Document:

Exhibit
        10.1

       

      TRANSFER
        AND ASSIGNMENT AGREEMENT

      

      THIS
        AGREEMENT
        made as
        of the 29th
        day of
        June, 2006

      

      AMONGST:

      

      SEA
        SUN CAPITAL CORPORATION

      a
        corporation incorporated

      pursuant
        to the laws of Delaware, U.S.A.

      (hereinafter
        referred to as the “Vendor”)

       

      OF
        THE FIRST PART

      

      -and-

       

      SEA
        SUN ENTERPRISES INCORPORATED

      A
        corporation incorporated

      Pursuant
        to the laws of Barbados

      (hereinafter
        referred to as the “Purchaser”)

       

      OF
        THE SECOND PART

       

      WHEREAS
        the
        Vendor has agreed to sell, assign and transfer to the Purchaser and the
        Purchaser has agreed to purchase from the Vendor certain of the assets of
        the
        Vendor as more particularly described in Schedule “A” attached hereto
        (hereinafter the “Location Agreements”) related to the eco-tour location
        business of the Vendor (the “Business”) on the terms and subject to the
        conditions hereinafter set forth effective as of the date hereof (the “Closing
        Date”);

      

      AND
        WHEREAS the
        Vendor has entered into a Master Licence Agreement dated June 29, 2006 with
        the
        Purchaser whereby the Purchaser will have the exclusive right to operate
        the
        Vendor’s eco-tour business in accordance with the terms and conditions therein
        contained;

      

      AND
        WHEREAS the
        Purchaser wishes to purchase the Location Agreements as part of its commitment
        to operate the eco-tour business under the Master Licence
        Agreement;

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      NOW
        THEREFORE THIS AGREEMENT WITNESSES
        that in
        consideration of the premises and the covenants, agreements, representations,
        warranties and payments hereinafter set forth and provided for (the receipt
        and
        sufficiency of which are hereby acknowledged by each of the parties hereto),
        the
        parties hereto, respectively covenant and agree as follows:

       

      ARTICLE
        ONE

      

      PURCHASE
        AND SALE

      

      
        	
                1.01

              	
                Purchase:
                  The
                  Purchaser hereby agrees to purchase from the Vendor and the Vendor
                  does
                  hereby agree to sell to the Purchaser all the Vendor's right, title
                  and
                  interest in, to and under the eco-tour location agreements specified
                  in
                  Schedule “A” attached hereto (hereinafter the "Location Agreements"),
                  including, without limitation:

              

      

      

      
        	 	
                (a)

              	
                the
                  Vendor’s rights in all contracts in connection with the Location
                  Agreements; and

              

      

      

      
        	 	
                (b)

              	
                all
                  of the accounts receivable, and other debts (if any), due or accruing
                  due
                  to the Vendor in connection with the Location Agreements and including
                  any
                  security held by the Vendor for such accounts
                  receivable.

              

      

      

      
        	
                1.02

              	
                Exclusions:
                  Specifically excluded from the property being purchased are the
                  following:

              

      

      

      
        	 	
                (a)

              	
                cash;
                  and

              

      

      

      
        	 	
                (b)

              	
                all
                  intellectual property rights in connection with the Business of
                  the
                  Vendor.

              

      

      

      
        	
                1.03

              	
                Assumption
                  of Obligations: Except
                  as herein otherwise provided, the Purchaser shall be required to
                  assume
                  and hereby assumes all of the obligations arising under the Location
                  Agreements.

              

      

      

      
        	
                1.04

              	
                Transfer
                  and Assignment: In
                  accordance with paragraph 1.02(a) herein, the Vendor sells,
                  assigns, and transfers to the Purchaser all of the Vendor’s right, title,
                  and interest in and to the Location Agreements, the same to be
                  held as
                  fully by the Purchaser as the same would have been held by the
                  Vendor had
                  this assignment not been made.

              

      

      

      
        	
                1.05

              	
                Vendor’s
                  Warranties: The
                  Vendor hereby represents and warrants that it is now rightfully
                  possessed
                  of and entitled to sell, assign and transfer unto the Purchaser
                  its right,
                  title and interest in the Location Agreements and that the
                  covenants and conditions contained therein have been duly performed
                  by the
                  Vendor to date.

              

      

      

      
        	
                1.06

              	
                Indemnity:
                  The
                  Purchaser hereby assumes all of the obligations of the Vendor under
                  the
                  Location Agreements and the Vendor as of the date hereof, and indemnifies
                  and saves harmless the Vendor from any and all claims or demands
                  made
                  against the Vendor under the Location Agreements with respect to
                  matters
                  arising from and after the date
                  hereof.

              

      

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      

      ARTICLE
        TWO

      

      CONSIDERATION

      

      
        	
                2.01

              	
                Purchase
                  Price: The
                  purchase price (hereinafter called the "Purchase Price") for the
                  Location
                  Agreements shall be calculated and payable in accordance with Schedule
“B”
                  attached hereto.

              

      

      

      
        	
                2.02

              	
                Promise
                  to Pay: The
                  Purchaser hereby promises to pay the Purchase Price in accordance
                  with the
                  schedule of payments set out in Schedule “B” attached hereto, together
                  with interest on the amount outstanding from time to time, accruing
                  from
                  and including the date hereof, both before and after maturity,
                  default and
                  judgment, as more particularly described in the said Schedule “B”. The
                  Purchaser hereby waives demand, presentment, protest, notice of
                  protest
                  and notice of dishonour. When not in default hereunder, the Purchaser
                  shall have the privilege of repaying the whole or any part of the
                  Purchase
                  Price owing hereunder including all accrued and unpaid interest,
                  at any
                  time or times without notice or bonus. In the event of default
                  hereunder,
                  the entire balance due and owing including all accrued and unpaid
                  interest, shall immediately become due and payable to the
                  Vendor.

              

      

       

      ARTICLE
        THREE

      

      ADJUSTMENTS

      

      
        	
                3.01

              	
                Undertaking:
                  The
                  parties shall undertake to readjust, if necessary, after closing
                  with
                  respect to all values used in the calculation of the Purchase Price
                  and
                  all amounts adjusted for in the statement of adjustments. The request
                  for
                  any readjustment shall be accompanied by sufficient supporting
                  documents
                  to verify the need for the
                  readjustment.

              

      

       

      ARTICLE
        FOUR

      

      REPRESENTATIONS,
        WARRANTIES AND COVENANTS

      

      
        	
                4.01

              	
                Vendor’s
                  Representations, Warranties and Covenants: The
                  Vendor represents and warrants as
                  follows:

              

      

      

      
        	
              	(a)	
                the
                  Vendor has full right, power and authority to sell and convey the
                  Location
                  Agreements to the Purchaser as provided herein and to carry out
                  its
                  obligations hereunder.

              

      

      

      
        	
                4.02

              	
                Purchaser’s
                  Representations, Warranties and Covenants: The
                  Purchaser covenants, represents and warrants as
                  follows:

              

      

      

      
        	 	
                (a)

              	
                The
                  Purchaser undertakes to perform, assume and fulfill each of the
                  covenants,
                  contracts, obligations and commitments contain in each and every
                  Location
                  Agreement referred to in Section “A”
hereto.

              

      

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        FIVE

      

      CONDITIONS
        AND DUE DILIGENCE

      

      
        	
                5.01

              	
                Purchaser’s
                  Conditions: The
                  Purchaser shall not be obliged to complete the purchase herein
                  provided
                  for unless on the Closing Date each of the following conditions
                  shall have
                  been satisfied, it being understood that the conditions are included
                  for
                  the exclusive benefit of the Purchaser and may be waived in writing
                  in
                  whole or in part by the Purchaser at any time; and the Vendor shall
                  use
                  its best efforts to ensure that no steps are taken which might
                  prevent the
                  conditions from being fulfilled on or before the Closing Date or
                  such
                  earlier time as may hereafter be
                  specified:

              

      

      

      
        	 	
                (a)

              	
                the
                  Purchaser, in its discretion, shall be satisfied in all respects
                  with its
                  due diligence investigations and the Purchaser shall evidence
                  non-satisfaction in writing signed on behalf of the Purchaser not
                  later
                  than the Closing Date, failing written notification of non-satisfaction,
                  this condition shall be deemed to be
                  waived;

              

      

      

      
        	 	
                (b)

              	
                the
                  representations and warranties set forth herein shall be true and
                  correct
                  in all material respects on the Closing Date;
                  and

              

      

      

      
        	 	
                (c)

              	
                all
                  of the covenants and agreements set forth in this Agreement to
                  be complied
                  with or performed by the Vendor at or before the Closing Date shall
                  have
                  been complied with or performed by the Vendor on or before the
                  Closing
                  Date.

              

      

      

      
        	
                5.02

              	
                Termination:
                  If
                  any of the foregoing conditions shall not have been fulfilled or
                  waived on
                  or before the Closing Date, the Purchaser may terminate this Agreement
                  by
                  notice in writing to the Vendor in which event the both parties
                  shall be
                  released from all obligations under this
                  Agreement.

              

      

       

      ARTICLE
        SIX

      

      DELIVERIES

      

      
        	
                6.01

              	
                Vendor’s
                  Deliveries: The
                  Vendor covenants to deliver the following to the Purchaser on or
                  before
                  the Closing Date as provided for in this
                  Agreement:

              

      

      

      
        	
              	(a)	
                Certified
                  copy of a resolution of the Vendor authorizing the execution of
                  this
                  Agreement and the completion of the within transaction by the
                  Vendor;

              

      

      

      
        	
              	(b)	
                an
                  undertaking to readjust in accordance with the terms hereof;
                  and

              

      

      

      
        	 	
                (c)

              	
                such
                  other documents or assurances as are customary in transactions
                  of this
                  nature.

              

      

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      
        	
                6.02

              	
                Purchaser’s
                  Deliveries: The
                  Purchaser covenants to deliver the following to the Vendor on or
                  before
                  the Closing Date as provided for in this
                  Agreement:

              

      

      

      
        	
              	(a)	
                Certified
                  copy of a resolution of the Purchaser authorizing the execution
                  of this
                  Agreement and the completion of the within transaction by the Purchaser;
                  and

              

      

      

      
        	 	
                (b)

              	
                an
                  undertaking to readjust in accordance with the terms hereof.
                  

              

      

       

      ARTICLE
        SEVEN

      

      PURCHASER'S
        COVENANTS

      

      
        	
                7.01

              	
                Purchaser’s
                  Covenants: The
                  Purchaser hereby covenants and agrees to do the following, on or
                  before
                  the Closing Date:

              

      

       

      
        	 	
                (a)

              	
                to
                  execute such forms of assumption agreement as may be required to
                  assume
                  any agreements to be assigned;

              

      

      

      
        	 	
                (b)

              	
                to
                  carry out in good faith the due diligence investigations required
                  of it
                  pursuant to Section 5.00;

              

      

      

      
        	 	
                (c)

              	
                to
                  provide the Vendor on Closing with properly executed documents
                  that are
                  required of it pursuant to this Agreement and where the document
                  is to be
                  registered, same must be in registrable form;
                  and

              

      

      

      
        	 	
                (d)

              	
                unless
                  and until the transaction contemplated hereby has been completed,
                  to hold
                  in strict confidence all information respecting the Business and
                  the
                  Vendor obtained by the Purchaser, and if it shall not complete
                  the
                  purchase of the Location Agreements on the Closing Date, to forthwith
                  return to the Vendor all written information and documents obtained
                  from
                  the Business or the Vendor and in its possession. The Purchaser
                  agrees
                  that no documents or records will be removed from the Business
                  premises,
                  but the Purchaser may make such copies thereof as it reasonably
                  requires.

              

      

       

      ARTICLE
        EIGHT

      

      SURVIVAL
        OF REPRESENTATIONS AND WARRANTIES

      

      
        	
                8.01

              	
                Survival
                  of Representations and Warranties: The
                  representations and warranties of the Vendor and Purchaser contained
                  in
                  this Agreement shall be true and correct on the Closing Date and
                  shall
                  survive the Closing Date for a period of three
                  years.

              

      

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      

      ARTICLE
        NINE

      

      NOTICE

      

      
        	
                9.01

              	
                Notice:
                  Any
                  notice, direction or other communication required or permitted
                  to be given
                  to the Purchaser or to the Vendor hereunder, shall be in writing
                  and may
                  be given by having the same delivered by hand or sent by means
                  of printed
                  electronic or printed telephonic communication or sent by prepaid
                  registered or certified mail addressed to the Purchaser or Vendor,
                  as the
                  case may be, as follows:

              

      

      

      (a) to
        the
        Purchaser: 

      

      Sea
        Sun
        Enterprises Incorporated

      Heritage
        House, Pinfold Street

      P.O.
        Box
        479 GPO

      Bridgetown,
        Barbados

      

      Attention: William
        Bruce Flatt

      

      Tel:
        (246)
        437-9648

      Fax:
        (246)
        429-5504

      

      (b) to
        the
        Vendor: 

      

      Sea
        Sun
        Capital Corporation

      1011
        Upper Middle Road East, Suite 1444

      Oakville,
        Ontario 

      L6H
        5Z9

      

      Attention: Greg
        Heller, Vice President

      

      Tel:
        (250)
        717-3003 Ext. 201

      Fax:
        (905)
        257-3621

       

      Unless
        otherwise provided for herein, any such notice, direction or other communication
        as aforesaid, delivered or transmitted shall be deemed to have been delivered
        on
        the date on which it was delivered or transmitted or if mailed, then seventy-two
        (72) hours following the date of mailing, and any time period referred to
        in a
        notice commences to run from the time of delivery or transmission or seventy-two
        (72) hours following the date of mailing. If there is a reasonable possibility
        that the postal service may be interrupted or substantially delayed due to
        actual or anticipated labour disputes, any notice, direction or other
        communication shall only be delivered in person or transmitted as aforesaid.
        Either party may at any time give notice in writing to the other of any change
        of address of such party for the purpose of giving any notice herein. Any
        notice
        electronically transmitted to the recipient on a non-Business Day or after
        business hours shall be deemed to have been received during business hours
        on
        the next Business Day.

      

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      

      ARTICLE
        TEN

      

      CLOSING
        DATE, CLOSING ARRANGEMENTS, TENDER

      

      
        	
                10.01

              	
                Closing
                  Arrangements: 

              

      

      

      
        	 	
                (a)

              	
                The
                  purchase and sale of the Location Agreements shall be closed on
                  the
                  Closing Date at 11:00 a.m. at the Vendor's solicitors' offices;
                  and

              

      

      

      
        	
              	(b)	
                Any
                  tender of documents or money hereunder may be made upon the Vendor
                  or
                  Purchaser or their respective solicitors on the Closing Date and
                  money may
                  be tendered by bank draft or cheque certified drawn upon a Schedule
                  1
                  Canadian chartered bank, payable at par in Toronto in Canadian
                  funds.

              

      

       

      ARTICLE
        ELEVEN

      

      GOVERNING
        LAW

      

      
        	
                11.01

              	
                Governing
                  Law: This
                  Agreement shall be interpreted and governed in accordance with
                  the laws of
                  the Province of Ontario and the Purchaser agrees to attorn to the
                  jurisdiction of the Ontario courts.

              

      

       

      ARTICLE
        TWELVE

      

      TIME
        OF THE ESSENCE

      

      12.01 Time
        of the Essence: Time
        shall be of the essence of this Agreement and every part
        thereof.

      

      ARTICLE
        THIRTEEN

      

      EXPENSES

      

      
        	
                13.01

              	
                Expenses:
                  Each
                  party shall be responsible for the payment of all its own costs
                  and
                  expenses in connection with the making of this Agreement and the
                  completion of the transaction contemplated
                  herein.

              

      

       

      ARTICLE
        FOURTEEN

      

      FURTHER
        ASSURANCES

      

      
        	14.01	
                Further
                  Assurances: The
                  parties hereto shall give such further assurances, do and perform
                  and
                  cause to be done and performed such further and other acts and
                  things as
                  may be necessary or desirable in order to give full force and effect
                  to
                  this Agreement and every part
                  thereof.

              

      

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        FIFTEEN

      

      HEADINGS

      

      
        	15.01	
                Headings:
                  The
                  headings used herein are inserted for convenience of reference
                  only and
                  shall not affect the construction of or interpretation of this
                  Agreement.

              

      

       

      ARTICLE
        SIXTEEN

      

      ENUREMENT

      

      
        	16.01	
                Enurement:
                  This
                  Agreement shall enure to the benefit of and be binding upon the
                  parties
                  hereto and their respective successors and permitted
                  assigns.

              

      

       

      ARTICLE
        SEVENTEEN

      

      WHOLE
        AGREEMENT

      

      
        	17.01	
                Whole
                  Agreement: It
                  is understood and agreed that this Agreement constitutes a binding
                  contract of purchase and sale in accordance with its terms and
                  expresses
                  the entire and final agreement between the parties hereto with
                  respect to
                  all matters therein, and both the Vendor and the Purchaser agree
                  that the
                  execution of this Agreement has not been induced by, neither do
                  any of the
                  parties hereto rely upon, nor regard as material any representations
                  or
                  promises whatsoever whether oral or otherwise, and by whomsoever
                  made,
                  except as hereinbefore expressly set out; nor shall any such
                  representation whether oral or otherwise have the effect of varying
                  or
                  altering any of the terms of this
                  Agreement.

              

      

       

      ARTICLE
        EIGHTEEN

      

      ASSIGNMENT

       

      
        	18.01	
                Assignment:
                  This
                  Agreement shall not be assigned by the
                  Purchaser.

              

      

       

      ARTICLE
        NINETEEN

      

      GENDER

      

      
        	19.01	
                Gender:
                  In
                  this Agreement, the singular shall include the plural, and vice
                  versa, and
                  words such as "hereunder", "hereto" and "herein" and other words
                  in
                  connection with "herein" shall, unless the context clearly indicates
                  to
                  the contrary, refer to the whole of this Agreement and not to any
                  particular paragraph or section thereof, and the term "person"
                  shall
                  include a corporation.

              

      

      

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      

      ARTICLE
        TWENTY

       

      CURRENCY

      

      
        	
                20.01

              	
                Currency:
                  All references to money amount herein, unless otherwise specified,
                  shall
                  be in the currency of the United States of
                  America.

              

      

      

      

      IN
        WITNESS WHEREOF
        this
        Agreement has been duly executed by the parties hereto as of the date first
        above written.

      

      
        	
                SEA
                  SUN CAPITAL CORPORATION

                 

                 

                Per:
                  

                
                  

                

                Name:
                  Graham Millington

                Title:
                  President and Chief Executive Officer

                 

                 

                I
                  have authority to bind the Corporation

              	 	
                SEA
                  SUN ENTERPRISES INCORPORATED

                 

                 

                Per:
                  

                
                  

                

                Name:
                  William Bruce Flatt

                Title:
                  Director

                 

                 

                Per: 

                
                  

                

                Name:
                  Scott James Jeffrey

                Title:

                 

                 

                Per:

                
                  

                

                Name:
                  Alan Ross Schuler

                Title:
                  Director

                 

                We
                  have authority to bind the
                  Corporation

              

      

      
        
          
          

        

          9Exhibit
      10.2

     

    This
      Amended and Restated Master License Agreement (this “Agreement”) is made the [ ]
      day of November, 2006 between Sea
      Sun
      Capital Corporation, a Delaware corporation (the “Licensor”) and Sea
      Sun
      Enterprises Incorporated, a
      Barbados corporation (the “Licensee”).

     

    WHEREAS,
      the Licensor is the owner of the Intellectual Property identified in Schedule
      A
      hereto; and

     

    WHEREAS,
      the Licensor has developed a business operating model for establishment and
      operation of business outlets in warm weather tourist destination locations
      which offer and sell Eco-Tours to consumers and others using the Licensor’s
SEA
      SPI ITM,
      SEA
      SPI IITM and
      other
      watercraft developed and to be developed by the Licensor (the
      “Business”);
      and

     

    WHEREAS,
      the Licensor and the Licensee entered into a Master License Agreement made
      as of
      the 29th day of June, 2006 (the “Original Agreement”) pertaining to Licensee’s
      use of the Intellectual Property in connection with its operation of the
      Business; and

     

    WHEREAS,
      the Licensor and the Licensee desire to amend and restate the Original Agreement
      in the manner and to the extent provided herein,

     

    NOW,
      THEREFORE, inconsideration of the foregoing, and the mutual terms and provisions
      hereinbelow set forth, it is agreed, as follows: 

     

    1. Definitions.
      In this
      Agreement the following terms shall have the following meanings:

     

    (a) Agreement
      has the
      meaning attributed thereto in the preamble.

     

    (b) Confidential
      Information has
      the
      meaning attributable thereto in Section 10(b).

     

    (c) Cruise
      Line
      means
      any owner or operator of a fleet of cruise ships that convey passengers to
      warm
      water ocean destinations, e.g.,
      Carnival Cruise Lines, Royal Caribbean Cruises Ltd. and Norwegian Cruise
      Line.

     

    (d) Eco-Tour
      means a
      supervised ecologically friendly excursion by a consumer or other customer
      of a
      Partner Association member, the Licensee or a Water Sports Operator on a
SEA
      SPI I
      or
      SEA
      SPI II.

     

    (e) Intellectual
      Property means
      all
      trademarks (including the name “Sea Sun”), patents, copyrights and/or
      applications for trademarks, patents and copyrights, reissues, modifications,
      divisions and extensions thereof which are now held or hereafter acquired by
      the
      Licensor in any and all jurisdictions in connection with the Business all as
      more particularly described and set forth in Schedule “A” annexed
      hereto.

     

    (f) Licensee
      Financed Location
      means a
      Location which has been established by the Licensee without any
      Licensor-provided financing and for which the Licensor has not paid any Set-Up
      Fee to the Licensee.

     

    (g) Licensor
      Financed Location
      means a
      Location which has been established by the Licensee with Licensor-provided
      financing and/or for which the Licensor has paid a Set-Up Fee to the
      Licensee.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (h) Licensor’s
      Trademarks has
      the
      meaning attributable thereto in Section 6(b).

     

    (i) Location
      means an
      Eco-Tour business operating outlet approved by the Licensor at which a Partner
      Association, the Licensee or a Water Sports Operator offers and sell Eco-Tours
      to consumers.

     

    (j) Location
      Agreement Effective Date
      means
      the date specified as such in the Location Agreement or, if no such date is
      specified, the date when sales of Eco-Tours are first offered to the public
      at
      the Location in question. 

     

    (k) Location
      Agreement Initial Term
      has the
      meaning attributable thereto in Section 5(d)(i)(1).

     

    (l) Location
      Agreement Renewal Term
      has the
      meaning attributable thereto in Section 5(d)(i)(2).

     

    (m) Location
      Agreement Term
      means
      the Location Agreement Initial Term together with all Location Agreement Renewal
      Terms.

     

    (n) Loss
      has
      the
      meaning attributable thereto in Section 8(a).

     

    (o) Partner
      Organization
      means
      any business entity, association or other organization with whom the Licensor
      has entered into an agreement providing for the rental of Sea
      Spi I
      and/or
Sea
      Spi II
      watercraft by the Licensor to the members, owners, partners, associates or
      affiliates thereof, e.g.,
      The
      Professional Association of Diving Instructors.

     

    (p) Renewal
      Term
      has the
      meaning attributable thereto in Section 9(b).

     

    (q) Replacement
      License
      has the
      meaning attributable thereto in Section 5(d)(vi).

     

    (r) Set-Up
      Fee
      means
      the amount payable by the Licensor to the Licensee for trailers and dollies,
      boat storage facilities, signage, brochures, initial marketing and miscellaneous
      items in order to prepare a Location for commencement of
      operations.

     

    (s) Sea
      Spi I and Sea Spi II
      means
      the electrically powered personal watercraft bearing such names which are
      manufactured, distributed and sold by the Licensor.

     

    (t) Term
      has the
      meaning attributable thereto in Section 9(a).

     

    (u) Water
      Sports Operator
      means a
      person or business entity which has entered into a sublicense or other contract
      with the Licensee to offer and sell Eco-Tours at one or more
      Locations.

     

    2. Grant
      of Rights

     

    (a) Licensing
      and Sublicensing.
      Subject
      to the provisions of this Agreement, the Licensor hereby grants to the
      Licensee:

     

    (i) the
      exclusive, non-transferable, worldwide right and license to operate the Business
      at Locations approved by the Licensor and to use the Intellectual Property
      in
      connection therewith; and

     

    
      
         

      

      
        Page
          2

        
          

        

      

      
         

      

    

     

    (ii) the
      right
      and license to enter into sublicenses with Water Sports Operators, in the form
      annexed hereto as Schedule B, regarding the operation of the Business and use
      of
      the Intellectual Property at specified Locations in accordance with the terms
      and provisions thereof. 

     

    (b) Exclusions.
      The
      rights and licenses granted herein are subject to the following exclusions
      and
      reservations:

     

    (i) Personal
      Watercraft Sales.
      The
      licenses conferred under this Agreement shall not prohibit the Licensor from
      selling Sea
      Spi I
      and/or
Sea
      Spi II
      watercraft to Cruise Lines or any other person or entity, provided,
      that,
      such
      purchasers shall not employ such watercraft in connection with the offer and
      sale of Eco-Tours.

     

    (ii) Partner
      Organizations.
      The
      licenses conferred under this Agreement shall not prohibit the Licensor from
      renting Sea
      Spi I
      and/or
Sea
      Spi II
      watercraft to the members, owners, partners, associates or affiliates of any
      Partner Organization, provided,
      that,
      the
      party renting such watercraft shall not employ them in connection with the
      offer
      and sale of Eco-Tours.

     

    3. Licensor’s
      Responsibilities.

     

    (a) Manufacture
      and Delivery of Watercraft.
      The
      Licensor shall cause reputable watercraft manufacturers to manufacture
Sea
      Spi I
      and
Sea
      Spi II
      watercraft in sufficient quantities to provide for the needs of each Location.
      The Licensor shall deliver, or shall cause such manufacturers to deliver the
      watercraft to their assigned Locations.

     

    (b) Training
      and Assistance Regarding the Business.
      The
      Licensor shall furnish training to the Licensee with regard to the operation
      of
      the Business. The Licensor shall advise the Licensee from time to time regarding
      the operation of the Business at the Locations. In addition, the Licensor shall
      furnish guidance to the Licensee with respect to:

     

    (i) standards,
      specifications and operating procedures and methods to be utilized by the
      Licensee and its sublicensees in connection with the conduct of the Business
      at
      the Locations;

     

    (ii) purchasing
      products, equipment, signs, materials and supplies to be employed in the
      operation of the business; and

     

    (iii) advertising
      and marketing programs.

     

    (c) Protection
      of Intellectual Property.
      The
      Licensor shall take such actions as it deems necessary and advisable to protect
      and enforce its interests in the Intellectual Property.

     

    
      
         

      

      
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          3

        
          

        

      

      
         

      

    

     

    4. Licensee’s
      Responsibilities.

     

    (a) General.
      The
      Licensee shall use its best efforts to promote the Business at each Location.
      

     

    (b) Identification
      of Suitable Locations.
      The
      Licensee shall perform such actions as shall be reasonably necessary to
      determine suitable venues for the establishment of Locations throughout the
      world.

     

    (c) Staffing.
      The
      Licensee shall hire, train and properly supervise a staff of area managers
      and
      other personnel who shall be responsible for:

     

    (i) identifying
      suitable Location venues;

     

    (ii) identifying
      Water Sports Operators to operate the Business and offer and sell Eco-Tours
      at
      various Locations as Licensee’s sublicensees;

     

    (iii) providing
      suitable training to Water Sports Operators and their personnel with regard
      to
      the operation of the Business at, and the maintenance of the Sea
      Spi I
      and
Sea
      Spi II
      watercraft assigned to, each Location; and

     

    (iv) undertaking
      to create, acquire and provide initial marketing programs and materials at
      each
      Location, and/or supervising the efforts of third party providers of marketing
      materials and services, in connection with their provision of such initial
      marketing programs.

     

    (d) Coordination
      of Equipment Delivery.
      The
      Licensee shall coordinate with the Licensor in connection with the transport
      and
      delivery of the Sea
      Spi I
      and
Sea
      Spi II
      watercraft to be operated at each Location.

     

    (e) Delivery
      of Products and Materials.
      The
      Licensee shall be responsible for the delivery of all products and materials
      to
      be employed in connection with the operation of the Business at each
      Location.

     

    (f) Equipment
      Maintenance.
      The
      Licensee shall use its best efforts to maintain, or to cause its sublicensees
      to
      maintain, all Sea
      Spi I
      and
Sea
      Spi II
      watercraft in proper working condition.

     

    5. Location
      Agreements.
      Each
      Location shall be operated by the Licensee or by a Water Sports Operator who
      has
      entered into a sublicense pertaining to its operation thereof. The terms,
      covenants and conditions pertaining to the operation of each Location shall
      be
      governed by the terms of this Section 5
      and by
      the specific terms of the Location Agreement to be executed by the Licensor
      and
      the Licensee with respect to such Location. Each such Location Agreement shall
      be in the form annexed hereto as Schedule C, and to the extent that any of
      the
      terms set forth in a Location Agreement shall conflict with the terms set forth
      in this Section 5,
      the
      terms of the Location Agreement shall govern the resolution of such
      conflict.

     

    (a) Location
      Approval and Start-Up Costs.
      No
      Location proposed by the Licensee shall be established unless and until the
      Licensor accepts such proposal. All Locations that Licensor, upon its own
      initiative, decides to establish, or that the Licensee proposes and the Licensor
      accepts, shall be Licensor Financed Locations, unless the Location Agreement
      provides otherwise. 

     

    
      
         

      

      
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          4

        
          

        

      

      
         

      

    

     

    (b) Licensor
      Financed Locations.
      

     

    (i) Set-Up
      Fee.
      The
      Licensor shall pay a Set-Up Fee to the Licensee with regard to each Licensor
      Financed Location. The amount of the Set-Up Fee shall be $35,000 per Location
      unless otherwise specified in the Location Agreement.

     

    (ii) License
      Fee.
      In
      consideration of the licenses granted to the Licensee hereby, during the
      Location Agreement Initial Term set forth in the Location Agreement, unless
      otherwise provided therein, the Licensee shall pay a monthly license fee to
      the
      Licensor of $275 for each Sea
      Spi I
      and $550
      for each Sea
      Spi II
      assigned
      to a Location. All such payments shall be made on the first day of each month
      of
      the Location Agreement Initial Term any Location Agreement Renewal Term by
      wire
      transfer of immediately available funds to such bank account as may be
      designated by the Licensor. In the event that a Location Agreement provides
      for
      any renewal thereof, the amount of the monthly licensee fee to be paid during
      any such Location Agreement Renewal Term shall be determined in the manner
      provided in the Location Agreement.

     

    (iii) Boat
      Rental Fee.
      In
      consideration for the Licensee’s use, either directly, or through a Water Sports
      Operator sublicensee, of the Sea
      Spi I
      and
Sea
      Spi II
      watercraft assigned to a Location, during the Location Agreement Initial Term
      set forth in the Location Agreement, unless otherwise provided therein, the
      Licensee shall pay a boat rental fee to the Licensor of $400 for each
Sea
      Spi I
      and $800
      for each Sea
      Spi II
      assigned
      to a Location. All such payments shall be made on the first day of each month
      of
      the Location Agreement Initial Term any Location Agreement Renewal Term by
      wire
      transfer of immediately available funds to such bank account as may be
      designated by the Licensor. In the event that a Location Agreement provides
      for
      any renewal thereof, the amount of the boat rental fee to be paid during any
      such Location Agreement Renewal Term shall be determined in the manner provided
      in the Location Agreement.

     

    (c) Licensee
      Financed Locations.
      

     

    (i) Set-Up
      Financing.
      In the
      event that a Location Agreement provides that the Location in question shall
      be
      a Licensee Financed Location, the Licensee shall be responsible for the payment
      or financing the costs of all for trailers and dollies, boat storage facilities,
      signage, brochures, initial marketing and miscellaneous items in order to
      prepare a Location for commencement of operations.

     

    (ii) One-Time
      License Fee.
      In
      consideration of the licenses granted to he Licensee hereby, unless otherwise
      provided in the Location Agreement: (1) the Licensee shall pay a one-time only
      license fee to the Licensor of $14,375 for each Sea
      Spi I
      and
      $28,750 for each Sea
      Spi II
      assigned
      to a Location; and (2) the payment of such fee shall be made on or before the
      date of delivery of the watercraft to the Location by wire transfer of
      immediately available funds to such bank account as may be designated by the
      Licensor.

     

    
      
         

      

      
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          5

        
          

        

      

      
         

      

    

     

    (iii) Boat
      Rental Fee.
      In
      consideration for the Licensee’s use, either directly, or through a Water Sports
      Operator sublicensee, of the Sea
      Spi I
      and
Sea
      Spi II
      watercraft assigned to a Location, during the Location Agreement Initial Term
      set forth in the Location Agreement, unless otherwise provided therein, the
      Licensee shall pay a boat rental fee to the Licensor of $400 for each
Sea
      Spi I
      and $800
      for each Sea
      Spi II
      assigned
      to a Location. All such payments shall be made on the first day of each month
      of
      the Location Agreement Initial Term and any Location Agreement Renewal Term
      by
      wire transfer of immediately available funds to such bank account as may be
      designated by the Licensor. In the event that a Location Agreement provides
      for
      any renewal thereof, the amount of the boat rental fee to be paid during any
      such Location Agreement Renewal Term shall be determined in the manner provided
      in the Location Agreement.

     

    (d) General
      Terms Applicable to Each Location Agreement.
      

     

    (i) Initial
      and Location Agreement Renewal Terms.
      Unless
      the Location Agreement otherwise provides:

     

    (1) the
      initial term of each Location Agreement shall commence on the Location Agreement
      Effective Date and shall end on the fifth anniversary of the Location Agreement
      Effective Date (the “Location Agreement Initial Term”);
      and

     

    (2) each
      Location Agreement shall be automatically renewed for additional periods of
      one
      year (each, a “Location Agreement Renewal Term”) commencing on the first
      anniversary of the Location Agreement Effective Date, and on the anniversary
      of
      the date of commencement of the then current Location Agreement Renewal Term,
      as
      the case may be, unless either party gives notice to the other of its intention
      not to renew the Location Agreement beyond the end of the initial term or the
      then current Location Agreement Renewal Term, as the case may be.
      No such
      notice shall be effective unless given not later than six months prior to the
      Location Agreement Initial Term or the then current Location Agreement Renewal
      Term, as the case may be.

     

    (ii) Conditional
      Limitation on Length of Term.
      Each
      Location Agreement shall provide that, not withstanding any contrary provision
      contained therein, the Location Agreement Term thereof shall not extend beyond
      the date when this Agreement shall expire.

     

    (iii) Insurance.
      In
      addition to such insurance coverages as the Licensee may maintain for itself
      at
      each Location, the Licensee shall secure and keep in full force and effect
      throughout the Location Agreement Term, at its expense: (1) comprehensive
      general liability insurance, written on an occurrence basis, to afford
      protection of no less than $5,000,000 combined single limit for bodily injury
      and property damage including personal injury coverage at each Location; and
      (2)
      equipment rental, fire and theft insurance providing replacement value coverage
      for each Sea
      Spi I
      and
Sea
      Spi II
      assigned
      to each Location in the respective amounts of $2,500 and $4,500. The Licensee
      shall have the right to insure and maintain the insurance coverages set forth
      in
      this Section under blanket or umbrella insurance policies covering other
      Locations so long as such blanket or umbrella policies comply as to terms and
      amounts with the insurance provisions set forth in this Section without the
      possibility of reduction or coinsurance by reason of, or damage to person,
      property or equipment any other Locations named therein. If the insurance
      required by this Section shall be effected by any such blanket or umbrella
      policies, the Licensee shall furnish to the Licensor certified copies or
      duplicate originals of such policies or executed certificates thereof, with
      schedules thereto attached showing the insurance afforded by such policies
      applicable to the Locations. All such insurance shall be written in form and
      substance reasonably satisfactory to the Licensor by an insurance company and
      with general policy holder’s ratings of not less than A and a financial rating
      of at least VII, as rated in the most current available “Best’s” insurance
      reports, or the then equivalent thereof. All such insurance shall have a term
      of
      not less that one year. Upon failure of the Licensee to procure, maintain and
      place such insurance and pay all premiums and charges therefor, the Licensor
      may
      (but shall not be obligated to) do so and in such event the Licensee shall
      pay
      the amount thereof to the Licensor within five business days after demand.
      All
      policies of insurance procured by the Licensee shall contain endorsements
      providing that a) the Licensor shall be named as an additional insured
      thereunder to the extent that its interests may bear; b) such policies may
      not
      be canceled, allowed to lapse or materially changed without at least 30 days’
prior written notice from the insurance company to the Licensor; and c) the
      Licensee shall be solely responsible for the payment of premiums therefor
      notwithstanding that the Licensor is named as an additional insured. Duly
      executed certificates of insurance or, original policies, together with
      reasonably satisfactory evidence of payment of the premiums therefor, shall
      be
      delivered to the Licensor on or before the Location Agreement Commencement
      Date
      pertaining to each Location. Evidence of all endorsements to any such policies
      shall also be so delivered to the Licensor upon issuance thereof and evidence
      of
      each renewal or replacement of a policy shall be delivered to the Licensor
      at
      least 20 days prior to the expiration of such policy. The obligation to provide
      insurance pursuant to this Section may be satisfied by naming the Licensor
      as an
      additional insured under one or more existing policies of insurance, including,
      without limitation, policies of insurance obtained by sublicensees, with
      coverage limits in conformity herewith and providing the Licensor with a
      certificate of insurance to that effect.

     

    
      
         

      

      
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    (iv) Maintenance.
      The
      Licensee shall be responsible for maintaining, or causing reputable third party
      providers of watercraft maintenance services to maintain, the Sea
      Spi I
      and
Sea
      Spi II
      watercraft assigned to each Location.

     

    (v) Termination.
      The
      Licensor shall have the right to terminate any Location Agreement in the event
      that the Licensee:

     

    (1) fails
      to
      pay when due any boat rental fee, license fee or other amount due and owing
      thereunder; or

     

    (2) fails
      to
      remedy a failure to comply with any other obligation due and owing thereunder
      after Licensor shall give notice of Licensee’s failure to so comply and of
      Licensor’s intention to terminate the Location Agreement if such failure of
      compliance is not remedied within 10 days after Licensee’s receipt of such
      notice.

     

    (vi) Effects
      of Termination.
      Upon
      termination of a Location Agreement, the sublicense between the Licensee and
      any
      Water Sports Operator who had been conducting the Business at the subject
      Location shall also terminate. Licensor may, if it elects to do so, enter into
      a
      new Location Agreement with that Water Sports Operator (a “Replacement
      License”). If the Licensor elects not to enter into a Replacement License, the
      Licensee shall return forthwith to the Licensor all Sea
      Spi
      watercraft in the possession of the Licensee and/or the Water Sports Operator
      at
      such Location, and shall account to the Licensor for any and all Eco-Tour sales
      to the date of termination and shall pay the applicable boat rental and
      licensing fees within 10 days of the date of such termination. 

     

    
      
         

      

      
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          7

        
          

        

      

      
         

      

    

     

    6. Licensor’s
      Intellectual Property

     

    (a) Intellectual
      Property Ownership.
      All use
      of the Intellectual Property pursuant to this Agreement by the Licensee and
      its
      sublicensees will inure to the benefit of the Licensor. The Licensee recognizes
      the great value of the Intellectual Property to the Licensor, and neither the
      Licensee nor its sublicensees, during the Term of this Agreement or thereafter,
      will attack the Licensor’s title in and to the Intellectual Property in any
      jurisdiction or attack the validity of this license or any sublicense under
      it.

     

    (b) Trademark
      Display and Marking.
      The
      Licensee and its sublicensees will display all of the Licensor’s registered and
      unregistered trademarks identified on Schedule A (the “Licensor’s Trademarks”)
      only in such form and manner as are permitted by law. The Licensee shall, and
      shall use reasonably commercial efforts to cause its sublicensees, to cause
      to
      appear on all advertising, promotional and display materials, and on all
      stationery and transaction documents displaying Licensor’s Trademarks such
      legends, markings and notices as may be legally required in each Location’s
      jurisdiction as the Licensor may reasonably request.

     

    (c) Prohibited
      Trademark Uses.
      The
      Licensee will not use the Licensor’s Trademarks, and shall use all commercially
      reasonable efforts to assure that its sublicensees do not use the Licensor’s
      Trademarks, (i) as part of a trademark combining the Licensor’s Trademarks with
      another mark (except with Licensor’s prior consent), (ii) as a corporate name,
      trade name or any other designation to identify the Licensee or its sublicensee,
      or (iii) in any manner other than as a trademark.

     

    (d) Quality
      Control Procedures - Advertising Materials.
      The
      Licensee shall cause its sublicensees to periodically submit to the Licensee,
      and the Licensee shall periodically submit to the Licensor, copies of all
      advertising and promotional and display material, and all stationery and
      transaction documents employed by the Licensee and its sublicensees, which
      display any of the Licensor’s Trademarks, and Licensee shall, and shall cause
      its sublicensees, to discontinue the use of any such materials which do not
      satisfy the requirements set forth in this Agreement.

     

    (e) The
      “Sea Sun” Name.
      The
      Licensee acknowledges that the name “Sea Sun” is part of the Licensor’s
      Intellectual Property, and that: (i) the Licensor is the sole owner of all
      right, title and interest in such name; (ii) the Licensee has been granted
      the
      right and license to use the name “Sea Sun” only in accordance with the terms
      and subject to the conditions of this Agreement during the Term hereof; and
      (iii) the Licensee’s use of such name as part of the name of its corporation,
      and in all literature and media of every nature and description shall not confer
      any rights of ownership in such name upon the Licensee.

     

    7. Representations
      and Warranties.

     

    (a) By
      the
      Licensor.
      The
      Licensor represents and warrants as follows:

     

    (i) the
      Licensor represents and warrants that it has full right, power and authority
      to
      enter into this Agreement and to grant the rights, licenses and privileges
      hereby granted by it to the Licensee, and that no consent of any third party
      is
      required to permit the Licensor to execute this Agreement and to perform its
      obligations hereunder, or to permit the Licensee to exercise fully the rights
      granted hereunder; and

     

    
      
         

      

      
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          8

        
          

        

      

      
         

      

    

     

    (ii) the
      Licensor represents and warrants that 1) it is the owner of all right, title
      and
      interest in and to the Intellectual Property for use in connection with the
      operation of the Business; 2) the Licensee’s and its sublicensees’ use of the
      Intellectual Property in accordance with this Agreement will not infringe on
      or
      interfere with the rights of third parties; and 3) the Licensor is not aware
      of
      any infringements of the Intellectual Property and has no knowledge of any
      pending conflicts with respect thereto.

     

    (b) By
      the
      Licensee.
      The
      Licensee represents and warrants as follows:

     

    (i) it
      has
      the right to enter into this Agreement; and

     

    (ii) this
      Agreement has been duly authorized by all necessary action on its part and
      constitutes the valid and binding obligation of the Licensee enforceable against
      it in accordance with its terms.

     

    8. Indemnities.

     

    (a) By
      the
      Licensee.
      The
      Licensee shall defend, indemnify and hold harmless the Licensor with respect
      to
      any liabilities, damages, losses, costs or expenses (including reasonable
      attorneys' fees and expenses) (any or all of the foregoing herein referred
      to as
“Loss”) insofar as such Loss (or actions in respect thereof) arises out of or is
      based on (i) any breach or alleged breach of any of the representations,
      warranties or agreements made by the Licensee in this Agreement, or (ii) any
      acts or omissions of the Licensee or its agents or employees in connection
      with
      the Licensee’s performance of this Section 8(a).
      The
      provisions of this paragraph will survive the expiration or termination of
      this
      Agreement.

     

    (b) By
      Licensor.
      The
      Licensor shall defend, indemnify and hold harmless the Licensee with respect
      to
      any Loss insofar as such Loss arises out of or is based on (i) any breach or
      alleged breach of any of the representations, warranties or agreements made
      by
      the Licensor in this Agreement, (ii) any acts or omissions of the Licensor
      or
      its agents or employees, or (iii) any infringement or alleged infringement
      of
      any patent, trademark or other proprietary right of a third party by the use
      of
      the Intellectual Property in accordance with this Agreement in any jurisdiction
      in which a Location is established and operated by the Licensee or one of its
      sublicensees. Additionally, in the event of any infringement or alleged
      infringement of any patent, trademark or other proprietary right of a third
      party by the Intellectual Property, Licensor shall use its reasonable efforts
      promptly to procure, at its sole cost and expense, the right for the Licensee
      to
      continue to use the Intellectual Property in question, subject to the terms
      of
      this Agreement, so that the Licensee’s use and enjoyment of the rights granted
      hereunder is uninterrupted. The rights of indemnification hereunder shall extend
      to any sublicensee of the Licensee hereunder. The provisions of this Section
      8(b)
      will
      survive the expiration or termination of this Agreement.

     

    (c) Enforcement
      against Infringers.
      In the
      event that the Licensee becomes aware of any activities or events which it
      suspects may constitute an infringement by one or more third parties of the
      rights granted to the Licensee under this Agreement, the Licensee shall promptly
      in its sole discretion and at its expense, take such actions as it may deem
      necessary and appropriate to protect and defend the rights granted in this
      Agreement, including, but not limited to, the institution of appropriate legal
      proceedings. Upon the request of the Licensee, the Licensor shall join in any
      such actions or proceedings. The Licensee shall bear the costs and expense
      of
      such legal proceedings except in the event the Licensor had knowledge of such
      infringing activities or events prior to the execution of this Agreement, in
      which event the Licensor shall bear the costs and expenses of protecting and
      defending the Intellectual Property in question. The party bearing the costs
      and
      expenses of such legal proceedings shall be entitled to retain all monetary
      recoveries resulting from such actions or proceedings or their
      settlement.

     

    
      
         

      

      
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          9

        
          

        

      

      
         

      

    

     

    9. Term
      and Termination.

     

    (a) Term.
      The
      term of this Agreement shall be effective as of the date of this Agreement
      and
      shall continue in full force and effect for a term of 10 years from the
      effective date or until terminated pursuant to the terms of this Agreement
      (the
“Term”).

     

    (b) Renewal
      Term.
      Provided that the Licensee is not then in default under this Agreement the
      Licensee may, no earlier than the eighth month prior to the end of the Term
      and
      no later than the first day of the sixth month prior to the end of the Term,
      renew this Agreement for an additional period of 10 years.

     

    (c) Termination.
      The
      Licensor shall have the right to terminate this Agreement in the event that
      the
      Licensee:

     

    (1) fails
      to
      pay when due any boat rental fee, license fee or other amount due and owing
      under any Location Agreement; or

     

    (2) fails
      to
      remedy a failure to comply with any other obligation due and owing under this
      Agreement or under any Location Agreement after Licensor shall give notice
      of
      Licensee’s failure to so comply and of Licensor’s intention to terminate this
      Agreement or the Location Agreement in question, as the case may be, if such
      failure of compliance is not remedied within 10 days after Licensee’s receipt of
      such notice;

     

    (3) assigns
      or attempts to assign its rights, or delegates or attempts to delegate its
      duties or obligations, under this Agreement or any Location Agreement, including
      any assignment, attempted assignment, delegation or attempted delegation
      occurring as a result of a change of more than 50% of the beneficial ownership
      or voting control of the Licensee, in each case without the prior written
      consent of the Licensor;

     

    (4) shall
      a)
      voluntarily dissolve, liquidate or terminate operations or apply for or consent
      to the appointment of, or the taking of possession by, a receiver, custodian,
      trustee or liquidator of the Licensee or of all or of a substantial part of
      its
      assets, b) admit in writing its inability, or be generally unable, to pay
      its debts as the debts become due, c) make a general assignment for the
      benefit of its creditors, d) commence a voluntary case under any applicable
      bankruptcy code (as now or hereafter in effect), e) file a petition seeking to
      take advantage of any other law relating to bankruptcy, insolvency,
      reorganization, winding-up, or composition or adjustment of debts, f) fail
      to controvert in a timely and appropriate manner, or acquiesce in writing to,
      any petition filed against it in an involuntary case under any applicable
      bankruptcy code, or g) take any corporate action for the purpose of
      effecting any of the foregoing;

     

    
      
         

      

      
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          10

        
          

        

      

      
         

      

    

     

    (5) shall
      have rendered against it a judgment in excess of $25,000 which shall remain
      undischarged, undismissed and unstayed for more than ten days (except judgments
      validly covered by insurance with a deductible of not more than $5,000) or
      shall
      have levied upon it any attachment, garnishment or other seizure of any of
      the
      Licensee’s assets by reason of the issuance of any tax levy, judicial attachment
      or garnishment or levy of execution; or

     

    (6) shall
      experience any change in its condition (business, financial or otherwise) which,
      in the reasonable opinion of the Licensor, could have a material adverse effect
      upon the properties, business, prospects or condition (business, financial
      or
      otherwise) of the Licensee.

     

    (d) Effects
      of Termination.
      Upon
      termination of this Agreement, the Licensee shall immediately forfeit its right
      to conduct the Business and to use the Intellectual Property. In such event,
      the
      Licensee shall forthwith (i) suspend all activity relating to the Business
      and
      this Agreement; and (ii) return to the Licensor all Confidential Information,
      products and marketing material in its possession or under its control including
      without limiting the generality of the foregoing, all Sea
      Spi
      watercraft in the possession of the Licensee and its sublicensees.
      Notwithstanding the termination of this Agreement, the Licensee shall account
      for any and all Eco-Tour sales to the date of termination and shall pay the
      applicable boat rental and licensing fees within 10 days of the termination.
      At
      the option of the Licensor, the Licensee shall assign and transfer to the
      Licensor (or otherwise as the Licensor may direct) all sublicenses made between
      the Licensee and its sublicensees.

     

    10. Confidential
      and Personal Information.
      

     

    (a) Non-Disclosure
      of Confidential Information.
      The
      Licensee covenants and agrees that it shall not disclose any Confidential
      Information without the prior written consent of the Licensor. 

     

    (b)  Confidential
      Information - Definition.
      “Confidential Information” shall the mean contents of this Agreement, and any
      tangible or intangible information or materials disclosed by the Licensor to
      the
      Licensee that pertain to the concept of the Business, the procedures,
      methodologies and practices employed or to be employed in operating the
      Business, the finances and financial condition of the Licensor, the set-up,
      boat
      rental and license fees charged by the Licensor under this Agreement and the
      Location Agreements and the corresponding fees charged or to be charged by
      the
      Licensee to its sublicensees (whether disclosed orally, in writing, in
      electronic format or otherwise), including but not limited to computer programs
      and systems; processes, methods and techniques; equipment; data; reports;
      financial statements and information; know-how; designs; concepts; ideas;
      existing and proposed contracts with third parties; corporate guidelines; logos;
      and business plans, including information concerning the existence and scope
      of
      activities of any research, development, marketing or other projects of the
      Licensor, which are furnished, disclosed, learned or otherwise acquired by
      the
      Licensee during or in the course of discussions or otherwise pursuant to this
      Agreement. “Confidential Information” shall not include information
      which:

     

    (i) at
      the
      time of disclosure to the Licensee is or thereafter becomes part of the public
      domain through no act or omission of the Licensee or its employees or
      agents;

     

    
      
         

      

      
        Page
          11

        
          

        

      

      
         

      

    

     

    (ii) is
      hereafter lawfully disclosed to the Licensee by a person not known to be under
      an obligation of confidentiality to the Licensee with respect to such
      information; or

     

    (iii) is
      hereafter independently developed, as shown by written records maintained
      contemporaneously with such development, by the Licensee, or by persons acting
      for the Licensee having no knowledge of or access to any Confidential
      Information.

     

    (c) Non-Disclosure
      of Personal Information.
      The
      Licensee agrees that it shall not, without the prior written consent of the
      Licensor, disclose or make available any “Personal Information”, as such term is
      defined in the Canadian Personal Information Protection and Electronic Documents
      Act, that it may receive or derive in connection with the operation of the
      Business to any person or entity except for designated employees of the Licensee
      who have a need to access the Personal Information in connection with the use
      thereof by the Licensee in accordance with the terms of this Agreement. No
      such
      employee shall be designated by the Licensee to access the Personal Information
      unless such employee agrees to hold the Personal Information in confidence
      and
      to limit use of the Personal Information to the uses permitted hereby in
      accordance with a written covenant at least as restrictive as this covenant.
      The
      Licensee agrees that the Personal Information provided to it by the Licensor
      or
      any of its sublicensees shall only be used for such purposes as are specified
      by
      the Licensor and that the Licensee shall not sell, use, disclose or transfer
      the
      Personal Information to any other party or use the Personal Information for
      any
      other purpose other than the purposes specified in this Agreement. The Licensee
      shall follow all rules and regulations of the Licensor from time to time with
      respect to the use, destruction, retention and security of the Personal
      Information. At the end of the Term the Licensee shall destroy or return all
      Personal Information that has been provided to the Licensee and shall require
      all persons who were permitted to have access to the Personal Information
      pursuant to the terms of this Agreement to do the same.

     

    11. Miscellaneous
      Provisions.

     

    (a) Entire
      Agreement.
      This
      Agreement, together with the schedules annexed hereto, and the Location
      Agreements to be executed pursuant to the terms hereof, constitute the entire
      agreement between the parties with respect to the subject matter hereof and
      supersede all prior agreements, understandings and negotiations, both written
      and oral, between the parties with respect to the subject matter hereof. No
      representation, inducement, promise, understanding, condition or warranty not
      set forth herein has been made or relied upon by either party
      hereto.

     

    (b) Amendments;
      No Waivers.

     

    (i) Any
      provision of this Agreement may be amended if, and only if, such amendment
      is in
      writing and signed by the Licensor and the Licensee. Any provision of this
      Agreement may be waived by the Licensor and the Licensee if the waiver is in
      writing and signed by the parties to be bound.

     

    (ii) No
      failure or delay by either party in exercising any right, power or privilege
      hereunder shall operate as a waiver thereof nor shall any single or partial
      exercise thereof preclude any other or further exercise thereof or the exercise
      of any other right, power or privilege. The rights and remedies herein provided
      shall be cumulative and not exclusive of any rights or remedies provided by
      law.

     

    
      
         

      

      
        Page
          12

        
          

        

      

      
         

      

    

     

    (c) Governing
      Law.
      This
      Agreement shall be governed by the laws of the Province of Ontario and the
      laws
      of Canada as applicable therein. Each party hereby submits to the non-exclusive
      jurisdiction of the Province of Ontario in connection with this
      Agreement.

     

    (d) Dispute
      Resolution.
      Any
      dispute regarding the interpretation, compliance with or breach of this
      Agreement will be negotiated in good faith between the parties commencing upon
      written notice from one party to the other containing a summary of the dispute
      (the “Dispute Notice”). All negotiations will be confidential and inadmissible
      in any subsequent proceeding without both parties’ written consent. If the
      dispute is not resolved by negotiation within twenty (20) days following the
      receipt of the dispute notice, the parties will refer the dispute to a mediator
      acceptable to both parties for a non-binding mediation. The costs of the
      meditation shall be shared equally by the parties. If the dispute is not settled
      by mediation within fifty (50) days of receipt of the Dispute Notice, or if
      a
      mutually acceptable mediator is not selected within thirty (30) days of receipt
      of the Dispute Notice, the dispute shall be settled by binding arbitration
      as
      follows. Within sixty (60) days of receipt of the Dispute Notice, each party
      shall designate one arbitrator. Within seventy (70) days of receipt of the
      Dispute Notice, the two arbitrators so designated shall appoint a third
      arbitrator mutually acceptable to them, who shall alone hear and determine
      the
      dispute. If the two designated arbitrators are unable to agree upon a third
      arbitrator within seventy (70) days of receipt of the Dispute Notice, the third
      arbitrator shall be appointed by a Judge of the Ontario Court as soon as
      practicable. The arbitration shall be held in accordance with the provisions
      of
      the Arbitration
      Act
      (Ontario), S.O. 1991 c.17, with all hearings to take place in the Province
      of
      Ontario, unless otherwise agreed by the parties. Any judgment, decision or
      award
      rendered by such arbitrator shall be final and binding and shall not be the
      subject of any further court proceeding except in connection with the
      enforcement of any such award by a court of competent jurisdiction. The costs
      of
      arbitration, including legal fees and disbursements of the parties, shall be
      allocated by the arbitrator in the manner that the arbitrator, in his or her
      discretion, considers appropriate. This section does not affect the rights
      of
      the parties to seek injunctive relief when appropriate to enforce their
      respective rights hereunder.

     

    (e) Counterparts;
      Effectiveness.
      This
      Agreement may be signed in any number of counterparts, each of which shall
      be an
      original, with the same effect as if the signatures thereto and hereto were
      upon
      the same instrument. This Agreement shall become effective when each party
      hereto shall have received a counterpart, or facsimile of a counterpart, hereof,
      each signed by the other party or parties hereto or thereto. Delivery of an
      executed copy of this Agreement by facsimile transmission shall have the same
      effect as delivery of an originally executed copy of this Agreement, whether
      an
      originally executed copy shall be delivered subsequent thereto.

     

    
      
         

      

      
        Page
          13

        
          

        

      

      
         

      

    

     

    (f) Notices.
      Any
      notices, consents, approvals, statements, authorizations, documents or other
      communications (collectively “Notices”) required or permitted to be given
      hereunder shall be in writing, and shall be delivered personally or by
      nationally recognized overnight express courier, mailed by ordinary mail,
      postage prepaid, or sent by facsimile transmission, email, or similar form
      of
      transmitted message, to the party for which it is intended at the address set
      forth hereunder, namely: 

     

    To
      the
      Licensor:

    

    Sea
      Sun
      Capital Corporation

    940
      Sheldon Court, Suite 201

    Burlington,
      Ontario, Canada L7L 5K6

    Attention: Greg
      Heller, Vice President

    Tel:
      (250)
      717-3003 Ext. 201

    Fax:
      (905)
      257-3621

    

    To
      the
      Licensee:

    

    Sea
      Sun
      Enterprises Incorporated

    Heritage
      House, Pinfold Street

    P.O.
      Box
      479 GPO

    Bridgetown,
      Barbados

    

    Attention: William
      Bruce Flatt

    

    Tel:
      (246)
      437-9648

    Fax:
      (246)
      429-5504

    

    or
      at
      such other address as may be given by any of them to the other in writing from
      time to time. Such Notices, if mailed, shall be deemed to have been given on
      the
      fourth business day following such mailing, or, if delivered personally, by
      overnight courier, facsimile transmission, email or similar form of transmitted
      message, shall be deemed to have been given on the day of delivery, if a
      business day, or if not a business day, on the business day next following
      the
      day of delivery. In the event of a general discontinuance of postal service
      due
      to strike, lock-out or otherwise, Notices shall be delivered by hand or
      overnight courier and shall be deemed to have been received in accordance with
      this section.

     

    (g) Successors
      and Assigns.
      The
      provisions of this Agreement shall be binding upon and inure to the benefit
      of
      the parties hereto and their respective successors and permitted
      assigns.

     

    (h) Captions.
      The
      captions herein are included for convenience of reference only and shall be
      ignored in the construction or interpretation hereof.

     

    (i) Severability.
      Whenever possible, each provision of this Agreement shall be interpreted in
      such
      manner as to be effective and valid under applicable law, but if any provision
      of this Agreement is held to be prohibited by or invalid under applicable law,
      such provision shall be ineffective only to the extent of such prohibition
      or
      invalidity, without invalidating the remainder of such provisions or the
      remaining provisions of this Agreement.

     

    (j) Further
      Assurances.
      Each of
      the parties to this Agreement agrees that it will promptly do, make, execute
      or
      deliver, or cause to be done, made, executed or delivered, all such further
      acts, documents and things as the other party hereto may reasonable require
      from
      time to time for the purpose of giving effect to the provisions of this
      Agreement and will use reasonable efforts to take all such steps as may be
      reasonably within its power to implement to their full extent the provisions
      of
      this Agreement. 

     

    [Signatures
      appear on the following page]

     

    
      
         

      

      
        Page
          14

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF this Agreement has been duly executed by the parties hereto
      as
      of the date first above written.

     

    
      	 	 	 
	 	
              Sea
                Sun Capital Corporation

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Graham
                Millington, President and Chief

              Executive
                officer

            

       

      
        	 	 	 
	 	
                
                  Sea
                    Sun Enterprises Incorporated

                

              
	 
 	 
 	 
 
	
              	By:  	
              
	 	
                

                William
                  Bruce Flatt, Director

              

         

        
          	 	 	 
	
                	By:  	
                
	 	
                  

                  
                    Scott
                      James Jeffrey

                    Title:
                      _________________________________

                  

                

           

          
            	 	 	 
	
                  	By:  	
                  
	 	
                    

                    Alan
                      Ross Schuler, Director

                  

          

           

          
            
               

            

            
              Page
                15

              
                

              

            

            
               

            

          

        

      

    

    SCHEDULE
      “A”

    

    INTELLECTUAL
      PROPERTY

    

    Trademarks

    

    SEA
      SUN

    SEA
      SPI
      I

    SEA
      SPI
      II

    

    Copyrights

    

    The
      Licensor is entitled to copyright protection for all written works in connection
      with the Business including the following: brochures, website
      (www.seasuncapital.com), advertisements, manuals, designs, pamphlets, videos,
      and instruction materials.

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