Document:

Exhibit 10.11

                             CONTRACT OF EMPLOYMENT

1.    EMPLOYER

1.1   Strategy Insurance Company Limited a company registered in Barbados, ("the
      Company").

2.    EMPLOYEE

2.1   Philip Armstrong of Prinkle Farm House,  Prinkle Lane, Bodle Street Green,
      East Sussex, BN27 4UD, England.

3.    COMMENCEMENT AND CONTINUITY OF EMPLOYMENT

3.1   The start date of your  employment  with the  Company is (to Be Advised in
      2004)

3.2   The start date of your period of  continuous  employment  with the Company
      for the purposes of the Employment Rights Act 1996 is Date TBA in 2004)

3.3   No employment  with a previous  employer  counts as part of your period of
      continuous employment with the Company.

4.    JOB TITLE

4.1   You are employed as "Chief Operating Officer"

4.2   Your ,job title may however change from time to time to reflect the actual
      duties that you undertake.

5.    DUTIES

5.1   Your duties will be such duties as the Company may  reasonably  ask you to
      do either for the Company or for any other member(s) of the Group, and may
      include  working with  persons  within the Company or the Group other than
      the person(s) with whom you normally work or to whom you normally report.

5.2   During your  employment  you will (unless you are prevented by ill health)
      devote all of your working  time,  attention  and skill to your duties and
      will do your best to  promote  the  Company's  interests  and you will not
      (except  with the prior  written  consent  of the  Company)  be engaged or
      interested in any other business or occupation, provided that you may hold
      and/or be interested in:

      5.2.1 any securities  listed on a recognised stock exchange or dealt in on
            any other public  securities  market (for the purpose of  investment
            only and  which  amount  to not more  than 5 (five)  per cent of the
            issued share capital, debentures or other securities of any company;
            or

      5.2.2 any  other  business  occupation   (including  as  an  executive  or
            non-executive  director)  or  public  office  which  prior  to  your
            employment  with the Company or prior to your holding an interest in
            such  business,  occupation or public  office has been  disclosed in
            writing  by you and  agreed to by the  Company  and  which  will not
            require you to devote such time as would be  inconsistent  with your
            obligations towards the Company.
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5.3   You will also observe all of the policies,  rules,  manuals or regulations
      that may be  issued  by or  affect  the  Company  and will  carry  out all
      reasonable  requests or  directions  that may be made by the  person(s) to
      whom you report.

6.    NORMAL PLACE OF WORK

6.1   Your  normal  place of work  will be any  premises  that the  Company  may
      occupy;  any place where the Company may reasonably be required to provide
      its  services  to a Client / Broker;  or any other place where the Company
      may reasonably ask you to carry out your duties.

6.2   You agree  that from time to time you may have to travel  both  inside and
      outside the UK for short periods in order to carry out your duties.

7.    REMUNERATION

7.1   Your salary is (pound)125,000  gross per annum. less such tax and national
      insurance  contributions  or other deductions as the Company is obliged or
      authorised to make to the UK Inland  Revenue.  Your salary will be paid on
      or about  25th day of each  month in 12 equal  instalments  in  advance by
      transfer  to your bank or other  nominated  account.  Your  salary will be
      reviewed annually.

7.2   The Company  will be entitled  at any time during your  employment  and on
      termination  of your  employment  to deduct  from your  salary or from any
      other  amount  due to you from the  Company  any money due from you to the
      Company, including an amount equivalent to the Company's employer National
      Insurance contributions made in respect of any amount paid to you.

7.3   You will be reimbursed all out-of-pocket  expenses reasonably and properly
      incurred by you in the performance of your duties under this Agreement.

8.    BENEFITS

8.1   Life Assurance

      Subject  to the  production  of such  evidence  of good  health  as may be
      required,  you will be entitled at the expense of the Group to participate
      in life  assurance  arrangements  under  which  payment of a lump sum of 4
      times  your basic  salary.  Life  assurance  arrangements  are  subject to
      certain Inland Revenue  limitations and maximum payments.  Further details
      can be provided by the Company's personnel management.

8.2   Permanent Health Insurance

      Subject  to the  production  of such  evidence  of good  health  as may be
      required,  you  will be  entitled  at the  expense  of the  Group  to such
      permanent  disability  cover as may from time to time be in  operation  in
      respect of the Group's employees. The extent of permanent health insurance
      may vary from time to time and is something  that is in the  discretion of
      the Company to alter.  Further  details  can be provided by the  Company's
      personnel management.

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8.3   Pension

      If requested  by you, you will be eligible to join the Strategy  Insurance
      Company  Limited  Stakeholder  Pension  Scheme.  You would be  expected to
      contribute to this Pension  Scheme as per the  Stakeholder  Pension rules.
      The Company will contribute 11% (eleven percent) of annual salary into the
      scheme. As an alternative,  you may wait until you are invited to join the
      Strategy Insurance Company Limited Personal Pension Plan Scheme with " T B
      A " - for UK employees.  The pension  scheme is contracted in to the state
      earnings-related  pension scheme and a contracting out  certificate  under
      the  Pensions  Scheme  Act 1993 is not in force.  Further  details  can be
      provided by the Company's personnel management.

8.4   Medical Insurance

      Subject  to the  production  of such  evidence  of good  health  as may be
      required,  you will be invited to such medical insurance cover as may from
      time to time be in  operation  in respect of the  Group's  employees.  The
      extent of medical  insurance  may vary from time to time and is  something
      that is in the discretion of the Company to alter.  Further details can be
      provided by the Company's personnel management.

8.5   Any other  benefits that may be available from time to time are set out in
      the staff handbook.

9.    HOURS OF WORK

9.1   Your  normal  hours of work  will be 40 hours per week  between  9.30am to
      5.30pm Monday to Friday inclusive including 1 hour for lunch each day.

9.2   The nature of your work may sometimes  cause you to have to work more than
      your normal hours of work including on weekends.  If this occurs you agree
      to do so without further  remuneration  unless you have been  specifically
      notified that you are entitled to receive overtime for doing so.

9.3   The Working  Time  Regulations  1998  provide that you should not work for
      more than 48 hours per week  (taken as an average  over a 17 week  period)
      unless you have  consented to opt out of the 48 hour limit.  The nature of
      the  work  you do for the  Company  means  that  the  hours  you  work may
      occasionally   exceed  the  48  hour  maximum  average  permitted  by  the
      Regulations. The Company must therefore ask for your consent to opt out of
      Regulation 4 by signing the copy of this  letter.  Your consent to opt out
      will not affect any of your  other  employment  rights and if you agree to
      opt out you also  have the right to  withdraw  your  consent  on 3 (three)
      months written notice and return to the 48 hour limit.

9.4   Intentionally omitted.

9.5   Subject to  achievement  in accord with the  objectives  as set out in the
      operational  plan  including the  attainment  of an A.M. Best rating,  the
      Company will pay a bones off discretionary amount equal to (pound)40,000.

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10.   HOLIDAYS

10.1  The Company's holiday year runs from 1 January to 31 December.

10.2  In addition  to normal  statutory  and public  holidays in England you wil
      entitled in each complete  holiday year to 25 working days paid holiday as
      your basic holiday entitlement.

10.3  If your  employment  starts or ends part way  through a holiday  year your
      holiday entitlement for that holiday year will be in direct proportion (to
      the nearest day) to the length of your  employment with the Company during
      that holiday year.

10.4  All holidays must be taken at times that have been previously  approved in
      advance by the person to whom you report.

10.5  The Company  reserves the right nut to approve holiday  requests if taking
      holiday would adversely  disrupt the department or group in which you work
      or would adversely affect the completion or delivery of important work for
      the Company or for a Client.

10.6  When  planning   holidays  you  should  therefore  try  to  give  as  much
      notification  of proposed  holiday  dates as  possible.  As a minimum this
      should  normally  be at  least  1  week's  notification  of odd  days  and
      otherwise  at  least  twice  as much  notification  as the  period  of the
      proposed holiday itself.

10.7  No more than 2 (two) weeks'  holiday may normally be taken  between I June
      and 30 September in any holiday year without prior  approval of the person
      to whom you normally report.

10.8  A maximum of 5 (five) days  holiday  not taken in one holiday  year may be
      carried  forward  to the next  holiday  year.  Any  holiday  that is to be
      carried  forward  in this way must be  approved  by the person to whom you
      report and must be taken by 30 June in the next holiday  year.  If holiday
      that is carried forward is not then taken it will lapse.

10.9  You will not  normally be  entitled to pay in lieu of holiday  that is not
      taken,  unless the reason for not taking it was that the Company had asked
      you not to take it.

10.10 No holiday may be taken after notice to terminate your employment has been
      given by you or the Company.  The company may deduct the  relevant  amount
      from your final pay should you have taken more than your  accrued  holiday
      entitlement at your leaving date. The Company may  nevertheless  from time
      to time or during your notice period  require you to take any  outstanding
      holiday you have accrued at such times as are specified by the Company.

11.   ABSENCE AND SICK PAY

11.1  The Company's arrangements for sick pay are set out in the staff handbook.

12.   CONFIDENTIALITY

12.1  The nature of the Company's business means that during your employment you
      are  likely to create,  or have  access  to, or come  across  Confidential
      Information.  By  signing a copy of this  letter  you  recognise  that the
      unauthorised  use or  disclosure  of  Confidential  Information  Could  be
      damaging to the Company or the Group or to any Client or third Person with
      whom the  Company or the Group  deals or to whom the  Company or the Group
      owes an obligation of confidentiality .

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12.2     You therefore agree that during your  employment  (except in the proper
         course of your duties) and after your employment has ended you will not
         do the following:

         12.2.1   use Confidential  Information for your own or another Person's
                  benefit;

         12.2.2   disclose  Confidential  Information  to any  Person who has no
                  right to see or have Confidential Information;

         12.2.3   fail to  exercise  all  care and  diligence  so as to cause or
                  permit the  unauthorised  use or  disclosure  of  Confidential
                  Information.

12.3     For the avoidance of doubt the restrictions in this Clause do not apply
         to Confidential Information:

         12.3.1   that has become  part of your own  knowledge  or skill or that
                  may otherwise be lawfully used;

         12.3.2   that you are  required to disclose by law (except  that before
                  disclosure is made you must give the Company immediate written
                  notice of any requirement to disclose Confidential Information
                  so as afford the Company the opportunity to challenge  whether
                  disclosure should be made);

         12.3.3   that is or may become  (otherwise  than  through  your action)
                  available to the public generally; or

         12.3.4   that the Company  has given you prior  written  permission  to
                  disclose.

12.4     You also agree that during your employment (except in the proper course
         of your  duties) you will not without the  Company's  prior  consent in
         writing:

         12.4.1   publish any opinion fact or material;

         12.4.2   deliver any lecture or presentation;

         12.4.3   participate  in the  making of any film,  radio or  television
                  broadcast;

         12.4.4   communicate with any  representative of the media or any third
                  Person in connection  with anything that comprises or concerns
                  Confidential Information.

13.      PROTECTION OF BUSINESS INTERESTS

13.1     You agree that during your  employment  (except in the proper course of
         your  duties)  and  during  the  Restricted  Period  you will  not,  in
         competition with the Company or any member of the Group:

         13.1.1   seek the business or instructions of; or

         13.1.2   act for any Client/ Broker / Underwriter or Prospective Client
                  with  whom  or  which  you  (or to your  knowledge  any  other
                  employee of the Company or the Group who reported  directly to
                  you or was under your direct  control) had during the Relevant
                  Period personally dealt on a regular basis during your or that
                  person's employment.

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13.2     You agree that during your  employment  (except in the proper course of
         your  duties)  and  during  the  Restricted  Period  you will  not,  in
         competition with the Company or any member of the Group:

         13.2.1   interfere with; or

         13.2.2   endeavour to interfere with the continuance of supplies to the
                  Company or to any  member of the Group (or the terms  relating
                  to those suppliers) by any Supplier.

13.3     You agree that during your  employment  (except in the proper course of
         your duties) and during the Restricted Period you will not:

         13.3.1   solicit away from the Company or any Group Company; or

         13.3.2   endeavour  to  solicit  away  from the  Company  or any  Group
                  Company; or

         13.3.3   employ or engage; or

         13.3.4   endeavour to employ or engage; or

         any Key Personnel.

13.4     After the Termination Date you will not represent  yourself or cause or
         permit  yourself to be represented as being in any way still  connected
         with the Company or any member of the Group. You also agree not to use,
         and to to use your best  endeavours to ensure that others will not use,
         on your behalf in any way, the Strategy  Insurance Company Limited name
         or pseudonym thereof.

13.5     The  restrictions  in this Clause  cover all actions by you in whatever
         capacity and whether  directly or indirectly via any agent,  associate,
         company, employee,  employer,  partnership,  shareholder,  third party,
         trust or other entity which,  if done by you  personally,  would breach
         the terms and conditions in this document.

13.6     You agree that each of the  restrictions  contained  in this  Clause is
         fair,  reasonable and necessary for the protection of the Company's and
         the Group's  goodwill  and business and does not work harshly upon you.
         You also agree that each restriction is a separate restriction and will
         be enforceable by the Company and any member of the Group independently
         of  its  right  to  enforce   any  one  or  more  of  the  other  above
         restrictions.

14.      DISCIPLINE

14.1     The Group's  disciplinary policy is set out in the staff handbook.  Any
         disciplinary  decisions  that may be taken will be in  accordance  with
         general  principles of good  practice and with what appears  reasonable
         and appropriate in the circumstances.

14.2     In  circumstances  in which there is a  reasonable  belief that you are
         guilty of  misconduct  or are in breach of the terms and  conditions of
         your employment the Company may, in order that the circumstances giving
         rise to that belief can be  investigated,  suspend you from your duties
         and require you to remain away from any Company or Group  premises  and
         from accessing any Company or Group computer system and from contacting
         Company or Group staff or any Client. During any suspension the Company
         will have no obligation to provide any work for you and may require you
         to perform all your normal duties; or a part only of your normal duties
         and no other  duties;  or such  duties as the  Company  may  reasonably
         require  and no  others;  or no duties  at all.  You will  continue  to
         receive your salary and benefits during any  suspension,  which will be
         kept as short as is reasonable and practicable.

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15.      GRIEVANCES

15.1     The Company's grievance policy is set out in the staff handbook.

16.      TERMINATION

16.1     The length of written  notice that you are entitled to receive from the
         Company  and the length of notice  that you are  obliged to give to the
         Company to end your employment is sixty months.

16.2     As an  alternative  to the  giving of  notice  the  Company  may at its
         discretion  end your  employment by paying you in lieu of any notice or
         of any  unexpired  period of notice to which you may he  entitled.  The
         amount of any payment in lieu will be  equivalent  to your basic salary
         for the period of notice or unexpired period of notice (as appropriate)
         at the rate  applicable  at the date  notice is given  (subject to such
         deductions for tax and national insurance  contributions as the Company
         is  required  to make).  Any  payment in lieu of notice that is made in
         this way will be in full and  final  satisfaction  of any  entitlements
         that you may have under your terms and  conditions of  employment  with
         the Company.

16.3     The Company may also end your employment without notice and without pay
         in lieu or notice in  circumstances  that  include (but are not limited
         to):

         16.3.1   if you have committed an act of gross misconduct;

         16.3.2   if you have  committed  a serious  breach of your  obligations
                  that is not reasonably capable of being rectified;

         16.3.3   if you fail to  rectify a serious  breach of your  obligations
                  that is reasonably  capable of being rectified after a request
                  by the Company that you should do so;

         16.3.4   if you commit a further serious breach of your  obligations or
                  continue  with a  serious  breach  after you have  received  a
                  formal warning from The Company that you should not do so;

         16.3.5   if you are found to have been dishonest;

         16.3.6   if you are found to have otherwise  conducted yourself in such
                  a way that  makes  you  unsuitable  or unfit to carry out your
                  duties.

16.4     Without  prejudice  to Clauses  16.3 and 16.2 and subject to sub clause
         16.4.1  below,  but   notwithstanding   any  other  provision  of  this
         Agreement,  if you shall become unable to perform your duties  properly
         by reason of illness or injury for a period or periods  aggregating  at
         least 180 days in any period of 12  consecutive  calendar  months ("the
         Period or Periods of  Incapacity")  then the  Company  may, by not less
         than 3 months prior  written  notice to you given at any time while you
         are  incapacitated  by illness or injury  from  performing  your duties
         under the Agreement,  terminate  this  agreement  provided that no such
         notice shall be given after the  expiration  of 1 month from the end of
         any such Period of  Incapacity  or, if more than one,  the last of such
         Periods  of  Incapacity  aggregating  at least  180  days and  provided
         further that the Company  shall  withdraw any such notice if during the
         currency  of the notice you  return to full time  duties and  provide a
         medical  practitioner's  certificate  satisfactory  to the Board to the
         effect that you have fully recovered your health and that no recurrence
         of your illness or injury can reasonably be anticipated.

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         16.4.1   Where you are receiving benefits under the Company's permanent
                  health  insurance  scheme ("the PHI  Benefits")  or where your
                  absence  due to  illness  or  injury  may  entitle  you to PHI
                  Benefits in the future,  the Company shall not terminate  this
                  agreement  for any  reason  where  to do so would  render  you
                  ineligible  for PHI Benefits or eligible for a reduced rate of
                  PHI  Benefits  PROVIDED  THAT nothing in this sub clause shall
                  prevent the Company from:

                  (a)      terminating  this  agreement  pursuant to Clause 16.3
                           (Summary Dismissal); or

                  (b)      terminating  this  agreement  under  Clause  16.1  by
                           reason of redundancy; or

                  (c)      terminating this agreement  forthwith where you cease
                           to receive PHI Benefits and in such circumstances you
                           agree that the Company would be acting  reasonably in
                           so terminating this agreement

                  and for the  avoidance  of doubt it is agreed  that whilst you
                  are absent from work and  receiving PHI Benefits the fact that
                  this  agreement  continues  by virtue of this sub clause shall
                  not  entitle  you to  payment  of your  salary or to any other
                  benefits under this Agreement.

         16.4.2   Without prejudice to Clauses 16.4 and 16.3, you shall continue
                  to receive  the normal  salary due to you under  clause 7.1 of
                  this agreement in respect of the first 26 weeks of absence due
                  to illness or injury  provided  that the  aggregate  number of
                  weeks in which you were  absent  through  illness or injury in
                  any 12 month  period  does not exceed 26 and  thereafter  such
                  remuneration,  if  any,  as the  board  of the  Company  shall
                  determine   from   time  to  time   provided   that  all  such
                  remuneration payable under this Clause shall:

                  (a)      never  be less  than  the  proceeds  received  by the
                           Company  in  respect  of  you  under  the   Company's
                           permanent  health  insurance scheme after the payment
                           of pension contributions; and

                  (b)      be inclusive of any  statutory  sick pay to which you
                           are  entitled  under  the  provisions  of the  Social
                           Security  Contributions  and Benefits Act 1992 or any
                           other relevant  legislation  and for the avoidance of
                           doubt any social security  sickness  benefit or other
                           benefits  recoverable by you (whether or not actually
                           recovered) may be deducted there from.

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         16.4.3   For statutory sick pay purposes your  qualifying days shall be
                  Your normal working days.

         16.4.4   The  Company  shall be  entitled  during  any  period  of your
                  absence  due to  illness  or  injury  in excess of 3 months to
                  appoint a further  person to perform  the duties and  exercise
                  your powers on such terms and  conditions as the Company shall
                  see fit.

16.5     During any period of notice that has been given to you or received, the
         Company may suspend you from your duties and require you to remain away
         from any Company or Group  premises and from  accessing  any Company or
         Group  computer or related  system and from  contacting  any Company or
         Group staff or any Client.  During any such suspension the Company will
         have no  obligation  to provide any work for you and may require you to
         perform all your normal  duties;  or a part only of your normal  duties
         and no other  duties;  or such  duties as the  Company  may  reasonably
         require  and no  others;  or no duties  at all.  You will  continue  to
         receive  all  of  your  salary  and  benefits   during  any  period  of
         suspension.

16.6     After  your  employment  has ended you must not take  away  conceal  or
         destroy,  but must immediately hand over to the Company (and on request
         sign a  written  declaration  that  you have  done so) all  precedents.
         standard  documents,  other  documents  and records in your  possession
         custody or control that were made,  compiled or acquired as a result of
         your  employment  which  comprise  Confidential  Information  or  which
         otherwise  relate to the  business  and  affairs of the  Company or the
         Group or of any Client or third  Person  with whom or which the Company
         or the Group has had dealings or owes an obligation of confidentiality.
         None of the  items  referred  to  above  or any  copies  of such  items
         (whether  on  paper,   magnetic   tape,   disc,  CD  or  in  any  other
         machine-readable  or other  form) may be  retained  you. As between the
         Company  and you all such  documents  and  records are deemed to be the
         Company's property

16.7     Your  employment  will end  automatically  when you reach  your  normal
         retirement age.  Currently the normal  retirement age at the Company is
         60 (sixty) but this may change from time to time. No agreement  whereby
         you work  beyond  your  normal  retirement  age will alter your  normal
         retirement age.

17.      OTHER AGREEMENTS

17.1     There  are  no  collective   agreements   that  directly   affect  your
         employment.

17.2     This letter,  together with any employee  handbook or policies that are
         in force from time to time that affect  employees of the Group,  govern
         your  employment  with the Company and supersede  all other  agreements
         between you and the Company, whether verbal or written.

17.3     You  confirm to the  Company  that you are free to be  employed  by the
         Company  and  that  by  doing  so  you  will  not he in  breach  of any
         obligation (whether  contractual or otherwise) to any third Person that
         would entitle that third Person to damages or some other remedy at law.

17.4     In the event of any  disparity or conflict  between this letter and the
         staff  handbook or any other  document,  this letter will take priority
         except where specifically stated otherwise.

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18.      ALTERATIONS

18.1     The Company  reserves  the right to alter the terms and  conditions  of
         your  employment  by  written  notice  as the  needs  of the  Company's
         business dictate.

         Any such  amendments  will normally be notified to you in writing or by
         internal announcement.

19.      INTERPRETATION

19.1     For the  purposes of your  employment  with the  Company the  following
         words have the following meanings:

         "Client"                       means any Person,  Broker or company and
                                        or  person  who or  which  at  any  time
                                        during the Relevant  Period was a client
                                        of,  or  was  in the  habit  of  dealing
                                        (other  than in a de  minimis  way) with
                                        the Company or any member of the Group.

         "Confidential Information"     means    all    information    that   is
                                        confidential or private information that
                                        is not  generally  known  or not  easily
                                        accessible  to the public  (either as an
                                        individual  item  of  information  or as
                                        part of a body of knowledge) that in any
                                        way relates to or concerns  the business
                                        or affairs  of the  Company or the Group
                                        or a Client or a third  Person with whom
                                        or which  the  Company  or the Group has
                                        dealt  and in  respect  of whom or which
                                        the Company or the Group  itself owes an
                                        obligation  (whether express or implied)
                                        of confidentiality.

         "Group"                        means Strategy Insurance Company Limited
                                        and any other company which is from time
                                        to  time  either  a  subsidiary   or  an
                                        associated company (as those expressions
                                        are defined by the  Companies  Act 1985)
                                        of or is such other  company or business
                                        venture  in  which  Strategy   Insurance
                                        Company Limited has a business  interest
                                        and where  appropriate  includes any one
                                        of them.

         "Key Personnel"                means   any   person   who   is  at  the
                                        Termination  Date  or was  at  any  time
                                        during the Relevant  Period  employed or
                                        engaged as a consultant  to work for the
                                        Company or the Group in an  executive or
                                        senior managerial capacity and with whom
                                        you (or any person reporting directly to
                                        you or under your direct  control)  have
                                        or has had dealings during the course of
                                        your employment.

         "Person"                       includes  (but  is not  limited  to) any
                                        natural   person  or  any   association,
                                        company, corporation,  firm, foundation,
                                        organisation,   partnership,   trust  or
                                        other  entity  (in each case  whether or
                                        not    having    a    separate     legal
                                        personality).

                                       10
<PAGE>

         Prospective                    Client" means any Person who or which at
                                        any time during the Relevant  Period was
                                        in discussions or  negotiations  with or
                                        has invited a tender from the Company or
                                        the  Group  with a view  to  becoming  a
                                        client of the Company or the Group.

         "Relevant                      Goods and Services"  means any goods and
                                        services that are competitive with those
                                        supplied by the Company or any member of
                                        the  Group  at  any  time   during   the
                                        Relevant  Period in respect of which you
                                        were  directly or regularly  involved or
                                        concerned   at  any  time   during   the
                                        Relevant Period.

         "Relevant Period"              means the  period of 60  (sixty)  months
                                        ending with the Termination Date.

         "Restricted                    Period"  means the period of 12 (twelve)
                                        months   from   the   Termination   Date
                                        provided that the Restricted  Period may
                                        at the  Company's  discretion be reduced
                                        by any period  during  which the Company
                                        does not  require you during your notice
                                        period to work or perform any duties.

         "Supplier"                     means any Person who at any time  during
                                        the  Relevant  Period was a supplier  of
                                        any  goods  or   services   (other  than
                                        utilities and goods or services supplied
                                        for  administrative   purposes)  to  the
                                        Company  or to any  member  of the Group
                                        and with whom you had personal  dealings
                                        during  the  course  of your  employment
                                        under this Agreement  other than in a de
                                        minimis way.

         Termination                    Date"  means  the date  your  employment
                                        with  the  Company  ends,  for  whatever
                                        reason.

         Signed for and on behalf of Strategy Insurance Company Limited:

Charles Napper, Director /s/ Charles Napper      Dated 14th March 2004
                         --------------------          -----------------

         I Philip Armstrong agree to the terms and conditions as set out above.

         Signed /s/ Philip Armstrong             Dated 14th March 2004
                -------------------------              -----------------

                                       11Exhibit 10.12

               REDEEMABLE PREFERENCE SHARE SUBSCRIPTION AGREEMENT

      THIS REDEEMABLE SHARE SUBSCRIPTION AGREEMENT is made as of the 6th day of
February 2004 (the "Agreement").

BETWEEN:    STRATEGY HOLDING COMPANY LIMITED an exempt insurance holding company
            established  under  the laws of the  Barbados,  with its  registered
            office at 30E Lower Halcyon  Heights,  in the parish of St. James in
            the Island of Barbados (the "Subscriber"); and

AND:        STRATEGY INSURANCE LIMITED an exempt insurance established under the
            laws of Barbados, with its registered office at Chancery House, High
            Street, Bridgetown, Barbados (the "Company")

WHEREAS:

A.    The Company has been formed  pursuant to the  Companies Act of the laws of
      Barbados ("Companies Act").

B.    The authorised capital of the Company consists of:

      (i)   an  unlimited  number  of  shares of one  class,  designated  Common
            Shares;

      (ii)  an unlimited number of redeemable  preference  shares of once class,
            designated Class A Redeemable  Preference  Shares Series 1 ("Class A
            Preference Shares Series 1");

      (iii) an unlimited  number of redeemable  preference  shares of one class,
            designated Class B Redeemable  Preference  Shares Series l ("Class B
            Preference Shares Series 1");

      (iv)  an unlimited  number of redeemable  preference  shares of one class,
            designated  Class C Redeemable  Preference  Shares Series 1("Class C
            Preference Shares Series 1");

      (v)   an unlimited  number of redeemable  preference  shares of one class,
            designated  Class D Redeemable  Preference  Shares Series 1("Class D
            Preference Shares Series 1");

C.    It is  intended  that  the  Subscriber,  subscribe  for and  FOURTY  SEVEN
      THOUSAND  SIX  HUNDERED AND SEVENTY  (47,670)  Class A  Preference  Shares
      Series  1,  representing  100%  of the  issued  and  outstanding  Class  A
      Preference Shares Series 1 then  outstanding,  determined on fully diluted
      basis for a  subscription  price of Forty  Seven  Million  Six Hundred and
      Seventy   Six   Thousand   and   Eighty   Four   United   Stated   Dollars
      (USD$47,670,084.00).

<PAGE>

D.    The purchase and sale of the Class A  Preference  Shares  Series 1 and the
      completion of the other  transactions as contemplated  herein are referred
      to as the "Transactions".

CONDITIONS PRECEDENT:

1.    The  Transaction  is  conditional  upon  exemption from any prospectus and
      registration requirements of all-applicable securities legislation,  rules
      and  policies.  Each of the  Subscriber  and the Company  hereby agrees to
      execute and deliver 2.11 documentation  required by applicable  securities
      legislation  to permit  the  issuance  and sale of all shares on the terms
      herein set forth.

2.    The  Transaction is further  conditional  upon (1) the  Subscriber  having
      subscribed  for  and  the  Company  having  issued  to the  Subscriber  an
      approximately  equal number of non-voting 10% cumulative  ten-year Class B
      Preference  Shares  Series 1 Shares of the Company on terms  substantially
      similar  to those  contemplated  herein,  and (ii) the  Subscriber  having
      subscribed  for and the  Company  having  issued  to that  Subscriber  One
      Thousand (1000) Common Shares (representing 100% of the Common Shares then
      outstanding  determined on a fully diluted basis) for a subscription price
      of US$300 per Common Share.

3.    It shall also be condition of the Closing (as  hereinafter  defined)  that
      all  documentation  relating  to the  Transaction  shall  be in  form  and
      substance  satisfactory  to Subscriber's  legal counsel for Company,  each
      acting reasonably, and that all warranties of the parties contained herein
      are true and  correct on Closing as if made by the  respective  parties on
      and as at that date.

1.    INTERPRETATION

As used in this Agreement, the following terms have the following meanings:

      "Affiliate"  means an  affiliated  company or  affiliated  body  corporate
      within the meaning of the Companies Act Cap. 308 of the laws of Barbados.

      "Business" means the Company's proposed business to be carried on directly
      or  indirectly  through  one or  more  wholly  owned  subsidiaries  of the
      international  (non-domestic)  insurance and reinsurance matters ancillary
      thereto and other  business as the board of  directors  of the Company may
      from time to time determine.

      "Closing" has the meaning ascribed thereto in Section 3.

      "Closing Date" has the meaning ascribed thereto in Section 3.

      "Common  Shares"  means the common shares in the capital of the Company as
      from time to time constituted.

                                       2
<PAGE>

      "Company" means Strategy Insurance Limited.

      "Control" a body  Corporate is controlled by a person if any shares of the
      body corporate  carrying  voting rights  sufficient to elect a majority of
      the directors of the body corporate, except by way of security only, held,
      directly or indirectly, by or on behalf of that person.

      "Fair  Market  Value" of any  property at any date means the highest  cash
      price in terms of money which would be obtainable  for that property as at
      that  date in an open and  unrestricted  market  without  compulsion  to a
      willing and knowledgeable  purchaser acting at arm's length, as determined
      by the auditors of the Company having regard to such considerations as may
      in their sole and unfettered discretion be considered relevant.

      "Government  Body" means any domestic or foreign  legislative  executives,
      judicial or  administrative  body or Person  having or  purporting to have
      jurisdiction in relevant circumstances.

      "Laws" means all statutes, codes, ordinances, decrees, rules, regulations,
      municipal by-laws; all judicial,  arbitral,  administrative,  ministerial,
      departmental  or  regulatory  judgements,  orders,  decisions,  rulings or
      awards,  policies,   published  guidelines;   or  any  provisions  of  the
      foregoing,  including  general  principles  of  common  and  civil law and
      equity,  binding on or affecting the person  referred to in the context in
      which such word is used; and "Law" means any one of them.

      "Mortgages" means the fixed rate registered  mortgages and charges on Real
      Property  having an estimated  aggregate  Fair Market Value and  principal
      value of USD$47,670,084.00  each with a minimum remaining term to maturity
      of no less than ten years, all as more particular described on Exhibit "A"
      annexed hereto, and any mortgage substituted for any thereof in accordance
      with the provisions of section 5 hereof.

      "Person"  or  "person"   means  any   individual,   partnership,   limited
      partnership, corporation, joint venture, association, joint stock company,
      trust, unincorporated organization or a government or an agency thereof.

      "Purchased Shares" has the meaning ascribed thereto in Section 2.

      "Real  Property"  means the lands,  premises and buildings  which are from
      time to time the  subject  of the  mortgages  and  charges  created by the
      Mortgages, all as more particularly described in Exhibit "B" hereto.

      "Subsidiary"  means  another body  Corporate,  which is  controlled by the
      Company being Strategy Insurance Limited.

IT IS HEREBY AGREED as follows:

2.    SUBSCRIPTION FOR SHARES

                                       3
<PAGE>

2.1   The Subscriber hereby subscribes for and irrevocably  agrees to take up on
      Closing  FOURTY SEVEN  THOUSAND SIX HUNDERED AND SEVENTY  (47,670) Class A
      Preference  Shares  Series 1 in the  capital of the  Company,  and tenders
      herewith the  subscription  amount of Forty Seven  Million Six Hundred and
      Seventy   Six   Thousand   and   Eighty   Four   United   States   Dollars
      (USD$47,670,084.00).)  (the "Subscription  Amount") representing USD$1,000
      per Class A Preference  Shares  Series 1, in full payment of the aggregate
      subscription price for such shares.

2.2   The Class A-D Preference  Shares Series l and the Common Shares shall have
      attached thereto in substance the rights,  privileges,  restrictions,  and
      conditions set forth on Exhibit "C" hereto.

3.    TENDER AND PAYMENT OF SUBSCRIPTION AMOUNT

3.1   The Subscriber will tender the  Subscription  Amount in full on Closing by
      delivery and  conveyance on Closing to the Company of good and  marketable
      title to the Mortgages,  free and clear of any lien, charge,  encumbrance,
      right or claim of any nature.  The Subscriber  agrees that upon Closing it
      shall deliver to the Company the original registered  duplicate of each of
      the Mortgages, together with a legal opinion as to the title and ownership
      and provenance of each Mortgage in form and :substance.

3.2   The  Transaction  shall be completed (the "Closing") at the offices of the
      Company's  counsel in Bridgetown,  Barbados,  as soon as practicable after
      and in any event no later than the 6th day of February  2004 or such other
      date as counsel  to the  parties  hereto  may agree in writing  (such date
      being herein referred to as the "Closing Date").

4.    ISSUE OF SHARES

4.1   In  consideration of the  Subscription  Amount,  the Company pursuant to a
      resolution  of the Board of  Directors,  shall issue to the  Subscriber on
      payment in full, as set out in Clause 3.1 hereof,   therefor  FOURTY SEVEN
      THOUSAND  SIX  HUNDERED AND SEVENTY  (47,670)  Class A  Preference  Shares
      Series 1 in the capital of the Company,  such shares to be issued as fully
      paid and non-assessable, and as evidence thereof the Company shall issue a
      share certificate representing such shares in the name of the Subscriber.

5.    SUBSCRIBER'S RIGHT OF SUBSTITUTION OF MORTGAGES

5.1   The Company hereby  irrevocably  grants to the Subscriber,  effective upon
      Closing;  [but  only  so  long  as the  Subscriber  or any  subsidiary  or
      affiliate  of the  Subscriber  is the  registered  holder  of any  Class A
      Preference  Shares  Series 1 of the  Company] the option to acquire at any
      time  all or from  time  to time  any of the  Mortgages  then  held by the
      Company or its  Subsidiary,  upon and subject to the  following  terms and
      conditions:

      (a)   The Subscriber  shall have the option,  exercisable at any time upon
            at least  thirty (30) days' prior  written  notice  delivered to the
            Company and the Custodian,  to require the Company or its Subsidiary
            to sell to the  Subscriber  any or all of the Mortgages then held by
            the Company or its Subsidiary for a purchase price equal to the Fair
            Market Value  thereof as at the date of such notice,  payable in the
            manner set forth in Sub-Clause  5.1(b)  below,  and upon delivery of
            such  notice,  together  with  payment in full,  the  Company or its
            Subsidiary shall deliver to the Subscriber good and marketable title
            to  such   Mortgages   free  and  clear  of  any   liens,   charges,
            encumbrances,  rights or claims of any nature,  the Custodian  shall
            deliver  to the  Subscriber  the  Mortgages  so  purchased  and  the
            proceeds of such sale be released to the Company or its Subscriber.

                                       4
<PAGE>

      (b)   The purchase  price payable under  Sub-clause  5.1(a) above shall be
            payable in immediately  available  funds  denominated in US dollars,
            provided  that  Subscriber  may at its  option,  if so stated in its
            notice of exercise  under Sub clause 5.1(a) above,  elect to pay the
            whole or any part of such  purchase  price  by way of  delivery  and
            conveyance to Company of good and marketable  title,  free and clear
            of any lien, charge,  encumbrance,  right or claim of any nature, of
            another mortgage or mortgages:

            (i)   having a Fair Market Value at the time of substitution no less
                  than such purchase price or part thereof;

            (ii)  having a maturity  date within 90 days of the maturity date of
                  the Mortgage being purchased,

            (iii) secured on Real  Property  then having a Fair Market  Value no
                  less than the greater of (A) the then Fair Market Value at the
                  time of  substitution,  and (B) the original Fair Market Value
                  as at Closing;  of the Real  Property  subject to the Mortgage
                  being purchased; and

            (iv)  otherwise of a nature,  form and  substance  acceptable to the
                  Company, acting reasonably.

      (c)   Except as otherwise contemplated herein, neither the Company nor its
            Subsidiary  shall be entitled to sell transfer,  assign or otherwise
            dispose  of  (otherwise  than by way of pledge,  charge or  security
            interest)  any  interest in any of the  Mortgages  without the prior
            written consent of the Subscriber.

      (d)   Notwithstanding the foregoing  Sub-clause 5.1(c), the Company or its
            Subsidiary  shall be entitled,  upon delivery to the  Subscriber and
            the  Custodian of at least 15 days' prior  written  notice  together
            with the certificate of the Company's  auditors  confirming that the
            Company or its  Subsidiary  lacks the liquidity  necessary to honour
            any claim or claims  enforceable  against  it and the  amount of any
            such  deficiency,  to sell such one or more of the Mortgages in such
            manner and to such person or persons as may in the discretion of the
            Company's  or its  Subsidiary's  board of  directors be necessary or
            advisable in order to fund such  deficiency  and honour such claims.
            Upon  receipt of such notice and  certificate  the  Custodian  shall
            release to the  Company's or its  Subsidiary's  attorney-at-law  the
            Mortgages to be sold,  to be held in escrow  against  receipt of the
            net sale proceeds  thereof of the Company,  which  proceeds shall be
            released to the Company or its Subsidiary.

                                       5
<PAGE>

      (e)   Notwithstanding  the foregoing  Sub-clause  5.1(d),  the  Subscriber
            shall be entitled  to  participate  in any sale  process on the same
            basis as any other potential purchaser of the Mortgages to be sold.

6.    REPRESENTATIONS AND WARRANTIES OF THE COMPANY

6.1   The Company hereby represents and warrants to the Subscriber as follows:

      (a)   The Company has been duly and validly incorporated and organised and
            is validly existing under the laws of Barbados and has all requisite
            corporate  power and  authority  to carry on its  business,  own its
            property and assets and to carry out the  provisions  hereof and has
            full  power  and  capacity  to  execute   deliver  and  perform  its
            obligations under this Agreement and to complete the Transaction.

      (b)   Each  of  this  Agreement  and  other  agreements  entered  into  in
            connection with the Transaction  when executed,  will have been duly
            authorised, executed and delivered on behalf of the Company and will
            be a valid and  binding  obligation  of the Company  enforceable  in
            accordance  with its  terms  subject,  however,  to  limitations  on
            enforcement   imposed  by   bankruptcy,   insolvency,   liquidation,
            reorganisation,  reconstruction and other similar Laws affecting the
            enforcement  of the rights of creditors and others and to the extent
            that equitable remedies such as specific performance and injunctions
            are only  available in the  discretion  of the court from which they
            are sought.

      (c)   The Company does not have any direct or indirect  ownership or other
            interest  in any  business,  venture  or  endeavour  other  than the
            Business.

      (d)   The  Company,  or a  wholly  owned  subsidiary  thereof,  will be on
            Closing duly qualified or licensed and in good standing as a company
            authorised   to  do  business  in   Barbados,   which  is  the  only
            jurisdiction in which it carries on the Business or where the nature
            of  business  carried  on  or  proposed  to be  carried  on by it or
            requires it to be so licensed or qualified.

      (e)   There are no material  liabilities,  indebtedness  or obligations of
            the  Company  of any kind  whatsoever,  whether or not  absolute  or
            contingent,  other than liabilities  incurred in the ordinary course
            of business since the date of incorporation.

      (f)   Immediately   prior  to  giving  effect  to  the  Transaction,   the
            authorised  capital of the  Company  will on  Closing  consist of an
            unlimited number of shares of one class,  designated  Common Shares;
            an unlimited  number of redeemable  preference  shares of one class,
            designated  Class  A  Redeemable  Preference  Shares  Series  1;  an
            unlimited  number of  redeemable  preferrence  shares of one  class,
            designated  Class  B  Redeemable  Preference  Shares  Series  1;  an
            unlimited  number of  redeemable  preference  shares  of one  class,
            designated  Class C Redeemable  Preference  Shares  Series 1; and an
            unlimited  number of  redeemable  preference  shares  of one  class,
            designated  Class D Redeemable  Preference  Shares Series 1 and only
            One  Thousand  (1000)  Common  Shares,   will  be  duly  issued  and
            outstanding as fully paid and non-assessable.

                                       6
<PAGE>

      (g)   At Closing,  all necessary  corporate action will have been taken by
            the Company to authorize  the creation and issuance of the Purchased
            Shares and all of the Purchased Shares will, upon their issuance, be
            validly  issued  as  fully-paid  and   non-assessable   shares.  The
            Purchased  Shares will on Closing be issued in  compliance  with all
            applicable security laws.

      (h)   There is no action,  suit,  proceeding or investigation  (whether or
            not  purportedly  on behalf of the Company) which has been commenced
            or, to the  knowledge of the  directors and officers of the Company,
            no action,  proceeding or  investigation  is threatened  against the
            Company before any court or before any Government Body or before any
            arbitrator or board.

      (i)   There is no person, firm, or corporation acting or purporting to act
            for  the  Company  entitled  to any  brokerage  or  finder's  fee in
            connection with this Agreement.

      (j)   Each of the Company's warranties herein shall be true and correct on
            Closing as if made by the Company on and as at that date.

6.2   The  Company  hereby  acknowledges  and  agrees  that  each  of the  above
      representations  and  warranties  is being relied on by the  Subscriber in
      connection  with its decision to enter into this Agreement and to complete
      the  transactions  herein  and  therein  contemplated  and that  each such
      representation  and warranty  shall not merge in or be prejudiced  by, and
      shall survive and continue in full force and effect following Closing.

7.    REPRESENTATIONS AND WARRANTIES OF THE SUBSCRIBER

7.1   The Company hereby represents and warrants to the Subscriber as follows:

      (a)   The Subscriber is duly  incorporated  and validly existing under the
            laws of Barbados and has all requisite  corporate power and capacity
            to enter and perform its  obligations  under this  Agreement  and to
            complete the Transaction.

      (b)   This Agreement has been duly  authorised,  executed and delivered on
            behalf of the  Subscriber  and is a valid and binding  obligation of
            the Subscriber, enforceable in accordance with its respective terms,
            subject  to  the  usual   exceptions  as  to   bankruptcy   and  the
            availability of equitable remedies.

      (c)   The execution and delivery of this Agreement, and the performance of
            the  Subscriber's  obligations  hereunder or the consummation of the
            transactions  herein provided for will not result in or constitute a
            breach of any term or  provision  of, or  constitute a breach of any
            term or provision of, or constitute a default under,  the constating
            documents, Articles of Incorporation or By-laws of the Subscriber or
            any  agreement  to which the  Subscriber  is a party or by which the
            Subscriber is bound.

      (d)   The  Subscriber is or will,  subject to the  provisions  hereof,  be
            purchasing the Purchased Shares for its own account,  for investment
            purposes  and  not  with a view  to the  distribution  thereof.  The
            Subscriber will not, directly or indirectly,  offer, transfer, sell,
            assign,  pledge,  hypothecate or otherwise  dispose of any Purchased
            Shares (or solicit any offers to buy, purchase, or otherwise acquire
            any of such Purchased  Shares)  acquired by it, except in compliance
            with the Articles and all applicable securities Laws.

                                       7
<PAGE>

      (e)   The Subscriber understands that the transfer of the Purchased Shares
            acquired by it pursuant hereto shall be subject to the  restrictions
            imposed by the Articles or applicable  securities  Laws and may bear
            restrictive legends describing such restrictions.

      (f)   The Subscriber is the sole and exclusive  beneficial  owner of right
            of the mortgages,  with good and  marketable  title thereto free and
            clear of any liens, charges,  encumbrances,  rights or claims of any
            nature.

      (g)   The Mortgages  constitute  valid and  enforceable  first  registered
            mortgages and charges against all Real Property, subject to no prior
            registered charges.

      (h)   The Subscriber's decision to execute this Agreement and purchase the
            Purchased  Shares  has not been  based  upon any  verbal or  written
            representations  as to fact or otherwise made by or on behalf of the
            Company other than those contained in this Agreement.

      (i)   The Subscriber acknowledges that no prospectus has been filed by the
            Company  with  any  securities   commission  or  similar  regulatory
            authority in any  jurisdiction  in  connection  with the sale of the
            Purchased  Shares  and  as  a  result  (i)  the  Subscriber  may  be
            restricted  from using most of the civil  remedies  available  under
            applicable  securities  Laws,  (ii) the  Subscriber  may not receive
            information  that would  otherwise  be required to be provided to it
            under  applicable  securities  Laws,  and (iii) the  Company  may be
            relieved from certain  obligations  that would otherwise apply under
            applicable securities Laws.

      (j)   The  Subscriber  acknowledges  that the  investment in the Purchased
            Shares  may have tax and/or  other  consequences  to the  Subscriber
            under applicable  Laws,  which the Subscriber is solely  responsible
            for  determining  and in  respect  of  which no  assistance  will be
            provided  by the Company or its  advisors,  and the  Subscriber  has
            obtained its own legal and tax advice.

      (k)   There is no person,  firm or corporation acting or purporting to act
            for the  Subscriber  entitled to any  brokerage  or finder's  fee in
            connection with this Agreement.

      (l)   The  aggregate  Fair Market  Value of the Real  Property  will be at
            Closing no less than [100%,] of the  aggregate  Fair Market Value of
            the Mortgages on that date.

      (m)   Each of the Subscriber's warranties herein shall be true and correct
            on Closing as if made by the Subscriber on and as that date.

                                       8
<PAGE>

7.2   The  Subscriber  hereby  acknowledges  and  agrees  that each of the above
      representations  and warranties is being relied on by the Company  without
      independent  inquiry  in  connection  with  the  issue  and  sale  to  the
      Subscriber  of the  Purchased  Shares  acquired  by it and that  each such
      representation  and warranty  shall not merge in or be prejudiced  by, and
      shall survive and continue in full force and effect following Closing.

8.    COVENANTS OF THE COMPANY

8.1   The Company shall maintain its corporate existence,  rights and franchises
      in full force and effect.

8.2   The Company shall comply with all  applicable  Laws,  non-compliance  with
      which  could  materially  adversely  affect  its  business  or  condition,
      financial or otherwise.

8.3   The Company shall make all dividend  payments on all Classes and Series of
      the Preference Shares, as they become due and payable.

9.    DIVIDEND PAYMENTS

9.1   In the event that any dividend  payments that are due and payable,  on the
      Class A  Preference  Shares  Series 1 shares,  are not paid,  the  Company
      shall; at the option of the Subscriber,  immediately pay the equivalent of
      the six (6) months anticipated dividend to the Subscriber.

10.   GENERAL

10.1  Governing Law. This Agreement is a Barbados  contract governed by the laws
      of Barbados.  Both parties hereby  irrevocably attorn to the non-exclusive
      jurisdiction of the courts of Barbados.

10.2  Time of the Essence. Time shall be of the essence hereof.

10.3  Currency.  All  references  herein to monetary  amounts are  references to
      lawful money of the United States of America.

10.4  Entire  Agreement.  This Agreement and the other  agreements  contemplated
      herein  constitute the only agreement  between the parties with respect to
      the  subject  matter  hereof  and  shall   supersede  any  and  all  prior
      negotiations and understandings.

10.5  Amendments. This Agreement may be amended, modified or supplemented in any
      respect by written instrument only signed by each party hereto.

10.6  Execution by Facsimile.  This Agreement may be executed by the parties and
      transmitted by facsimile transmission,  and if so executed and transmitted
      this Agreement will be for all purposes as effective as if the parties had
      delivered an executed original agreement.

                                        9
<PAGE>

10.7  Counterparts. This Agreement may be executed in several counterparts, each
      of which  when so  executed  shall be  deemed to be an  original  and such
      counterparts together shall constitute one and the same instrument.

10.8  Severability.   Any  Section,  paragraph  or  other  subdivision  of  this
      Agreement or any provision of this  Agreement  which is or becomes,  or is
      determined by an  arbitrator,  as provided for in section 10.8,  hereto or
      court of competent  jurisdiction to be, illegal,  invalid or unenforceable
      shall be severed  from this  Agreement  and be  effective to the extent of
      such illegality,  invalidity or  unenforceability  and shall not affect or
      impair the remaining provisions hereof.

10.9  Arbitration. In the event of any dispute between any of the Parties hereto
      arising out of this Agreement,  the matter in dispute shall be referred to
      arbitration  in  accordance  with this Section 10.9 and a Party may make a
      demand for  arbitration  by written  notice to the other party stating the
      matter and  amount,  if any, in  dispute.  The matter in dispute  shall be
      referred to a panel of three (3) arbitrators (the "Arbitrators") agreed to
      by  the  parties  and  arbitration   proceedings  shall  be  conducted  in
      accordance with the Arbitration Act, Cap. 110 of the laws of Barbados.

10.10 Waiver.  No waiver of any of the  provisions  of this  Agreement  shall be
      deemed  to  constitute  a waiver of any other  provision  (whether  or not
      similar),  nor shall such waiver  constitute a waiver or continuing waiver
      unless otherwise  expressly provided in writing duly executed by the party
      to be bound thereby.

10.11 Assignment  and  Enurement.   This  Agreement  is  not   transferable   or
      assignable.  This  Agreement  shall enure to the benefit of and be binding
      upon the parties, their successors and permitted assigns.

10.12 Non-Merger  of Agreement.  The rights and  obligations  of this  Agreement
      shall not merge on the consummation of the Agreement, but shall be binding
      on the  parties  until  such time as the  Subscriber,  his  successors  or
      permitted assigns ceases to be a Shareholder of the Company.

10.13 Further Assurances.  Each of the parties covenants and agrees that it will
      sign such further agreements,  assurances,  waivers and documents,  and do
      and perform or cause to be done and performed  such further and other acts
      and things as may be necessary or desirable  from time to time in order to
      give full effect to this Agreement and every part hereof.

10.14 Notice.  Any notice  required or permitted  to be given or made  hereunder
      shall be given in writing and shall be  effectively  given or made if sent
      by  electronic  facsimile or  personally  delivered  to any party  hereto,
      except the Company, at its last address as set forth in the records of the
      Company,  and if to the Company,  at its then registered  office,  in each
      case to the attention of the President.  If delivered personally or by way
      of  electronic  facsimile,  any such  notice  shall be deemed to have been
      given or made on the date of such delivery or transmission.  Any party may
      change its address for service by giving  notice of such change of address
      to the Company and the other parties hereto in the manner herein provided.

                                       10
<PAGE>

This Agreement is signed and executed by the respective  parties in counterpart;
each counterpart is to be read as an original document and all such counterparts
are to be deemed as representing the same document.

A telecopied  transmission  of this Agreement by any person named below shall be
sufficient  to  establish  the  signature of that person and to  constitute  the
authority in writing of such person to the foregoing resolution.

If the  foregoing  is in  accordance  with your  understanding,  please sign and
return the enclosed  copy of this  Agreement as soon as possible to evidence the
Subscriber's agreement to purchase the Purchased Shares.

      IN WITNESS  WHEREOF,  the parties have executed this Agreement on the date
first before written.

<TABLE>
<CAPTION>
<S>                                                    <C>   <C>
SIGNED by                                                )
for and on behalf of STRATEGY HOLDING COMPANY LIMITED.   )
in the presence of:-                                          /s/ Dr. Trevor A. Carmichael
                                                              ----------------------------
                                                         )    Name: Dr. Trevor A. Carmichael
                                                         )    Title: Director

<CAPTION>

Witness:  /s/ Kezsha N. Hyde
          -------------------
Name: Kezsha N. Hyde
Address: Apt #3 Pilgrim Road, Christ Church
Calling/Description: Attorney-at-law

<S>                                                    <C>   <C>
SIGNED by                                                )
for and on behalf of STRATEGY HOLDING COMPANY LIMITED.   )
in the presence of:-                                          /s/ Dr. Trevor A. Carmichael
                                                              ----------------------------
                                                         )    Name: Dr. Trevor A. Carmichael
                                                         )    Title: Director
</TABLE>

Witness:  /s/ Kezsha N. Hyde
          -------------------
Name: Kezsha N. Hyde
Address: Apt #3 Pilgrim Road, Christ Church
Calling/Description: Attorney-at-law

                                       11
<PAGE>

                                    EXHIBIT A
                            Description of Mortgages

                                [to be inserted]

                                       12
<PAGE>

                                    EXHIBIT B
                          Description of Real Property

                                [to be inserted]

                                       13
<PAGE>

                                    EXHIBIT C
                                Share Attributes

PREFERENCE SHARES

Each Series of  Preferred  Shares  shall have  attached  thereto  the  following
rights, privileges, restrictions and conditions:

      (a)   Each  Series  of  Preferred  Shares  shall  rank  pari  passu in all
            respects.

      (b)   The Redeemable Preferred Shares shall bear a cumulative preferential
            dividend  equal to 10% per annum of the par value  thereof,  payable
            quarterly on the last  business  day of each  calendar  quarter,  in
            preference  and  priority to any payment of dividends to the holders
            of any other  class of  shares  in the  capital  of the  Company  in
            respect of that  quarter,  but the holders of the  Preferred  shares
            shall  have no further  right to  dividends.  The said  preferential
            dividend  shall accrue from January 1, 2004 and the first payment of
            such dividend shall be payable on April 1, 2004.

      (c)   The Preferred  Shares shall be  retractable  in whole or part at the
            option of the holder at any time by the shareholder and is mandatory
            after  the  tenth  anniversary  of the  Closing  Date  upon at least
            fifteen  (15) working days prior  written  notice at the  redemption
            price of  US$1,000  per  preferred  share,  plus  accrued and unpaid
            cumulative preferential dividends.

      (d)   The  Preferred  Shares  shall rank in  priority to the shares of all
            classes in the  capital  of the  Company as to the return of capital
            upon  the  liquidation,  dissolution  or  other  winding-up  of tine
            Company,  but thereafter  the holders of the Preferred  Shares shall
            have no further right to participate in the assets of the Company.

      (e)   In the case of any redemption or retraction of Preferred  Shares, or
            the liquidation, dissolution or other winding-up of the Company, the
            Company  may at its  option  pay the whole or any part of the amount
            payable to any one or more holders of the  Preferred  shares in such
            event by way of the delivery and  conveyance to such holders of good
            and  marketable  title to Property  having an aggregate  Fair Market
            Value equal to or greater than such amount or part thereof.  For the
            purposes hereof  "Property" means property then owned by the Company
            which was acquired by the Company in  consideration  of the issuance
            of any Preferred Shares of the Series being redeemed or repurchased,
            or any property of the Company  received by the Company  pursuant to
            any right of substitution of property exercised by the party to whom
            any such shares were issued.

      (f)   The Preferred Shares shall be non-voting in all events.

      (g)   The  Preferred  Shares shall be  non-transferable  without the prior
            written  consent of the Company,  which  consent may be  arbitrarily
            granted  or  denied,  provided  that  the  Preferred  Shares  may be
            transferred  to  Subsidiary or an Affiliate of the  Subscriber  upon
            prior written notice of the Company.

                                       14
<PAGE>

COMMON SHARES:

      (a)   Subject to the prior rights of the holders of the Preferred  Shares,
            the  holders  of the Common  Shares  shall have the right to receive
            dividends,  if any, as the  directors in their  discretion  may from
            time to time declare.

      (b)   Subject to the prior rights of the holders of the Preferred  Shares,
            the  holders  of the  Common  Shares  shall  have  the  right on the
            liquidation,  dissolution  or  winding-up  of the  Company  or other
            distribution of its assets among its shareholders for the purpose of
            winding-up  its  affairs  to  receive  the  remaining  assets of the
            Company.

      (c)   The holders of the Common Shares shall be entitled to receive notice
            of and to attend all meetings of  shareholders of the company and to
            vote at any such  meeting  on the  basis of one vote of each  Common
            Share held.

      (d)   The  Common  Shares  shall  be  in  registered  form  and  shall  be
            transferable  upon the prior written  consent of the Company,  which
            consent may not be unreasonably withheld or delayed.

      (e)   In the  event  that the  holders  of at least  two-thirds  of Common
            Shares then outstanding  shall at any time hereafter  receive from a
            third  party  dealing  at arm's  length  with each  holder of Common
            Shares an irrevocable  bona fide offer to purchase all, but not less
            than all,  of the  outstanding  Common  Shares of the  Company for a
            purchase  price payable in cash or by way of shares the purchaser of
            a class  listed for trading on a  recognized  North  American  stock
            exchange,  which  offer they  desire to accept,  then all holders of
            Common  shares  shall be  immediately  provided  with a complete and
            accurate  copy of that offer and all holders of Common  Shares shall
            be obliged to accept and shall sell their Common Shares to the third
            party in accordance with the terms of that offer.

                                       15

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