Document:

EXHIBIT 4.5

THE REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE HEREOF, AGREES
THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN
PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE OPTION AGREES THAT IT WILL
NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION FOR A
PERIOD OF ONE YEAR FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER
THAN (I) CRT CAPITAL GROUP LLC OR AN UNDERWRITER OR A SELECTED DEALER IN
CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF CRT
CAPITAL GROUP LLC OR ANY SUCH UNDERWRITER OR SELECTED DEALER. THIS PURCHASE
OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF (I) THE CONSUMMATION BY NORTH
AMERICAN INSURANCE LEADERS, INC. ("COMPANY") OF A MERGER, CAPITAL STOCK
EXCHANGE, ASSET ACQUISITION, STOCK PURCHASE OR OTHER SIMILAR TRANSACTION WITH
ONE OR MORE INSURANCE OR INSURANCE SERVICES BUSINESSES IN NORTH AMERICA
("BUSINESS COMBINATION") (AS DESCRIBED MORE FULLY IN THE COMPANY'S REGISTRATION
STATEMENT (DEFINED HEREIN)) AND (II) ______________, 2007. VOID AFTER 5:00 P.M.
EASTERN TIME, _____________, 2010.

                          FORM OF UNIT PURCHASE OPTION

                        FOR THE PURCHASE OF 750,000 UNITS

                                       OF

                     NORTH AMERICAN INSURANCE LEADERS, INC.

1. Purchase Option.

         THIS CERTIFIES THAT, in consideration of $100 duly paid by or on behalf
of CRT Capital Group LLC ("Holder"), as registered owner of this Purchase
Option, to North American Insurance Leaders, Inc ("Company"), Holder is
entitled, at any time or from time to time upon the later of (i) the
consummation of a Business Combination and (ii) ___________, 2007 ("Commencement
Date"), and at or before 5:00 p.m., Eastern Time, _____________, 2010
("Expiration Date"), but not thereafter, to subscribe for, purchase and receive,
in whole or in part, up to Seven Hundred Fifty Thousand (750,000) units
("Units") of the Company, each Unit consisting of one share of common stock of
the Company, par value $0.0001 per share ("Common Stock"), and one warrant
("Warrant(s)") expiring four years from the effective date ("Effective Date") of
the registration statement on Form S-1 ("Registration Statement") pursuant to
which Units are offered for sale to the public (the "Offering"). Each Warrant
provides for substantially identical terms as the warrants included in the Units
being registered for sale to the public by way of the Registration Statement
("Public Warrants"), except that the Warrants have an exercise price of $7.50
per share, subject to adjustment as provided in Section 6 hereof. If the
Expiration Date is a day on which banking institutions are authorized by law to
close in New York City, then this Purchase Option may be exercised on the next
succeeding day which is not such a day in accordance with the terms herein.
During the period ending on the Expiration Date,

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the Company agrees not to take any action that would terminate the Purchase
Option. This Purchase Option is initially exercisable at $8.80 per Unit so
purchased; provided, however, that upon the occurrence of any of the events
specified in Section 6 hereof, the rights granted by this Purchase Option,
including the exercise price per Unit and the number of Units (and shares of
Common Stock and Warrants) to be received upon such exercise, shall be adjusted
as therein specified. The term "Exercise Price" shall mean the initial exercise
price or the adjusted exercise price, depending on the context.

2. Exercise.

         2.1 Exercise Form. In order to exercise this Purchase Option, the
exercise form attached hereto must be duly completed, executed and delivered to
the Company, together with this Purchase Option and payment of the Exercise
Price for the Units being purchased payable in cash or by certified check or
official bank check. If the subscription rights represented hereby shall not be
exercised at or before 5:00 p.m., Eastern time, on the Expiration Date, this
Purchase Option shall become and be void without further force or effect, and
all rights represented hereby shall cease and expire.

         2.2 Legend. Each certificate for the securities purchased under this
Purchase Option shall bear a restricted securities legend (the "Restricted
Securities Legend") as follows unless such securities have been registered under
the Securities Act of 1933, as amended ("Act"):

"THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED ("ACT") OR APPLICABLE STATE LAW. THE
SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT, OR PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER THE ACT AND APPLICABLE STATE LAW."

If securities are to be issued upon the registration of transfer, exchange or
replacement of securities subject to restrictions on transfer and bearing the
Restricted Securities Legend, or if a request is made to remove the Restricted
Securities Legend, the securities so issued shall bear the Restricted Securities
Legend or the Restricted Securities Legend shall not be removed, as the case may
be, unless and until either of the conditions set forth in Section 3.2 is
satisfied.

         2.3 Cashless Exercise.

                  2.3.1 Determination of Amount. In lieu of the payment of the
Exercise Price multiplied by the number of Units for which this Purchase Option
is exercisable (and in lieu of being entitled to receive Common Stock and
Warrants) in the manner required by Section 2.1, the Holder shall have the right
(but not the obligation) to convert any exercisable but unexercised portion of
this Purchase Option into Units ("Conversion Right") as follows: upon exercise
of the Conversion Right, the Company shall deliver to the Holder (without
payment by the Holder of any of the Exercise Price in cash) that number of
shares of Common Stock and Warrants comprising that number of Units equal to the
quotient obtained by dividing (x) the "Value" (as defined below) of the portion
of the Purchase Option being converted by (y) the Current Market

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Value (as defined below). The "Value" of the portion of the Purchase Option
being converted shall equal the remainder derived from subtracting (a) (i) the
Exercise Price multiplied by (ii) the number of Units underlying the portion of
this Purchase Option being converted from (b) the Current Market Value of a Unit
multiplied by the number of Units underlying that portion of the Purchase Option
being converted. As used herein, the term "Current Market Value" per Unit at any
date means the remainder derived from subtracting (x) the exercise price of the
Warrants multiplied by the number of shares of Common Stock issuable upon
exercise of the Warrants underlying one Unit from (y) (i) the Current Market
Price of the Common Stock multiplied by (ii) the number of shares of Common
Stock underlying one Unit, which shall include the shares of Common Stock
underlying the Warrants included in such Unit. The "Current Market Price" of a
share of Common Stock shall mean (i) if the Common Stock is listed on a national
securities exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap
Market or NASD OTC Bulletin Board (or successor such as the Bulletin Board
Exchange), the average of the last sale prices of the Common Stock in the
principal trading market for the Common Stock as reported by the exchange,
Nasdaq or the NASD OTC Bulletin Board, as the case may be, for the five trading
days prior to exercise; (ii) if the Common Stock is not listed on a national
securities exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap
Market or the NASD OTC Bulletin Board (or successor such as the Bulletin Board
Exchange), but is traded in the residual over-the-counter market, the average
closing bid price for the Common Stock for the five trading days preceding the
date in question for which such quotations are reported by the Pink Sheets, LLC
or a similar publisher of such quotations; and (iii) if the fair market value of
the Common Stock cannot be determined pursuant to clause (i) or (ii) above, such
price as the Board of Directors of the Company shall determine, in good faith.

                  2.3.2 Mechanics of Conversion. The Conversion Right may be
exercised by the Holder on any business day on or after the Commencement Date
and not later than the Expiration Date by delivering the Purchase Option to the
Company with the duly executed exercise form attached hereto with the conversion
section completed, exercising the Conversion Right and specifying the total
number of Units the Holder will purchase pursuant to such Conversion Right.

3. Transfer.

         3.1 General Restrictions. The registered Holder of this Purchase
Option, by its acceptance hereof, agrees that it will not directly or indirectly
sell, offer, contract or grant any option to sell (including without limitation
any short sale), transfer, assign, pledge, hypothecate, establish an open "put
equivalent position," liquidate or decrease a "call equivalent position" within
the meaning of Rule 16a-1(h) under the Securities Exchange Act of 1934, as
amended, or otherwise dispose of, or enter into any transaction which is
designed to, or might reasonably be expected to, result in the disposition of
("Transfer") this Purchase Option for a period of one year following the
Effective Date to anyone other than (i) CRT Capital Group LLC or an underwriter
or a selected dealer participating in the Offering, or (ii) a bona fide officer
or partner of CRT Capital Group LLC or of any such underwriter or selected
dealer. On and after the first anniversary of the Effective Date, Transfers of
this Purchase Option to others may be made subject to compliance with or
exemptions from applicable securities laws. In order to make any permitted
assignment, the Holder must deliver to the Company the assignment form attached

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hereto, duly executed and completed, together with the Purchase Option and
payment of all transfer taxes, if any, payable in connection therewith. The
Company shall within five business days of its receipt of such assignment
transfer this Purchase Option on the books of the Company and shall execute and
deliver a new Purchase Option or Purchase Options of like tenor to the
appropriate assignee(s) expressly evidencing the right to purchase the aggregate
number of Units purchasable hereunder or such portion of such number as shall be
contemplated by any such assignment.

         3.2 Restrictions Imposed by the Act. The securities evidenced by this
Purchase Option shall not be transferred unless and until (i) the Company has
received either (A) the opinion of counsel for the Holder that the securities
may be transferred pursuant to an exemption from registration under the
Securities Act of 1933 (the "Act") and applicable state securities laws, the
availability of which is established to the reasonable satisfaction of the
Company (the Company hereby agreeing that the opinion of Bingham McCutchen LLP
shall be deemed satisfactory evidence of the availability of an exemption), or
(B) such other evidence as the Company may request and that the Holder agrees to
provide in lieu of such opinion; or (ii) a registration statement or a
post-effective amendment to the Registration Statement relating to such
securities has been filed by the Company and declared effective by the
Securities and Exchange Commission (the "SEC") and compliance with applicable
state securities law has been established.

4. New Purchase Options to be Issued

         4.1 Partial Exercise or Transfer. Subject to the restrictions in
Section 3 hereof, this Purchase Option may be exercised or assigned in whole or
in part. In the event of the exercise or assignment hereof in part only, upon
surrender of this Purchase Option for cancellation, together with the duly
executed exercise or assignment form and, as applicable, funds sufficient to pay
any Exercise Price and/or transfer tax, the Company shall cause to be delivered
to the Holder without charge a new Purchase Option of like tenor to this
Purchase Option in the name of the Holder evidencing the right of the Holder to
purchase the number of Units purchasable hereunder as to which this Purchase
Option has not been exercised or assigned.

         4.2 Lost Certificate. Upon receipt by the Company of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this
Purchase Option and of reasonably satisfactory indemnification or the posting of
a bond, the Company shall execute and deliver a new Purchase Option of like
tenor and date. Any such new Purchase Option executed and delivered as a result
of such loss, theft, mutilation or destruction shall constitute a substitute
contractual obligation on the part of the Company.

5. Registration Rights.

         5.1 Demand Registration.

                  5.1.1 Grant of Right. The Company, upon written demand
("Initial Demand Notice") of the Holder(s) of at least 51% in interest of the
Purchase Options and/or the underlying Units and/or the underlying securities
("Majority Holders"), agrees to register (the "Demand Registration") under the
Act on one occasion, all of the Purchase Options requested by

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the Majority Holders in the Initial Demand Notice and all of the securities
underlying such Purchase Options, including the Units, Common Stock, the
Warrants and the Common Stock underlying the Warrants (collectively, the
"Registrable Securities"). On such occasion, the Company will file a
registration statement for use in an offering of the Registrable Securities from
time-to-time or a post-effective amendment to the Registration Statement
covering all of the Registrable Securities that will permit an offering of the
Registrable Securities from time-to-time within sixty (60) days after receipt of
the Initial Demand Notice and use its commercially reasonable efforts to have
such registration statement or post-effective amendment declared effective as
soon as possible thereafter. The demand for registration may be made at any time
during a period of five (5) years beginning on the Effective Date. The Initial
Demand Notice shall specify the intended method(s) of distribution of the
Registrable Securities. The Company will notify all holders of the Purchase
Options and/or Registrable Securities of the demand within ten days from the
date of the receipt of any such Initial Demand Notice. Each holder of
Registrable Securities who wishes to include all or a portion of such holder's
Registrable Securities in the Demand Registration (each such holder including
shares of Registrable Securities in such registration, a "Demanding Holder")
shall so notify the Company within fifteen (15) days after the receipt by the
holder of the notice from the Company. Upon any such request, the Demanding
Holders shall be entitled to have their Registrable Securities included in the
Demand Registration, subject to Section 5.1.5.

                  5.1.2. Blackout Period. Notwithstanding anything to the
contrary herein, if within five (5) Business Days after the Company receives the
Initial Demand Notice the principal executive officer of the Company furnishes
to the Majority Holders a certificate stating in good faith that (a)(i) the
Company expects to file a registration statement (other than a registration
statement relating to any employee benefit plan, or a registration statement
related solely to stock issued upon conversion of debt securities) within 90
days of the Company's receipt of the Initial Demand Notice or (ii) a corporate
development exists or occurs that, in the reasonable discretion of the Company,
would make it unduly burdensome to file a registration statement within 90 days
of the Company's receipt of the Initial Demand Notice, and (b) the Company is
exercising its right to delay the filing of a Registration Statement during the
resulting Blackout Period (defined below) (the "Blackout Period Certificate")
then (x) the Company shall not be required to take any action pursuant to this
section 5.1 during such Blackout Period provided that the Company is actively
employing in good faith all commercially reasonable efforts to cause such
registration statement to become effective, (y) the Initial Demand Notice shall
be deemed received, for purposes of determining the availability of registration
rights of the Holders under this Section 5.1, when actually received by the
Company, and (z) the Initial Demand Notice shall be deemed received, for
purposes of determining the timing of any obligation of the Company under this
Section 5.1, on the first Business Day immediately succeeding the conclusion of
such Blackout Period. The Initial Demand Notice for registration may be made at
any time during a period of five years beginning on the Effective Date;
provided, however, that the Majority Holders may not deliver an Initial Demand
Notice pursuant to this Section 5.1.1 prior to the consummation of the Company's
initial Business Combination. The Company shall give written notice of its
receipt of any Initial Demand Notice by any Holder(s) to all other registered
Holders of the Purchase Options and/or the Registrable Securities within ten
days from the date of the receipt of any such Initial Demand Notice. Once made,
a request for registration pursuant to an Initial Demand Notice provided in
accordance with this Section 5.1 may not be revoked, except that such a request
for registration pursuant to an Initial Demand Notice may be revoked (and shall
not be deemed to have been made for purposes of determining the rights of the
Holders under this Section 5.1) by the Majority Holders if (i) the Majority
Holders have received a notice of a Blackout Period from the Company and (ii)
the Majority Holders provide written notice to

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the Company within thirty (30) days of receipt of any such notice of a Blackout
Period requesting such revocation for the purpose of preserving the right to
request registration pursuant to an Initial Demand Notice at a later time. For
purposes of this Section 5, "Blackout Period" means a period not to exceed (90)
days beginning on the date the Company's principal executive officer furnishes
tothe Majority Holders the Blackout Period Certificate; provided, however, that
in the event the Company in fact files such registration statement within such
90-day period, such 90-day period shall be extended until the last day of the
distribution period of such primary offering of securities. The Company may not
delay the ability of the Majority Holders to exercise any of their rights under
this Purchase Option by way of giving notice of a Blackout Period more than once
in any 12 month period, and any notice of a Blackout Period given by the Company
to the Majority Holders cannot come less than six months after a previous
Blackout Period notice given by the Company. Notwithstanding anything to the
contrary herein, a request for registration pursuant to an Initial Demand Notice
shall not be deemed to have been made for purposes of determining the rights of
the Holders under this Section 5.1 if (i) the Majority Holders have requested
registration pursuant to an Initial Demand Notice and (ii) such registration has
not occurred as a result of the Company's failure to comply with its obligations
under this Section 5.1.

                  5.1.3 Effective Registration. A registration will not count as
the one Demand Registration which the Company must effect pursuant to the terms
hereof until the registration statement filed with the SEC with respect to such
Demand Registration has been declared effective and the Company has complied
with all of its obligations under this Agreement with respect thereto (including
its obligation to maintain the effectiveness of such registration statement for
a period of nine months plus the duration of any Suspension Period); provided,
however, that if, after such registration statement has been declared effective,
the offering of Registrable Securities pursuant to a Demand Registration is
interfered with by any stop order or injunction of the SEC or any other
governmental agency or court, the registration statement with respect to such
Demand Registration will be deemed not to have been declared effective, unless
and until (i) such stop order or injunction is removed, rescinded or otherwise
terminated and (ii) a majority-in-interest of the Demanding Holders thereafter
elect to continue the offering.

                  5.1.4 Underwritten Offering. If the Majority Holders so elect
and such holders so advise the Company as part of the Initial Demand Notice, the
offering of all or any portion of the Registrable Securities pursuant to such
Demand Registration shall be in the form of one underwritten offering. All
Demanding Holders proposing to distribute their securities through such
underwriting shall enter into an underwriting agreement in customary form with
the underwriter or underwriters selected for such underwriting by the Majority
Holders.

                  5.1.5 Reduction of Offering. If the managing underwriter or
underwriters for a Demand Registration that is to be an underwritten offering
advises the Company and the Demanding Holders in writing that the dollar amount
or number of shares of Registrable Securities which the Demanding Holders desire
to sell pursuant to the underwritten offering, taken together with all other
shares of Common Stock or other securities which the Company desires to sell and
the shares of Common Stock or other securities, if any, as to which registration
has been requested pursuant to written contractual piggy-back registration
rights held by other stockholders of the Company who desire to sell, exceeds the
maximum dollar amount or maximum number of shares that can be sold in such
offering without adversely affecting the

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proposed offering price, the timing, the distribution method, or the probability
of success of such offering (such maximum dollar amount or maximum number of
shares, as applicable, the "Maximum Number of Shares"), then the Company shall
include in such registration: (i) first, the Registrable Securities as to which
Demand Registration has been requested by the Demanding Holders that want to
participate in such underwritten offering (pro rata in accordance with the
number of shares that each such Person has requested be included in such
registration, regardless of the number of shares held by each such Person (such
proportion is referred to herein as "Pro Rata")) that can be sold without
exceeding the Maximum Number of Shares; (ii) second, to the extent that the
Maximum Number of Shares has not been reached under the foregoing clause (i),
the shares of Common Stock or other securities registrable pursuant to the terms
of the Registration Rights Agreement between the Company and the initial
investors in the Company, dated as of _________ ___, 2006 (the "Registration
Rights Agreement" and such registrable securities, the "Investor Securities") as
to which "piggy-back" registration has been requested by the holders thereof and
the Shares of Common Stock or other securities that the Company desires to sell,
Pro Rata, that can be sold without exceeding the Maximum Number of Shares; (iii)
third, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clauses (i) and (ii), the shares of Common Stock or other
securities for the account of other persons that the Company is obligated to
register pursuant to written contractual piggy-back registration rights held by
other stockholders of the Company and that can be sold without exceeding the
Maximum Number of Shares.

                  5.1.6 Terms. The Company shall bear all fees and expenses
attendant to registering the Registrable Securities, including the expenses of
one legal counsel selected by the Holders to represent them in connection with
the sale of the Registrable Securities, but the Holders shall pay any and all
underwriting commissions. The Company agrees to use its commercially reasonable
efforts to qualify or register the Registrable Securities in such states as are
reasonably requested by the Majority Holder(s); provided, however, that in no
event shall the Company be required to register the Registrable Securities in a
state in which such registration would cause (i) the Company to be obligated to
qualify to do business in such state, or would subject the Company to taxation
as a foreign corporation doing business in such jurisdiction or (ii) the
principal stockholders of the Company to be obligated to escrow their shares of
capital stock of the Company. The Company shall cause any registration statement
or post-effective amendment filed pursuant to the demand rights granted under
Section 5.1.1 to remain effective for a period of nine consecutive months from
the effective date of such registration statement or post-effective amendment
plus the duration of any Suspension Period.

         5.2 "Piggy-Back" Registration.

                  5.2.1 Grant of Right. In addition to the demand right of
registration, the Holders of the Purchase Options shall have the right for a
period of seven years commencing on the Effective Date, to include the
Registrable Securities as part of any other registration of securities filed by
the Company, other than in connection with a transaction contemplated by Rule
145(a) promulgated under the Act or pursuant to Form S-8 (a "Piggy-Back
Registration"). The Company shall cause such Registrable Securities to be
included in such registration and shall use its commercially reasonable efforts
to cause the managing underwriter or underwriters of a proposed underwritten
offering to permit the Registrable Securities requested to be included in a
Piggy-Back Registration on the same terms and conditions as any similar
securities of the

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Company and to permit the sale or other disposition of such Registrable
Securities in accordance with the intended method(s) of distribution thereof.
All holders of Registrable Securities proposing to distribute their securities
through a Piggy-Back Registration that involves an underwriter or underwriters
shall enter into an underwriting agreement in customary form with the
underwriter or underwriters selected for such Piggy-Back Registration.

                  5.2.2 Reduction of Offering. If the managing underwriter or
underwriters for a Piggy-Back Registration that is to be an underwritten
offering advises the Company and the holders of Registrable Securities in
writing that the dollar amount or number of shares of Common Stock which the
Company desires to sell, taken together with shares of Common Stock, if any, as
to which registration has been demanded pursuant to written contractual
arrangements with persons other than the holders of Registrable Securities
hereunder, the Registrable Securities as to which registration has been
requested under this Section 5.2, and the shares of Common Stock, if any, as to
which registration has been requested pursuant to the written contractual
piggy-back registration rights of other stockholders of the Company, exceeds the
Maximum Number of Shares, then the Company shall include in any such
registration:

                  (a) If the registration is undertaken for the Company's
account: (i) first, the shares of Common Stock or other securities that the
Company desires to sell that can be sold without exceeding the Maximum Number of
Shares; (ii) second, to the extent that the Maximum Number of Shares has not
been reached under the foregoing clause (i), the shares of Common Stock or other
securities, if any, comprised of Registrable Securities and Investor Securities,
as to which registration has been requested pursuant to the applicable written
contractual piggy-back registration rights of such security holders, Pro Rata,
that can be sold without exceeding the Maximum Number of Shares; and (iii)
third, to the extent that the Maximum Number of shares has not been reached
under the foregoing clauses (i) and (ii), the shares of Common Stock or other
securities for the account of other persons that the Company is obligated to
register pursuant to written contractual piggy-back registration rights held by
other stockholders of the Company that can be sold without exceeding the Maximum
Number of Shares;

                  (b) If the registration is a "demand" registration undertaken
at the demand of holders of Investor Securities: (i) first, the shares of Common
Stock or other securities for the account of the demanding persons, Pro Rata,
that can be sold without exceeding the Maximum Number of Shares; (ii) second, to
the extent that the Maximum Number of Shares has not been reached under the
foregoing clause (i), the shares of Common Stock or other securities that the
Company desires to sell and the shares of Common Stock or other securities, if
any, comprised of Registrable Securities as to which registration has been
requested pursuant hereto, Pro Rata, that can be sold without exceeding the
Maximum Number of Shares; (iii) third, to the extent that the Maximum Number of
Shares has not been reached under the foregoing clauses (i), (ii) and (iii), the
shares of Common Stock or other securities for the account of other persons that
the Company is obligated to register pursuant to written contractual piggy-back
registration rights held by other stockholders of the Company that can be sold
without exceeding the Maximum Number of Shares; and

                  (c) If the registration is a "demand" registration undertaken
at the demand of persons other than either the holders of Registrable Securities
or of Investor Securities: (i) first, the shares of Common Stock or other
securities for the account of the demanding persons that

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can be sold without exceeding the Maximum Number of Shares; (ii) second, to the
extent that the Maximum Number of Shares has not been reached under the
foregoing clause (i), the shares of Common Stock or other securities that the
Company desires to sell and the shares of Common Stock or other securities
comprised of Registrable Securities and Investor Securities as to which
registration has been requested pursuant to the terms hereof and of the
Registration Rights Agreement (as applicable), Pro Rata, that can be sold
without exceeding the Maximum Number of Shares; and (iii) third, to the extent
that the Maximum Number of Shares has not been reached under the foregoing
clauses (i) and (ii), the shares of Common Stock or other securities for the
account of other persons that the Company is obligated to register pursuant to
written contractual piggy-back registration rights held by other stockholders of
the Company that can be sold without exceeding the Maximum Number of Shares.

                  5.2.3 Terms. The Company shall bear all fees and expenses
attendant to registering the Registrable Securities, including the reasonable
expenses of any one legal counsel selected by the Holders to represent them in
connection with the sale of the Registrable Securities, but the Holders shall
pay any and all underwriting commissions related to the Registrable Securities.
In the event of such a proposed registration, the Company shall furnish the then
Holders of outstanding Registrable Securities with not less than fifteen days
written notice prior to the proposed date of filing of such registration
statement. Such notice to the Holders shall continue to be given for each
applicable registration statement filed (until the fifth anniversary of the
Effective Date) by the Company until such time as all of the Registrable
Securities have been registered and sold. The holders of the Registrable
Securities shall exercise the "piggy-back" rights provided for herein by giving
written notice, within ten days of the receipt of the Company's notice of its
intention to file a registration statement. The Company shall cause any
registration statement filed pursuant to the above "piggyback" rights to remain
effective for at least nine months from the date that the Holders of the
Registrable Securities are first given the opportunity to sell all of such
securities.

         5.3 Suspension of Use of Effective Registration Statement. If a
registration statement relating to the registration of Registrable Securities
under this Section 5 hereof has been declared effective ("Effective Registration
Statement"), subject to the good faith determination by the Board of Directors
of the Company that it is reasonably necessary to suspend the use of such
Effective Registration Statement or sales of Registrable Securities by Holders
under such Effective Registration Statement, the Company may, upon written
notice (the "Suspension Notice") to the Holders, direct the Holders to suspend
the use of or sales under such Effective Registration Statement for a period not
to exceed thirty days in any three month period or ninety days in the aggregate
in any twelve month period, if any of the following events (each, a "Suspension
Event") shall occur: negotiations relating to, or the consummation of, a
transaction or the occurrence of an event, in each case, that (i) would require
additional disclosure of material information by the Company in such Effective
Registration Statement or other public filings and which has not been so
disclosed, and (ii) either (x) as to which the Company has a bona fide business
purpose for preserving confidentiality, (y) that renders the Company unable to
comply with SEC requirements, or (z) that would make it unduly burdensome to
promptly amend or supplement such Effective Registration Statement on a
post-effective basis, as applicable. Upon the occurrence of any such Suspension
Event, the Company shall use its reasonable best efforts to take or cause to be
taken such action as is necessary to permit resumed

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use of such Effective Registration Statement promptly following the cessation of
the Suspension Event giving rise to such suspension so as to permit the Holders
to resume use of and sales under such Effective Registration Statement as soon
as practicable thereafter. Upon cessation of the Suspension Event giving rise to
such suspension, the Company shall provide the Holders with prompt written
notice that the Suspension Event has ceased (the "End of Suspension Notice").
The Holders shall not effect any sales of the Registrable Securities Pursuant to
such Effective Registration Statement at any time after it has received a
Suspension Notice from the Company and prior to the receipt of an End of
Suspension Notice (the "Suspension Period"). The Company shall extend the
effectiveness period of any registration statement by the number of days of the
Suspension Period, provided there are Registrable Securities registered
thereunder that have not been sold.

         5.4 General Terms.

                  5.4.1 Indemnification. The Company shall indemnify the
Holder(s) of the Registrable Securities to be sold pursuant to any registration
statement hereunder and each person, if any, who controls such Holders within
the meaning of Section 15 of the Act or Section 20(a) of the Securities Exchange
Act of 1934, as amended ("Exchange Act"), against all loss, claim, damage,
expense or liability (including all reasonable attorneys' fees and other
expenses reasonably incurred in investigating, preparing or defending against
litigation, commenced or threatened, or any claim whatsoever whether arising out
of any action between the underwriter and the Company or between the underwriter
and any third party or otherwise) to which any of them may become subject under
the Act, the Exchange Act or otherwise, arising from such registration statement
but only to the same extent and with the same effect as the provisions pursuant
to which the Company has agreed to indemnify the underwriters contained in
Section 5 of the Underwriting Agreement (the "Underwriting Agreement") between
the Company and CRT Capital Group LLC dated the Effective Date. The Holder(s) of
the Registrable Securities to be sold pursuant to such registration statement,
and their successors and assigns, shall severally, and not jointly, indemnify
the Company, its officers and directors and each person, if any, who controls
the Company within the meaning of Section 15 of the Act or Section 20(a) of the
Exchange Act, against all loss, claim, damage, expense or liability (including
all reasonable attorneys' fees and other expenses reasonably incurred in
investigating, preparing or defending against any claim whatsoever) to which
they may become subject under the Act, the Exchange Act or otherwise, arising
from information furnished by or on behalf of such Holders, or their successors
or assigns, in writing, for specific inclusion in such registration statement to
the same extent and with the same effect as the provisions contained in Section
5 of the Underwriting Agreement.

                  5.4.2 Exercise of Purchase Options. Nothing contained in this
Purchase Option shall be construed as requiring the Holder(s) to exercise their
Purchase Options or Warrants underlying such Purchase Options prior to or after
the initial filing of any registration statement or the effectiveness thereof.

                  5.4.3 Documents Delivered to Holders. The Company shall
furnish CRT Capital Group LLC, as representative of the Holders participating in
any of the foregoing offerings, a signed counterpart, addressed to the
participating Holders, of (i) an opinion of counsel to the

<PAGE>

Company, dated the effective date of such registration statement (and, if such
registration includes an underwritten public offering, an opinion dated the date
of the closing under any underwriting agreement related thereto), and (ii) a
"cold comfort" letter dated the effective date of such registration statement
(and, if such registration includes an underwritten public offering, a letter
dated the date of the closing under the underwriting agreement) signed by the
independent public accountants who have issued a report on the Company's
financial statements included in such registration statement, in each case
covering substantially the same matters with respect to such registration
statement (and the prospectus included therein) and, in the case of such
accountants' letter, with respect to events subsequent to the date of such
financial statements, as are customarily covered in opinions of issuer's counsel
and in accountants' letters delivered to underwriters in underwritten public
offerings of securities. The Company shall also deliver promptly to CRT Capital
Group LLC, as representative of the Holders participating in the offering, the
correspondence and memoranda described below and copies of all correspondence
between the SEC or its staff and the Company, its counsel or auditors and permit
CRT Capital Group LLC, as representative of the Holders, to do such
investigation, upon reasonable advance notice, with respect to information
contained in or omitted from the registration statement as it deems reasonably
necessary to comply with applicable securities laws or rules of the NASD. Such
investigation shall include access to books, records and properties and
opportunities to discuss the business of the Company with its officers and
independent auditors, all to such reasonable extent and at such reasonable times
as CRT Capital Group LLC, as representative of the Holders, shall reasonably
request. The Company shall not be required to disclose any confidential
information or other records to CRT Capital Group LLC, as representative of the
Holders, or to any other person, unless and until such persons shall have
entered into reasonable confidentiality agreements (in form and substance
reasonably satisfactory to the Company), with the Company with respect thereto.

                  5.4.4 Underwriting Agreement. The Company shall enter into an
underwriting agreement with the managing underwriter(s), if any, selected by any
Holders whose Registrable Securities are being registered pursuant to this
Section 5, which managing underwriter shall be reasonably acceptable to the
Company. Such agreement shall be reasonably satisfactory in form and substance
to the Company, each Holder and such managing underwriters, and shall contain
such representations, warranties and covenants by the Company and such other
terms as are customarily contained in agreements of that type used by the
managing underwriter. The Holders shall be parties to any underwriting agreement
relating to an underwritten sale of their Registrable Securities and may, at
their option, require that any or all of the representations, warranties and
covenants of the Company to or for the benefit of such underwriters shall also
be made to and for the benefit of such Holders. Such Holders shall not be
required to make any representations or warranties to or agreements with the
Company or the underwriters except as they may relate to such Holders,
information regarding such Holders and their intended methods of distribution.
Such Holders, however, shall agree to such covenants and indemnification and
contribution obligations for selling stockholders as are customarily contained
in agreements of that type used by the managing underwriter. Further, such
Holders shall execute appropriate powers of attorney and custody agreements as
the underwriters shall reasonably determine are necessary in connection with the
offering and otherwise cooperate fully in the preparation of the registration
statement and other documents relating to any offering in which they include
securities pursuant to this Section 5. Each Holder shall also furnish to the
Company such

<PAGE>

information regarding itself, the Registrable Securities held by it, and the
intended method of disposition of such securities as shall be reasonably
required to effect the registration of the Registrable Securities.

                  5.4.5 Rule 144 Sale. Notwithstanding anything contained in
this Section 5 to the contrary, the Company shall have no obligation pursuant to
Sections 5.1 or 5.2 for the registration of Registrable Securities held by any
Holder (i) where such Holder would then be entitled to sell under Rule 144
within any three-month period (or such other period prescribed under Rule 144 as
may be provided by amendment thereof) all of the Registrable Securities then
held by such Holder, and (ii) where the number of Registrable Securities held by
such Holder is within the volume limitations under paragraph (e) of Rule 144
(calculated as if such Holder were an affiliate within the meaning of Rule 144).

                  5.4.6 Supplemental Prospectus. Each Holder agrees, that upon
receipt of any notice from the Company of the happening of any event as a result
of which the prospectus included in the 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 not misleading in light of the circumstances then existing, such Holder
will immediately discontinue disposition of Registrable Securities pursuant to
the Registration Statement covering such Registrable Securities until such
Holder's receipt of the copies of a supplemental or amended prospectus, and, if
so desired by the Company, such Holder shall deliver to the Company (at the
expense of the Company) or destroy (and deliver to the Company a certificate of
such destruction) all copies, other than permanent file copies then in such
Holder's possession, of the prospectus covering such Registrable Securities
current at the time of receipt of such notice.

                  5.4.7 Holder Obligations. No Holder may participate in any
underwritten offering pursuant to this Section 5 unless such Holder (i) agrees
to sell only the Holder's Registrable Securities on the basis reasonably
provided in any underwriting agreement, and (ii) completes, executes and
delivers any and all questionnaires, powers of attorney, custody agreements,
indemnities, underwriting agreements and other documents reasonably and
customarily required by or under the terms of any underwriting agreement.

6. Adjustments.

         6.1 Adjustments to Exercise Price and Number of Securities. The
Exercise Price and the number of Units underlying the Purchase Option shall be
subject to adjustment from time to time as hereinafter set forth:

                  6.1.1 Stock Dividends - Split-Ups. If after the date hereof,
and subject to the provisions of Section 6.3 below, the number of outstanding
shares of Common Stock is increased by a stock dividend payable in shares of
Common Stock or by a split-up of shares of Common Stock or other similar event,
then, on the effective date thereof, the number of shares of Common Stock
underlying each of the Units purchasable hereunder shall be increased in
proportion to such increase in outstanding shares. In such case, the number of
shares of Common Stock, and the exercise price applicable thereto, underlying
the Warrant underlying each of the Units purchasable hereunder shall be adjusted
in accordance with the terms of the Warrant. For example, if the Company
declares a two-for-one stock dividend and at the time of such dividend this
Purchase Option is for the purchase of one Unit at $8.80 per whole Unit (the
Warrant underlying a Unit is exercisable for $7.50 per share), upon
effectiveness of the dividend, this Purchase Option will be adjusted to allow
for the purchase of one Unit at $8.80 per Unit, each Unit entitling the holder
to receive two shares of Common Stock and two Warrants (each Warrant exercisable
for $3.75 per share).

<PAGE>

                  6.1.2 Aggregation of Shares. If after the date hereof, and
subject to the provisions of Section 6.3, the number of outstanding shares of
Common Stock is decreased by a consolidation, combination or reclassification of
shares of Common Stock or other similar event, then, on the effective date
thereof, the number of shares of Common Stock underlying each of the Units
purchasable hereunder shall be decreased in proportion to such decrease in
outstanding shares. In such case, the number of shares of Common Stock, and the
exercise price applicable thereto, underlying the Warrants underlying each of
the Units purchasable hereunder shall be adjusted in accordance with the terms
of the Warrants.

                  6.1.3 Replacement of Securities upon Reorganization, etc. In
case of any reclassification or reorganization of the outstanding shares of
Common Stock other than a change covered by Section 6.1.1 or 6.1.2 hereof or
that solely affects the par value of such shares of Common Stock, or in the case
of any merger or consolidation of the Company with or into another corporation
(other than a consolidation or merger in which the Company is the continuing
corporation and that does not result in any reclassification or reorganization
of the outstanding shares of Common Stock), or in the case of any sale or
conveyance to another corporation or entity of the property of the Company as an
entirety or substantially as an entirety in connection with which the Company is
dissolved, the Holder of this Purchase Option shall have the right thereafter
(until the expiration of the right of exercise of this Purchase Option) to
receive upon the exercise hereof, for the same aggregate Exercise Price payable
hereunder immediately prior to such event, the kind and amount of shares of
stock or other securities or property (including cash) receivable upon such
reclassification, reorganization, merger or consolidation, or upon a dissolution
following any such sale or transfer, by a Holder of the number of shares of
Common Stock of the Company obtainable upon exercise of this Purchase Option and
the underlying Warrants immediately prior to such event; and if any
reclassification also results in a change in shares of Common Stock covered by
Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections
6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall
similarly apply to successive reclassifications, reorganizations, mergers or
consolidations, sales or other transfers.

                  6.1.4 Changes in Form of Purchase Option. This form of
Purchase Option need not be changed because of any change pursuant to this
Section, and Purchase Options issued after such change may state the same
Exercise Price and the same number of Units as are stated in the Purchase
Options initially issued pursuant to this Agreement. The acceptance by any
Holder of the issuance of new Purchase Options reflecting a required or
permissive change shall not be deemed to waive any rights to an adjustment
occurring after the Commencement Date or the computation thereof, nor shall any
error on the part of the Company in reflecting such change create a right in
favor of the Holder.

         6.2 Substitute Purchase Option. In case of any consolidation of the
Company with, or merger of the Company with, or merger of the Company into,
another corporation (other than a consolidation or merger which does not result
in any reclassification or change of the outstanding Common Stock), the
corporation formed by such consolidation or merger shall execute and deliver to
the Holder a supplemental Purchase Option providing that the holder of each
Purchase Option then outstanding or to be outstanding shall have the right
thereafter (until

<PAGE>

the stated expiration of such Purchase Option) to receive, upon exercise of such
Purchase Option, the kind and amount of shares of stock and other securities and
property receivable upon such consolidation or merger, by a holder of the number
of shares of Common Stock of the Company for which such Purchase Option might
have been exercised immediately prior to such consolidation, merger, sale or
transfer. Such supplemental Purchase Option shall provide for adjustments which
shall be identical to the adjustments provided in Section 6. The above provision
of this Section shall similarly apply to successive consolidations or mergers.

         6.3 Elimination of Fractional Interests. The Company shall not
be required to issue certificates representing fractions of shares of Common
Stock or Warrants upon the exercise of the Purchase Option, nor shall it be
required to issue scrip or pay cash in lieu of any fractional interests, it
being the intent of the parties that all fractional interests shall be
eliminated by rounding any fraction up to the nearest whole number of Warrants,
shares of Common Stock or other securities, properties or rights.

7. Reservation and Listing.

         The Company shall at all times reserve and keep available out of its
authorized shares of Common Stock, solely for the purpose of issuance upon
exercise of the Purchase Option or the Warrants underlying the Purchase Option,
such number of shares of Common Stock or other securities, properties or rights
as shall be issuable upon the exercise thereof. The Company covenants and agrees
that, upon exercise of the Purchase Option and payment of the Exercise Price
therefor, all shares of Common Stock and other securities issuable upon such
exercise shall be duly and validly issued, fully paid and non-assessable and not
subject to preemptive rights of any stockholder. The Company further covenants
and agrees that upon exercise of the Warrants underlying the Purchase Option and
payment of the respective Warrant exercise price therefor, all shares of Common
Stock and other securities issuable upon such exercise shall be duly and validly
issued, fully paid and non-assessable and not subject to preemptive rights of
any stockholder. As long as the Purchase Option shall be outstanding, the
Company shall use its commercially reasonable efforts to cause all (i) Units and
shares of Common Stock issuable upon exercise of the Purchase Option, (ii)
Warrants issuable upon exercise of the Purchase Option and (iii) shares of
Common Stock issuable upon exercise of the Warrants included in the Units
issuable upon exercise of the Purchase Option to be listed (subject to official
notice of issuance) on the securities exchanges (or, if applicable on the Nasdaq
National Market, SmallCap Market, OTC Bulletin Board or any successor trading
market) on which the Units, the Common Stock or the Public Warrants issued to
the public in connection with the Offering may then be listed and/or quoted.

8. Certain Notice Requirements.

         8.1 Holder's Right to Receive Notice. Nothing herein shall be construed
as conferring upon the Holders the right to vote or consent as a stockholder for
the election of directors or any other matter, or as having any rights
whatsoever as a stockholder of the Company. If, however, at any time prior to
the expiration of the Purchase Option and their exercise, any of the events
described in Section 8.2 shall occur, then, in one or more of said events, the
Company shall give written notice of such event at least fifteen days prior to
the date fixed as a record date or the date of closing the transfer books for
the determination of the stockholders entitled to such dividend,

<PAGE>

distribution, conversion or exchange of securities or subscription rights, or
entitled to vote on such proposed dissolution, liquidation, winding up or sale.
Such notice shall specify such record date or the date of the closing of the
transfer books, as the case may be. Notwithstanding the foregoing, the Company
shall deliver to each Holder a copy of each notice given to the other
stockholders of the Company at the same time and in the same manner that such
notice is given to the stockholders.

         8.2 Events Requiring Notice. The Company shall be required to give the
notice described in this Section 8 upon one or more of the following events: (i)
if the Company shall take a record of the holders of its shares of Common Stock
for the purpose of entitling them to receive a dividend or distribution payable
otherwise than in cash, or a cash dividend or distribution payable otherwise
than out of retained earnings, as indicated by the accounting treatment of such
dividend or distribution on the books of the Company, or (ii) the Company shall
offer to all the holders of its Common Stock any additional shares of capital
stock of the Company or securities convertible into or exchangeable for shares
of capital stock of the Company, or any option, right or warrant to subscribe
therefor, or (iii) a dissolution, liquidation or winding up of the Company
(other than in connection with a consolidation or merger) or a sale of all or
substantially all of its property, assets and business shall be proposed.

         8.3 Notice of Change in Exercise Price. The Company shall, promptly
after an event requiring a change in the Exercise Price pursuant to Section 6
hereof, send notice to the Holders of such event and change ("Price Notice").
The Price Notice shall describe the event causing the change and the method of
calculating it and shall be certified as being true and accurate by the
Company's President and principal financial officer.

         8.4 Transmittal of Notices. All notices, requests, consents and other
communications under this Purchase Option shall be in writing and shall be
deemed to have been duly made when hand delivered, or mailed by express mail or
private courier service: (i) If to the registered Holder of the Purchase Option,
to the address of such Holder as shown on the books of the Company, or (ii) if
to the Company, to the following address or to such other address as the Company
may designate by notice to the Holders:

         North American Insurance Leaders, Inc.
         885 Third Avenue, 31st Floor
         New York, NY 10022.
         Attn:  William R. de Jonge
         Fax No:  (212) 593-0140

9. Miscellaneous.

         9.1 Amendments. The Company and CRT Capital Group LLC may from time to
time supplement or amend this Purchase Option without the approval of any of the
Holders in order to cure any ambiguity, to correct or supplement any provision
contained herein that may be defective or inconsistent with any other provisions
herein, or to make any other provisions in regard to matters or questions
arising hereunder that the Company and CRT Capital Group LLC may deem necessary
or desirable and that the Company and CRT Capital Group LLC deem shall

<PAGE>

not adversely affect the interest of the Holders. All other modifications or
amendments shall require the written consent of and be signed by the party
against whom enforcement of the modification or amendment is sought.

         9.2 Headings. The headings contained herein are for the sole purpose of
convenience of reference, and shall not in any way limit or affect the meaning
or interpretation of any of the terms or provisions of this Purchase Option.

10. Entire Agreement. This Purchase Option (together with the other agreements
and documents being delivered pursuant to or in connection with this Purchase
Option) constitutes the entire agreement of the parties hereto with respect to
the subject matter hereof, and supersedes all prior agreements and
understandings of the parties, oral and written, with respect to the subject
matter hereof.

         10.1 Binding Effect. This Purchase Option shall inure solely to the
benefit of and shall be binding upon, the Holder and the Company and their
permitted assignees, respective successors, legal representative and assigns,
and no other person shall have or be construed to have any legal or equitable
right, remedy or claim under or in respect of or by virtue of this Purchase
Option or any provisions herein contained.

         10.2 Governing Law; Submission to Jurisdiction. This Purchase Option
shall be governed by and construed in accordance with the laws of the State of
New York. The Company hereby agrees that any action, proceeding or claim against
it arising out of, or relating in any way to this Purchase Option shall be
brought and enforced in the courts of the State of New York or of the United
States of America for the Southern District of New York, and irrevocably submits
to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby
waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenient forum. Any process or summons to be served upon the
Company may be served by transmitting a copy thereof by registered or certified
mail, return receipt requested, postage prepaid, addressed to it at the address
set forth in Section 8 hereof. Such mailing shall be deemed personal service and
shall be legal and binding upon the Company in any action, proceeding or claim.
The Company and the Holder agree that the prevailing party(ies) in any such
action shall be entitled to recover from the other party(ies) all of its
reasonable attorneys' fees and expenses relating to such action or proceeding
and/or incurred in connection with the preparation therefor.

         10.3 Waiver. The failure of the Company or the Holder to at any time
enforce any of the provisions of this Purchase Option shall not be deemed or
construed to be a waiver of any such provision, nor to in any way affect the
validity of this Purchase Option or any provision hereof or the right of the
Company or any Holder to thereafter enforce each and every provision of this
Purchase Option. No waiver of any breach, non-compliance or non-fulfillment of
any of the provisions of this Purchase Option shall be effective unless set
forth in a written instrument executed by the party or parties against whom or
which enforcement of such waiver is sought; and no waiver of any such breach,
non-compliance or non-fulfillment shall be construed or deemed to be a waiver of
any other or subsequent breach, non-compliance or non-fulfillment.

<PAGE>

         10.4 Execution in Counterparts. This Purchase Option may be executed in
one or more counterparts, and by the different parties hereto in separate
counterparts, each of which shall be deemed to be an original, but all of which
taken together shall constitute one and the same agreement, and shall become
effective when one or more counterparts has been signed by each of the parties
hereto and delivered to each of the other parties hereto.

         10.5 Exchange Agreement. As a condition of the Holder's receipt and
acceptance of this Purchase Option, Holder agrees that, at any time prior to the
complete exercise of this Purchase Option by Holder, if the Company and CRT
Capital Group LLC enter into an agreement ("Exchange Agreement") pursuant to
which they agree that all outstanding Purchase Options will be exchanged for
securities or cash or a combination of both, then Holder shall agree to such
exchange and become a party to the Exchange Agreement.

         10.6 Underlying Warrants. At any time after exercise by the Holder of
this Purchase Option, the Holder may exchange its Warrants (with a $7.50
exercise price) for Public Warrants (with a $6.00 exercise price) upon payment
to the Company of the difference between the exercise price of its Warrant and
the exercise price of the Public Warrants.

                            [Signature page follows]

<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Purchase Option to be
signed by its duly authorized officer as of the ____ day of March, 2006.

                                        NORTH AMERICAN INSURANCE LEADERS, INC.

                                        By:
                                           -------------------------------------
                                        Name:    William R. de Jonge
                                        Title:   President

<PAGE>

Form to be used to exercise Purchase Option:

North American Insurance Leaders, Inc.
885 Third Avenue
31st Floor
New York, NY 10022

Date: _________________

         The undersigned hereby elects irrevocably to exercise all or a portion
of the within Purchase Option and to purchase ____ Units of North American
Insurance Leaders, Inc. and hereby makes payment of $____________ (at the rate
of $_________ per Unit) in payment of the Exercise Price pursuant thereto.
Please issue the Common Stock and Warrants as to which this Purchase Option is
exercised in accordance with the instructions given below.

or

         The undersigned hereby elects irrevocably to convert its right to
purchase _________ Units purchasable under the within Purchase Option by
surrender of the unexercised portion of the attached Purchase Option (with a
"Value" based of $_______ based on a "Market Price" of $_______). Please issue
the securities comprising the Units as to which this Purchase Option is
exercised in accordance with the instructions given below.

                                                 ------------------------------
                                                 Signature

                                                 ------------------------------
                                                 Signature Guaranteed

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

Name
    --------------------------------------------
(Print in Block Letters)

Address
        ------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

         NOTICE: THE SIGNATURE TO THIS FORM MUST CORRESPOND WITH THE NAME AS
WRITTEN UPON THE FACE OF THE WITHIN PURCHASE OPTION IN EVERY PARTICULAR WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A
BANK, OTHER THAN A SAVINGS BANK, OR BY A TRUST COMPANY OR BY A FIRM HAVING
MEMBERSHIP ON A REGISTERED NATIONAL SECURITIES EXCHANGE.

<PAGE>

Form to be used to assign Purchase Option:

ASSIGNMENT

(To be executed by the registered Holder to effect a transfer of the within
Purchase Option):

         FOR VALUE RECEIVED,_______________________________________________ does
hereby sell, assign and transfer unto_____________________ the right to purchase
__________ Units of North American Insurance Leaders, Inc. ("Company") evidenced
by the within Purchase Option and does hereby authorize the Company to transfer
such right on the books of the Company.

Dated: , 20
           --  --------------------

                                                 ------------------------------
                                                 Signature

                                                 ------------------------------
                                                 Signature Guaranteed

         NOTICE: THE SIGNATURE TO THIS FORM MUST CORRESPOND WITH THE NAME AS
WRITTEN UPON THE FACE OF THE WITHIN PURCHASE OPTION IN EVERY PARTICULAR WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A
BANK, OTHER THAN A SAVINGS BANK, OR BY A TRUST COMPANY OR BY A FIRM HAVING
MEMBERSHIP ON A REGISTERED NATIONAL SECURITIES EXCHANGE.EXHIBIT 4.6

                                                                D&O Right No:___

                    FORM OF D&O RIGHT TO ACQUIRE D&O WARRANTS
                                       OF
                     NORTH AMERICAN INSURANCE LEADERS, INC.
                     --------------------------------------
             (Incorporated under the Laws of the State of Delaware)

                  THIS CERTIFIES THAT, for value received and subject to the
terms and conditions set forth below and in the Share Purchase & Sale, D&O
Rights and Company Call Right Agreement (as defined below), _________________,
the holder of this Certificate, is the registered holder of ____ rights (each, a
"D&O Right" and collectively, the "D&O Rights"), each of which entitles the
Holder to acquire up to three (3) warrants (each, a "D&O Warrant" and
collectively, the "D&O Warrants") to purchase (1) non-assessable share, par
value $0.0001 per share, of the Common Stock of NORTH AMERICAN INSURANCE
LEADERS, INC. (the "Corporation") at $6.00 per share.

                  Subject to the terms of the Share Purchase & Sale, D&O Rights
and Company Call Right Agreement (the "Share Purchase & Sale, D&O Rights and
Company Call Right Agent") dated as of March ____, 2006, among the Corporation
and its stockholders, officers and directors, each D&O Right will be
automatically converted into a number of D&O Warrants on July ___, 2006, (the
"Conversion Date") the 120th day following the effective date of the
Corporation's initial public offering. The number of D&O Warrants into which a
D&O Right will be converted will be determined by the conversion ratio (the
"Conversion Ratio"). The Conversion Ratio will be calculated by dividing $1.00
by the Conversion Price (defined below). The conversion price (the "Conversion
Price") is equal to the weighted average of all sales prices of the
Corporation's warrants as reported on the American Stock Exchange or elsewhere
during the 20 trading days prior to the Conversion Date. In no event will a D&O
Right be converted into more than three D&O Warrants.

                  On the Conversion Date, the Company shall deliver a written
instruction, pursuant to the terms of the Warrant Agreement dated as of March
__, 2006, between the Company and Mellon Investor Service LLC, as Warrant Agent
(the "Warrant Agent"), for the Warrant Agent to issue and register the number of
D&O Warrants determined in accordance with the terms hereof in the name of the
holder of this Certificate, upon delivery of this Certificate to the Warrant
Agent.

                  D&O Right Certificates, when surrendered at the office or
agency of the Corporation by the registered holder hereof in person or by
attorney duly authorized in writing, may be exchanged in the manner, but without
payment of any service charge, for another D&O Right Certificate or D&O Right
Certificates of like tenor and evidencing in the aggregate a like number of D&O
Rights.

                  The Corporation may deem and treat the registered holder as
the absolute owner of this D&O Right Certificate (notwithstanding any notation
of ownership or other writing

<PAGE>

hereon made by anyone), for the purpose of any conversion hereof, and for all
other purposes, and the Corporation shall not be affected by any notice to the
contrary.

                  This D&O Right does not entitle the registered holder to any
of the rights of a stockholder of the Corporation.

                  THE D&O RIGHTS REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
RESTRICTIONS ON TRANSFER AND SALE PURSUANT TO A LETTER AGREEMENT DATED MARCH
___, 2006 (A COPY OF WHICH MAY BE OBTAINED FROM THE COMPANY AT ITS EXECUTIVE
OFFICES), WHICH RESTRICTS THE TRANSFER OR SALE THEREOF UNTIL THE LATER OF MARCH
___, 2007 OR THE DATE OF A BUSINESS COMBINATION (AS DEFINED IN SUCH AGREEMENT).

                  IN WITNESS WHEREOF, the Corporation has caused this
Certificate to be signed by its duly authorized officers this _____ day of
March, 2006.

                                     (SEAL)

Countersigned and Registered:                     ------------------------------
Transfer Agent and Registrar                      Scott A. Levine
                                                  Chairman of the Board

By:
     ------------------------------               ------------------------------
      Authorized Signatory                        William R. de Jonge
                                                  President

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