Document:

EXECUTION COPY

                         AMERICAN LEISURE HOLDINGS, INC
                              A NEVADA CORPORATION

                         REGISTRATION RIGHTS AGREEMENT

      THIS  REGISTRATION  RIGHTS  AGREEMENT,  dated  as of June  17,  2004  (the
"AGREEMENT"),  is entered into by and between American Leisure Holdings, Inc., a
Nevada corporation (the "COMPANY"),  and Stanford Venture Capital Holdings, Inc.
and its  successors and assigns (the  "INVESTOR")  as the proposed  purchaser of
certain  shares of the Company's  capital stock.  Capitalized  terms not defined
herein shall have the meanings  ascribed to them in the Credit Agreement of even
date  herewith  by  and  between  the  Company,  American  Leisure  Marketing  &
Technology,  Inc., Orlando Holidays,  Inc.,  American Leisure,  Inc., Welcome to
Orlando,  Inc., American Travel & Marketing Group, Inc., Hickory Travel Systems,
Inc. and the Investor.

      WHEREAS, simultaneously with the execution and delivery of this Agreement,
(i) the Company has issued a Convertible  Promissory Note  ("$3,000,000  NOTE"),
payable to the Investor in the aggregate  principal amount of $3,000,000,  which
Note is convertible into shares of the Company's common stock,  $0.001 par value
per share (the "COMMON  STOCK") upon the terms and  conditions  therein  stated;
(ii) the Company has issued a Convertible  Promissory Note ("$1,000,000  NOTE"),
payable to the Investor in the aggregate  principal amount of $1,000,000,  which
Note is convertible  into shares of the Company's  Common Stock,  upon the terms
and conditions  therein stated;  and (iii) Investor is agreeing to purchase from
the Company,  pursuant to the Warrant Purchase  Agreement dated as of June ____,
2004  entered  into by and between the Company and the  Investor  (the  "WARRANT
PURCHASE  AGREEMENT") Warrants to purchase an aggregate of 500,000 shares of the
Company's Common Stock at an exercise price of $5.00 per share expiring June 30,
2009 (collectively, the "WARRANTS"); and

      WHEREAS,  the Company  desires to grant to the Investor  the  registration
rights set forth herein with respect to the shares of Common Stock issuable upon
conversion of the $3,000,000 Note and the $1,000,000 Note (the "NOTE  CONVERSION
SHARES")  and upon  exercise of the Warrants  (the  "WARRANT  Shares"),  and the
shares of Common Stock issued as a dividend or other  distribution  with respect
to the Warrant Shares and or the Conversion Shares (the  "DISTRIBUTION  SHARES")
(all the shares of the Warrants,  the Warrant Shares, the Note Conversion Shares
and the Distribution Shares,  collectively and interchangeably,  are referred to
herein as the "SECURITIES").

      NOW, THEREFORE, the parties hereto mutually agree as follows:

      1.    CERTAIN DEFINITIONS

      As used herein the term  "REGISTRABLE  SECURITY" means the Warrant Shares,
the Note Conversion Shares and the Distribution Shares,  together with any other
securities  issued  pursuant  to the terms  hereof  until  (i) the  Registration
Statement (as defined  below) has been declared  effective by the Securities and
Exchange Commission (the "COMMISSION"), and all Securities have been disposed of
pursuant to the Registration Statement, (ii) all Securities have been sold under
circumstances  under which all of the  applicable  conditions of Rule 144 ("RULE
144") (or any similar provision then in force) under the Securities Act of 1933,
as amended (the "SECURITIES ACT") are met, or (iii) such time as, in the opinion
of counsel to the Company  reasonably  satisfactory  to the  Investors  and upon
delivery to the Investors of such executed  opinion,  all Securities may be sold
without  any time,  volume or manner  limitations  pursuant  to Rule 144 (or any
similar provision then in effect).  In the event of any merger,  reorganization,
consolidation, recapitalization or other change in corporate structure affecting
the Common Stock,  such adjustment  shall be deemed to be made in the definition
of "Registrable  Security" as is appropriate in order to prevent any dilution or
enlargement of the rights granted pursuant to this Agreement. As used herein the
term "HOLDER" means any Person owning or having the right to acquire Registrable
Securities or any assignee thereof in accordance with Section 10 hereof. As used
herein  "TRADING  DAY" shall mean any  business day on which the market on which
the Common Stock trades is open for business.

<PAGE>

                                                                  EXECUTION COPY

      2.    RESTRICTIONS ON TRANSFER

      Each of the  Investors  acknowledges  and  understands  that  prior to the
registration  of  the  Securities  as  provided   herein,   the  Securities  are
"restricted   securities"  as  defined  in  Rule  144.  Each  of  the  Investors
understands that no disposition or transfer of the Securities may be made by any
of the  Investors in the absence of (i) an opinion of counsel to such  Investor,
in form and substance reasonably satisfactory to the Company, that such transfer
may  be  made  without  registration  under  the  Securities  Act or  (ii)  such
registration.

      3.    COMPLIANCE WITH REPORTING REQUIREMENTS

      With a view to making  available to the Investors the benefits of Rule 144
or any other similar rule or regulation of the  Commission  that may at any time
permit the holders of the  Securities  to sell  securities of the Company to the
public  pursuant to Rule 144, the Company agrees from and after the date that it
registers a class of Covered  Securities  under the  Securities  Exchange Act of
1934, as amended, to:

            (a) comply with the provisions of paragraph (c)(1) of Rule 144;

            (b) file with the  Commission  in a timely  manner all  reports  and
other documents required to be filed with the Commission  pursuant to Section 13
or 15(d)  under the  Securities  Exchange  Act of 1934 (the  "EXCHANGE  ACT") by
companies  subject  to either of such  sections,  irrespective  of  whether  the
Company is then subject to such reporting requirements; and

            (c) Upon request by any Holder or the Company's  transfer agent, the
Company shall  provide an opinion of counsel,  which opinion shall be reasonably
acceptable  to the Holder  and/or the Company's  transfer  agent,  that the such
Holder has complied with the  applicable  conditions of Rule 144 (or any similar
provision then in force).

      4.    REGISTRATION RIGHTS WITH RESPECT TO THE REGISTRABLE SECURITIES

            (a) The  Company  agrees  that it will  prepare  and  file  with the
Commission, (i) no later than August 15, 2004, a registration statement (on Form
S-1 or  SB-2,  or other  appropriate  registration  statement  form)  under  the
Securities Act (the "REGISTRATION  STATEMENT") and maintain the effectiveness of
such registration  statement until all of the securities  offered thereunder are
sold.  The Company  shall use diligent  best  efforts to cause the  Registration
Statement to become  effective as soon as practical  following the filing of the
Registration  Statement.  The number of shares  designated  in the  Registration
Statement to be registered  shall  include 150% of the Warrant  Shares and shall
include  appropriate  language  regarding  reliance  upon Rule 416 to the extent
permitted  by the  Commission.  The  Company  will  notify the  Holders  and its
transfer agent of the  effectiveness  of the  Registration  Statement within one
Trading Day of such event.

                                       2
<PAGE>

                                                                  EXECUTION COPY

            (b)  The  Company  will  maintain  the  Registration   Statement  or
post-effective  amendment  filed  under  this  Section  4  effective  under  the
Securities  Act until the  earlier of (i) the date that none of the  Registrable
Securities  covered by such Registration  Statement are or may become issued and
outstanding, (ii) the date that all of the Registrable Securities have been sold
pursuant to such Registration Statement,  (iii) the date all the Holders receive
an  opinion  of  counsel  to the  Company,  which  counsel  shall be  reasonably
acceptable to the Holders, that the Registrable Securities may be sold under the
provisions  of Rule 144 without  limitation as to volume,  (iv) all  Registrable
Securities have been otherwise  transferred to persons who may trade such shares
without  restriction  under the Securities  Act, and the Company has delivered a
new certificate or other evidence of ownership for such securities not bearing a
restrictive legend, or (v) two years from the Effective Date.

            (c) All fees,  disbursements  and  out-of-pocket  expenses and costs
incurred by the Company in  connection  with the  preparation  and filing of the
Registration  Statement  under this Section 4 and in complying  with  applicable
securities and blue sky laws (including, without limitation, all attorneys' fees
of the Company) shall be borne by the Company.  The Company shall also reimburse
the fees and expenses of counsel to the Holders incurred in connection with such
counsel's  review  of the  Registration  Statement  and  advice  concerning  the
Registration  Statement and its filing subject to a cap of $10,000.  The Holders
shall  bear  the  cost of  underwriting  and/or  brokerage  discounts,  fees and
commissions,  if any, applicable to the Registrable Securities being registered.
The Holders and their counsel shall have a reasonable  period,  not to exceed 15
Trading  Days,  to review the proposed  Registration  Statement or any amendment
thereto, prior to filing with the Commission,  and the Company shall provide the
Holders with copies of any comment  letters  received from the  Commission  with
respect  thereto within two Trading Days of receipt  thereof.  The Company shall
qualify any of the Registrable Securities for sale in such states as the Holders
reasonably designate and shall furnish indemnification in the manner provided in
Section 7 hereof.  However,  the Company shall not be required to qualify in any
state which will require an escrow or other restriction  relating to the Company
and/or the Holders,  or which will require the Company to qualify to do business
in such state or require  the Company to file  therein  any  general  consent to
service of process. The Company at its expense will supply each of the Investors
with copies of the applicable Registration Statement and the prospectus included
therein and other  related  documents in such  quantities  as may be  reasonably
requested by any of the Investors.

            (d) The Company  shall not be required by this  Section 4 to include
the Registrable  Securities in any  Registration  Statement which is to be filed
if, in the opinion of counsel for both the Holders and the Company  (or,  should
they not agree, in the opinion of another counsel  experienced in securities law
matters  acceptable  to counsel for the Holders and the  Company)  the  proposed
offering or other transfer as to which such  registration is requested is exempt
from  applicable  federal  and state  securities  laws and  would  result in all
purchasers  or  transferees  obtaining  securities  which  are  not  "restricted
securities," as defined in Rule 144.

                                       3
<PAGE>

                                                                  EXECUTION COPY

            (e) In the event that (i) the Registration Statement is not filed by
the  Company  in a  timely  manner  as set  forth in  Section  4(a);  (ii)  such
Registration  Statement does not become effective for any reason before December
31, 2004; or (iii) such Registration Statement is not maintained as effective by
the Company for the period set forth in Section  4(b) above for any reason (each
a "REGISTRATION DEFAULT"), then the Company will issue to each of the Holders as
of the first day of such Registration  Default and for every consecutive quarter
in which such Registration Default is occurring,  as liquidated damages, and not
as a penalty,  (i)  warrants  to  purchase  ten  percent  (10%) of the  Warrants
originally  issuable to the Holders under the Warrant Purchase  Agreement,  upon
the same terms and conditions  therein stated ("DEFAULT  WARRANTS") and (ii) ten
percent  (10%) of the  Shares of Common  Stock to which the Note is  convertible
("DEFAULT  SHARES") (the Default  Warrants and Default  Shares are  collectively
referred  to  herein  as the  "DEFAULT  SECURITIES")  until  such  corresponding
Registration Default no longer exists ("LIQUIDATED DAMAGES"); provided, however,
that the issuance of such Default  Securities shall not relieve the Company from
its obligations to register the Registrable Securities pursuant to this Section.

      If the Company does not issue the Default Securities to the Holders as set
forth above, the Company will pay any Holder's reasonable costs of any action in
a court of law to cause compliance with this Section 4(e),  including reasonable
attorneys' fees, in addition to the Default Securities.  The registration of the
Registrable  Securities  pursuant  to this  Section  shall not affect or limit a
Holder's other rights or remedies as set forth in this Agreement.

            (f)  The  Company   shall  be  precluded   from   including  in  any
Registration  Statement  which it is required to file pursuant to this Section 4
any other  securities apart from the Registrable  Securities,  without the prior
written consent of the Holders.

            (g) If, at any time any  Registrable  Securities are not at the time
covered by any effective Registration Statement,  the Company shall determine to
register  under  the  Securities  Act  (including  pursuant  to a demand  of any
stockholder of the Company exercising  registration rights) any of its shares of
the Common  Stock  (other  than in  connection  with a merger or other  business
combination transaction,  or pursuant to Form S-8), it shall send to each Holder
written  notice of such  determination  and, if within 20 days after  receipt of
such notice, such Holder shall so request in writing, the Company shall its best
efforts  to  include  in  such  registration  statement  all or any  part of the
Registrable   Securities   that  such   Holder   requests   to  be   registered.
Notwithstanding the foregoing,  if, in connection with any offering involving an
underwriting  of the  Common  Stock to be issued by the  Company,  the  managing
underwriter  shall  impose a  limitation  on the  number of shares of the Common
Stock included in any such registration statement because, in such underwriter's
judgment,  such limitation is necessary based on market  conditions:  (a) if the
registration  statement  is for a public  offering  of  common  stock on a "firm
commitment" basis with gross proceeds to the Company of at least $30,000,000 and
a minimum price of $5.00 per share (a "QUALIFIED PUBLIC OFFERING"),  the Company
may  exclude,  to the  extent so advised by the  underwriters,  the  Registrable
Securities from the underwriting; provided, however, that if the underwriters do
not entirely  exclude the  Registrable  Securities  from such  Qualified  Public
Offering,  the  Company  shall be  obligated  to  include  in such  registration
statement,  with respect to the requesting Holder, only an amount of Registrable
Securities equal to the product of (i) the number of Registrable Securities that
remain available for registration after the underwriter's  cutback and (ii) such
Holder's  percentage  of  ownership  of  all  the  Registrable  Securities  then
outstanding (on an as-converted basis) (the "REGISTRABLE  PERCENTAGE");  and (b)
if the  registration  statement  is not for a  Qualified  Public  Offering,  the
Company  shall be  obligated  to include in such  registration  statement,  with
respect to the requesting Holder, only an amount of Registrable Securities equal
to the product of (i) the number of Registrable Securities that remain available
for  registration  after  the  underwriter's  cutback  and  (ii)  such  Holder's
Registrable  Percentage;  provided,  however,  that the  aggregate  value of the
Registrable Securities to be included in such registration may not be so reduced
to  less  than  10% of the  total  value  of all  securities  included  in  such
registration.  If any  Holder  disapproves  of  the  terms  of any  underwriting
referred to in this  paragraph,  it may elect to withdraw  therefrom  by written
notice to the  Company  and the  underwriter.  No  incidental  right  under this
paragraph shall be construed to limit any registration  required under the other
provisions of this Agreement.

                                       4
<PAGE>

                                                                  EXECUTION COPY

      5.    COOPERATION WITH COMPANY

      Each Holder will  cooperate with the Company in all respects in connection
with this  Agreement,  including  timely  supplying all  information  reasonably
requested by the Company  (which shall include all  information  regarding  such
Holder and proposed manner of sale of the Registrable  Securities required to be
disclosed  in any  Registration  Statement)  and  executing  and  returning  all
documents  reasonably  requested in connection with the registration and sale of
the  Registrable  Securities and entering into and  performing  its  obligations
under any underwriting  agreement,  if the offering is an underwritten offering,
in usual and customary  form,  with the managing  underwriter or underwriters of
such underwritten offering.  Nothing in this Agreement shall obligate any Holder
to consent to be named as an  underwriter  in any  Registration  Statement.  The
obligation  of the  Company to  register  the  Registrable  Securities  shall be
absolute  and  unconditional  as  to  those  Registrable  Securities  which  the
Commission   will  permit  to  be  registered   without  naming  any  Holder  as
underwriters.  Any delay or delays caused by a Holder by failure to cooperate as
required  hereunder  shall not  constitute  a  Registration  Default  as to such
Holder.

      6.    REGISTRATION PROCEDURES

      If and whenever the Company is required by any of the  provisions  of this
Agreement to effect the registration of any of the Registrable  Securities under
the  Securities  Act, the Company  shall  (except as otherwise  provided in this
Agreement), as expeditiously as possible, subject to the Holders' assistance and
cooperation as reasonably required with respect to each Registration Statement:

            (a) (i) prepare and file with the  Commission  such  amendments  and
supplements to the Registration  Statement and the prospectus used in connection
therewith as may be necessary to keep such Registration  Statement effective and
to comply with the  provisions of the Securities Act with respect to the sale or
other  disposition of all Registrable  Securities  covered by such  Registration
Statement  whenever any of the Holder shall desire to sell or otherwise  dispose
of the same  (including  prospectus  supplements  with  respect  to the sales of
Registrable  Securities  from  time to time in  connection  with a  registration
statement  pursuant to Rule 415  promulgated  under the Securities Act) and (ii)
take all lawful action such that each of (A) the Registration  Statement and any
amendment  thereto  does  not,  when it  becomes  effective,  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 and (B) the prospectus
forming part of the  Registration  Statement,  and any  amendment or  supplement
thereto,  does not at any time during the Registration  Period 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;

                                       5
<PAGE>

                                                                  EXECUTION COPY

            (b) (i) prior to the filing with the Commission of any  Registration
Statement (including any amendments thereto) and the distribution or delivery of
any prospectus (including any supplements thereto), provide draft copies thereof
to the  Holders as required by Section  4(c) and reflect in such  documents  all
such comments as the Holders (and their counsel)  reasonably  may propose;  (ii)
furnish to each of the Holders such numbers of copies of a prospectus  including
a preliminary  prospectus or any amendment or supplement to any  prospectus,  as
applicable,  in conformity with the requirements of the Securities Act, and such
other  documents,  as any of the  Holders  may  reasonably  request  in order to
facilitate the public sale or other  disposition of the  Registrable  Securities
owned by such Holder;  and (iii)  provide to the Holders  copies of any comments
and communications from the Commission  relating to the Registration  Statement,
if lawful to do so;

            (c) register and qualify the Registrable  Securities  covered by the
Registration  Statement  under  such other  securities  or blue sky laws of such
jurisdictions  as any of the Holders shall  reasonably  request  (subject to the
limitations set forth in Section 4(c) above),  and do any and all other acts and
things which may be  necessary or advisable to enable such Holder to  consummate
the public sale or other  disposition in such  jurisdiction  of the  Registrable
Securities owned by such Holder;

            (d) list such Registrable Securities on the markets where the Common
Stock of the  Company  is listed as of the  effective  date of the  Registration
Statement, if the listing of such Registrable Securities is then permitted under
the rules of such markets;

            (e)  notify  the  Holders  at any time  when a  prospectus  relating
thereto covered by the Registration  Statement is required to be delivered under
the Securities Act, of the happening of any event of which it has knowledge as a
result of which the prospectus included in the Registration  Statement,  as then
in effect,  includes an untrue  statement of a material fact or omits to state a
material fact required to be stated  therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing,  and the
Company  shall  prepare  and file a curative  amendment  under  Section  6(a) as
quickly as  reasonably  possible and during such period,  the Holders  shall not
make any sales of Registrable Securities pursuant to the Registration Statement;

            (f) after becoming  aware of such event,  notify each of the Holders
who holds Registrable Securities being sold (or, in the event of an underwritten
offering,  the managing  underwriters)  of the issuance by the Commission of any
stop  order  or  other  suspension  of the  effectiveness  of  the  Registration
Statement at the earliest possible time and take all lawful action to effect the
withdrawal, rescission or removal of such stop order or other suspension;

                                       6
<PAGE>

                                                                  EXECUTION COPY

            (g) cooperate with the Holders to facilitate the timely  preparation
and  delivery  of  certificates  for the  Registrable  Securities  to be offered
pursuant to the  Registration  Statement  and enable such  certificates  for the
Registrable  Securities to be in such denominations or amounts,  as the case may
be, as any of the Holders reasonably may request and registered in such names as
any of the  Holders  may  request;  and,  within  three  Trading  Days  after  a
Registration   Statement  which  includes  Registrable  Securities  is  declared
effective by the  Commission,  deliver and cause legal  counsel  selected by the
Company to deliver to the transfer agent for the  Registrable  Securities  (with
copies to the Holders) an appropriate  instruction and, to the extent necessary,
an opinion of such counsel;

            (h) take all such  other  lawful  actions  reasonably  necessary  to
expedite and  facilitate  the  disposition  by the Holders of their  Registrable
Securities  in accordance  with the intended  methods  therefor  provided in the
prospectus which are customary for issuers to perform under the circumstances;

            (i) in the event of an underwritten  offering,  promptly  include or
incorporate  in a  prospectus  supplement  or  post-effective  amendment  to the
Registration  Statement such information as the managers reasonably agree should
be included therein and to which the Company does not reasonably object and make
all required filings of such prospectus  supplement or post-effective  amendment
as soon as  practicable  after it is  notified  of the matters to be included or
incorporated in such prospectus supplement or post-effective amendment; and

            (j) maintain a transfer agent and registrar for the Common Stock.

      7.    INDEMNIFICATION

            (a) To the maximum  extent  permitted by law, the Company  agrees to
indemnify  and hold  harmless  each of the  Holders,  each  person,  if any, who
controls any of the Holders within the meaning of the  Securities  Act, and each
director, officer, shareholder,  employee, agent, representative,  accountant or
attorney of the foregoing  (each of such  indemnified  parties,  a "DISTRIBUTING
INVESTOR") against any losses, claims, damages or liabilities,  joint or several
(which shall,  for all purposes of this Agreement,  include,  but not be limited
to,  all  reasonable  costs of  defense  and  investigation  and all  reasonable
attorneys'  fees and expenses),  to which the  Distributing  Investor may become
subject, under the Securities Act or otherwise,  insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based
upon any untrue  statement or alleged  untrue  statement  of any  material  fact
contained in any  Registration  Statement,  or any related  final  prospectus or
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 not  misleading;  provided,
however, that the Company will not be liable in any such case to the extent, and
only to the extent, that any such loss, claim, damage or liability arises out of
or is based upon an untrue  statement or alleged untrue statement or omission or
alleged omission made in such Registration  Statement,  preliminary  prospectus,
final  prospectus or amendment or supplement  thereto in reliance  upon,  and in
conformity  with,   written   information   furnished  to  the  Company  by  the
Distributing Investor,  its counsel, or affiliates,  specifically for use in the
preparation  thereof or (ii) by such Distributing  Investor's failure to deliver
to the purchaser a copy of the most recent prospectus  (including any amendments
or supplements  thereto).  This  indemnity  agreement will be in addition to any
liability which the Company may otherwise have.

                                       7
<PAGE>

                                                                  EXECUTION COPY

            (b) To the  maximum  extent  permitted  by  law,  each  Distributing
Investor  agrees that it will indemnify and hold harmless the Company,  and each
officer and director of the Company or person,  if any, who controls the Company
within the meaning of the Securities Act, against any losses, claims, damages or
liabilities (which shall, for all purposes of this Agreement,  include,  but not
be  limited  to,  all  reasonable  costs of defense  and  investigation  and all
reasonable  attorneys'  fees and  expenses)  to which  the  Company  or any such
officer,  director or controlling person may become subject under the Securities
Act or otherwise,  insofar as such losses,  claims,  damages or liabilities  (or
actions in respect  thereof) arise out of or are based upon any untrue statement
or alleged untrue  statement of any material fact contained in any  Registration
Statement,  or any related final prospectus or 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 not misleading, but in each case only to the extent that such
untrue statement or alleged untrue statement or omission or alleged omission was
made in such Registration Statement, final prospectus or amendment or supplement
thereto in reliance upon, and in conformity with, written information  furnished
to the  Company  by such  Distributing  Investor,  its  counsel  or  affiliates,
specifically for use in the preparation  thereof.  This indemnity agreement will
be in addition to any liability  which the  Distributing  Investor may otherwise
have under this Agreement.  Notwithstanding anything to the contrary herein, the
Distributing  Investor  shall be liable  under this  Section  7(b) for only that
amount as does not exceed the net  proceeds to such  Distributing  Investor as a
result  of the  sale of  Registrable  Securities  pursuant  to the  Registration
Statement.

            (c)  Promptly  after  receipt  by an  indemnified  party  under this
Section 7 of notice of the  commencement of any action against such  indemnified
party,  such indemnified party will, if a claim in respect thereof is to be made
against the  indemnifying  party under this  Section 7, notify the  indemnifying
party in writing of the commencement  thereof; but the omission so to notify the
indemnifying  party will not relieve the  indemnifying  party from any liability
which it may have to any  indemnified  party except to the extent the failure of
the indemnified party to provide such written  notification  actually prejudices
the ability of the  indemnifying  party to defend such action.  In case any such
action  is  brought  against  any  indemnified   party,   and  it  notifies  the
indemnifying party of the commencement  thereof,  the indemnifying party will be
entitled to  participate  in, and, to the extent that it may wish,  jointly with
any other  indemnifying  party similarly  notified,  assume the defense thereof,
subject to the provisions  herein stated and after notice from the  indemnifying
party to such  indemnified  party  of its  election  so to  assume  the  defense
thereof,  the indemnifying  party will not be liable to such  indemnified  party
under this Section 7 for any legal or other  expenses  subsequently  incurred by
such  indemnified  party in  connection  with the  defense  thereof  other  than
reasonable  costs of  investigation,  unless the  indemnifying  party  shall not
pursue the action to its final  conclusion.  The indemnified  parties shall have
the right to employ  one or more  separate  counsel  in any such  action  and to
participate  in the defense  thereof,  but the fees and expenses of such counsel
shall not be at the expense of the indemnifying  party if the indemnifying party
has assumed the defense of the action with counsel  reasonably  satisfactory  to
the  indemnified  party  unless  (i) the  employment  of such  counsel  has been
specifically  authorized in writing by the indemnifying party, or (ii) the named
parties to any such action (including any interpleaded parties) include both the
indemnified  party and the  indemnifying  party and the indemnified  party shall
have been  advised by its counsel  that there may be one or more legal  defenses
available to the indemnifying party different from or in conflict with any legal
defenses  which  may  be  available  to  the  indemnified  party  or  any  other
indemnified party (in which case the indemnifying party shall not have the right
to assume the defense of such  action on behalf of such  indemnified  party,  it
being understood, however, that the indemnifying party shall, in connection with
any one such action or separate but substantially  similar or related actions in
the  same  jurisdiction   arising  out  of  the  same  general   allegations  or
circumstances,  be  liable  only for the  reasonable  fees and  expenses  of one
separate  firm of  attorneys  for the  indemnified  party,  which  firm shall be
designated  in writing by the  indemnified  party).  No settlement of any action
against an indemnified  party shall be made without the prior written consent of
the indemnified party, which consent shall not be unreasonably  withheld so long
as such  settlement  includes a full release of claims  against the  indemnified
party.

                                       8
<PAGE>

                                                                  EXECUTION COPY

      All fees and expenses of the indemnified party (including reasonable costs
of defense and  investigation in a manner not inconsistent with this Section and
all reasonable  attorneys'  fees and expenses)  shall be paid to the indemnified
party,  as  incurred,  within 10 Trading Days of written  notice  thereof to the
indemnifying  party;  provided,  that the  indemnifying  party may require  such
indemnified  party to undertake  to reimburse  all such fees and expenses to the
extent it is finally  judicially  determined that such indemnified  party is not
entitled to indemnification hereunder.

      8.    CONTRIBUTION

      In  order  to  provide  for  just and  equitable  contribution  under  the
Securities Act in any case in which (i) the indemnified  party makes a claim for
indemnification  pursuant to Section 7 hereof but 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 the fact
that the express  provisions of Section 7 hereof provide for  indemnification in
such case, or (ii) contribution  under the Securities Act may be required on the
part of any indemnified party, then the Company and the applicable  Distributing
Investor  shall  contribute  to  the  aggregate  losses,   claims,   damages  or
liabilities to which they may be subject (which shall,  for all purposes of this
Agreement,  include,  but not be limited to, all reasonable costs of defense and
investigation and all reasonable  attorneys' fees and expenses),  in either such
case (after  contribution from others) on the basis of relative fault as well as
any  other  relevant  equitable  considerations.  The  relative  fault  shall be
determined by reference  to, among other  things,  whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to  information  supplied by the Company on the one hand
or the  applicable  Distributing  Investor on the other hand,  and the  parties'
relative intent, knowledge,  access to information and opportunity to correct or
prevent such statement or omission.  The Company and the  Distributing  Investor
agree that it would not be just and equitable if  contribution  pursuant to this
Section 8 were  determined  by pro rata  allocation  or by any  other  method of
allocation which does not take account of the equitable  considerations referred
to in this  Section 8. The amount paid or payable by an  indemnified  party as a
result of the  losses,  claims,  damages or  liabilities  (or actions in respect
thereof)  referred  to above in this  Section 8 shall be deemed to  include  any
legal  or  other  expenses  reasonably  incurred  by such  indemnified  party in
connection with  investigating  or defending any such action or claim. 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 who was
not guilty of such fraudulent misrepresentation.

                                       9
<PAGE>

                                                                  EXECUTION COPY

      Notwithstanding  any other  provision of this Section 8, in no event shall
(i) any of the Distributing  Investors be required to undertake liability to any
person  under this  Section 8 for any amounts in excess of the dollar  amount of
the  proceeds  received  by such  Distributing  Investor  from  the sale of such
Distributing  Investor's  Registrable  Securities  (after  deducting  any  fees,
discounts  and  commissions  applicable  thereto)  pursuant to any  Registration
Statement  under which such  Registrable  Securities  are  registered  under the
Securities Act and (ii) any  underwriter  be required to undertake  liability to
any  person  hereunder  for any  amounts  in excess of the  aggregate  discount,
commission or other compensation payable to such underwriter with respect to the
Registrable  Securities  underwritten  by it and  distributed  pursuant  to such
Registration Statement.

      9.    NOTICES

      Any  notice  required  or  permitted  hereunder  shall be given in writing
(unless  otherwise  specified  herein)  and  shall be  effective  upon  personal
delivery, via facsimile (upon receipt of confirmation of error-free transmission
and mailing a copy of such  confirmation,  postage  prepaid by  certified  mail,
return receipt  requested) or two business days following deposit of such notice
with an  internationally  recognized  courier service,  with postage prepaid and
addressed  to each of the other  parties  thereunto  entitled  at the  following
addresses,  or at such other  addresses  as a party may  designate  by five days
advance written notice to each of the other parties hereto.

      COMPANY:                American Leisure Holdings, Inc.
                              2701 Spivey Lane
                              Orlando, Florida 32837
                              Tel. No.:407-421-6660
                              Facsimile No.: 407-857-3598

      With a copy to:         Nason, Yeager, Gerson, White & Lioce, P.A.
                              1645 Palm Beach Lakes Boulevard, Suite 1200
                              West Palm Beach, Florida  33401
                              Attention: Alan I. Armour II, Esquire
                              Facsimile No.: (561) 686-5442

      INVESTOR:               Stanford Venture Capital Holdings, Inc.
                              6075 Poplar Avenue
                              Memphis, TN 38119
                              Attention: James M. Davis, President
                              Tel: (901) 680-5260
                              Facsimile: (901) 680-5265

                                       10
<PAGE>

                                                                  EXECUTION COPY

      With a copy to:         Adorno & Yoss, P.A.
                              2601 South Bayshore Drive, Suite 1600
                              Miami, Florida  33133
                              Attention: Seth P. Joseph, Esquire
                              Telephone: (305) 860-7363
                              Facsimile No.: (305) 858-4777

      10.   ASSIGNMENT

      The registration  rights granted to any Holder under this Agreement may be
transferred  or assigned  provided the  transferee is bound by the terms of this
Agreement  and  the  Company  is  given  written  notice  of  such  transfer  or
assignment.

      11.   ADDITIONAL COVENANTS OF THE COMPANY

      For so long as it shall be required to maintain the  effectiveness  of the
Registration Statement, it shall file all reports and information required to be
filed  by it with the  Commission  in a timely  manner  and take all such  other
action so as to maintain such eligibility for the use of the applicable form.

      12.   CONFLICTING AGREEMENTS

      The  Company  shall not  enter  into any  agreement  with  respect  to its
securities that is  inconsistent  with the rights granted to the Holders in this
Agreement or  otherwise  prevents  the Company  from  complying  with all of its
obligations hereunder.

      13.   GOVERNING LAW; JURISDICTION

      This Agreement shall be governed by and interpreted in accordance with the
laws of the State of Florida,  without  regard to its  principles of conflict of
laws. Any action or proceeding  seeking to enforce any provision of, or based on
any right arising out of, this Agreement may be brought against any party in the
federal courts of Florida or the state courts of the State of Florida,  and each
of the parties consents to the jurisdiction of such courts and hereby waives, to
the maximum  extent  permitted by law, any  objection,  including any objections
based on forum non  conveniens,  to the bringing of any such  proceeding in such
jurisdictions.

      14.   MISCELLANEOUS

            (a) ENTIRE AGREEMENT. This Agreement supersedes all prior agreements
and  understandings  among the parties hereto with respect to the subject matter
hereof. This Agreement, together with the other Primary Documents, including any
certificate,  schedule,  exhibit or other document  delivered  pursuant to their
terms, constitutes the entire agreement among the parties hereto with respect to
the subject matters hereof and thereof,  and supersedes all prior agreements and
understandings,  whether written or oral, among the parties with respect to such
subject matters.

            (b)  AMENDMENTS.  This  Agreement  may not be  amended  except by an
instrument in writing signed by the party to be charged with enforcement.

                                       11
<PAGE>

                                                                  EXECUTION COPY

            (c) WAIVER.  No waiver of any provision of this  Agreement  shall be
deemed a waiver of any other  provisions or shall a waiver of the performance of
a provision in one or more  instances  be deemed a waiver of future  performance
thereof.

            (d)  CONSTRUCTION.  This Agreement and each of the Primary Documents
have been  entered into freely by each of the  parties,  following  consultation
with their  respective  counsel,  and shall be interpreted  fairly in accordance
with its  respective  terms,  without  any  construction  in favor of or against
either party.

            (e) BINDING EFFECT OF AGREEMENT.  This Agreement  shall inure to the
benefit  of,  and be  binding  upon the  successors  and  assigns of each of the
parties hereto, including any transferees of the Securities.

            (f)  SEVERABILITY.  If any  provision  of this  Agreement  shall  be
invalid   or   unenforceable   in   any   jurisdiction,   such   invalidity   or
unenforceability  shall  not  affect  the  validity  or  enforceability  of  the
remainder  of  this  Agreement  or the  validity  or  unenforceability  of  this
Agreement in any other jurisdiction.

            (g) ATTORNEYS'  FEES. If any action should arise between the parties
hereto to enforce or interpret the provisions of this Agreement,  the prevailing
party in such action shall be reimbursed for all reasonable expenses incurred in
connection with such action, including reasonable attorneys' fees.

            (h) HEADINGS.  The headings of this Agreement are for convenience of
reference only and shall not form part of, or affect the  interpretation of this
Agreement.

            (i)  COUNTERPARTS.  This  Agreement  may be  signed  in one or  more
counterparts,  each of which shall be deemed an original and all of which,  when
taken together, will be deemed to constitute one and the same agreement.

            (j) WAIVER OF JURY TRIAL. THE PARTIES HEREBY KNOWINGLY,  VOLUNTARILY
AND  INTENTIONALLY  WAIVE  THE  RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN
RESPECT  OF ANY  LITIGATION  BASED  HEREON,  OR  ARISING  OUT  OF,  UNDER  OR IN
CONNECTION WITH THIS AGREEMENT AND ANY OTHER  AGREEMENT,  DOCUMENT OR INSTRUMENT
CONTEMPLATED TO BE EXECUTED IN CONJUNCTION  HEREWITH,  OR ANY COURSE OF CONDUCT,
COURSE OF  DEALING,  STATEMENTS  (WHETHER  VERBAL OR  WRITTEN) OR ACTIONS OF ANY
PARTY HERETO.

                         [SIGNATURES ON FOLLOWING PAGE]

                                       12
<PAGE>

                                                                  EXECUTION COPY

      IN WITNESS  WHEREOF,  the parties  hereto  have  caused this  Registration
Rights Agreement to be duly executed, as of this _____ day of June, 2004.

                                          AMERICAN LEISURE HOLDINGS, INC

                                          By:
                                             --------------------------------
                                             Name:
                                                  ---------------------------
                                             Title:
                                                   --------------------------

                                          STANFORD  VENTURE CAPITAL  HOLDINGS,
                                          INC.

                                          By:
                                             --------------------------------
                                             Name:
                                                  ---------------------------
                                             Title:
                                                   --------------------------

                                       13EXHIBIT 4.1

                       INCORPORATED UNDER THE LAWS OF THE
                                STATE OF NEVADA
NUMBER                                                                  SHARES

                                 DESCORP, INC.

                 25,000,000 AUTHORIZED SHARES OF $.001 PAR VALUE
                                 NON-ASSESSABLE                       CUSIP NO.

This is to certify that

                                  S A M P L E

is the record holder of

shares of                          DESCORP, INC.               Common Stock
transferrable  on the books of the  corporation in person or by duly  authorized
attorney upon surrender of this certificate properly endorsed.  This Certificate
is not valid until  countersigned  by the Transfer  Agent and  registered by the
Registrar.

     Witness the facsimile seal of the corporation and the facsimile  signatures
of its duly authorized officers.

Dated:

/s/                               DESCORP, INC.                  /s/
Secretary                          CORPORATE                     President
                                      Seal
                                     NEVADA

COUNTERSIGNED AND REGISTERED BY
FIRST AMERICAN STOCK TRANSFER, INC.
706 EAST BELL ROAD, Suite 202, PHOENIX, ARIZONA 85022

AUTHORIZED SIGNATURE

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}]]