Document:

Form of Incentive Warrant

 Exhibit 4.5 
 THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD, OFFERED FOR SALE, ASSIGNED, TRANSFERRED,
HYOTHECATED OR OTHERWISE DISPOSED OF, UNLESS REGISTERED PURSUANT TO THE PROVISIONS OF THE SECURITIES ACT OR AN OPINION OF COUNSEL IS OBTAINED STATING THAT SUCH DISPOSITION IS IN COMPLIANCE WITH AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION.

  

			
	No.: IW-        	 	Base Date:                        ,
2006

 DEKANIA CORP. 
 Incorporated under the laws of the Delaware 
 INCENTIVE WARRANT 
 for the Purchase of Shares of Common Stock 
 Expiration Date:                              , 2011 
 FOR VALUE RECEIVED, Dekania Corp., a Delaware corporation (the “Company”), hereby certifies that
                        , or his, her or its permitted assigns (each a “Holder”) is entitled, subject to
the provisions of this Warrant, to purchase from the Company,                         
(                        ) fully-paid and non-assessable shares (as adjusted from time to time pursuant to the terms
hereof, the “Warrant Shares”) of common stock, par value $.0001 per share, of the Company (the “Common Stock”), which Warrant Shares shall vest in accordance with the terms hereof, at an exercise price of $8.00 per
share (the “Exercise Price”). 
 Regardless of whether this Warrant is then exercisable pursuant to the terms of the
Section 2.1 hereof, this Warrant will expire, terminate and be of no further force and effect as of 5:00 p.m., New York City time, on
                             , 2011. 
 This warrant certificate (this “Warrant”) is being issued as part of a series of an aggregate of 1,420,000 incentive warrants to
purchase shares of Common Stock issued to Cohen Bros. Acquisitions, LLC and several of the Company’s officers and directors. The Holder agrees with the Company that this Warrant is issued, and all the rights hereunder shall be held subject to,
all of the conditions, limitations and provisions set forth herein. 
 1. Certain Definitions. As used in this Warrant, the
following capitalized terms used herein have the following meanings. Other capitalized terms are defined elsewhere herein. 
 “Base
Date” means the date first written above, the date of issuance of this Warrant. 
 “Business Combination” means a
merger, capital stock exchange, asset acquisition, stock purchase or other similar transaction by the Company with one or more businesses in the insurance industry that are incorporated in the United States, Canada, Bermuda or the Cayman Islands and
that have substantially all of their business, and all of their insurance risk, in the United States. A Business Combination does not include an acquisition by the Company of a minority interest in a business, but may include a merger in which the
Company’s public stockholders, as a result of the business combination, hold a minority interest in the surviving entity. 

 “Commission” means the Securities and Exchange Commission, or any other federal agency
then administering the Securities Act or the Exchange Act. 
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission promulgated thereunder, all as the same shall be in effect at the time. 
 “Other Securities” means any other equity or debt securities that may be issued by the Company in addition thereto or in substitution for the Warrant Shares. 
 “Prospectus” means, with respect to any Registration Statement, the form of prospectus included in such Registration Statement.

 “Register,” “registered” and “registration” means a registration effected by preparing
and filing a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, (other than a registration statement on Form S-8 or their successors
or any registration statement covering only securities proposed to be issued in exchange for securities or assets of another entity) and such registration statement becoming effective. 
 “Registrable Securities” means the Warrant Shares and any warrants, shares of capital stock or other securities of the Company
issued as a dividend or other distribution with respect to or in exchange for or in replacement of such Warrant Shares. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when: (a) a
Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement;
(b) such securities shall have been otherwise transferred, new certificates for them not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution of them shall not require
registration under the Securities Act; (c) such securities shall have ceased to be outstanding, or (d) the Registrable Securities are saleable under Rule 144(k). 
 “Registration Statement” means a registration statement filed by the Company with the Commission in compliance with the Securities Act
and the rules and regulations promulgated thereunder for a public offering and sale of Common Stock (other than a registration statement on Form S-4 or Form S-8, or their successors, or any registration statement covering only securities proposed to
be issued in exchange for securities or assets of another entity). 
 “Release Date” means the date which is three
(3) months after the closing of the Company’s initial Business Combination. 
 “Securities Act” means the
Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder, all as the same shall be in effect at the time. 
 “Underwriter” means a securities dealer who purchases any Registrable Securities as principal in an underwritten offering and not as part of such dealer’s market-making activities. 
 2. Exercise of Warrant. 
 2.1.
Timing of Exercise. Fifty percent (50%) of the Warrant Shares will be exercisable at the Exercise Price beginning on the Release Date if, and only if, the closing price of the Common Stock equals or exceeds $11.00 per share for at least
20 out of any 30 consecutive trading days preceding the date of exercise. The remaining fifty percent (50%) of the Warrant Shares will be exercisable at the Exercise Price beginning on the Release Date if, and only if, the closing price of the
Common Stock 

  

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equals or exceeds $12.00 per share for at least 20 out of any 30 consecutive trading days preceding the date of exercise. Notwithstanding anything herein to
the contrary, this Warrant will not be exercisable at any time when a registration statement is not effective and a prospectus is not available for use by the holders of the Company’s publicly-traded warrants. 
 2.2. Standard Exercise. From and after the Release Date (subject to the provisions of Section 2.1), this Warrant may be exercised by
presentation and surrender of this Warrant to the Company at its principal office, or at the office of its stock transfer agent, if any, with the Warrant Exercise Form attached as Exhibit A hereto duly executed and, if such exercise is a cash
exercise, accompanied by payment (either in cash or by certified or official bank check, payable to the order of the Company) of the Exercise Price for the number of shares specified in such form and instruments of transfer, if appropriate, duly
executed by the Holder or his or her duly authorized attorney. If this Warrant should be exercised in part only, the Company shall, upon surrender of this Warrant for cancellation, execute and deliver a new Warrant evidencing the rights of the
Holder thereof to purchase the balance of the shares purchasable hereunder. Upon receipt by the Company of this Warrant, together with the Exercise Price for the number of shares specified in the Warrant Exercise Form, at its office, or by the stock
transfer agent of the Company at its office, in proper form for exercise, the Holder shall be deemed to be the holder of record of the shares of Common Stock issuable upon such exercise, notwithstanding that the stock transfer books of the Company
shall then be closed or that certificates representing such shares of Common Stock shall not then be actually delivered to the Holder. The Company shall pay any and all documentary stamp or similar issue or transfer taxes payable in respect of the
issue or delivery of shares of Common Stock on exercise of this Warrant. 
 2.3. Cashless Exercise. In lieu of exercising this Warrant
in the manner set forth in Section 2.2 hereof, the Holder may elect to exercise this Warrant or a portion hereof and to pay for the shares of Common Stock issuable upon such exercise by way of cashless exercise by surrendering this Warrant at
the principal executive office of the Company, together with the Notice of Exercise attached as Exhibit A duly executed, in which event the Company shall issue to the Holder that 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 Common Stock to be issued to the Holder.
				
		  	Y	  	=	  	the number of shares of Common Stock purchasable under this Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being cancelled (at the date of such
calculation).
				
		  	A	  	=	  	the Closing Price of one share of Common Stock on the date prior to such exercise
				
		  	B	  	=	  	the Exercise Price (as adjusted to the date of such calculation).

 If the above calculation results in a negative number, then no shares of Common Stock of the
Company shall be issued or issuable upon conversion of this Warrant. 
 2.4. No Rights as Stockholder. The Holder shall not, by virtue
hereof, be entitled to any voting or other rights of a stockholder of the Company, either at law or equity, and the rights of the Holder are limited to those expressed in this Warrant. 
 3. Reservation of Shares; Fractional Shares. The Company will at all times reserve for issuance and delivery upon exercise of this Warrant
all shares of Common Stock or other shares of capital stock of the Company (and Other Securities) sufficient to permit the exercise of this Warrant. All such 

  

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shares (and Other Securities) shall be duly authorized and, when issued upon such exercise, shall be validly issued, fully paid and non-assessable. No
fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant, any such fractional share or scrip representing such fractional shares shall be rounded up to the next whole share, with no consideration to
be paid by the Holder for such share. 
 4. Exchange, Transfer, Assignment or Loss of Warrant. 
 4.1 Exchange, Transfer and Assignment. This Warrant is exchangeable, without expense, at the option of the Holder, upon presentation and surrender
hereof to the Company or at the office of its stock transfer agent, if any, for other Warrants of different denominations, entitling the Holder or Holders thereof to purchase in the aggregate the same number of shares of Common Stock purchasable
hereunder to the extent not previously exercised. The Holder of this Warrant, by the Holder’s acceptance hereof, agrees that the Holder will not sell, transfer, assign, pledge or hypothecate this Warrant, or any portion thereof or any rights
thereto, except that: (i) if the Holder is an entity, such Holder may transfer this Warrant to such Holder’s affiliates, as defined under the Securities Act of 1933, as amended, and the rules thereunder, (ii) if the Holder is an
individual, such Holder may transfer this Warrant to such Holder’s children and/or spouse and to charitable trusts controlled by such Holder, in each case solely for estate or tax planning purposes and (iii) nothing contained in this
Section 4 shall be deemed to effect transfers of this Warrant by the Holder by the operation of law. Transfers of this Warrant shall not be effective unless the transferee agrees in writing to abide to the conditions contained in this Warrant
and delivers such agreement to the Company. 
 4.2 Loss. Upon receipt by the Company of evidence reasonably satisfactory to it of the
loss, theft, destruction or mutilation of this Warrant, and (in the case of loss, theft or destruction) of reasonably satisfactory indemnification, and upon surrender and cancellation of this Warrant, if mutilated, the Company shall execute and
deliver a new Warrant of like tenor and date. Any such new Warrant executed and delivered shall constitute a contractual obligation on the part of the Company. 
 4.3 Warrant Agreement. The terms of Section 5 of that certain Warrant Agreement, (the “Warrant Agreement”) signed and executed by and between the Company and American Stock Transfer &
Trust Company, (the “Warrant Agent”) dated                          , 2006, shall supplement the terms
and conditions set forth in this Section 4, except for any terms and conditions contained in the Warrant Agreement which are inconsistent with the terms and conditions contained in this Warrant. Pursuant to the Warrant Agreement, the Warrant
Agent shall act as the warrant agent for this Warrant and perform its duties and obligations as agreed upon therein as applicable to this Warrant. 
 5. Registration Rights. 
 5.1 Demand Registration. 
 5.1.1. Request for Registration. At any time and from time to time after the Release Date, the holders of a majority-in-interest of the Registrable
Securities may make a written demand for registration under the Securities Act of all or part of their Registrable Securities (a “Demand Registration”). Any demand for a Demand Registration shall specify the number of shares of
Registrable Securities proposed to be sold and the intended method(s) of distribution thereof. The Company will notify all holders of Registrable Securities of the demand, and each holder of Registrable Securities who wishes to include all or a
portion of such holder’s Registrable Securities in the Demand Registration (each such holder that decides to include shares of Registrable Securities in such registration, a “Demanding Holder”) shall so notify the Company
within fifteen (15) days after the receipt by the holder of the notice from the Company. Upon any such request, the Demanding Holders shall be entitled 

  

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to have their Registrable Securities included in the Demand Registration, subject to the provisions hereof. The Company shall not be obligated to effect more
than an aggregate of one (1) Demand Registration under this Section 5.1.1 in respect of Registrable Securities. 
 5.1.2.
Effective Registration. A registration will not count as a Demand Registration until the Registration Statement filed with the Commission with respect to such Demand Registration has been declared effective and the Company has complied with
all of its obligations under this Warrant with respect thereto; provided, however, that if, after such Registration Statement has been declared effective, the offering of Registrable Securities pursuant to a Demand Registration is interfered
with by any stop order or injunction of the Commission or any other governmental agency or court, the Registration Statement with respect to such Demand Registration will be deemed not to have been declared effective, unless and until: (i) such
stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders thereafter elect to continue the offering; and, provided further, that the Company shall not be obligated to
file a second Registration Statement until a Registration Statement that has been filed is counted as a Demand Registration or is terminated. 
 5.1.3 Underwritten Offering. If a majority-in-interest of the holders of Registrable Securities so elect and such holders so advise the Company as part of their written demand for a Demand Registration, the offering of such
Registrable Securities pursuant to such Demand Registration shall be in the form of an underwritten offering. In such event, the right of any holder to include its Registrable Securities in such registration shall be conditioned upon such
holder’s participation in such underwriting and the inclusion of such holder’s Registrable Securities in the underwriting to the extent provided herein. All Demanding Holders proposing to distribute their securities through such
underwriting shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such underwriting by a majority-in-interest of the holders of Registrable Securities. 
 5.2 Piggy-Back Registration. 
 5.2.1.
Piggy-Back Rights. If at any time after the Release Date, the Company proposes to file a Registration Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or
exchangeable for, or convertible into, equity securities, by the Company for its own account or for the account of stockholders of the Company (or by the Company and by stockholders of the Company pursuant to Section 5.1), other than a
Registration Statement: (i) on Form S-8 or S-4, (ii) offering of securities solely to the Company’s existing stockholders, (iii) for an offering of debt that is convertible into equity securities of the Company or (iv) for a
dividend reinvestment plan, then the Company shall: (x) give written notice of such proposed filing to the holders of Registrable Securities as soon as practicable but in no event less than ten (10) days before the anticipated filing date,
which notice shall describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, of the offering, and (y) offer to
the holders of Registrable Securities in such notice the opportunity to register the sale of such number of Registrable Securities as such holders may request in writing within five (5) days following receipt of such notice (a
“Piggy-Back Registration”). The Company shall cause such Registrable Securities to be included in such registration and shall use its commercially reasonable efforts to cause the managing Underwriter or Underwriters of a proposed
underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration on the same terms and conditions as any similar securities of the Company and to permit the sale or other disposition of such
Registrable Securities in accordance with the intended method(s) of distribution thereof. All holders of Registrable Securities proposing to distribute their securities through a Piggy-Back Registration that involves an Underwriter or Underwriters
shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such Piggy-Back Registration. 
  

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 5.2.2. Reduction of Offering. If the managing Underwriter or Underwriters for a Piggy-Back
Registration that is to be an underwritten offering advises the Company and the holders of Registrable Securities in writing that the dollar amount or number of shares of Common Stock which the Company desires to sell, taken together with shares of
Common Stock, if any, as to which registration has been demanded pursuant to written contractual arrangements with persons other than the holders of Registrable Securities hereunder, the Registrable Securities as to which registration has been
requested under this Section 5.2, and the shares of Common Stock, if any, as to which registration has been requested pursuant to the written contractual piggy-back registration rights of other stockholders of the Company, exceeds the exceeds
the maximum dollar amount or maximum number of shares that can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such dollar amount
or number of shares, the “Maximum Number of Shares”), then the Company shall include in any such registration: 
 (i) If the
registration is undertaken for the Company’s account: (A) first, the shares of Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (B) second, to the
extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), the shares of Common Stock, if any, including the Registrable Securities, as to which registration has been requested pursuant to written contractual
piggy-back registration rights of security holders (pro rata in accordance with the number of shares of Common Stock which each such person has actually requested to be included in such registration, regardless of the number of shares of
Common Stock with respect to which such persons have the right to request such inclusion) that can be sold without exceeding the Maximum Number of Shares; and 
 (ii) If the registration is a “demand” registration undertaken at the demand of persons other than the holders of Registrable Securities pursuant to written contractual arrangements with such persons:
(A) first, the shares of Common Stock for the account of the demanding persons that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the
foregoing clause (A), the shares of Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; and (C) third, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clauses (A) and (B), the Registrable Securities as to which registration has been requested under this Section 5.2 (pro rata in accordance with the number of shares of Registrable Securities held by each
such holder); and (D) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A), (B) and (C), the shares of Common Stock, if any, as to which registration has been requested pursuant to
written contractual piggy-back registration rights which other stockholders desire to sell that can be sold without exceeding the Maximum Number of Shares. 
 5.2.3. Withdrawal. Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable Securities in any Piggy-Back Registration by giving written notice to the
Company of such request to withdraw prior to the effectiveness of the Registration Statement. The Company may also elect to withdraw a registration statement at any time prior to the effectiveness of the Registration Statement. Notwithstanding any
such withdrawal, the Company shall pay all registration expenses to the extent provided for in Section 5.5. 
 5.3 Registration
Procedures. 
 5.3.1 Filings; Information. Whenever the Company is required to effect the registration of any Registrable
Securities pursuant to this Section 5, the Company shall use its commercially reasonable efforts to effect the registration and sale of such Registrable Securities in accordance with the intended method(s) of distribution thereof as
expeditiously as practicable, and in connection with any such request. 
  

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 5.3.2 Filing Registration Statement. The Company shall, as expeditiously as possible and in any
event within sixty (60) days after receipt of a request for a Demand Registration, prepare and file with the Commission a Registration Statement on any form for which the Company then qualifies or which counsel for the Company shall deem
appropriate and which form shall be available for the sale of all Registrable Securities to be registered thereunder in accordance with the intended method(s) of distribution thereof, and shall use its best efforts to cause such Registration
Statement to become and remain effective for the period required hereunder; provided, however, that the Company shall have the right to defer any Demand Registration for up to one hundred twenty (120) days, and any Piggy-Back
Registration for such period as may be applicable to deferment of any demand registration to which such Piggy-Back Registration relates, and in the event of a Piggy Back Registration, the Company has the right to terminate the registration at its
choosing, in each case if the Company shall furnish to the holders a certificate signed by the Chief Executive Officer of the Company stating that, in the good faith judgment of the Board of Directors of the Company, it would not be in the best
interests of the Company and its stockholders for such Registration Statement to be effected at such time; provided further, however, that the Company shall not have the right to exercise the right set forth in the immediately preceding
proviso more than once in any 365-day period in respect of a Demand Registration hereunder; and provided further that the holders shall provide at least fifteen (15) business days’ notice of the date on which they wish the Company to
prepare and file a Registration Statement with the Commission. 
 5.3.3 Copies. Prior to filing a Registration Statement or
Prospectus, or any amendment or supplement thereto, the Company should furnish without charge to the holders of Registrable Securities included in such registration, and such holders’ legal counsel, copies of such Registration Statement as
proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus (including each preliminary prospectus), and such other
documents as the holders of Registrable Securities included in such registration or legal counsel for any such holders may request in order to facilitate the disposition of the Registrable Securities owned by such holders. 
 5.3.4 Amendments and Supplements. The Company shall prepare and file with the Commission such amendments, including post-effective amendments, and
supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective and in compliance with the provisions of the Securities Act until all Registrable Securities
and other securities covered by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution set forth in such Registration Statement (which period shall not exceed the sum of one hundred eighty
(180) days plus any period during which any such disposition is interfered with by any stop order or injunction of the Commission or any governmental agency or court) or such securities have been withdrawn. 
 5.3.5 Notification. After the filing of a Registration Statement, the Company shall promptly, and in no event more than five (5) business
days after such filing, notify the holders of Registrable Securities included in such Registration Statement of such filing, and shall further notify such holders promptly and confirm such advice in writing in all events within five
(5) business days of the occurrence of any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective amendment to such Registration Statement becomes effective; (iii) the issuance or
threatened issuance by the Commission of any stop order (and the Company shall take all actions required to prevent the entry of such stop order or to remove it if entered); and (iv) any request by the Commission for any amendment or supplement
to such Registration Statement or any Prospectus relating thereto or for additional information or of the occurrence of an event requiring the preparation of a supplement or 

  

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amendment to such Prospectus so that, as thereafter delivered to the purchasers of the securities covered by such Registration Statement, such Prospectus
will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and promptly make available to the holders of Registrable Securities
included in such Registration Statement any such supplement or amendment; except that before filing with the Commission a Registration Statement or Prospectus or any amendment or supplement thereto, including documents incorporated by reference, the
Company shall furnish to the holders of Registrable Securities included in such Registration Statement and to the legal counsel for any such holders, copies of all such documents proposed to be filed sufficiently in advance of filing to provide such
holders and legal counsel with a reasonable opportunity to review such documents and comment thereon, and the Company shall not file any Registration Statement or Prospectus or amendment or supplement thereto, including documents incorporated by
reference, to which such holders or their legal counsel shall reasonably object. 
 5.3.6 State Securities Laws Compliance. The
Company shall use its commercially reasonable efforts to: (i) register or qualify the Registrable Securities covered by the Registration Statement under the securities or “blue sky” laws of such jurisdictions in the United States in
which such registration or qualification is required and which the holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may request and (ii) take such action necessary to
cause such Registrable Securities covered by the Registration Statement to be registered with or qualified under the laws of such other Governmental Authorities as may be necessary by virtue of the business and operations of the Company and do any
and all other acts and things that may be necessary or advisable to enable the holders of Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided,
however, that the Company shall not for this purpose be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph 5.3.6 or subject itself to taxation in any such
jurisdiction. 
 5.3.7 Agreements for Disposition. The Company shall enter into such customary agreements (including, if applicable,
an underwriting agreement in customary form) and as may be required by applicable law, take such other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities; provided, however,
that the holders of the Registrable Securities may not require the Company to accept the terms, conditions or provisions in any such agreement which the Company determines are adverse to the Company’s best interests. The representations,
warranties and covenants of the Company in any underwriting agreement which are made to or for the benefit of any Underwriters, to the extent applicable, shall cover only those matters customarily covered in offerings of similar size and with
respect to companies in the same business, and shall also be made to and for the benefit of the holders of Registrable Securities included in such registration statement. No holder of Registrable Securities included in such registration statement
shall be required to make any representations or warranties in the underwriting agreement except, if applicable, with respect to such holder’s organization, good standing, authority, title to Registrable Securities, lack of conflict of such
sale with such holder’s material agreements and organizational documents, and with respect to written information relating to such holder that such holder has furnished in writing expressly for inclusion in such Registration Statement. The
holders of Registrable Securities shall agree to such covenants and indemnification and contribution obligations for selling stockholders as are customarily contained in the agreements of that type. 
 5.3.8 Cooperation. The principal executive officer of the Company, the principal financial officer of the Company, the principal accounting
officer of the Company and all other officers and members of the management of the Company shall cooperate fully in any offering of Registrable Securities hereunder, which cooperation shall include, without limitation, the preparation of the
Registration Statement with respect to such offering and all other offering materials and related 

  

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documents, and participation in meetings with Underwriters, attorneys, accountants and potential investors. The holders of Registrable Securities shall
cooperate fully in the preparation of the registration statement and other documents relating to any offering in which they include securities. Each holder shall also furnish to the Company such information regarding itself, the Registrable
Securities held by such holder, and the intended method of disposition of such securities as shall be reasonably required to effect the registration of the Registable Securities. 
 5.3.9 Records. The Company shall make available for inspection by the holders of Registrable Securities included in such Registration Statement,
any Underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other professional retained by any holder of Registrable Securities included in such Registration Statement, all financial and
other records, pertinent corporate documents and properties of the Company, as shall be necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information
reasonably requested by any of them in connection with their discharge of their due diligence responsibility with such Registration Statement. 
 5.3.10 Listing. The Company shall use its commercially reasonable efforts to cause all Registrable Securities included in any registration to be listed on such exchanges or otherwise designated for trading in the same manner as
similar securities issued by the Company are then listed or designated or, if no such similar securities are then listed or designated, in a manner satisfactory to the holders of a majority of the Registrable Securities included in such
registration. 
 5.4 Obligation to Suspend Distribution. Upon receipt of any notice from the Company of the happening of any event of
the kind described in Section 5.3.5, or upon any suspension by the Company, pursuant to a written insider trading compliance program adopted by the Company’s Board of Directors, of the ability of all “insiders” covered by such
program to transact in the Company’s securities because of the existence of material non-public information, each holder of Registrable Securities included in any registration shall immediately discontinue disposition of such Registrable
Securities pursuant to the Registration Statement covering such Registrable Securities until such holder receives the supplemented or amended Prospectus contemplated by Section 5.3.5 or the restriction on the ability of “insiders” to
transact in the Company’s securities is removed, as applicable, and, if so directed by the Company, each such holder will deliver to the Company all copies, other than permanent file copies then in such holder’s possession, of the most
recent Prospectus covering such Registrable Securities at the time of receipt of such notice. 
 5.5 Registration Expenses. The
Company shall bear all costs and expenses incurred in connection with any Demand Registration pursuant to Section 5.1 and any Piggy-Back Registration pursuant to Section 5.2 and all expenses incurred in performing or complying with its
other obligations under this Warrant, whether or not the Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees; (ii) fees and expenses of compliance with securities or “blue
sky” laws (including fees and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities); (iii) printing expenses; (iv) the Company’s internal expenses (including, without limitation, all
salaries and expenses of its officers and employees); (v) the fees and expenses incurred in connection with the listing of the Registrable Securities as required by Section 5.3.10; (vi) National Association of Securities Dealers, Inc.
fees (including COBRADesk filing fees); (vii) fees and disbursements of counsel for the Company and fees and expenses for independent certified public accountants retained by the Company; and (viii) the fees and expenses of any special
experts retained by the Company in connection with such registration. The Company shall have no obligation to pay any underwriting discounts or selling commissions attributable to the Registrable Securities being sold by the holders thereof, which
underwriting discounts or selling commissions shall be borne by such holders. Additionally, in an underwritten offering, all selling stockholders and the Company shall bear the 

  

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expenses of the underwriter in proportion to the respective amount of shares each is selling in such offering. The holders of the Registrable Securities
shall bear all costs and expenses incurred by them in connection with any such registration except as specifically provided in this Section 5.5. 
 5.6 Information. The holders of Registrable Securities shall provide such information as may reasonably be requested by the Company, or the managing Underwriter, if any, in connection with the preparation of
any Registration Statement, including amendments and supplements thereto, in order to effect the registration of any Registrable Securities under the Securities Act pursuant to Section 5 and in connection with the Company’s obligation to
comply with federal and applicable state securities laws. 
 5.7 Indemnification. 
 5.7.1 Indemnification by the Company. The Company agrees to indemnify and hold harmless, to the full extent permitted by law, the Holder, and, as
applicable, the officers, directors, counsel and each Persons who controls such Holder (within the meaning of Section 15 of the Securities Act), and any agent or investment adviser thereof, against all losses, claims, damages, liabilities and
expenses (including reasonable attorneys’ fees and costs of investigation) arising out of or based upon any untrue or alleged untrue statement of material fact contained in any Registration Statement, any amendment or supplement thereto, any
Prospectus or preliminary Prospectus or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same arise out of or are based
upon any such untrue statement or omission based upon information with respect to such Holder furnished in writing to the Company by or on behalf of such Holder expressly for use therein; provided that, in the event that the Prospectus shall have
been amended or supplemented and copies thereof as so amended or supplemented, shall have been furnished to the Holder prior to the confirmation of any sales of Registrable Securities, such indemnity with respect to the Prospectus shall not inure to
the benefit of the Holder if the Person asserting such loss, claim, damage or liability and who purchased the Registrable Securities from such Holder did not, at or prior to the confirmation of the sale of the Registrable Securities to such Person,
receive a copy of the Prospectus as so amended or supplemented and the untrue statement or omission of a material fact contained in the Prospectus was corrected in the Prospectus as so amended or supplemented. 
 5.7.2 Indemnification by the Holders. The Holder agrees to indemnity, to the full extent permitted by law, the Company, its directors, officers
and counsel and each Person who controls the Company (within the meaning of Section 15 of the Securities Act) against any losses, claims, damages, liabilities and expenses resulting from any untrue statement of a material fact in the
Registration Statement or Prospectus or any amendment thereof or supplement thereto or necessary to make the statements therein not misleading, to the extent, but only to the extent, that such untrue or alleged untrue statement relates to any
information with respect to such Holder, in its capacity as such, so furnished in writing by such Holder specifically for inclusion in any Prospectus or Registration Statement (including any omissions with respect thereto); provided, however,
that the Holder shall not be liable in any such case to the extent that prior to the filing of any such Registration Statement or Prospectus or amendment thereof or supplement thereto, the Holder has furnished in writing to the Company information
expressly for use in such Registration Statement or Prospectus or any amendment thereof or supplement thereto which corrected or made not misleading information previously furnished to the Company. In no event shall the liability of the Holder
hereunder be greater in amount than the dollar amount of the proceeds received by the Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. 
 5.7.3 Conduct of Indemnification Proceedings. Any person or entity entitled to indemnification hereunder agrees to give prompt written notice to
the indemnifying party after the receipt 

  

 10 

 
by such Person of any written notice of the commencement of any action, suit, proceeding or investigation or threat thereof made in writing for which such
person or entity will claim indemnification or contribution pursuant to the provisions hereof and, unless in the judgment of counsel of such indemnified party, a conflict of interest may exist between such indemnified party and the indemnifying
party with respect to such claim, permit the indemnifying party to assume the defense of such claim. Failure by the indemnified party to timely notify the indemnifying party shall not relieve the indemnifying party from the obligations of
Section 5.7, except where such failure to notify materially prejudices indemnifying parties ability to such action, suit, proceeding, investigation or threat. Whether or not such defense is assumed by the indemnifying party, the indemnifying
party will not be subject to any liability for any settlement made without its written consent (but such consent will not be unreasonably withheld). No indemnifying party will consent to entry of any judgment or enter into any settlement which does
not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect of such claim or litigation. If the indemnifying party is not entitled to, or elects not to,
assume the defense of a claim, it will not be obligated to pay the fees and expenses of more than one counsel (plus such local counsel, if any, as may be reasonably required in other jurisdictions) with respect to such claim, unless in the judgment
of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim, in which event the indemnifying party shall be obligated to pay the reasonable fees and
expenses of such additional counsel or counsels. For the purposes of this Section 5.7.3, the term “conflict of interest” shall mean that there are one or more legal defenses available to the indemnified party that are different from
or additional to those available to the indemnifying party or such other indemnified parties, as applicable, which different or additional defenses make joint representation inappropriate. 
 5.7.4 Contribution. If the indemnification from the indemnifying party provided for in this Section 5.7 is unavailable to an indemnified
party hereunder in respect of any losses, claims, damages, liabilities or expenses referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified
party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative benefits received by the indemnified party on the one hand and the relative fault of the indemnifying party and
indemnified parties in connection with the actions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. If, however, the allocation provided by the immediately preceding
sentence is not permitted by applicable law or if the Indemnified Party failed to give the notice required above, then each Indemnifying Party shall contribute to such amount paid or payable by such Indemnified Party in such proportion as is
appropriate to reflect not only such relative benefits but also the relative fault of the Indemnified Parties and the Indemnifying Parties in connection with the actions or omissions which resulted in such loss, claim, damage, liability or action,
as well as any other relevant equitable considerations. The relative fault of such indemnifying party and indemnified parties shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged
untrue statement of a material fact, has been made by, or relates to information supplied by, such indemnifying party or indemnified parties, and the parties intent, knowledge, access to information and opportunity to correct or prevent such action.
The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set forth in Section 5.7.3, any reasonable legal or other fees
or expenses reasonably incurred by such party in connection with any investigation or proceeding. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. 
 5.7.5 If indemnification is available under this Section 5,
the indemnifying parties shall indemnity each indemnified party to the fullest extent provided for hereunder without regard to the relative fault of said indemnifying party or indemnified party or any other equitable consideration provided for in
this Section 5.7. 
  

 11 

 6. Adjustment Provisions. 
 6.1 Stock Dividends and Split Ups. If after the date hereof, and subject to the provisions of Section 6.5 below, the number of outstanding
shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split up of shares of Common Stock, or other similar event, then, on the effective date of such stock dividend, split up or similar event, the number
of shares of Common Stock issuable on exercise of this Warrant shall be increased in proportion to such increase in outstanding shares of Common Stock. 
 6.2 Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 6.5 below, the number of outstanding shares of Common Stock is decreased by a consolidation, combination,
reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Common Stock
issuable on exercise of this Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock. 
 6.3
Adjustments in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in Section 6.1 and 6.2 above, the Warrant Price, as defined herein, shall be adjusted (to
the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to
such adjustment, and (y) the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter. The term “Exercise Price” as used in this Warrant refers to the price per share at which Common
Stock may be purchased pursuant to the Warrant at the time a Warrant is exercised. 
 6.4 Replacement of Securities upon Reorganization,
etc. In case of any reclassification or reorganization of the outstanding shares of Common Stock (other than a change covered by Section 6.1 or 6.2 hereof or that solely affects the par value of such shares of Common Stock), or in the case
of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the
outstanding shares of Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is
dissolved, the Holders shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified herein and in lieu of the shares of Common Stock purchasable and receivable upon the exercise of the rights
represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer,
that the Holder would have received if the Holder had exercised this Warrant immediately prior to such event; and if any reclassification also results in a change in shares of Common Stock covered by Section 6.1 or 6.2, then such adjustment
shall be made pursuant to Sections 6.1, 6.2, 6.3 and this Section 6.4. The provisions of this Section 6.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

 6.5 No Fractional Shares. Notwithstanding any provision contained in this Warrant to the contrary, the Company shall not issue
fractional shares upon exercise hereof. If, by reason of any adjustment made pursuant to this Section 6, the holder of the Holder would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company
shall, upon such exercise, round 

  

 12 

 
up to the nearest whole number the number of the shares of Common Stock to be issued to the Holder. There shall be no cash or other payment for the issuance
of one share of Common Stock in connection with such rounding up. 
 7. Rule 144. The Company covenants that it shall file any
reports required to be filed by it under the Securities Act and the Exchange Act and shall take such further action as the holders of Registrable Securities may reasonably request, all to the extent required from time to time to enable such holders
to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 under the Securities Act, as such Rules may be amended from time to time, or any similar Rule or regulation
hereafter adopted by the Commission. 
 8. Miscellaneous. 
 8.1 No Third Party Beneficiaries. Nothing in this Warrant shall be construed to give to any person or entity other than the Company and the Holder
any legal or equitable right, remedy or cause of action under this Warrant. This Warrant shall be for the sole and exclusive benefit of the Company and the Holder. 
 8.2 Notices. All notices, demands, requests, consents, approvals or other communications (collectively, “Notices”) required or permitted to be given hereunder or which are given with respect to
this Warrant shall be in writing and shall be personally served, delivered by reputable air courier service with charges prepaid, or transmitted by hand delivery or facsimile transmission, addressed as set forth below, or to such other address as
such party shall have specified most recently by written notice. Notice shall be deemed given on the date of service or transmission if personally served or transmitted by facsimile; provided, that if such service or transmission is not on a
business day or is after normal business hours, then such notice shall be deemed given on the next business day. Notice otherwise sent as provided herein shall be deemed given on the next business day following timely delivery of such notice to a
reputable air courier service with an order for next-day delivery. 
  

			
	To the Company:	  	 Dekania Corp.
 2929 Arch Street, Suite 1703

Philadelphia, Pennsylvania 19104
 Attn: Thomas H. Friedberg, President
&
 Chief Executive Officer
 Fax No.: (215)
861-7878

		
	with a copy to:	  	 Ledgewood, P.C.
 1900 Market Street, Suite 750

Philadelphia, Pennsylvania 19103
 Attn: J. Baur Whittlesey, Esq.

Fax No.: (215) 753-2513

		
	To a Holder, to:	  	[                        ]

 8.3 Severability. This Warrant shall be deemed severable, and the invalidity or
unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Warrant or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties
hereto intend that there shall be added as a part of this Warrant a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 
  

 13 

 8.4 Modifications and Amendments. No amendment, modification or termination of this Warrant shall
be binding upon any party unless executed in writing by such party. 
 8.5 Titles and Headings. Titles and headings of sections of
this Warrant are for convenience only and shall not affect the construction of any provision of this Warrant. 
 8.6 Governing Law.
This Warrant shall be governed by, interpreted under, and construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed within the State of New York, without giving effect to any
choice-of-law provisions thereof that would compel the application of the substantive laws of any other jurisdiction. 
 8.7 Waiver of
Trial by Jury. Each party hereby irrevocably and unconditionally waives the right to a trial by jury in any action, suit, counterclaim or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating
to this Warrant, the transactions contemplated hereby, or the actions of the Holder in the negotiation, administration, performance or enforcement hereof. 
 8.8 Waiver of Net Cash Settlement. Notwithstanding anything to the contrary in the Warrant and regardless of whether a registration statement is current under the Securities Act with respect to the shares of
Common Stock held by the Holder, in no event will the Holder be entitled to receive a net-cash settlement, stock or other consideration in lieu of unregistered Warrant Shares. 
  

 14 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed on its behalf, in its
corporate name, by its duly authorized officer, all as of the Base Date. 
  

			
	DEKANIA CORP.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 15 

 EXHIBIT A 
 FORM OF EXERCISE NOTICE 
 [To be executed only upon exercise of Warrant] 
 To DEKANIA CORP: 
 (A) The undersigned
registered holder of the within Warrant hereby irrevocably exercises the Warrant pursuant to Section 2.2 of the Warrant with respect to               (1) shares of the Common Stock, at an exercise price per share of Common Stock of
$            , and requests that the certificates for the shares be issued in the name of, and delivered to
                        , whose address is: 
 OR 
 (B) The undersigned registered holder of the within Warrant hereby irrevocably exercises the Warrant pursuant to
Section 2.3 of the Warrant with respect to             (1) shares of the Common Stock, and hereby authorizes DEKANIA CORP. to withhold              shares of Common Stock having a total value of
$            , such value being determined in accordance with the terms of this Warrant, from the Warrant Shares otherwise to be received, and requests that the certificates for the
shares be issued in the name of, and delivered to                     , whose address is: 
 Dated:
                         
  

							
		 	  
	 	
		 	Print or Type Name	 	
				
		 		 	  
	 	
		 		 	(Signature must conform in all respects to name of holder as specified on the face of Warrant)	 	
				
		 		 	  
	 	
		 		 	(Street Address)	 	
				
		 		 	  
	 	
		 		 	(City)                                 (State)    
     (Zip Code)	 	

  

	(1)	Insert here the number of shares called for on the face of this Warrant (or, in the case of a partial exercise, the portion thereof as to which this Warrant is being exercised), in
either case without making any adjustment of shares of Common Stock or any other stock or other securities or property or cash which, pursuant to the adjustment provisions of this Warrant, may be delivered upon exercise. In the case of a
partial exercise, a new Warrant or Warrants will be issued and delivered, representing the unconverted portion of the Warrant, to the holder surrendering the Warrant. 

  

 1Form of Subscription Agreement

 Exhibit 4.6 
 SUBSCRIPTION AGREEMENT 
 SUBSCRIPTION AGREEMENT (this “Agreement”) made as of this ____ day
of ___________, 2006 for the benefit of Dekania Corp., a Delaware corporation (the “Company”), having its principal place of business at 2929 Arch Street, Suite 1703, Philadelphia, Pennsylvania 19104, by Cohen Bros. Acquisitions, LLC, a
limited liability company organized under the laws of Delaware (the “Subscriber”), having its principal place of business at 2929 Arch Street, Suite 1703, Philadelphia, Pennsylvania 19104. 
 WHEREAS, the Company desires to sell, and the Subscriber desires to purchase, an aggregate of 250,000 units (the “Units”), consisting of
one share of the Company’s common stock, par value $.0001 per share (the “Common Stock”), and one warrant exercisable for one share of Common Stock (the “Warrants”), for a per Unit purchase price of $10.00 per
share and an aggregate purchase price of $2,500,000, which proceeds shall be placed in a trust account (the “Trust Account”) for the benefit of the Company’s stockholders; and 
 WHEREAS, the Subscriber is entitled to registration rights with respect to, all of the shares of Common Stock and the Warrants comprising the Units, the
shares of Common Stock issuable upon exercise of the Warrants (the “Warrant Shares”), any warrants, shares of capital stock or other securities of the Company issued as a dividend or other distribution with respect to or in exchange
for or in replacement of such shares of Common Stock and Warrants, and such number of shares that may be used to prevent dilution resulting from stock splits, stock dividends or similar transactions (collectively, the “Registrable
Securities”) on the terms set forth in this Agreement; and 
 WHEREAS, the offer and sale of the Units (the “Offering”) is
being made in reliance upon the provisions of Section 4(2) of and/or Regulation D (“Regulation D”) promulgated by the Securities and Exchange Commission (the “SEC”) under, the Securities Act of 1933, as amended (the
“Securities Act”); 
 NOW, THEREFORE, for and in consideration of the premises and the mutual covenants hereinafter set forth, the
Company and the Subscriber do hereby agree as follows 
 1. Agreement to Subscribe 
 1.1 Purchase and Issuance of the Units. The Subscriber hereby subscribes for the Units, and the Company agrees to issue the Units
to the Subscriber on the Closing (as defined below). The aggregate purchase price payable by the Subscriber for the Units (the “Purchase Price”) is $2,500,000. 
 1.2 Delivery of the Purchase Price. Upon execution of this Agreement the Subscriber is hereby bound to fulfill its obligations
hereunder and hereby irrevocably commits to deliver to the Company on the Closing (as hereinafter defined) the Purchase Price by bank check, wire transfer or such other form of payment as shall be acceptable to the Company, in its sole 

 
and absolute discretion, at the Closing. Any such check delivered to the Company shall be made payable to the order of “Dekania Corp.” 

1.3 Closing. The closing of the Offering (the “Closing”), shall take place at the offices of the Company, on a
date no less than 2 days immediately preceding the effectiveness of the registration statement with respect to the Company’s proposed initial public offering of up to 9,700,000 units of common stock and warrants (the “IPO”), as
agreed by the parties. 
 2. Representations and Warranties of the Subscriber 
 The Subscriber represents and warrants to the Company that: 
 2.1 No Government Recommendation or Approval. The Subscriber understands that no United States federal or state agency or similar agency of any other country, has passed upon or made any recommendation or
endorsement of the Company or the Offering. 
 2.2 Accredited Investor. The Subscriber is an “accredited
investor” as that term is defined in Rule 501 of Regulation D promulgated under the Securities Act. 
 2.3 Intent.
The Subscriber acknowledges that it is purchasing the Units solely for investment purposes, for the Subscriber’s own account and not for the account or benefit of any other person, and not with a view towards the distribution or dissemination
thereof and the Subscriber has no present arrangement to sell the Units to or through any person or entity. 
 2.4
Restrictions on Transfer. The Subscriber understands that the Units must be held indefinitely unless such Units are subsequently registered under the Securities Act or an exemption from the registration requirements of the Securities Act is
available. Subscriber is aware of the provisions of Rule 144 promulgated under the Act which permit limited resale of common stock purchased in a private placement subject to the satisfaction of certain conditions, including, among other things, the
existence of a public market for the common stock, the availability of certain current public information about the Company, the resale occurring not less than one year after a party has purchased and paid for the security to be sold, the sale being
effected through a “broker’s transaction” or in transactions directly with a “market maker” and the number of shares of common stock being sold during any three-month period not exceeding specified limitations. 

2.5 Sophisticated Investor. 
 2.5.1. The Subscriber is sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Units. 
 2.5.2. The Subscriber is able to bear the economic risk of its investment in the Units for an indefinite period of time because none of
the Units have been registered under the Securities Act and therefore cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. 

 2.6 Independent Investigation. The Subscriber, in making the decision to purchase
the Units, has relied upon an independent investigation of the Company and has not relied upon any information or representations made by any third parties or upon any oral or written representations or assurances from the Company, its officers,
directors or employees or any other representatives or agents of the Company, other than as set forth in this Agreement. The Subscriber is familiar with the business, operations and financial condition of the Company and has had an opportunity to
ask questions of, and receive answers from, the Company’s officers and directors concerning the Company and the terms and conditions of the Offering and has had full access to such other information concerning the Company as the Subscriber has
requested. 
 2.7 Authority. This Agreement has been validly authorized, executed and delivered by the Subscriber and
is a valid and binding agreement enforceable in accordance with its terms, subject to the general principles of equity and to bankruptcy or other laws affecting the enforcement of creditors’ rights generally. The execution, delivery and
performance of this Agreement by the Subscriber does not and will not conflict with, violate or cause a breach of any agreement, contract or instrument to which the Subscriber is a party. 
 2.8 No Legal Advice from Company. The Subscriber acknowledges that it has had the opportunity to review this Agreement and the
transactions contemplated by this Agreement and the other agreements entered into between the parties hereto with the Subscriber’s own legal counsel and investment and tax advisors. Except for any statements or representations of the Company
made in this Agreement and the other agreements entered into between the parties hereto, the Subscriber is relying solely on such counsel and advisors and not on any statements or representations of the Company or any of its representatives or
agents for legal, tax or investment advice with respect to this investment, the transactions contemplated by this Agreement or the securities laws of any jurisdiction. 
 2.9 Reliance on Representations and Warranties. The Subscriber understands that the Units are being offered and sold to the
Subscriber in reliance on specific provisions of United States federal and state securities laws and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of the
Subscriber set forth in this Agreement in order to determine the applicability of such provisions. 
 2.10 No
Advertisements. The undersigned is not subscribing for the Units as a result of or subsequent to any advertisement, article, notice or other communication published in any newspaper, magazine, or similar media or broadcast over television,
radio, or via Internet, or presented at any seminar or meeting. 
 2.11 Legend. The Subscriber acknowledges and agrees
that the shares of Common Stock and the Warrants comprising the Units, and when issued the Warrant Shares, shall bear a restricted legend (the “Legend”), in the form and substance as set forth in Section 4 hereof, prohibiting
the offer, sale, pledge or transfer of the securities, except (i) pursuant to an effective registration statement filed under the Securities Act, (ii) pursuant to an exemption from registration provided by Rule 144 under the Securities Act
(if available), and (iii) pursuant to any other exemption from the registration requirements of the Securities Act. 

 3. Representations and Warranties of the Company 
 The Company represents and warrants to the Subscriber that: 
 3.1 Valid Issuance of Capital Stock. The total number of shares of all classes of capital stock which the Company has authority to issue is 30,000,000 shares of Common Stock and 1,000,000 shares of preferred
stock. As of the date hereof, the Company has __________ shares of Common Stock issued and outstanding and no issued and outstanding shares of preferred stock. All of the issued shares of capital stock of the Company have been duly authorized,
validly issued, and are fully paid and non-assessable. 
 3.2 Organization and Qualification. The Company is a
corporation duly incorporated and existing in good standing under the laws of the state of Delaware and has the requisite corporate power to own its properties and assets and to carry on its business as now being conducted. 
 3.3 Authorization; Enforcement. (i) The Company has the requisite corporate power and authority to enter into and perform its
obligations under this Agreement and to issue the Common Stock in accordance with the terms hereof, (ii) the execution, delivery and performance of this Agreement by the Company and the consummation by it of the transactions contemplated hereby
have been duly authorized by all necessary corporate action, and no further consent or authorization of the Company or its Board of Directors or stockholders is required, and (iii) this Agreement constitutes valid and binding obligations of the
Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization, or similar laws relating to, or affecting
generally the enforcement of, creditors’ rights and remedies or by equitable principles of general application and except as enforcement of rights to indemnity and contribution may be limited by federal and state securities laws or principles
of public policy. 
 3.4 No Conflicts. To the knowledge of the Company, the execution, delivery and performance of this
Agreement and the consummation by the Company of the transactions contemplated hereby do not and will not materially (i) result in a violation of the Company’s Amended and Restated Certificate of Incorporation or By-Laws or
(ii) conflict with, or constitute a default under any agreement, indenture or instrument to which the Company is a party. Other than any SEC or state securities filings which may be required to be made by the Company subsequent to the Closing,
and any registration statement which may be filed pursuant thereto, the Company is not required under federal, state or local law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with, any
court or governmental agency or self-regulatory entity in order for it to perform any of its obligations under this Agreement or issue the Common Stock in accordance with the terms hereof. 
 4. Legends; Denominations 
 4.1 Legend. The Company will issue the shares of Common Stock, the Warrants, and the Warrant Shares, purchased by the Subscriber in the name of the Subscriber and in such denominations to be specified by the Subscriber prior to the
Closing or upon exercise 

 
of the Warrants, as applicable. The Shares, the Warrants and Warrant Shares will bear the following Legend and appropriate “stop transfer”
instructions: 
 “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.” 
 4.2 Subscriber’s Compliance. Nothing in this Section 4 shall affect in any way the Subscriber’s obligations and
agreement to comply with all applicable securities laws upon resale of the Units, and the Shares and Warrants underlying the Units. 
 4.3 Company’s Refusal to Register Transfer of Units. The Company shall refuse to register any transfer of the Units, the shares of Common Stock, Warrants and the Warrant Shares, not made (i) pursuant to an effective
registration statement filed under the Securities Act or (ii) pursuant to an available exemption from the registration requirements of the Securities Act. 
 5. Registration Rights. 
 5.1 Demand Registration. At any time and from time to
time on or after the date on which the Company has publicly announced that it has entered into a letter of intent with respect to a Business Combination, the Subscriber or its permitted transferee(s) holding a majority-in-interest of the Registrable
Securities may make a written demand for registration under the Securities Act of all or part of their Registrable Securities (a “Demand Registration”). Any demand for a Demand Registration shall specify the number of Registrable
Securities proposed to be sold and the intended method(s) of distribution thereof. The Company will notify all holders of Registrable Securities of the demand, and each holder of Registrable Securities who wishes to include all or a portion of such
holder’s Registrable Securities in the Demand Registration (each such holder that decides to include shares of Registrable Securities in such registration, a “Demanding Holder”) shall so notify the Company within fifteen
(15) days after the receipt by the holder of the notice from the Company. Upon any such request, the Demanding Holders shall be entitled to have their Registrable Securities included in the Demand Registration. 
 The Company shall, as expeditiously as possible and in any event within sixty (60) days after receipt of a request for a Demand, prepare and file
with the SEC a Registration Statement on any form for which the Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be available for the sale of all Registrable Securities to be 

 
registered thereunder in accordance with the intended method(s) of distribution thereof, and shall use its best efforts to cause such Registration Statement
to become effective as promptly as practicable, but in no event prior to the consummation of the Business Combination. 
 The Company shall
not be obligated to effect more than two Demand Registrations in respect of Registrable Securities. 
 5.2
“Piggyback” Registration Rights. Subject to the last sentence of this Section 5.2, at any time on or after the date on which the Company publicly announces that it has entered into a letter of intent with respect to a Business
Combination, if the Company shall determine to proceed with the actual preparation and filing of a new registration statement under the Securities Act in connection with the proposed offer and sale of any of its securities by it or any of its
security holders (other than a registration statement on Form S-4, S-8 or other limited purpose form), the Company will give written notice of its determination to the Subscriber, its nominee(s), and each holder of Registrable Securities. Upon the
written request of the Subscriber and each such holder, within 15 days after receipt of any such notice from the Company, the Company will, except as herein provided, cause all of the Registrable Securities covered by such request (the
“Requested Stock”) held by the Subscriber and each holder of Registrable Securities making such request (the “Requesting Holders”) to be included in such registration statement (each, a “Piggy-Back
Registration”), all to the extent requisite to permit the sale or other disposition by the prospective seller or sellers of the Requested Stock; provided, further, that nothing herein shall prevent the Company from, at any time, abandoning
or delaying any registration. If any registration pursuant to this Section 5.2 shall be underwritten in whole or in part, the Company may require that the Requested Stock be included in the underwriting on the same terms and conditions as the
securities otherwise being sold through the underwriters. In such event, the Requesting Holders shall, if requested by the underwriters, execute an underwriting agreement containing customary representations and warranties by selling stockholders
and a lock-up on Registrable Securities not being sold. If in the good faith judgment of the managing underwriter of such public offering the inclusion of all of the Requested Stock would reduce the number of shares to be offered by the Company or
interfere with the successful marketing of the shares of stock offered by the Company, the number of shares of Requested Stock otherwise to be included in the underwritten public offering may be reduced pro rata (by number of shares) among the
Requesting Holders and all other holders of registration rights who have requested inclusion of their securities or excluded in their entirety if so required by the underwriter. To the extent only a portion of the Requested Stock is included in the
underwritten public offering, those shares of Requested Stock which are thus excluded from the underwritten public offering and any other securities of the Company held by such holders shall be withheld from the market by the Holders thereof for a
period, not to exceed 90 days, which the managing underwriter reasonably determines is necessary in order to effect the underwritten public offering. At such time as the provisions of the registration rights agreement filed as an exhibit to the
registration statement covering the shares of Common Stock acquired by the Subscriber prior to this Offering may be exercised, the exercise and procedural provisions of such agreement, rather than the provisions of Sections 5.2, 5.3 and 5.4 hereof,
shall govern the Registrable Securities with respect to Piggy-Back Registration. 
 5.3 Effective Registration. A
registration will not count as a Demand Registration, until the Registration Statement filed with the Commission with respect to such 

 
Demand Registration has been declared effective and the Company has complied with all of its obligations under this Agreement with respect thereto;
provided, however, that if, after such Registration Statement has been declared effective, the offering of Registrable Securities pursuant to a Demand Registration is interfered with by any stop order or injunction of the Commission or
any other governmental agency or court, the Registration Statement with respect to such Demand Registration will be deemed not to have been declared effective, unless and until: (i) such stop order or injunction is removed, rescinded or
otherwise terminated and (ii) a majority-in-interest of the Demanding Holders thereafter elect to continue the offering; provided further, that the Company shall not be obligated to file a second Registration Statement until a
Registration Statement that has been filed is counted as a Demand Registration or is terminated. 
 5.4 Registration
Procedures. To the extent required by Sections 5.1 or 5.2, the Company will: 
 (a) prepare and file with the SEC a registration statement with respect
to such securities, and use its best efforts to cause such registration statement to become and remain effective until the earlier of the date on which all of the Registrable Securities included in the registration statement have been disposed of in
accordance with the intended method(s) of distribution set forth in such registration statement or three years from the effective date; 
 (b) prepare and
file with the SEC such amendments to such registration statement and supplements to the prospectus contained therein as may be necessary to keep such registration statement effective until the earlier of the date on which all of the Registrable
Securities included in the registration statement have been disposed of in accordance with the intended method(s) of distribution set forth in such registration statement or three years from the effective date; 
 (c) furnish to the holders participating in such registration and to the underwriters of the securities being registered such reasonable number of copies of the
registration statement, preliminary prospectus, final prospectus and such other documents as such underwriters may reasonably request in order to facilitate the public offering of such securities; 
 (d) use its best efforts to register or qualify the securities covered by such registration statement under such state securities or blue sky laws of such jurisdictions
as the holders may reasonably request in writing within 20 days following the original filing of such registration statement, except that the Company shall not for any purpose related to such registration or qualification of the securities be
required to execute a general consent to service of process or to qualify to do business as a foreign corporation in any jurisdiction wherein it is not so qualified; 
 (e) notify the holders, promptly after it shall receive notice thereof, of the time when such registration statement has become effective or a supplement to any prospectus forming a part of such registration statement
has been filed; 
 (f) notify the holders promptly of any request by the SEC for the amending or supplementing of such registration statement or prospectus
or for additional information; 
 (g) prepare and promptly file with the SEC and promptly notify such holders of the filing of such amendment or supplement
to such registration statement or prospectus as may be necessary to correct any statements or omissions if, at the time when a prospectus relating to such securities 

 
is required to be delivered under the Securities Act, any event shall have occurred as the result of which any such prospectus or any other prospectus as
then in effect would include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading; and 
 (h) advise the holders, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the SEC suspending the effectiveness of
such registration statement or the initiation or threatening of any proceeding for that purpose and promptly use its best efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop order has been issued. 

The Subscriber shall cooperate with the Company in providing the information necessary to effect the registration of the Registrable Securities,
including completion of customary questionnaires. 
 5.5. Expenses. The Company shall bear all costs and expenses
incurred in connection with any Demand Registration pursuant to Section 5.1, any Piggy-Back Registration pursuant to Section 5.2, and all expenses incurred in performing or complying with its other obligations under this Agreement, whether
or not the Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees; (ii) fees and expenses of compliance with securities or “blue sky” laws (including fees and disbursements
of counsel in connection with blue sky qualifications of the Registrable Securities); (iii) printing expenses; (iv) the Company’s internal expenses (including, without limitation, all salaries and expenses of its officers and
employees); (v) the fees and expenses incurred in connection with the exchange listing of the Registrable Securities; (vi) National Association of Securities Dealers, Inc. fees; (vii) fees and disbursements of counsel for the Company
and fees and expenses for independent certified public accountants retained by the Company (including the expenses or costs associated with the delivery of any opinions or comfort letters); (viii) the fees and expenses of any special experts
retained by the Company in connection with such registration; and (ix) the fees and expenses of one legal counsel selected by the holders of a majority in interest of the Registrable Securities included in such registration. The Company shall
have no obligation to pay any underwriting discounts or selling commissions attributable to the Registrable Securities being sold by the holders thereof, which underwriting discounts or selling commissions shall be borne by such holders.
Additionally, in an underwritten offering, all selling shareholders and the Company shall bear the expenses of the underwriter in proportion to the respective amount of Registrable Securities each is selling in such offering. 
 5.6. Notwithstanding anything to the contrary in this Agreement, a Warrant can expire unexercised regardless of whether a registration
statement is current under the Act with respect to the Common Stock issuable upon exercise of the Warrants. In no event will the registered holder of a Warrant be entitled to receive a net-cash settlement, shares of common stock or other
consideration in lieu of physical settlement in shares of Common Stock, regardless of whether the Common Stock underlying the Warrants is registered pursuant to an effective registration statement. 
 6. Rescission Right, Waiver and Indemnification. 

 The Subscriber understands and acknowledges that an exemption from the registration requirements of the
Securities Act requires that there be no general solicitation of purchasers of the Units. In this regard, if the offering of the units of shares of common stock and warrants in the Company’s initial public offering were deemed to be a general
solicitation with respect to the Units, the offer and sale of such Units may not be exempt from registration and, if not, the Subscriber may have a right to rescind its purchase of the Units. In order to facilitate the completion of the Offering and
in order to protect the Company, its stockholders and the Trust Account from claims that may adversely affect the Company or the interests of its stockholders, the Subscriber hereby agrees to waive, to the maximum extent permitted by applicable law,
any claims, right to sue or rights in law or arbitration, as the case may be, to seek rescission of its purchase of the Units. The Subscriber acknowledges and agrees that this waiver is being made in order to induce the Company to sell the Units to
the Subscriber. The Subscriber agrees that the foregoing waiver of rescission rights shall apply to any and all known or unknown actions, causes of action, suits, claims, or proceedings (collectively, “Claims”) and related losses, costs,
penalties, fees, liabilities and damages, whether compensatory, consequential or exemplary, and expenses in connection therewith, including reasonable attorneys’ and expert witness fees and disbursements and all other expenses reasonably
incurred in investigating, preparing or defending against any Claims, whether pending or threatened against the Company or the Trust Account, in connection with any present or future actual or asserted right to rescind the purchase of the Units
hereunder or relating to the purchase of the Units and the transactions contemplated hereby. 
 7. Lock-Up. 
 The Subscriber, and its designees, shall not sell, assign, hypothecate, or transfer any of the Units, the shares of Common Stock and the Warrants
comprising the Units, or Warrant Shares, until the earlier of the consummation of a Business Combination (as hereinafter defined) or liquidation of the Company, provided however, that thereafter no sale, assignment, hypothecation or transfer
may be effected unless, in each case, it is made in accordance the Securities Act. As used herein, a “Business Combination” shall mean a merger, capital stock exchange, asset acquisition, stock purchase or other similar business
combination, with one or more businesses: (i) that operate within in the U.S. insurance industry, (ii) are incorporated in the United States, Canada, Bermuda, or the Cayman Islands and (iii) with substantially all of its or their
business, and all of its or their insurance risk, in the United States. 
 8. Waiver of Liquidation Distributions. 
 In connection with the Units purchased pursuant to this Agreement, the Subscriber hereby waives any and all right, title, interest or claim of any kind in
or to any liquidating distributions by the Company (from the Trust Account or otherwise) in the event of a liquidation of the Company upon the Company’s failure to complete a Business Combination within the periods set forth in the
Company’s Amended and Restated Certificate of Incorporation as of the date hereof. For purposes of clarity, in the event the Subscriber purchases shares of Common Stock in the IPO or in the aftermarket such shares shall be eligible to receive
any liquidating distributions by the Company. 
 9. Governing Law; Waiver of Jury Trial. 

 This Agreement shall be governed by and construed in accordance with the laws of the State of New York.
The parties hereto hereby waive any right to a jury trial in connection with any litigation pursuant to this Agreement and the transactions contemplated hereby. 
 10. Assignment; Entire Agreement; Amendment. 
 10.1 Assignment. Neither this
Agreement nor any rights hereunder may be assigned by any party to any other person other than by the Subscriber to a person agreeing to be bound by the terms hereof. 
 10.2 Entire Agreement. This Subscription Agreement sets forth the entire agreement and understanding between the parties as to the
subject matter thereof and merges and supersedes all prior discussions, agreements and understandings of any and every nature among them. 
 10.3 Amendment. Except as expressly provided in this Agreement, neither this Agreement nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument signed by the party
against whom enforcement of any such amendment, waiver, discharge, or termination is sought. 
 10.4 Binding Upon
Successors. This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs, legal representatives, successors and assigns. 
 11. Notices; Indemnity. 
 11.1 Notices. Unless otherwise provided herein, any notice or other communication to a party hereunder shall be sufficiently given if in writing and personally delivered or sent by facsimile with copy sent in another manner herein
provided or sent by courier (which for all purposes of this Agreement shall include Federal Express or other recognized overnight courier) or mailed to said party by certified mail, return receipt requested, at its address provided for herein or
such other address as either may designate for itself in such notice to the other and communications shall be deemed to have been received when delivered personally, on the scheduled arrival date when sent by next day or 2-day courier service, or if
sent by facsimile upon receipt of confirmation of transmittal or, if sent by mail, then three days after deposit in the mail. 
 11.2 Indemnification. Each party shall indemnify the other against any loss, cost or damages (including reasonable attorney’s fees and expenses) incurred as a result of such party’s breach of any representation, warranty,
covenant or agreement in this Agreement. 
 12. Counterparts. 
 This Agreement may be executed in any number of counterparts, each of which shall be enforceable against the parties actually executing such counterparts,
and all of which together shall constitute one instrument. Such counterparts may be delivered between the parties by facsimile or other electronic transmission. 
 13. Survival; Severability. 

 13.1 Survival. The representations, warranties, covenants and agreements of the
parties hereto shall survive the Closing. 
 13.2 Severability. In the event that any provision of this Agreement
becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision; provided that no such severability shall be effective if it materially
changes the economic benefit of this Agreement to any party. 
 14. Titles and Subtitles. 
 The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting
this Agreement. 
 [Signature Page Follows] 

 This subscription is accepted by the Company on the __ day of ________, 2006.

  

									
		 		 	 DEKANIA CORP.

					
	 Date:
	 		 		 	 By:
	 	  
		 		 		 		 	 Name: Thomas H. Friedberg

		 		 		 		 	 Title: President & CEO

			
		 		 	SUBSCRIBER:
			
		 		 	 COHEN BROS. ACQUISITIONS, LLC

				
		 		 	 By:
	 	 Cohen & Company, its sole member

					
		 		 		 	 By:
	 	  
		 		 		 		 	 Name:

		 		 		 		 	 Title:

 Name of the Subscriber: Cohen Bros. Acquisitions, LLC 
 Number of Units Being Subscribed: 250,000 
 Aggregate Purchase Price: US $2,500,000 
 Date of Subscription: __________ __, 2006

 Place of Residency and/or Principal Place of Business: 
 2929 Arch Street, Suite 1703 
 Philadelphia, Pennsylvania 19104 
 Fax:(215) 861-7878

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