dated
            , 2014 (the “Shareholders Rights Agreement”), pursuant to which the VCOC Investor has agreed to acquire Parent Shares (as defined in the Shareholder Rights
Agreement). Capitalized terms used herein without definition shall have the respective meanings given to such terms in the Shareholders Rights Agreement. 

The Company hereby agrees that for so long as the VCOC Investor, directly or through one or more subsidiaries, continues to hold any Parent
Shares (or other securities of the Company into which such Parent Shares may be converted or for which such Parent Shares may be exchanged), without limitation or prejudice of any the rights provided to the VCOC Investor under the Shareholders
Rights Agreement, the Company shall: 
  

	 	•	 	Provide the VCOC Investor or its designated representative with: 

  

	 	(i)	the right to visit and inspect any of the offices and properties of the Company and its subsidiaries and inspect and copy the books and records of the Company and its subsidiaries, at such times as the VCOC Investor
shall reasonably request, provided that access to privileged information need not be provided; 

  

	 	(ii)	 as soon as available and in any event within 45 days after the end of each quarter of each fiscal year of the Company (or 120 days for fiscal year
end), consolidated balance sheets and statements of income and cash flows of the Company and its subsidiaries as of the end of such period or year 

  
 - 13 - 

	 	
then ended, as applicable, prepared in conformity with generally accepted accounting principles, and with respect to each fiscal year end statements together with an auditor’s report thereon
of a firm of established national reputation; and 

  

	 	(iii)	to the extent the Company is required by law or pursuant to the terms of any outstanding indebtedness of the Company to prepare such reports, any annual reports, quarterly reports and other periodic reports pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934 or otherwise, actually prepared by the Company as soon as available. 

  

	 	•	 	Make appropriate officers and directors of the Company, and its subsidiaries, available periodically and at such times as reasonably requested by the VCOC Investor for consultation with the VCOC Investor or its
designated representative with respect to matters relating to the significant business issues of the Company and its subsidiaries; and 

  

	 	•	 	Provide the VCOC Investor or its designated representative with such other rights of consultation which the VCOC Investor’s counsel may determine in its written opinion to be reasonably necessary under applicable
legal authorities promulgated after the date hereof to qualify its investment in the Company as a “venture capital investment” for purposes of the United States Department of Labor Regulation published at 29 C.F.R.
Section 2510.3-101(d)(3)(i) (the “Plan Asset Regulation”). 

 The Company agrees to consider, in good
faith, the recommendations of the VCOC Investor or its designated representative in connection with the matters on which it is consulted as described above, recognizing that the ultimate discretion with respect to all such matters shall be retained
by the Company. 
 The VCOC Investor agrees, and will require each designated representative of the VCOC Investor to agree, to hold in
confidence and not use or disclose to any third party (other than its legal counsel and accountants) any confidential information provided to or learned by such party in connection with the VCOC Investor’s rights under this letter agreement
except as may otherwise be required by law or legal, judicial or regulatory process, provided that the VCOC Investor takes reasonable steps to minimize the extent of any such required disclosure, gives the Company prompt written notice of such
requirement so that the Company may seek an appropriate protective order or other remedy and cooperates with the Company to obtain such protective order. 

In the event the VCOC Investor transfers all or any portion of its investment in the Company to an affiliated entity (or to a direct or
indirect subsidiary of any such affiliated entity) that is qualified as a venture capital operating company under the Plan Asset Regulation, such affiliated entity shall be afforded the same rights with respect to the Company afforded to the VCOC
Investor hereunder and shall be treated, for such purposes, as a third party beneficiary hereunder. 

  
 - 14 - 

 This letter agreement shall remain in effect until (a) such time as the VCOC Investor no
longer owns, directly or indirectly, at least 10% of the equity securities of the Company acquired by the VCOC Investor under the Amalgamation Agreement (as adjusted for stock splits, stock dividends and the like), or (b) the consummation of an
amalgamation, merger or consolidation of the Company that is effected (i) for independent business reasons unrelated to extinguishing the rights of the VCOC Investor under this letter agreement and (ii) for purposes other than (A) the
continuance or reincorporation of the Company in a different jurisdiction or (B) the formation of a holding company that will be owned exclusively by the Company’s shareholders and will hold all of the outstanding shares of the
Company’s successor. The confidentiality obligations referenced herein will survive any such termination. 
 This letter agreement and
the rights and the duties of the parties hereto shall be governed by, and construed in accordance with, the laws of the State of New York and may be executed in 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 instrument. Delivery of an executed counterpart of a signature page to this letter by facsimile or in electronic format shall be effective as delivery of a manually executed counterpart of
this letter. 
 [Signature Pages to Follow] 

  
 - 15 - 

 
			
	ENSTAR GROUP LIMITED
		
	By:	 	  

		 	Name:
		 	Title:

 Agreed and acknowledged as of the date first above written: 

 

			
	[SHAREHOLDER]
		
	By:	 	  

		 	Name:
		 	Title:

  
 - 16 - 

 Exhibit B 

VCOC Letter 
 See Attached. 

 VCOC Letter 
  

 
 Enstar Group Limited 

April 1, 2014 
 FR XI
Offshore AIV, L.P., 
 First Reserve Fund XII LP, 
 FR XII-A
Parallel Vehicle L.P., 
 FR Torus Co-Investment, L.P. 
 c/o
First Reserve Corporation 
 One Lafayette Place 
 Greenwich, CT
06830 
 Attention: Matt Raben/Anne Gold 
 Dear Sir/Madam: 

Reference is made to the Shareholders Rights Agreement by and among ENSTAR GROUP LIMITED, a Bermuda company (the “Company”),
FR XI OFFSHORE AIV, L.P., FIRST RESERVE FUND XII, L.P., FR XII A PARALLEL VEHICLE L.P. AND FR TORUS CO-INVESTMENT, L.P. (the “VCOC Investors”) and the other parties thereto, dated April 1, 2014 (the “Shareholders Rights
Agreement”), pursuant to which the VCOC Investors have agreed to acquire Parent Shares (as defined in the Shareholder Rights Agreement). Capitalized terms used herein without definition shall have the respective meanings given to such terms
in the Shareholders Rights Agreement. 
 The Company hereby agrees that for so long as the VCOC Investors, directly or through one or more
subsidiaries, continue to hold any Parent Shares (or other securities of the Company into which such Parent Shares may be converted or for which such Parent Shares may be exchanged), without limitation or prejudice of any the rights provided to the
VCOC Investors under the Shareholders Rights Agreement, the Company shall: 
  

	•	 	Provide the VCOC Investors or their designated representative with: 

 (i) the right to visit
and inspect any of the offices and properties of the Company and its subsidiaries and inspect and copy the books and records of the Company and its subsidiaries, at such times as the VCOC Investors shall reasonably request, provided that access to
privileged information need not be provided; 

 (ii) as soon as available and in any event within 45 days after the end of each quarter of each
fiscal year of the Company (or 120 days for fiscal year end), consolidated balance sheets and statements of income and cash flows of the Company and its subsidiaries as of the end of such period or year then ended, as applicable, prepared in
conformity with generally accepted accounting principles, and with respect to each fiscal year end statements together with an auditor’s report thereon of a firm of established national reputation; and 

(iii) to the extent the Company is required by law or pursuant to the terms of any outstanding indebtedness of the Company to prepare such
reports, any annual reports, quarterly reports and other periodic reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 or otherwise, actually prepared by the Company as soon as available. 

 

	•	 	Make appropriate officers and directors of the Company, and its subsidiaries, available periodically and at such times as reasonably requested by the VCOC Investors for consultation with the VCOC Investors or their
designated representative with respect to matters relating to the significant business issues of the Company and its subsidiaries; and 

  

	•	 	Provide the VCOC Investors or their designated representative with such other rights of consultation which the VCOC Investors’ counsel may determine in its written opinion to be reasonably necessary under
applicable legal authorities promulgated after the date hereof to qualify its investment in the Company as a “venture capital investment” for purposes of the United States Department of Labor Regulation published at 29 C.F.R.
Section 2510.3-101(d)(3)(i) (the “Plan Asset Regulation”). 

 The Company agrees to consider, in good
faith, the recommendations of the VCOC Investors or its designated representative in connection with the matters on which it is consulted as described above, recognizing that the ultimate discretion with respect to all such matters shall be retained
by the Company. 
 The VCOC Investors agree, and will require each designated representative of the VCOC Investors to agree, to hold in
confidence and not use or disclose to any third party (other than its legal counsel and accountants) any confidential information provided to or learned by such party in connection with the VCOC Investors’ rights under this letter agreement
except as may otherwise be required by law or legal, judicial or regulatory process, provided that the VCOC Investors take reasonable steps to minimize the extent of any such required disclosure, gives the Company prompt written notice of such
requirement so that the Company may seek an appropriate protective order or other remedy and cooperates with the Company to obtain such protective order. 

In the event the VCOC Investors transfer all or any portion of their investment in the Company to an affiliated entity (or to a direct or
indirect subsidiary of any such affiliated entity) that is qualified as a venture capital operating company under the Plan Asset Regulation, such affiliated entity shall be afforded the same rights with respect to the Company afforded to the VCOC
Investors hereunder and shall be treated, for such purposes, as a third party beneficiary hereunder. 

  
 - 2 - 

 This letter agreement shall remain in effect until (a) such time as the VCOC Investors no
longer own, directly or indirectly, at least 10% of the equity securities of the Company acquired by the VCOC Investors under the Amalgamation Agreement (as adjusted for stock splits, stock dividends and the like), or (b) the consummation of an
amalgamation, merger or consolidation of the Company that is effected (i) for independent business reasons unrelated to extinguishing the rights of the VCOC Investors under this letter agreement and (ii) for purposes other than
(A) the continuance or reincorporation of the Company in a different jurisdiction or (B) the formation of a holding company that will be owned exclusively by the Company’s shareholders and will hold all of the outstanding shares of
the Company’s successor. The confidentiality obligations referenced herein will survive any such termination. 
 This letter agreement
and the rights and the duties of the parties hereto shall be governed by, and construed in accordance with, the laws of the State of New York and may be executed in 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 instrument. Delivery of an executed counterpart of a signature page to this letter by facsimile or in electronic format shall be effective as delivery of a manually executed counterpart
of this letter. 
 [Signature Pages to Follow] 

  
 - 3 - 

 
							
	ENSTAR GROUP LIMITED
			
		 	By:	 	 /s/ Richard J. Harris

		 		 	Name:	 	Richard J. Harris
		 		 	Title:	 	Chief Financial Officer

 Agreed and acknowledged as of the date first above written: 

 

			
	FR XI OFFSHORE AIV, L.P.
		 	By: FR XI OFFSHORE GP, L.P.
		 	By: FR XI OFFSHORE GP LIMITED
		
	By:	 	 /s/ Ryan Zafereo

	Name:	 	Ryan Zafereo
	Title:	 	Director
	
	FIRST RESERVE FUND XII, L.P.
		 	By: FIRST RESERVE GP XII, L.P.
		 	By: FIRST RESERVE GP XII LIMITED
		
	By:	 	 /s/ Ryan Zafereo

	Name:	 	Ryan Zafereo
	Title:	 	Director
	
	FR XII A PARALLEL VEHICLE L.P.
		 	By: FIRST RESERVE GP XII, L.P.
		 	By: FIRST RESERVE GP XII LIMITED
		
	By:	 	 /s/ Ryan Zafereo

	Name:	 	Ryan Zafereo
	Title:	 	Director
	
	FR TORUS CO-INVESTMENT, L.P.
		 	By: FIRST RESERVE GP XII LIMITED
		
	By:	 	 /s/ Ryan Zafereo

	Name:	 	Ryan Zafereo
	Title:	 	Director

  
 [Signature Page to First
Reserve VCOC Rights Letter]

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