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                                  EXHIBIT 10.14

                          REGISTRATION RIGHTS AGREEMENT

          This Registration Rights Agreement (this "Agreement") is made and
entered into as of December 31, 2003, by and among North American Technologies
Group, Inc., a Delaware corporation (the "Company"), and CD Investment Partners,
Ltd. (the "Purchaser").

          This Agreement is made pursuant to the Securities Purchase Agreement,
dated as of the date hereof between the Company and the Purchaser (the "Purchase
Agreement").

          The Company and the Purchaser hereby agree as follows:

     1.   Definitions. Capitalized terms used and not otherwise defined herein
that are defined in the Purchase Agreement shall have the meanings given such
terms in the Purchase Agreement. As used in this Agreement, the following terms
shall have the following meanings:

          "Advice" shall have the meaning set forth in Section 6(d).

          "Effectiveness Date" means, with respect to the Registration Statement
     required to be filed hereunder, the earlier of (a) the 150/th/ calendar day
     following the date of the Purchase Agreement, and (b) the fifth Trading Day
     following the date on which the Company is notified by the Commission that
     the Registration Statement will not be reviewed or is no longer subject to
     further review and comments.

          "Effectiveness Period" shall have the meaning set forth in Section
     2(a).

          "Event" shall have the meaning set fort in Section 2(b).

          "Event Date" shall have the meaning set forth in Section 2(b).

          "Filing Date" means, with respect to the Registration Statement
     required to be filed hereunder, the 90/th/ calendar day following the date
     of the Purchase Agreement.

          "Holder" or "Holders" means the holder or holders, as the case may be,
     from time to time of Registrable Securities.

          "Indemnified Party" shall have the meaning set forth in Section 5(c).

          "Indemnifying Party" shall have the meaning set forth in Section 5(c).

          "Losses" shall have the meaning set forth in Section 5(a).

          "Proceeding" means an action, claim, suit, investigation or proceeding
     (including, without limitation, an investigation or partial proceeding,
     such as a deposition), whether commenced or threatened.

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          "Prospectus" means the prospectus included in the Registration
     Statement (including, without limitation, a prospectus that includes any
     information previously omitted from a prospectus filed as part of an
     effective registration statement in reliance upon Rule 430A promulgated
     under the Securities Act), as amended or supplemented by any prospectus
     supplement, with respect to the terms of the offering of any portion of the
     Registrable Securities covered by the Registration Statement, and all other
     amendments and supplements to the Prospectus, including post-effective
     amendments, and all material incorporated by reference or deemed to be
     incorporated by reference in such Prospectus.

          "Registrable Securities" means all of the Shares and the Warrant
     Shares issued or issuable to Purchaser pursuant to the Purchase Agreement
     and permitted transferrees or assignees thereof who acquire rights under
     this Agreement, together with any shares of Common Stock issued or issuable
     upon any stock split, dividend or other distribution, recapitalization or
     similar event with respect to the foregoing. The parties acknowledge that
     the Company may choose to include the Registrable Securities hereunder on a
     registration statement with other similar securities, but only if to do so
     would not adversely affect Holder.

          "Registration Statement" means the registration statements required to
     be filed hereunder, including (in each case) the Prospectus, amendments and
     supplements to the registration statement or Prospectus, including pre- and
     post-effective amendments, all exhibits thereto, and all material
     incorporated by reference or deemed to be incorporated by reference in the
     registration statement.

          "Rule 415" means Rule 415 promulgated by the Commission pursuant to
     the Securities Act, as such Rule may be amended from time to time, or any
     similar rule or regulation hereafter adopted by the Commission having
     substantially the same effect as such Rule.

          "Rule 424" means Rule 424 promulgated by the Commission pursuant to
     the Securities Act, as such Rule may be amended from time to time, or any
     similar rule or regulation hereafter adopted by the Commission having
     substantially the same effect as such Rule.

          "Securities Act" means the Securities Act of 1933, as amended.

          "Warrant Shares" shall have the meaning set forth in the Purchase
     Agreement.

     2.   Registration.

          (a)  On or prior to the Filing Date, the Company shall prepare and
     file with the Commission the Registration Statement covering the resale of
     all of the Registrable Securities for an offering to be made on a
     continuous basis pursuant to Rule 415. The Registration Statement required
     hereunder shall be on Form S-3 (except if the Company is not then eligible
     to register for resale the Registrable Securities on Form S-3, in which
     case the Registration shall be on another appropriate form in accordance
     herewith). The Registration Statement required hereunder shall contain
     (except if otherwise directed by the Holders) substantially the "Plan of
     Distribution" attached hereto as Annex A. Subject

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     to the terms of this Agreement, the Company shall use its best efforts to
     cause the Registration Statement to be declared effective under the
     Securities Act as promptly as possible after the filing thereof, but in any
     event not later than the Effectiveness Date, and shall use its best efforts
     to keep the Registration Statement continuously effective under the
     Securities Act until the date when all Registrable Securities covered by
     the Registration Statement have been sold or may be sold without volume
     restrictions pursuant to Rule 144(k) as determined by the counsel to the
     Company pursuant to a written opinion letter to such effect, addressed and
     acceptable to the Company's transfer agent and the affected Holders (the
     "Effectiveness Period").

          (b)  If: (i) a Registration Statement is not filed on or prior to the
     Filing Date (if the Company files a Registration Statement without
     affording the Holder the opportunity to review and comment on the same as
     required by Section 3(a), the Company shall not be deemed to have satisfied
     this clause (i)), or (ii) the Company fails to file with the Commission a
     request for acceleration in accordance with Rule 461 promulgated under the
     Securities Act, within five Trading Days of the date that the Company is
     notified (orally or in writing, whichever is earlier) by the Commission
     that a Registration Statement will not be "reviewed," or is not subject to
     further review, or (iii) prior to the date when such Registration Statement
     is first declared effective by the Commission, the Company fails to file a
     pre-effective amendment and otherwise respond in writing to comments made
     by the Commission in respect of such Registration Statement within 15
     Trading Days after the receipt of comments by or notice from the Commission
     that such amendment is required in order for a Registration Statement to be
     declared effective, or (iv) a Registration Statement filed or required to
     be filed hereunder is not declared effective by the Commission on or before
     the Effectiveness Date, or (v) after a Registration Statement is first
     declared effective by the Commission, it ceases for any reason to remain
     continuously effective as to all Registrable Securities for which it is
     required to be effective, or the Holders are not permitted to utilize the
     Prospectus therein to resell such Registrable Securities, for in any such
     case 10 consecutive days but no more than an aggregate of 15 days during
     any 12 month period (which need not be consecutive Trading Days)(any such
     failure or breach being referred to as an "Event," and for purposes of
     clause (i) or (iv) the date on which such Event occurs, or for purposes of
     clause (ii) the date on which such five Trading Day period is exceeded, or
     for purposes of clause (iii) the date which such 15 Trading Day period is
     exceeded, or for purposes of clause (v) the date on which such 10 or 15 day
     period, as applicable, is exceeded being referred to as "Event Date"), then
     in addition to any other rights the Holders may have hereunder or under
     applicable law: (x) on each such Event Date the Company shall pay to each
     Holder an amount in cash, as partial liquidated damages and not as a
     penalty, equal to 2.0% of the aggregate purchase price paid to the Company
     for any Registrable Securities then held by such Holder; and (y) on each
     monthly anniversary of each such Event Date (if the applicable Event shall
     not have been cured by such date) until the applicable Event is cured, the
     Company shall pay to each Holder an amount in cash, as partial liquidated
     damages and not as a penalty, equal to 3.0% of the aggregate purchase price
     paid to the Company for any Registrable Securities then held by such
     Holder. If the Company fails to pay any liquidated damages pursuant to this
     Section in full within seven days after the date payable, the Company will
     pay interest thereon at a rate of 15% per annum (or such lesser maximum
     amount that is permitted to be paid by applicable law) to

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     the Holder, accruing daily from the date such liquidated damages are due
     until such amounts, plus all such interest thereon, are paid in full. The
     liquidated damages pursuant to the terms hereof shall apply on a daily
     pro-rata basis for any portion of a month prior to the cure of an Event.

     3.   Registration Procedures

          In connection with the Company's registration obligations hereunder,
the Company shall:

          (a)  Not less than five Trading Days prior to the filing of the
     Registration Statement or any related Prospectus or any amendment or
     supplement thereto, the Company shall, (i) furnish to the Holder copies of
     all such documents proposed to be filed (including documents incorporated
     or deemed incorporated by reference to the extent requested by such Person)
     which documents will be subject to the review of such Holders, and (ii)
     cause its officers and directors, counsel and independent certified public
     accountants to respond to such inquiries as shall be necessary, in the
     reasonable opinion of respective counsel to conduct a reasonable
     investigation within the meaning of the Securities Act. The Company shall
     not file the Registration Statement or any such Prospectus or any
     amendments or supplements thereto to which the Holders of a majority of the
     Registrable Securities shall reasonably object in good faith, provided that
     the Company is notified of such objection in writing no later than 5
     Trading Days after the Holders have been so furnished copies of such
     documents.

          (b)  (i) Prepare and file with the Commission such amendments,
     including post-effective amendments, to the Registration Statement and the
     Prospectus used in connection therewith as may be necessary to keep the
     Registration Statement continuously effective as to the applicable
     Registrable Securities for the Effectiveness Period and prepare and file
     with the Commission such additional Registration Statements in order to
     register for resale under the Securities Act all of the Registrable
     Securities; (ii) cause the related Prospectus to be amended or supplemented
     by any required Prospectus supplement, and as so supplemented or amended to
     be filed pursuant to Rule 424; (iii) respond as promptly as reasonably
     possible to any comments received from the Commission with respect to the
     Registration Statement or any amendment thereto and, as promptly as
     reasonably possible, upon request, provide the Holders true and complete
     copies of all correspondence from and to the Commission relating to the
     Registration Statement; and (iv) comply in all material respects with the
     provisions of the Securities Act and the Exchange Act with respect to the
     disposition of all Registrable Securities covered by the Registration
     Statement during the applicable period in accordance with the intended
     methods of disposition by the Holders thereof set forth in the Registration
     Statement as so amended or in such Prospectus as so supplemented.

          (c)  Notify the Holders of Registrable Securities to be sold as
     promptly as reasonably possible and (if requested by any such Person)
     confirm such notice in writing promptly following the day (i)(A) when a
     Prospectus or any Prospectus supplement or post-effective amendment to the
     Registration Statement is proposed to be filed; (B) when the Commission
     notifies the Company whether there will be a "review" of the

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     Registration Statement and whenever the Commission comments in writing on
     the Registration Statement (the Company shall upon request provide true and
     complete copies thereof and all written responses thereto to each of the
     Holders); and (C) with respect to the Registration Statement or any
     post-effective amendment, when the same has become effective; (ii) of any
     request by the Commission or any other Federal or state governmental
     authority during the period of effectiveness of the Registration Statement
     for amendments or supplements to the Registration Statement or Prospectus
     or for additional information; (iii) of the issuance by the Commission or
     any other federal or state governmental authority of any stop order
     suspending the effectiveness of the Registration Statement covering any or
     all of the Registrable Securities or the initiation of any Proceedings for
     that purpose; (iv) of the receipt by the Company of any notification with
     respect to the suspension of the qualification or exemption from
     qualification of any of the Registrable Securities for sale in any
     jurisdiction, or the initiation or threatening of any Proceeding for such
     purpose; and (v) of the occurrence of any event or passage of time that
     makes the financial statements included in the Registration Statement
     ineligible for inclusion therein or any statement made in the Registration
     Statement or Prospectus or any document incorporated or deemed to be
     incorporated therein by reference untrue in any material respect or that
     requires any revisions to the Registration Statement, Prospectus or other
     documents so that, in the case of the Registration Statement or the
     Prospectus, as the case may be, it will not contain any untrue statement of
     a material fact or omit to state any material fact required to be stated
     therein or necessary to make the statements therein, in light of the
     circumstances under which they were made, not misleading.

          (d)  Use commercially reasonable efforts to avoid the issuance of, or,
     if issued, obtain the withdrawal of (i) any order suspending the
     effectiveness of the Registration Statement, or (ii) any suspension of the
     qualification (or exemption from qualification) of any of the Registrable
     Securities for sale in any jurisdiction, at the earliest practicable
     moment.

          (e)  Furnish to the Holder, without charge, at least one conformed
     copy of the Registration Statement and each amendment thereto, including
     financial statements and schedules, all documents incorporated or deemed to
     be incorporated therein by reference to the extent requested by such
     Person, and all exhibits to the extent requested by such Person (including
     those previously furnished or incorporated by reference) promptly after the
     filing of such documents with the Commission.

          (f)  Promptly deliver to the Holder, without charge, as many copies of
     the Prospectus or Prospectuses (including each form of prospectus) and each
     amendment or supplement thereto as such Persons may reasonably request in
     connection with resales by the Holder of Registrable Securities. Subject to
     the terms of this Agreement, the Company hereby consents to the use of such
     Prospectus and each amendment or supplement thereto by each of the selling
     Holders in connection with the offering and sale of the Registrable
     Securities covered by such Prospectus and any amendment or supplement
     thereto, except after the giving on any notice pursuant to Section 3(c).

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          (g)  Prior to any resale of Registrable Securities by a Holder, use
     its commercially reasonable efforts to register or qualify or cooperate
     with the selling Holders in connection with the registration or
     qualification (or exemption from the registration or qualification) of such
     Registrable Securities for the resale by the Holder under the securities or
     Blue Sky laws of such jurisdictions within the United States as any Holder
     reasonably requests in writing, to keep each such registration or
     qualification (or exemption therefrom) effective during the Effectiveness
     Period and to do any and all other acts or things reasonably necessary to
     enable the disposition in such jurisdictions of the Registrable Securities
     covered by the Registration Statement; provided, that the Company shall not
     be required to qualify generally to do business in any jurisdiction where
     it is not then so qualified, subject the Company to any material tax in any
     such jurisdiction where it is not then so subject or file a general consent
     to service of process in any such jurisdiction.

          (h)  If requested by the Holders, cooperate with the Holders to
     facilitate the timely preparation and delivery of certificates representing
     Registrable Securities to be delivered to a transferee pursuant to the
     Registration Statement, which certificates shall be free, to the extent
     permitted by the Purchase Agreement and applicable law, of all restrictive
     legends, and to enable such Registrable Securities to be in such
     denominations and registered in such names as any such Holders may request.

          (i)  Upon the occurrence of any event contemplated by Section 3(c)(v),
     as promptly as reasonably possible, prepare a supplement or amendment,
     including a post-effective amendment, to the Registration Statement or a
     supplement to the related Prospectus or any document incorporated or deemed
     to be incorporated therein by reference, and file any other required
     document so that, as thereafter delivered, neither the Registration
     Statement nor such Prospectus will contain an untrue statement of a
     material fact or omit to state a material fact required to be stated
     therein or necessary to make the statements therein, in light of the
     circumstances under which they were made, not misleading. If the Company
     notifies the Holders in accordance with clauses (ii) through (v) of Section
     3(c) above to suspend the use of the use of any Prospectus until the
     requisite changes to such Prospectus have been made, then the Holders shall
     suspend use of such Prospectus. The Company will use its best efforts to
     ensure that the use of the Prospectus may be resumed as promptly as is
     practicable. The Company shall be entitled to exercise its right under this
     Section 3(i) to suspend the availability of a Registration Statement and
     Prospectus, subject to the payment of liquidated damages pursuant to
     Section 2(b), for a period not to exceed 60 days (which need not be
     consecutive days) in any 12 month period.

          (j)  Comply with all applicable rules and regulations of the
     Commission.

          (k)  The Company may require a Holder to furnish to the Company a
     certified statement as to the number of shares of Common Stock beneficially
     owned by such Holder and, if required by the Commission, the person thereof
     that has voting and dispositive control over the Shares. During any periods
     that the Company is unable to meet its obligations hereunder with respect
     to the registration of the Registrable Securities solely because any Holder
     fails to furnish such information within three

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     Trading Days of the Company's request, any liquidated damages that are
     accruing at such time as to such Holder only shall be tolled and any Event
     that may otherwise occur solely because of such delay shall be suspended as
     to such Holder only, until such information is delivered to the Company.

     4.   Registration Expenses. All fees and expenses incident to the
performance of or compliance with this Agreement by the Company shall be borne
by the Company whether or not any Registrable Securities are sold pursuant to
the Registration Statement. The fees and expenses referred to in the foregoing
sentence shall include, without limitation, (i) all registration and filing fees
(including, without limitation, fees and expenses (A) with respect to filings
required to be made with the Trading Market on which the Common Stock is then
listed for trading, and (B) in compliance with applicable state securities or
Blue Sky laws), (ii) printing expenses (including, without limitation, expenses
of printing certificates for Registrable Securities and of printing prospectuses
if the printing of prospectuses is reasonably requested by the holders of a
majority of the Registrable Securities included in the Registration Statement),
(iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of
counsel for the Company, (v) Securities Act liability insurance, if the Company
so desires such insurance, and (vi) fees and expenses of all other Persons
retained by the Company in connection with the consummation of the transactions
contemplated by this Agreement. In addition, the Company shall be responsible
for all of its internal expenses incurred in connection with the consummation of
the transactions contemplated by this Agreement (including, without limitation,
all salaries and expenses of its officers and employees performing legal or
accounting duties), the expense of any annual audit and the fees and expenses
incurred in connection with the listing of the Registrable Securities on any
securities exchange as required hereunder. In no event shall the Company be
responsible for any broker or similar commissions or, except to the extent
provided for in the Transaction Documents, any legal fees or other costs of the
Holders.

     5.   Indemnification

          (a)  Indemnification by the Company. The Company shall,
     notwithstanding any termination of this Agreement, indemnify and hold
     harmless each Holder, the officers, directors, agents and employees of each
     of them, each Person who controls any such Holder (within the meaning of
     Section 15 of the Securities Act or Section 20 of the Exchange Act) and the
     officers, directors, agents and employees of each such controlling Person,
     to the fullest extent permitted by applicable law, from and against any and
     all losses, claims, damages, liabilities, costs (including, without
     limitation, reasonable attorneys' fees) and expenses (collectively,
     "Losses"), as incurred, arising out of or relating to any untrue or alleged
     untrue statement of a material fact contained in the Registration
     Statement, any Prospectus or any form of prospectus or in any amendment or
     supplement thereto or in any preliminary prospectus, or arising out of or
     relating to any omission or alleged omission of a material fact required to
     be stated therein or necessary to make the statements therein (in the case
     of any Prospectus or form of prospectus or supplement thereto, in light of
     the circumstances under which they were made) not misleading, except to the
     extent, but only to the extent, that (1) such untrue statements or
     omissions or alleged untrue statements or omissions are based upon
     information regarding such Holder furnished in writing to the Company by
     such Holder for use therein, or to the extent that such information relates
     to such Holder or such Holder's

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     proposed method of distribution of Registrable Securities and was reviewed
     and expressly approved in writing by such Holder for use in the
     Registration Statement, such Prospectus or such form of Prospectus or in
     any amendment or supplement thereto (it being understood that the Holder
     has approved Annex A hereto for this purpose) or (2) in the case of an
     occurrence of an event of the type specified in Section 3(c)(ii)-(v), the
     use by such Holder of an outdated or defective Prospectus after the Company
     has notified such Holder in writing that the Prospectus is outdated or
     defective and prior to the receipt by such Holder of the Advice
     contemplated in Section 6(d). The Company shall notify the Holders promptly
     of the institution, threat or assertion of any Proceeding of which the
     Company is aware in connection with the transactions contemplated by this
     Agreement.

          (b)  Indemnification by Holders. Each Holder shall, severally and not
     jointly, indemnify and hold harmless the Company, its directors, officers,
     agents and employees, each Person who controls the Company (within the
     meaning of Section 15 of the Securities Act and Section 20 of the Exchange
     Act), and the directors, officers, agents or employees of such controlling
     Persons, to the fullest extent permitted by applicable law, from and
     against all Losses, as incurred, to the extent arising out of or based
     solely upon: (x) such Holder's failure to comply with the prospectus
     delivery requirements of the Securities Act or (y) any untrue or alleged
     untrue statement of a material fact contained in any Registration
     Statement, any Prospectus, or any form of prospectus, or in any amendment
     or supplement thereto or in any preliminary prospectus, or arising out of
     or relating to any omission or alleged omission of a material fact required
     to be stated therein or necessary to make the statements therein not
     misleading (i) to the extent, but only to the extent, that such untrue
     statement or omission is contained in any information so furnished in
     writing by such Holder to the Company specifically for inclusion in the
     Registration Statement or such Prospectus or (ii) to the extent that (1)
     such untrue statements or omissions are based solely upon information
     regarding such Holder furnished in writing to the Company by such Holder
     expressly for use therein, or to the extent that such information relates
     to such Holder or such Holder's proposed method of distribution of
     Registrable Securities and was reviewed and expressly approved in writing
     by such Holder expressly for use in the Registration Statement (it being
     understood that the Holder has approved Annex A hereto for this purpose),
     such Prospectus or such form of Prospectus or in any amendment or
     supplement thereto or (2) in the case of an occurrence of an event of the
     type specified in Section 3(c)(ii)-(v), the use by such Holder of an
     outdated or defective Prospectus after the Company has notified such Holder
     in writing that the Prospectus is outdated or defective and prior to the
     receipt by such Holder of the Advice contemplated in Section 6(d). In no
     event shall the liability of any selling Holder hereunder be greater in
     amount than the dollar amount of the net proceeds received by such Holder
     upon the sale of the Registrable Securities giving rise to such
     indemnification obligation.

          (c)  Conduct of Indemnification Proceedings. If any Proceeding shall
     be brought or asserted against any Person entitled to indemnity hereunder
     (an "Indemnified Party"), such Indemnified Party shall promptly notify the
     Person from whom indemnity is sought (the "Indemnifying Party") in writing,
     and the Indemnifying Party shall have the right to assume the defense
     thereof, including the employment of counsel reasonably satisfactory to the
     Indemnified Party and the payment of all fees and expenses incurred in

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     connection with defense thereof; provided, that the failure of any
     Indemnified Party to give such notice shall not relieve the Indemnifying
     Party of its obligations or liabilities pursuant to this Agreement, except
     (and only) to the extent that it shall be finally determined by a court of
     competent jurisdiction (which determination is not subject to appeal or
     further review) that such failure shall have prejudiced the Indemnifying
     Party.

          An Indemnified Party shall have the right to employ separate counsel
     in any such Proceeding and to participate in the defense thereof, but the
     fees and expenses of such counsel shall be at the expense of such
     Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed
     in writing to pay such fees and expenses; (2) the Indemnifying Party shall
     have failed promptly to assume the defense of such Proceeding and to employ
     counsel reasonably satisfactory to such Indemnified Party in any such
     Proceeding; or (3) the named parties to any such Proceeding (including any
     impleaded parties) include both such Indemnified Party and the Indemnifying
     Party, and such Indemnified Party shall reasonably believe that a conflict
     of interest is likely to exist if the same counsel were to represent such
     Indemnified Party and the Indemnifying Party (in which case, if such
     Indemnified Party notifies the Indemnifying Party in writing that it elects
     to employ separate counsel at the expense of the Indemnifying Party, the
     Indemnifying Party shall not have the right to assume the defense thereof
     and the reasonable fees and expenses of one separate counsel shall be at
     the expense of the Indemnifying Party). The Indemnifying Party shall not be
     liable for any settlement of any such Proceeding effected without its
     written consent, which consent shall not be unreasonably withheld. No
     Indemnifying Party shall, without the prior written consent of the
     Indemnified Party, effect any settlement of any pending Proceeding in
     respect of which any Indemnified Party is a party, unless such settlement
     includes an unconditional release of such Indemnified Party from all
     liability on claims that are the subject matter of such Proceeding.

          Subject to the terms of this Agreement, all reasonable fees and
     expenses of the Indemnified Party (including reasonable fees and expenses
     to the extent incurred in connection with investigating or preparing to
     defend such Proceeding in a manner not inconsistent with this Section)
     shall be paid to the Indemnified Party, as incurred, within ten Trading
     Days of written notice thereof to the Indemnifying Party; provided, that
     the Indemnified Party shall promptly reimburse the Indemnifying Party for
     that portion of such fees and expenses applicable to such actions for which
     such Indemnified Party is not entitled to indemnification hereunder,
     determined based upon the relative faults of the parties.

          (d)  Contribution. If a claim for indemnification under Section 5(a)
     or 5(b) is unavailable to an Indemnified Party (by reason of public policy
     or otherwise), then each Indemnifying Party, in lieu of indemnifying such
     Indemnified Party, shall contribute to the amount paid or payable by such
     Indemnified Party as a result of such Losses, in such proportion as is
     appropriate to reflect the relative fault of the Indemnifying Party and
     Indemnified Party in connection with the actions, statements or omissions
     that resulted in such Losses as well as any other relevant equitable
     considerations. The relative fault of such Indemnifying Party and
     Indemnified Party shall be determined by reference to, among other things,
     whether any action in question, including any untrue or alleged

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     untrue statement of a material fact or omission or alleged omission of a
     material fact, has been taken or made by, or relates to information
     supplied by, such Indemnifying Party or Indemnified Party, and the parties'
     relative intent, knowledge, access to information and opportunity to
     correct or prevent such action, statement or omission. The amount paid or
     payable by a party as a result of any Losses shall be deemed to include,
     subject to the limitations set forth in this Agreement, any reasonable
     attorneys' or other reasonable fees or expenses incurred by such party in
     connection with any Proceeding to the extent such party would have been
     indemnified for such fees or expenses if the indemnification provided for
     in this Section was available to such party in accordance with its terms.

          The parties hereto agree that it would not be just and equitable if
     contribution pursuant to this Section 5(d) were determined by pro rata
     allocation or by any other method of allocation that does not take into
     account the equitable considerations referred to in the immediately
     preceding paragraph. Notwithstanding the provisions of this Section 5(d),
     no Holder shall be required to contribute, in the aggregate, any amount in
     excess of the difference between (i) the amount of proceeds actually
     received by such Holder from the sale of the Registrable Securities subject
     to the Proceeding less (ii) the amount of any damages that such Holder has
     otherwise been required to pay by reason of such untrue or alleged untrue
     statement or omission or alleged omission, except in the case of fraud by
     such Holder.

          The indemnity and contribution agreements contained in this Section
     are in addition to any liability that the Indemnifying Parties may have to
     the Indemnified Parties.

     6.   Miscellaneous

          (a)  Remedies. In the event of a breach by the Company or by a Holder,
     of any of their obligations under this Agreement, each Holder or the
     Company, as the case may be, in addition to being entitled to exercise all
     rights granted by law and under this Agreement, including recovery of
     damages, will be entitled to specific performance of its rights under this
     Agreement. The Company and each Holder agree that monetary damages would
     not provide adequate compensation for any losses incurred by reason of a
     breach by it of any of the provisions of this Agreement and hereby further
     agrees that, in the event of any action for specific performance in respect
     of such breach, it shall waive the defense that a remedy at law would be
     adequate.

          (b)  No Piggyback on Registrations. Except as otherwise contemplated
     by this Agreement, neither the Company nor any of its security holders
     (other than the Holders in such capacity pursuant hereto) may include
     securities of the Company in a Registration Statement other than the
     Registrable Securities. No Person has any right to cause the Company to
     effect the registration under the Securities Act of any securities of the
     Company. The Company shall not file any other registration statement until
     after the Effective Date.

                                       10

<PAGE>

          (c)  Compliance. Each Holder covenants and agrees that it will comply
     with the prospectus delivery requirements of the Securities Act as
     applicable to it in connection with sales of Registrable Securities
     pursuant to the Registration Statement.

          (d)  Discontinued Disposition. Each Holder agrees by its acquisition
     of such Registrable Securities that, upon receipt of a notice from the
     Company of the occurrence of any event of the kind described in Section
     3(c), such Holder will forthwith discontinue disposition of such
     Registrable Securities under the Registration Statement until such Holder's
     receipt of the copies of the supplemented Prospectus and/or amended
     Registration Statement or until it is advised in writing (the "Advice") by
     the Company that the use of the applicable Prospectus may be resumed, and,
     in either case, has received copies of any additional or supplemental
     filings that are incorporated or deemed to be incorporated by reference in
     such Prospectus or Registration Statement. The Company will use its best
     efforts to ensure that the use of the Prospectus may be resumed as promptly
     as it practicable. The Company agrees and acknowledges that any periods
     during which the Holder is required to discontinue the disposition of the
     Registrable Securities hereunder shall be subject to the provisions of
     Section 2(b).

          (e)  Piggy-Back Registrations. If at any time during the Effectiveness
     Period there is not an effective Registration Statement covering all of the
     Registrable Securities and the Company shall determine to prepare and file
     with the Commission a registration statement relating to an offering for
     its own account or the account of others under the Securities Act of any of
     its equity securities, other than on Form S-4 or Form S-8 (each as
     promulgated under the Securities Act) or their then equivalents relating to
     equity securities to be issued solely in connection with any acquisition of
     any entity or business or equity securities issuable in connection with the
     stock option or other employee benefit plans, then the Company shall send
     to each Holder a written notice of such determination and, if within
     fifteen days after the date of such notice, any such Holder shall so
     request in writing, the Company shall include in such registration
     statement all or any part of such Registrable Securities such Holder
     requests to be registered, subject to customary underwriter cutbacks
     applicable to all holders of registration rights.

          (f)  Amendments and Waivers. The provisions of this Agreement,
     including the provisions of this sentence, may not be amended, modified or
     supplemented, and waivers or consents to departures from the provisions
     hereof may not be given, unless the same shall be in writing and signed by
     the Company and each Holder of the then outstanding Registrable Securities.

          (g)  Notices. Any and all notices or other communications or
     deliveries required or permitted to be provided hereunder shall be made in
     accordance with the provisions of the Purchase Agreement.

          (h)  Successors and Assigns. This Agreement shall inure to the benefit
     of and be binding upon the successors and permitted assigns of each of the
     parties and shall inure to the benefit of each Holder. Each Holder may
     assign their respective rights hereunder in the manner and to the Persons
     as permitted under the Purchase Agreement.

                                       11

<PAGE>

          (i)  Execution and Counterparts. This Agreement may be executed in any
     number of counterparts, each of which when so executed shall be deemed to
     be an original and, all of which taken together shall constitute one and
     the same Agreement. In the event that any signature is delivered by
     facsimile transmission, such signature shall create a valid binding
     obligation of the party executing (or on whose behalf such signature is
     executed) the same with the same force and effect as if such facsimile
     signature were the original thereof.

          (j)  Governing Law. All questions concerning the construction,
     validity, enforcement and interpretation of this Agreement shall be
     determined with the provisions of the Purchase Agreement.

          (k)  Cumulative Remedies. The remedies provided herein are cumulative
     and not exclusive of any remedies provided by law.

          (l)  Severability. If any term, provision, covenant or restriction of
     this Agreement is held by a court of competent jurisdiction to be invalid,
     illegal, void or unenforceable, the remainder of the terms, provisions,
     covenants and restrictions set forth herein shall remain in full force and
     effect and shall in no way be affected, impaired or invalidated, and the
     parties hereto shall use their commercially reasonable efforts to find and
     employ an alternative means to achieve the same or substantially the same
     result as that contemplated by such term, provision, covenant or
     restriction. It is hereby stipulated and declared to be the intention of
     the parties that they would have executed the remaining terms, provisions,
     covenants and restrictions without including any of such that may be
     hereafter declared invalid, illegal, void or unenforceable.

          (m)  Headings. The headings in this Agreement are for convenience of
     reference only and shall not limit or otherwise affect the meaning hereof.

          (n)  Independent Nature of Holder's Obligations and Rights. The
     obligations of a Holder hereunder are several and not joint with the
     obligations of any other Holders hereunder, and a Holder shall not be
     responsible in any way for the performance of the obligations of any other
     Holders hereunder. Nothing contained herein or in any other agreement or
     document delivered at any closing, and no action taken by a Holder pursuant
     hereto or thereto, shall be deemed to constitute a Holder and any other
     Holders as a partnership, an association, a joint venture or any other kind
     of entity, or create a presumption that a Holder and any other Holders are
     in any way acting in concert with respect to such obligations or the
     transactions contemplated by this Agreement. A Holder shall be entitled to
     protect and enforce its rights, including without limitation the rights
     arising out of this Agreement, and it shall not be necessary for any other
     Holders to be joined as an additional party in any proceeding for such
     purpose.

                            *************************

                                       12

<PAGE>

          IN WITNESS WHEREOF, the parties have executed this Registration Rights
Agreement as of the date first written above.

                                        NORTH AMERICAN TECHNOLOGIES GROUP, INC.

                                          By: /s/ Henry W. Sullivan
                                              Name: Henry W. Sullivan
                                              Title: Chief Executive Officer

                                        CD INVESTMENT PARTNERS, LTD.

                                        By:  CD Capital Management LLC
                                        Its: Investment Manager

                                        By:  /s/ John D. Ziegelman
                                           -------------------------------------
                                           Name:  John D. Ziegelman
                                                --------------------------------
                                           Title: President
                                                 -------------------------------

                                       13

<PAGE>

                                     ANNEX A

                              Plan of Distribution
                              --------------------

     The Selling Stockholders (the "Selling Stockholders") of the common stock
("Common Stock") of North American Technologies Group, Inc. (the "Company") and
any of their pledgees, assignees and successors-in-interest may, from time to
time, sell any or all of their shares of Common Stock on any stock exchange,
market or trading facility on which the shares are traded or in private
transactions. These sales may be at fixed or negotiated prices. The Selling
Stockholders may use any one or more of the following methods when selling
shares:

          .  ordinary brokerage transactions and transactions in which the
             broker-dealer solicits purchasers;

          .  block trades in which the broker-dealer will attempt to sell the
             shares as agent but may position and resell a portion of the
             block as principal to facilitate the transaction;

          .  purchases by a broker-dealer as principal and resale by the
             broker-dealer for its account;

          .  an exchange distribution in accordance with the rules of the
             applicable exchange;

          .  privately negotiated transactions;

          .  settlement of short sales;

          .  broker-dealers may agree with the Selling Stockholders to sell a
             specified number of such shares at a stipulated price per share;

          .  a combination of any such methods of sale;

          .  through the writing or settlement of options or other hedging
             transactions, whether through an options exchange or otherwise;
             or

          .  any other method permitted pursuant to applicable law.

     The Selling Stockholders may also sell shares under Rule 144 under the
Securities Act of 1933, as amended (the "Securities Act"), if available, rather
than under this prospectus.

     Broker-dealers engaged by the Selling Stockholders may arrange for other
brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the Selling Stockholders (or, if any broker-dealer acts as
agent for the purchaser of shares, from the purchaser) in amounts to be
negotiated. The Selling Stockholders do not expect these commissions and
discounts to exceed what is customary in the types of transactions involved.

     In connection with the sale of our common stock or interests therein, the
Selling Stockholders may enter into hedging transactions with broker-dealers or
other financial

                                       14

<PAGE>

institutions, which may in turn engage in short sales of the common stock in the
course of hedging the positions they assume. The Selling Stockholders may also
sell shares of our common stock short and deliver these securities to close out
their short positions, or loan or pledge the common stock to broker-dealers that
in turn may sell these securities. The Selling Stockholders may also enter into
option or other transactions with broker-dealers or other financial institutions
or the creation of one or more derivative securities which require the delivery
to such broker-dealer or other financial institution of shares offered by this
prospectus, which shares such broker-dealer or other financial institution may
resell pursuant to this prospectus (as supplemented or amended to reflect such
transaction).

     The Selling Stockholders and any broker-dealers or agents that are involved
in selling the shares may be deemed to be "underwriters" within the meaning of
the Securities Act in connection with such sales. In such event, any commissions
received by such broker-dealers or agents and any profit on the resale of the
shares purchased by them may be deemed to be underwriting commissions or
discounts under the Securities Act. The Selling Stockholders have informed the
Company that it does not have any agreement or understanding, directly or
indirectly, with any person to distribute the Common Stock.

     The Company is required to pay certain fees and expenses incurred by the
Company incident to the registration of the shares. The Company has agreed to
indemnify the Selling Stockholders against certain losses, claims, damages and
liabilities, including liabilities under the Securities Act.

                                       15

<PAGE>

                                  SCHEDULE 6(b)

     The Company has granted registration rights to Avalanche Resources, Ltd. in
a Registration Rights Agreement dated as of December 31, 2002 for the
registration of the shares into which the Convertible Debenture issued to
Avalanche on that date may be converted. In addition, the Company has orally
agreed to give piggyback rights to subscribers in its private placement
offerings if the Company files a registration statement more than 60 days before
the time at which such subscribers would be able to sell their restricted shares
of Company common stock under Rule 144 of the Securities Act of 1933.
Approximately 51,934,376 shares issued by the Company would be subject to those
registration rights for subscribers.

                                       16<PAGE>

                                 EXHIBIT 10.15

                   Financial Advisory and Consulting Agreement

     This Financial Advisory and Consulting Agreement (Agreement) is entered
into on this the 26th day of January, 2004, by and between North American
Technologies Group Incorporated (the COMPANY) and Slash Pine Ventures, LLC (the
ADVISOR), P.O. Box 7896, The Woodlands, TX 77387.

     Whereas, ADVISOR provides its clients with financial advisory, accounting,
regulatory, tax and investor services; and

     Whereas, the COMPANY desires to have access to financial, accounting, tax
and investor expertise to conduct its operations; and

     Whereas, ADVISOR seeks to provide such services to the COMPANY, and the
COMPANY desires to engage the ADVISOR;

     Now, Therefore, in consideration of the terms and conditions herein and
other valuable consideration, the receipt, adequacy and sufficiency of which the
parties acknowledge, the parties agree to the following terms and conditions:

          1.  Appointment. The COMPANY hereby appoints ADVISOR as a financial
              advisor and hereby retains ADVISOR on the terms and conditions of
              this Agreement. ADVISOR accepts such appointment and agrees to
              provide John N. Bingham to perform the services identified below.

          2.  Term. The term of this Agreement shall begin on the date hereof
              and shall continue for four months and on a month-to-month basis
              until terminated by either party at any time upon written notice
              to the other party. ADVISOR shall be accorded a "Tail Period" of
              12 months from the date of termination for any and all parties
              introduced by the ADVISOR of which the compensation agreed herein
              shall apply.

          3.  Time and Services Performed by ADVISOR. ADVISOR shall perform the
              following on behalf of the COMPANY (see Exhibit A for specific
              activities);
               a.   ADVISOR shall commit a minimum of 100 hours per month.
               b.   ADVISOR shall act in a CFO role providing financial,
                    management, regulatory and accounting/tax advisory services
                    to the COMPANY, including advice regarding accounting and
                    tax matters, assistance with quarterly and annual reporting,
                    business development and other regulatory (Sarbanes Oxley)
                    and financial matters.
               c.   ADVISOR shall provide at the request of the COMPANY,
                    management advisory services, including acting in a
                    management role on behalf of the COMPANY and assisting with
                    investor relations and mergers and acquisitions.
               d.   ADVISOR shall work closely with the Chairman of the
                    COMPANY's audit committee and outside audit firm.

<PAGE>

          4.  Fees and Expenses. Compensation for services performed shall be
              paid under the following terms and conditions;
               a.   A consulting fee of $100 per hour payable in one $5,000
                    payment at the beginning of each month with the balance
                    payable at the end of each month. In addition, ADVISOR shall
                    receive $30,000 in cash should a registration statement be
                    approved by the appropriate regulatory authorities.
               b.   Out-of-pocket expenses associated with ADVISOR activities
                    and pre-approved by the COMPANY are payable upon providing
                    an accounting of such expenses.
               c.   A finders fee for any debt/equity capital raised, merger or
                    acquisition completed or business developed by ADVISOR
                    during the term of this Agreement as outlined in Exhibit B.
                    The finders fee is based on and due upon successful closing
                    of a financing.

          5.  Obligations of the COMPANY. The COMPANY agrees to the following
              obligations with respect to the ADVISOR;
               a.   The COMPANY shall provide to ADVISOR on a timely basis,
                    relevant and timely information and other business documents
                    necessary for ADVISOR to perform the duties contemplated in
                    3. above.
               b.   The COMPANY shall reimburse the ADVISOR for any legal fees
                    incurred as a result of any legal action for which ADVISOR
                    becomes involved in any capacity as a result of data or
                    actions associated with the COMPANY. ADVISOR shall be added
                    to the COMPANY director and officer liability insurance
                    policy.

          6.  Representations of ADVISOR. ADVISOR represents the following;
               a.   It has full legal authority to perform the services as
                    required by this Agreement.
               b.   It agrees to indemnify and hold the COMPANY harmless from
                    and against any and all losses and claims arising from any
                    violations by ADVISOR of any federal or state securities
                    laws.
               c.   ADVISOR is an independent contractor as commonly understood
                    by IRS guidelines (Federal TIN: 76-0546909).

          7.  Relationship of Parties. ADVISOR is an independent contractor
              responsible for compensation of its agents and representatives.
              This Agreement does not establish a partnership, joint venture or
              other business entity.

          8.  Non-Disclosure of Confidential Information. ADVISOR acknowledges
              that it is the policy of the COMPANY to maintain as secret and
              confidential all valuable information heretofore and hereinafter
              acquired, developed or used by the COMPANY in relation to its
              business, operations, employees and customers which may give the
              COMPANY a competitive advantage in its industry. ADVISOR
              recognizes that all such Confidential Information is the property
              of the

<PAGE>

              COMPANY. ADVISOR agrees that it will not disseminate or otherwise
              disclose any Confidential Information without prior written
              consent from the COMPANY, unless or until such information is made
              available to the public or is not otherwise secret or
              confidential. ADVISOR is obligated to adhere to disclosure rules
              under applicable SEC regulations.

          9.  Compliance and Governing Law. ADVISOR, together with its agents
              and associates, shall take all necessary, appropriate and
              reasonable steps to provide the services in accordance with both
              the securities laws of the United States and appropriate state
              laws, pursuant to the rules and regulations promulgated
              thereunder. The terms and provisions of this Agreement shall be
              governed by and construed under the laws of the state of Texas.
              Any action or proceeding brought by either party relating in any
              way to this Agreement shall be brought exclusively in the state
              and federal courts located in Houston, Texas, and the parties
              hereto consent to the exclusive jurisdiction of such courts in
              respect of such action or proceeding.

          10. No Other Agreements. This Agreement supersedes all previous
              written and verbal agreements. Any modification of this Agreement
              must be in writing and signed by both ADVISOR and the COMPANY. If
              any provision is held unenforceable, then only tat provision shall
              be deleted from this Agreement. ADVISOR has not promised or
              guaranteed any financing will be available to the COMPANY at terms
              acceptable to the COMPANY.

          11. Advertisements. COMPANY acknowledges that upon successful funding
              events, ADVISOR may advertise and report such activities in
              accordance with applicable laws and regulations.

In Witness Whereof, the parties hereto agree to the above as of the date and
year first above written.

                                        Slash Pine Ventures, LLC

                                        By:   /s/ John N. Bingham
                                             -----------------------------------
                                        Its:  President
                                             -----------------------------------

                                        North American Technologies Incorporated

                                        By:   Kevin C. Maddox
                                             -----------------------------------
                                        Its:  CEO
                                             -----------------------------------

<PAGE>

EXHIBIT A

                 Financial, Management and Regulatory Activities

     1.   Year-end audit and Form 10-K filed by March 15, 2004.

     2.   Proxy Statement and Annual Report for Annual Meeting.

     3.   Quarter-end Form 10-Q for March 31, June 30 and September 30, 2004,
          respective earnings releases and Form 8-Ks.

     4.   Proxy and registration statement for acquisition.

     5.   Due diligence for acquisition.

     6.   Raising capital.

     7.   Sarbanes Oxley documentation.

     8.   Cleanup stockholder files and develop investor relations package.

     9.   Manage Transfer Agent relationship.

     10.  Manage accounts receivable.

     11.  Manage debt and banking relationships.

     12.  Locate, equip and move into a new corporate office.

     13.  Update and maintain network and accounting systems.

     14.  Assist in development market for non-spec crossties.

     15.  Assist in developing marketing tools (brochures, exec sums, etc).

     16.  Manage human resource activities (payroll, benefits, taxes, etc).

     17.  Manage option and other benefit plans.

     18.  Review expense line items and identify savings.

     19.  Resolve investor issues.

<PAGE>

EXHIBIT B

                                  Fee Schedule

     I.   Finders Fee for Successful Debt or Equity Placement: ADVISOR will only
          pursue debt or equity placements as directed by the COMPANY (will not
          include exercising options, warrants. Debt and equity conversions or
          implementing agreements wit Mark Neuhaus).

         Amount                                             Fee
-------------------------------------------------------     ----
From $50,000 to $499,999                                    3.00%
From $500,000 to $999,999                                   2.00%
From $1,000,000 and above                                   1.50%

     II.  Finders Fee for Successful Merger or Acquisition: Does not include
          activities underway prior to the date of this Agreement.

        Value                                               Fee
-------------------------------------------------------     ----
From $0 to $999,999                                         2.00%
From $1,000,000 to $2,499,999                               1.50%
From $2,500,000 and above                                   1.00%

     III. Finders Fee for Successful Strategic or Joint Venture Partner
          Agreement: Does not include activities underway prior to the date of
          this Agreement.

                           Value                            Fee
-------------------------------------------------------     ----
From $0 to $2,999,999 in estimated future value             1.00%
From $3,000,000 to $4,999,999 in estimated future value     0.75%
From $5,000,000 and above in estimated future value         0.50%

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