Document:

EQUICAP,
      INC.

    5528
      Westcott Circle

    Frederick,
      MD 21703

     

    March
      7,
      2007

    

    Thomas
      W.
      Colligan

    5528
      Westcott Circle

    Frederick,
      MD 21703

    

    Re:
      Indemnification as a Director of Equicap, Inc. 

    

    Dear
      Mr.
      Colligan:

    

    As
      you
      know, Equicap, Inc. (the “Corporation”)
      closed
      (the “Closing”)
      a
      share exchange transaction with Usunco Automotive Limited, today. You were
      a
      director and officer of the Corporation prior to the Closing. At the Closing,
      you tendered your resignation, effective immediately, from all offices that
      you
      hold with the Corporation, and from your position as a director of the
      Corporation, effective automatically as of the 10th
      day (the
“Interim
      Period”)
      following the date that the Corporation mails out an information statement
      to
      its stockholders that complies with Rule 14f-1 of the Securities Exchange Act
      of
      1934 and files the same with the Securities and Exchange Commission. Also at
      the
      Closing, Peter Wang was appointed as a director of the Corporation and as the
      Corporation’s Chairman and Chief Executive Officer.

    

    You
      have
      agreed to remain as a director of the Corporation during the Interim Period
      and
      to review and consider as a director of the Corporation certain actions that
      the
      Corporation plans to take, including, without limitation, the filing of a
      Registration Statement on Form S-1 covering the resale of certain securities
      on
      behalf of certain stockholders of the Corporation (the “Registration
      Statement”),
      if
      the Registration Statement is filed during the Interim Period.

    

    In
      consideration for your agreement to remain as a director of the Corporation
      during the Interim Period, the Corporation agrees to indemnify you as specified
      below.

    

    1. Indemnification.
      The
      Corporation shall indemnify, defend and hold you harmless from and against
      any
      damages, liabilities, losses, taxes, fines, penalties, proceedings, suits,
      damages, deficiencies, costs, and expenses (including, without limitation,
      interest at the highest rate permitted by law, reasonable fees of counsel)
      of
      any kind or nature whatsoever (whether or not arising out of third-party claims
      and including all amounts paid in investigation, defense or settlement of the
      foregoing) (collectively, “Losses”),
      which
      may be sustained or suffered by you arising out of or in connection with any
      of
      the following matters:

     

    (a) Any
      action that you take during the Interim Period on behalf of the Corporation
      as a
      director of the Corporation or as an agent of the Corporation at the direction
      of the board of directors; and

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (b) Your
      execution and delivery of any board consents, information statements, reports
      or
      other documents filed with the U.S. Securities and Exchange Commission.,
      including the Registration Statement on behalf of the Corporation.

     

    2. Limitation
      on Indemnification.
      Notwithstanding the foregoing, the indemnification obligations of the
      Corporation will not apply to any Losses that arise as the result of your
      willful misconduct or gross negligence nor shall it apply to Losses arising
      from
      information provided to the Corporation or its agents in writing by your
      affiliates for inclusion in the Registration Statement. Furthermore, the
      indemnification obligations of the Corporation shall not affect any obligations
      that you or any of your affiliates may have to indemnify the Corporation as
      a
      result of information contained in the Registration Statement regarding your
      affiliate’s participation in the offering as a selling stockholder.

     

    3. Governing
      Law and Consent to Jurisdiction.
      This
      Agreement shall be construed under and governed by the internal laws of the
      State of New York without regard to its conflict of laws provisions. All actions
      and proceedings arising out of or relating to this Agreement shall be heard
      and
      determined in a New York federal court and each of the parties hereto (i) waives
      any objection which such party may now or hereafter have to the venue for any
      such action or proceeding and (ii) irrevocably and unconditionally accepts,
      with
      regard to any such action or proceeding, the personal jurisdiction of such
      courts and waives any defense or objection that it might otherwise have to
      such
      court’s exercise of personal jurisdiction with respect to it. A final judgment
      in any such action or proceeding shall be conclusive and may be enforced in
      another jurisdictions by suit on the judgment or in any other manner provided
      by
      law. Nothing herein contained shall be deemed to affect the right of any party
      to serve process in any manner permitted by law or, if any action or proceeding
      cannot be instituted in any federal court in New York to commence any such
      legal
      proceedings or otherwise proceed against any other party in any other
      jurisdiction.

     

    4. Modifications;
      Waiver.
      This
      Agreement may not be altered or modified without the express prior written
      consent of the parties hereto. No course of conduct shall constitute a waiver
      of
      any terms or conditions of this Agreement, unless such waiver is specified
      in
      writing, and then only to the extent so specified. A waiver of any of the terms
      and conditions of this Agreement on one occasion shall not constitute a waiver
      of the other terms of this Agreement, or of such terms and conditions on any
      other occasion.

     

    5. Severability.
      Whenever possible, each provision of this Agreement shall be interpreted in
      such
      a manner as to be effective and valid under applicable law, but if any provision
      of this Agreement shall be deemed prohibited or invalid under such applicable
      law, such provision shall be ineffective to the extent of such prohibition
      or
      invalidity, and such prohibition or invalidity shall not invalidate the
      remainder of such provision or the other provisions of this Agreement. Nothing
      contained herein shall be deemed to prohibit any party from seeking equitable
      relief, such as specific performance or other similar remedies, from a court
      of
      competent jurisdiction.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    6. Counterparts;
      Facsimile Execution.
      This
      Agreement may be executed in two or more counterparts, each of which shall
      be
      deemed an original, and all of which together shall constitute one and the
      same
      instrument. Facsimile execution and delivery of this Agreement is legal, valid
      and binding for all purposes.

     

    
      	 	 	 
	 	
              Sincerely,

               

              
                Equicap,
                  Inc.

              

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:

	 	Title:

    

     

    
      
         

      

      
        3March
      7,
      2007

     

    To: Equicap,
      Inc.

    

    RE:
      Lock-Up Letter Agreement

    

    Ladies
      and Gentlemen:

    

    This
      Lock-Up Letter Agreement is being delivered to you in connection with the
      Securities Exchange Agreement (the “SEA”), dated as of March 7, 2007 by and
      among Equicap, Inc. (the “Company”) and Usunco Automotive Limited and its
      stockholders (collectively, “Usunco”). Terms not defined herein have the meaning
      given them in the SEA. La Pergola Investments Limited, Fountainhead Investments,
      Inc., Gaha Ventures, LLC, G4, LLC and Fountainhead Capital Partners Limited
      (collectively, the “Holders” and each individually, a “Holder”) are the owners
      of shares of the Company’s Common Stock, $0.001 par value (“Common Stock”), or a
      Convertible Note which is convertible by its terms into shares of the Company’s
      Common Stock, $0.001 par value (collectively, “Holder Securities”)

    

    In
      order
      to induce the Company and Usunco to enter into the SEA, the undersigned agree
      that for a period of 365 days beginning on the Closing Date (as defined in
      the
      SEA) (the “Lock-up Period”), the undersigned will not, without the written
      consent of the Company, (i) sell, offer to sell, contract or agree to sell,
      transfer, hypothecate, hedge, pledge, grant any option to purchase or otherwise
      dispose of or agree to dispose of, directly or indirectly, any shares of the
      Holder Securities or rights to purchase shares of Common Stock or (ii) enter
      into any swap or other arrangement that transfers to another, in whole or in
      part, any of the economic consequences of ownership of any of the Holder
      Securities or other rights to purchase shares of Common Stock, whether any
      such
      transaction is to be settled by delivery of such securities, in cash or
      otherwise, owned directly by the undersigned (including holding as a custodian)
      or with respect to which the undersigned has beneficial ownership within the
      rules and regulations of the U. S. Securities and Exchange Commission.

     

    The
      foregoing shall not apply to (a) any transfer with respect to the Holder
      Securities to Fountainhead Capital Partners Limited (“FHCP”), provided FHCP
      agrees in writing to be bound by the terms of this Lock-Up Letter Agreement;
      (b)
      bona fide gifts, whether to charitable organizations or otherwise, provided
      the
      recipient thereof agrees in writing to be bound by the terms of this Lock-Up
      Letter Agreement, (c) dispositions to any foundation, trust, partnership or
      the
      limited liability company, as the case may be, exclusively for the direct or
      indirect benefit of the undersigned and/or the immediate family of the
      undersigned, provided that such person (or trustee of such trust) agrees in
      writing to be bound by the terms of this Lock-Up Letter Agreement, (d) transfers
      as required by law, (e) dispositions by a partnership to a partner of such
      partnership, provided such partner agrees in writing with to be bound by the
      terms of this Lock-Up Letter Agreement and (f) dispositions by a limited
      liability company to a member of such company, provided such member agrees
      in
      writing with to be bound by the terms of this Lock-Up Letter Agreement
      .

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Notwithstanding
      the foregoing, the undersigned’s obligations under this Lock-Up Letter Agreement
      shall be automatically released without further action on the part of the
      Company, Usunco or any party with respect to a number of Holder Securities
      as
      follows: 

    

    On
      the
      first day of each calendar month following the Closing Date (as defined in
      the
      SEA), a number of shares of the Holder Securities equal to one-twelfth (1/12)
      of
      the total Holder Securities (including any shares issuable upon the conversion
      of any convertible debt) shall be released from the provisions of this Lock-up
      Letter Agreement, regardless of whether or when they are eventually sold or
      transferred. 

     

    The
      undersigned confirms that he, she or it understands that the Company and Usunco
      will rely upon the representations set forth in this Lock-Up Letter Agreement
      in
      proceeding with the transactions contemplated by the SEA. The undersigned
      further confirms that the agreements of the undersigned are irrevocable and
      shall be binding upon the undersigned’s heirs, legal representatives, successors
      and assigns. The undersigned agrees and consents to the entry of stop transfer
      instructions with the Company’s transfer agent against the transfer of
      securities held by the undersigned except in compliance with this Lock-Up Letter
      Agreement. 

    

    This
      Lock-Up Letter Agreement will be governed by and construed in accordance with
      the laws of the State of New York, without giving effect to any choice of law
      or
      conflicting provision or rule (whether of the State of New York, or any other
      jurisdiction) that would cause the laws of any jurisdiction other than the
      State
      of New York to be applied. In furtherance of the foregoing, the internal laws
      of
      the State of New York will control the interpretation and construction of this
      Lock-Up Letter Agreement, even if under such jurisdiction's choice of law or
      conflict of law analysis, the substantive law of some other jurisdiction would
      ordinarily apply.

    

    [Signature
      Page Attached hereto]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    La
      Pergola Investments Limited

     

    
      	 	 	 	 
	By:	 	 	 
	
              
                

              

              Its:

              
                
 

            	 	 	
            

    

    

    Fountainhead
      Investments, Inc.

     

    
      	 	 	 	 
	By:	 	 	 
	
              
                

              

              Its:

              
                
 

            

    

     

    Gaha
      Ventures, LLC

    

    
      	 	 	 	 
	By:	 	 	 
	
              
                

              

              Its:

              
                
 

            

    

    
      

    G4,
      LLC

    

    
      	 	 	 	 
	By:	 	 	 
	
              
                

              

              Its:

              
                
 

            

    

    

    Fountainhead
      Capital Partners Limited

     

    
      	By:	 	 	 
	
              
                

              

              Robert
                L. B. Diener

            
	
              Its:
                attorney-in fact

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