Document:

Till Capital Ltd. - Exhibit 4.9 - Filed by newsfilecorp.com

TILL CAPITAL LTD. 

 

 

STOCK OPTION PLAN 

Adopted April 17, 2014 

 

 

 

TABLE OF CONTENTS 

	  	  	PAGE 
	  	  	  
	ARTICLE
      I DEFINITIONS AND INTERPRETATION 	1
      
	 	 
	     1.1
      	Definitions
      	1
      
	     1.2
      	Choice
      of Law 	3
      
	     1.3
      	Headings
      	3
      
	     1.4
      	U.S.
      Persons 	3
      
	 	 	 
	ARTICLE
      II PURPOSE AND PARTICIPATION 	3
      
	 	 
	     2.1
      	Purpose
      	3
      
	     2.2
      	Participation
      	4
      
	     2.3
      	Notification
      of Award 	4
      
	     2.4
      	Copy
      of Plan 	4
      
	     2.5
      	Limitation
      	4
      
	 	 	 
	ARTICLE
      III TERMS AND CONDITIONS OF OPTIONS 	4
      
	 	 
	     3.1
      	Board
      to Allot Shares 	4
      
	     3.2
      	Number
      of Shares 	5
      
	     3.3
      	Exercise
      Price 	5
      
	     3.4
      	Term
      of Option 	5
      
	     3.5
      	Termination
      of Option 	6
      
	     3.6
      	Vesting
      	7
      
	     3.7
      	Effect
      of a Take-Over Bid 	7
      
	     3.8
      	Acceleration
      of Expiry Date 	8
      
	     3.9
      	Effect
      of a Change of Control 	8
      
	     3.10
      	Assignment
      of Options 	8
      
	     3.11
      	Adjustments
      	8
      
	 	 	 
	ARTICLE
      IV EXERCISE OF OPTION 	8
      
	 	 
	     4.1
      	Exercise
      of Option 	8
      
	     4.2
      	Issue
      of Share Certificates 	8
      
	     4.3
      	Condition
      of Issue 	9
      
	 	 	 
	ARTICLE
      V STOCK APPRECIATION RIGHTS 	9
      
	 	 
	     5.1
      	Stock
      Appreciation Rights 	9
      
	     5.2
      	Stock
      Appreciation Rights Tied to Options 	9
      
	     5.3
      	Terms
      of Stock Appreciation Rights 	9
      
	     5.4
      	Exercise
      of Stock Appreciation Rights 	9
      
	 	 	 
	ARTICLE
      VI BONUSES 	10
      
	 	 
	     6.1
      	Grant
      of Bonus 	10
      
	     6.2
      	Number
      of Shares 	10
      
	 	 	 
	ARTICLE
      VII ADMINISTRATION 	10
      
	 	 
	     7.1
      	Administration
      	10
      
	     7.2
      	Interpretation
      	10
      
	     7.3
      	Withholdings
      Taxes 	10
      

- 2 – 

	ARTICLE
      VIII AMENDMENT AND TERMINATION 	11
      
	 	 
	     8.1
      	Prospective
      Amendment 	11
      
	     8.2
      	Retrospective
      Amendment 	11
      
	     8.3
      	Termination
      	12
      
	     8.4
      	Agreement
      	12
      
	 	 	 
	ARTICLE
      IX APPROVALS REQUIRED FOR PLAN 	12
      
	 	 
	     9.1
      	Substantive
      Amendments to Plan 	12
      
	     9.2
      	Annual
      Approval 	12
      
	 	 	 
	ARTICLE
      X MISCELLANEOUS PROVISIONS 	12
      
	 	 
	     10.1
      	Compliance
      	12
      
	     10.2
      	Effective
      Date of Plan 	12
      

STOCK OPTION PLAN 

ARTICLE I 
DEFINITIONS AND INTERPRETATION

1.1                 
Definitions 

As used herein, unless anything in the subject matter or
context is inconsistent therewith, the following terms shall have the meanings
set forth below: 

	 	(a) 	
      “Administrator” means, initially, the secretary of the
      Company and thereafter shall mean such director or other senior officer or
      employee of the Company as may be designated as Administrator by the Board
      from time to time;

	 	 	 
	 	(b) 	
      “Affiliate” means a company that is a parent or
      subsidiary of the Company, or that is controlled by the same entity as the
      Company;

	 	 	 
	 	(c) 	
      “Award Date” means the date on which the Board grants and
      announces a particular Option;

	 	 	 
	 	(d) 	
      “Board” means the Board of Directors of the Company
      unless the Board has appointed a Compensation Committee consisting of not
      less than 3 directors appointed for the purpose, inter alia, of
      administering the Plan, in which case “Board” means the Compensation
      Committee of the Board;

	 	 	 
	 	(e) 	
      “Change of Control” means the acquisition by any person
      or by any person and a joint actor, whether directly or indirectly, of
      voting securities of the Company, which, when added to all other voting
      securities of the Company at the time held by such person or by such
      person and a joint actor, totals for the first time not less than fifty
      percent (50%) of the outstanding voting securities of the Company or the
      votes attached to those securities are sufficient, if exercised, to elect
      a majority of the Board;

	 	 	 
	 	(f) 	
      “Company” means Till Capital Ltd. (formerly Resource
      Holdings Ltd.);

	 	 	 
	 	(g) 	
      “Companies Act” means the Companies Act 1981 of
      Bermuda, as amended;

	 	 	 
	 	(h) 	
      “Consultant” means an individual or Consultant Company,
      other than an Employee or a Director of the Company,
  that:

	 	(i) 	
      is engaged to provide services to the Company or to an
      Affiliate of the Company, other than services provided in relation to a
      distribution; and

	 	 	 
	 	(ii) 	
      spends or will spend a significant amount of time and
      attention on the affairs and business of the Company or an Affiliate of
      the Company;

	 	(i) 	
      “Consultant Company” means, for an individual consultant,
      a company which the individual consultant is an employee or
  member;

	 	 	 
	 	(j) 	
      “Director” means any individual holding the office of
      director or officer of the Company or an Affiliate of the
  Company;

- 2 - 

	 	(k) 	
      “Employee” means:

	 	 	 	 
	 		(i) 	
      an individual who is considered an employee of the
      Company or its subsidiary under the Income Tax Act (Canada) (i.e.
      for whom income tax, employment insurance and CPP deductions must be made
      at source);

	 	 	 	 
	 		(ii) 	
      an individual who works full-time for the Company or its
      subsidiary providing services normally provided by an employee and who is
      subject to the same control and direction by the Company over the details
      and methods of work, as an employee of the Company, but for whom income
      tax deductions are not made at source; or

	 	 	 	 
	 		(iii) 	
      an individual who works part-time for the Company or its
      subsidiary on a continuing and regular basis providing services normally
      provided by an employee and who is subject to the same control and
      direction by the Company over the details and methods of work as an
      employee of the Company, but for whom income tax deductions are not made
      at source;

	 	(l) 	
      “Exchange” means the TSX Venture Exchange;

	 	 	 
	 	(m) 	
      “Exchange Manual” means the Corporate Finance Manual of
      the Exchange;

	 	 	 
	 	(n) 	
      “Exercise Notice” means the notice respecting the
      exercise of an Option, in the form set out as Schedule “B” hereto, duly
      executed by the Option Holder;

	 	 	 
	 	(o) 	
      “Exercise Period” means the period during which a
      particular Option may be exercised and is the period from and including
      the Award Date through to and including the Expiry Date, subject to the
      provisions of the Plan relating to the vesting of Options;

	 	 	 
	 	(p) 	
      “Exercise Price” means the price at which an Option may
      be exercised as determined in accordance with paragraph 3.3;

	 	 	 
	 	(q) 	
      “Expiry Date” means the date determined in accordance
      with paragraphs 3.4 and 3.8 and after which a particular Option cannot be
      exercised;

	 	 	 
	 	(r) 	
      “insider” has meaning ascribed thereto in the Securities
      Act;

	 	 	 
	 	(s) 	
      “Investor Relations Activities” has the meaning given to
      it in the Exchange Manual;

	 	 	 
	 	(t) 	
      “Management Company Employee” means an individual
      employed by a Person providing management services to the Company, which
      are required for the ongoing successful operation of the business
      enterprise of the Company, but excluding a Person engaged in Investor
      Relations Activities.

	 	 	 
	 	(u) 	
      “Option” means an option to acquire Shares, awarded to a
      Director, Employee or Consultant pursuant to the Plan;

	 	 	 
	 	(v) 	
      “Option Certificate” means the Notice of Grant of Stock
      Options, substantially in the form set out as Schedule ”A” hereto,
      evidencing an Option;

- 3 - 

	 	(w) 	
      “Option Holder” means a Director, Employee or Consultant,
      or a former Director, Employee or Consultant, who holds an unexercised and
      unexpired Option or, where applicable, the Personal Representative of such
      person;

	 	 	 	 
	 	(x) 	
      “Person” means any individual, firm, partnership, limited
      partnership, limited liability company or partnership, unlimited liability
      company, joint stock company, association, trust, trustee, executor,
      administrator, legal or personal representative, government, governmental
      body, entity or authority, group, body corporate, corporation,
      unincorporated organization or association, syndicate, joint venture or
      any other entity, whether or not having legal personality, and any of the
      foregoing in any derivative, representative or fiduciary capacity and
      pronouns have a similar extended meaning.

	 	 	 	 
	 	(y) 	
      “Personal Representative” means:

	 	 	 	 
	 		(i) 	
      in the case of a deceased Option Holder, the executor (or
      the administrator of the deceased duly appointed by a court or public
      authority having jurisdiction to do so); and

	 	 	 	 
	 		(ii) 	
      in the case of an Option Holder who for any reason is
      unable to manage his or her affairs, the person entitled by law to act on
      behalf of such Option Holder;

	 	(z) 	
      “Plan” means this stock option plan dated April 17,
      2014;

	 	 	 
	 	(aa) 	
      “Securities Act” means the Securities Act, R.S.O.
      1990, c.S.5, as amended, as at the date hereof; and

	 	 	 
	 	(bb) 	
      “Share” or “Shares” means, as the case may be, one or
      more common shares with par value of US$0.001 in the capital of the
      Company.

1.2                 
Choice of Law 

The Plan is established under and the provisions of the Plan
shall be interpreted and construed in accordance with the laws of Bermuda. 

1.3                 
Headings 

The headings used herein are for convenience only and are not
to affect the interpretation of the Plan. 

1.4                 
U.S. Persons 

Schedule “C”, attached hereto, sets forth the additional
conditions and terms applicable to the grant of an Award to, or the exercise of
an Option by, a US Person. 

ARTICLE II 
PURPOSE AND PARTICIPATION 

2.1                 
Purpose 

- 4 - 

The purpose of the Plan is to provide the Company with a
share-related mechanism to attract, retain and motivate qualified Directors,
Employees and Consultants, to reward such of those Directors, Employees and
Consultants as may be awarded Options under the Plan by the Board from time to
time for their contributions toward the long term goals of the Company and to
enable and encourage such Directors, Employees and Consultants to acquire Shares
as long term investments. 

2.2                 
Participation 

The Board shall, from time to time, in its sole discretion
determine those Directors, Employees and Consultants, if any, to whom Options
are to be awarded. If the Board elects to award an Option to a Director, the
Board shall, in its sole discretion but subject to paragraph 3.2, determine the
number of Shares to be acquired on the exercise of such Option. If the Board
elects to award an Option to an Employee or Consultant, the number of Shares to
be acquired on the exercise of such Option shall be determined by the Board in
its sole discretion, and in so doing the Board may take into account the
following criteria: 

	 	(a) 	
      the remuneration paid to the Employee or Consultant as at
      the Award Date in relation to the total remuneration payable by the
      Company to all of its Employees and Consultants as at the Award
    Date;

	 	 	 
	 	(b) 	
      the length of time that the Employee or Consultant has
      been employed or engaged by the Company; and

	 	 	 
	 	(c) 	
      the quality of work performed by the Employee or
      Consultant.

With respect to any Options granted to Employees, Consultants,
or Management Company Employees, the Company and the Option Holder shall
represent and confirm that that the Option Holder is a bona fide
Employee, Consultant or Management Company Employee, as applicable 

2.3                 
Notification of Award 

Following the approval by the Board of the awarding of an
Option, the Administrator shall notify the Option Holder of the award and may
provide the Option Holder with an Option Certificate representing the Option so
awarded. 

2.4                 
Copy of Plan 

Each Option Holder, concurrently with the notice of the award
of the Option, shall be provided with a copy of the Plan, unless a copy has been
previously provided to the Option Holder. A copy of any amendment to the Plan
shall be promptly provided by the Administrator to each Option Holder. 

2.5                 
Limitation 

The Plan does not give any Option Holder that is a Director the
right to serve or continue to serve as a Director of the Company nor does it
give any Option Holder that is an Employee or Consultant the right to be or to
continue to be employed or engaged by the Company. 

ARTICLE III 
TERMS AND CONDITIONS OF OPTIONS

3.1                 
Board to Allot Shares 

The Shares to be issued to Option Holders upon the exercise of
Options shall be allotted and authorized for issuance by the Board prior to the
exercise thereof. 

- 5 - 

3.2                 
Number of Shares 

The maximum number of Shares issuable under the Plan shall not
exceed 10% of the Shares issued and outstanding from time to time. Additionally,
if at any time the Company is subject to restrictions on stock option grants
prescribed by applicable securities laws or by an Exchange, the Company shall
not grant Options which exceed such restrictions. Further, no Options shall be
granted to any Option Holder if such grant could result, at any time, in: 

	 	(a) 	
      the issuance to insiders of the Company of a number of
      Shares, at any time under the Plan, or when combined with all of the
      Company’s other security based compensation arrangements, exceeding 10% of
      the Company’s total issued and outstanding Shares;

	 	 	 
	 	(b) 	
      the issuance to any one Person, within a one-year period,
      of a number of Shares exceeding 5% of the issued and outstanding Shares
      calculated on the date an Option is granted to that individual, unless the
      Company has obtained the requisite approval of disinterested members
      pursuant to the requirements set forth in the Exchange Manual;

	 	 	 
	 	(c) 	
      the issuance to any one Consultant, in any 12 month
      period, of a number of Shares exceeding 2% of the issued and outstanding
      Shares calculated on the date an Option is granted to that Consultant;
      and

	 	 	 
	 	(d) 	
      the issuance to Persons conducting Investor Relations
      Activities on behalf of the Company, in any 12 month period, of an
      aggregate number of Shares exceeding 2% of the issued and outstanding
      Shares calculated on the date an Option is granted to such
  Persons,

If any Option is exercised or expires or otherwise terminates
for any reason, the number of Shares in respect of which the Option is exercised
or expired or terminated shall again be available for the purposes of the Plan.

3.3                 
Exercise Price 

The Exercise Price shall be as determined by the Board in its
sole discretion as of the Award Date and shall not be less than the greater of:

	 	(a) 	
      if the Company’s Shares are not listed for trading on an
      Exchange at the Award Date, the last price at which the Company’s Shares
      were issued prior to the Award Date;

	 	 	 
	 	(b) 	
      if the Company’s Shares are listed for trading on an
      Exchange at the Award Date, the closing price of the Company’s Shares on
      the day immediately preceding the Award Date; and

	 	 	 
	 	(c) 	
      the fair market value of the Shares on the Award
    Date.

3.4                 
Term of Option 

Subject to paragraph 3.5, the Expiry Date of an Option shall be
the date so fixed by the Board at the time the particular Option is awarded,
provided that such date shall not be later than the fifth anniversary of the
Award Date of the Option. 

- 6 - 

Should the Expiry Date of an Option fall within a period during
which designated persons cannot trade Shares of the Company pursuant to any
policy of the Company respecting restrictions on trading which is in effect at
that time (which, for greater certainty, does not include the period during
which a cease trade order is in effect to which the Company, or in respect of an
insider, that insider, is subject) (the “Black Out Period”), or within nine
business days following the expiration of a Black Out Period, such Expiry Date
shall be automatically extended without any further act or formality to that
date which is the tenth business day after the end of the Black Out Period. Such
tenth business day shall be considered the Expiry Date for such Option for all
purposes under the Plan. Notwithstanding the foregoing and any other provision
of the Plan permitting extension of the Expiry Date, with respect to Option
Holders who are subject to United States federal income taxation, the Expiry
Date of an "in-the-money" Option may never be extended to a date that would
permit exercise of the Option after the Expiry Date so fixed by the Board at the
time the particular Option is awarded. 

3.5                 
Termination of Option 

An Option Holder may, subject to any vesting provisions
applicable to Options hereunder, exercise an Option in whole or in part at any
time or from time to time during the Exercise Period provided that, with respect
to the exercise of part of an Option, the Board may at any time and from time to
time fix a minimum or maximum number of Shares in respect of which an Option
Holder may exercise part of any Option held by such Option Holder. Any Option or
part thereof not exercised within the Exercise Period shall terminate and become
null, void and of no effect as of 5:00 p.m. local time in Bermuda, on the Expiry
Date. The Expiry Date of an Option shall be the earlier of the date so fixed by
the Board at the time the Option is awarded and the date established, if
applicable, in sub-paragraphs (a) to (c) below (the “Early Termination Date”):

	 	(a) 	
      Death

	 	 	 	 
	 		
      In the event that the Option Holder should die while he
      or she is still a Director (if he or she holds his or her Option as
      Director) or Employee or Consultant (if he or she holds his or her Option
      as Employee or Consultant), the Early Termination Date shall be twelve
      (12) months from the date of death of the Option Holder; or

	 	 	 	 
	 	(b) 	
      Ceasing to hold Office

	 	 	 	 
	 		
      In the event that the Option Holder holds his or her
      Option as Director of the Company and such Option Holder ceases to be a
      Director of the Company other than by reason of death, the Early
      Termination Date of the Option shall be 90 days from the date the Option
      Holder ceases to be a Director of the Company unless the Option Holder
      ceases to be a Director of the Company but continues to be engaged by the
      Company as an Employee, in which case the Expiry Date shall remain
      unchanged, or unless the Option Holder ceases to be a Director of the
      Company as a result of:

	 	 	 	 
	 		(i) 	
      ceasing to meet the qualifications set forth in the
      Companies Act; or

	 	 	 	 
	 		(ii) 	
      a resolution having been passed by the members of the
      Company pursuant to the Companies Act removing the Director as such;
    or

	 	 	 	 
	 		(iii) 	
      by order of any securities commission or the Exchange or
      any other regulatory body having jurisdiction to so
  order,

in which case the Early Termination
Date shall be the date the Option Holder ceases to be a Director of the Company.

- 7 - 

	 	(c) 	
      Ceasing to be Employed or a Consultant

	 	 	 	 
	 		
      In the event that the Option Holder holds his or her
      Option as an Employee or Consultant of the Company and such Option Holder
      ceases to be an Employee or Consultant of the Company other than by reason
      of death, the Early Termination Date of the Option shall be 90 days from
      the date the Option Holder ceases to be an Employee or Consultant of the
      Company unless the Option Holder ceases to be an Employee or Consultant of
      the Company as a result of:

	 	 	 	 
	 		(i) 	
      termination for cause or, in the case of a Consultant,
      breach of contract; or

	 	 	 	 
	 		(ii) 	
      by order of any securities commission or the Exchange or
      any other regulatory body having jurisdiction to so
  order,

in which case the Early Termination
Date shall be the date the Option Holder ceases to be an Employee or Consultant
of the Company. 

3.6                 
Vesting 

All Options granted pursuant to the Plan will be subject to
such vesting requirements as may be prescribed by the Exchange, if applicable,
or as may be imposed by the Board. 

3.7                 
Effect of a Take-Over Bid 

If a bona fide offer (an “Offer”) for Shares is made to
an Option Holder or to members of the Company generally or to a class of members
which includes the Option Holder, which Offer, if accepted in whole or in part,
would result in the offeror becoming a control person of the Company, within the
meaning of the Securities Act, the Company shall, immediately upon receipt of
notice of the Offer, notify each Option Holder of full particulars of the Offer,
whereupon all Shares subject to Options will become vested. With respect to
Options held by Option Holders who are not subject to United States
federal income taxation, the Options may be conditionally exercised, subject to
the Shares acquired by the Option Holder upon such conditional exercise being
taken up under the Offer, in whole or in part by each Option Holder so as to
permit each Option Holder to tender the Shares conditionally received upon such
conditional exercise of his Options, pursuant to the Offer. However, if: 

	 	(a) 	
      the Offer is not completed within the time specified
      therein; or

	 	 	 
	 	(b) 	
      all of the Shares conditionally acquired by the Option
      Holder on the conditional exercise of his Option and tendered pursuant to
      the Offer are not taken up or paid for by the offeror in respect
      thereof,

then the Shares conditionally received upon such conditional
exercise of Options, or in the case of clause (b) above, the Shares that are
conditionally issued and are not taken up and paid for, shall, for all purposes,
be deemed to have not been issued, and the Options with respect to such Shares
shall, for all purposes, be deemed to have not been exercised, and the terms
upon which such Options with respect to such Shares were to become vested
pursuant to paragraph 3.6 continue to apply. In the case of clause (a) above,
the Company shall, as soon as reasonably possible after the expiry of the time
specified in the Offer of when it should have been completed, refund the
exercise price to the Option Holder with respect to the conditional exercise of
such Options, and in the case of clause (b) above, the Company shall, as soon as
reasonably possible, refund the exercise price to the Option Holder with respect
to the Shares that are conditionally issued and are not taken up and paid for by
the offeror.

- 8 - 

3.8                 
Acceleration of Expiry Date 

If at any time when an Option granted under the Plan remains
unexercised and an Offer is made by an offeror, the Directors may, upon
notifying each Option Holder of full particulars of the Offer, declare all
Shares issuable upon the exercise of Options granted under the Plan, vested,
and, notwithstanding paragraphs 3.4 and 3.5, may declare that the Expiry Date
for the exercise of all unexercised Options granted under the Plan is
accelerated so that all Options will either be exercised or will expire prior to
the date upon which Shares must be tendered pursuant to the Offer. 

3.9                 
Effect of a Change of Control 

If a Change of Control occurs, all Shares subject to each
outstanding Option will become vested, whereupon all Options may be exercised in
whole or in part by the Option Holders. 

3.10              
Assignment of Options 

Options may not be assigned or transferred, provided however
that the Personal Representative of an Option Holder may, to the extent
permitted by paragraph 4.1, exercise the Option within the Exercise Period. 

3.11               Adjustments

If prior to the complete exercise of any Option the Shares are
consolidated, subdivided, converted, exchanged or reclassified or in any way
substituted for (collectively the “Event”), an Option, to the extent that it has
not been exercised, shall be adjusted by the Board in accordance with such Event
in the manner the Board deems appropriate. No fractional Shares shall be issued
upon the exercise of any Option and accordingly, if as a result of the Event, an
Option Holder would become entitled to a fractional Share, such Option Holder
shall have the right to purchase only the next lowest whole number of Shares and
no payment or other adjustment will be made with respect to the fractional
interest so disregarded. Additionally, no lots of Shares in an amount less than
500 Shares shall be issued upon the exercise of the Option unless such amount of
Shares represents the balance left to be exercised under the Option. 

ARTICLE IV 
EXERCISE OF OPTION 

4.1                 
Exercise of Option 

An Option may be exercised only by the Option Holder or the
Personal Representative of any Option Holder. An Option Holder or the Personal
Representative of any Option Holder may exercise an Option in whole or in part
at any time or from time to time during the Exercise Period up to 5:00 p.m.
local time in Bermuda on the Expiry Date by delivering to the Administrator an
Exercise Notice, the applicable Option Certificate and a certified cheque or
bank draft payable to the Company in an amount equal to the aggregate Exercise
Price of the Shares to be purchased pursuant to the exercise of the Option. 

4.2                 
Issue of Share Certificates 

Subject to Section 7.3, as soon as practicable following the
receipt of the Exercise Notice, the Administrator shall cause to be delivered to
the Option Holder a certificate for the Shares purchased pursuant to the
exercise of the Option. If the number of Shares purchased is less than the
number of Shares subject to the Option Certificate surrendered, the
Administrator shall forward a new Option Certificate to the Option Holder
concurrently with delivery of the aforesaid share certificate for the balance of
Shares available under the Option. 

- 9 - 

4.3                 
Condition of Issue 

The issue of Shares by the Company pursuant to the exercise of
an Option is subject to this Plan and compliance with the laws, rules,
regulations and notices of all regulatory bodies applicable to the issuance and
distribution of such Shares, including any non-objection which may be required
by the Exchange Control Division of the Bermuda Monetary Authority, and to the
listing requirements of any stock exchange or exchanges on which the Shares may
be listed. The Option Holder agrees to comply with all such laws, rules, notices
and regulations and agrees to furnish to the Company any information, report
and/or undertakings required to comply with and to fully cooperate with the
Company in complying with such laws, rules, notices and regulations, including
providing any information necessary to obtain a non-objection from the Exchange
Control Division of the Bermuda Monetary Authority (if applicable). 

ARTICLE V 
STOCK APPRECIATION RIGHTS 

5.1                 
Stock Appreciation Rights 

Any Option granted under this Plan may include a stock
appreciation right, either at the time of grant or by adding it to an existing
Option; subject, however, to the grant of such stock appreciation right being in
compliance with the applicable regulations and policies of the Exchange. 

5.2                 
Stock Appreciation Rights Tied to Options 

A stock appreciation right which may be granted pursuant to
this Plan shall be exercisable to the extent, and only to the extent, the Option
with which it is included is exercisable. To the extent that a stock
appreciation right included in or attached to an Option granted hereunder is
exercised, the Option to which it is included or attached shall be deemed to
have been exercised to a similar extent. 

5.3                 
Terms of Stock Appreciation Rights 

A stock appreciation right granted pursuant to this Plan shall
entitle the Option Holder to elect to surrender to the Company, unexercised, the
Option with which it is included, or any portion thereof, and to receive from
the Company in exchange therefor that number of Shares, disregarding fractions,
having an aggregate value equal to the excess of the value of one Share over the
purchase price per Share specified in such Option, times the number of Shares
called for by the Option, or portion thereof, which is so surrendered. The value
of a Share shall be determined for these purposes, unless otherwise specified or
permitted by applicable regulatory policies, based on the weighted average
trading price per Share for the five trading days immediately preceding the date
the notice provided for in section 5.1 hereof is received by the Company on the
Exchange. 

5.4                 
Exercise of Stock Appreciation Rights 

Subject to the provisions of the Plan, a stock appreciation
right granted hereunder may be exercised from time to time by delivering to the
Company the Exercise Notice. 

- 10 - 

ARTICLE VI 
BONUSES 

6.1                 
Grant of Bonus 

The Board shall have the right to determine and to grant
Options to any Director or Employee, together with a corresponding right to be
paid, in cash, an amount equal to the exercise price of such Options, subject to
such provisos and restrictions as the Board may be determine, and subject to any
applicable Exchange or other approvals, if required. 

6.2                 
Number of Shares 

The Options granted as part of the bonus provided in section
6.1 shall not exceed 2,000,000 options. In addition, such Options shall be
included in, and are not in addition to, the maximum number of Options which may
be granted under this Plan from time to time.

ARTICLE VII 
ADMINISTRATION 

7.1                 
Administration 

The Plan shall be administered by the Administrator on the
instructions of the Board. The Board may make, amend and repeal at any time and
from time to time such regulations not inconsistent with the Plan as it may deem
necessary or advisable for the proper administration and operation of the Plan
and such regulations shall form part of the Plan. The Board may delegate to the
Administrator or any Director, officer or employee of the Company such
administrative duties and powers as it may see fit. 

7.2                 
Interpretation 

The interpretation by the Board of any of the provisions of the
Plan and any determination by it pursuant thereto shall be final and conclusive
and shall not be subject to any dispute by any Option Holder. No member of the
Board or any person acting pursuant to authority delegated by it hereunder shall
be liable for any action or determination in connection with the Plan made or
taken in good faith and each member of the Board and each such person shall be
entitled to indemnification with respect to any such action or determination in
the manner provided for by the Company. 

7.3                 
Withholdings Taxes 

Notwithstanding any provision in this Plan or in any Option
Certificate, the Board and the Company shall have the authority to take steps
for the deduction and withholding, or for the advance payment or reimbursement
by the Option Holder to the Company, of any taxes or other required source
deductions which the Company is required by law or regulation of any
governmental authority whatsoever to remit in connection with this Plan or any
Option Certificate. Without limiting the generality of the foregoing, the
Company may, in its sole discretion: 

	 	(a) 	
      deduct and withhold additional amounts from other amounts
      payable to an Option Holder;

- 11 - 

	 	(b) 	
      require, as a condition of the issuance of Shares to an
      Option Holder, that the Option Holder make a cash payment to the Company
      equal to the amount, in the Company’s opinion, required to be withheld and
      remitted by the Company for the account of the Option Holder to the
      appropriate governmental authority and the Company, in its discretion, may
      withhold the issuance or delivery of Shares until the Option Holder makes
      such payment; or

	 	 	 
	 	(c) 	
      sell, on behalf of the Option Holder, all or any portion
      of Shares otherwise deliverable to the Option Holder until the net
      proceeds of sale equal or exceed the amount which, in the Company’s
      opinion, would satisfy any and all withholding taxes and other source
      deductions for the account of the Option Holder.

ARTICLE VIII 
AMENDMENT AND TERMINATION

8.1                 
Prospective Amendment 

Subject to applicable regulatory approval and, if required by
any relevant law, rule or regulation applicable to the Plan, to member approval,
the Board may from time to time amend the Plan and the terms and conditions of
any Option thereafter to be granted and, without limiting the generality of the
foregoing, may make such amendment for the purpose of meeting any changes in any
relevant law, rule or regulation applicable to the Plan, any Option or the
Shares or for any other purpose which may be permitted by all relevant laws,
rules and regulations provided always that any such amendment shall not alter
the terms or conditions of any Option or impair any right of any Option Holder
pursuant to any Option awarded prior to such amendment. The Board may, subject
to the requirements of the Exchange, amend the terms upon which each Option
shall become vested with respect to Shares without further approval of the
Exchange, other regulatory bodies having authority over the Company or the Plan
or the members. Notwithstanding the foregoing, specific member approval is
required for: 

	 	(a) 	
      an extension of the term of an Option benefitting an
      insider of the Company;

	 	 	 
	 	(b) 	
      an increase to the maximum number of Shares issuable
      under the Plan, either as a fixed number or a fixed percentage of the
      Company’s outstanding Shares; and

	 	 	 
	 	(c) 	
      amendments to an amending provision within the
    Plan.

Notwithstanding the foregoing, disinterested member approval is
required for a reduction in the exercise price or purchase price of an Option
benefitting an insider of the Company. 

8.2                 
Retrospective Amendment 

Subject to applicable regulatory approval and, if required by
any relevant law, rule or regulation applicable to the Plan, to member approval,
the Board may from time to time retrospectively amend the Plan and, with the
consent of the affected Option Holders, retrospectively amend the terms and
conditions of any Options which have been previously granted. 

- 12 - 

8.3                 
Termination 

The Board may terminate the Plan at any time provided that such
termination shall not alter the terms or conditions of any Option or impair any
right of any Option Holder pursuant to any Option awarded prior to the date of
such termination. Notwithstanding the termination of the Plan, the Company,
Options awarded under the Plan, Option Holders and Shares issuable under Options
awarded under the Plan shall continue to be governed by the provisions of the
Plan. 

8.4                 
Agreement 

The Company and every person to whom an Option is awarded
hereunder shall be bound by and subject to the terms and conditions of the Plan.
This Plan repeals and replaces any stock option plan adopted by the Company
prior to the date hereof and any options awarded under a prior plan, option
holders and shares issuable under options awarded under a prior plan shall
hereafter be governed by the provisions of this Plan. 

ARTICLE IX 
APPROVALS REQUIRED FOR PLAN

9.1        
         Substantive
Amendments to Plan 

Any substantive amendments to the Plan shall be subject to the
Company first obtaining the approvals, if required, of: 

	 	(a) 	
      the members or disinterested members, as the case may be,
      of the Company at general meeting where required by the rules and policies
      of the Exchange, or any stock exchange on which the Shares may then be
      listed for trading; and

	 	 	 
	 	(b) 	
      the Exchange, or any stock exchange on which the Shares
      may then be listed for trading.

9.2                 
Annual Approval 

The Plan must receive annual member approval at the Company’s
annual general meeting. 

ARTICLE X 
MISCELLANEOUS PROVISIONS 

10.1               Compliance

The operation of this Plan and the issuance and exercise of all
Options and Shares contemplated by this Plan are subject to compliance with all
applicable laws, and all rules and requirements of the Exchange. For greater
certainty, disinterested member approval of the members of the Company will be
obtained in connection with any matter regarding the Plan where required by the
Exchange Manual. 

- 13 - 

10.2              
Effective Date of Plan 

This Plan will become effective upon the later of the date of
acceptance for filing of this Plan by the Exchange and the approval of this Plan
by the members of the Company (i.e. by the holders of a majority of the
Company’s securities present or represented, and entitled to vote at a meeting
of shareholders duly held) including, if applicable, disinterested member
approval. However, Options may be granted under this Plan prior to the receipt
of approval of the Exchange or the shareholders provided that any Option granted
before Exchange or shareholder approval is obtained, may not be exercised until
the required approvals are obtained.

Approved by the directors on February 18, 2014. 

ON BEHALF OF THE BOARD 

 

____”/s/ Wayne
Kauth”________________________________

SCHEDULE “A” 

Till Capital Ltd. 

NOTICE OF GRANT OF STOCK OPTIONS 

This Certificate is issued pursuant to the provisions of the
Company’s Stock Option Plan (the “Plan”) and evidences that _____________ is the
holder of a non-transferable stock option (the “Stock Option”), to purchase up
to ___________ common shares with a par value of $0.001 per share (the “Shares”)
in the capital of the Company at a purchase price of $ __________ per Share as
set out below (the “Exercise Price”). 

Subject to the provisions of the Plan and, if applicable, the
holder’s employment or consulting contract, as it may be amended, this Option is
awarded as of ____________ (the “Date of Grant”) and shall expire on ___________
(the “Expiry Date”). 

This Option will become vested and exercisable as follows: 

	Vesting Period 	Vesting Number of
      Options 
	 	 
	 	 
	 	 
	 	 

To exercise this Option, the Exercise Notice in the form
annexed hereto, shall be delivered to the President of the Company through to
and including the Expiry Date, together with the Notice of Grant and a certified
cheque or bank draft payable to the Company in an amount equal to the aggregate
of the Exercise Price of the Shares in respect of which this Stock Option is
being exercised. 

If you are an insider of the Company, as defined in the Plan,
you are required to file an ‘insider report’ under Canadian securities laws in
respect of the grant of these stock options and, in the future, upon any
exercise of these stock options and any sale of the underlying common shares.

The grant of options described above is strictly confidential
and the information concerning the number or price of shares granted under this
Notice of Grant should not be disclosed to anyone, except applicable government
authorities. 

This Notice of Grant is issued for convenience only and is not
assignable, transferable or negotiable. This Notice of Grant is subject to the
detailed terms and conditions contained in the Plan and, if applicable, the
holder’s employment or consulting contract, as it may be amended, in the case of
any dispute with regard to any matter in respect hereof, the provisions of the
Plan, the employment or consulting contract, as it may be amended, and the
records of the Company shall prevail. 

DATED this ___ day of 
_______________________________________.

TILL CAPITAL LTD. 

 

Per: ______________________

SCHEDULE “B” 

TO THE CERTIFICATE OF NOTICE OF GRANT OF STOCK OPTIONS OF

TILL CAPITAL LTD. 

EXERCISE NOTICE

	To: 	Corporate Secretary 
	  	Till Capital Ltd. (the
      “Company”) 

The undersigned hereby irrevocably gives notice, pursuant to
Company’s Stock Option Plan, of the exercise of the option to acquire and hereby
subscribes for (cross out inapplicable item): 

	 	(a) 	
      ___________________________ of the Shares; or

	 	 	 
	 	(b) 	
      all of the Shares

which are the subject of the Option Certificate held by the
undersigned evidencing the undersigned’s option to purchase said Shares. 

Calculation of total Exercise Price: 

	(i)             
      number of Shares to be acquired on exercise 	           
                         
                         
               Shares 
	 	 
	(ii)             multiplied
      by the Exercise Price per Share: 	$                                                        
      
	 	 
	TOTAL EXERCISE PRICE, enclosed herewith: 	$                                                        
      

	
      The undersigned tenders herewith a certified cheque or
      bank draft (circle one) in the amount of $                  payable to the Company in an
      amount equal to the total Exercise Price of the aforesaid Shares, as
      calculated above, and directs the Company to issue the share certificate
      evidencing said Shares in the name of the undersigned to be mailed to the
  undersigned at the following address: 

	REGISTRATION NAME & ADDRESS 	DELIVERY NAME & ADDRESS 
	 	 
	 	 
	 	 

I hereby authorize the transfer agent to deliver the share
certificate to the attention of the Company. I confirm that I am not aware of
any material undisclosed information relating to the Company. 

	Please initial
      next to the correct statement: 

	
  I am responsible for any Canadian tax liability stemming from this option
  exercise. At exercise, I will arrange for payment of the necessary taxes to
  the Company. _________ (initial if applicable) 

  
	
  I am not a Canadian tax payer. _________ (initial if applicable)

  
	
  Income tax withholdings for options exercises are not applicable to me
  because I have never been an employee of the
  Company. _________(initial if applicable) 

Yours truly, 

_________________________________________
Signature 

_________________________________________
Name of Optionee

SCHEDULE “C” 

COMPLIANCE WITH U.S. SECURITIES LAWS 

1.            
PURPOSE 

The provisions hereunder shall supersede the provisions of the
body of Till Capital Ltd.’s Stock Option Plan (the “Plan”) to the extent of any
conflict between the two. Item 3 will be in effect until such time as the
Company’s Shares are listed on a national securities exchange, as defined in the
United States Securities Exchange Act of 1934 (the “1934 Act”) and rules
and regulations thereunder. Reference in this Certificate to an Option, shall
include any stock appreciation right issuable under the Plan in respect thereof.

2.             COMPLIANCE
WITH U.S. SECURITIES LAWS 

No Option will be granted and issued unless the grant and
issuance of such Option shall comply with all relevant provisions of applicable
United States federal and state securities laws, including the availability of
an exemption from registration for the issuance and sale of such Shares. The
Company has no obligation to undertake registration under any United States
federal or state laws of Options or the Shares issuable upon the exercise of
Options. 

As a condition to the exercise of an Option, the Board or
Administrator may require the Option Holder to make representations and
warranties in writing at the time of such exercise in order to establish, to the
satisfaction of the Company and its legal counsel, that the Shares to be issued
on such exercise may legally be issued in compliance with all applicable United
States federal and state securities laws. If required by applicable United
States federal and state securities laws, a stop-transfer order against such
Shares shall be placed on the share ledger books and records of the Company, and
a legend indicating that the Shares may not be pledged, sold or otherwise
transferred unless an opinion of counsel is provided stating that such transfer
is not in violation of any applicable law or regulation, shall be stamped on the
certificates representing such shares. The Board or Administrator also may
require such other documentation as they, in their sole discretion, may from
time to time determine to be necessary to comply with United States federal and
state securities laws. 

The Option Certificate in respect of the grant of any Options
to persons who are U.S. Persons, as that term is defined in Rule 902 of
Regulation S, will include the following statement:

	 	This Option has not been registered under any U.S. federal
      or state law and may not be exercised except pursuant to an effective
      registration statement under the United States Securities Act of 1933, as
      amended, and all applicable U.S. state securities laws, or pursuant to available
      exemptions from such registration requirements. In addition, shares issued on
      exercise of this Option by a U.S. resident will bear a U.S. form of restrictive
    legend and may not be resold except in compliance with such legend. 
	 

3.           
 NON-QUALIFIED PLAN 

No Option granted under the Plan will constitute an Incentive
Stock Option as described in Section 422 of the United States Internal Revenue
Code of 1986, as amended.Till Capital Ltd.: Exhibit 4.10 - Filed by newsfilecorp.com

SHARE PURCHASE AGREEMENT 

among 

TILL CAPITAL LTD. 

- and - 

THE SHAREHOLDERS OF OMEGA INSURANCE HOLDINGS INC. 

- and -

INTEGRATED ASSET MANAGEMENT CORP. 

Dated as of October 10, 2014 

TABLE OF CONTENTS 

	 	  	Page
    
	 	  	 
  
	ARTICLE 1.
      DEFINITIONS 	1 
	Section 1.1 	Definitions. 	1 
	Section 1.2 	Disclosure
      Schedule. 	9
    
	Section 1.3 	Reserves and Policy Liabilities.
    	9 
	Section 1.4 	Covenants and
      Obligations of the Vendors. 	10
    
	 	  	  
	ARTICLE 2.
      AGGREGATE CONSIDERATION; CLOSING 	10 
	Section 2.1 	Acquisition of Shares. 	10 
	Section 2.2 	Consideration 	10
    
	Section 2.3 	Payment of Consideration. 	10 
	Section 2.4 	Book Value
      Adjustment 	10
    
	Section 2.5 	Run-Off Consideration. 	12 
	Section 2.6 	Holdback Amount
    	13
    
	Section 2.7 	Closing 	13 
	Section 2.8 	Closing
      Deliveries of the Vendors. 	14
    
	Section 2.9 	Closing Deliveries of the
      Purchaser. 	15 
	 	  	  
	ARTICLE 3. 	REPRESENTATIONS AND WARRANTIES OF THE SIGNIFICANT
      VENDORS REGARDING THE COMPANIES 	15 

	Section 3.1 	Organization 	15
    
	Section 3.2 	Organizational Documents and
      Corporate Records. 	16 
	Section 3.3 	No Conflicts;
      Required Consents. 	16
    
	Section 3.4 	Capitalization 	16 
	Section 3.5 	No Subsidiaries
      and Investments. 	17
    
	Section 3.6 	Financial Statements. 	17 
	Section 3.7 	No Undisclosed
      Liabilities; Indebtedness and Liens; Holding Company. 	18
    
	Section 3.8 	Absence of Certain Changes. 	18 
	Section 3.9 	Material
      Contracts 	18
    
	Section 3.10 	Legal Proceedings. 	19 
	Section 3.11
	Compliance with
      Laws. 	20
    
	Section 3.12 	Licenses. 	20 
	Section 3.13
	Title to and
      Sufficiency of Assets. 	20
    
	Section 3.14 	Real Property. 	21 
	Section 3.15
	Personal
      Property. 	21
    
	Section 3.16 	Intellectual Property. 	21 
	Section 3.17
	Tax Matters. 	21
    
	Section 3.18 	Environmental Matters. 	23 
	Section 3.19
	Business
      Employees. 	23
    
	Section 3.20 	Labour Matters. 	24 
	Section 3.21
	Employee Benefit
      Matters. 	24
    
	Section 3.22 	Insurance 	25 
	Section 3.23
	Clients. 	25
    
	Section 3.24 	Affiliate Transactions. 	26 
	Section 3.25
	Bank Accounts;
      Powers of Attorney; Directors and Officers. 	26
    
	Section 3.26 	Privacy Laws. 	26 
	Section 3.27
	Competition
      Matters; Private Issuer; Bankruptcy and Insolvency. 	26
    
	Section 3.28 	No Broker. 	27

	ARTICLE
      4. REPRESENTATIONS AND WARRANTIES OF THE VENDORS 	27 
	Section 4.1 	Authorization. 	27 
	Section 4.2 	No Conflicts;
      Required Consents. 	27
    
	Section 4.3 	Ownership of the Shares. 	28 
	Section 4.4 	Legal
      Proceedings. 	28
    
	Section 4.5 	Residency; Insolvency. 	28 
	 	  	  
	ARTICLE 5. REPRESENTATIONS AND
      WARRANTIES OF THE GUARANTOR 	28 
	Section 5.1 	Organization 	28
    
	Section 5.2 	Authorization. 	28 
	Section 5.3 	Enforceability
      against the Guarantor. 	29
    
	Section 5.4 	No Conflicts; Required Consents.
    	29 
	 	  	  
	ARTICLE 6. REPRESENTATIONS AND
      WARRANTIES OF THE PURCHASER 	29 
	Section 6.1 	Organization 	29
    
	Section 6.2 	Authorization. 	29 
	Section 6.3 	No Conflicts;
      Required Consents. 	30
    
	Section 6.4 	Legal Proceedings. 	30 
	Section 6.5 	No Broker. 	30
    
	Section 6.6 	Accredited Investor. 	30 
	 	  	  
	ARTICLE 7. COVENANTS 	30 
	Section 7.1 	Interim
      Operations. 	30
    
	Section 7.2 	Access to Information;
      Investigation. 	33 
	Section 7.3 	Notice of Certain
      Events. 	33
    
	Section 7.4 	Reasonable Efforts 	33 
	Section 7.5 	Exclusivity. 	33
    
	Section 7.6 	Confidentiality. 	34 
	Section 7.7 	Public
      Announcements. 	34
    
	Section 7.8 	Expenses. 	34 
	Section 7.9 	Further
      Assurances. 	34
    
	Section 7.10 	Directors and Officers Insurance
      Coverage. 	35 
	Section 7.11	Restrictive
      Covenants of Vendors and Significant Vendors. 	35
    
	Section 7.12 	Employment and Employee Benefits
      Matters. 	37 
	Section 7.13
	Tax Matters. 	37
    
	Section 7.14 	Termination of Certain
      Arrangements. 	38 
	Section 7.15
	Insurance
      Policies. 	38
    
	Section 7.16 	License Reinstatements 	38 
	Section 7.17
	By the Guarantor.
    	38
    
	Section 7.18 	Supplemental Disclosure. 	39 
	Section 7.19
	Regulatory
      Approvals. 	39
    
	 	  	  
	ARTICLE 8.
      CONDITIONS PRECEDENT 	40 
	Section 8.1 	Conditions to the Obligations of
      the Parties. 	40 
	Section 8.2 	Conditions to the
      Obligations of the Vendors. 	40
    
	Section 8.3 	Conditions to the Obligations of
      the Purchaser. 	40 
	 	  	  
	ARTICLE 9. TERMINATION 	41 
	Section 9.1 	Grounds for
      Termination. 	41
    
	Section 9.2 	Notice of Termination. 	42 
	Section 9.3 	Effect of
      Termination. 	42
    

ii

	ARTICLE
      10. INDEMNIFICATION 	42 
	Section 10.1 	Survival; Investigation.
    	42 
	Section 10.2
	Indemnification
      by the Significant Vendors – Joint and Several. 	43
    
	Section 10.3 	Indemnification by the Vendors –
      Several and Not Joint With Respect to Specified Matters.	  43
	Section 10.4
	Indemnification
      by the Purchaser. 	43
    
	Section 10.5 	Limits on Indemnification 	44 
	Section 10.6
	Third Party
      Claims Procedure. 	45
    
	Section 10.7 	Direct Claims Procedure. 	46 
	Section 10.8
	Right of Set-Off.
    	47
    
	Section 10.9 	Treatment of Indemnification
      Payments. 	47 
	Section 10.10
    	No Contribution.
    	47
    
	Section 10.11 	Exclusive Remedy. 	47 
	 	  	  
	ARTICLE 11. GENERAL
      PROVISIONS 	48 
	Section 11.1
	Notices. 	48
    
	Section 11.2 	Counterparts 	48 
	Section 11.3
	Amendments and
      Waivers. 	48
    
	Section 11.4 	Severability. 	48 
	Section 11.5
	Assignment;
      Successors and Assigns. 	48
    
	Section 11.6 	No Third Party Beneficiaries. 	49 
	Section 11.7
	Governing Law.
	49
    
	Section 11.8 	Venue 	49 
	Section 11.9
	Specific
      Performance 	49
    
	Section 11.10 	Interpretation; Absence of
      Presumption. 	50 
	Section 11.11    	Representative;
      Power of Attorney. 	50
    
	Section 11.12 	Entire Agreement. 	51 
	Section 11.13
    	Funds 	51
    
	 	  	  
	EXHIBITS 	  	  
	 	  	  
	Exhibit A 	Employment
      Agreements 	  
	Exhibit B 	Funds Flow Agreement 	  
	Exhibit C 	Percentage
      Interests 	  
	Exhibit D 	Addresses of the Vendors, the
      Representative and the Guarantor 	 
  

iii

SHARE PURCHASE AGREEMENT 

     SHARE PURCHASE AGREEMENT
(the "Agreement"), dated as of October 10, 2014, among: (i) Till Capital
Ltd. (the "Purchaser"); (ii) Philip H. Cook ("Philip"); (iii)
Milroy Holdings Corporation ("Milroy Holdings"); (iv) Janet Cook
("Janet"); (v) Matthew Cook ("Matthew"); (vi) Judith Moncrieff
("Judith"); (vii) Donald Georgevitch ("Donald"); (viii) Allcarter
Holdings Limited ("Allcarter Holdings"); (ix) Ed Richards ("Ed");
(x) Jane Atkins ("Jane"); (xi) Irene Palmay ("Irene"); (xii) Brian
Maltman ("Brian"); (xiii) Valerie Reid ("Valerie"); and (xiv)
Integrated Partners Limited Partnership One ("Integrated Partners" and,
together with Philip, Milroy Holdings, Janet, Matthew, Judith, Donald, Allcarter
Holdings, Ed, Jane, Irene, Brian and Valerie, the "Vendors", and each
individually, a "Vendor") and Integrated Asset Management Corp.
(the "Guarantor").

     WHEREAS the Vendors
collectively own, beneficially and of record, all of the issued and outstanding
shares (the "Shares") in the capital of Omega Insurance Holdings Inc.
("Omega Holdings"), a corporation incorporated under the laws of the
Province of Ontario; 

     AND WHEREAS
Omega Holdings owns, beneficially and of record: (i) all of the issued and
outstanding shares in the capital of Omega General Insurance Company, a
corporation incorporated under the federal laws of Canada ("Omega
General"); and (ii) all of the issued and outstanding shares in the capital
of Focus Group Inc., a corporation incorporated under the laws of the Province
of Ontario ("Focus Group"); 

     AND WHEREAS
the Vendors desire to sell to the Purchaser, and the Purchaser desires to
purchase from the Vendors, the Shares upon the terms and subject to the
conditions set forth herein; 

     AND WHEREAS
Integrated Partners is controlled by the Guarantor and the Guarantor wishes to
guarantee the performance by Integrated Partners of its obligations under this
Agreement. 

     NOW THEREFORE, in
consideration of the representations, warranties, covenants and agreements set
forth herein, and intending to be legally bound hereby, the parties hereby agree
as follows: 

ARTICLE 1. 
DEFINITIONS 

	Section 1.1 	Definitions. 

     For purposes of this Agreement, the
following terms shall have the following meanings: 

     "Action" means any action,
claim, suit, arbitration, inquiry, proceeding or investigation of any nature by
or before any Governmental Authority (including any claim in the nature of an
"errors and omissions" insurance claim). 

     "Actual Book Value" means
an amount equal to the total assets of the Companies minus the total liabilities
of the Companies, in each case as at the Closing Date, as determined by
reference to the Book Value Closing Statement. 

     "Actuary" means J.S. Cheng
& Partners Inc. or, if J.S. Cheng & Partners Inc. is for any reason
unable or unwilling to act as actuary to the Companies, such other actuary as
may be selected by the Purchaser, provided that such other actuary must be a
Fellow in good standing of the Canadian Institute of Actuaries. 

1 

     "Affiliate" means, with
respect to any specified Person, any other Person that, at the time of
determination, directly or indirectly through one or more intermediaries,
controls, is controlled by or is under common control with such specified
Person, including: (1) in the case of the Purchaser after the Closing, Omega
Holdings, Omega General and Focus Group; and (2) in the case of a natural
Person, any trust maintained for the benefit of such natural Person or such
natural Person’s spouse (for so long as such Person is a spouse). For purposes
of this definition, the term "control" (including, with correlative meanings,
the terms "controlled by" and "under common control with") means the power to
direct or cause the direction of the management and policies of a Person,
directly or indirectly, whether through the ownership of voting securities, by
contract or otherwise. 

     "Ancillary Agreements"
means the other agreements, documents and certificates to be executed and
delivered in connection with the Contemplated Transactions. 

     "Applicable Law" means,
with respect to any Person, any law (statutory, common or otherwise), rule,
regulation, ordinance, order, injunction, judgment, award, decree, permit or
determination of (or agreement with) a Governmental Authority, in each case
binding on that Person or any of its assets or properties. 

     "Assumption Reinsurance
Contract" means an assumption reinsurance Contract or any similar Contract
whereby a reinsurer is substituted for a ceding insurer and consequently
becomes directly liable for claims under the Contracts of insurance or
reinsurance forming part of the ceded portfolio.

     "Business" means the
business carried on by the Companies as of the Closing Date, being the business
of providing insurance and reinsurance related services. 

     "Business Day" means any
day other than a Saturday, Sunday or a day on which banks in Toronto, Ontario
are authorized or required by Applicable Law to be closed. 

     "Business Employees" means the
employees of the Companies as of the Closing Date. 

     "Client" means any group
or organization for whom or to whom a Company; (1) directly or indirectly sells
insurance related services; or (2) acts as chief agent in Canada; or (3)
provides an insurance fronting facility. For greater certainty, the foregoing
excludes all individuals who are holders of Policies. 

     “Closing Date Insurance
Contract Liabilities Statement” means a management-prepared statement
setting out the calculation of management’s estimation of insurance contract
liabilities of the Companies (net of applicable reinsurance amounts) as at the
Closing Date, which calculation shall be prepared in a manner consistent with
the calculation of insurance contract liabilities of the Companies (net of
applicable reinsurance amounts) in the Financial Statements; 

     "Company" means any of Omega
Holdings, Omega General or Focus Group and "Companies" means all of them.

     "Confidential Information"
means all trade secrets and all other confidential or proprietary information
and data of or relating to any of the Companies or the Business. 

     "Contemplated
Transactions" means the sale and purchase of the Shares and the other
transactions contemplated by this Agreement and the Ancillary Agreements. 

2 

     "Contract" means any
contract, agreement, lease, commitment, understanding or arrangement, whether
written or oral, except for the Policies of Insurance, the Employee Benefit
Plans and any agreements to which the Companies are the only parties. 

     "Damages" means any and
all damages, losses, liabilities, costs and expenses (including expenses of
investigation and reasonable fees and expenses of counsel and other
professionals retained in connection with any Action) paid or payable by an
Indemnified Party. 

     "Disclosure Schedule"
means the Disclosure Schedule attached hereto, dated as of the date hereof,
delivered by the Significant Vendors to the Purchaser prior to the execution and
delivery of this Agreement. The Disclosure Schedule will be arranged in sections
and subsections corresponding to the numbered and lettered sections and
subsections contained in Article 3 and Article 4.

     "Employee Benefit Plan"
means all oral or written plans, arrangements, agreements, programs, policies,
practices or undertakings, whether formal or informal, funded or not, with
respect to current or former directors, officers, employees, independent
contractors or agents of the Companies or any of their Affiliates which provide
for or relate to: (1) bonus, profit sharing or deferred profit sharing,
performance compensation, deferred or incentive compensation, share
compensation, share purchase or share option purchase, share appreciation
rights, phantom stock, vacation or vacation pay, sick pay, employee loans, or
any other compensation in addition to salary; (2) pensions, retirement or
retirement savings, including registered or unregistered pension plans,
supplemental pension plans, registered retirement savings plans and retirement
compensation arrangements; or (3) insured or self-insured benefits for or
relating to income continuation or other benefits during absence from work
(including sick leave, short or long term disability, maternity or parental
leave supplements), hospitalization, health, welfare, legal costs or expenses,
medical or dental or similar expenses, life or dependent life insurance,
accident, death or survivor benefits, supplementary unemployment benefit, day
care, tuition or professional reimbursements or expenses or any other similar
benefits; other than the Canada Pension Plan, the Employment
Insurance Act, the Ontario Health Insurance Plan (or equivalent provincial
health plan for employees outside of Ontario, if any) and any workers'
compensation insurance provided pursuant to Applicable Law. 

     "Employment Agreements"
means the employment agreements to be entered into by Omega Holdings and each of
Philip and Matthew at the Closing, in substantially the forms attached hereto as
Exhibit A.

     "Enforceability
Limitations" means limitations on enforcement and other remedies by or
arising under or in connection with applicable bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and other similar Applicable
Laws affecting creditors’ rights generally or general principles of equity. 

     "Environmental Law" means
any Applicable Law relating to environmental contamination, exposure to
Hazardous Materials, the protection of the environment or the protection of
human health and safety as it relates to the environment. 

     "Estimated Closing Insurance
Contract Liabilities" means the amount shown on the Closing Date Insurance
Contract Liabilities Statement as the estimated insurance contract liabilities
of the Companies (net of applicable reinsurance amounts) as at the Closing Date.

     "Holdback Amount" means
the sum of the Initial Holdback Amount and the Run-Off Consideration Holdback
Amount.

3 

     "Estimated Book Value"
means an amount equal to the total assets of the Companies minus the total
liabilities of the Companies, as shown on the unaudited consolidated financial
statements of Omega Holdings for the nine months ended September 30, 2014. 

     "Final Actuarial Report"
means the actuarial report prepared by the Actuary confirming the Final
Insurance Contract Liabilities, the cost of which will be borne by the
Companies. 

     "Final Insurance Contract
Liabilities" means the amount shown on the Final Actuarial Report as the
insurance contract liabilities of the Companies (net of applicable reinsurance
amounts) as at December 31, 2015. 

     "Financial Statements"
means, collectively: (i) the audited consolidated financial statements of Omega
Holdings for the fiscal years ended December 31, 2013 and 2012; (ii) the audited
financial statements of Omega General for the fiscal years ended December 31,
2013 and 2012; (iii) the unaudited management-prepared financial statements of
Focus Group for the fiscal years ended December 31, 2013 and 2012; (iv) the
unaudited consolidated financial statements of the Companies for the six months
ended June 30, 2014; and (v) if the Closing Date occurs after September 30,
2014, the unaudited consolidated financial statements of the Companies for the
nine months ended September 30, 2014 (provided, however, that all references to
the term Financial Statements in Section 3.6 shall, as of the date of this
Agreement only, be deemed to exclude reference to the unaudited consolidated
financial statements of the Companies for the nine months ended September 30,
2014). 

     "Funds Flow Agreement"
means the Funds Flow Agreement to be entered into among the Purchaser and each
of the Vendors at the Closing in substantially the form attached hereto
as Exhibit B. 

     "GAAP" when used in
respect of accounting terms or accounting determinations relating to a Person,
means the Accounting Standards for Private Enterprises which are in effect from
time to time in Canada, as published in Part II of the Handbook of the Canadian
Institute of Chartered Accountants or any successor thereof (the
“Handbook”), provided that if such Person has adopted, or if and when
such Person is required, or decides, to adopt, the International Financial
Reporting Standards (IFRS), GAAP means those standards as in effect from time to
time in Canada, as published in Part I of the Handbook; provided in all cases
the foregoing shall be subject to such modifications as are required by OSFI.

     "Governmental Authority"
means any foreign, federal, state, provincial, local or other government,
governmental, regulatory or administrative authority, agency or commission,
self-regulatory organization, or any court, tribunal or judicial or arbitral
body. 

     "Hazardous Material" means
any material, chemical or substance listed, defined, designated or regulated as
hazardous or toxic in, or as a pollutant, contaminant or waste under, or
otherwise is regulated pursuant to, any Environmental Law, including pesticides,
toxic chemicals, petroleum products and byproducts, asbestos-containing
materials and polychlorinated biphenyls. 

     "Indebtedness" means, with
respect to any Person, all indebtedness of such Person for borrowed money,
including: (1) all indebtedness evidenced by notes, debentures, bonds or similar
instruments; (2) all capital lease obligations; (3) all obligations issued or
assumed as the deferred purchase price of property or services (including all
obligations under any acquisition agreements pursuant to which such Person is
responsible for any earn-out, note payable or other contingent payments); (4)
all obligations (whether fixed or contingent) to reimburse any bank or other
Person in respect of amounts paid or payable under a letter of credit or a line
of credit; and (5) all guarantees of obligations of the type described in
clauses (1) through (4) of this definition of another Person; but, for greater
clarity, specifically excluding any debts as between the Companies. 

4 

     “Indemnified Liabilities”
means: (1) all Liabilities arising out of or relating to the Pre-Closing Period
Actions, other than Pre-Closing Period Actions which (i) relate to Policy
Liabilities, or (ii) are disclosed in the schedules to this Agreement; (2) all
Liabilities (other than Policy Liabilities) that are of the nature required to
be disclosed on or in the notes to a balance sheet which exist as of Closing but
are not reflected in the Book Value Closing Statement either as agreed or as
determined to be final upon completion of the dispute resolution procedure
described in Section 2.4; (3) Taxes imposed on or payable by the Companies, or
for which the Companies otherwise may be liable, for any Pre-Closing Period
which have not been paid or which have not been accrued in the books and records
of the Companies; and (4) all Liabilities with respect to any amounts (including
success fees) that are payable or owed to any advisor or other Person in respect
of advisory or other professional services rendered to or for the benefit of the
Companies prior to Closing. 

     "Indemnified Party" means
a Purchaser Indemnified Party or a Vendor Indemnified Party, as the case may be.

     "Indemnifying Party" means
a party that is required to indemnify any Indemnified Party pursuant to
Article 10. 

     "Initial Holdback Amount"
means the amount which is equal to 5% of the amount obtained by multiplying
Estimated Book Value by 1.2. 

     "insurer" has the meaning
ascribed thereto in the Insurance Act (Ontario). 

     "Insurer Contracts" means
all of the Companies’ contracts with insurers, including agency agreements,
broker agreements, fronting agreements, stop-loss reinsurance agreements and
other agreements or arrangements pertaining to a Company’s right to place,
broker, underwrite, sell, bind, effect or administer insurance to or for Clients
and all amendments, attachments and schedules to such agreements or
arrangements; provided that the foregoing shall exclude all Policies of
Insurance and all Contracts solely between two or more of the Companies. 

     "Intellectual Property
Rights" means all intellectual property and other similar proprietary
rights, whether owned or held for use under license, whether registered or
unregistered, including (1) all patents and patent applications; (2) all
trademarks, service marks, logos, trade dress, trade names, corporate names,
Internet domain names and website content, including all goodwill associated
therewith and symbolized thereby, and all applications, registrations and
renewals in connection therewith; (3) all copyrights, copyrightable works of
authorship and moral rights; (4) all trade secrets and other confidential or
proprietary information; and (5) all computer software (excluding "shrink-wrap,"
"click-wrap" and commercially available "off the shelf" software), including all
source code and related source code documentation. 

     "Knowledge of the Significant
Vendors" means the actual knowledge, after reasonable inquiry and
investigation in the normal exercise of duties, of any Significant Vendor. 

     "Leased Premises" means
the real property leased by the Companies and located at: (1) 34 King Street
East, Suite 1200, Toronto, Ontario M5C 1E5; and (2) 36 King Street East, Suite
500, Toronto, Ontario M5C 1E5. 

     "Legal Fee" means the
total amount of fees, expenses and other amounts payable for legal services
rendered by McMillan LLP to the Companies and the Vendors in connection with the
Contemplated Transactions. 

5 

     "Liabilities" means all
liabilities, debts, obligations or commitments of any nature whatsoever (whether
direct or indirect, known or unknown, accrued or unaccrued, absolute or
contingent, or matured or unmatured), including any arising under any Applicable
Law, License, Action or Contract; but, for greater clarity, specifically
excluding any debts as between the Companies, and “Liability” means any
of the foregoing. 

     "License" means any
license, permit, consent, approval, certification or other authorization of any
Governmental Authority. 

     "Lien" means, with respect
to any asset or property, any lien, mortgage, pledge, hypothecation, charge,
security interest or encumbrance of any kind in respect of such asset or
property. 

     "Material Adverse Effect"
means any effect, event, occurrence or change that, individually or in the
aggregate: (1) has or would reasonably be expected to have a material adverse
effect on the assets, business, condition (financial or otherwise), liabilities
or results of operations of the Companies taken as a whole; or (2) is reasonably
likely to prevent or materially impair or delay the ability of the Companies or
any Vendor to perform its, his or her respective obligations hereunder or to
timely consummate the Contemplated Transactions; provided, however, that for
purposes of clause (1) above, none of the following shall be deemed to
constitute or be taken into account in determining whether there has been a
Material Adverse Effect: (i) any terrorism or outbreak of hostilities or war (or
any escalation or worsening thereof); (ii) any changes in Applicable Law; (iii)
any changes affecting the Canadian or global economy or the insurance brokerage
industry generally; or (iv) any changes arising from the pendency of the
Contemplated Transactions, except, in the case of the foregoing clauses (i),
(ii) and (iii), to the extent the matters referred to therein have had or would
be reasonably likely to have a materially disproportionate impact on the assets,
business, condition (financial or otherwise), liabilities or results of
operations of the Companies relative to other insurance brokers. 

     "Measurement Period
Losses" means the aggregate of all loss payments on insurance claims made by
the Companies (net of applicable reinsurance amounts) during the period
commencing after the Closing Date (taking into account any loss payments made
during the period between the date of preparation of the Closing Date Insurance
Contract Liabilities Statement and the Closing Date to the extent not already
included in the Closing Date Insurance Contract Liabilities Statement) and
ending on and including December 31, 2015. 

     "Ordinary Course of
Business" means the ordinary course of business consistent with past custom
and practice (including with respect to quantity and frequency) of the Person in
question. 

     "OSFI" means The Office of
the Superintendent of Financial Institutions, an independent agency of the
Government of Canada. 

     "Percentage Interest"
means, with respect to each Vendor, the percentage set forth opposite such
Vendor’s name (and identified as such) in Exhibit C attached hereto. The
parties acknowledge and agree that the Vendors have provided the Percentage
Interests to the Purchaser, and the Purchaser shall not have any liability
whatsoever for their calculation.

     "Permitted Liens" means:
(1) statutory Liens for current Taxes that are not yet due and payable as of the
Closing Date or are being contested in good faith by appropriate proceedings;
(2) Liens imposed by Applicable Law, such as materialmen’s, mechanic’s,
workmen’s, carrier’s and repairmen’s Liens, that arise or are incurred in the
Ordinary Course of Business to secure amounts that are not yet due and payable
or are being contested in good faith by appropriate proceedings, and do not in
the aggregate exceed $25,000; and (3) other Liens that arise or are incurred in
the Ordinary Course of Business (other than in connection with any
Indebtedness), are not material in amount and do not adversely affect the title
of, materially detract from the value of or materially interfere with any
present use of, the assets or properties affected by such Lien. 

6 

     "Person" means any natural
person, legal entity or Governmental Authority. 

     "Personal Information"
means information about an identifiable individual as defined in Privacy Law.

     "Policies of Insurance"
means insurance contracts, policies, endorsements, binders and certificates.

     "Policy
Liabilities" means the insurance contract liabilities arising
from Policies of Insurance, including unpaid claims and adjustment expenses,
incurred but not reported losses, unearned premium liabilities, unearned
reinsurance commission and premium deficiencies.

     "Potential Counterparty"
means any insurer with which, as at the Closing Date, a Company is in
negotiations or discussions regarding the assignment or proposed assignment to
such Company of any Contract, right or other asset of such insurer. 

     "Pre-Closing Period" means
any taxable period ending on or before the Closing Date and the portion of the
Straddle Period ending on and including the Closing Date.

     "Pre-Closing Period
Actions" means all existing or future Actions, regardless of whether any
such Action is commenced prior to, on or after the Closing Date, asserting one
or more claims that arise out of or relate to any action, inaction, error,
omission, event or condition that occurred or existed prior to the Closing
related to the ownership or operation of the Business prior to the Closing. 

     "Privacy Laws" means the
Personal Information Protection and Electronic Documents Act (Canada),
the Freedom of Information and Protection Privacy Act (Ontario) and any
comparable Applicable Law of any other province or territory of Canada. 

     "Private Issuer" means a
Person: (1) that is not a "reporting issuer" within the meaning of the
Securities Act (Ontario) as of the date of this Agreement or an
"investment fund" within the meaning of National Instrument 45-106 as of the
date of this Agreement; (2) the securities (other than non-convertible debt
securities) of which: (i) are subject to restrictions on transfer contained in
that Person’s constating documents or in agreements to which its security
holders are parties; and (ii) are beneficially owned, directly or indirectly, by
not more than 50 holders (not including employees and former employees of such
Person), provided that each holder is counted as one beneficial owner unless the
holder is created or used solely to purchase or hold securities of that Person
in which case each beneficial owner or each beneficiary of the holder, as the
case may be, shall be counted as a separate beneficial owner; and (3) that has
distributed, within the meaning of Applicable Law, securities only to persons
described in section 2.4(2) of National Instrument 45-106. 

     "Purchaser Indemnified
Parties" means: (1) the Purchaser; (2) each Affiliate of the Purchaser
(including each Company); (3) each of the respective directors, officers,
employees and agents of any of the foregoing; and (4) each of the respective
heirs, executors, successors and permitted assigns of the Persons referenced in
paragraphs (1), (2) and (3) hereof. 

     "Release" means a Release
to be entered into by each Vendor at the Closing in form and substance
reasonably satisfactory to the Purchaser and the Vendors. 

7 

     "Remedial Action" means
any action required by any Governmental Authority or Environmental Law to clean
up, remove, treat or in any other way address any Hazardous Materials. 

     "Representative" means Philip.

     "Reserves" means the reserves,
funds or provisions of Omega General for Policy Liabilities. 

     "Resignation and Release"
means a Resignation and Release to be entered into by each director and officer
required by Section 2.8(j) to resign at Closing in form and substance reasonably
satisfactory to the Purchaser and each applicable officer and director. 

     "Run-Off Consideration"
means the aggregate book value of all Run-Off Contracts as determined in
accordance with Section 2.5.

     "Run-Off Consideration
Holdback Amount" means an amount equal to 5% of the Run-Off
Consideration.

     "Run-Off Contracts" means
the Assumption Reinsurance Agreements entered into by Omega General prior to
Closing which, as of Closing, have not received the requisite approval of all
applicable Governmental Authorities (including all approvals required under the
Insurance Companies Act (Canada)).

     "Run-Off Statement" means
the statement, to be completed by the Purchaser and the Representative as
of the Closing Date, setting forth the Run-Off Contracts and the corresponding
Run-Off Consideration attributable to each Run-Off Contract, as of the Closing
Date; if the Run-Off Statement cannot be agreed upon by the Purchase and the
Representative by Closing, it shall be finally determined in accordance with
Section 2.5. 

     "Significant Vendors"
means, collectively, Integrated Partners, Philip, Milroy Holdings and Matthew,
and individually means any one of them. 

     "Solicit" means any direct
or indirect communication of any kind whatsoever that invites, advises,
encourages or requests any Person, in any manner, to take or refrain from taking
any action. 

     "Straddle Period" means
any taxable year or period beginning on or before the Closing Date and ending
after the Closing Date. 

     "Target Insurance Contract
Liabilities" means an amount equal to: (1) Estimate Closing Insurance
Contract Liabilities; multiplied by (2) 1.1.

     "Tax" (including, with
correlative meaning, the terms "Taxes" and "Taxable") means: (1) all foreign,
federal, state, provincial, territorial and local taxes, duties or assessments
of any nature whatsoever, including all income, profits, franchise, gross
receipts, net receipts, customs duties, capital stock, recording, stamp,
document, transfer, severance, payroll, employment, unemployment, social
security, disability, sales, use, property, withholding, excise, value-added, ad
valorem, occupancy, insurance premium, surplus lines insurance and other taxes
in each case imposed by any Governmental Authority; and (2) all interest,
penalties, fines and additions imposed by any Governmental Authority with
respect to such amounts. 

     "Tax Act" means the Income
Tax Act (Canada). 

8 

     "Tax Benefit" means any refund,
credit or other reduction in otherwise required Tax payments. "Tax
Contest" means any audit, investigation, claim, dispute or controversy
relating to Taxes. 

     "Tax Returns" means all
returns, reports and other documents of every nature (including elections,
declarations, disclosures, schedules, estimates and information returns) filed
or required to be filed with any Governmental Authority relating to Taxes. 

     "Territory" means Canada. 

     "Transaction Personal
Information" means any Personal Information in the possession, custody or
control of the Companies or the Vendors at the Closing, including Personal
Information about directors, officers, employees, shareholders, suppliers or
customers of the Companies that is: (1) disclosed to the Purchaser or any
representative of the Purchaser prior to the Closing by the Companies, the
Vendors, their representatives or otherwise; or (2) collected by the Purchaser
or any representative of the Purchaser prior to the Closing from the Companies,
the Vendors, any of their representatives or otherwise, in either case in
connection with the Contemplated Transactions. 

     "TSXV" means the TSX Venture
Exchange. 

     "TSXV Approval" means the
conditional approval of the TSXV of the Contemplated Transactions. 

     "Vendor Indemnified
Parties" means: (1) the Vendors; (2) each Affiliate (including, prior to
Closing only, each of the Companies); and (3) each of the respective directors,
officers, employees and agents of any of the foregoing (including, prior to
Closing only, each of the respective directors, officers, employees and agents
of the Companies); and (4) each of the respective heirs, executors, successors
and permitted assigns of the Persons referenced in paragraphs (1), (2) and (3)
hereof. 

	Section 1.2 	Disclosure Schedule.
  

     The Purchaser acknowledges that
(i) all representations and warranties made by the Vendors and Significant
Vendors in this Agreement are qualified in their entirety by the information and
exceptions disclosed in, or the information and exceptions contained in, the
Disclosure Schedule (the “Exceptions”), whether or not a specific
reference is made to the Disclosure Schedule and (ii) any Exception shall apply
to each representation or warranty of the Vendors and Significant Vendors which
relates directly or indirectly to the same matter or thing. 

	Section 1.3 	Reserves and Policy Liabilities.
    

     Subject to the last sentence of
this Section 1.3, the Purchaser acknowledges and agrees that nothing
contained in this Agreement, or in any other agreement, document or instrument
to be delivered in connection with the Contemplated Transactions, shall
constitute a representation or warranty (express or implied) of any of the
Vendors as to, and the Vendors shall not be liable to the Purchaser in respect
of: (i) the adequacy or sufficiency of Reserves and Policy Liabilities, (ii) the
effect of the adequacy or sufficiency of Reserves and Policy Liabilities on any
line item, asset, liability or equity amount on the Financial Statements or any
other financial document. For greater certainty, this Section 1.3 shall
not: (x) under any circumstances limit or in any way impact any rights or
remedies of the Purchaser under Section 2.6; and (y) apply to any
indemnification claim for Damages by a Purchaser Indemnified Party resulting
from, in connection with or arising out of any fraud or intentional
misrepresentation by the Companies or the Vendors relating to the Reserves or
Policy Liabilities. 

9 

	Section 1.4 	Covenants and Obligations of the
      Vendors. 

     All covenants and obligations of the
Vendors contained in this Agreement or Ancillary Agreement are provided on a
several and not joint and several basis, as to itself, himself or herself only
and as to the Shares owned by such Vendor and, where the context so requires, is
in proportion to such Vendor’s Percentage Interest; provided that the foregoing
shall not apply where the covenants and obligations are stated to be those of
the Significant Vendors only. 

ARTICLE 2. 
AGGREGATE CONSIDERATION;
CLOSING 

	Section 2.1 	Acquisition of Shares.
  

     Upon the terms and subject to the
conditions of this Agreement, at the Closing, each Vendor shall sell to the
Purchaser, and the Purchaser shall purchase from such Vendor, all of the Shares
owned by such Vendor, free and clear of any and all Liens. 

	Section 2.2 	Consideration.

     The aggregate consideration for
the Shares shall be an amount equal to the Estimated Book Value multiplied by
1.2, subject to adjustment as provided in Section 2.3(a), Section
2.4, and Section 2.5 (the "Aggregate Consideration").

	Section 2.3 	Payment of Consideration.
  

     (a)    
Cash Consideration. At the Closing, the Purchaser shall pay, or with
respect to the Aggregate Subscription Amount be deemed to pay, to the Vendors an
amount equal to: (i) the Aggregate Consideration; minus (ii) the Initial
Holdback Amount, (the "Cash Consideration"). Each Vendor authorizes and
directs the Purchaser to deliver, and the Purchaser agrees to deliver, the Cash
Consideration in accordance with the instructions set forth in the Funds Flow
Agreement. Each Vendor acknowledges and agrees that upon delivery of the Cash
Consideration in accordance with the Funds Flow Agreement, the Purchaser shall
have no further liability hereunder with respect to the Cash Consideration. 

     (b)    
Run-Off Consideration. The Run-Off Consideration shall be determined and
paid after the Closing in accordance with Section 2.5. 

     (c)    
Initial Holdback Amount. At the Closing, the Purchaser shall retain the
Initial Holdback Amount, which shall be held and dealt with in accordance with
Section 2.6. 

	Section 2.4 	Book Value Adjustment
  

     (a)    
Book Value Closing Statement. As soon as practicable after the Closing
Date, but in any event on or prior to the date on which Omega General is
required to file with OSFI the first interim or annual financial statements of
Omega General completed after the Closing Date, the Purchaser (with the
assistance of the Significant Vendors to the extent requested by the Purchaser,
but in all events with the assistance of Philip and Matthew, and without
compensation of any kind) shall prepare and deliver, or cause to be prepared and
delivered, to the Representative a statement (the "Book Value Closing
Statement") setting forth the Purchaser’s good faith calculation of
Actual Book Value and the amount by which Actual Book Value is greater than or
less than Estimated Book Value (it being understood that the difference between
such amounts will be based on the operating results of the Companies for the
period commencing on September 30, 2014 and ending on and including the Closing
Date. The Book Value Closing Statement shall be prepared in a manner
consistent with the preparation of, and shall include the same line items
included in, the Financial Statements (subject to such adjustments as may be
required pursuant to GAAP), save and except that the Book Value Closing
Statement will reflect changes occurring during the period commencing on the
first day following the last day of the most recently completed fiscal quarter
or year end of the Companies (to the extent financial statements are available
for such fiscal quarter or fiscal year end) and ending on the Closing Date. If
the Purchaser, acting reasonably, determines that an audit of the Companies
financial records is required to accurately determine Actual Book Value, the
Purchaser shall advise the Representative whereupon the Purchaser may proceed to
ask the Companies’ auditors to audit the Book Value Closing Statement, with the
cost of such audit borne equally by the Purchaser, on the one hand, and by the
Vendors in the proportion of their Percentage Interest, on the other hand. 

10 

     (b)     Dispute
Resolution Procedures. 

     (i)     If the
Representative disagrees in good faith with the Purchaser’s calculation of
Actual Book Value as set forth in the Book Value Closing Statement, the
Representative may, within twenty (20) days following the Purchaser’s delivery
of the Book Value Closing Statement, deliver to the Purchaser a written notice
of disagreement setting forth in reasonable detail those items or amounts
included in the Book Value Closing Statement as to which the Representative
disagrees and the basis for such disagreement. 

     (ii)     If the
Representative does not timely deliver a notice of disagreement to the Purchaser
within the period specified in Section 2.4(b)(i), or if the Representative
delivers a notice to the Purchaser stating that the Representative agrees with
the Purchaser’s calculation, the Book Value Closing Statement delivered pursuant
to Section 2.4(a) and the calculation of Actual Book Value set forth
therein shall be deemed to have been accepted and shall be final, binding and
conclusive on the parties. 

     (iii)     If the
Representative timely delivers a notice of disagreement to the Purchaser that
complies with this Section 2.4, the Purchaser and the Representative
shall, during the twenty (20) days following such delivery, negotiate in good
faith and use commercially reasonable efforts to resolve promptly all of the
disputed items specified in the notice of disagreement. Any such disputed items
that are resolved by a written agreement between the Purchaser and the
Representative shall be final, binding and conclusive on the parties and shall
become part of the calculation of Actual Book Value. 

     (iv)     If the
Purchaser and the Representative are unable to resolve all of the disputed items
specified in a notice of disagreement during such twenty (20) day period, either
party may submit the unresolved disputed items to an independent accounting firm
mutually acceptable to the Purchaser and the Representative for resolution. If
the Purchaser and the Representative are unable to agree upon such independent
accounting firm, either of them may apply to a single judge of the Superior
Court of Justice of the Province of Ontario upon not less than five (5) Business
Days’ notice requesting that such judge appoint such independent accounting
firm. Each party agrees to execute, if requested by the accounting firm, a
reasonable engagement letter. The Purchaser and the Representative shall jointly
instruct the accounting firm that: (A) it shall act as experts in accounting,
and not as arbitrators, to resolve the unresolved disputed items specified in
the notice of disagreement; and (B) it shall deliver to the Purchaser and the
Representative, as promptly as practicable and in any event within thirty (30)
days following the submission of the unresolved disputed items to the accounting
firm, a written report setting forth its calculation of Actual Book Value, which
report shall be final, binding and conclusive on the parties. The fees and
expenses of the accounting firm shall be borne equally by the Purchaser, on the
one hand, and the Vendors in the proportion of their Percentage Interest, on the
other hand. 

11 

     (c)    
Final Book Value. The Actual Book Value, as finally determined pursuant
to this Section 2.4 (whether by failure of the Representative to
deliver a timely notice of disagreement, by agreement of the Representative and
the Purchaser or by determination of the accounting firm), shall be referred to
herein as the "Final Book Value". 

     (d)    
Adjustment. Subject to the Purchaser’s right of set-off pursuant to
Section 10.8, as promptly as practicable (but in no event later than five
(5) Business Days) after the determination of Final Book Value pursuant to this
Section 2.4: 

    
(i)      If Final Book Value exceeds the Estimated Book
Value, the Purchaser shall pay to the Vendors, pro rata in accordance with their
respective Percentage Interest, an amount equal to the amount of such excess
multiplied by 1.2 in accordance with the instructions set forth in the Funds
Flow Agreement, and the Cash Consideration shall be deemed to be increased by
the amount of such payment. 

     (ii)      If
Final Book Value is less than the Estimated Book Value, the Vendors shall pay to
the Purchaser an amount equal to the absolute amount of such shortfall
multiplied by 1.2, and the Cash Consideration shall be deemed to be decreased by
the amount of such payment. 

     (e)    
Access. During the period from and after the Closing Date through the
resolution of any matters contemplated by this Section 2.4, including if
applicable the period during which the accounting firm is reviewing the disputed
matters specified in a notice of disagreement, the Purchaser shall (and shall
cause its representatives to) afford the Representative and his representatives,
on a confidential basis, reasonable access during normal business hours to the
books and records of the Company to the extent related to the calculation of
Actual Book Value, subject to the execution by the Representative and his
representatives of a confidentiality agreement in form and substance reasonably
acceptable to the Purchaser. 

	Section 2.5 	Run-Off Consideration.
  

     (a)      In
the event that the Purchaser and the Representative are unable to agree upon the
RunOff Statement (and the Run-Off Consideration) at or prior to Closing, either
party may thereafter submit the unresolved disputed items to an independent
accounting firm mutually acceptable to the Purchaser and the Representative for
resolution. If the Purchaser and the Representative are unable to agree upon
such independent accounting firm, either of them may apply to a single judge of
the Superior Court of Justice of the Province of Ontario upon not less than five
(5) Business Days’ notice requesting that such judge appoint such independent
accounting firm. Each party agrees to execute, if requested by the accounting
firm, a reasonable engagement letter. The Purchaser and the Representative shall
jointly instruct the accounting firm that: (A) it shall act as experts in
accounting, and not as arbitrators, to resolve the unresolved disputed items
specified in the notice of disagreement; and (B) it shall deliver to the
Purchaser and the Representative, as promptly as practicable and in any event
within thirty (30) days following the submission of the unresolved disputed
items to the accounting firm, a written report finalizing the content of the
Run-Off Statement, including setting forth its calculation of Run-Off
Consideration, which report shall be final, binding and conclusive on the
parties. The fees and expenses of the accounting firm shall be borne equally by
the Purchaser, on the one hand, and the Vendors in the proportion of their
Percentage Interest, on the other hand. 

12 

     (b)     The
Purchaser shall use reasonable efforts to cause the Companies to obtain as
quickly as reasonably possible the requisite approval of all applicable
Governmental Authorities (including all approvals required under the
Insurance Companies Act (Canada)) in respect of each Run-Off Contract.

     (c)    
Subject to the Purchaser’s right of set-off pursuant to Section 10.8, no
later than 30 days after the Companies or the Purchaser receive the requisite
approval of all applicable Governmental Authorities (including all approvals
required under the Insurance Companies Act (Canada)) in respect of each
Run-Off Contract (an "Approved Run-Off Contract"), the Purchaser will pay
to the Vendors the Run-Off Consideration attributable to such Approved Run-Off
Contract, less an amount equal to 5% of such Run-Off Consideration. The Run-Off
Consideration payable in respect of each Run-Off Contract shall be paid to the
Vendors pro rata in accordance with their respective Percentage Interest in
accordance with the instructions set forth in the Funds Flow Agreement.
Notwithstanding anything else contained herein, the maximum Run-Off
Consideration payable by the Purchaser in respect of all Approved RunOff
Contracts shall not under any circumstances exceed $3,000,000 in the aggregate
(not taking into account the Run-Off Consideration Holdback Amount).

	Section 2.6 	Holdback Amount

     (a)     The
Purchaser shall use the Holdback Amount as security in respect of any finally
determined claim of a Purchaser Indemnified Party against the Vendors pursuant
to this Section 2.6.

     (b)     As
soon as practicable after December 31, 2015, the Purchaser shall instruct the
Actuary to promptly prepare and deliver the Final Actuarial Report to the
Purchaser and the Representative for the purposes of determining any changes
between Estimated Closing Insurance Contract Liabilities and Final Insurance
Contract Liabilities. Subject to the Purchaser’s right of set-off pursuant to
Section 10.8, as promptly as practicable (but in no event later than five
(5) Business Days) after the date of the Final Actuarial Report: 

    
(i)     If the sum of Final Insurance Contract Liabilities
plus Measurement Period Losses (the "Aggregate Liabilities Amount") is
less than Target Insurance Contract Liabilities, the Purchaser shall pay the
Holdback Amount to the Vendors, pro rata in accordance with their respective
Percentage Interest in accordance with the instructions set forth in the Funds
Flow Agreement, and the Cash Consideration shall be deemed to be increased by
the amount of such payment. 

     (ii)     If the
Aggregate Liabilities Amount is greater than Target Insurance Contract
Liabilities, the Purchaser shall retain from the Holdback Amount the full amount
by which the Aggregate Liabilities Amount exceeds Estimated Closing Insurance
Contract Liabilities (the "Deficiency"), and any portion of the Holdback
Amount which remains following satisfaction of the Deficiency shall be paid by
the Purchaser to the Vendors, pro rata in accordance with their respective
Percentage Interest in accordance with the instructions set forth in the Funds
Flow Agreement, and the Cash Consideration shall be deemed to be increased by
the amount of such payment. For greater certainty, if the Holdback Amount is
less than the Deficiency, the Vendors shall have no liability for any shortfall
amount. 

	Section 2.7 	Closing. 

     Subject to the terms and
conditions of this Agreement, the closing of the Contemplated Transactions (the
"Closing") shall take place at the offices of the Purchaser in Toronto,
Ontario at 10:00 a.m., local time, on the date that is three (3) Business Days
following the satisfaction or waiver of all of the conditions precedent to the
obligations of the parties set forth in Article 8 (other than those
conditions that by their nature are to be satisfied by the delivery of documents
or the payment of money at the Closing, but subject to the satisfaction or
waiver of those conditions). The date on which the Closing occurs shall be
referred to as the "Closing Date." All documents delivered and actions
taken at the Closing shall be deemed to have been delivered or taken
simultaneously. 

13 

	Section 2.8 	Closing Deliveries of the
      Vendors. 

     At the Closing, the Vendors shall
deliver or cause to be delivered to the Purchaser all of the following: 

     (a)      original
stock certificates evidencing the Shares, accompanied by duly executed stock
powers in form and substance reasonably satisfactory to the Purchaser; 

     (b)      a
certificate of status for each of Omega Holdings and Focus Group issued as of a
recent date by the Ministry of Government Services of the Province of Ontario;

     (c)      a
certificate of compliance or like document for Omega General issued by OSFI as
of a date not earlier than seven Business Days prior to the Closing Date;

     (d)      an
officer certified copy of the articles of incorporation of each of Omega
Holdings and Focus Group certified as of the Closing Date; 

     (e)      an
officer certified copy of the articles of incorporation of Omega General
certified as of the Closing Date; 

     (f)      a
certificate of the secretary or other senior officer (or other Person acceptable
to the Purchaser) of Omega Holdings, dated the Closing Date, in form and
substance reasonably satisfactory to the Purchaser, as to the resolutions
adopted by the Board of Directors of Omega Holdings authorizing and approving
the transfer of all of the Shares to the Purchaser, which resolutions shall have
been certified as true, correct and in full force and effect without rescission,
revocation or amendment as of the Closing Date; 

     (g)      a
certificate of the secretary or other senior officer (or other Person acceptable
to the Purchaser) of each Vendor that is not an individual, dated the Closing
Date, in form and substance reasonably satisfactory to the Purchaser, as to the
resolutions adopted by the board of directors or other governing body of such
Vendor authorizing and approving the execution and delivery of this Agreement
and the Ancillary Agreements to which such Vendor is a party and the
consummation of the Contemplated Transactions, which resolutions shall have been
certified as true, correct and in full force and effect without rescission,
revocation or amendment as of the Closing Date; 

     (h)      a
certificate of the secretary of each Company, dated the Closing Date, in form
and substance reasonably satisfactory to the Purchaser, as to: (i) no amendments
to such Company’s articles of incorporation since the date of the certificates
specified in clause (c) above; and (ii) such Company’s by-laws as in effect as
of the Closing Date; 

     (i)      unless
otherwise agreed in writing by the Purchaser prior to the Closing Date, a
Resignation and Release duly executed by: (i) each director and each officer
(but not as an employee) of Omega Holdings and Focus Group, other than Philip,
Matthew and Judith Moncrieff; and (ii) each director of Omega General that is a
nominee or designee of Integrated Partners; 

     (j)      a Release
duly executed by each Vendor; 

14 

     (k)      the
Employment Agreements, duly executed by each of Philip and Matthew; 

     (l)      the Funds
Flow Agreement, duly executed by each Vendor; 

     (m)      the
Closing Date Insurance Contract Liabilities Statement; 

     (n)      a
TSX Venture Exchange Form 2A personal information form, duly completed and
executed by each of Philip and Matthew; 

     (o)      the
minute books, share certificate books, ledgers and registers, corporate seal and
other corporate records of each Company; and 

     (p)      the
certificate of the Vendors required to be delivered pursuant to Section
8.3(d). 

	Section 2.9 .	Closing Deliveries of the
      Purchaser. 

     At the Closing, the Purchaser
shall deliver or cause to be delivered to the Vendors all of the following: 

     (a)      the Cash
Consideration, payable in accordance with the instructions set forth in the
Funds Flow Agreement; 

     (b)      the Funds
Flow Agreement, duly executed by the Purchaser; 

     (c)      the
Employment Agreements, duly executed by the Purchaser or its applicable
Affiliate; 

     (d)      evidence
of the TSXV Approval; and 

     (e)      the
certificate of the Purchaser required to be delivered pursuant to Section
8.2(c). 

ARTICLE 3. 
REPRESENTATIONS AND WARRANTIES OF
THE SIGNIFICANT VENDORS REGARDING THE COMPANIES

     As an inducement to the Purchaser
to enter into this Agreement and to consummate the Contemplated Transactions,
the Significant Vendors jointly and severally represent and warrant to the
Purchaser as follows: 

	Section 3.1 	Organization.

     Each Company: (a) in the case of
Omega Holdings and Focus Group, is a corporation duly organized, validly
existing and in good standing under the laws of the Province of Ontario, and, in
the case of Omega General, is a corporation duly organized, validly existing and
in good standing under the laws of Canada; (b) has the requisite corporate power
and authority to own or lease and to operate and use its assets and properties
and to carry on its business as currently conducted; and (c) is duly qualified
or licensed to do business and is in good standing in each jurisdiction set
forth in Section 3.1 of the Disclosure Schedule, which are the only
jurisdictions where such qualification or licensing is necessary under
Applicable Law, except where the failure to be so qualified or licensed and in
good standing has not had and would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect. 

15 

	Section 3.2 	Organizational Documents and Corporate
      Records. 

     The Companies previously have
delivered to the Purchaser true and complete copies of each Company’s articles
of incorporation and by-laws, in each case as amended to date (collectively, the
"Organizational Documents"). Except as disclosed in Section 3.2 of the
Disclosure Schedule, none of the Companies is in default under or violation of
any provision of its Organizational Documents. The Companies previously have
made available to the Purchaser true and complete copies of the minute books of
each of the Companies, which include minutes of all meetings, and all actions
taken by written consent, of the shareholders, board of directors and committees
of the board of directors of each of the Companies during the past five years.
The books and records of each of the Companies are true and complete in all
material respects and have been maintained in accordance with sound business
practices and Applicable Law. 

	Section 3.3 	No Conflicts; Required Consents.
    

     (a)      The
execution and delivery by each Significant Vendor of this Agreement and each
Ancillary Agreement to which such Significant Vendor is a party do not, and the
consummation by each Significant Vendor of the Contemplated Transactions will
not: (i) conflict with or violate any provision of the Organizational Documents;
(ii) conflict with or violate any Applicable Law binding upon or applicable to
any of the Companies or any of their assets or properties; or (iii) assuming
that all consents, approvals, authorizations, filings, notifications and other
actions referred to in Section 3.3(b) of the Disclosure Schedule are obtained,
given or taken, conflict with, violate, result in a breach of the terms,
conditions or provisions of, constitute a default or an event that, with notice
or lapse of time or both, would become a default under, give to others any
rights of acceleration, termination or cancellation or a loss of rights under,
or result in the creation or imposition of any Lien upon the Shares or any
assets or properties of the Companies under, any Contract or License to which
any of the Companies is a party or by which any of the Companies or any of their
assets or properties is bound, other than, in the case of clause (ii) or (iii)
above, any such items that have not had and would not reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect. 

     (b)    
Except as set forth in Section 3.3(b) of the Disclosure Schedule, no consent,
approval or authorization of, or registration, declaration or filing with, or
notification to, any Governmental Authority or any other third party is required
to be obtained, made or given by any of the Companies as a result of the
execution, delivery and performance of this Agreement or any Ancillary Agreement
or the consummation of the Contemplated Transactions, other than any items the
failure of which to obtain, make or give would not reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect. 

	Section 3.4 	Capitalization.

     (a)      The
authorized share capital of Omega Holdings consists of: (i) an unlimited number
of common shares, of which 12,950,000 common shares are issued and outstanding;
and (ii) an unlimited number of preferred shares, of which no preferred shares
are issued and outstanding. Section 3.4(a) of the Disclosure Schedule sets forth
a true and complete list of each registered shareholder of Omega Holdings and
the number of outstanding shares of share capital by series or class owned by
each such shareholder. 

     (b)      The
authorized share capital of Omega General consists of: (i) an unlimited number
of common shares, of which 12,500,000 common shares are issued and outstanding;
and (ii) an unlimited number of preferred shares, of which no preferred shares
are issued and outstanding. Omega Holdings owns, of record and beneficially, and
has good and valid title to, all of the outstanding shares of Omega General,
free and clear of any and all Liens. 

16 

     (c)      The
authorized share capital of Focus Group consists of: (i) an unlimited number of
Class A shares, of which 67 Class A shares are issued and outstanding; and (ii)
an unlimited number of Class B shares, of which 33 Class B shares are issued and
outstanding. Omega Holdings owns, of record and beneficially, and has good and
valid title to, all of the outstanding shares of Focus Group, free and clear of
any and all Liens. 

     (d)      The
Shares have been duly authorized, are validly issued, fully paid and
non-assessable, were not issued in violation of any Applicable Law, and are not
subject to and were not issued in violation of any preemptive rights, rights of
first refusal or rights of first offer. 

     (e)     
Except as set forth in this Section 3.4 and Section 3.4(e) of the
Disclosure Schedule, there are no outstanding: (i) shares of share capital or
other voting securities of any of the Companies; (ii) securities of any of the
Companies convertible into or exercisable or exchangeable for shares of share
capital or other voting securities of any of the Companies; (iii) subscriptions,
options or other rights to acquire from any of the Companies, or other
obligation of any of the Companies to issue or deliver, any shares of share
capital, other voting securities, or securities convertible into or exercisable
or exchangeable for shares of share capital or other voting securities, of any
of the Companies; (iv) bonds, debentures, notes or other indebtedness of any of
the Companies having the right to vote (or convertible into or exercisable or
exchangeable for securities having the right to vote) on any matters with the
shareholders of any of the Companies; or (v) stock appreciation, "phantom" stock
or other equity equivalent rights with respect to any of the Companies (the
items in clauses (i) through (v) collectively, the "Company Securities").

     (f)     
Except as set forth in Section 3.4(f) of the Disclosure Schedule: (i) there are
no outstanding obligations of any of the Companies to repurchase, redeem or
otherwise acquire any Company Securities; (ii) there are no agreements to
register any Company Securities or sales or re-sales thereof under any
applicable securities laws; and (iii) there are no shareholder agreements,
voting trusts or other similar agreements or understandings to which any of the
Companies or any Vendor is a party or otherwise bound. 

	Section 3.5 	No Subsidiaries and Investments.
    

     Omega Holdings does not directly
or indirectly own, of record or beneficially, any securities or other equity
interests in, have any investment in or control any Person, other than Omega
General and Focus Group. Neither Omega General nor Focus Group directly or
indirectly owns, of record or beneficially, any securities or other equity
interests in, has any investment in or controls any other Person (other than, in
the case of Omega General, passive investment assets acquired by Omega General
in the Ordinary Course of Business). 

	Section 3.6 	Financial Statements.
  

     (a)      The
Companies have previously delivered to the Purchaser (or, in the case of the
unaudited consolidated financial statements of Omega Holdings for the nine
months ended September 30, 2014, will deliver to the Purchaser), and attached to
Section 3.6(a) of the Disclosure Schedule are, true and complete copies of the
Financial Statements. The Financial Statements: (i) have been prepared from, and
are in accordance with, the books of account and other financial records of the
Companies, which reflect only actual transactions; (ii) other than the unaudited
financial statements of Focus Group, have been prepared in accordance with GAAP
consistently applied during the periods involved (except as may be indicated
therein and subject, in the case of interim financial statements, to the absence
of footnotes and to normal year-end adjustments that are not material in amount
or effect); and (iii) present fairly and accurately, in all material respects,
the financial condition and results of operations of the Companies as of the
dates thereof or for the periods covered thereby. 

17 

     (b)      The
books and financial records of the Companies that were used as source
documentation for the preparation of the Financial Statements are true and
correct in all material respects, reflect only actual transactions and have been
maintained in accordance with sound business practices. 

     (c)      All
accounts, notes and other receivables reflected on the Financial Statements have
arisen from bona fide transactions in the Ordinary Course of Business, and are
or will be valid and genuine. 

	Section 3.7 	No Undisclosed Liabilities; Indebtedness
      and Liens; Holding Company. 

     (a)      The
Companies do not have any Liabilities of the nature required to be disclosed on
a balance sheet, other than Liabilities: (i) accrued or reserved against on the
Financial Statements; (ii) similar in nature and amount to those accrued or
reserved against in the Financial Statements that have been incurred since
September 30, 2014 in the Ordinary Course of Business and not in violation of
this Agreement, or (iii) that are not, individually or in the aggregate,
material to the Business. 

     (b)     
Except as set forth in Section 3.7(b) of the Disclosure Schedule: (i) none of
the Companies has any Indebtedness; (ii) none of the Companies guarantees any
Indebtedness of any Person; (iii) there are no Liens on the Shares; and (iv)
there are no Liens on the assets and properties of any of the Companies. 

     (c)     Omega
Holdings: (i) is a holding company without active business operations of any
kind; and (ii) has no employees or assets other than the shares owned by it in
Omega General and Focus Group. 

	Section 3.8 	Absence of Certain Changes.
  

     Except as set forth in Section
3.8 of the Disclosure Schedule, since January 1, 2014, the Companies have
conducted the Business only in the Ordinary Course of Business, and there has
not been: 

     (a)      any
change, condition, event or occurrence that has had or would reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect;

     (b)      any
material damage, destruction or other casualty loss (whether or not covered by
insurance) affecting the Business or the assets or properties of the Companies;
or 

     (c)      any
action authorized or taken that, if authorized or taken after the date hereof,
would constitute a breach of any covenant set forth in Section 7.1(b).

	Section 3.9 	Material Contracts.

     (a)     
Except as set forth in Section 3.9(a) of the Disclosure Schedule, none of the
Companies is a party to or otherwise bound by any of the following Contracts
(collectively, the "Material Contracts"): 

     (i)
     any lease or sublease of real property; 

     (ii)
     any lease of material personal property; 

     (iii)
     any Assumption Reinsurance Agreement; 

18 

     (iv)
     any Insurer Contract; 

    
(v)      any Contract providing for annual payments by or to
any Company of $25,000 or more; 

    
(vi)      any Contract that is not terminable on not more
than 60 days' notice and without the payment of any penalty by, or any other
material consequence to, any Company; 

     (vii)
     any Contract involving any partnership, joint venture,
strategic alliance or other similar arrangement; 

    
(viii)      any Contract involving the acquisition or
disposition of assets (including Contracts) or properties (whether by merger,
sale of equity, sale of assets or otherwise), including any Contract under which
any Company is, or may become, obligated to pay any amount in respect of an
"earn-out" or other form of deferred purchase price payment; 

     (ix)
     any Contract evidencing or guaranteeing Indebtedness
(including all loan agreements, bonds, debentures, notes, mortgages, indentures
or guarantees) or evidencing or granting a Lien on the Shares or any assets or
properties of any Company; 

     (x)
     any Contract relating to the employment or engagement
of any Business Employee, including any deferred compensation agreements,
severance agreement, non-solicitation or non-competition agreements and any
change of control agreements; 

    
(xi)      any license, sublicense or royalty agreement
relating to any Intellectual Property, other than standard license agreements
relating to any "shrink wrap," "click wrap" or "off the shelf" software not
specially developed by or for any Company; 

    
(xii)      any Contract that limits or purports to limit the
ability of any Company (or would limit the ability of the Purchaser after the
Closing) to compete in any line of business or with any Person or to operate in
any geographic area or during any period of time; or 

     (xiii)
     any other Contract that is material to the Business.

     (b)      Each
Material Contract: (i) is a legal, valid and binding obligation of the Company
that is a party thereto and, to the Knowledge of the Significant Vendors, the
other parties thereto; (ii) is in full force and effect in accordance with its
terms; and (iii) upon consummation of the Contemplated Transactions, will
continue in full force and effect without penalty or other adverse consequence,
subject to obtaining the consents and approvals referred to in Section 3.3(b) of
the Disclosure Schedule. Neither the Company that is party to a Material
Contract nor, to the Knowledge of the Significant Vendors, any other party
thereto has received any written notice of, or is in, any breach of or default
under any Material Contract. The Companies previously have delivered to the
Purchaser a true and complete copy of each Material Contract, including all
amendments thereto. 

	Section 3.10 	Legal Proceedings.

     There is no Action pending or, to
the Knowledge of the Significant Vendors, threatened against any Company or any
Significant Vendor that: (i) individually or in the aggregate, if determined or
resolved adversely to such Company or Significant Vendor, would reasonably be
expected to have a Material Adverse Effect; or (ii) in any manner challenges the
validity of this Agreement or seeks to prevent, enjoin, alter or materially
delay the consummation of the Contemplated Transactions.

19 

	Section 3.11 	Compliance with Laws.
  

     (a)      The
Companies have conducted for the last five (5) years, and currently conduct, the
Business in compliance with all Applicable Laws (including Applicable Laws
relating to: (i) price fixing, bid rigging and other anti-competitive
activities; (ii) the separation and accounting of premium trust funds and all
regulatory and other requirements of any Governmental Authority relating to
trust accounts and insurance premium liability; and (iii) the maintenance,
management and investment of reserve funds), except in each case for any
non-compliance that has not had and would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect. None of the
Companies or the Significant Vendors has received any notice of any material
violation of and, to the Knowledge of the Significant Vendors, none of the
Companies is under investigation or review by any Governmental Authority with
respect to or has been threatened to be charged with any material violation of,
any Applicable Law. 

     (b)      In
furtherance of, and without limiting the generality of, Section 3.11(a):
(i) the Companies are in compliance with the Corruption of Foreign Public
Officials Act (Canada) (the "Corruption of Foreign Public Officials
Act") and, to the Knowledge of the Significant Vendors, the 

United States Foreign Corrupt Practices Act of 1977 (the
"Foreign Corrupt Practices Act"), and any other Canadian, United States
and foreign laws concerning corrupting payments, except for any non-compliance
that has not had and would not reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect; and (ii) between January 1, 2014
and the date of this Agreement, none of the Companies has been investigated by
any Governmental Authority with respect to, or has been given notice by a
Governmental Authority of, any violation by any of the Companies of the Foreign
Corrupt Practices Act, the Corruption of Foreign Public Officials Act or any
other Canadian, United States or foreign laws concerning corrupting payments.

     (c)      The
operations of each Company have been conducted in compliance in all material
respects with financial record-keeping and reporting requirements of Applicable
Laws relating to money laundering, including the Proceeds of Crime (Money
Laundering) and Terrorist Financing Act (Canada). 

	Section 3.12 	Licenses. 

     Each of the Companies and the
Business Employees hold or possess, and is in compliance with, all insurance
agent and/or broker Licenses and all other material Licenses required for the
lawful conduct of the Business as currently conducted (the "Required
Licenses"), except for any failure to hold or possess any License or any
non-compliance that has not had and would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect. Section 3.12 of the
Disclosure Schedule sets forth a true and complete list of each Required
License, together with the name of the Governmental Authority issuing such
Required License. Except as set forth in Section 3.12 of the Disclosure
Schedule: (a) each Required License is valid and in full force and effect; (b)
none of the Companies or, to the Knowledge of the Significant Vendors, any
Business Employee has received any written notice of, or is in, any material
violation of or default under any Required License; (c) no Required License will
be terminated or impaired solely as a result of the Contemplated Transactions;
and (d) no Actions are pending or, to the Knowledge of the Significant Vendors,
threatened that would result in the revocation, cancellation, suspension or
adverse modification of any Required License. 

	Section 3.13 	Title to and Sufficiency of
      Assets. 

     Each of the Company has, and at
the Closing will have, good, valid and marketable title to, or in the case of
leased assets and properties a valid leasehold interest in, all of the assets
and properties owned or leased by such Company, in each case free and clear of
any and all Liens (other than Permitted Liens).

20 

There is no Contract granting any Person any option to purchase
the assets or properties of any Company or any portion thereof. The assets and
properties of the Companies constitute all of the assets and properties required
to conduct the Business as currently conducted. 

	Section 3.14 	Real Property.

     None of the Companies owns any
real property or has any options or rights of first refusal to purchase any real
property. Except for the Leased Premises, none of the Companies leases any real
property. The Companies have a valid and existing leasehold interest in, and the
right to quiet enjoyment of, the Leased Premises and no lessor of a Leased
Premise will be entitled to terminate a lease in respect of the Leased Premises
solely as a result of the consummation of the Contemplated Transactions, other
than as provided in Section 3.14 of the Disclosure Schedule. There are no
Contracts granting to any third party the right of use or occupancy of any
portion of the Leased Premises. 

	Section 3.15 	Personal Property.

     All material tangible personal
property used or held for use in the operation or conduct of the Business as
currently conducted has been reasonably maintained in accordance with good
business practice, is in good operating condition (with the exception of normal
wear and tear) and is substantially suitable for its present uses. 

	Section 3.16 	Intellectual Property.
  

     (a)      The
Companies own all right, title and interest in and to, or are licensed or
otherwise possesses legally enforceable rights to use, all Intellectual Property
Rights used by the Companies (collectively, the "Company Intellectual
Property"), in each case free and clear of all Liens other than Permitted
Liens. Section 3.16(a) of the Disclosure Schedule sets forth a list of all
material owned or licensed Company Intellectual Property. Except as set forth in
Section 3.16(a) of the Disclosure Schedule, none of the owned Company
Intellectual Property has been registered or is the subject of an application
for registration with any Governmental Authority. 

     (b)     
Except as has not had and would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect: (i) the conduct of the Business
and the use of the Company Intellectual Property does not infringe,
misappropriate or otherwise violate any Intellectual Property Rights of any
third party; (ii) there are no Actions pending or, to the Knowledge of the
Significant Vendors, threatened alleging that the conduct of the Business or the
use of the Company Intellectual Property infringes, misappropriates or otherwise
violates the Intellectual Property Rights of any third party; and (iii) to the
Knowledge of the Significant Vendors, no third party (including any current or
former Business Employee) infringes, misappropriates or otherwise violates any
owned Company Intellectual Property. 

     (c)      The
Companies have taken commercially reasonable steps and maintain reasonable
precautions (including entering into confidentiality and non-disclosure
agreements with the Business Employees) to protect and maintain the
confidentiality and value of, and to enforce their rights in, the Confidential
Information. To the Knowledge of the Significant Vendors, there has not been any
breach of confidentiality or unauthorized use or disclosure of the Confidential
Information. 

	Section 3.17 	Tax Matters. 

Except as set forth in Section 3.17 of the Disclosure Schedule:

21 

     (a)      Each
of the Companies has timely filed all federal and provincial Tax Returns
required to be filed by it on or before the Closing Date; all such Tax Returns
are true, complete and correct in all material respects and disclose all Taxes
required to be paid with respect to the Companies; and all Taxes of the
Companies due and payable with respect to Pre-Closing Periods (whether or not
reflected on any Tax Returns) have been timely paid, other than Taxes that are
being contested in good faith and by appropriate proceedings and are adequately
reserved for (in accordance with GAAP) in the Financial Statements. None of the
Companies will incur any liability for Taxes for the period commencing on
January 1, 2014 and ending on the Closing Date other than directly arising in
the Ordinary Course of Business. 

     (b)      Each
of the Companies has timely collected or withheld, and timely paid to the
appropriate taxing authorities, all Taxes and other amounts required to have
been collected or withheld from each payment made to any of its present or
former directors, officers and employees and to all Persons who are
non-residents of Canada for the purposes of the Tax Act. 

     (c)      Each
of the Companies has complied with all Applicable Laws relating to the payment
and withholding of Taxes in connection with amounts paid or owing to any
creditor, stockholder or other third party, including all information reporting,
backup withholding, and maintenance of required records with respect thereto.

     (d)      Each
of the Companies has remitted all Canada Pension Plan contributions,
provincial pension plan contributions, employment insurance premiums, employer
health Taxes and other Taxes payable by it in respect of its employees to the
proper Governmental Authority within the time required under Applicable Law; and
each of the Companies has charged, collected and remitted on a timely basis all
Taxes as required under Applicable Law on any sale, supply or delivery
whatsoever, made by such Company. 

     (e)     
There are no reassessments of the Companies’ Taxes that have been issued and are
outstanding and there are no outstanding issues which have been raised and
communicated in writing to the Companies by any Governmental Authority for any
taxation year in respect of which a Tax Return of the Companies has been
audited; and no Governmental Authority has in writing challenged, disputed or
questioned the Companies in respect of Taxes or of any returns, filings or other
reports filed under any Applicable Law providing for Taxes. 

     (f)      None
of the Companies is negotiating any draft assessment or reassessment of such
company, including, unreported benefits conferred on any shareholder, aggressive
treatment of income, expenses, credits or other claims for deduction under any
return or notice other than as disclosed in the Financial Statements. 

     (g)      None
of the Companies or the Significant Vendors has received any written indication
from any Governmental Authority that an assessment or reassessment is proposed
in respect of any Taxes, regardless of its merits. 

     (h)      None
of the Companies has executed or filed with any Governmental Authority any
agreement or waiver extending the period for assessment, reassessment or
collection of any Taxes. 

     (i)     
Assessments have been issued to the Companies by the applicable Governmental
Authority in respect of all income and capital taxes payable for all taxation
years or periods ending on or before December 31, 2012; 

22 

     (j)     There
is no Tax Contest pending or, to the Knowledge of the Significant Vendors,
threatened against any of the Companies. There are no Liens for Taxes on any of
the Companies’ assets or properties, other than statutory Liens for current
Taxes that are not yet due and payable and for which the Companies have set
aside adequate reserves (in accordance with GAAP). 

     (k)      None
of the Companies has any liability for the Taxes of any other Person or is a
party to or otherwise bound by any Tax sharing, allocation or indemnification
agreement. 

     (l)      Each
of the Companies has maintained and continues to maintain at its place of
business in Canada all books and records required to be maintained under the Tax
Act and any applicable analogous provincial law. 

     (m)      The
terms and conditions made or imposed in respect of every transaction (or series
of transactions) between any of the Companies that is a resident of Canada for
purposes of the Tax Act and any Person that is (i) a non resident of Canada for
purposes of the Tax Act, and (ii) not dealing at arm’s length with such Company
do not differ from those that would have been made between persons dealing at
arm’s length. 

     (n)      None
of the Companies has received any notice or inquiry from any jurisdiction where
it does not currently file Tax Returns to the effect that such entity is or may
be subject to taxation by such jurisdiction. 

     (o)      No
power of attorney with respect to any Taxes has been executed or filed with any
Governmental Authority by or on behalf of any of the Companies. 

     (p)     The
Companies previously have delivered to the Purchaser true and complete copies
of: (i) all Tax Returns of the Companies relating to Taxes for the 2010 to 2013
taxation years; and (ii) all private letter rulings, revenue agent reports,
information documents requests, notices of proposed deficiencies, deficiency
notices, protests, petitions, closing agreements, settlement agreements, pending
ruling requests, and any similar documents, submitted by, received by or agreed
by or on behalf of the Companies or, to the extent related to the income,
business, assets, operations, activities or status of the Companies and relating
to Taxes for all such taxable years. 

	Section 3.18 	Environmental Matters.
  

     (a) The Companies and their
operations are in compliance, in all material respects, with all applicable
Environmental Laws. 

     (b) There is no Remedial Action
pending or, to the Knowledge of the Significant Vendors, threatened against any
of the Companies. 

     (c) To the Knowledge of the
Significant Vendors, there has not been any release of any Hazardous Materials
in or on the Leased Premises.

	Section 3.19 	Business Employees.

     Section 3.19 of the Disclosure
Schedule sets forth a true and complete list of the following information with
respect to each Business Employee: employee number, title or position held, date
of hire, total length of employment including any prior employment that would
affect calculation of years of service for any purpose, current annual
compensation (including base salary, commissions and deferred compensation), and
whether the Business Employee is on an approved leave or statutory leave of
absence, and if so, the reason for such absence and the expected date of return.

23 

	Section 3.20 	Labour Matters.

     Except as set forth in Section
3.20 of the Disclosure Schedule: (a) each of the Companies is in compliance in
all material respects with all Applicable Laws regarding employment and
employment practices, terms and conditions of employment, termination of
employment, immigration, occupational health and safety, workers’ compensation,
human rights, pay equity and wages and hours, including overtime; (b) none of
the Companies is a party to or otherwise bound by any collective bargaining
agreement or other agreement with a labour union or labour organization; (c)
there is no organizational campaign or other effort to cause a union or labour
organization to be recognized or certified as a representative on behalf of the
Business Employees in dealing with any of the Companies; (d) there is no pending
or, to the Knowledge of the Significant Vendors, threatened labour strike or
work stoppage involving the Business Employees; (e) there is no pending or, to
the Knowledge of the Significant Vendors, threatened Action involving any
current or former Business Employee (including any workplace safety or worker’s
compensation claim); (f) none of the Companies has retained or engaged as an
independent contractor any Person that should be properly characterized as an
employee in accordance with Applicable Laws; (g) each of the Companies has
complied in all material respects with the terms and conditions of all
employment Contracts to which it is a party; and (h) to the Knowledge of the
Significant Vendors, no Business Employee is performing any job duties or
engaging in other activities on behalf of the Companies that would violate any
employment, non-competition, non-solicitation or nondisclosure agreement between
such individual and any former employer. All salaries, wages, commissions,
bonuses, vacation pay, withholdings, remittances and other Liabilities related
to the employment of the Business Employees that are due to be paid on or before
the Closing Date in accordance with the Companies’ payment practices will be
fully paid as of the Closing Date. 

	Section 3.21 	Employee Benefit Matters.
  

     (a)     
Section 3.21(a) of the Disclosure Schedule sets forth a true and complete list
of each Employee Benefit Plan. The Companies previously has made available to
the Purchaser true and complete copies of the following with respect to each
Employee Benefit Plan, to the extent applicable: (i) a copy of such Employee
Benefit Plan (including all amendments thereto) and, in the case of unwritten
Employee Benefit Plans, written descriptions thereof; (ii) the most recent
summary plan description; (iii) the most recent financial statements and/or
actuarial report; and (iv) all related trust agreements, insurance contracts,
service or other investment contracts, most recent testing information, list of
assets and other funding arrangements with respect to any such Employee Benefit
Plan.

     (b)      Except as
set forth in Section 3.21(b) of the Disclosure Schedule: 

     (i)      Each
Employee Benefit Plan has been registered, administered, invested and funded in
compliance with, and currently complies with, its terms and all Applicable Laws
(including compliance with the Canadian Association of Pension Supervisory
Authorities' Guidelines for Capital Accumulation Plans) in all material
respects, and there has not been any notice issued by any Governmental Authority
questioning or challenging such compliance. 

     (ii)
     None of the Employee Benefit Plans is a "registered
pension plan" as defined in subsection 248(1) of the Tax Act.

     (iii)
     Each of the Companies has timely made all required
contributions, assessments and premium payments on account of each Employee
Benefit Plan. 

24 

     (iv)      No act
or omission has occurred and no condition exists with respect to any Employee
Benefit Plan that would subject the Companies, the Purchaser or any of their
Affiliates to any material fine, penalty, tax or other Liability imposed under
Applicable Law. 

     (v)
     There are no Actions (including any audit or
investigation by any Governmental Authority) pending or, to the Knowledge of the
Significant Vendors, threatened involving any Employee Benefit Plan or the
assets thereof, other than routine claims for benefits payable in the Ordinary
Course of Business. 

     (vi)
     None of the Employee Benefit Plans provides
post-retirement benefits or post-termination of employment benefits. 

     (vii)
     Each Employee Benefit Plan, including any related
service or investment Contracts, may be amended or terminated without penalty.

     (c)     
Neither the execution and delivery of this Agreement nor the consummation of the
Contemplated Transactions will (either alone or in conjunction with any other
event) result in, cause the accelerated vesting, funding or delivery of, or
increase the amount or value of, any payment or benefit to any current or former
employee, officer or director of or consultant to the Companies. 

     (d)      All
Liabilities of the Companies (whether accrued, absolute, contingent or
otherwise) related to all Employee Benefit Plans have been, in all material
respects, fully and accurately disclosed in the Financial Statements. 

	Section 3.22 	Insurance. 

     Section 3.22 of the Disclosure
Schedule sets forth a true and complete list (including the name of the insurer,
the policy number, the type of coverage, the self-retention amount and the
policy expiration date) of, and the Companies previously have made available to
the Purchaser true and complete copies of, all insurance policies and fidelity
bonds covering the assets and properties of the Companies. Except as set forth
in Section 3.22 of the Disclosure Schedule: (a) all such policies and bonds are
valid and binding, are in full force and effect, are sufficient for compliance
with all material requirements of Applicable Law and insure against risks and
liabilities customary for the Business; (b) the Companies have complied in all
material respects with the provisions thereof (including the timely payment of
all premiums due thereunder); (c) there has not been and is not currently
pending any claim under any of such policies or bonds as to which coverage has
been denied or disputed by the underwriters of such policies or bonds; and (d)
after the Closing, the Companies will continue to have coverage under such
policies and bonds with respect to events occurring prior to or on the Closing
Date. The Company is not self-insured. 

	Section 3.23 	Clients. 

     (a)     
Section 3.23 of the Disclosure Schedule sets forth a true and complete list of
the following information with respect to each active Client: (i) the name of
the Client; (ii) the type of relationship between the Client and the applicable
Company (i.e., fronting, run-off, consulting, etc.); and (iii) the gross and net
premium volumes of, or the fees paid to, the applicable Company in respect of
such Client for the trailing twelve-month period ended June 30, 2014. 

     (b)     
Except as set forth in Section 3.23(b) of the Disclosure Schedule, no third
party (including any Business Employee) owns or otherwise has any right, title
or interest in or to the book of insurance business serviced by the Companies or
the revenues derived therefrom. 

25 

     (c)     
Except as set forth in Section 3.23(c) of the Disclosure Schedule, none of the
Companies has received any written notice, or otherwise has any reason to
believe, that any Client which currently generates more than $25,000 in annual
revenue or any group of affiliated Clients which currently generates more than
$50,000 in annual revenue: (i) has cancelled or intends to cancel or not renew
any insurance policy currently placed through the applicable Company; or (ii)
intends to terminate or otherwise materially adversely change its business
relationship with any of the Companies, in each case whether as a result of the
Contemplated Transactions or otherwise. 

	Section 3.24 	Affiliate Transactions.
  

     Except as set forth in Section
3.24 of the Disclosure Schedule, none of the Companies leases any assets or
properties from, owes any amounts to, or uses or holds in the Business any
assets or properties of, any Vendor, any member of any Vendor’s family or any
other Person affiliated with any Vendor or members of any Vendor’s family. 

	Section 3.25 	Bank Accounts; Powers of Attorney;
      Directors and Officers. 

     Section 3.25 of the Disclosure
Schedule sets forth a true and complete list of: (a) all bank accounts and safe
deposit boxes of the Companies and all persons authorized to sign or otherwise
act with respect thereto as of the date hereof; (b) all persons holding a
general or special power of attorney granted by any of the Companies and a true
and complete copy thereof; and (c) all directors and officers of each Company.

	Section 3.26 	Privacy Laws.

     (a)     
Except as set forth in Section 3.26 of the Disclosure Schedule: (i) each of the
Companies has complied in all material respects at all times with all Privacy
Laws in connection with its collection, use and disclosure of Personal
Information; and (ii) all Personal Information has been collected, used and
disclosed with the consent of each individual to whom such Personal Information
relates and has been used only for the purposes for which it was initially
collected. 

     (b)      Each
of the Companies has had in place since, in the case of Focus Group, July, 2001
and in the case of Omega Holdings and Omega Insurance, their dates of
incorporation, a privacy policy governing the collection, use and disclosure of
Personal Information by such entity and has collected, used and disclosed
Personal Information in all material respects in accordance with such policy.

	Section 3.27 	Competition Matters; Private Issuer;
      Bankruptcy and Insolvency. 

     (a)      Each
Company individually, or on a consolidated basis where one Company is a
subsidiary of another Company: (i) had assets in Canada the aggregate book value
of which was less than $82 million as at the end of its most recently completed
fiscal year, and (ii) generated from those assets gross revenues from sales in
or from Canada of less than $82 million during that period, determined in each
case as prescribed by the Competition Act (Canada). 

     (b)      Each of
the Companies is a Private Issuer. 

     (c)      None
of the Companies: (i) is an insolvent person within the meaning of the
Bankruptcy and Insolvency Act (Canada); (ii) has made an assignment in
favour of its creditors or a proposal in bankruptcy to its creditors or any
class thereof or had any petition for a receiving order presented in respect of
it; or (iii) has initiated proceedings with respect to a compromise or
arrangement with its creditors or for its winding up, liquidation or
dissolution. No receiver has been appointed in respect of any of the Companies
or any of their property or assets and no execution or distress has been levied
upon any of their property or assets. No act or proceeding has been taken or
authorized by or against any of the Companies with respect to any amalgamation,
merger, consolidation, arrangement or reorganization. 

26 

	Section 3.28 	No Broker. 

     Except as set forth in Section
3.28 of the Disclosure Schedule, no broker, finder, investment banker or other
intermediary is entitled or has claimed to be entitled to any fee or commission
in connection with the Contemplated Transactions based upon arrangements made by
or on behalf of any of the Companies or any of the Significant Vendors. 

ARTICLE 4. 
REPRESENTATIONS AND WARRANTIES OF
THE VENDORS 

     As an inducement to the Purchaser
to enter into this Agreement and to consummate the Contemplated Transactions,
each Vendor, severally as to itself, himself or herself and not jointly, hereby
represents and warrants to the Purchaser as follows: 

	Section 4.1 	Authorization.

     Such Vendor has the requisite
legal capacity and authority to execute and deliver this Agreement and each
Ancillary Agreement to which such Vendor is a party, to perform its, his or her
obligations hereunder and thereunder and to consummate the Contemplated
Transactions. This Agreement has been, and each Ancillary Agreement to be
executed and delivered by such Vendor at the Closing will be, duly and validly
executed and delivered by such Vendor, and (assuming due authorization,
execution and delivery by the Purchaser and the Guarantor) this Agreement
constitutes, and each such Ancillary Agreement when so executed and delivered
(assuming due authorization, execution and delivery by the other parties
thereto) will constitute, the legal, valid and binding obligation of such
Vendor, enforceable against such Vendor in accordance with their respective
terms, subject to the Enforceability Limitations. 

	Section 4.2 	No Conflicts; Required Consents.
    

     (a)      The
execution and delivery by such Vendor of this Agreement and each Ancillary
Agreement to which such Vendor is a party do not, and the consummation by such
Vendor of the Contemplated Transactions will not: (i) conflict with or violate
any Applicable Law binding upon or applicable to such Vendor or any of its, his
or her assets or properties; or (ii) assuming that all consents, approvals,
filings, notifications and other actions referred to in Sections 3.3(b) and
4.2(b) of the Disclosure Schedule are obtained, given or taken, conflict with,
violate, result in a breach of the terms, conditions or provisions of,
constitute a default or an event that, with notice or lapse of time or both,
would become a default under, give to others any rights of acceleration,
termination or cancellation or a loss of rights under, or result in the creation
or imposition of any Lien upon the Shares or any assets or properties owned by
such Vendor under, any Contract or License to which such Vendor is a party or by
which such Vendor or any of its, his or her assets or properties is bound, other
than, in the case of clause (ii) or (iii) above, any such items that have not
had and would not reasonably be expected to have, individually or in the
aggregate, a material adverse effect on such Vendor’s ability to perform its,
his or her obligations hereunder or to timely consummate the Contemplated
Transactions. 

     (b)     
Except as set forth in Sections 3.3(b) and 4.2(b) of the Disclosure Schedule, no
consent, approval or authorization of, or registration, declaration or filing
with, or notification to, any Governmental Authority or any other third party is
required to be obtained, made or given by such Vendor as a result of its, his or
her execution, delivery and performance of this Agreement or the consummation of
the Contemplated Transactions, other than any items the failure of which to
obtain, make or give would not reasonably be expected to have, individually or
in the aggregate, a material adverse effect on such Vendor’s ability to perform
its, his or her obligations hereunder or to timely consummate the Contemplated
Transactions. 

27 

	Section 4.3 	Ownership of the Shares.
  

     Such Vendor owns, beneficially
and of record, and has good and valid title to, the number of Shares set forth
opposite such Vendor’s name on Section 3.4(a) of the Disclosure Schedule, free
and clear of any and all Liens. Except as disclosed in Section 3.4(f) of the
Disclosure Schedule, there are no limitations or restrictions on such Vendor’s
right to transfer the Shares owned by such Vendor to the Purchaser pursuant to
this Agreement other than those arising under securities laws and the
Organizational Documents of Omega Holdings. Subject to the terms of this
Agreement, at the Closing such Vendor will transfer and deliver to the Purchaser
good and valid title to such Shares, free and clear of any and all Liens. 

	Section 4.4 	Legal Proceedings.

     There is no Action pending or, to
the knowledge of such Vendor, threatened against or affecting such Vendor that,
if determined or resolved adversely to such Vendor, would have a material
adverse effect on such Vendor’s ability to perform its, his or her obligations
hereunder or to timely consummate the Contemplated Transactions. 

	Section 4.5 	Residency; Insolvency.
  

     Such Vendor is not a non-resident
of Canada for purposes of the Tax Act. Such Vendor is not an insolvent person
within the meaning of the Bankruptcy and Insolvency Act (Canada) and will
not become an insolvent person as a result of the Contemplated Transactions.

ARTICLE 5. 
REPRESENTATIONS AND WARRANTIES OF
THE GUARANTOR 

     As an inducement to the Purchaser
to enter into this Agreement and to consummate the Contemplated Transactions,
the Guarantor hereby represents and warrants to the Purchaser as follows: 

	Section 5.1 	Organization.

     The Guarantor is a corporation
duly organized, validly existing and in good standing under the laws of Ontario.

	Section 5.2 	Authorization.

     The Guarantor has the requisite
corporate power and authority to execute and deliver this Agreement and each
Ancillary Agreement to which it is a party, to perform its obligations hereunder
and thereunder and to consummate the Contemplated Transactions. The execution,
delivery and performance by the Guarantor of this Agreement and each Ancillary
Agreement to which it is a party and the consummation by the Guarantor of the
Contemplated Transactions have been duly authorized and approved by all
necessary corporate action on the part of Guarantor. This Agreement has been,
and each Ancillary Agreement to be executed and delivered by the Guarantor at
the Closing will be, duly and validly executed and delivered by the Guarantor,
and (assuming due authorization, execution and delivery by the Vendors and the
Purchaser) this Agreement constitutes, and upon their execution and delivery
each such Ancillary Agreement (assuming due authorization, execution and
delivery by the other parties thereto) will constitute, the legal, valid and
binding obligation of the Guarantor, enforceable against the Guarantor in
accordance with their respective terms, subject to the Enforceability
Limitations. 

28 

	Section 5.3 	Enforceability against the
      Guarantor. 

     This Agreement is a valid and
binding obligation of the Guarantor, enforceable against the Guarantor in
accordance with its terms, subject to the usual exceptions as to creditors'
rights and the availability of equitable remedies. 

	Section 5.4 	No Conflicts; Required Consents.
    

     (a)      The
execution and delivery by the Guarantor of this Agreement and each Ancillary
Agreement to which the Guarantor is a party do not, and the consummation by the
Guarantor of the Contemplated Transactions will not: (i) conflict with or
violate any provision of its constating documents; or (ii) conflict with or
violate any Applicable Law binding upon or applicable to any of the Guarantor or
any of its assets or properties. 

     (b)      No
consent, approval or authorization of, or registration, declaration or filing
with, or notification to, any Governmental Authority or any other third party is
required to be obtained, made or given by the Guarantor as a result of the
execution, delivery and performance of this Agreement or any Ancillary Agreement
or the consummation of the Contemplated Transactions, other than any items the
failure of which to obtain, make or give would not reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect. 

ARTICLE 6. 
REPRESENTATIONS AND WARRANTIES OF
THE PURCHASER 

     As an inducement to the Vendors
and the Guarantor to enter into this Agreement and to consummate the
Contemplated Transactions, the Purchaser hereby represents and warrants to the
Vendors as follows: 

	Section 6.1 	Organization.

     The Purchaser is a corporation
duly organized, validly existing and in good standing under the laws of Bermuda.

	Section 6.2 	Authorization.

     The Purchaser has the requisite
corporate power and authority to execute and deliver this Agreement and each
Ancillary Agreement to which it is a party, to perform its obligations hereunder
and thereunder and to consummate the Contemplated Transactions. The execution,
delivery and performance by the Purchaser of this Agreement and each Ancillary
Agreement to which it is a party and the consummation by the Purchaser of the
Contemplated Transactions have been duly authorized and approved by all
necessary corporate action on the part of Purchaser. This Agreement has been,
and each Ancillary Agreement to be executed and delivered by the Purchaser at
the Closing will be, duly and validly executed and delivered by the Purchaser,
and (assuming due authorization, execution and delivery by the Guarantor and the
Vendors) this Agreement constitutes, and upon their execution and delivery each
such Ancillary Agreement (assuming due authorization, execution and delivery by
the other parties thereto) will constitute, the legal, valid and binding
obligation of the Purchaser, enforceable against the Purchaser in accordance
with their respective terms, subject to the Enforceability Limitations. 

29 

	Section 6.3 	No Conflicts; Required Consents.
    

     (a)      The
execution and delivery by the Purchaser of this Agreement and each Ancillary
Agreement to which the Purchaser is a party do not, and the consummation by the
Purchaser of the Contemplated Transactions will not, (i) conflict with or
violate any provision of the Purchaser’s organizational documents; or (ii)
assuming that the Regulatory Approvals are obtained, (A) conflict with or
violate any Applicable Law binding upon or applicable to the Purchaser or any of
its material assets or properties or (B) conflict with, violate, result in a
breach of the terms, conditions or provisions of, constitute a default or an
event that, with notice or lapse of time or both, would become a default under,
or give to others any rights of acceleration, termination or cancellation or a
loss of rights under, any material Contract to which the Purchaser is a party or
by which the Purchaser or any of its material assets or properties is bound,
other than, in the case of clause (A) or (B) above, any such items that would
not reasonably be expected to have, individually or in the aggregate, a material
adverse effect on the Purchaser’s ability to perform its obligations hereunder
or to timely consummate the Contemplated Transactions. 

     (b)     
Other than the Regulatory Approvals and other than the giving of a post-closing
notice under the Investment Canada Act (Canada), no consent, approval or
authorization of, or registration, declaration or filing with, or notification
to, any Governmental Authority or any other third party is required to be
obtained, made or given by the Purchaser as a result of its execution, delivery
and performance of this Agreement or its consummation of the Contemplated
Transactions, other than any items the failure of which to obtain, make or give
would not reasonably be expected to have, individually or in the aggregate, a
material adverse effect on the Purchaser’s ability to perform its obligations
hereunder or to timely consummate the Contemplated Transactions. 

	Section 6.4 	Legal Proceedings.

     There is no Action pending or, to the
knowledge of the Purchaser, threatened against or affecting the Purchaser that,
if determined or resolved adversely to the Purchaser, would have a material
adverse effect on the Purchaser’s ability to perform its obligations hereunder
or to timely consummate the Contemplated Transactions. 

	Section 6.5 	No Broker. 

     No broker, finder, investment
banker or other intermediary is entitled to any fee or commission in connection
with the Contemplated Transactions based upon arrangements made by or on behalf
of the Purchaser. 

	Section 6.6 	Accredited Investor.
  

     The Purchaser is an “accredited
investor” within the meaning of section 1.1 of National Instrument 45-106
Prospectus and Registration Exemptions and is purchasing the Shares as
principal. 

ARTICLE 7. 
COVENANTS 

	Section 7.1 	Interim Operations.

     (a)      From
the date hereof until the earlier of the Closing Date or the date, if any, on
which this Agreement is terminated pursuant to Section 9.1 (the
"Termination Date"), the Significant Vendors shall cause the Companies
to: (i) conduct the Business only in the Ordinary Course of Business; and (ii)
use their reasonable efforts (x) to preserve intact the business organization
and goodwill of the Business, (y) to maintain the Companies’ relationships with
their respective Clients, brokers, insurance underwriters, Potential
Counterparties and other Persons having business dealings with the Companies and
(z) to keep available the services of the key Business Employees. 

30 

     (b)     
Without limiting the generality of the foregoing, except as expressly permitted
by this Agreement or as approved in writing by the Purchaser (which approval
shall not be unreasonably withheld, conditioned or delayed), from the date
hereof until the earlier of the Closing Time or the termination of this
Agreement, the Significant Vendors shall not permit any Company to: 

     (i) amend
or otherwise change its Organizational Documents, other than the filing of
articles of amendment to increase the maximum number of directors of Omega
Holdings to 21; 

     (ii)
     authorize, issue, sell or transfer any share capital or
other equity interests of such Company or any securities convertible into or
exercisable or exchangeable for share capital or other equity interests of such
Company, or adjust, split or reclassify any share capital or other equity
interests of such Company; 

     (iii)
     declare, set aside, make or pay any dividend or other
distribution (whether in cash, stock or other property) in respect of any share
capital or other equity interests of such Company; 

    
(iv)      merge or consolidate with any other Person or
acquire any business or assets of any other Person (whether by merger, stock
purchase, asset purchase or otherwise), or form any subsidiary; 

     (v)
     adopt a plan of complete or partial liquidation,
dissolution, restructuring, recapitalization or other reorganization; 

    
(vi)      make any material change in the operation of the
Business, except such changes as may be required to comply with any Applicable
Law; 

     (vii)
     make, authorize or make any commitment with respect to,
any single capital expenditure that is in excess of $10,000 or capital
expenditures that are, in the aggregate, in excess of $25,000; 

     (viii)
     except in connection with operations in the Ordinary
Course of Business and upon terms not materially adverse to such Company, amend
in any material respect, or terminate (other than in accordance with its terms)
any Material Contract, or waive, release or assign any material rights or claims
thereunder; 

     (ix)
     except in connection with operations in the Ordinary
Course of Business and upon terms not materially adverse to such Company, enter
into any Material Contract (A) that has a term of, or requires the performance
of any obligations over a period, in excess of one year, or (B) that cannot be
terminated without penalty on less than three (3) months’ notice; 

     (x)
     sell, lease (as lessor), transfer or otherwise dispose
of, or mortgage, encumber, pledge or impose any Lien on, any of its assets or
properties, other than (A) pursuant to existing contracts disclosed to the
Purchaser, and (B) dispositions of immaterial assets or properties for fair
value in the Ordinary Course of Business; 

31 

     (xi)
     create, incur, assume or guarantee any Indebtedness, or
extend or modify any existing Indebtedness; 

    
(xii)     make any loans, advances or capital contributions
to, or investments in, any Person (other than advances of expenses to Business
Employees and, in the case of Omega General, passive investments, in each case
in the Ordinary Course of Business); 

    
(xiii)     cancel any debts owed to, or waive any material
claims or rights held by, the such Company; 

     (xiv)
     (A) commence, settle or compromise any Action by or
against such Company arising in the Ordinary Course of Business (including in
relation to Actions arising under Insurer Contracts) where the amount claimed
under any such Action exceeds $100,000 or where the settlement or compromise of
any such Action requires the payment of monetary damage in an aggregate amount
of more than $100,000, or (B) commence, settle or compromise any Action by or
against such Company arising outside of the Ordinary Course of Business where
the amount claimed under any such Action exceeds $25,000 or where the settlement
or compromise of any such Action requires only the payment of monetary damage in
an aggregate amount of more than $25,000; 

    
(xv)     incur expenses (including legal or other
professional fees) in excess of $25,000 in the aggregate in connection with any
ongoing, new or proposed Action involving or relating to such Company (other
than expenses, including legal and other professional fees) incurred in
connection with Actions arising under Insurer Contracts in the Ordinary Course
of Business); 

     (xvi)
     except as required by Applicable Law or any existing
Contract or Employee Benefit Plan in effect on the date hereof, (A) institute or
announce any increase in the compensation, bonuses or other benefits payable to
any of its executive employees, (B) enter into or amend any employment,
consulting, severance or change of control agreement with any such Person, or
(C) enter into, adopt or amend any Employee Benefit Plan; 

     (xvii)
     (A) hire any new executive employee or make an offer of
employment to any person for an executive employee position, (B) engage any
consultant or independent contractor or (C) except in the Ordinary Course of
Business, promote any current employee; 

     (xviii)
     enter into any transaction with any of its Affiliates,
except transactions that are at prices and on terms and conditions not less
favorable to such Company than could be obtained on an arm’s-length basis from
unrelated third parties and except for transactions solely between one or more
of the Companies; 

     (xix)
        make any change in the accounting
methods, principles or policies applied in the preparation of the Financial
Statements, other than any change required by Applicable Law or a change in
GAAP; 

    
(xx)          fail to file any material
Tax Return when due or pay any material Tax when due (other than Taxes being
contested in good faith), or make or change any Tax election; 

     (xxi)
        fail to pay any accounts payable when due
or within a reasonable period of time thereafter (other than amounts being
contested in good faith) or fail to use commercially reasonable efforts to
collect any accounts receivable when due; 

32 

     (xxii)
     fail to renew or otherwise keep in full force and
effect any material License relating to the Business; or 

     (xxiii)
     enter into any agreement, commitment or understanding
(whether written or oral) with respect to any of the foregoing except where any
of the foregoing is solely between one or more of the Companies. 

	Section 7.2 	Access to Information;
      Investigation. 

     From the date hereof until the
earlier of the Closing Date or the Termination Date, the Companies shall (and
the Significant Vendors shall cause the Companies to) furnish to the Purchaser
and its authorized representatives such additional information relating to the
Companies as the Purchaser may reasonably request. No investigation conducted by
or on behalf of, or information furnished to, the Purchaser or its
representatives shall operate as a waiver or otherwise affect any
representation, warranty, covenant or agreement given or made by the Vendors
hereunder. 

	Section 7.3 	Notice of Certain Events.
  

     From the date hereof until the
earlier of the Closing Date or the Termination Date, the Companies shall (and
the Significant Vendors shall cause the Companies to) promptly notify the
Purchaser in writing of: (a) any material adverse change in the Business; (b)
any material breach of or default under this Agreement or event that would
reasonably be expected to become such a breach or default on or prior to the
Closing; (c) any notice or other communication from any third Person (including
any Governmental Authority) alleging that the consent of such third Person (or
Governmental Authority) is or may be required in connection with the
Contemplated Transactions; and (d) any Actions commenced or, to the Knowledge of
the Significant Vendors, threatened against the Companies that, if pending on
the date hereof, would have been required to have been disclosed pursuant to
Section 3.10 or that relate to the consummation of the Contemplated
Transactions. 

	Section 7.4 	Reasonable Efforts.

     Subject to the terms and
conditions of this Agreement, each party shall use its, his or her reasonable
efforts to cause the Closing to occur and to take, or cause to be taken, all
actions, to file, or cause to be filed, all documents and to do, or cause to be
done, and to assist and cooperate with the other parties in doing, all things
necessary, proper or advisable to consummate and make effective, in the most
expeditious manner practicable, the Contemplated Transactions; provided,
however, that none of the Vendors nor the Purchaser shall be required to give
any guarantee or pay any fees or other payments in order to obtain any consent,
approval or waiver or to consent to any change in the terms of any Material
Contract that the Purchaser may reasonably deem adverse to the interests of the
Purchaser or the Business. 

	Section 7.5 	Exclusivity. 

     From the date hereof until the
earlier of the Closing Time and the termination of this Agreement, the Vendors
shall not, and Significant Vendors shall cause the Companies not to, (and shall
cause the directors, officers, employees, agents, representatives and Affiliates
acting on their behalf and on behalf of the Companies not to): (i) Solicit,
initiate, encourage or accept any offer or proposal from any Person (other than
the Purchaser and its Affiliates and their respective representatives)
concerning any merger, consolidation, sale or transfer of material assets, sale
or transfer of any equity interests or other business combination involving any
Company (an "Acquisition Proposal"); (ii) engage in any discussions or
negotiations with any Person (other than the Purchaser and its Affiliates and
their respective representatives) concerning any Acquisition Proposal; or (iii)
furnish any non-public information concerning the business, properties or assets
of any Company to any Person (other than the Purchaser and its Affiliates and
their respective representatives), except as required to comply with any
Applicable Law or this Agreement or except in the Ordinary Course of Business.
The Vendors shall, and the Significant Vendors shall cause the Companies to (and
shall cause the directors, officers, employees, agents, representatives and
Affiliates acting on their behalf and on behalf of the Companies to) immediately
cease and cause to be terminated all existing discussions, negotiations or other
communications with any Persons conducted heretofore with respect to any of the
foregoing. The Vendors shall immediately notify the Purchaser in writing upon
receipt by any Company (if known to such Vendor) or such Vendor of any proposal,
offer or inquiry regarding an Acquisition Proposal, which notice shall indicate
in reasonable detail the identity of the Person making such proposal, offer or
inquiry and the terms and conditions of any such Acquisition Proposal. 

33 

	Section 7.6 	Confidentiality.

     All documents, materials and
other information furnished in connection with the Contemplated Transactions
shall be subject to, and shall be kept confidential in accordance with, the
terms of Section 7.11(d). 

	Section 7.7 	Public Announcements.
  

     None of the Vendors, the
Guarantor or any of their Affiliates or representatives shall, without the prior
written consent of the Purchaser, issue any press release or make any other
public announcement concerning the existence or terms (including the Aggregate
Consideration) of this Agreement or the Contemplated Transactions except as and
to the extent that public disclosure of a matter without the Purchaser’s consent
is required by Applicable Law or the rules or regulations of any applicable
stock exchange, in which case the Purchaser shall be so advised and the parties
shall use commercially reasonable efforts to cause a mutually agreeable release
or announcement to be issued prior to such disclosure. The Vendors and the
Guarantor acknowledge that, in accordance with Applicable Laws and the rules and
regulations of the TSXV, the Purchaser may be required to disclose the existence
and terms (including the Aggregate Consideration) of this Agreement and the
Contemplated Transactions. 

	Section 7.8 	Expenses. 

     Except as otherwise expressly
provided herein, each party shall bear and pay all of its costs and expenses
(including the fees and expenses of its counsel, accountants and other advisors)
incurred in connection with this Agreement and the Contemplated Transactions,
whether or not the Closing shall have occurred. Without limiting the generality
of the foregoing: (a) the Vendors severally in proportion to their Percentage
Interest shall be solely responsible for and shall pay the Legal Fee; and (b)
none of the Companies shall be responsible or liable for or shall pay any costs
or expenses incurred by any Vendor in connection with this Agreement and the
Contemplated Transactions (including the fees and expenses of any Vendor’s
counsel, accountants or other advisors).

	Section 7.9 	Further Assurances.

     At any time and from time to time
following the Closing, at the request of any party and without further
consideration, each party shall execute and deliver, or cause to be executed and
delivered, such other documents and instruments and shall take, or cause to be
taken, such further or other actions as the other party may reasonably request
or as otherwise may be necessary or desirable to evidence and make effective the
Contemplated Transactions.

34 

	Section 7.10 	Directors and Officers Insurance
      Coverage. 

     Following Closing, the Purchaser
shall ensure that all current and former directors of the Company are covered
under the terms of a policy of directors’ and officers’ liability insurance for
a period of not less than six years after the Closing Date, whether pursuant to
the existing policy of the Company (the “Current Policy”) or through a
policy established and maintained by the Purchaser (which, in the latter case,
shall provide coverage and limits of liability which are no less broad than
those existing in the Current Policy).

	Section 7.11 	Restrictive Covenants of Vendors and
      Significant Vendors. 

     In furtherance of the sale of the
Shares hereunder, and to protect more effectively the value and goodwill of the
Business, each of the Vendors and Significant Vendors, as the context requires,
covenants and agrees as follows: 

     (a)    
Non-Compete Covenant. Subject to Section 7.11(b), for a period of
three (3) years from and after the Closing Date, each of the Significant
Vendors shall not, and each of them shall cause its, his or her respective
Affiliates not to, directly or indirectly, own, control, manage, operate,
conduct, engage in, participate in, consult with, perform services for, lend
money to, guarantee the debts or obligations of, permit its, his or her name to
be used by or in connection with, or otherwise carry on, a business anywhere in
the Territory that competes with the Business as conducted as of the Closing
Date (it being understood and acknowledged by each Significant Vendor that the
foregoing restricted activities are not limited to any particular region within
the Territory because the Business has been and will continue to be conducted
throughout the Territory and may be engaged in effectively from any location
within or outside the Territory).

     (b)    
Exceptions to Non-Compete. Nothing set forth in Section 7.11(a)
shall prohibit any of the Significant Vendors or any of their respective
Affiliates from:

     (i)
     being (A) an equity holder in a mutual fund or a
diversified investment company; or (B) being a passive owner of not more than
five percent (5%) in the aggregate of an outstanding class of publicly traded
securities; 

     (ii)
     in the case of Integrated and its Affiliates, holding
on behalf of third parties in the ordinary course of its existing asset
management business a non-proprietary investment in the Business; 

     (iii)
     in the case of Integrated and its Affiliates, providing
loans to insurers, reinsurers, insurance brokers or insurance intermediaries; or

     (iv)
     in the case of Philip and Matthew, carrying on any
activity which is not restricted under the terms of their respective Employment
Agreements. 

     (c)    
Non-Solicit Covenants. 

     (i)      For a
period of three (3) years from and after the Closing Date, except on
behalf of the Purchaser or its Affiliates, each of the Significant Vendors shall
not, and each of them shall cause its, his or her respective Affiliates not to,
directly or indirectly, (A) Solicit any Client or Potential Counterparty of a
Company with respect to any product or service competitive with the Business,
(B) accept a broker or agent of record appointment for, service or place
insurance on behalf of, any Client of a Company, (C) refer any Client or
Potential Counterparty of a Company to another insurance agency or broker in
respect of any business that competes with the Business, or (D) otherwise
interfere with or disrupt the business relationship between the Purchaser or a
Company, on the one hand, and any Client or Potential Counterparty of a Company,
on the other hand. 

35 

     (ii)
     For a period of three (3) years from and after
the Closing Date, each of the Significant Vendors shall not, and each of them
shall cause its, his or her respective Affiliates not to, directly or
indirectly, (A) Solicit the employment of or hire any Business Employee, or (B)
otherwise interfere with or disrupt the business relationship between the
Purchaser or any Company, on the one hand, and any Business Employee, on the
other hand. 

     (d)    
Confidentiality. Each of the Vendors and the Guarantor further covenants
and agrees that, from and after the Closing Date, such Vendor or Guarantor, as
applicable, will not, and will not permit any of its, his or her Affiliates to,
disclose, divulge or make use of any Confidential Information, other than to
disclose such information to the Purchaser and other than in the Ordinary Course
of Business. Notwithstanding the foregoing, if any Vendor, Guarantor or any of
its, his or her Affiliates (collectively, the "Disclosing Party") is
requested or required by Applicable Law to disclose any Confidential
Information, the Disclosing Party will provide the Purchaser with notice of such
request or requirement as promptly as practicable (unless not permitted by
Applicable Law) so that the Purchaser may seek a protective order or other
appropriate remedy and/or waive compliance with the foregoing provisions of this
Section 7.11(d). The Disclosing Party will cooperate with the Purchaser
in connection with the Purchaser’s efforts to seek such an order or remedy. If
the Purchaser does not obtain such an order or other remedy, or waives
compliance with the provisions of this Section 7.11(d), the Disclosing
Party will furnish only that portion of the applicable Confidential Information
that is legally required, and will exercise reasonable commercial efforts to
obtain assurance that confidential treatment will be accorded such disclosed
information. 

     (e)    
Equitable Remedies. Each of the Vendors and Significant Vendors, as the
context requires, acknowledges and agrees that: (i) it would be extremely
difficult, if not impossible, to determine the actual damages of the Purchaser
in the event of a breach of any covenant contained in this Section
7.11; and (ii) the Purchaser and its Affiliates would suffer irreparable
and ongoing damages in the event that any provision of this Section 7.11
were not performed in accordance with its terms or otherwise were breached.
Accordingly, each of the Vendors and Significant Vendors, as the context
requires, agrees that, in the event of any actual or threatened breach of this
Section 7.11 by such Vendor or Significant Vendor, the Purchaser shall be
entitled, in addition to all other rights and remedies that it may have, to
obtain injunctive or other equitable relief (including a temporary restraining
order, a preliminary injunction and a final injunction) to prevent any actual or
threatened breach of any of such provisions and to enforce such provisions
specifically, without the necessity of posting a bond or other security or of
proving actual damages. The prevailing party in any action commenced under this
Section 7.11(e) (whether through a monetary judgment, injunctive relief
or otherwise) also shall be entitled to recover reasonable attorneys’ fees and
court costs incurred in connection with such action. 

     (f)    
Acknowledgements and Reformation. Each of the Vendors and Significant
Vendors, as the context requires, acknowledges and agrees that: (i) the
agreements contained in this Section 7.11 are an integral part of the
Contemplated Transactions and the Purchaser would not be willing to acquire the
Shares in the absence of this Section 7.11; and (ii) in view of the
nature of the Business, the business objectives of the Purchaser in acquiring
the Shares, and the consideration paid for the Shares, the provisions set forth
in this Section 7.11 are reasonable and necessary in order to protect the
Purchaser’s legitimate business interests. If, however, a final judicial
determination is made by a court of competent jurisdiction that any provision
set forth in this Section 7.11 is unreasonable or otherwise unenforceable
under Applicable Law, the parties hereby authorize such court to revise and
reform the provisions of this Section 7.11 to cover the maximum scope,
duration or geographic area (not greater than those contained herein) permitted
by Applicable Law, and, if such court refuses to do so, the parties agree that
the provisions of this Section 7.11 shall not be rendered null and void,
but rather shall be deemed amended to provide for such maximum legally
enforceable restrictions. 

36 

	Section 7.12 	Employment and Employee Benefits
      Matters. 

     (a)    
Post-Closing Employment. The Significant Vendors shall not and shall
cause the Companies not to: (i) make any promises or commitments to any Business
Employee with regard to such Business Employee’s employment status with any
Company after the Closing or the terms or conditions upon which such employment
might be continued; or (ii) take any action that would impede, hinder or
otherwise interfere with the Purchaser’s efforts to continue the employment of
any Business Employee. Nothing herein shall create any obligation on the part of
any Company or the Purchaser to continue the employment of any Business Employee
for any fixed period of time following the Closing Date. 

     (b)    
No Third Party Beneficiaries. Without limiting the generality of the
provisions of Section 11.6, the provisions of this Section
7.12 are solely for the benefit of the parties hereto, and no provision of
this Section 7.12 shall create any third party beneficiary or other
rights in any current or former Business Employee (including any dependent or
beneficiary thereof) in respect of the terms and conditions of employment with,
or any benefits that may be provided by, the Purchaser or any of its Affiliates.
Nothing herein shall be construed as an amendment to any Employee Benefit Plan
for any purpose. 

	Section 7.13 	Tax Matters. 

     (a)    
Preparation and Filing of Tax Returns. The Significant Vendors shall
cause the Companies to prepare and file all Tax Returns of the Companies that
are required to be filed after the date hereof and prior to the Closing Date.
The Significant Vendors shall provide the Purchaser with draft copies of all
such Tax Returns no later than 10 days prior to the filing thereof; (ii) work in
good faith with the Purchaser to resolve any matters raised by the Purchaser in
respect of such Tax Returns; (iii) not file any such Tax Return without the
prior written consent of the Purchaser, which consent will not be unreasonably
withheld, conditioned or delayed. The Companies shall be solely responsible for
all of the costs and expenses associated with the preparation and filing of all
such Tax Returns. 

     (b)    
Apportionment of Taxes. In the case of Taxes that are payable with
respect to a Straddle Period, the portion of any such Tax that is allocable to
the portion of the taxable period ending on the Closing Date shall be: (i) in
the case of Taxes that are either, (A) based upon or related to income or
receipts, or (B) imposed in connection with any sale or other transfer or
assignment of property (real or personal, tangible or intangible), deemed equal
to the amount that would be payable (after giving effect to amounts that may be
deducted from or offset against such Taxes) if the taxable period ended on the
Closing Date; and (ii) in the case of Taxes imposed on a periodic basis with
respect to the assets of the Company, or otherwise measured by the level of any
item, deemed to be the amount of such Taxes for the entire Straddle Period
(after giving effect to amounts that may be deducted from or offset against such
Taxes) (or, in the case of such Taxes determined on an arrears basis, the amount
of such Taxes for the immediately preceding period), multiplied by a fraction,
the numerator of which is the number of days in the Straddle Period ending on
the Closing Date and the denominator of which is the number of days in the
entire Straddle Period. Any credit or refund resulting from an overpayment of
Taxes for a Straddle Period shall be prorated based upon the method employed in
the preceding sentence taking into account the type of Tax to which the refund
relates. In the case of any Tax based upon or measured by capital (including net
worth or long-term debt) or intangibles, any amount thereof required to be
allocated under this provision shall be computed by reference to the level of
such items on the Closing Date. All determinations necessary to effect the
foregoing allocations shall be made in a manner consistent with prior practice
of the Company. 

37 

     (c)    
Assistance and Cooperation. After the Closing Date, the Significant
Vendors and Purchaser shall (and, if requested to do so, shall cause their
respective Affiliates to): (i) assist the other parties in preparing any Tax
Returns that any other party is responsible for preparing and filing; (ii)
cooperate fully in preparing for or defending against any Tax Contests with
taxing authorities regarding any Tax Returns of the Companies; (iii) make
available to the other parties and to any taxing authority as reasonably
requested all information, records and documents relating to Taxes of the
Companies; (iv) furnish the other parties with timely notice of, and copies of
all correspondence received from any taxing authority in connection with, any
Tax Contest relating to Taxes of the Companies for the Pre-Closing Period; and
(v) assist the other parties in preparing and filing any applicable Tax
elections (provided that the making of any such Tax election is not prejudicial
in any way to the assisting party). 

	Section 7.14 	Termination of Certain
      Arrangements. 

     On or prior to the Closing Date:
(a) all payables, receivables, loans, Liabilities and other obligations between
the Companies, on the one hand, and the Vendors or their Affiliates, on the
other hand, other than solely between one or more of the Companies, shall be
repaid in full and extinguished; and (b) those certain Contracts set forth on
Section 7.14 of the Disclosure Schedule shall be terminated and no party thereto
shall have any continuing rights or obligations thereunder. 

	Section 7.15 	Insurance Policies.

     The Significant Vendors will
cause the Companies to keep all insurance policies that provide coverage for the
Companies in full force and effect through at least the close of business on the
Closing Date, and shall provide for the renewal of all such policies that by
their terms will expire prior to the Closing Date. 

	Section 7.16 	License Reinstatements.
  

     As promptly as practicable after
the date hereof, the Companies shall, at their sole cost and expense, cause to
be reinstated or renewed, as applicable, all of the Licenses required for the
conduct of the Business as currently conducted that are expired or will expire
prior to the Closing Date. 

	Section 7.17 	By the Guarantor.

     The Guarantor unconditionally and
irrevocably guarantees in favour of the Purchaser the punctual performance by
Integrated Partners of each and every covenant and agreement of Integrated
Partners pursuant to this Agreement and pursuant to any of the Ancillary
Agreements to which Integrated Partners is a party, including any
indemnification amount and any amount contemplated in this Agreement and payable
by Integrated Partners in connection with termination of this Agreement. The
Guarantor covenants in favour of the Purchaser to pay any amount when due under
or in connection with this Agreement or any Ancillary Agreement to which
Integrated Partners is a party, immediately on demand by the Purchaser as if it
were the principal obligor, and covenants to indemnify the Purchaser immediately
on demand against any Loss of the Purchaser suffered as a result of any
obligation of Integrated Partners under or in connection with this Agreement or
any Ancillary Agreement to which it is a party being unenforceable, illegal,
invalid or void. The obligations of the Guarantor under this Section 7.17
will not be affected by any act, omission or thing which, but for this Section
7.17, would reduce, release or prejudice any of its obligations under this
Section 7.17, whether or not known to the Guarantor, including any
amendment or waiver of any provision of this Agreement or any Ancillary
Agreement. Nothing in this Section 7.17 or elsewhere in this Agreement
will prevent the Guarantor from being able to assert any defense or any
provision relating to limitation on indemnification that Integrated Partners may
assert under this Agreement or any of the Ancillary Agreements. 

38 

	Section 7.18 	Supplemental Disclosure.
  

     From time to time prior to the
Closing Date, the Significant Vendors may supplement or amend the Disclosure
Schedule or add to the Disclosure Schedule additional matters to qualify a
representation and warranty if any matter hereafter arises which, if existing or
occurring at the date of this Agreement, would have been required to be set
forth or described in the Disclosure Schedule to make the applicable
representation or warranty true and correct. Any such supplement or amendment or
addition to the Disclosure Schedule, upon written notice thereof to the other
Parties, shall be effective to modify this Agreement and the Disclosure
Schedule, to qualify the representations and warranties contained in Article 3
and to cure any misrepresentation or breach of warranty that otherwise might
have existed under this Agreement for all purposes, including, without
limitation, determination of the satisfaction of conditions to Closing set forth
in Section 8.3(a). Such disclosure shall in no way limit the conditions
contained in Section 8.3(c) . 

	Section 7.19 	Regulatory Approvals.
  

     (a)     
Subject to compliance by the Significant Vendors with the terms of Section
7.19(b), the Purchaser shall, within fifteen Business Days following the date of
this Agreement, make all such filings and submissions as it may be required in
connection with obtaining the Regulatory Approvals. All filing costs and other
costs in connection with seeking and obtaining the Regulatory Appprovals shall
be paid by the Purchaser. 

     (b)      The
Significant Vendors shall co-operate, and shall cause the Companies to
co-operate, by way of providing such information and reasonable assistance and
incurring such ordinary course costs, as may be reasonably requested by the
Purchaser in connection with obtaining the Regulatory Approvals; provided that
any third party costs incurred in providing such information and reasonable
assistance shall be paid by the Purchaser. 

     (c)      The
Purchaser shall use reasonable efforts to obtain the Regulatory Approvals as
promptly as practicable after the date hereof; provided, however, that nothing
contained in this Section 7.19 shall affect any condition precedent to the
obligations of the parties to complete the Contemplated Transactions referred to
in Article 8. 

     (d)      The
Purchaser shall (i) promptly notify the Representative of any material
communication it or any of its representatives receives from OSFI or its staff
in connection with the OSFI Approval and shall permit the Representative to
consult in advance regarding any proposed material communications by the
Purchaser to OSFI or its staff, and (ii) shall provide the Representative with
copies of all notices, correspondence, filings or communications between such
party or any of its representatives, on the one hand, and OSFI or its staff, on
the other hand, in each case to the extent relating to or in connection with the
OSFI Approval. The foregoing shall not require the Purchaser to provide to the
Representative any communication given to OSFI which the Purchaser believes,
acting reasonably, is confidential to the Purchaser or any of its Affiliates.

     (e)     
Neither the Purchaser nor any of its representatives shall participate in any
material meeting with OSFI relating to or in connection with the OSFI Approval
unless it consults with the Representative in advance and, to the extent
permitted by OSFI, gives the Representative the opportunity to attend and
participate at such meeting and shall promptly inform the Representative about
any other meeting with OSFI relating to or in connection with the OSFI Approval.

39 

     (f)      The
Purchaser shall file the required notice under the Investment Canada Act
(Canada) not later than 30 days after the Closing Date. 

     ARTICLE 8.

CONDITIONS PRECEDENT 

	Section 8.1 	Conditions to the Obligations of the
      Parties. 

     The obligations of the parties to
consummate the Contemplated Transactions are subject to the satisfaction or (to
the extent permitted by Applicable Law) waiver by all of the parties, on or
prior to the Closing Date, of each of the following conditions: 

     (a)    
Governmental Approvals. The OSFI Approval and the TSXV Approval
(collectively, the “Regulatory Approvals”) shall have been
obtained and shall remain in full force and effect. 

     (b)    
No Prohibitions. No provision of any Applicable Law shall prohibit or
otherwise challenge the legality or validity of the Contemplated Transactions.

Section 8.2 Conditions to the Obligations
of the Vendors. 

     The obligations of the Vendors to
consummate the Contemplated Transactions are subject to the satisfaction or (to
the extent permitted by Applicable Law) waiver by the Representative on behalf
of the Vendors, on or prior to the Closing Date, of each of the following
further conditions: 

     (a)    
Accuracy of Representations and Warranties. Each of the representations
and warranties of the Purchaser set forth in this Agreement; (i) that is
qualified by materiality shall be true and correct in all respects; and (ii)
that is not so qualified shall be true and correct in all material respects, in
each case at and as of the Closing Date as if made on and as of the Closing Date
(except to the extent that any such representations and warranties speak
expressly as of an earlier date, in which case they shall be true and correct,
or true and correct in all material respects, as the case may be, as of such
earlier date). 

     (b)    
Performance of Covenants. The Purchaser shall have performed or complied
in all material respects with all covenants, agreements and obligations required
by this Agreement to be performed or complied with by Purchaser on or prior to
the Closing Date. 

     (c)    
Certificate of Compliance. The Purchaser shall have delivered to the
Representative a certificate dated the Closing Date, signed by an authorized
officer of the Purchaser, certifying as to the satisfaction of the conditions
set forth in Section 8.2(a) and Section 8.2(b). 

     (d)    
Receipt of Closing Deliveries. The Purchaser shall have executed and
delivered, or caused to be executed and delivered, all of the agreements,
certificates and other documents specified in Section 2.9, all in form
and substance reasonably satisfactory to the Representative. 

	Section 8.3 	Conditions to the Obligations of the
      Purchaser. 

     The obligations of the Purchaser
to consummate the Contemplated Transactions are subject to the satisfaction or
(to the extent permitted by Applicable Law) waiver by the Purchaser, on or prior
to the Closing Date, of each of the following further conditions: 

40 

     (a)    
Accuracy of Representations and Warranties. Each of the representations
and warranties of the Vendors or the Significant Vendors, as the case may be,
set forth in this Agreement and in any certificate or other writing delivered by
them pursuant hereto: (i) that is qualified by materiality or Material Adverse
Effect shall be true and correct in all respects; and (ii) that is not so
qualified shall be true and correct in all material respects, in each case at
and as of the Closing Date as if made on and as of the Closing Date (except to
the extent that any such representations and warranties speak expressly as of an
earlier date, in which case they shall be true and correct, or true and correct
in all material respects, as the case may be, as of such earlier date). 

     (b)    
Performance of Covenants. The Vendors and the Significant Vendors, as
applicable, shall have performed or complied in all material respects with all
covenants, agreements and obligations required by this Agreement to be performed
or complied with by them on or prior to the Closing Date. 

     (c)     No
Material Adverse Effect. Between the date hereof and the Closing Date, there
shall have been no Material Adverse Effect. 

     (d)    
Certificate of Compliance. The Vendors shall have delivered to the
Purchaser a certificate dated the Closing Date, signed by each Vendor,
certifying as to the satisfaction of the conditions set forth in Section
8.3(a) and Section 8.3(b). 

     (e)    
Third Party Consents. The Significant Vendors shall have obtained the
written consents of, or given notifications (to the extent only notification is
required) to, each of the third parties set forth in Section 3.3(b) of the
Disclosure Schedule, in each case in form and substance reasonably satisfactory
to the Purchaser, and all such consents shall remain in full force and effect.

     (f)    
Receipt of Closing Deliveries. The Vendors shall have executed and
delivered, or caused to be executed and delivered, all of the agreements,
certificates and other documents specified in Section 2.8, all in
form and substance reasonably satisfactory to the Purchaser. 

     (g)    
Lien Releases and Payoff Letters. The Significant Vendors shall have
received such Lien releases, payoff letters and/or termination statements, in
form and substance reasonably satisfactory to the Purchaser, as the Purchaser
may reasonably require to evidence the repayment in full of all Indebtedness of
the Companies and the release and discharge of all Liens on the Shares or, if
applicable, the assets and properties of the Companies. 

     ARTICLE 9.

TERMINATION 

	Section 9.1 	Grounds for Termination.
  

     Notwithstanding anything
contained in this Agreement to the contrary, this Agreement may be terminated
and the Contemplated Transactions may be abandoned at any time prior to the
Closing: 

     (a)      by the
mutual written agreement of the Purchaser and the Representative; 

     (b)      by the
Purchaser in the event of a material breach of any representation, warranty,
covenant or agreement of any of the Vendors contained herein and the failure of
the Vendors to cure such breach within ten (10) Business Days after receipt of
written notice from the Purchaser requesting such breach to be cured; provided,
however, that there shall be no right to terminate if such breach was caused, in
whole or in part, by a material breach by the Purchaser; 

41 

     (c)     by
the Representative on behalf of the Vendors in the event of a material breach of
any representation, warranty, covenant or agreement of the Purchaser contained
herein and the failure of the Purchaser to cure such breach within ten (10)
Business Days after receipt of written notice from the Representative requesting
such breach to be cured; provided, however, that there shall be no right to
terminate if such breach was caused, in whole or in part, by a material breach
by any Vendor; 

     (d)      by either
the Purchaser or the Representative if any Governmental Authority shall have
issued a final and non-appealable order, decree or judgment permanently
restraining, enjoining or otherwise prohibiting the consummation of the
Contemplated Transactions; or 

     (e)      by either
the Purchaser or the Representative if the Closing shall not have occurred on or
before February 28, 2015 (or such later date as may be agreed to in writing by
the Purchaser and the Representative); provided, however, that the right to
terminate this Agreement under this Section 9.1(e) shall not be available
to any party whose failure to fulfill any obligation under, or breach of any
provision of, this Agreement shall have been the cause of, or shall have
resulted in, the failure of the Closing to occur on or before the applicable
date. 

	Section 9.2 	Notice of Termination.
  

     Any party desiring to terminate
this Agreement pursuant to Section 9.1 shall give written notice of such
termination to the other parties to this Agreement in accordance with Section
11.1, specifying the provision(s) pursuant to which such termination is
effective. 

	Section 9.3 	Effect of Termination.
  

     If this Agreement is terminated
pursuant to this Article 9, this Agreement shall forthwith become void
and of no further force and effect and all rights and obligations of the parties
hereunder shall be terminated without further liability of any party to any
other party; provided, however, that: (a) the provisions of Section 7.6,
Section 7.8, this Section 9.3 and Article 10 and Article
11, and the rights and obligations of the parties thereunder, shall survive
any such termination; and (b) nothing herein shall relieve any party from
liability for any intentional misrepresentation under, or any breach of, this
Agreement prior to the date of termination. 

     ARTICLE 10.

INDEMNIFICATION 

	Section 10.1 	Survival; Investigation.
  

     (a)     The
representations and warranties of the parties contained in this Agreement shall
survive the Closing for a period of two (2) years after the Closing Date, except
that: (i) the representations and warranties of the Significant Vendors
contained in Section 3.17 (Tax Matters) and Section 3.18
(Environmental Matters) shall survive the Closing Date until ninety (90) days
after the expiration of the statute of limitations applicable to the matters
covered thereby (giving effect to any waiver, mitigation or extension thereof);
and (ii) the representations and warranties of the parties contained in
Section 3.4 (Capitalization), Section 3.28 (No Broker), Section
4.1 (Authorization), Section 4.3 (Ownership of the Shares),
Section 4.5 (Residency; Insolvency), Section 6.2 (Authorization)
and Section 6.5 (No Broker) (collectively, the "Fundamental
Representations") shall survive the Closing indefinitely or until the latest
date permitted by Applicable Law. 

42 

     (b)     
The covenants and agreements of the parties contained in this Agreement to the
extent not performed at or before Closing shall survive the Closing until the
date explicitly specified therein or, if not so specified, indefinitely or until
the latest date permitted by Applicable Law. 

     (c)      Notwithstanding
the preceding paragraphs (a) and (b), any breach of any representation,
warranty, covenant or agreement in respect of which indemnification may be
sought under this Article 10 shall survive the time at which it otherwise
would terminate pursuant to the preceding paragraphs if a Claim Notice of the
inaccuracy or breach thereof giving rise to such right of indemnification shall
have been given to the party against whom such indemnification may be sought
within the applicable survival period. 

     (d)     
No investigation conducted by or on behalf of any of the parties or their
respective representatives prior to the Closing shall affect the
representations, warranties, covenants or agreements of any other party set
forth herein or any party’s right to indemnification based on a breach of any
such representation, warranty, covenant or agreement. 

	Section 10.2 	Indemnification by the Significant
      Vendors – Joint and Several. 

     Subject to the terms and
conditions of this Article 10, the Significant Vendors shall, jointly and
severally, indemnify and hold harmless the Purchaser Indemnified Parties from
and against any and all Damages incurred or suffered by the Purchaser
Indemnified Parties (whether or not involving a Third Party Claim) resulting
from, in connection with or arising out of: 

     (a)     
any breach of, or inaccuracy in, any representation or warranty of the
Significant Vendors contained in Article 3 of this Agreement or any
Ancillary Agreement; 

     (b)      any
breach of, or failure to perform, any covenant or agreement of the Significant
Vendors contained in this Agreement or any Ancillary Agreement; or 

     (c)      the
Indemnified Liabilities.

	Section 10.3 	Indemnification by the Vendors – Several
      and Not Joint With Respect to Specified
      Matters.

     Subject to the terms and
conditions of this Article 10, each Vendor shall, severally as to itself,
himself or herself only and not jointly, indemnify and hold harmless the
Purchaser Indemnified Parties from and against any and all Damages incurred or
suffered by the Purchaser Indemnified Parties (whether or not involving a Third
Party Claim) resulting from, in connection with or arising out of: 

     (a)      any
breach of, or inaccuracy in, any representation or warranty of such Vendor
contained in Article 4 of this Agreement; or 

     (b)      any
breach of, or failure to perform, any covenant or agreement of such Vendor
contained in this Agreement. 

	Section 10.4 	Indemnification by the Purchaser.
    

     Subject to the terms and
conditions of this Article 10, the Purchaser shall indemnify and hold
harmless the Vendor Indemnified Parties from and against any and all Damages
incurred or suffered by the Vendor Indemnified Parties (whether or not involving
a Third Party Claim) resulting from, in connection with or arising out of: 

43 

     (a)      any
breach of, or inaccuracy in, any representation or warranty of the Purchaser
contained in this Agreement or any Ancillary Agreement; or 

     (b)     
any breach of, or failure to perform, any covenant or agreement of the Purchaser
contained in this Agreement or any Ancillary Agreement. 

	Section 10.5 	Limits on Indemnification.
  

     (a)     
Deductibles for Breaches of Representations and Warranties. Subject to
Section 10.5(c): 

     (i)      The
Purchaser Indemnified Parties shall not be entitled to indemnification from the
Significant Vendors pursuant to Section 10.2(a) with respect to breaches
or inaccuracies of the representations and warranties of the Significant Vendors
unless and until the aggregate amount of Damages incurred or suffered by the
Purchaser Indemnified Parties in respect of such matters exceeds $60,000,
whereupon the Significant Vendors will, subject to the limitation of liability
set forth above, be liable for such Damages from first dollar. 

     (ii)     
The Purchaser Indemnified Parties shall not be entitled to indemnification from
a Vendor pursuant to Section 10.3(a) with respect to breaches or
inaccuracies of the representations and warranties of such Vendor unless and
until the aggregate amount of Damages incurred or suffered by the Purchaser
Indemnified Parties in respect of such matters exceeds $60,000 in respect of
each such Vendor, whereupon such Vendor will, subject to the limitation of
liability set forth above, be liable for such Damages from first dollar. 

     (iii)      The
Vendor Indemnified Parties shall not be entitled to indemnification from the
Purchaser pursuant to Section 10.4(a) with respect to breaches or
inaccuracies of the representations and warranties of the Purchaser unless and
until the aggregate amount of Damages incurred or suffered by the Vendor
Indemnified Parties in respect of such matters exceeds $60,000, whereupon the
Purchaser will, subject to the limitation of liability set forth above, be
liable for such Damages from first dollar. 

     (b)     
Caps for Breaches of Representations and Warranties. Subject to
Section 10.5(c): 

     (i)     
The maximum aggregate liability of each Significant Vendor pursuant to
Section 10.2 shall not exceed the product of: (1) such Significant
Vendor’s Percentage Interest; multiplied by (2) the Aggregate Consideration.

     (ii)     
The maximum aggregate liability of each Vendor pursuant to Section 10.3
shall not exceed the product of: (1) such Vendor’s Percentage Interest;
multiplied by (2) the Aggregate Consideration. 

     (iii)     
The maximum aggregate liability of the Purchaser pursuant to Section 10.4
shall not exceed the Aggregate Consideration. 

     (c)     
Certain Exceptions. The limits on indemnification set forth in Section
10.5(a) and Section 10.5(b) shall not apply to any indemnification
claim for Damages resulting from, in connection with or arising out of: (i) any
breach of or inaccuracy in any of the Fundamental Representations; (ii) any
matter relating to Taxes; (iii) any fraud or intentional misrepresentation by
any party in connection with this Agreement; or (iv) any of the matters referred
to in Section 7.11. 

     (d)     
Calculation of Damages. 

44 

     The amount of any Damages
incurred or suffered by any Indemnified Party and for which indemnification is
provided under this Article 10 shall be calculated on an after-tax basis
and net of: (i) any net amount recovered by such Indemnified Party from a third
party with respect to such Damages; and (ii) any insurance proceeds received by
such Indemnified Party with respect to such Damages under any insurance policy,
excluding self-insurance arrangements and net of any deductible or other
expenses incurred by such Indemnified Party in collecting any such insurance
proceeds (including reasonable attorneys’ fees and any premium increases
directly related to obtaining such insurance proceeds). In addition, Damages
shall (x) exclude any contingent liability until it becomes actual; (y) exclude
any indirect or consequential damages or damages for loss of profits; and (z) be
reduced by any amounts received by the Indemnified Party under or pursuant to
any claim, recovery, settlement or payment by or against any other Persons which
relates to the subject-matter of the indemnification claim that gave rise to the
Damages. 

     (e)      Mitigation

     Each Indemnified Party agrees to
take reasonable steps to mitigate any Damages that such Indemnified Party
asserts under this Article 10. Any costs and expenses incurred by such
Indemnified Party in connection with such mitigation shall constitute Damages
that may be recovered hereunder. 

Section 10.6 Third Party Claims
Procedure. 

     (a)     
Notice. If any Indemnified Party receives notice of the assertion of any
claim or the commencement of any Action by a third party in respect of which
indemnification shall be sought hereunder (a "Third Party Claim"), the
Indemnified Party shall give the Indemnifying Party prompt notice (a "Claim
Notice") describing in reasonable detail the Third Party Claim and, if
ascertainable, the amount in dispute under the Third Party Claim; provided,
however, that the failure of the Indemnified Party to give a Claim Notice shall
not relieve the Indemnifying Party of its obligations to provide indemnification
hereunder except to the extent (and only to the extent) that the Indemnifying
Party shall have been materially prejudiced by such failure. 

     (b)     
Defense. Subject to the limitations set forth in this Section
10.6(b), in the event of a Third Party Claim, the Indemnifying Party shall
have the right to elect to conduct and control the defense, compromise or
settlement of such Third Party Claim, with counsel of its choice reasonably
acceptable to the Indemnified Party and at the Indemnifying Party’s sole cost
and expense; provided, however, that the Indemnified Party may participate
therein through separate counsel chosen by it and at its sole cost and expense.
Notwithstanding the foregoing, if (1) the Indemnifying Party shall not have
given notice of its election to conduct and control the defense of the Third
Party Claim within thirty (30) days after the Indemnified Party has given a
Claim Notice thereof, (2) the Indemnifying Party shall fail to conduct such
defense diligently and in good faith, (3) the Indemnified Party shall reasonably
determine that use of counsel selected by the Indemnifying Party to represent
the Indemnified Party would present such counsel with a conflict of interest, or
(4) the Third Party Claim is for injunctive, equitable or other non-monetary
relief against the Indemnified Party, then in each such case the Indemnified
Party shall have the right to control the defense, compromise or settlement of
the Third Party Claim with counsel of its choice at the Indemnifying Party’s
sole cost and expense, not to exceed one law firm. 

     (c)     
Cooperation. In connection with any Third Party Claim, from and after
delivery of a Claim Notice, the Indemnifying Party and the Indemnified Party
shall, and shall cause their respective Affiliates and representatives to, use
commercially reasonable efforts to cooperate in connection with the defense or
prosecution of such Third Party Claim, including furnishing such records,
information and testimony and attending such conferences, discovery proceedings,
hearings, trials and appeals as may be reasonably requested by the Indemnifying
Party or the Indemnified Party in connection therewith. In addition, the party
controlling the defense of any Third Party Claim shall keep the non-controlling
party advised of the status thereof and shall consider in good faith any
recommendations by the non-controlling party with respect thereto. 

45 

     (d)    
Settlement Limitations. Except as set forth below, no Third Party Claim
may be settled or compromised: (i) by the Indemnified Party without the prior
written consent of the Indemnifying Party (not to be unreasonably withheld,
conditioned or delayed); or (ii) by the Indemnifying Party without the prior
written consent of the Indemnified Party (not to be unreasonably withheld,
conditioned or delayed). Notwithstanding the foregoing: (1) the Indemnified
Party shall have the right to pay, settle or compromise any Third Party Claim,
provided that in such event the Indemnified Party shall waive all rights against
the Indemnifying Party to indemnification under this Article 10 with
respect to such Third Party Claim unless the Indemnified Party shall have sought
the consent of the Indemnifying Party to such payment, settlement or compromise
and such consent shall have been unreasonably withheld, conditioned or delayed;
and (2) the Indemnifying Party shall have the right to consent to the entry of a
judgment or enter into a settlement with respect to any Third Party Claim
without the prior written consent of the Indemnified Party if the judgment or
settlement (x) involves only the payment of money damages (all of which will be
paid in full by the Indemnifying Party concurrently with the effectiveness
thereof), (y) will not encumber any of the assets of the Indemnified Party and
will not contain any restriction or condition that would apply to or adversely
affect the Indemnified Party or the conduct of its business, and (z) includes,
as a condition to any settlement or other resolution, a complete and irrevocable
release of the Indemnified Party from all liability in respect of such Third
Party Claim and includes no admission of wrong doing. 

     (e)    
Tax Contest. Notwithstanding anything to the contrary in this Article
10, the Representative shall have the right to represent the Companies’
interests in any Tax Contest relating to Tax liabilities for which the
Significant Vendors would be required to indemnify the Purchaser Indemnified
Parties pursuant to this Article 10 and which relate to the Pre-Closing
Period; provided, however, that the Representative shall have no right to
represent the Companies’ interests in any Tax Contest unless the Representative
shall have first notified the Purchaser in writing of the Representative’s
intention to do so within sixty (60) days of receipt of notice of the Third
Party Claim for Taxes. Notwithstanding the foregoing, if (i) the Representative
shall not have given notice of his election to represent the Companies’
interests in the Tax Contest within such sixty (60) day period, (ii) the
Representative shall fail to conduct such defense diligently and in good faith
or (iii) the Purchaser shall reasonably determine that use of counsel selected
by the Representative to represent the Purchaser would present such counsel with
an actual or potential conflict of interest, then in each such case the
Purchaser shall have the right to control the defense, compromise or settlement
of the Tax Contest with counsel of its choice at the Significant Vendors’ sole
cost and expense. Notwithstanding the foregoing, the Representative shall not be
entitled to settle, either administratively or after the commencement of
litigation, any Tax Contest that could adversely affect the liability for Taxes
of the Purchaser, the Companies or any of their Affiliates for any period after
the Closing Date to any extent (including the imposition of income Tax
deficiencies, the reduction of asset basis or cost adjustments, the lengthening
of any amortization or depreciation periods, the denial of amortization or
depreciation deductions, or the reduction of loss or credit carryforwards)
without the prior written consent of the Purchaser, which consent may be
withheld in the sole discretion of the Purchaser, unless the Significant Vendors
shall have indemnified the Purchaser in a manner acceptable to the Purchaser
against the effects of any such settlement. 

	Section 10.7 	Direct Claims Procedure.
  

     In the event the Indemnified
Party should have a claim for indemnification hereunder that does not involve a
Third Party Claim, the Indemnified Party shall, as promptly as practicable,
deliver to the Indemnifying Party a written notice that contains: (a) a
description and the amount (the "Claimed Amount") of any Damages
incurred or suffered by the Indemnified Party; (b) a statement that the
Indemnified Party is entitled to indemnification under this Article 10
and a reasonable explanation of the basis therefore; and (c) a demand for
payment by the Indemnifying Party. Within thirty (30) days after delivery of
such written notice, the Indemnifying Party shall deliver to the Indemnified
Party a written response in which the Indemnifying Party shall: (i) agree that
the Indemnified Party is entitled to receive all of the Claimed Amount (in which
case such response shall be accompanied by a payment by the Indemnifying Party
of the Claimed Amount); (ii) agree that the Indemnified Party is entitled to
receive part, but not all, of the Claimed Amount (the "Agreed Amount")
(in which case such response shall be accompanied by payment by the Indemnifying
Party of the Agreed Amount); or (iii) contest that the Indemnified Party is
entitled to receive any of the Claimed Amount. If the Indemnifying Party
contests the payment of all or part of the Claimed Amount, the Indemnifying
Party and the Indemnified Party shall use good faith efforts to resolve such
dispute as promptly as practicable. If such dispute is not resolved within
thirty (30) days following the delivery by the Indemnifying Party of such
response, the Indemnified Party and the Indemnifying Party shall each have the
right to submit such dispute to a court of competent jurisdiction in accordance
with the provisions of Section 11.8. 

46 

	Section 10.8 	Right of Set-Off.

     With respect to any Damages
incurred or suffered by any Purchaser Indemnified Party arising out of any
breach of any representation, warranty, covenant or agreement made or to be
performed by a Vendor or Significant Vendor (the “Breaching Vendor”)
under or pursuant to this Agreement, such Breaching Vendor agrees that, solely
at the Purchaser’s option, all or any portion of such Damages may be satisfied
by a reduction of such Breaching Vendor’s pro rata share of the Holdback Amount
and the Run-Off Consideration. The right of set-off provided in this Section
10.8 is not intended to be the exclusive means of collecting Damages
incurred or suffered by any Purchaser Indemnified Party in connection with this
Agreement. 

	Section 10.9 	Treatment of Indemnification
      Payments. 

     All indemnification payments made
under this Agreement shall be treated by the parties as an adjustment to the
Aggregate Consideration for Tax purposes.

	Section 10.10 	No Contribution.

     Each Vendor acknowledges and
agrees that such Vendor’s obligation to indemnify and hold harmless the
Purchaser Indemnified Parties pursuant to this Article 10 is an
obligation solely of such Vendor and that from and after the Closing, the
Vendors shall not be entitled to contribution from, subrogation to or recovery
against the Purchaser, the Companies or their respective Affiliates with respect
to any Damages imposed on or incurred by the Vendors in connection with this
Agreement or the Contemplated Transactions arising out of, relating to or in
respect of any period prior to the Closing or any breach by any of the Vendors
of any of their representations, warranties, covenants or agreements set forth
in this Agreement. 

	Section 10.11 	Exclusive Remedy.

     Except for remedies for
injunctive or specific performance and claims for fraud or intentional
misrepresentation, if the Closing occurs, the indemnification rights set forth
in this Article 10 shall be the sole and exclusive remedy for any claim
arising out of this Agreement or the Contemplated Transactions. 

47 

     ARTICLE 11.

GENERAL PROVISIONS 

	Section 11.1 	Notices. 

     All notices or other
communications hereunder: (i) shall be in writing signed by or on behalf of the
party making the same; (ii) shall be deemed given or delivered (1) if delivered
personally, when received, (2) if sent from within the United States or Canada
by registered or certified mail, postage prepaid, return receipt requested, on
the tenth (10th) Business Day after mailing, or (3) if sent by
messenger or reputable overnight courier service, when received; and (iii) shall
be addressed to each party at the following addresses (or at such other address
for a party as shall be specified in a notice given in accordance with this
Section 11.1): 

(a)      If to the
Purchaser, to: 

    
     Till Capital Ltd. 
    
     11521 N. Warren Street

          Hayden, Idaho

          USA 83835

         Attention: Chief Financial
Officer

(b)      If to the
Vendors, the Representative or the Guarantor, to the addresses of such parties
set forth on Exhibit D. 

	Section 11.2 	Counterparts.

     This Agreement and the Ancillary
Agreements may be executed and delivered (including by facsimile, "pdf" or other
electronic transmission) in any number of counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument. 

	Section 11.3 	Amendments and Waivers.
  

     This Agreement may not be amended
or waived except by an instrument in writing signed by an authorized
representative of each party. No course of conduct or failure or delay by any
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. 

	Section 11.4 	Severability.

     Wherever possible, each provision
hereof shall be interpreted in such manner as to be effective and valid under
Applicable Law, but if any one or more of the provisions contained herein shall,
for any reason, be held to be invalid, illegal or unenforceable in any respect
by a court of competent jurisdiction, such provision shall be ineffective to the
extent, but only to the extent, of such invalidity, illegality or
unenforceability without invalidating the remainder of such invalid, illegal or
unenforceable provision or provisions or any other provisions hereof, unless
such a construction would be unreasonable. 

	Section 11.5 	Assignment; Successors and
      Assigns. 

     Neither this Agreement nor any of
the rights, interests or obligations of any party hereunder may be assigned,
delegated or otherwise transferred by such party, in whole or in part (whether
by operation of law or otherwise), without the prior written consent of each
other party, and any attempt to make any such assignment, delegation or other
transfer without such consent shall be null and void; provided, however, that
the Purchaser may assign its rights, interests and obligations under this
Agreement and the Ancillary Agreements, without the consent of the other
parties, to any Person who acquires all or substantially all of the assets and
business of the Purchaser or to any Affiliate of the Purchaser, subject to the
assumption in writing by such Person or Affiliate of the Purchaser’s obligations
hereunder; and provided, further, that the Purchaser may collaterally assign its
rights and interests under this Agreement and the Ancillary Agreements, without
the consent of the other parties, to any of its E&O insurance carriers and
may assign or encumber this Agreement or any of its rights and obligations
hereunder as security for any indebtedness of the Purchaser and its Affiliates
without the consent of the other parties. Subject to the preceding sentences,
this Agreement shall be binding upon, inure to the benefit of and be enforceable
by the parties and their respective successors and permitted assigns. No such
permitted assignment shall relieve the Purchaser of its obligations hereunder
and under the Ancillary Agreements.

48 

	Section 11.6 	No Third Party Beneficiaries.
  

     Except for Section 7.11 and
Article 10, which are intended to benefit and to be enforceable by the
parties specified therein, nothing in this Agreement, express or implied, is
intended or shall be construed to confer upon any third party, other than the
parties hereto and their respective successors and assigns permitted by
Section 11.5, any right, remedy or claim under or by reason of this
Agreement. 

	Section 11.7 	Governing Law.

     This Agreement shall be governed
by, and construed in accordance with, the substantive laws of the Province of
Ontario and the federal laws of Canada applicable therein, without giving effect
to any choice of law provision or rule (whether of the Province of Ontario or
any other jurisdiction) that would cause the application of laws of any
jurisdiction other than those of the Province of Ontario. 

	Section 11.8 	Venue. 

     Subject to Section 7.11,
each party hereby irrevocably and unconditionally: (a) agrees that any action,
suit or proceeding arising out of or related to this Agreement or any of the
Contemplated Transactions, whether based in contract, tort or any other legal
theory, may be brought in the Ontario Superior Court of Justice located in the
City of Toronto (and in the appropriate appellate courts therefrom); (b)
consents and submits to the personal jurisdiction of such courts in any such
action, suit or proceeding; (c) waives, to the fullest extent permitted by law,
any claim, defense or objection to the venue of such courts (whether on the
basis of forum non conveniens or otherwise); (d) agrees that it will not attempt
the removal of any such action, suit or proceeding to any other court, whether
local, provincial or federal courts of Canada or the courts of any other
country; and (e) consents to service of process on such party in the manner
provided in Section 11.1. 

	Section 11.9 	Specific Performance.
  

     The parties agree that
irreparable and ongoing damages would occur in the event that any provision of
this Agreement were not performed in accordance with its terms or otherwise was
breached. Accordingly, each party agrees that in the event of any actual or
threatened breach of this Agreement by the other party, the non-breaching party
shall be entitled, in addition to all other rights and remedies that it may
have, to obtain injunctive or other equitable relief (including a temporary
restraining order, a preliminary injunction and a final injunction) to prevent
any actual or threatened breach of any of such provisions and to enforce such
provisions specifically, without the necessity of posting a bond or other
security or of proving actual damages. The prevailing party in any action
commenced under this Section 11.9 (whether through a monetary
judgment, injunctive relief or otherwise) shall be entitled to recover from the
other party reimbursement for its reasonable attorneys’ fees and court costs
incurred in connection with such action. 

49 

	Section 11.10 	Interpretation; Absence of
      Presumption. 

     (a)      The
table of contents, table of defined terms and headings contained in this
Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement. In this Agreement, except to the
extent otherwise provided herein or that the context otherwise requires: (i)
words used in the singular include the plural and words in the plural include
the singular; (ii) reference to any gender includes the other gender; (iii) the
words "include," "includes" and "including" shall be deemed to be followed by
the words "without limitation"; (iv) the words "herein," "hereof," "hereto,"
"hereunder" and words of similar import shall be deemed references to this
Agreement as a whole and not to any particular Section or other provision
hereof; (v) reference to any Article, Section, Exhibit or Schedule shall mean
such Article or Section of, or such Exhibit or Schedule to, this Agreement, as
the case may be, and references in any Section or definition to any clause means
such clause of such Section or definition; (vi) reference to any Applicable Law
shall mean such Applicable Law (including all rules and regulations promulgated
thereunder) as amended, modified, codified or reenacted, in whole or in part,
and in effect at the time of determining compliance or applicability; and (vii)
references to "$" and "Canadian dollars" are to Canadian currency. 

     (b)      Each
party acknowledges and agrees that the parties have participated jointly in the
negotiation and drafting of this Agreement. In the event that an ambiguity or a
question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the parties, and no presumption or burden of proof
shall arise favoring or disfavoring any party by virtue of the authorship of any
provision of this Agreement. 

	Section 11.11 	Representative; Power of
      Attorney. 

     (a)      Each
Vendor hereby appoints and constitutes the Representative as its true and lawful
agent and attorney-in-fact to act for and on behalf of such Vendor for the
purpose of taking any and all actions by such Vendor specified in or
contemplated by this Agreement, including as agent and attorney-in-fact for such
parties: (i) in connection with any termination of this Agreement pursuant to
Section 9.1(a); (ii) in connection with any amendment or waiver of
any provision of this Agreement pursuant to Section 11.3; (iii) in
connection with the receipt of all agreements, certificates and other documents
to be delivered by the Purchaser at the Closing pursuant to Section 2.9;
(iv) with respect to the matters set forth in Section 2.4, Section
2.5 and Section 2.6; (v) for the purpose of giving and receiving
notices on behalf of the Vendors under this Agreement; and (vi) for the purpose
of defending all indemnity claims pursuant to Article 10, consenting to,
compromising or settling all such indemnity claims, and conducting negotiations
with the Purchaser under this Agreement (including pursuant to Section
10.6(e)). 

     (b)      For
greater certainty, the assumption by the Representative of the responsibilities
set out in this Section 11.11 does not make the Representative personally
responsible for amounts owing by any of the Vendors hereunder except as a
Vendor. In each such case in this Agreement, the Purchaser shall be entitled to
direct all communications through, and rely on decisions made by, the
Representative. With respect to all such matters, the Representative may (i)
take any and all actions (including without limitation executing and delivering
any documents), incurring any costs and expenses for the account of the Vendors
and make any and all determinations which may be required or permitted to be
taken by the Vendors under this Agreement, (ii) exercise such other rights,
power and authority as are authorized, delegated and granted to the
Representative under this Agreement, (iii) dispute or refrain from disputing any
claim made by the Purchaser Indemnified Parties under Article 10, (iv)
negotiate and compromise any dispute that may arise under and exercise or
refrain from exercising any remedies available under this Agreement, (v) execute
any settlement agreement, release or other document with respect to such dispute
or remedy, and (vi) exercise such rights, power and authority as are incidental
to the foregoing. Any decision, act, consent or instruction of the
Representative under this Agreement shall constitute a decision of all of the
Vendors and shall be final, binding and conclusive upon all of the Vendors, and
the Purchaser shall be entitled to rely upon any such decision, act, consent or
instruction of the Representative as being the decision, act, consent or
instruction of all of the Vendors. 

50 

     (c)      The
limited power of attorney granted hereby is coupled with an interest and shall:
(i) survive and not be affected by the subsequent death, incapacity, disability,
bankruptcy or dissolution, as applicable, of any Vendor; and (ii) extend to each
Vendor’s heirs, executors, administrators, legal representatives, successors and
assigns, as applicable. 

     (d)      Each
Vendor hereby agrees to indemnify and hold harmless the Representative from and
against any and all loss, liability or expense (including the reasonable fees
and expenses of the Representative’s attorneys) arising out of or in connection
with any act or failure to act of the Representative hereunder, except to the
extent that such loss, liability or expense is finally adjudicated to have been
primarily caused by the gross negligence or willful misconduct of the
Representative. 

     (e)      The
Representative may resign at any time, effective immediately upon notice to the
Vendors and the Purchaser. In the event of the resignation of the
Representative, another Person shall be appointed by a majority of the Vendors,
with each Vendor entitled to that Vendor’s Percentage Interest. Notices or
communications to or from the Representative shall constitute notice to or from
each Vendor. 

     (f)      The
Representative may, in all questions arising hereunder, rely on the advice of
counsel and the Representative shall not be liable to anyone for anything done,
omitted or suffered by the Representative based on such advice. The
Representative undertakes to perform such duties and only such duties as are
specifically set forth in this Agreement and no implied covenants or obligations
shall be read into this Agreement against the Representative. The Representative
shall not be liable to the Vendors for any error of judgment, or any act done or
step taken or omitted in good faith or for any mistake in fact or law, or for
anything which it may do or refrain from doing in connection herewith, except
for his own gross negligence or willful misconduct as determined by a court of
competent jurisdiction.

     (g)      Each
of the Vendors shall pay its Percentage Interest of all costs and expenses
(including those of any legal counsel or other professional retained by the
Representative) in connection with the acceptance or administration of the
Representative’s duties hereunder, and to reimburse the Representative for any
costs or expenses incurred by the Representative pursuant to this Agreement and
the Ancillary Agreement contemplated hereby and the transactions contemplated
hereby and thereby. 

	Section 11.12 	Entire Agreement.

     This Agreement (including the
Exhibits hereto), the Disclosure Schedule and the Ancillary Agreements
constitute the entire agreement and understanding, and supersede any and all
prior and/or contemporaneous agreements and understandings, both written and
oral, among the parties with respect to the subject matter hereof. 

	Section 11.13 	Funds. 

     Any tender of money hereunder
shall be paid by wire transfer, bank draft or direct deposit of immediately
available funds, to such account as the recipient shall direct in writing. 

51 

     IN WITNESS WHEREOF, each
party has caused this Agreement to be duly executed and delivered as of the date
first written above. 

	“/s/ C. Solomon” 	 	“/s/ Philip H. Cook” 
	 	 	 
	Witness: 	 	Philip H. Cook 
	 	 	 
	  	 	 
	“/s/ Philip H. Cook” 	 	“/s/ Janet Cook” 
	 	 	 
	Witness: 	 	Janet Cook 
	 	 	 
	  	 	 
	“/s/ C. Solomon” 	 	“/s/ Matthew Cook” 
	 	 	 
	Witness: 	 	Matthew Cook 
	  	 	 
	  	 	“/s/ Judith Moncrieff” 
	"/s/ [name indeterminable]" 	 	 
	 	 	 
	Witness: 	 	Judith Moncrieff 
	 	 	 
	  	 	“/s/ Donald Georgevittch” 
	"/s/ [name indeterminable]" 	 	 
	 	 	 
	Witness: 	 	Donald Georgevitch 
	  	 	 
	  	 	 
	"/s/ [name indeterminable]" 	 	“/s/ Ed Richards” 
	 	 	 
	Witness: 	 	Ed Richards 
	  	 	 
	  	 	 
	“/s/ Philip H. Cook” 	 	“/s/ Jane Atkins” 
	 	 	 
	Witness: 	 	Jane Atkins 

52 

	"/s/ [name indeterminable]" 	 	  
	  	 	“/s/ Irene Palmay 
	Witness: 	 	Irene Palmay 
	  	 	  
	  	 	  
	  	 	  
	“/s/ Philip H. Cook” 	 	  
	  	 	“/s/ Brian Maltman” 
	Witness: 	 	Brian Maltman 
	  	 	  
	  	 	  
	  	 	  
	“/s/ C. Solomon” 	 	  
	  	 	“/s/ Valerie Reid” 
	Witness: 	 	Valerie Reid 

	 
	INTEGRATED PARTNERS LIMITED 
	PARTNERSHIP ONE by its general 
	partner INTEGRATED PARTNERS GP 
	LIMITED 
	  	  
	  	  
	By: 	“/s/ S. C. Johnson” 
	  	Name: S. C. Johnson 
	  	Title: Director 
	  	  
	MILROY HOLDINGS CORPORATION 
	  	  
	By: 	“/s/ Philip H. Cook” 
	  	Name: P.H. Cook 
	  	Title: President 
	  	  
	ALLCARTER HOLDINGS LIMITED 
	  	  
	By: 	“/s/ J. W. Carter” 
	  	Name: J.W. Carter 
	  	Title: Director 
	  	  
	  	  
	INTEGRATED ASSET MANAGEMENT 
	CORP. 
	  	  
	By: 	“/s/ S. C. Johnson” 
	  	Name: S. C. Johnson 
	  	Title: CFO 

53 

	TILL CAPITAL LTD. 
	  	  
	  	  
	By: 	“/s/
      Tim Leybold” 
	  	Name: Timothy P. Leybold 
	  	Title: CFO 

54

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