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                                                                    EXHIBIT 10.4

                          REGISTRATION RIGHTS AGREEMENT

         THIS REGISTRATION RIGHTS AGREEMENT ("AGREEMENT") is made and entered
into as of March 22, 2002, by and among Excalibur Holdings, Inc., a Texas
corporation (the "COMPANY"), Seneca Capital, L.P., a Delaware limited
partnership ("SENECA LP"), Seneca Capital International, Ltd., a corporation
organized under the laws of the Cayman Islands ("SENECA INTERNATIONAL") (who are
collectively referred to as "SENECA"), and such other persons who may execute
this Agreement and are listed on SCHEDULE 1.

                                    RECITALS

         WHEREAS, concurrently with the execution of this Agreement, the Company
has entered into a Series B Preferred Stock Purchase Agreement of even date
herewith (the "PURCHASE AGREEMENT"), pursuant to which the Company has agreed to
issue and sell shares of the Company's Series B Convertible Preferred Stock,
$.001 par value per share (the "SERIES B PREFERRED STOCK"), to the purchasers
signatory to the Purchase Agreement, to the extent and in such amounts as set
forth therein.

         WHEREAS, concurrently with the execution of this Agreement, the Holders
(as defined herein) will receive warrants (the "WARRANTS") to purchase an
aggregate of three hundred sixty thousand (360,000) shares of the Company's
common stock, $.001 par value per share (the "COMMON STOCK").

         WHEREAS, this Agreement is being entered into pursuant to Section 7.8
of the Purchase Agreement.

         WHEREAS, as a condition to the obligations of the Holders under the
Purchase Agreement, the Company has agreed to grant the registration rights with
respect to the Registrable Common (as defined herein) pursuant to this Agreement
on the terms and conditions set forth herein.

         WHEREAS, certain capitalized terms used herein without definition have
the meanings specified in the Purchase Agreement or Section 1 herein.

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the foregoing, and for other good
and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the Company and the Holders hereby acknowledge and agree as
follows:

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SECTION 1. DEFINITIONS.

         As used in this Agreement, the following capitalized terms, not
otherwise defined in the Purchase Agreement, shall have the meanings as set
forth herein:

         1.1. "AFFILIATE" of any Person means any Person who controls, is
controlled by or is under common control with any other Person or Persons. For
the purposes of this definition, "control" has the meaning specified as of the
date of this Agreement for that word in Rule 405 promulgated by the Commission
under the Securities Act.

         1.2. "BOARD" means the Board of Directors of the Company.

         1.3. "COMMISSION" means the United States Securities and Exchange
Commission, and any successor thereto.

         1.4. "COMMON STOCK" means the Company's common stock, $.001 par value.

         1.5. "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
amended, and the rules and regulations promulgated from time to time thereunder.

         1.6. "HOLDERS" means (a) holders as of the date of this Agreement of
Series B Preferred Stock, each of whom is a party to this Agreement, (b) any
subsequent legal or beneficial owner of Series B Preferred Stock or Registrable
Common who has become a party to this Agreement in accordance with Section 11 of
this Agreement.

         1.7. "MATERIAL ADVERSE EFFECT" means a material adverse effect on the
business, prospects, assets, properties, or financial condition of the Company
(or the Public Company).

         1.8. "PERSON" includes all natural persons, corporations, business
trusts, associations, limited liability companies, partnerships, joint ventures,
governments, agencies, political subdivisions and other entities of whatever
nature.

         1.9. "PUBLIC COMPANY" shall mean a corporation (a) which issues
securities to the holders of outstanding shares of capital stock of the
Corporation in connection with (i) a merger, acquisition, or consolidation of
the Corporation into or with such corporation (or an Affiliate thereof), or (ii)
any sale, lease, license (on an exclusive basis) or transfer by the Corporation
of all or substantially all its assets to such corporation (or an Affiliate
thereof), and (b) whose business operations were dormant immediately before such
merger, acquisition, consolidation, sale, lease, license, or transfer.

         1.10. "PUBLIC COMPANY BOARD" means the Board of Directors of the Public
Company.

         1.11. "PUBLIC COMPANY COMMON STOCK" shall mean the common stock of the
Public Company.

         1.12. "PUBLIC COMPANY SERIES B PREFERRED STOCK" shall have the meaning
set forth in the definition of "Reorganization" below.

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         1.13. "PURCHASE AGREEMENT" has the meaning specified in the Recitals.

         1.14. "REGISTRABLE COMMON" means (a) any shares of Public Company
Common Stock which have been issued or are issuable upon the conversion of the
Public Company Series B Preferred Stock or upon exercise of the Warrants, (b)
any shares of Public Company Common Stock which have been issued in the
Reorganization in exchange for Series B Preferred Stock or Common Stock which
was issued upon the conversion of the Series B Preferred Stock or upon exercise
of the Warrants, and (c) any share of Public Company Common Stock issued as a
dividend, stock split, reclassification, recapitalization or other distribution
with respect to or in exchange for or replacement of any Registrable Common;
provided, however, that shares of Public Company Common Stock shall no longer be
Registrable Common (i) when they shall have been effectively registered under
the Securities Act and sold by the Holder thereof in accordance with such
registration or sold by the Holder pursuant to Section 4(1) of the Securities
Act or Rule 144, or (ii) when registration under the Securities Act would no
longer be required for the immediate public distribution of such shares of
Public Company Common Stock as a result of the provisions of Rule 144.

         1.15. "REGISTER," "REGISTERED" AND "REGISTRATION" refer to a
registration effected by preparing and filing a registration statement in
compliance with the Securities Act and the declaration or ordering of the
effectiveness of such Registration Statement.

         1.16. "REORGANIZATION" shall mean the merger, acquisition, or
consolidation of the Corporation into or with the Public Company (or an
Affiliate thereof), or any sale, lease, license (on an exclusive basis) or
transfer by the Corporation of all or substantially all its assets to the Public
Company (or an Affiliate thereof), in each case which results in (a) the
conversion or exchange of all shares of Series B Preferred Stock into or for all
shares of a series of preferred stock of the Public Company (the "PUBLIC COMPANY
SERIES B PREFERRED STOCK") that has rights, preferences and privileges which are
substantially similar to those of the Series B Preferred Stock, (b) the exchange
of all other outstanding shares of capital stock of the Corporation for similar
capital stock of the Public Company, (c) the shareholders of the Corporation
(including the holders of Common Stock, the holders of Series A Preferred Stock
on an as-if converted basis, the holders of the Series B Preferred Stock on an
as-if converted basis, and the holders of Convertible Securities on an fully
diluted, as-if converted basis) immediately prior to the transaction own at
least eighty percent (80%) of the then outstanding shares of capital stock (on a
fully diluted, as-if converted basis) of the Public Company immediately after
the transaction, and (d) the Public Company becoming subject to the reporting
requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as
amended, with respect to the Public Company Common Stock.

         1.17. "RULE 144" means Rule 144 promulgated by the Commission under the
Securities Act, as such rule may be amended from time to time, or any successor
rule thereto.

         1.18. "SECURITIES ACT" means the Securities Act of 1933, as amended,
and the rules and regulations promulgated from time to time thereunder.

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         1.19. "SERIES A PREFERRED STOCK" means the Company's Series A
Convertible Preferred Stock, $.001 par value per share, any shares of Series A
Preferred Stock issued in payment of a dividend upon any share of Series A
Preferred Stock, and any other capital stock issued as a dividend or other
distribution with respect to, or in replacement of, any Series A Preferred
Stock.

         1.20. "SERIES B PREFERRED STOCK" means the Company's Series B Preferred
Stock (which includes the shares of Series B Preferred Stock issued pursuant to
the Purchase Agreement) and any shares of Series B Preferred Stock issued in
payment of a dividend upon any share of Series B Preferred Stock, and any other
capital stock issued as a dividend or other distribution with respect to, or in
replacement of, any Series B Preferred Stock.

         1.21. "WARRANTS" has the meaning specified in the Recitals.

SECTION 2. REGISTRATION RIGHTS.

         2.1. REQUIRED REGISTRATION.

                  2.1.1. Subject to the limitations and requirements set forth
         in this Section 2.1, as soon as practicable after the closing date of
         the Reorganization, but in no event more than forty-five (45) days
         after the closing date of the Reorganization, the Company (or the
         Public Company) shall prepare and file a Registration Statement under
         the Securities Act, covering the Registrable Common, and shall use its
         best efforts to cause such Registration Statement to become effective
         as soon as is practicable.

                  2.1.2. If the Company (or the Public Company) shall furnish to
         each Holder within thirty (30) days after the closing of the
         Reorganization a certificate signed by the President of the Company (or
         the Public Company) stating that, in the good faith judgment of the
         Board (or the Public Company Board) it would be seriously detrimental
         to, and have a Material Adverse Effect on, the Company (or the Public
         Company) and its shareholders for such Registration Statement to be
         filed as required in Section 2.1.1 and it is therefore essential to
         defer the filing of such Registration Statement, the Company (or the
         Public Company) shall have the right to defer such filing for a period
         ending not later than ninety (90) days from the date of such
         certification. Except in the event of a stop order contemplated by
         Section 3.9, the Company (or the Public Company) may delay the
         registration required by this Section 2.1 not more than once.

                  2.1.3. If the Holders intend to distribute the Registrable
         Common covered by the Registration Statement by means of an
         underwriting, a majority in interest of the Holders shall execute a
         notice indicating such intent and submit such notice to the Company (or
         the Public Company). The Company (or the Public Company) shall select
         the underwriter, with the approval of a majority in interest of the
         Holders, which approval shall not be unreasonably withheld.
         Notwithstanding any other provision of this Section 2, if the managing
         underwriter advises the Holders in writing that marketing factors
         require reducing the number of shares to be underwritten, then the
         number of shares of Registrable Common included in the underwriting
         shall be reduced pro rata among all participating Holders in proportion
         (as nearly as practicable) to the amount of Registrable Common owned by
         each Holder; provided, however that such reduction shall be made only

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         if all other securities to be included (other than the Registrable
         Common) already have been entirely excluded from the underwriting.
         Nothing in this Section 2.1.3 shall prohibit a Holder whose shares have
         been reduced in such underwriting from reselling such Holder's shares
         outside of the underwriting if the Registration Statement is effective,
         no stop order contemplated by Section 3.9 has been issued, and such
         Holder has not received a notice to discontinue under Section 9.

                  2.1.4. The Holders acknowledge that the Registration Statement
         will cover any shares of Common Stock (or Public Company Common Stock)
         where the holder of such shares have previously been granted
         registration rights with respect to such shares.

         2.2. INCIDENTAL REGISTRATION.

                  2.2.1. Each time the Company (or the Public Company) shall
         determine to proceed with the actual preparation and filing of a
         Registration Statement under the Securities Act in connection with the
         proposed offer and sale for cash of any of its equity securities for
         its own account or the account of any of its security holders (other
         than pursuant to Section 2.1 or a registration on Form S-8 or Form S-4
         or their equivalents), the Company (or the Public Company) shall give
         written notice of its determination to all record Holders of
         Registrable Common not theretofore registered under the Securities Act
         and sold (a "PARTICIPATION NOTICE") at least twenty (20) days before
         the anticipated filing date of any such Registration Statement, and
         such notice shall offer to all Holders the opportunity to have any or
         all of the Registrable Common held by such Holders included in such
         Registration Statement (subject to an underwriter's cutback
         contemplated by Section 2.2.3). Upon the written request of a record
         Holder of any Registrable Common given within twenty (20) days after
         receipt of a Participation Notice, the Company (or the Public Company)
         will, except as herein provided, cause all such Registrable Common, the
         record Holders of which have so requested registration thereof, to be
         included in such Registration Statement on the same terms and
         conditions as the securities being registered by the Company, provided
         that the shares of Series B Preferred Stock (or Public Company
         Preferred Stock) submitted for registration shall be converted into
         Common Stock (or Public Company Common Stock) in such Registration
         Statement or such Holder shall deliver a written commitment to the
         Company (or the Public Company) to convert such Series B Preferred
         Stock (or Public Company Preferred Stock) into shares of Common Stock
         (or Public Company Common Stock) immediately prior to the effective
         time of such Registration Statement, all to the extent requisite to
         permit the sale or other disposition by the prospective seller or
         sellers of the Registrable Common to be so registered. Any Holder's
         request for such inclusion may be withdrawn, in whole or in part, at
         any time prior to the effective date of such Registration Statement, so
         long as such withdrawal does not delay, hinder, or otherwise adversely
         affect the proposed offering. If any registration pursuant to this
         Section 2.2 shall be underwritten in whole or in part, the Company (or
         the Public Company) may require that the Registrable Common requested
         for inclusion pursuant to this Section 2.2 be included in the
         underwriting on the same terms and conditions as the securities
         otherwise being sold through the underwriters.

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                  2.2.2. Nothing contained in this Agreement shall prevent the
         Company (or the Public Company) from, at any time, abandoning or
         delaying any such registration initiated by it. If the Company (or the
         Public Company) determines not to proceed with a registration after the
         registration statement has been filed with the Commission and the
         Company's (or the Public Company's) decision not to proceed is
         primarily based upon the anticipated public offering price of the
         securities to be sold by the Company (or the Public Company), the
         Company (or the Public Company) shall promptly complete the
         registration for the benefit of those selling security Holders who wish
         to proceed with a public offering of their securities and who bear all
         expenses incurred by the Company (or the Public Company) thereafter as
         the result of such registration arising after the Company (or the
         Public Company) has decided not to proceed.

                  2.2.3. If in the good faith judgment of the managing
         underwriter of such public offering, the inclusion of all of the
         Registrable Common originally covered by a request for registration
         pursuant to this Section 2.2 would interfere with the successful
         marketing of the shares of stock offered by the Company (or the Public
         Company), the shares of stock otherwise to be included in the
         underwritten public offering shall be reduced pro rata among the
         Holders requesting such registration and may, in the managing
         underwriter's sole discretion, be reduced to no shares of Registrable
         Common included in the underwriting; provided, however, in such event
         only the Holders and the Company (or the Public Company) may sell
         shares of Registrable Common in such registration without the consent
         of the Holders of at least sixty percent (60%) of the then outstanding
         Registrable Common.

         2.3. UNDERWRITING ARRANGEMENTS APPLICABLE TO REQUIRED AND INCIDENTAL
REGISTRATIONS. The right of any Holder to include Registrable Common in any
underwritten registration pursuant to this Agreement shall be conditioned upon
such Holder's participation in such underwriting and the inclusion of such
Holder's Registrable Common in the underwriting. All Holders proposing to
distribute their securities through such underwriting shall (together with the
Company (or the Public Company)) enter into an underwriting agreement in
customary form with the underwriter or underwriters selected.

SECTION 3. REGISTRATION PROCEDURES. When the Company (or the Public Company) is
required by the terms of this Agreement to effect the registration of
Registrable Common under the Securities Act, the Company (or the Public Company)
will do the following:

         3.1. FILING. Prepare and file with the Commission a Registration
Statement with respect to such securities, and use its best efforts to cause
such Registration Statement to become effective;

         3.2. PERIOD OF EFFECTIVENESS. Use its best efforts, which shall include
the filing and preparation with the Commission of amendments and supplements to
the Registration Statement and the prospectus contained therein, to cause such
Registration Statement to remain continuously effective from the date it becomes
effective for a period ending on the earlier of (i) when all Registrable Common
covered by the Registration Statement have been sold or (ii) when all
Registrable Common covered by the Registration Statement may be sold without
registration under the Securities Act pursuant to the exemptions provided by
Rule 144 under the Securities Act during any ninety (90) day period without
restriction on volume, or (b) (i) two (2) years following the date on which the
Registration Statement becomes effective under the Securities Act for any
Registration Statement pursuant to which any of the Registrable Common are being
offered exclusively or (ii) ninety (90) days for any Registration Statement
pursuant to which shares of Common Stock (or Public Company Common Stock) are
being offered for the account of the Company (or the Public Company) along with
any of the Registrable Common;

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         3.3. COPIES. Furnish to the Holders participating in such registration
and to the underwriters of the securities being registered such reasonable
number of copies of the Registration Statement, preliminary prospectus, final
prospectus and such other documents as such Holders or underwriters may
reasonably request in order to facilitate the public offering of such
securities;

         3.4. BLUE SKY. Use its best efforts to register or qualify the
securities covered by such Registration Statement under such state securities or
blue sky laws of such jurisdictions as such participating Holders may reasonably
request in writing, except that the Company (or the Public Company) shall not
for any purpose be required to execute a general consent to service of process
or to qualify to do business as a foreign corporation in any jurisdiction
wherein it is not so qualified;

         3.5. NOTIFICATION. Notify the Holders participating in such
registration, promptly after it shall receive notice thereof, of any letter of
comments regarding the Registration Statement received from the Commission, the
time when such Registration Statement has become effective or an amendment or
supplement to any prospectus forming a part of such Registration Statement has
been filed, or the notice required by Section 9;

         3.6. AMENDMENT NOTICE. Notify such Holders promptly of any request by
the Commission for the amending or supplementing of such Registration Statement
or prospectus or for additional information;

         3.7. AMENDMENT. Prepare and file with the Commission, promptly upon the
request of any such Holders, any amendments, supplements, or post-effective
amendments to such Registration Statement or prospectus which, in the opinion of
counsel for such Holders (and concurred in by counsel for the Company (or the
Public Company)), is required under the Securities Act or the rules and
regulations thereunder is necessary to keep such Registration effective for the
time periods set forth in Section 3.2;

         3.8. UPDATE. Prepare and promptly file with the Commission and promptly
notify such Holders of the filing of such amendment or supplement to such
Registration Statement or prospectus as may be necessary to correct any
statements or omissions if, at the time when a prospectus relating to such
securities is required to be delivered under the Securities Act, any event shall
have occurred as the result of which any such prospectus or any other prospectus
as then in effect would include an untrue statement of a material fact or omit
to state any material fact necessary to make the statements therein, in light of
the circumstances in which they were made, not misleading;

         3.9. STOP ORDERS. Advise such Holders, promptly after it shall receive
notice or obtain knowledge thereof, of the issuance of any stop order by the
Commission suspending the effectiveness of such Registration Statement or the
initiation or threatening of any proceeding for that purpose and promptly use
its best efforts to prevent the issuance of any stop order or to obtain its
withdrawal if such stop order should be issued; and

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         3.10. COMPLIANCE ISSUES. Not file any amendment or supplement to such
Registration Statement or prospectus to which a majority in interest of such
Holders shall have reasonably objected on the grounds that such amendment or
supplement does not comply in all material respects with the requirements of the
Securities Act or the rules and regulations promulgated thereunder, after having
been furnished with a copy thereof at least three (3) business days prior to the
filing thereof (provided, however, that any reports filed pursuant to the
Exchange Act need not be reviewed nor approved by such Holders), unless, in the
opinion of counsel for the Company (or the Public Company), the filing of such
amendment or supplement is reasonably necessary to protect the Company (or the
Public Company) from any liabilities under any applicable federal or state law
and such filing will not violate applicable law.

SECTION 4. EXPENSES. With respect to the registration required pursuant to
Section 2.1 hereof (except as otherwise provided in such Section) and with
respect to each inclusion of Registrable Common in a Registration Statement
pursuant to Section 2.2 hereof (except as otherwise provided in such Section),
the Company (or the Public Company) shall bear the following fees, costs and
expenses: all registration, filing and NASD fees, printing expenses, fees and
disbursements of counsel and accountants for the Company (or the Public
Company), fees and disbursements of counsel for the underwriter or underwriters
of such securities (if the Company (or the Public Company) and or selling
security Holders are required to bear such fees and disbursements), all internal
Company (or the Public Company) expenses, all legal fees and disbursements and
other expenses of complying with state securities or blue sky laws of any
jurisdictions in which the securities to be offered are to be registered or
qualified, the reasonable fees and disbursements of one special counsel for the
selling security Holders and the premiums and other costs of policies of
insurance obtained by the Company (or the Public Company) against liability (if
any) arising out of such public offering. All other fees and disbursements of
any accountants or advisors for the selling security Holders, underwriting
discounts and commissions and transfer taxes relating to the shares included in
the offering by the selling security Holders, and any other expenses incurred by
the selling security Holders not expressly included above, shall be borne by the
selling security Holders.

SECTION 5. INDEMNIFICATION. In the event that any Registrable Common is included
in a Registration Statement under Section 2.1 or 2.2 hereof:

         5.1. INDEMNIFICATION BY COMPANY. To the fullest extent permitted by
law, the Company (or the Public Company) will indemnify and hold harmless each
Holder of Registrable Common which is included in a Registration Statement
pursuant to the provisions hereof, its directors, officers, employees, partners,
principals, equity holders, managed or advised accountants, advisors,
representatives, agents, and any underwriter (as defined in the Securities Act)
for such Holder and each Person, if any, who controls such Holder or such
underwriter within the meaning of the Securities Act, from and against, and will
reimburse such Holder and each such underwriter and controlling Person with
respect to, any and all loss, claim, damage, liability and expense
(collectively, "LOSSES") to which such Holder or any such underwriter or

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controlling Person may become subject under the Securities Act, state securities
laws or otherwise, and the Company (or the Public Company) will pay to each such
Holder, underwriter or controlling person any legal or other costs or expenses
reasonably incurred by such person in connection with investigating or defending
any such Loss, insofar as such Losses are caused by or arise out of any untrue
statement or alleged untrue statement of any material fact contained in such
Registration Statement, any prospectus contained therein or any amendment or
supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances in which
they were made, not misleading; provided, however, that neither the Company nor
the Public Company will be liable in any such case to the extent that any such
Loss arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission so made in conformity with information
furnished by such Holder, such underwriter or such controlling Person in writing
specifically for use in the preparation thereof; provided however, that the
indemnity agreement in this Section 5.1 shall not apply to amounts paid in
settlement of any such Loss if such settlement is effected without the consent
of the Company (or the Public Company), which consent shall not be unreasonably
withheld, and that the foregoing indemnity obligation with respect to any
preliminary prospectus shall not inure to the benefit of any Holder on account
of any Loss whatsoever arising from the sale of any Registrable Common by such
Holder to any person if (A) a copy of the final prospectus (as amended or
supplemented if such amendments or supplements shall have been furnished to such
Holder prior to the confirmation of the sale involved) shall not have been sent
or given by or on behalf of such Holder to such person, if required by law, with
or prior to the written confirmation of the sale involved, and (B) the untrue
statement or alleged untrue statement or omission or alleged omission of a
material fact contained in such preliminary prospectus from which such Loss
arose was corrected in the final prospectus (as amended or supplemented if such
amendments or supplements thereto shall have been furnished as aforesaid).

         5.2. INDEMNIFICATION BY HOLDERS. To the fullest extent permitted by
law, each Holder of Registrable Common which is included in a Registration
Statement pursuant to the provisions hereof will indemnify and hold harmless the
Company, the Public Company, their respective its directors, officers,
employees, partners, principals, equity holders, managed or advised accountants,
advisors, representatives, agents, each Person, if any, who controls the Company
and the Public Company within the meaning of the Securities Act, any other
Holder selling securities pursuant to such Registration Statement, any
controlling Person of any such selling Holder, any underwriter and any
controlling Person of any such underwriter (including any broker or dealer
through whom such of the shares may be sold) (each, an "INDEMNITEE") from and
against, and will reimburse any Indemnitee with respect to, any and all Losses
to which such Indemnitee may become subject under the Securities Act, state
securities laws or otherwise, and such Holder will pay to any Indemnitee any
legal or other costs or expenses reasonably incurred by such person in
connection with investigating or defending any such Loss, insofar as such Losses
are caused by or arise out of any untrue or alleged untrue statement of any
material fact contained in such Registration Statement, any prospectus contained
therein or any amendment or supplement thereto, or arise out of or are based
upon the omission or the alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein, in
light of the circumstances in which they were made, not misleading, in each case
to the extent, but only to the extent, that such untrue statement or alleged
untrue statement or omission or alleged omission was so made in reliance upon
and in conformity with written information furnished by such Holder specifically
for use in the preparation thereof; provided, however, that the indemnity
agreement in this Section 5.2 shall not apply to amounts paid in settlement of

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any such Loss if such settlement is effected without the consent of the
indemnifying Holder, which consent shall not be unreasonably withheld; provided,
however, that such indemnifying Holder shall not, without approval of each party
being indemnified pursuant to this Section 5.2, which approval shall not be
unreasonably withheld, consent to entry of any judgment or enter into any
settlement which does not include as an unconditional term the giving by the
claimant or plaintiff to the parties being so indemnified of a release from all
liability with respect to such claim or litigation; and provided further, that
the foregoing indemnity obligation with respect to any preliminary prospectus
shall not inure to the benefit of either the Company or the Public Company on
account of any Loss whatsoever arising from the sale of any Registrable Common
by the Holder to any person if (A) a copy of the final prospectus (as amended or
supplemented if such amendments or supplements shall have been furnished to such
Holder prior to the confirmation of the sale involved) shall not have been sent
or given by or on behalf of such Holder to such person, if required by law, with
or prior to the written confirmation of the sale involved, and (B) the untrue
statement or alleged untrue statement or omission or alleged omission of a
material fact contained in such preliminary prospectus from which such Loss
arose was corrected in the final prospectus (as amended or supplemented if such
amendments or supplements thereto shall have been furnished as aforesaid);
provided, further that the obligations of each Holder under this Section 5.2
shall be limited to an amount equal to the proceeds actually received by such
Holder of Registrable Common sold as contemplated herein, unless such claim,
loss, damage, liability or action resulted from such Holder's fraudulent
misconduct.

         5.3. CONTRIBUTION. In any case in which either (i) any Holder of
Registrable Common which is included in a Registration Statement pursuant to the
provisions hereof, or its directors, officers, employees, partners, principals,
equity holders, managed or advised accountants, advisors, representatives,
agents, and any underwriter (as defined in the Securities Act) for such Holder
and each Person, if any, who controls such Holder or such underwriter within the
meaning of the Securities Act, makes a claim for indemnification pursuant to
this Section 5 but it is judicially determined (by the entry of a final judgment
or decree by a court of competent jurisdiction and the expiration of time to
appeal or the denial of the last right of appeal) that such indemnification may
not be enforced in such case notwithstanding that this Section 5 provides for
indemnification in such case, or (ii) contribution under the Securities Act may
be required on the part of any such selling Holder or any such controlling
person in circumstances for which indemnification is required by this Section 5,
then, in each such case, the Company and such Holder will contribute to the
aggregate Losses to which they may be subject (after contribution from others)
in such proportions so that such holder is responsible for the portion
represented by the percentage that the proceeds actually received by such Holder
of Registrable Common sold as contemplated herein bears to the proceeds actually
received from the sale of all securities pursuant to the Registration Statement,
and the Company is responsible for the remaining portion; provided, however,
that, in any such case, (A) no such Holder will be required to contribute any
amount in excess of the proceeds actually received by such Holder of Registrable
Common sold as contemplated herein, and (B) no Person guilty of fraudulent
misrepresentation, within the meaning of Section 11(f) of the Securities Act,
shall be entitled to contribution from any person or entity who is not guilty of
such fraudulent representation.

                                       10
<PAGE>

         5.4. INDEMNIFICATION PROCEDURES. Promptly after receipt by a party
entitled to indemnification pursuant to this Section 5 (each, an "INDEMNIFIED
PARTY") of notice of the commencement of any action involving the subject matter
of the foregoing indemnity provisions such Indemnified Party will, if a claim is
to be made against the party obligated to provide indemnification pursuant to
this section (each, an "INDEMNIFYING PARTY"), promptly notify the Indemnifying
Party of the commencement thereof; but the omission to provide such notice will
not relieve the Indemnifying Party from any liability hereunder, except to the
extent that the delay in giving, or failing to give, such notice has a material
adverse effect upon the ability of the indemnifying party to defend against the
claim. In case such action is brought against an Indemnified Party, the
Indemnifying Party shall have the right to participate in and, at the
Indemnifying Party's option, to assume the defense thereof, singly or jointly
with any other Indemnifying Party similarly notified, with counsel reasonably
satisfactory to the Indemnified Party; provided, however, that if the defendants
in any action include both the Indemnified Party and the Indemnifying Party and
the Indemnified Party shall have reasonably concluded based on advice of counsel
that there may be legal defenses available to any Indemnified Parties that are
different from or additional to those available to the Indemnifying Party, or if
there is a conflict of interest which would prevent counsel for the Indemnifying
Party from also representing the Indemnified Party, the Indemnified Party shall
have the right to select counsel to participate in the defense of such action on
behalf of such Indemnified Party at the expense of the Indemnifying Party;
provided that the Indemnifying Party shall be responsible for the expense of
only one such special counsel selected jointly by the Indemnified Parties, if
there is more than one Indemnified Party. After notice from an Indemnifying
Party to any Indemnified Party of such Indemnifying Party's election to assume
the defense of the action, the Indemnifying Party will not be liable to such
Indemnified Party pursuant to this Section 5 for any legal or other expense
subsequently incurred by such Indemnified Party in connection with the defense
thereof other than reasonable costs of investigation, unless (i) the Indemnified
Party shall have employed counsel in accordance with the proviso of the
preceding sentence, or (ii) the Indemnifying Party shall not have employed
counsel reasonably satisfactory to the Indemnified Party to represent the
Indemnified Party within a reasonable time after the notice of the commencement
of the action, or (iii) the Indemnifying Party has authorized the employment of
counsel for the Indemnified Party at the expense of the Indemnifying Party.

SECTION 6. TERMINATION OF REGISTRATION OBLIGATIONS. This Agreement, and the
registration rights set forth herein, shall terminate upon that time at which
each Holder is able to sell all of such Holder's Registrable Common under Rule
144 promulgated under the Securities Act during any ninety (90) day period.

SECTION 7. COOPERATION. Any Holder whose Registrable Common is to be included in
a Registration Statement either filed pursuant to Section 2.1 or as part of a
Company (or Public Company) registration agrees to cooperate with all reasonable
requests by the Company (or the Public Company) necessary to effectuate the
purposes of this Agreement, including by timely providing the Company (or the
Public Company) with all information necessary to file a Registration Statement.

SECTION 8. SELLER INFORMATION. The Company (or the Public Company) may require
each selling Holder of Registrable Common as to which any registration is being
effected to furnish to the Company (or the Public Company) such information
regarding such Holder, such Holder's Registrable Common and such Holder's
intended method of disposition as the Company (or the Public Company) may from

                                       11
<PAGE>

time to time reasonably request; provided that such information shall be used
only in connection with such registration. If the Registration Statement refers
to any Holder by name or otherwise as the Holder of any securities of the
Company (or the Public Company), then such Holder shall promptly (i) notify the
Company (or the Public Company) and its counsel of the existence of any fact of
which such Holder becomes aware and the happening of any event which relates to
Holder or the distribution of the securities owned by such Holder which results
in the Registration Statement containing an untrue statement of material fact or
omitting to state a material fact required to be stated therein or necessary to
make any statements therein not misleading, or the prospectus included in such
Registration Statement containing an untrue statement of material fact or
omitting to state a material fact required to be stated therein or necessary to
make any statements therein, in light of the circumstances under which they were
made, not misleading, and (ii) provide to the Company (or the Public Company)
such information which relates to Holder or the distribution of the securities
owned by such Holder as shall be necessary to enable the Company (or the Public
Company) to prepare a supplement or post-effective amendment to such
Registration Statement or related prospectus or any document incorporated
therein by reference or file any other documents required so that such
Registration Statement will not contain any 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 not misleading, and such prospectus shall not
include 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.

SECTION 9. NOTICE TO DISCONTINUE. Each Holder acknowledges that the ability of
such Holder to resell the Registrable Common is subject to the Commission's
review of the Registration Statement and the Company's (and the Public
Company's) legal obligation to update the prospectus made part of the
Registration Statement from time to time as circumstances warrant. If the
Commission does not declare the Registration Statement effective, the Holders
will not be able to publicly resell the Registrable Common except pursuant to
Rule 144 under the Securities Act, which among other things, requires that the
Registrable Common be held for at least 12 months prior to any public resale. If
the Commission does not declare the Registration Statement effective, investors
will not be able to publicly resell the Registrable Common pursuant to the
Registration Statement during any periods that the prospectus made part of the
Registration Statement is materially out of date or otherwise requires
amendment. Each holder of Registrable Securities agrees that, upon receipt of
any notice from the Company (or the Public Company) of the happening of any
event which causes the prospectus relating to the Registrable Common to include
an untrue statement of a material fact or omit to state any material fact
necessary to make the statements therein, in light of the circumstances in which
they were made, not misleading, such Holder shall forthwith discontinue
disposition of Registrable Common pursuant to the Registration Statement
covering such Registrable Common until such Holder's receipt of the copies of
the supplemented or amended prospectus required by Section 3.8 and, if so
directed by the Company, such Holder shall deliver to the Company (or the Public
Company) (at the Company's (or the Public Company's) expense) all copies, other
than permanent file copies, then in such Holder's possession of the prospectus
covering such Registrable Common which is current at the time of receipt of such
notice. If the Company (or the Public Company) shall give any such notice, the
Company (or the Public Company) shall extend the period during which such
Registration Statement shall be maintained effective pursuant to this Agreement
by the number of days in excess of ten (10) business days during the period from
and including the date of the giving of such notice to and including the date
when the Holder shall have received the copies of the supplemented or amended
prospectus.

                                       12
<PAGE>

SECTION 10. "MARKET STAND-OFF" AGREEMENT. Each Holder hereby agrees as follows:

                  10.1.1. Following the effective date of the Reorganization,
         such Holder shall not, directly or indirectly, sell, offer to sell,
         contract to sell (including, without limitation, any short sale), grant
         any option to purchase or otherwise transfer or dispose of, other than
         for estate planning purposes, any shares of the Registrable Common held
         by the Holder for a period of ninety (90) days following the effective
         date of the Reorganization, except for bona fide gifts to persons who
         agree in writing to be bound by the terms of this Agreement.

                  10.1.2. Following the effective date of the Reorganization,
         such Holder shall not, directly or indirectly, sell, offer to sell,
         contract to sell (including, without limitation, any short sale), grant
         any option to purchase or otherwise transfer or dispose of, other than
         for estate planning purposes, more than fifty percent (50%) of the
         Registrable Common held by the Holder for a period of one hundred
         eighty (180) days following the effective date of the Reorganization,
         except for bona fide gifts to persons who agree in writing to be bound
         by the terms of this Agreement.

                  10.1.3. Following the effective date of the Reorganization, if
         the Company (or the Public Company) files a registration statement
         under the Securities Act in connection with the Company's (or the
         Public Company's) proposed offer and sale for cash of its securities,
         and in the good faith judgment of the managing underwriter of such
         public offering, the sale of the Registrable Common pursuant to the
         Registration Statement filed pursuant to Section 2.1 hereof would
         interfere with the successful marketing of the securities offered by
         the Company (or the Public Company) in such public offering, then such
         Holder shall not, directly or indirectly, sell, offer to sell, contract
         to sell (including, without limitation, any short sale), grant any
         option to purchase or otherwise transfer or dispose of, other than for
         estate planning purposes, any of the Registrable Common held by the
         Holder, except for (a) bona fide gifts to persons who agree in writing
         to be bound by the terms of this Agreement and (b) sales of Registrable
         Common pursuant to Section 2.2 hereof; provided however, that (i) the
         executive officers and directors of the Company and the Public Company,
         as well as each holder of at least one percent (1%) of the Company's
         Common Stock or the Public Company's Common Stock (both on an
         as-if-converted basis), shall have agreed to be bound by substantially
         the same terms and conditions, (ii) the time period requested for such
         market stand-off shall not exceed one-hundred eighty (180) days after
         the closing of such public offering, and (iii) the restriction shall
         not apply to a registration relating solely to employee, consultant or
         advisor benefit plans on Form S-1, Form SB-2 or Form S-8 (or similar
         forms promulgated after the date hereof) or a registration relating
         solely to a transaction pursuant to Rule 145 promulgated under the
         Securities Act on Form S-4 (or similar forms promulgated after the date
         hereof).

                                       13
<PAGE>

                  10.1.4. The Company and the Public Company may impose
         stop-transfer instructions during such stand-off period with respect to
         the securities of each Holder subject to this restriction if necessary
         to enforce such restrictions.

SECTION 11. LIMITATIONS ON ADDITIONAL REGISTRATION RIGHTS. From and after the
date of this Agreement, neither the Company nor the Public Company shall enter
into any agreement granting any holder or prospective holder of any securities
of the Company (or the Public Company) registration rights with respect to such
securities unless the prior approval of the Holders of sixty percent (60%) of
the then outstanding Registrable Common has been obtained and such new holder is
made a party to this Agreement.

SECTION 12. MISCELLANEOUS.

         12.1. WAIVERS, AMENDMENTS AND APPROVALS. In each case in which the
approval of the Holders is required by the terms of this Agreement, such
requirement shall be satisfied by a vote or the written action of Holders of at
least sixty percent (60%) of the Registrable Common, unless a lower percentage
is specifically required by the terms of this Agreement. Any term or provision
of this Agreement requiring performance by or binding upon the Company (or the
Public Company or Holders may be amended, and the observance of any term of this
Agreement may be waived (either generally or in a particular instance and either
retroactively or prospectively), only by a writing signed by the Company (or the
Public Company) as approved by the Board (or the Public Company Board) and the
Holders of at least sixty percent (60%) of the then outstanding Registrable
Common. Any amendment or waiver effected in accordance with this Section shall
be binding upon the Holders (including permitted assigns pursuant to Section 10
hereof). The waiver by a party of any breach hereof or default in payment of any
amount due hereunder or default in the performance hereof shall not be deemed to
constitute a waiver of any other default or succeeding breach or default.
Written notice of any such waiver, consent or agreement of amendment,
modification or supplement shall be given to the record Holders of Registrable
Common who did not give written consent thereto. Notwithstanding the foregoing,
any party to this Agreement may waive any of its rights hereunder without the
consent of any other party.

         12.2. WRITTEN CHANGES, WAIVERS, ETC. Neither this Agreement nor any
provision hereof may be changed, waived, discharged or terminated orally, but
only by a statement in writing signed by the party against which enforcement of
the change, waiver, discharge or termination is sought, except to the extent
provided in Section 10.1.

         12.3. NOTICES. All notices, requests, consents and other communications
required or permitted hereunder shall be in writing and shall be personally
delivered or, mailed first-class postage prepaid, registered or certified mail
or dispatched by recognized delivery service or via facsimile, as follows:

                  12.3.1. to a Holder, addressed to such Holder at the
         address(es) set forth on SCHEDULE 1;

                  with a copy (which shall not constitute notice to a Holder)
                  to:

                                       14
<PAGE>

                                      Kramer Levin Naftalis & Frankel LLP
                                      919 Third Avenue
                                      New York, NY 10022-3852
                                      Attn:  Thomas T. Janover, Esq.
                                      Tel: (212) 715-9186
                                      Fax: (212) 715-8000

                  12.3.2. to the Company (or the Public Company), to:

                                      Excalibur Holdings, Inc.
                                      16825 Northchase Drive, Suite 630
                                      Houston, TX 77060
                                      Attn:  Matthew C. Flemming
                                      Tel: (218) 877-9700
                                      Fax: (281) 877-9701

                           with a copy (which shall not constitute notice to the
                           Company or the Public Company) to:

                                      Oppenheimer Wolff & Donnelly LLP
                                      840 Newport Center Drive, Suite 700
                                      Newport Beach, CA 92660
                                      Attn:  Marc A. Indeglia, Esq.
                                      Tel:  949-823-6000
                                      Fax:  949-823-6100

and such notices and other communications shall for all purposes of this
Agreement be treated as being effective or having been given if delivered
personally, or, if sent by mail delivery service or facsimile, when received.
Any party may change its address for such communications by giving notice
thereof to the other parties in conformity with this Section.

         12.4. SURVIVAL OF REPRESENTATIONS, WARRANTIES, AGREEMENTS, ETC. All
representations, warranties, covenants and agreements contained herein or in any
certificate, document or instrument delivered pursuant to this Agreement (other
than any legal opinion) shall survive the execution and delivery of this
Agreement or such certificate, document or instrument, as the case may be. All
statements contained in any certificate, document or instrument prepared by or
on behalf of the Company and delivered by the Company (other than legal
opinions) shall constitute representations and warranties by the Company
hereunder.

         12.5. DELAYS OR OMISSIONS. Except as expressly provided herein, no
delay or omission to exercise any right, power or remedy accruing to any party
under this Agreement shall impair any such right, power or remedy of such party
nor shall it be construed to be a waiver of any such breach or default, or an
acquiescence thereto, or of a similar breach or default thereafter occurring;
nor shall any waiver of any single breach or default be deemed a waiver of any
other breach or default theretofore or thereafter occurring. Any waiver, permit,
consent or approval of any kind or character on the part of any party hereto of
any breach or default under the Agreement, or any waiver on the part of any
party of any provisions or conditions of this Agreement, must be in writing and
shall be effective only to the extent specifically set forth in such writing.

                                       15
<PAGE>

         12.6. OTHER REMEDIES. Any and all remedies herein expressly conferred
upon a party shall be deemed cumulative with, and not exclusive of, any other
remedy conferred hereby or by law on such party, and the exercise of any one
remedy shall not preclude the exercise of any other.

         12.7. ATTORNEYS' FEES. Should suit be brought to enforce or interpret
any part of this Agreement, the prevailing party shall be entitled to recover,
as an element of the costs of suit and not as damages, reasonable attorneys'
fees to be fixed by the court (including, without limitation, costs, expenses
and fees on any appeal). The prevailing party shall be the party entitled to
recover its costs of suit, regardless of whether such suit proceeds to final
judgment. A party not entitled to recover its costs shall not be entitled to
recover attorneys' fees. No sum for attorneys' fees shall be counted in
calculating the amount of a judgment for purposes of determining if a party is
entitled to recover costs or attorneys' fees.

         12.8. ENTIRE AGREEMENT. This Agreement, the schedules hereto, the
documents referenced herein and the exhibits thereto, constitute the entire
understanding and agreement of the parties hereto with respect to the subject
matter hereof and thereof and supersede all prior and contemporaneous agreements
or understandings, inducements or conditions, express or implied, written or
oral, between the parties with respect hereto and thereto, including without
limitation the Term Sheet. The express terms hereof control and supersede any
course of performance or usage of the trade inconsistent with any of the terms
hereof.

         12.9. SEVERABILITY. Should any one or more of the provisions of this
Agreement or of any agreement entered into pursuant to this Agreement be
determined to be illegal or unenforceable, all other provisions of this
Agreement and of each other agreement entered into pursuant to this Agreement,
shall be given effect separately from the provision or provisions determined to
be illegal or unenforceable and shall not be affected thereby. The parties
further agree to replace such void or unenforceable provision of this Agreement
with a valid and enforceable provision that will achieve, to the extent
possible, the economic, business and other purposes of the void or unenforceable
provision.

         12.10. SUCCESSORS AND ASSIGNS. The terms and conditions of this
Agreement shall inure to the benefit of and be binding upon and be enforceable
by the successors and assigns of the parties hereto, including the holder or
holders from time to time of any of the Registrable Common; provided, however,
that no holder of any of the Registrable Common shall be entitled to assign or
transfer any rights hereunder to any party or entity (including existing and
future customers of the Company or the Public Company) engaged in the same
industry that the Company or the Public Company is so engaged in as of the date
hereof. Whether a party or entity is engaged in the same industry as the Company
or the Public Company will be reasonably determined by the Board or the Public
Company Board. Notwithstanding the foregoing, a successor or assign of a Holder
shall not be regarded as an "HOLDER" for purposes of this Agreement, unless such
transferee is an Affiliate of the transferor or it acquires or is otherwise the
holder of at least 25,000 shares of Series B Preferred Stock or the Common
Stock, Public Company Series B Preferred Stock, or Public Company Common Stock
equivalent (subject to appropriate adjustment for any stock dividends, stock
splits, subdivisions, reorganizations and other capitalization changes effected
after the Closing Date).

                                       16
<PAGE>

         12.11. GOVERNING LAW. This Agreement shall be governed by and construed
under the laws of the State of Texas without regard to its principles of
conflicts of laws.

         12.12. COUNTERPARTS. This Agreement may be executed concurrently in two
or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

         12.13. AGGREGATION OF STOCK. All shares of Common Stock, Series B
Preferred Stock, Public Company Series B Preferred Stock and/or Registrable
Common held or acquired by entities or persons controlled by, or under common
control with, an Investor shall be aggregated together for purposes of
determining the availability of rights under this Agreement.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       17
<PAGE>

IN WITNESS WHEREOF, this Agreement is hereby executed as of the date first
written above.

COMPANY:                                    EXCALIBUR HOLDINGS, INC.

                                            ------------------------------------
                                            By:
                                               ---------------------------------
                                            Its:
                                                --------------------------------

INVESTORS:

                                            SENECA CAPITAL, L.P.

                                            ------------------------------------
                                            By:
                                            Its:

                                            SENECA CAPITAL INTERNATIONAL, LTD.

                                            ------------------------------------
                                            By:
                                            Its:

                                            PERFORMANCE PETROLEUM, INC.

                                            ------------------------------------
                                            By:
                                            Its:

                                            IRA FBO FRANK X. MARSHIK GRUNTAL &
                                            CO. LLC CUSTODIAN

                                            -------------------------------
                                            Frank X. Marshik

                                            -------------------------------
                                            DANIEL FORREST

                (SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT)

                                       18
<PAGE>

                                   SCHEDULE 1
                                 LIST OF HOLDERS
                                 ---------------

Seneca Capital, L.P.
c/o Seneca Capital Investment Partnership
527 Madison Avenue, 11th Floor
New York, NY 10022
Attn: Mr. Davis Parr
Telephone: (212) 371-1300
Facsimile: (212) 758-6060

Seneca Capital International, Ltd.
c/o Seneca Capital Investment Partnership
830 Third Avenue, 14th Floor
New York, NY 10022
Attn: Mr. Davis Parr
Telephone: (212) 371-1300
Facsimile: (212) 758-6060

Performance Petroleum, Inc.
11415 South Sandusky Street
Tulsa, OK 74137
 Telephone: (918) 296-3501
Facsimile: (918) 748-0312

IRA FBO Frank X. Marshik
Gruntal & Co. LLC Custodian
5110 San Felipe #127 West
Houston, TX 77056
 Telephone: (713) 850-1209
Facsimile: (___) ___-____

Daniel Forrest
#1907, 11808 - 100 Avenue
Edmonton, Alberta, Canada
T5K 0K4
Telephone: (780) 488-0800
Cellular:  (780) 909-9959

                                   Sch. 1 - 1<PAGE>

                                                                    EXHIBIT 10.5

                          ATLAS CAPITAL SERVICES, INC.

                                                                   April 8, 2002

Mr. William S. H. Stuart
Chief Executive Officer
Global Realty Management Group, Inc.
16825 Northchase Drive, Suite 630
Houston, Texas 77060

         Re: AMENDED AND RESTATED INVESTMENT BANKING/ADVISORY AGREEMENT
             ----------------------------------------------------------

Dear Bill:

This will confirm the basis upon which Global Realty Management Group, Inc. (the
"Company") has engaged Atlas Capital Services, LLC ("Atlas") on a non-exclusive
basis, to provide certain advisory and investment banking services.

1.       SERVICES TO BE RENDERED.
         -----------------------

         1.1 Atlas will introduce the Company to corporations ("Public
Entity(ies)") that are fully reporting whose securities are registered pursuant
to Section 12 (g) of the Securities Exchange Act of 1934 (the "Exchange Act"),
which may engage in a reverse merger transaction ("Transaction") with the
Company, whereby the Company will become a wholly-owned subsidiary of the Public
Entity. In connection with the Transaction, the shareholders of the Company will
exchange their equity interest in the Company for similar equity interests of
the Public Entity and will be the controlling shareholders, officers, and
directors of the merged entity ("Merged Entity").

         1.2 Atlas will also provide investment banking and financial consulting
services, including, but not limited to, corporate finance, capital markets, and
merger and acquisition banking and consultation services (the "Services"), to
the Company.

         1.3 Except as set forth below, all services provided by Atlas under
this agreement shall be at Atlas's cost and risk. Atlas's sole compensation
shall be a "Transaction Fee" (as set forth in Section 5.1 below) and a "Banking
Fee" (as set forth in Section 5.2 below).

         1.4 Notwithstanding anything in this agreement to the contrary, the
Company shall have the sole and absolute discretion to accept or not accept the
terms of any Transaction. The Company shall not have any liability whatsoever to
Atlas or any other person or entity resulting from its decision not to enter
into a proposed Transaction, regardless of the terms of the proposed
Transaction.

             225 Broadway Suite 910 New York, NY 10007 U.S.A Phone:
                       (212) 267-3500 Fax: (212) 267-3501

<PAGE>

2. BEST EFFORTS. Atlas agrees to devote such time and effort to the affairs of
the Company as is reasonable and adequate to render the Services contemplated by
this agreement. The Company understands and agrees that Atlas shall not be
responsible for the performance of any services which may be rendered hereunder
without the Company providing the necessary information in writing prior
thereto, nor shall Atlas include any services that constitute the rendering of
any legal opinions or performance of work that is in the ordinary purview of the
Certified Public Accountant. Atlas does not guarantee results on behalf of the
Company, but shall pursue all reasonable avenues available through its network
of contacts. At such time as an interest is expressed by a third party in the
Company's needs, Atlas shall notify the Company and advise it as to the source
of such interest and any terms and conditions of such interest. The acceptance
and consummation of any transaction shall be subject to acceptance of the terms
and conditions by the Company in its sole discretion.

3. INFORMATION. The Company shall furnish Atlas such information as Atlas
reasonably requests in connection with the performance of its services hereunder
(all such information so furnished is referred to herein as the "Information").
The Company understands and agrees that Atlas, in performing its services
hereunder, will use and rely upon the Information as well as publicly available
information regarding the Company and any potential partners and that Atlas
shall not assume responsibility for independent verification of any information,
whether publicly available or otherwise furnished to it, concerning the Company
or any potential partner, including, without limitation, any financial
information, forecasts or projections, considered by Atlas in connection with
the rendering of its services. Accordingly, Atlas shall be entitled to assume
and rely upon the accuracy and completeness of all such information and is not
required to conduct a physical inspection of any of the properties or assets, or
to prepare or obtain any independent evaluation or appraisal of any of the
assets or liabilities, of the Company or any potential partner. With respect to
any financial forecasts and projections made available to Atlas by the Company
or any potential partners and used by Atlas in its analysis, Atlas shall be
entitled to assume that such forecasts and projections have been reasonably
prepared on bases reflecting the best currently available estimates and
judgments of the management of the Company or any potential partner, as the case
may be, as to the matters covered thereby.

4. TIMELY APPRAISALS. During the Term of this agreement, the Company hereby
agrees to use its commercially reasonable efforts to keep Atlas up to date and
apprised of all business, market and legal developments related to the Company
and its operations and management. Accordingly:

         4.1 The Company shall provide Atlas with copies of all amendments,
revisions and changes to its business and marketing plans, bylaws, articles of
incorporation, private placement memoranda, key contracts, employment and
consulting agreements and other operational agreements;

         4.2 The Company shall promptly notify Atlas of all new contracts,
agreements, joint ventures or filings with any state, federal or local
administrative agency, including without limitation the SEC, NASD or any state
agency, and shall provide all related documents, including copies of the exact
documents filed, to Atlas, including without limitation, all annual reports,
quarterly reports and notices of change of events, and registration statements
filed with the SEC and any state agency, directly to Atlas;

                                       2
<PAGE>

         4.3 The Company shall also provide directly to Atlas current financial
statements, including balance sheets, income statements, cash flows and all
other documents provided or generated by the Company in the normal course of its
business and requested by Atlas from time to time; and

         4.4 Atlas shall keep all documents and information supplied to it
hereunder confidential.

5. FEES. In consideration of Atlas's services, Atlas shall be entitled to
receive, and the Company hereby agrees to compensate Atlas as follows:

         5.1 413,869 newly issued shares ("Atlas Shares") of the Public Entity
upon the effective date of a Transaction (the "Transaction Fee"). Atlas shall
have registration rights under the terms of this agreement with respect to the
shares as provided in the Registration Rights Agreement, dated December 17, 2001
(the "Registration Rights Agreement"), by and among Excalibur Holdings, Inc. (a
wholly-owned subsidiary of the Company) and certain other parties, provided that
(a) Atlas agrees to be bound by all of the terms and conditions of the
Registration Rights Agreement, except for Section 10 of such Registration Rights
Agreement, and (b) Atlas shall enter into a Lock-Up Agreement in the form
attached hereto as Schedule B. For purposes of the Lock-Up Agreement, it is
hereby agreed that the Atlas Shares will not be aggregated with any shares held
by Michael D. Farkas, the sole indirect member of Atlas.

         5.2 A cash payment equal to $150,000 (the "Banking Fee"), payable in
eight equal monthly payments of $18,750 beginning thirty (30) days from the date
of this agreement (which payments shall be personally guaranteed by Matthew C.
Flemming).

         5.3 Atlas's Transaction Fee shall have been earned and shall be payable
to Atlas upon consummation of any Transaction which occurs as a result of this
Agreement with any Public Entity which is introduced by Atlas to the Company in
which a Transaction was made in whole or in part during the term of this
agreement . Atlas's Banking Fee shall have been earned and shall be payable to
Atlas upon execution of this agreement.

6. INDEMNITY. The Company hereby agrees to indemnify Atlas under its standard
indemnification provisions, a copy of which is attached hereto as Exhibit A, and
made a part hereof.

7. TERM OF ENGAGEMENT. Atlas' engagement shall be for a period of one (1) year
commencing on the date hereof ("Term"). Thereafter, the agreement may be
terminated by either the Company or Atlas at any time, with or without cause,
upon written notice to that effect to the other party. In the event (i) Atlas is
terminated by the Company, with or without cause, prior to the end of the Term,

                                       3
<PAGE>

or (ii) William S.H. Stuart ceases to be President of the Company prior to the
end of the Term AND Matthew C. Flemming ceases to be Chief Financial Officer
prior to the end of the Term, then, in each instance, all of the Banking Fees
that remain due and owing as of such termination date, shall be paid immediately
to Atlas.

8. RELIANCE ON OTHERS. The Company confirms that it will rely on its own
counsel, accountants and other similar expert advisors for legal, accounting,
tax and other similar advice.

9. PUBLICITY. The Company agrees that Atlas shall have the right, at its own
cost, to advertise its participation in any Transaction in "tombstone" or other
appropriate financial advertisements in newspapers, magazines, trade periodicals
or other publications. Atlas agrees that the content of such tombstone or other
advertisements shall not be published without the Company's prior approval,
provided that such approval is not unreasonably withheld or delayed.

10. NO RIGHTS IN SHAREHOLDERS, ETC. The Company recognizes that Atlas has been
engaged only by the Company, and that the Company's engagement of Atlas is not
deemed to be on behalf of and is not intended to confer rights upon any
shareholder, partner or other owner of the Company or any other person not a
party hereto as against Atlas or any of its affiliates or any of their
respective directors, officers, agents, employees or representatives. Unless
otherwise expressly agreed, no one other than the Company is authorized to rely
upon the Company's engagement of Atlas or any statements, advice, opinions or
conduct by Atlas. Without limiting the foregoing, any opinions or advice
rendered to the Company's Board of Directors or management in the course of the
Company's engagement of Atlas are for the purpose of assisting the Board or
management, as the case may be, in evaluating a transaction and do not
constitute a recommendation to any shareholder of the Company concerning action
that such shareholder might or should take in connection with a transaction.
Atlas's role herein is that of an independent contractor.

11. GOVERNING LAW; FORUM. This agreement shall be governed by the laws of the
State of New York. Any and all claims, disputes, or controversies arising out of
this Agreement will be resolved by arbitration before the American Arbitration
Association ("AAA") and that with respect to this Agreement, a party may seek
injunctive relief and ancillary damages before the AAA. Each party irrevocably
consents to subject matter jurisdiction before the AAA. The parties shall
restrict themselves to claims for compensatory damages and no claims shall be
made by any party for punitive or similar damages. The parties agree that any
award or decision by the AAA shall be final and binding upon the parties and a
judgment may be entered in a court of competent jurisdiction upon such award or
decision. The parties agree that the situs of any arbitration or legal
proceedings hereunder shall be the City of New York.

12. MISCELLANEOUS. Nothing in this Agreement is intended to obligate or commit
Atlas to provide any services other than as set out above. This Agreement may be
executed in two or more counterparts, all of which together shall be considered
a single instrument. This Agreement constitutes the entire agreement, and
supersedes all prior agreements and understandings (both written and oral) of
the parties hereto with respect to the subject matter hereof, and cannot be
amended or otherwise modified except in writing executed by the parties hereto.

                                       4
<PAGE>

The provisions hereof shall inure to the benefit of and be binding upon the
successors and assigns of the Company. Neither party may assign its obligations
or rights pursuant to this agreement without the prior written consent of the
other party, except that the parties agree that upon the closing of a
Transaction with a Public Entity, the obligations of the Company under this
agreement shall, in addition to the obligations on the Company, become the
obligations of the Public Entity, jointly and severally.

13. NOTICES. All notices and other communications hereunder shall be deemed
given upon (a) the sender's confirmation of receipt of a facsimile transmission
to the recipient's facsimile number set forth below, (b) confirmed delivery by a
standard overnight carrier to the recipient's address set forth below, or (c)
delivery by hand to the recipient's address set forth below (or, in each case,
to or at such other facsimile number or address for a party as such party may
specify by notice given in accordance with this Section 13):

(a)      If to the Company, to:

Mr. William S.H. Stuart
Chief Executive Officer
Global Realty Management Group, Inc.
16825 Northchase Drive, Suite 630
Houston, Texas 77060
Fax: (281) 877-9701

(b)      If to Atlas, to:

                                    Marat Roisenberg
                                    Managing Director
                                    Atlas Capital Services, LLC
                                    225 Broadway, Suite 910
                                    New York, New York 10007
                                    Fax: (212) 267-3501

                                       5
<PAGE>

If you are in agreement with the foregoing, please sign and return the attached
copy of this agreement, whereupon this agreement shall become effective as of
the date hereof.

Sincerely,

ATLAS CAPITAL SERVICES, LLC

By: /S/ Marat Roisenberg
    -----------------------
Marat Roisenberg
Managing Director

AGREED AND ACCEPTED:

GLOBAL REALTY MANAGEMENT GROUP, INC.

By:_______________________
Name:
Title:

Date:_____________________

                                       6
<PAGE>

Atlas Capital Services, LLC
225 Broadway, Suite 910
New York, NY 10007

Ladies and Gentlemen:

In connection with our engagement of Atlas Capital Services, LLC ("Atlas") as an
Investment Banker, we hereby agree to indemnify and hold harmless Atlas and its
affiliates, and the respective directors, officers, shareholders, agents and
employees of Atlas (collectively the "Indemnified Persons"), from and against
any and all claims, actions, suits, proceedings (including those of
shareholders), damages, liabilities and expenses as incurred by any of them
(including the reasonable fees and expenses of counsel) which relate to or arise
out of any actions taken or omitted to be taken by the Company (including any
untrue statements made to any Indemnified Person) in connection with our
engagement of Atlas, including any action by Atlas to collect amounts owed to it
in connection therewith, and we shall reimburse any Indemnified Person for all
expenses (including the reasonable fees and expenses of counsel) as incurred by
such Indemnified Person in connection with investigating, preparing or defending
any such claim, action, suit or proceeding (collectively a "Claim"), in
connection with pending or threatened litigation in which any Indemnified Person
is a party. We will not, however, be responsible for any Claim which is finally
judicially determined to have resulted exclusively from the gross negligence or
willful misconduct of any person seeking indemnification hereunder. We further
agree that no Indemnified Person shall have any liability to us for or in
connection with our engagement of Atlas except for any Claim incurred by us
solely as a direct result of any Indemnified Person's gross negligence or
willful misconduct.

We further agree that we will not, without the prior written consent of Atlas,
settle, compromise or consent to the entry of any judgment in any pending or
threatened Claim in respect of which indemnification may be reasonably sought
hereunder (whether or not any Indemnified Person is an actual or potential party
to such Claim), unless such settlement, compromise or consent includes an
unconditional, irrevocable release of each Indemnified Person against whom such
claim may be brought hereunder from any and all liability arising out of such
claim.

Promptly upon receipt by an Indemnified Person of notice of any complaint or the
assertion or institution of any Claim with respect to which indemnification is
being sought hereunder, such Indemnified Person shall notify us in writing of
such complaint or of such assertion or institution but failure to do so notify
us shall not relieve us from any obligations we may have hereunder, unless and
only to the extent such failure results in the forfeiture by us of substantial
rights and defenses, and will not in any event relieve us from any other
obligation or liability we may have to any Indemnified Person, we will assume
the defense of such Claim, including the employment of counsel reasonably
satisfactory to such Indemnified Person and the payment of reasonable fees and
expenses of such counsel. In the event, however, that such Indemnified Person
reasonably determines that having common counsel with the Company and/or another
Indemnified Person would present such counsel with a conflict of interest or if

                                       7
<PAGE>

the defendant in, or target of, any such Claim, includes an Indemnified Person
and us, and such Indemnified reasonably concludes that there may be legal
defenses available to it or other Indemnified Persons different from or in
addition to those available to us, then such Indemnified Person may employ its
own separate counsel to represent or defend it in any such Claim and we shall
pay the reasonable fees and expenses of such counsel. Notwithstanding anything
herein to the contrary, if we fail timely or diligently to defend, contest, or
otherwise protect against any Claim, the relevant Indemnified Person shall have
the right, but not the obligation, to defend, contest, compromise, settle,
assert crossclaims, or counterclaims or otherwise protect against the same, and
shall be fully indemnified by us therefore, including without limitation, for
the reasonable fees and expenses of its counsel and all amounts paid as a result
of such Claim or the compromise or settlement thereof. In any Claim in which we
assume the defense, the Indemnified Person shall have the right to participate
in such Claim and to retain its own counsel therefore at its own expense.

We agree that if any indemnity sought by an Indemnified Person hereunder is held
by a court to be unavailable for any reason, then (whether or not Atlas is the
Indemnified Person), we and Atlas shall contribute to the Claim for which such
indemnify is held unavailable in such proportion as is appropriate to reflect
the relative benefits to us, on the one hand, and Atlas on the other, in
connection with Atlas's engagement referred to above, and the relative fault, as
between us and the Indemnified Person in respect of the Claim, subject to the
limitation that in no event shall the amount of Atlas's contribution to such
Claim exceed the amount of fees actually received by Atlas from us pursuant to
Atlas's engagement. We hereby agree that the relative benefits to us, on the one
hand, and Atlas on the other, with respect to Atlas's engagement shall be deemed
to be in the same proportion as (a) the total value paid or proposed to be paid
or received by us or our shareholders as the case may be, pursuant to the
transaction (whether or not consummated) for which you are engaged to render
services bears to (b) the fee actually paid to Atlas in connection with such
engagement; provided, however, that under no circumstances whatsoever shall
Atlas be required to contribute to any such claim any amount in excess of the
fee actually paid in connection with such engagement.

Our indemnity, reimbursement and contribution obligations under this Agreement
shall be in addition to, and shall in no way limit or otherwise adversely
affect, any rights that any Indemnified Party may have at law or at equity.

Should Atlas or its personnel be required or requested by us to provide
documentary evidence or testimony in connection with any proceeding arising form
or relating to Atlas's engagement, we agree to pay all reasonable expenses
(including fees incurred for legal counsel) in complying therewith.

Atlas agrees to indemnify and hold harmless the Company, any of its directors,
officers, agents, and employees, against any actions, lawsuits, damages or
liabilities to which the Company or such person may become subject related to or
arising out of any willful negligence by Atlas, and Atlas will reimburse the
Company and each such person for all legal and other expenses incurred in
connection with investigating or defending any such litigation in which the
Company or any such person is a party; provided, however, that Atlas will not be
liable in any such case for losses, claims, damages, liabilities or expenses

                                       8
<PAGE>

that have arisen by way of the bad faith, gross negligence, ordinary negligence
or willful misconduct of the Company or the party claiming a right to
indemnification. This indemnity agreement will be in addition to any liability
which Atlas may otherwise have.

Any and all claims, disputes, or controversies arising out of this Agreement
will be resolved by arbitration before the American Arbitration Association
("AAA") and that with respect to this Agreement, a party may seek injunctive
relief and ancillary damages before the AAA. Each party irrevocably consents to
subject matter jurisdiction before the AAA. The parties shall restrict
themselves to claims for compensatory damages and no claims shall be made by any
party for punitive or similar damages. The parties agree that any award or
decision by the AAA shall be final and binding upon the parties and a judgment
may be entered in a court of competent jurisdiction upon such award or decision.
The parties agree that the situs of any arbitration or legal proceedings
hereunder shall be the City of New York.

It is understood that, in connection with Atlas's engagement, Atlas may be
engaged to act in one or more additional capacities and that the terms of the
original engagement or any such additional engagement may be embodied in one or
more separate written agreements. The provisions of this Agreement shall apply
to the original engagement, any such additional engagement and any modifications
of the original engagement or such additional engagement and shall remain in
full force and effect following the completion or termination of Atlas's
engagement(s).

                                           Very truly yours,

                                           GLOBAL REALTY MANAGEMENT GROUP, INC.

                                           By: /S/ William S.H. Stuart
                                              ----------------------------------
                                                   William S.H. Stuart
                                                   Chief Executive Officer

Confirmed and agreed to:

ATLAS CAPITAL SERVICES, LLC

By: /S/ Marat Roisenberg
    -----------------------------
      Name:  Marat Roisenberg
      Title: Managing Director

                                       9

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