Document:

EXHIBIT
        4.6

      

      EXECUTION
        COPY

       

      REGISTRATION
        RIGHTS AGREEMENT

       

      THIS
        REGISTRATION RIGHTS AGREEMENT (this “Agreement”)
        is
        made and entered into as of July 3, 2007 by and between Barry D. Zyskind,
        George
        Karfunkel and Michael Karfunkel (each, a “Founding Shareholder” and
        collectively, the “Founding
        Shareholders”)
        and
        MAIDEN HOLDINGS, LTD., a Bermuda company (the “Company”).

       

      RECITALS

       

      WHEREAS,
        each of the Founding Shareholders purchased from the Company 2,600,000 common
        shares, par value $0.01 per share, of the Company (the “Common
        Shares”),
        pursuant to a Subscription Agreement between the Company and each of the
        Founding Shareholders (the “Subscription
        Agreements”);

       

      WHEREAS,
        the Company issued to each of the Founding Shareholders warrants to purchase
        1,350,000 Common Shares (the “Founding
        Shareholders Warrants”);

       

      WHEREAS,
        concurrently with the execution and delivery of this Agreement, the Company
        (i) is consummating the issuance and sale of 50,410,101 Common Shares in a
        private placement and (ii) in connection with such issuance and sale, is
        entering into a Registration Rights Agreement with Friedman, Billings, Ramsey
        & Co., Inc. for the benefit of, among others, the Persons (as defined below)
        who purchased Common Shares in such private placement (the “Private Placement
        Registration Rights Agreement”); and

       

      WHEREAS,
        in consideration of the Founding Shareholders’ entry into the Subscription
        Agreements, the Company has agreed to execute and deliver to the Founding
        Shareholders this Agreement;

       

      AGREEMENT

       

      NOW,
        THEREFORE, in consideration of the foregoing, and for other good and valuable
        consideration, the receipt and sufficiency of which are hereby acknowledged,
        the
        parties hereto hereby agree as follows:

       

      1. Definitions.
        (a) In
        addition to the terms defined elsewhere in this Agreement, as used in this
        Agreement, the following terms shall have the meanings set forth
        below:

       

      “Affiliate”
of
        any
        specified Person means any other Person who directly, or indirectly through
        one
        or more intermediaries, is in control of, is controlled by, or is under common
        control with, such specified Person. For purposes of this definition, control
        of
        a Person means the power, directly or indirectly, to direct or cause the
        direction of the management and policies of such Person whether by contract,
        securities ownership or otherwise; and the terms “controlling” and “controlled”
have the respective meanings correlative to the foregoing.

       

      “Agreement”
means
        this Registration Rights Agreement, as the same may be amended, supplemented
        or
        modified from time to time in accordance with the terms hereof.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      “Blackout
        Period”
has
        the
        meaning specified in Section 2(c).

       

      “Closing
        Date”
means
        July 3, 2007, or such other time or such other date as the Company and the
        Founding Shareholders may agree.

       

      “Commission”
means
        the Securities and Exchange Commission.

       

      “Covered
        Shareholder”
means
        (x) each Founding Shareholder, but only in respect of Registrable
        Securities owned by him and (y) any permitted transferee or assignee of
        Registrable Securities who agrees to become bound by all of the terms and
        provisions of this Agreement.

       

      “Exchange
        Act”
means
        the Securities Exchange Act of 1934, as amended, and the rules and regulations
        of the Commission thereunder, or any similar successor statute.

       

      “Free
        Writing Prospectus”
means
        a
        free writing prospectus (as such term is defined in Rule 405 under the
        Securities Act) relating to Registrable Securities.

       

      “Issuer
        Free Writing Prospectus”
means
        an issuer free writing prospectus (as such term is defined in Rule 433(h)
        under
        the Securities Act) relating to Registrable Securities.

       

      “Participating
        Covered Shareholder”
means,
        with respect to any Registration Statement, each Covered Shareholder whose
        Registrable Securities are included or are to be included in such Registration
        Statement.

       

      “Person”
means
        any individual, partnership, corporation, limited liability company, joint
        stock
        company, association, trust, unincorporated organization, or a government
        agency
        or political subdivision thereof.

       

      “Prospectus”
means
        the prospectus (including any preliminary prospectus and/or any final prospectus
        filed pursuant to Rule 424(b) under the Securities Act and any prospectus
        that
        discloses information previously omitted from a prospectus filed as part
        of an
        effective registration statement in reliance on Rule 430A, Rule 430B or Rule
        430C under the Securities Act) included in a Registration Statement, as amended
        or supplemented by any prospectus supplement or any Issuer Free Writing
        Prospectus (as defined in Rule 433(h) under the Securities Act) with respect
        to
        the terms of the offering or any portion of the Registrable Securities covered
        by such Registration Statement and by all other amendments and supplements
        to
        such prospectus, including all material incorporated by reference in such
        prospectus and all documents filed after the date of such prospectus by the
        Company under the Exchange Act and incorporated by reference
        therein.

       

      “Public
        Offering”
means
        an offer registered with the Commission and the appropriate state securities
        commissions by the Company of its Common Shares and made pursuant to the
        Securities Act.

       

      “Registrable
        Securities”
means
        (i) the
        Common Shares purchased pursuant to the Subscription Agreements, (ii) the
        Common Shares issuable upon exercise of the Founding Shareholders Warrants,
        and
        (iii) any shares or other securities issued in respect of such Registrable
        Securities by reason of or in connection with any share dividend, share
        distribution, share split, purchase in any rights offering or in connection
        with
        any exchange for or replacement of such Registrable Securities or any
        combination of shares, recapitalization, amalgamation, merger or consolidation,
        any other equity securities issued in respect of Registrable Securities pursuant
        to any other pro rata distribution with respect to the Common Shares;
provided,
        however,
        that a
        Common Share shall cease to be a Registrable Security for purposes of this
        Agreement when it no longer is a Restricted Security.

       

      
        
          
          

        

        
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      “Registration
        Expenses”
means
        any and all expenses incident to the performance of or compliance with this
        Agreement, including, without limitation: (i) all Commission, securities
        exchange, NASD registration, listing, inclusion and filing fees, (ii) all
        fees and expenses incurred in connection with compliance with international,
        federal or state securities or blue sky laws (including, without limitation,
        any
        registration, listing and filing fees and reasonable fees and disbursements
        of
        counsel in connection with blue sky qualification of any of the Registrable
        Securities and the preparation of a blue sky memorandum and compliance with
        the
        rules of the NASD), (iii) all expenses in preparing or assisting in
        preparing, word processing, duplicating, printing, delivering and distributing
        any Registration Statement, any Prospectus, any amendments or supplements
        thereto, any underwriting agreements, securities sales agreements, certificates
        and any other documents relating to the performance under and compliance
        with
        this Agreement, (iv) all fees and expenses incurred in connection with the
        listing or inclusion of any of the Registrable Securities on any securities
        exchange or The Nasdaq Stock Market pursuant to Section 3(l) of this
        Agreement, (v) the fees and disbursements of counsel for the Company and of
        the independent public accountants of the Company (including, without
        limitation, the expenses of any special audit and “cold comfort” letters
        required by or incident to such performance), and (vi) any fees and
        disbursements customarily paid in issues and sales of securities (including
        the
        fees and expenses of any experts retained by the Company in connection with
        any
        Registration Statement); provided,
        however,
        that
        Registration Expenses shall exclude (x) brokers’ or underwriters’ discounts
        and commissions, if any, relating to the sale or disposition of Registrable
        Securities by any Covered Shareholder and (y) any fees and expenses
        incurred by any underwriter, other than such fees and expenses that the Company
        shall have agreed in writing with such underwriter to pay.

       

      “Registration
        Statement”
means
        any registration statement of the Company, which covers any of the Registrable
        Securities pursuant to the provisions of this Agreement, including the
        Prospectus, amendments and supplements to such registration statement or
        Prospectus, including pre- and post-effective amendments, all exhibits thereto
        and all material incorporated by reference or deemed to be incorporated by
        reference, if any, in such registration statement.

       

      “Restricted
        Security”
means
        (i) any Common Share purchased pursuant to the Subscription Agreements,
        (ii) any Common Share issuable upon exercise of a Founding Shareholders
        Warrant, and (iii) any shares or other securities issued in respect of such
        Restricted Securities by reason of or in connection with any share dividend,
        share distribution, share split, purchase in any rights offering or in
        connection with any exchange for or replacement of such Restricted Securities
        or
        any combination of shares, recapitalization, amalgamation, merger or
        consolidation, any other equity securities issued in respect of Registrable
        Securities pursuant to any other pro rata distribution with respect to the
        Common Shares; provided, however,
        that
        Restricted Security shall exclude any of the foregoing securities that
        (i) has been registered pursuant to an effective registration statement
        under the Securities Act and sold in a manner contemplated by the prospectus
        included in such registration statement, (ii) has been transferred by a
        Covered Shareholder in compliance with the resale provisions of Rule 144
        under
        the Securities Act (or any successor provision thereto) or is transferable
        by a
        Covered Shareholder pursuant to paragraph (k) of Rule 144 under the Securities
        Act (or any successor provision thereto), or (iii) otherwise has been
        transferred by a Covered Shareholder and a new certificate representing a
        Common
        Share not subject to transfer restrictions under the Securities Act has been
        delivered by or on behalf of the Company.

       

      
        
          
          

        

        
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      “Securities
        Act”
means
        the Securities Act of 1933, as amended, and the rules and regulations of
        the
        Commission thereunder, or any similar successor statute.

       

      “Shelf
        S-1 Resale Registration Statement”
means
        a
        shelf registration statement on Form S-1 to be filed by the Company within
        90
        days after the Closing Date, as contemplated by Section 2(a) of the Private
        Placement Registration Rights Agreement.

       

      “Underwritten
        Offering”
means
        a
        sale of securities of the Company to an underwriter or underwriters for
        reoffering to the public.

       

      2. Registration.
        (a)
        Demand Registration Rights.

       

      (ii) At
        any
        time after the Shelf S-1 Resale Registration Statement has been withdrawn
        or has
        ceased to be effective, or if the Shelf S-1 Resale Registration Statement
        has
        not been filed within 90 days after the Closing Date, if the Company shall
        receive a written request from the Covered Shareholders holding a majority
        of
        the Registrable Securities, the Company shall (A) provide written notice to
        all other Covered Shareholders of such request and extend to them the
        opportunity to include their Registrable Securities in the proposed
        registration, (B) in no event later than 60 days after the receipt of such
        request (but subject to any applicable Blackout Periods) (the “Filing
        Deadline”),
        prepare and file with the Commission a Registration Statement under the
        Securities Act on Form S-3 (or such other form as may be available for use
        by
        the Company) relating to the offer and sale of the Registrable Securities
        by the
        Covered Shareholders joining in such request, (C) promptly take all actions
        that are necessary or advisable in connection with such registration, including
        without limitation, providing written responses to any comments made by the
        Commission regarding such Registration Statement and filing any necessary
        pre-effective amendments and all necessary exhibits thereto, and (D) use
        its commercially reasonable efforts to cause such Registration Statement
        to be
        declared effective by the Commission as soon as possible after the initial
        filing thereof. The Company shall, subject to any applicable Blackout Periods,
        use its commercially reasonable efforts to keep such Registration Statement
        effective for the period beginning on the date such Registration Statement
        becomes effective (the “Effectiveness
        Date”)
        and
        terminating on the earlier of (x) two years from the Effectiveness Date and
        (y) the date upon which all Registrable Securities then held by the
        Participating Covered Shareholders and included in such Registration Statement
        either (i) may be resold without restriction of any kind and without need
        for such Registration Statement to be effective or (ii) have been disposed
        of pursuant to transactions contemplated by the Registration Statement. The
        Company’s obligation to file and maintain the effectiveness of a Registration
        Statement under this Section 2(a) shall terminate on the date upon which
        all Registrable Securities then held by the Participating Covered Shareholders
        and included in such Registration Statement either (i) may be resold
        without restriction of any kind under the Securities Act and without need
        for a
        Registration Statement to be effective or (ii) have been disposed of
        pursuant to transactions contemplated by the Registration
        Statement.

       

      
        
          
          

        

        
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      (iii) If
        a
        registration pursuant to this Section 2(a) involves a Public Offering that
        is an Underwritten Offering, the Company and each other selling security
        holder
        participating in such Public Offering shall agree to sell any Common Shares
        to
        be sold by them to the underwriters on the same terms as apply to the Common
        Shares to be sold by the Participating Covered Shareholders. If the managing
        underwriter thereof advises the Company and the Participating Covered
        Shareholders that, in its view, the number of Common Shares that the Company
        and
        the Participating Covered Shareholders and other selling security holders
        (if
        any) intend to include in such registration exceeds the largest number of
        Common
        Shares that can be sold without having an adverse effect on such Public
        Offering, including with respect to the price at which such shares can be
        sold
        (the “Maximum
        Offering Size”),
        the
        Company shall include in such registration only that number of Common Shares
        which does not exceed the Maximum Offering Size, in the following order of
        priorities: (1) first, all Registrable Securities that the Participating
        Covered Shareholders have requested to include therein and (2) second, the
        securities proposed to be registered by the Company and by other holders
        of
        securities entitled to participate in the registration, drawn from them in
        such
        amounts as may be agreed between the Company and such other
        holders.

       

      (iv) The
        Company shall be required to register the Registrable Securities not more
        than
        two (2) times pursuant to this Section 2(a).

       

      (v) At
        any
        time before a Registration Statement requested by any Covered Shareholder
        pursuant to this Section 2(a) has become effective, any Participating
        Covered Shareholder may withdraw its request by written notice to the Company
        and upon receipt of such notice the Company shall, at its option, either
        (x) withdraw the Registration Statement (if any) that it previously filed
        in connection with such request (but only if the number of Registrable
        Securities withdrawn is more than half of the number of Registrable Securities
        included in such Registration Statement) or (y) amend such Registration
        Statement to remove any Registrable Securities included therein at the request
        of the Participating Covered Shareholders seeking to withdraw their Registrable
        Securities, and in either case shall be relieved of all obligations under
        this
        Section 2(a) with respect to such request; provided
        that if
        the Company elects to withdraw the Registration Statement and the Participating
        Covered Shareholders reimburse the Company for all of the Company’s costs and
        expenses incurred in complying with such request through the time the Company
        receives notice of the Covered Shareholders’ withdrawal of such request, such
        request shall not count as a request to register Registrable Securities for
        purposes of Section 2(a)(iii).

       

      (b) Piggyback
        Registration Rights.
        (i) If
        the Company proposes to register any of its Common Shares under the Securities
        Act (other than a registration on Form S-8 or S-4 or any successor or similar
        forms), whether or not for sale for its own account, it shall at such time
        give
        prompt written notice at least 20 calendar days prior to the anticipated
        filing
        date of the registration statement relating to such registration to the Covered
        Shareholders, which notice shall set forth such Covered Shareholders’ rights
        under this Section 2(b) and shall offer the Covered Shareholders the
        opportunity to include in such registration statement such number of Registrable
        Securities as the Covered Shareholders may request. Upon the written request
        of
        any Covered Shareholder made within 15 calendar days of the notice from the
        Company (which request shall specify the number of Registrable Securities
        such
        Covered Shareholder seeks to register), the Company shall use commercially
        reasonable efforts to include in such registration all Registrable Securities
        that the Company has been so requested to register by any Covered Shareholder,
        to the extent requisite to permit the disposition of the Registrable Securities
        to be so registered; provided,
        however,
        that
        (A) if such registration involves an underwritten Public Offering, the
        Participating Covered Shareholders must sell their Registrable Securities
        to the
        underwriters on the same terms and conditions as apply to the Company or
        other
        selling security holders, (B) if such registration does not involve an
        underwritten Public Offering, the Participating Covered Shareholders must
        sell
        their Registrable Securities in accordance with the plan of distribution
        set
        forth on Exhibit
        A
        and
        (C) if, at any time after giving written notice of its intention to
        register any Common Shares pursuant to this Section 2(b) and prior to the
        effective date of the Registration Statement filed in connection with such
        registration, the Company shall determine for any reason not to register
        such
        Common Shares, the Company shall give written notice to the Participating
        Covered Shareholders and, thereupon, shall be relieved of its obligation
        to
        register any Registrable Securities in connection with such
        registration.

       

      
        
          
          

        

        
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      (ii) If
        a
        registration pursuant to this Section 2(b) involves an Underwritten
        Offering and the managing underwriter thereof advises the Company that, in
        its
        view, the number of Common Shares that the Company and the Participating
        Covered
        Shareholders and other selling security holders (if any) intend to include
        in
        such registration exceeds the Maximum Offering Size, the Company shall include
        in such registration only that number of Common Shares which does not exceed
        the
        Maximum Offering Size, in the following order of priorities: (1) first, all
        securities the Company proposes to sell for its own account and all securities
        that other holders of securities entitled to participate in the registration
        with a priority greater than the priority of the Covered Shareholders, in
        such
        priority among them as is agreed among the Company and such other holders
        of
        securities, (2) second, the Registrable Securities of the Participating
        Covered Shareholders and the securities requested to be registered by other
        holders of securities entitled to participate in the registration having
        a
        priority equal to the priority of the Covered Shareholders, drawn from them
        pro-rata based on the number of shares each has requested to be included
        in such
        registration and (3) third, the securities requested to be registered by
        other holders of securities entitled to participate in the registration having
        a
        priority lower than the priority of the Covered Shareholders, drawn from
        them in
        such amounts as may be agreed by such holders.

       

      (iii) If
        as a
        result of the proration provisions of this Section 2(b), the Participating
        Covered
        Shareholders are not entitled to include all Registrable Securities that
        they
        have requested to include in such registration, any Participating Covered
        Shareholder may elect to withdraw its request to include any Registrable
        Securities in such registration.

       

      (iv) If
        any
        Participating Covered Shareholder decides not to include all of its Registrable
        Securities in any Registration Statement filed by the Company but before
        such
        Registration Statement becomes effective, such Participating Covered Shareholder
        shall nevertheless continue to have the right under this Section 2(b) to
        include any Registrable Securities then held by it in any subsequent
        Registration Statement as may be filed by the Company with respect to offerings
        of its Common Shares.

       

      
        
          
          

        

        
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      (v) Notwithstanding
        the foregoing, the Company shall have no obligations under this
        Section 2(b) at any time that the Registrable Securities that the
        Participating Covered Shareholders seek to include in a Registration Statement
        are the subject of an effective registration statement.

       

      (c) Blackout
        Period.

       

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

       

      
        
          
          

        

        
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      (ii) In
        the
        case of an event that causes the Company to suspend the use of a Registration
        Statement (a “Suspension
        Event”),
        the
        Company shall give written notice (a “Suspension
        Notice”)
        to the
        managing underwriter (if any) and the Participating Covered Shareholders
        to
        suspend sales of the Registrable Securities and such notice shall state
        generally the basis for the notice and that such suspension shall continue
        only
        for so long as the Suspension Event or its effect is continuing (but in no
        event
        longer than the periods specified in Section 2(c)(i)) and that the Company
        is using all reasonable efforts and taking all reasonable steps to terminate
        suspension of the use of the Registration Statement as promptly as possible.
        Such Participating Covered Shareholders shall not effect any sales of their
        Registrable Securities pursuant to such Registration Statement (or such filings)
        at any time after they have received a Suspension Notice from the Company
        and
        prior to receipt of an End of Suspension Notice (as defined below). If so
        directed by the Company, such Participating Covered Shareholders shall deliver
        to the Company (at the expense of the Company) all copies (other than permanent
        file copies) then in such Participating Covered Shareholders’ possession of the
        Prospectus covering the Registrable Securities at the time of receipt of
        the
        Suspension Notice. Such Participating Covered Shareholders may recommence
        effecting sales of the Registrable Securities pursuant to the Registration
        Statement (or such filings) following further notice to such effect (an
“End
        of
        Suspension Notice”)
        from
        the Company, which End of Suspension Notice shall be given by the Company
        to
        such Participating Covered Shareholders and the managing underwriter in the
        manner described above promptly following the conclusion of any Suspension
        Event
        and its effect.

       

      (iii) Notwithstanding
        any provision herein to the contrary, if the Company shall give a Suspension
        Notice pursuant to this Section 2(c), the Company agrees that it shall
        extend the period of time during which the applicable Registration Statement
        shall be maintained effective pursuant to this Agreement by the number of
        days
        during the period from the date of receipt by such Participating Covered
        Shareholders of the Suspension Notice to and including the date of receipt
        by
        such Participating Covered Shareholders of the End of Suspension Notice and
        copies of the supplemented or amended Prospectus necessary to resume
        sales.

       

      3. Obligations
        of the Company.
        In
        connection with the registration of the Registrable Securities, the Company
        shall use commercially reasonable efforts to:

       

      (a) (i)
        Prepare and file with the Commission a Registration Statement, within the
        relevant time period specified in Section 2, on the appropriate form under
        the Securities Act (as shall be selected by the Company), which Registration
        Statement (1) shall be available for the sale of the Registrable Securities
        by the Participating Covered Shareholders, (2) shall comply as to form in
        all material respects with the requirements of the applicable form and include
        or incorporate by reference all financial statements required by the Commission
        to be filed therewith or incorporated by reference therein, and (3) shall
        comply in all respects with the requirements of Regulation S-T under the
        Securities Act, and (ii) cause such Registration Statement to become effective
        and remain effective in accordance with Section 2 of this
        Agreement.

       

      
        
          
          

        

        
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      (b) Prepare
        and file with the Commission such amendments and post-effective amendments
        to
        each Registration Statement as may be necessary under applicable law to keep
        such Registration Statement effective for the applicable period; and cause
        each
        Prospectus to be supplemented by any required prospectus supplement or Issuer
        Free Writing Prospectus, and cause the Prospectus as so supplemented or any
        such
        Issuer Free Writing Prospectus, as the case may be, to be filed pursuant
        to Rule
        424 or Rule 433, respectively (or any similar provision then in force) under
        the
        Securities Act and comply with the provisions of the Securities Act, the
        Exchange Act and the rules and regulations thereunder applicable to it with
        respect to the disposition of all securities covered by each Registration
        Statement during the applicable period in accordance with the intended method
        or
        methods of distribution by the Participating Covered Shareholders thereof
        (including sales by any broker-dealer);

       

      (c) Not
        prepare, use or file any Issuer Free Writing Prospectus with respect to
        Registrable Securities unless such Issuer Free Writing Prospectus has been
        approved by the Participating Covered Shareholders holding a majority of
        the
        Registrable Securities included in such Registration Statement (which approval
        shall not be unreasonably withheld);

       

      (d) During
        such time as a Registration Statement is effective or such shorter period
        that
        will terminate when all the Registrable Securities included therein have
        been
        sold (the “Registration
        Period”),
        comply with the provisions of the Securities Act with respect to the Registrable
        Securities covered by the Registration Statement;

       

      (e) (i)
        Prior
        to the filing with the Commission of any Registration Statement (including
        any
        amendments thereto) and the distribution or delivery of any Prospectus
        (including any supplements thereto) or Issuer Free Writing Prospectus, provide
        draft copies thereof (including a copy of the accountant’s consent letter to be
        included in the filing) to the Participating Covered Shareholders and reflect
        in
        such documents all such comments relating to such Participating Covered
        Shareholders and the plan of the distribution of the Registrable Securities
        as
        such Participating Covered Shareholders reasonably may propose; and

       

      (ii) Furnish
        to the Participating Covered Shareholders, without charge, (A) promptly
        after the same is prepared and publicly distributed, filed with the Commission
        or received by the Company, one copy of the Registration Statement, each
        Prospectus, each Issuer Free Writing Prospectus and each amendment or supplement
        to any of the foregoing and (B) such number of copies of each Prospectus,
        each Issuer Free Writing Prospectus, and all amendments and supplements thereto
        and such other documents as such Covered Shareholders may reasonably request
        in
        order to facilitate the public sale or other disposition of the Registrable
        Securities owned by them;

       

      (f) (i)
        Register or qualify, or obtain exemption from registration or qualification
        for,
        the Registrable Securities covered by a Registration Statement under such
        securities or “blue sky” laws of such jurisdictions as any Participating Covered
        Shareholder shall reasonably request in writing;

       

      
        
          
          

        

        
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      (ii) Prepare
        and file in such jurisdictions such amendments (including post-effective
        amendments) and supplements to such registrations and qualifications as may
        be
        necessary to maintain the effectiveness thereof at all times during the
        Registration Period;

       

      (iii) Take
        all
        such other lawful actions as may be necessary to maintain such registrations
        and
        qualifications in effect at all times during the Registration Period;
        and

       

      (iv) Take
        all
        such other lawful actions reasonably necessary or advisable to qualify the
        Registrable Securities for sale in such jurisdictions;

       

      provided,
        however,
        that
        the Company shall not be required in connection with any of its obligations
        under this Section 3(f) (A) to qualify to do business in any
        jurisdiction where it would not otherwise be required to qualify but for
        this
        Section 3(f), (B) to subject itself to general taxation in any such
        jurisdiction or (C) to file a general consent to service of process in any
        such jurisdiction;

       

      (g) Use
        its
        commercially reasonable efforts to cause all Registrable Securities covered
        by
        such Registration Statement to be registered and approved by such other
        governmental agencies or authorities as may be necessary to enable the
        Participating Covered Shareholders to consummate the disposition of such
        Registrable Securities; provided, however,
        that the
        Company shall not be required (A) to qualify to do business in any
        jurisdiction where it would not otherwise be required to qualify but for
        this
        Section 3(f), (B) to subject itself to general taxation in any such
        jurisdiction or (C) to file a general consent to service of process in any
        such jurisdiction;

       

      (h) As
        promptly as practicable after becoming aware of such event, notify the
        Participating Covered Shareholders of the occurrence of any event, as a result
        of which the Prospectus included in a Registration Statement, as then in
        effect,
        or any Issuer Free Writing Prospectus, taken as a whole with the Prospectus,
        includes an untrue statement of a material fact or omits to state a material
        fact required to be stated therein or necessary to make the statements therein,
        in light of the circumstances under which they were made, not misleading,
        and
        promptly prepare an amendment to a Registration Statement and supplement
        to the
        Prospectus to correct such untrue statement or omission, and deliver a number
        of
        copies of such supplement and amendment to such Covered Shareholders as such
        Covered Shareholders may reasonably request;

       

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

       

      
        
          
          

        

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

       

      (k) Except
        as
        provided in Section 2(c), upon the occurrence of any event contemplated by
        Section 3(i)(iv), use its commercially reasonable efforts to promptly
        prepare a supplement or post-effective amendment to a Registration Statement
        or
        the related Prospectus or any document incorporated therein by reference
        or file
        any other required document so that, as thereafter delivered to the purchasers
        of the Registrable Securities, such Prospectus will not contain any untrue
        statement of a material fact or omit to state a material fact required to
        be
        stated therein or necessary to make the statements therein, in the light
        of the
        circumstances under which they were made, not misleading;

       

      (l) Use
        its
        commercially reasonable efforts (including, without limitation, seeking to
        cure
        any deficiencies cited by the exchange or market in the Company's listing
        or
        inclusion application) to cause all the Registrable Securities covered by
        a
        Registration Statement to be listed on a principal national securities exchange,
        or included in an inter-dealer quotation system of a registered national
        securities association, on or in which securities of the same class or series
        issued by the Company are then listed or included;

       

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

       

      (n) Provide
        and cause to be maintained a transfer agent and registrar, which may be a
        single
        entity, for the Registrable Securities not later than the effective date
        of the
        first Registration Statement;

       

      (o) Cooperate
        with the Participating Covered Shareholders to facilitate the timely preparation
        and delivery of certificates for the Registrable Securities to be offered
        pursuant to a Registration Statement and enable such certificates for the
        Registrable Securities to be in such denominations or amounts, as the case
        may
        be, as such Participating Covered Shareholders reasonably may request and
        registered in such names as such Participating Covered Shareholders may request;
        and, within three business days after a Registration Statement which includes
        Registrable Securities is declared effective by the Commission, deliver to
        the
        transfer agent for the Registrable Securities (with copies to such Participating
        Covered Shareholders) an appropriate instruction and, to the extent necessary,
        cause legal counsel selected by the Company to deliver an opinion of such
        counsel to such transfer agent;

       

      
        
          
          

        

        
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      (p) Take
        all
        such other lawful actions reasonably necessary to expedite and facilitate
        the
        disposition by such Participating Covered Shareholders of their Registrable
        Securities in accordance with the intended methods therefor provided in the
        Prospectus which are customary under the circumstances, including without
        limitation, by making senior management available to participate in road
        shows
        and meeting with potential investors as such Participating Covered Shareholders
        shall reasonably request.

       

      4. Obligations
        of the Covered Shareholders.
        In
        connection with the registration of the Registrable Securities, the
        Participating Covered Shareholders shall have the following
        obligations:

       

      (a) It
        shall
        be a condition precedent to the obligations of the Company to complete the
        registration pursuant to this Agreement with respect to the Registrable
        Securities that the Participating Covered Shareholders shall furnish to the
        Company such information regarding themselves, the Registrable Securities
        held
        by them and the intended method of disposition of the Registrable Securities
        held by them as shall be reasonably required to effect the registration of
        such
        Registrable Securities and shall execute such documents in connection with
        such
        registration as the Company may reasonably request. At least ten business
        days
        prior to the first anticipated filing date of a Registration Statement, the
        Company shall notify such Participating Covered Shareholders and their counsel,
        whether in-house or otherwise (“Counsel”)
        of the
        information relating to such Covered Shareholders and the Registrable Securities
        the Company requires from such Participating Covered Shareholders in order
        to
        prepare and file a Registration Statement that complies with the Securities
        Act
        (the “Requested
        Information”).
        If
        four business days prior to the anticipated filing date the Company has not
        received the Requested Information from such Participating Covered Shareholders
        or their Counsel, then the Company shall send such Participating Covered
        Shareholders and their Counsel a reminder of such information request. If
        two
        business days prior to the anticipated filing date the Company still has
        not
        received the Requested Information from any such Participating Covered
        Shareholder or its Counsel, then the Company may file the Registration Statement
        without including Registrable Securities of such Participating Covered
        Shareholder. However, promptly upon receipt of the Requested Information,
        and at
        such Participating Covered Shareholder’s expense, the Company shall file such
        amendment(s) to the Registration Statement as may be necessary to include
        therein the Registrable Securities of such Participating Covered
        Shareholder.

       

      (b) Each
        Covered Shareholder agrees to cooperate with the Company in connection with
        the
        preparation and filing of such Registration Statement hereunder, unless such
        Covered Shareholder has notified the Company in writing of its election in
        accordance with the terms and conditions of this Agreement to exclude all
        of its
        Registrable Securities from such Registration Statement.

       

      
        
          
          

        

        
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      (c) The
        Covered Shareholders shall not prepare or use any Free Writing Prospectus
        (as
        such term is defined in Rule 405 under the Securities Act) unless any and
        all
        issuer information included therein has been approved by the Company (such
        approval not be unreasonably withheld).

       

      (d) As
        promptly as practicable after becoming aware of such event, each Participating
        Covered Shareholder shall notify the Company of the occurrence of any event,
        as
        a result of which the Prospectus included in a Registration Statement, as
        then
        in effect, includes an untrue statement of a material fact or omits to state
        a
        material fact required to be stated therein or necessary to make the statements
        therein, in light of the circumstances under which they were made, not
        misleading.

       

      (e) Upon
        receipt of any notice from the Company of the occurrence of any event of
        the
        kind described in Section 3(g) or 3(h), the Participating Covered
        Shareholders shall immediately discontinue their disposition of Registrable
        Securities pursuant to a Registration Statement covering such Registrable
        Securities until the Participating Covered Shareholders’ receipt of the copies
        of the supplemented or amended Prospectus contemplated by Section 3(g) and,
        if so directed by the Company, the Participating Covered Shareholders shall
        deliver to the Company (at the expense of the Company) or destroy (and deliver
        to the Company a certificate of destruction) all copies (other than permanent
        file copies) in their possession of the Prospectus covering such Registrable
        Securities current at the time of receipt of such notice.

       

      5. Expenses
        of Registration.
        All
        Registration Expenses shall be paid by the Company. The Participating Covered
        Shareholders selling Registrable Securities shall pay the underwriting discount
        attributable to their Registrable Securities, any transfer taxes payable
        with
        respect thereto and all fees and expenses, including fees and expenses of
        such
        Participating Covered Shareholders’ counsel, incurred by the Participating
        Covered Shareholders.

       

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

       

      
        
          
          

        

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

       

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

       

      
        
          
          

        

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

       

      
        
          
          

        

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

       

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

       

      7. Assignment.
        The
        rights to have the Company register Registrable Securities pursuant to this
        Agreement may be assigned or transferred only with the prior written consent
        of
        the Company, and any such assignment or transfer without such consent shall
        be
        void and of no effect. In the event of any such permitted assignment or transfer
        by any Covered Shareholder to any permitted transferee of all or any portion
        of
        such Registrable Securities such transfer shall be allowed only if: (a) the
        Covered Shareholder agrees in writing with the transferee or assignee to
        assign
        such rights and a copy of such agreement is furnished to the Company within
        a
        reasonable time after such assignment, (b) the Company is, within a
        reasonable time after such transfer or assignment, furnished with written
        notice
        of (i) the name and address of such transferee or assignee and
        (ii) the Registrable Securities with respect to which such registration
        rights are being transferred or assigned, (c) immediately following such
        transfer or assignment, the Registrable Securities so transferred or assigned
        to
        the transferee or assignee constitute Restricted Securities, (d) at or
        before the time the Company received the written notice contemplated by
        clause (b) of this sentence the transferee or assignee agrees in writing
        with the Company to be bound by all of the provisions contained herein, and
        (e) the Company is furnished with an opinion of counsel, which counsel and
        opinion shall be reasonably satisfactory to the Company, to the effect that
        the
        permitted assignment would be in compliance with the Securities Act and any
        applicable state or other securities laws.

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

      8. Amendment
        and Waiver.
        The
        provisions of this Agreement, including the provisions of this sentence,
        may not
        be amended, modified or supplemented, and waivers or consents to or departures
        from the provisions hereof may not be given, without the written consent
        of the
        Company and Covered Holders beneficially owning not less than a majority
        of the
        then outstanding Registrable Securities; provided, however,
        that for
        purposes of this Section 8, Registrable Securities that are owned, directly
        or indirectly, by the Company shall not be deemed to be outstanding. No
        amendment shall be deemed effective if by its terms it expressly discriminates
        against any Covered Shareholder. Notwithstanding the foregoing, a waiver
        or
        consent to or departure from the provisions hereof with respect to a matter
        that
        relates exclusively to the rights of a Covered Shareholder whose securities
        are
        being sold pursuant to a Registration Statement and that does not directly
        or
        indirectly affect, impair, limit or compromise the rights of other Covered
        Shareholders may be given by such Covered Shareholder; provided
        that the
        provisions of this sentence may not be amended, modified or supplemented
        except
        in accordance with the provisions of the immediately preceding
        sentence.

       

      9. Miscellaneous.

       

      (a) Holders
        of Registrable Securities.
        A
        Person shall be deemed to be a holder of Registrable Securities whenever
        such
        Person owns of record such Registrable Securities. If the Company receives
        conflicting instructions, notices or elections from two or more Persons with
        respect to the same Registrable Securities, the Company shall act upon the
        basis
        of instructions, notice or election received from the registered owner of
        such
        Registrable Securities.

       

      (b) Notices.
        Except
        as may be otherwise provided herein, any notice or other communication or
        delivery required or permitted hereunder shall be in writing and shall be
        delivered personally or sent by certified mail, postage prepaid, by a nationally
        recognized overnight courier service or by facsimile as follows, and shall
        be
        deemed given when actually received.

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

      If
        to the
        Company, to:

       

      Maiden
        Holdings, Ltd.

      7
        Reid
        Street

      Hamilton
        HM 12 Bermuda

      Attention:
        Ben Turin

      Fax:
        (441) 292-5796

       

      With
        a
        copy (which shall not constitute notice) to:

       

      LeBoeuf,
        Lamb, Greene & MacRae LLP

      125
        West
        55th
        Street

      New
        York,
        New York 10019

      Attention:
        Matthew M. Ricciardi, Esq.

      Fax:
        (212) 649-9483

       

      If
        to any
        Covered Shareholder, to it at the address set forth below its name on the
        signature page of this Agreement or, in the case of a Covered Shareholder
        who
        becomes such as a result of an assignment in accordance with Section 7,
        on the
        instrument by which such Person agrees to be bound by the provisions contained
        herein.

       

       

      The
        Company or any Covered Shareholder may, by notice given pursuant to this
        Section 9(b), change the address for notices to it.

       

      (c) Implied
        Waivers.
        Failure
        of any party to exercise any right or remedy under this Agreement or otherwise,
        or delay by a party in exercising such right or remedy, shall not operate
        as a
        waiver thereof.

       

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

       

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

       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

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

       

      (g) Entire
        Agreement.
        This
        Agreement constitutes the entire agreement among the parties hereto with
        respect
        to the subject matter hereof. There are no restrictions, promises, warranties
        or
        undertakings, other than those set forth or referred to herein. This Agreement
        supersedes all prior agreements and undertakings among the parties hereto
        with
        respect to the subject matter hereof.

       

      (h) Persons
        Bound.
        Subject
        to the requirements of Section 7 hereof, this Agreement shall inure to the
        benefit of and be binding upon the successors and assigns of each of the
        parties
        hereto.

       

      (i) Registrable
        Shares Held by the Company or its Affiliates.
        Whenever the consent or approval of Covered Shareholders holding a specified
        percentage of Registrable Securities is required hereunder, Registrable
        Securities held directly or indirectly by the Company shall not be counted
        in
        determining whether such consent or approval was given by Covered Shareholders
        holding such required percentage.

       

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

       

      (k) Survival.
        The
        indemnification and contribution obligations under Section 6 of this
        Agreement shall survive the termination of the Company's obligations under
        Section 2 of this Agreement.

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

      (l) Interpretation.
        All
        pronouns and any variations thereof refer to the masculine, feminine or neuter,
        singular or plural, as the context may require. The headings in this Agreement
        are for convenience of reference only and shall not limit or otherwise affect
        the meaning thereof.

       

      (m) Further
        Assurances.
        From
        and after the date of this Agreement, upon the request of the Covered
        Shareholders or the Company, the Company and the Covered Shareholders shall
        execute and deliver such instruments, documents or other writings as may
        be
        reasonably necessary or desirable to confirm and carry out and to effectuate
        fully the intent and purposes of this Agreement.

       

      (n) Counterparts.
        This
        Agreement may be signed in any number of counterparts, each of which shall
        be an
        original, with the same effect as if the signatures thereto and hereto were
        upon
        the same instrument. Signatures delivered by facsimile shall be deemed to
        be
        original signatures.

       

      [Signature
        Page Follows]

       

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

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

       

      MAIDEN
        HOLDINGS, LTD.

      a
        Bermuda
        company

       

      By:  /s/
        Ben
        Turin    

      Name: Ben
        Turin

      Title: Chief
        Operating Officer, General Counsel and
        Secretary

       

      THE
        FOUNDING SHAREHOLDERS

        

      By:  /s/
        George Karfunkel    

      Name: George
        Karfunkel

      Address
        for notices:           
AmTrust
        Financial Services, Inc.

      59
        Maiden
        Lane, 6th
        Floor

      New
        York,
        NY 10038

      

      By:  /s/
        Michael Karfunkel    

      Name: Michael
        Karfunkel

      Address
        for notices:           
AmTrust
        Financial Services, Inc.

      59
        Maiden
        Lane, 6th
        Floor

      New
        York,
        NY 10038

       

      By:  /s/
        Barry
        D. Zyskind    

      Name: Barry
        D.
        Zyskind

      Address
        for
        notices:            AmTrust
        Financial Services, Inc.

      59
        Maiden
        Lane, 6th
        Floor

      New
        York,
        NY 10038

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Exhibit
        A

       

       

      Plan
        of Distribution

       

      The
        selling shareholder and any of its donees, transferees, pledgees, assignees
        and
        successors-in-interest may sell, from time to time, any or all of their common
        shares on any stock exchange, market or trading facility on which the shares
        are
        traded or in private transactions. These sales may be at fixed or negotiated
        prices. The selling shareholder may use any one or more of the following
        methods
        when selling shares:

       

      · ordinary
        brokerage transactions and transactions in which the broker-dealer solicits
        purchasers;

       

      · block
        trades in which the broker-dealer so engaged will attempt to sell the shares
        as
        agent but may position and resell a portion of the block as principal to
        facilitate the transaction;

       

      · purchases
        by a broker-dealer as principal and resale by the broker-dealer for its
        account;

       

      · over-the-counter
        distribution in accordance with the rules of the Nasdaq Stock
        Market;

       

      · privately
        negotiated transactions;

       

      · short
        sales;

       

      · broker-dealers
        may agree with the selling shareholder to sell a specified number of such
        shares
        at a stipulated price per share;

       

      · a
        combination of any such methods of sale; and

       

      · any
        other
        method permitted pursuant to applicable law.

       

      Under
        applicable rules and regulations under the Securities Exchange Act of 1934,
        as
        amended (the “Securities Exchange Act”), any person engaged in a distribution of
        the common shares covered by this prospectus may be limited in its ability
        to
        engage in market activities with respect to such shares. The selling
        shareholder, for example, will be subject to applicable provisions of the
        Securities Exchange Act and the rules and regulations under it, including,
        without limitation, Regulation M, which provisions may restrict certain
        activities of the selling shareholder and limit the timing of purchases and
        sales of any common shares by the selling shareholder. Furthermore, under
        Regulation M, persons engaged in a distribution of securities are prohibited
        from simultaneously engaging in market making and certain other activities
        with
        respect to such securities for a specified period of time prior to the
        commencement of such distributions, subject to specified exceptions or
        exemptions. The foregoing may affect the marketability of the shares offered
        by
        this prospectus.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      To
        the
        extent required, this prospectus may be amended or supplemented from time
        to
        time to describe a specific plan of distribution.

       

      In
        connection with distributions of the shares or otherwise, the selling
        shareholders may enter into hedging transactions with broker-dealers or other
        financial institutions. In connection with such transactions, broker-dealers
        or
        other financial institutions may engage in short sales of our common shares
        in
        the course of hedging the positions they assume with selling shareholders.
        The
        selling shareholders may also sell our securities short and redeliver the
        shares
        to close out such short positions. The selling shareholders may also enter
        into
        option or other transactions with broker-dealers or other financial institutions
        that require the delivery to such broker-dealer or other financial institution
        of shares offered by this prospectus, which shares the broker-dealer or other
        financial institution may resell pursuant to this prospectus, as supplemented
        or
        amended to reflect such transaction.

       

      The
        selling shareholder may also engage in short sales against the box, puts
        and
        calls and other transactions in our securities or derivatives of our securities
        and may sell or deliver shares in connection with these trades. The selling
        shareholder may pledge its shares to its brokers under the margin provisions
        of
        customer agreements. If the selling shareholder defaults on a margin loan,
        the
        broker may offer and sell, from time to time, the pledged shares.

       

      The
        selling shareholder may sell shares directly to market makers acting as
        principals and/or broker-dealers acting as agents for itself or its customers.
        Broker-dealers engaged by the selling shareholder may arrange for other
        broker-dealers to participate in sales. Broker-dealers may receive commissions,
        concessions or discounts from the selling shareholder (or, if any broker-dealer
        acts as agent for the purchaser of shares, from the purchaser) in amounts
        to be
        negotiated. The selling shareholder does not expect these commissions and
        discounts to exceed what is customary in the types of transactions involved.
        Market makers and block purchasers that purchase the shares will do so for
        their
        own account and at their own risk. It is possible that a selling shareholder
        will attempt to sell shares in block transactions to market makers or other
        purchasers at a price per share that may be below the then-current market
        price.
        We cannot make assurances that all or any of the common shares will be issued
        to, or sold by, the selling shareholder.

       

      In
        addition, any shares that qualify for sale pursuant to Rule 144 promulgated
        under the Securities Act of 1933, as amended (the “Securities Act”), may be sold
        under Rule 144 rather than pursuant to this prospectus.

       

      The
        selling shareholder and any broker-dealers or agents that are involved in
        selling the shares may be deemed to be “underwriters” within the meaning of the
        Securities Act in connection with such sales. In such event, any commissions
        received by such broker-dealers or agents and any profit on the resale of
        the
        shares purchased by them may be deemed to be underwriting commissions or
        discounts under the Securities Act.

       

      In
        certain states, the applicable state securities laws will require a holder
        of
        shares desiring to sell its shares to sell its shares only through registered
        or
        licensed brokers or dealers. In addition, in certain states the shares may
        not
        be sold unless they have been registered or qualified for sale in the applicable
        state or an exemption from the registration or qualification requirement
        is
        available and is complied with.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      We
        are
        required to pay all fees and expenses incident to the registration of the
        shares. We have agreed to indemnify the selling shareholders against certain
        losses, claims, damages and liabilities, including liabilities under the
        Securities Act.

       

      In
        addition, we will make copies of this prospectus available to the selling
        shareholders for the purpose of satisfying the prospectus delivery requirements
        of the Securities Act. The selling shareholders may indemnify any broker-dealer
        that participates in transactions involving the sale of the shares against
        certain liabilities, including liabilities arising under the Securities
        Act.

       

      At
        the
        time a particular offer of shares is made, if required, a prospectus supplement
        will be distributed that will set forth the number of shares being offered
        and
        the terms of the offering, including the name of any underwriter, dealer
        or
        agent, the purchase price paid by any underwriter, any discount, commission
        and
        other item constituting compensation, any discount, commission or concession
        allowed or reallowed or paid to any dealer, and the proposed selling price
        to
        the public.EXHIBIT
      10.1

    EXECUTION
      COPY

    

    

    EMPLOYMENT
      AGREEMENT

    

    THIS
      EMPLOYMENT AGREEMENT
      dated as
      of July 3, 2007 (the "Effective Date"), by and between Maiden Holdings, Ltd.,
      7
      Reid Street, Hamilton HM 12, Bermuda, a Bermuda company (the "Company") and
      Max
      G. Caviet, an individual residing at Ashford House 56 Tilt Road Cobham Surrey
      KT11 3HQ ("Executive").

    

    WITNESSETH

    

    WHEREAS,
      the
      Company and Executive each desire to enter into this Employment Agreement (the
      "Agreement") in order to set forth the terms and conditions of Executive's
      employment during the period in which the Company establishes itself (the
      "Transition Period"), intending to supersede any prior employment agreement,
      written or oral, whether with the Company or other affiliates with regard to
      this Transition Period employment with the Company.

    

    NOW,
      THEREFORE,
      in
      consideration of the mutual covenants and promises contained herein and other
      good and valuable consideration, receipt of which is acknowledged, the parties
      hereto agree as follows:

    

    1. Duties
      and Responsibilities.
      It
      is the
      intention of the Company that Executive serve as President and Chief Executive
      Officer of the Company, at the pleasure of the board of directors of the Company
      (the "Board of Directors"). The
      duties, responsibilities and authorities of Executive shall be those which
      are
      customary for presidents of corporations of the size, type and nature of the
      Company including, without limitation, authority, in conjunction with the Board
      of Directors as appropriate, to hire and terminate other employees of the
      Company. Executive's principal place of work will be in Hamilton, Bermuda,
      but
      he shall be required to travel as reasonably necessary to carry out his duties.
      

    

    Executive
      shall continue to also be employed by AmTrust Financial Services, Inc.
      ("AmTrust") during the Employment Period (as defined in Clause 2), however,
      Executive will transition his duties to the Company during the Employment Period
      and Executive agrees to devote his best efforts to promote and develop the
      business of the Company. Subject to the approval of the Board of Directors,
      which shall not be unreasonably withheld, Executive shall be entitled to serve
      on corporate, civic, and/or charitable boards or committees and to otherwise
      reasonably participate as a member in community, civic, or similar organizations
      and the pursuit of personal investments which do not present any material
      conflicts of interest with the Company. 

     

    During
      the Employment Period, the Company shall use its best efforts to secure the
      election of Executive to the Board of Directors. During the Employment Period,
      if the Board of Directors forms an executive or similar committee, Executive
      shall serve thereon. If
      elected or appointed, Executive shall serve on the Board of Directors and/or
      the
      board of directors of the Company's affiliates without additional
      compensation.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2. Employment
      Period.
      For the
      Transition Period, commencing on the Effective Date hereof and ending December
      31, 2007 (the "Employment Period"), subject always to Clause 5, the Company
      hereby employs Executive in the capacities herein set forth. Executive agrees,
      pursuant to the terms hereof, to serve in such capacities for the Employment
      Period. If Executive has not entered into a successive employment agreement
      with
      the Company by the expiration of the Employment Period, Executive's
      employment with the Company will terminate as of the expiration of the
      Employment Period.

    

    3. Compensation
      and Benefits.

    

    (a) Salary.
      The Company shall compensate Executive for a portion of Executive’s £250,000 per
      annum salary with AmTrust (such portion referred to herein as "Salary") based
      on
      the proportionate amount of time that Executive devotes to Company matters
      during the Employment Period.

     

    (b) Profit
      Bonus. Executive shall be eligible to receive a profit bonus in an amount equal
      to no less than 20% of Salary, to reflect the Executive's individual
      contribution to the Company's profits for the fiscal year, as determined in
      the
      sole discretion of the Board of Directors. The Profit Bonus, if any, shall
      be
      paid on the date following the date that the Company's completed consolidated
      financial statements for the 2007 calendar year are issued, but in no event
      later than June 30, 2008. 

     

    (c) Special
      Bonus. It is understood and agreed that the Company intends to adopt a 2007
      Share Incentive Plan (the "Plan"). Executive shall be granted options to
      purchase under the Plan 300,000 shares of the Company's common shares, subject
      to the terms and conditions of the Plan and respective award agreement. Such
      share options will be incentive share options within the meaning of Section
      422
      of the Internal Revenue Code of 1986, as amended (the "Code"), to the extent
      permitted by law. Twenty-five percent of the options will become exercisable
      on
      the first anniversary of the date that the options are granted, with an
      additional 6.25% of the options vesting each quarter thereafter based on
      Executive's continued employment, and will expire ten years after the date
      of
      grant, provided, however, that notwithstanding such vesting schedule, 250,000
      of
      the options shall be forfeited upon the expiration of the Employment Period
      in
      the event Executive does not enter into a successive employment agreement with
      the Company by the expiration of the Employment Period. 

    

    (d) Executive
      shall also be entitled to the following benefits:

    

      
        	 	
                (i)

              	
                two
                  and one-half (2 1⁄2) weeks of paid vacation for the Employment Period, or
                  such greater period as may be approved from time to time by Board
                  of
                  Directors to be taken at times mutually convenient to Executive
                  and the
                  Company. Compensation shall not be provided in lieu of unused vacation
                  time; 

              

      

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (ii)

              	
                paid
                  holidays and any and all other work-related leave (whether sick
                  leave or
                  otherwise) as provided to the Company's other executive employees;
                  and

              

      

      

      
        	 	
                (iii)

              	
                Executive
                  will participate in such benefit schemes to which executive employees
                  of
                  the Company, their dependents and beneficiaries generally are entitled
                  during the Employment Period, including, without limitation, private
                  medical, permanent health insurance, life assurance, retirement
                  and other
                  present or successor plans and practices of Company for which executive
                  employees, their dependents and beneficiaries are
                  eligible.

              

      

    

     

    4. Reimbursement
      of Expenses.
      The
      Company recognizes that Executive, in performing Executive's functions, duties
      and responsibilities under this Agreement, may be required to spend sums of
      money in connection with those functions, duties and responsibilities for the
      benefit of the Company and, accordingly, shall reimburse Executive for travel
      and other out-of-pocket expenses reasonably and necessarily incurred in the
      performance of his functions, duties and responsibilities hereunder upon
      submission of written statements and/or bills in accordance with the regular
      procedures of the Company in effect from time to time.

    

    5. Termination
      By Company for Cause.
      The
      Company may discharge Executive for Cause at any time. Cause shall include
      (i) a
      material breach of this Agreement by Executive, but only if such material breach
      is not cured within thirty (30) days following written notice by the Company
      to
      Executive of such breach, assuming such breach may be cured; (ii) Executive
      is
      convicted of any act or course of conduct involving moral turpitude; or (iii)
      Executive engages in any willful act or willful course of conduct constituting
      an abuse of office or authority which significantly and adversely affects the
      business or reputation of the Company. No act, failure to act or course of
      conduct on Executive's part shall be considered willful unless done, or omitted
      to be done, by him not in good faith and without reasonable belief that his
      action, omission or course of conduct was in the Company's best interests.
      Any
      written notice by the Company to Executive pursuant to this Clause 5 shall
      set
      forth, in reasonable detail, the facts and circumstances claimed to constitute
      the Cause. If Executive is discharged for Cause, the Company, without any
      limitations on any remedies it may have at law or equity, shall have no
      liability for Salary or any other compensation and benefits to Executive after
      the date of such discharge.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    6. Non-Disclosure
      of Confidential Information.
      "Confidential Information" means all information known by Executive about the
      Company's business plans, present or prospective customers, vendors, products,
      processes, services or activities, including the costing and pricing of such
      services or activities, employees, agents and representatives. Confidential
      Information does not include information generally known, other than through
      breach of a confidentiality agreement with the Company, in the industry in
      which
      the Company engages or may engage. Executive will not, while this Agreement
      is
      in effect or after its termination, directly or indirectly, use or disclose
      any
      Confidential Information, except in the performance of Executive's duties for
      the Company, or to other persons as directed by the Board of Directors.
      Executive will use reasonable efforts to prevent unauthorized use or disclosure
      of Confidential Information. Upon termination of employment with the Company,
      Executive will deliver to the Company all writings relating to or containing
      Confidential Information, including, without limitation, notes, memoranda,
      letters, electronic data, drawings, diagrams, and printouts, as well as any
      tapes, discs, flash drives or other forms of recorded information. If Executive
      violates any provision of this Clause 6 while this Agreement is in effect or
      after termination, the Company specifically reserve the right, in appropriate
      circumstances, to seek full indemnification from Executive should the Company
      suffer any monetary damages or incur any legal liability to any person as a
      result of the disclosure or use of Confidential Information by Executive in
      violation of this Clause 6.

    

    7. Restrictive
      Covenant.

    

    (a) Prohibited
      Activities.
      Executive agrees that he shall not (unless he has received the prior written
      consent of the Company), during the Employment Period and the period beginning
      on the date of termination of employment and ending three (3) years thereafter
      (together, the "Restriction Period"), directly or indirectly, for any reason,
      for his own account or on behalf of or together with any other person or
      firm:

    

    
      	 	
              (i)

            	
              hire
                or solicit for employment or call on, directly or indirectly, through
                any
                person or firm, any senior employee who is at that time (or at any
                time
                during the one year prior thereto) employed by or representing the
                Company
                or its affiliates with the purpose or intent of attracting that senior
                employee from the employ or representation of the Company or its
                affiliates;

            

    

    

    
      	 	
              (ii)

            	
              call
                on, solicit or perform services for, directly or indirectly through
                any
                person or firm, any person or firm that at that time is, or at any
                time
                within the one year prior to that time was, a customer of the Company
                or
                its affiliates with whom Executive had dealings, for the purpose
                of
                soliciting or selling any product or service in competition with
                the
                Company or its affiliates; or 

            

    

    

    
      	 	
              (iii)

            	
              call
                on, directly or indirectly through any person or firm, any entity
                which
                has been called on by the Company or an affiliate in connection with
                a
                possible acquisition by the Company or an affiliate with the knowledge
                of
                that entity's status as such an acquisition candidate, for the purpose
                of
                acquiring that entity or arranging the acquisition of that entity
                by any
                person or firm other than the Company or the
                affiliate.

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    (b) Damages.
      Because
      of (i) the difficulty of measuring economic losses to the Company as a result
      of
      any breach by Executive of the covenants in Clause 7(a), and (ii) the immediate
      and irreparable damage which could be caused to the Company for which they
      would
      have no other adequate remedy, Executive agrees that the Company may enforce
      the
      provisions of Clause 7(a) by injunction and restraining order against Executive
      if he breaches any of said provisions, without the necessity of providing a
      bond
      or other security.

    

    (c) Reasonable
      Restraint.
      The
      parties hereto agree that Clauses 7(a) and 7(b) impose a reasonable restraint
      on
      Executive in light of the activities and business of the Company on the date
      hereof and the current business plans of the Company.

    

    8. Ownership
      of Inventions.
      Executive shall promptly disclose in writing to the Board of Directors all
      inventions, discoveries, and improvements conceived, devised, created, or
      developed by Executive in connection with his employment (collectively,
      "Invention"), and Executive shall transfer and assign to the Company all right,
      title and interest in and to any such Invention, including any and all domestic
      and foreign patent rights, domestic and foreign copyright rights therein, and
      any renewal thereof. Such disclosure is to be made promptly after the conception
      of each Invention, and each Invention is to become and remain the property
      of
      the Company, whether or not patent or copyright applications are filed thereon
      by the Company. Upon request of the Company, Executive shall execute from time
      to time during or after the termination of employment such further instruments
      including, without limitation, applications for patents and copyrights and
      assignments thereof as may be deemed necessary or desirable by the Company
      to
      effectuate the provisions of this Clause 8.

    

    9. Construction.
      If the
      provisions of Clause 7 should be deemed unenforceable, invalid, or overbroad
      in
      whole or in part for any reason, then any court of competent jurisdiction
      designated in accordance with Clause 11 is hereby authorized, requested, and
      instructed to reform such Clause 7 to provide for the maximum competitive
      restraint upon Executive's activities (in time, product, geographic area and
      customer or employee solicitation) which shall then be legal and
      valid.

     

    10. Damages
      and Jurisdiction.
      Executive agrees that violation of or threatened violation of Clauses 6, 7
      or 8
      would cause irreparable injury to the Company for which any remedy at law would
      be inadequate, and the Company shall be entitled in any court of law or equity
      of competent jurisdiction to preliminary, permanent and other injunctive relief
      against any breach or threatened breach of the provisions contained in Clauses
      6, 7 or 8 hereof, without providing bond or other security, and such
      compensatory damages as shall be awarded. Further, in the event of a violation
      of the provisions of Clause 7, the Restriction Period referred to therein shall
      be extended for a period of time equal to the period that any violation
      occurred.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    11. Jurisdiction
      and Venue.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      Bermuda, without giving effect to the principles of conflict of laws thereof.
      The Company and Executive hereby each consents to the exclusive jurisdiction
      of
      the Bermuda courts with respect to any dispute arising under the terms of this
      Agreement and further consents that any process or notice of motion therewith
      may be served by certified or registered mail or personal service, within or
      without Bermuda, provided a reasonable time for appearance is allowed. Each
      party acknowledges and agrees that any controversy which may arise under this
      Agreement is likely to involve complicated and difficult issues, and therefore
      each party hereby irrevocably and unconditionally waives any right such party
      may have to a trial by jury with respect to any litigation directly or
      indirectly arising out of or relating to this Agreement, or the breach,
      termination or validity of this Agreement, or the transactions contemplated
      by
      this Agreement. The parties further agree that any judgment, order or injunction
      granted by any court within Bermuda shall be enforceable in any jurisdiction
      in
      which the Company or its affiliates do business.

    

    12. Indemnification.
      To the
      fullest extent permitted by, and subject to, the Company's Certificates of
      Incorporation and By-laws, the Company shall indemnify and hold harmless
      Executive against any losses, damages or expenses (including reasonable
      attorney's fees) incurred by him or on his behalf in connection with any
      threatened or pending action, suit or proceeding in which he is or becomes
      a
      party by virtue of his employment by the Company or any affiliates or by reason
      of his having served as an officer or director of the Company or any other
      corporation at the express request of the Company, or by reason of any action
      alleged to have been taken or omitted in such capacity.

    

    13. Severability.
      If any
      provision of this Agreement is held to be invalid, illegal, or unenforceable,
      that determination will not affect the enforceability of any other provision
      of
      this Agreement, and the remaining provisions of this Agreement will be valid
      and
      enforceable according to their terms.

    

    14.
       Withholding.
      Any
      payments provided for herein shall be reduced by any amounts required to be
      withheld by the Company from time to time under any applicable employment or
      income tax laws or similar statutes or other provisions of law then in
      effect.

    

    15. Successors
      to Company.
      Except
      as otherwise provided herein, this Agreement shall be binding upon and inure
      to
      the benefit of Executive and Executive's personal representatives, and the
      Company and any successor or assign of the Company, including, without
      limitation, any corporation acquiring, directly or indirectly, all or
      substantially all of the assets of the Company, whether by merger,
      consolidation, sale or otherwise (and such successor shall thereafter be deemed
      embraced within the term "Company" for the purposes of this Agreement), but
      shall not otherwise be assignable by the Company. The services to be provided
      by
      Executive hereunder may not be delegated nor may Executive assign any of his
      rights hereunder.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    16. No
      Restrictions.
      Executive represents and warrants that as of the Effective Date of this
      Agreement, Executive will not be subject to any contractual obligations or
      other
      restrictions, including, but not limited to, any covenant not to compete, that
      could interfere in any way with his employment hereunder.

    

    17. Personal
      Data.

    

    Executive
      acknowledges and agrees that the Company shall process certain personal data
      regarding him outside of the European Economic Area in connection with personnel
      administration and Company management.

    18. Collective
      Agreements.

    

    There
      are
      no collective agreements that directly affect the terms and conditions of
      Executive's employment.

    

    19. Miscellaneous.

    

    (a) This
      Agreement constitutes the entire understanding of the parties with respect
      to
      the subject hereof and may be modified only in writing.

    

    (b) If
      Executive should die while any amount would still be payable to him under this
      Agreement if he had continued to live, all such amounts, unless otherwise
      provided herein, shall be paid in accordance with the terms of this Agreement
      to
      Executive's estate or legal representative.

    

    (c) The
      failure of any of the parties hereto to enforce any provision hereof on any
      occasion shall not be deemed to be a waiver of any provision or succeeding
      breach of such provision or any other provision.

    

    (d) All
      notices under this Agreement shall be given by registered or certified mail,
      return receipt requested, directed to parties at the following addresses or
      to
      such other addresses as the parties may designate in writing:

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    If
      to the
      Company:

    

    Maiden
      Holdings, Ltd.

    7
      Reid
      Street

    Hamilton
      HM 12 Bermuda

    Attention:
      Bentzion S. Turin

     

    If
      to
      Executive:

    

    Max
      G.
      Caviet

    Ashford
      House 

    56
      Tilt
      Road 

    Cobham
      Surrey KT11 3HQ

    

    (e) In
      furtherance and not in limitation of the foregoing, this Agreement supersedes
      any employment agreement between Executive and Maiden Holdings, Ltd., written
      or
      oral, and any such agreement hereby is terminated and is no longer binding
      on
      either party.

    

    20. Key
      Man Insurance Authorization.
      At any
      time during the term of this Agreement, the Company will have the right (but
      not
      the obligation) to insure the life of Executive for the sole benefit of the
      Company and to determine the amount of insurance and type of policy. The Company
      will be required to pay all premiums due on such policies. Executive will
      cooperate with the Company in taking out the insurance by submitting to physical
      examination, by supplying all information required by the insurance company,
      and
      by executing all necessary documents. Executive, however, will incur no
      financial obligation by executing any required document, and will have no
      interest in any such policy.

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    21. Counterparts.
      This
      Agreement may be executed in one or more counterparts, all of which shall be
      deemed to be duplicate originals.

    

     

     

    
      	MAIDEN HOLDINGS, LTD.	 	 
	 	 	 	 
	
              By: 

            	
               /s/ Bentzion
                S. Turin 

            	 	 /s/ Max
              G. Caviet
	 	
              
                

              

              Bentzion S. Turin 

              Chief Operating Officer, General Counsel and
                Assistant
                Secretary

            	 	
              

            

    

    

     

    
      
        
        

      

      
        9

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