Document:

Amended & Restated License Agreement - Ensign

 

Exhibit 10.12

1

AMENDED AND RESTATED LICENSE AGREEMENT

THIS AMENDED AND RESTATED AGREEMENT dated December 8
1997 is made

BETWEEN

ENSYN TECHNOLOGIES INC., a corporation incorporated under
the laws of Canada, having its principal place of business at 6847
Hiram Drive, Greely, Ontario, Canada K4P 1A2 (“ENSYN”)

AND

ENSYN GROUP, INC., a corporation incorporated under the laws of
Delaware, USA, having its principal place of business at 124 Mount
Auburn Street, Suite 200N, Cambridge, Massachusetts, USA, 02138
(“GROUP”)

WHEREAS:

1.     ENSYN has developed and presently possesses certain technical know-how, equipment, operating
experience and knowledge of processes relating to the rapid heating of carbonaceous material at a
rate of over 400 degrees Centigrade per second, to a temperature of at least 400 degrees Centigrade
and retaining the said carbonaceous materials together with the initial pyrolysis products in a
pyrolysis reactor at a temperature of at least 400 degrees Centigrade for less than 2 seconds
(“RTP”, as defined below);

2.     GROUP desires to obtain a license for RTP and ENSYN is willing to grant this license subject to
the existing licenses set out in Schedule C;

3.     ENSYN has expertise relating to the design, construction, and operation of RTP Reactors and
GROUP wishes to utilize this expertise;

4.     The parties have entered into a License Agreement dated August 30, 1996 and wish to amend and
restate this License Agreement as provided herein.

NOW THEREFORE for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

ARTICLE 1

DEFINITIONS

In this Agreement, unless the context otherwise requires, the following words shall have the
following meanings:

	1.1	 	“Business Day” means and day other than a Saturday, Sunday or statutory holiday;

 

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	1.2	 	“Boiler Fuels” means fuel oil intended for use in steam or hot water boiler systems or in oil
burners or furnaces, for the production of heat, electricity, steam, or other uses to which #2
to #6 fuel oil is put to;
	 
	1.3	 	“Engine Fuel” means a liquid fuel oil intended for use in an engine, for the production of
electricity, mechanical power, steam, or other uses to which kerosine and other fuels are put
to;
	 
	1.4	 	“Feedstocks” means wood, wood residues, agricultural biomass, organic municipal waste, fossil
fuels and any other matter, whether liquid, solid or gaseous, capable of being processed in
the RTP Reactor;
	 
	1.5	 	“Know-how” means all confidential information, trade secrets, know-how, operating and
business data of ENSYN relating to the design, construction, and use of the RTP Reactors for
the manufacture of Product, and includes without limitation, methods, processes, procedures,
formulae, compositions, designs, illustrations, drawings, photographs, graphs, tables,
specifications, instruction manuals, lists, charts and programs, disclosed orally, visually or
in writing to GROUP by ENSYN or gathered by GROUP from inspection;
	 
	1.6	 	“Improvement” means any modification or refinement of the Technology or Product or the
development or acquisition of a new Product, whether patentable or not, that is developed or
acquired by or on behalf of GROUP or ENSYN during the term of this Agreement and would, if
exploited, improve the operational quality or economic characteristics of the Technology;
	 
	1.7	 	“Liquid Smoke” means liquid smoke for use for smoke flavouring purposes, food and
pharmaceutical specialty chemicals, fragrances, food flavourings, food browning compounds and
food additives produced by fast pyroysis from food stocks or other biomass feed stocks;
	 
	1.8	 	“Other Chemicals” means any chemical or material derived from or that may be made in a RTP
Reactor but not including Liquid Smoke;
	 
	1.9	 	“Product” mean Boiler Fuels, Engine Fuel, Turbine Fuels, Other Chemicals and any liquids,
gases or solids which may result from processing in an TRP Reactor from the pyrolysis of
Feedstocks but does not include Liquid Smoke;
	 
	1.10	 	“Royalty Territory” means Canada;
	 
	1.11	 	“RTP” means the rapid heating of carbonaceous material, at a rate of 400 degrees Centigrade
per second, to a temperature of at least 400 degrees Centigrade and retaining the said
carbonaceous materials together with the initial pyrolysis products in a pyrolysis reactor at
a temperature of at least 400 degrees Centigrade for less than 2 seconds;
	 
	1.12	 	“RTP Reactor” means a reactor for the rapid heating of carbonaceous materials, at a rate of
over 400 degrees Centigrade per second, to at least 400 degrees Centigrade and retaining the
said carbonaceous materials together with the initial pyrolysis products in a pyrolysis
reactor at least 400 degrees Centigrade for less than 2 seconds;

 

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	1.13	 	“Technology” means all patents and patent applications set out in Schedule A and Know-how
relating to the construction, design, manufacture of RTP Reactors and to the operation of RTP
Reactor for the production of Product;
	 
	1.14	 	“Territory” means the world;
	 
	1.15	 	“this Agreement” means this agreement (including all schedules to this Agreement) as the same
may from time to time be amended by agreement in writing signed by the parties;
	 
	1.16	 	“Turbine Fuels” means a liquid fuel oil intended for use in a turbine, for the production of
electricity, mechanical power, steam, or other uses to which kerosine and other turbine fuels
are put to.

ARTICLE 2

GRANT OF TECHNOLOGY LICENSE

2.1     License. Subject to the terms and conditions of this Agreement including Section 5.1.3 and the
restrictions in Section 2.2 and the existing licenses set out in Schedule C, ENSYN hereby grants to
GROUP and GROUP accepts a non-transferable exclusive right in the Territory, with the right to
grant sub-licenses, to:

2.1.1     use the Technology to operate an RTP Reactor;

2.1.2     make, use and sell Product; and

2.1.3     use any Improvements.

2.2     Restrictions.

2.2.1     ENSYN hereby reserves to itself the exclusive right to use the Technology in the Territory
for the sole purpose of engineering, designing and constructing RTP Reactors.

2.2.2     Unless otherwise agreed to in writing, GROUP shall not use any ENSYN owned Technology for any
purpose other than those pertaining to the exercise of the rights granted by ENSYN or the
obligations accepted by GROUP pursuant to this Agreement.

ARTICLE 3

GRANT OF TRADE-MARK LICENSE

3.1     License. Subject to the terms and conditions of this Agreement, ENSYN hereby grants to GROUP
with the right to grant sub-licenses, a non-exclusive, non-transferable license to use the

 

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MARKS set out in Schedule B hereto as it may be amended from time to time (“MARKS”), in the
Territory in association with RTP Reactor and Product provided that;

3.1.1     GROUP accepts that its usage of the MARKS shall at all times be under the control of ENSYN,
and GROUP co-operates with ENSYN in facilitating the exercise of such control by ENSYN;

3.1.2     GROUP adheres to the standards that are set from time to time by ENSYN governing the quality
of RTP Reactor and Product, and all related advertising and promotional material provided in
association with the MARKS;

3.1.3     ENSYN shall have the right of access to GROUP’S premises during normal business hours, for
the purpose of inspecting the RTP Reactor and Product provided by GROUP in association with the
MARKS in order to ensure the quality thereof;

3.1.4     GROUP supplies to ENSYN once each year during the term of this Agreement, or more often if
requested by ENSYN, specimens of its usage of the MARKS;

3.1.5     GROUP uses the MARKS only in the form and manner and only with the following legend, or such
other legend as may be prescribed from time to time by ENSYN “trade-mark owned by ENSYN
Technologies Inc. used under license” or such similar notice in the appropriate language(s) where
the MARKS are being used;

3.1.6     GROUP uses the MARKS only in association with the RTP Reactor and Product and with no other
goods or services; and

3.1.7     GROUP does nothing inconsistent with the validity of the MARKS or inconsistent with ENSYN’S
ownership of the MARKS.

3.2     Amendments. The parties may from time to time amend the contents of Schedule B hereto by
adding or deleting trade-marks. Such amendments may be effected by an authorized signing officer
of each party initialing and dating an amended Schedule B, with the amended Schedule B becoming
effective on the date on which both signing officers have initialed the same. The terms and
conditions of this Agreement shall apply to such amended Schedule B as fully and completely as
though it had always formed part of this Agreement.

3.3     Restrictions. GROUP shall not use the MARKS, or any of them, in its business name without the
prior written consent of ENSYN. In the event that such consent is given, GROUP agrees that all
such usage shall enure to the benefit of ENSYN and shall be in strict accordance with any terms and
conditions set by ENSYN. ENSYN hereby confirms its consent to the use of the MARK “ENSYN” as part
of the corporate and trade name of GROUP.

3.4     Consequences upon Termination. Upon the termination of this Agreement, for any reason,
whatsoever, GROUP shall immediately cease any and all use of the MARKS and discontinue the
provision of all RTP Reactor and Product in association with the MARKS. If

 

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applicable, GROUP shall also immediately change its business name to delete the MARKS, or any of
them, from its name. Further, following termination, GROUP shall not do anything inconsistent with
the validity of the MARKS or inconsistent with ENSYN’S ownership of the MARKS. Without limitation,
GROUP shall not use any of the MARKS, or any word or design which may be confused with any of the
MARKS, either as a trade-mark or a trade name, or as an element in a trade-mark or a trade name.

ARTICLE 4

IMPROVEMENTS

4.1     Improvements. If either party develops any Improvements, each party shall notify the other
party of such Improvement and, in the case of ENSYN, such notice shall also contain a statement of
the costs incurred in developing or acquiring such Improvement. Subject to the terms and
conditions of this Agreement, each party which owns an Improvement shall grant the other party a
paid-up, non-exclusive, non-transferable license to use the Improvement for the purposes set forth
in this Agreement.

4.2     Exclusions. Section 4.1 does not apply to Improvements relating to any non-fast pyrolysis
technology.

ARTICLE 5

OBLIGATIONS

5.1      Obligations. In consideration for the grants herein:

5.1.1     GROUP hereby agrees to pay to ENSYN a cash royalty payment in an amount equal to three
percent (3%) of the cost of construction of the RTP at the time of the initial commissioning of
each and every RTP Reactor in the Royalty Territory during the term of this Agreement.

5.1.2     GROUP hereby undertakes to use its best efforts to commercially exploit the Technology
through the grant of sub-licenses and construction of RTP reactors throughout the Territory.

5.1.3     GROUP and ENSYN shall enter into an agreement whereby ENSYN shall be appointed to provide all
design, engineering, supervision and training services relating to the construction and
commissioning of RTP Reactors by an sub-licensee utilizing Technology so that ENSYN may use its
reserved rights to permit full utilization of sub-licenses granted by GROUP.

 

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5.1.4     If ENSYN is unable to materially perform said design, engineering, supervision and training
services for any specific sub-licensee, and remains unable to do so after 60 days written notice by
GROUP to ENSYN specifying in detail the lack of performance, GROUP may, for that specific
sub-licensee, use or sub-license others to use, the Technology in the Territory to design and
construct the RTP Reactor.

ARTICLE 6

TECHNOLOGY

6.1     Ownership. GROUP acknowledges that ENSYN owns all rights in the Technology With respect to all
Improvements, it is agreed that the party that has developed or acquired such Improvements shall
own them, it being agreed, however, that GROUP shall have the right to purchase any Improvements
developed or acquired by ENSYN by paying to ENSYN the cost of developing or acquiring such
Improvements. GROUP shall have the right to commission ENSYN to research and develop Improvements
for which GROUP will pay the actual cost and, in such event, GROUP shall be the owner of such
Improvements ab initio. ENSYN agrees to execute and have executed any such documents that GROUP
may reasonably require to give effect to this section.

6.2     Right of First Refusal. ENSYN herby grants to GROUP the right of first refusal to acquire all
or any part of the Technology or Improvements if ENSYN wishes to assign its rights therein. ENSYN
shall give a written proposal to GROUP (in accordance with Section 10.13) outlining the material
terms including without limitation, the particular Technology or Improvement or both, as the case
may be, price, and geographic location in sufficient detail so that GROUP may make an informed
decision as to whether to acquire said Technology or Improvements. GROUP shall have 10 days after
receiving such notice within which to request any additional detail that it may reasonably require
to make an informed decision. If GROUP has not provided its written agreement to ENSYN to enter
into the acquisition on the terms of the proposal within the later of (a) 30 days after receipt of
said proposal, or (b) 20 days after receipt of additional detail pursuant to the preceding
sentence, ENSYN may enter into an agreement with a third party on substantially the same terms as
those proposed to GROUP.

ARTICLE 7

WARRANTIES, REPRESENTATIONS, AND INDEMNITIES

7.1     Authority. Each party represents and warrants that is has good and sufficient power, authority
and right to enter into and deliver to each other this Agreement.

 

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7.2     Matters not Covered by Warranty or Representation. ENSYN makes no representation or warranty
of any kind whatsoever, express or implied, except as expressly set out herein. Without limiting
the generality of the foregoing, nothing in this Agreement shall be construed as:

7.2.1     a warranty or representation by ENSYN as to: the validity or scope of any of the rights in
the Technology or ENSYN’s Improvements; the use of the MAKRS; the ability of GROUP to understand
and use the Technology or ENSYN’s Improvements; or the operability or economy of any process or
equipment used in accordance with this Agreement;

7.2.2     a warranty or representation that any use of the Technology or Improvements will be free from
infringements of third party rights; or

7.2.3     an agreement to bring or prosecute actions or suits against third parties for infringement of
the Technology, MARKS or ENSYN’s Improvements.

7.3     Entire Warranties. The warranties contained in this Agreement are in lieu of any other
warranties or conditions express or implied including, but without limitation, implied warranties
or conditions of merchantable quality or fitness for particular purpose and those arising by
statute or otherwise in law or from a course of dealing or usage of trade other than the said
express warranty contained herein.

7.4     Infringement by a Third Party. If a third party is infringing any of ENSYN’S rights in the
patents or patent applications in Schedule A, ENSYN may, at its own expense and for its own
benefit, bring legal action to restrain such infringement and for damages. If GROUP elects, it
may, at its own expense, and for its own benefit, join in the action and be represented by counsel
of its selection, but ENSYN shall have complete control of the action. If ENSYN refuses upon
written request by GROUP to bring such an action, then GROUP shall have the right to do so but at
GROUP’s own expense and for GROUP’s own benefit.

7.5     Infringement of Third Party Patents. Subject to Sections 7.7 and 7.8, ENSYN will, at its
expense, defend GROUP against any claim of a third party that the use of the Technology constitutes
an infringement of a patent. ENSYN will pay all costs, damages and legal fees that a court finally
awards, or a final settlement amount, if any, as a result of such claim. This defence and payment
is conditional upon GROUP promptly notifying ENSYN of such claim and cooperating fully in the
defence and all related negotiations. If GROUP wishes to be independently represented, it shall be
at GROUP’s expense. ENSYN shall have entire control of the defence proceedings. This defence and
payment obligation does not apply if it is established that the infringement was caused by
modifications to the Technology by GROUP.

7.6     Options. If a claim is made by a third party that use of the Technology infringes its
intellectual property rights, ENSYN may, at its option and at its own expense:

 

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7.6.1     procure for GROUP the right to continue using the Technology;

7.6.2     with the consent of GROUP replace the same with comparable non-infringing Technology or
modify the Technology so as to avoid the infringement provided that such modification does not
materially reduce the processing capacity or quality or increase the costs of production.

7.7     Consequential Damages Limitation. Neither party will be liable to the other for any indirect,
special or consequential damages related to or arising out of this Agreement howsoever caused
including, without limitation, any based on strict product liability theories, even if the party
has been advised about the possibility of such damages.

7.8     Aggregate Liability Limitation. ENSYN’s aggregate liability for all the obligations in Section
7.5 will not exceed the amount of $2,500,000.00.

7.9     GROUP’s Obligation to Indemnity. GROUP will indemnify and hold harmless ENSYN, its employees
and agents, against all liability, demands, damages, expenses or losses arising out of use by GROUP
of the Technology.

ARTICLE 8

TERM AND TERMINATION

8.1     Term. The Term of this Agreement shall be from the date hereof until terminated in accordance
with Article 8.2.

8.2     Grounds for Termination.

8.2.1     Party in Default. This Agreement may be terminated by either party immediately upon notice
if the other party is in default of any term of this Agreement and remains in default or has not
commenced reasonable steps to cure such default after six months notice of the default has been
given by the other party to the defaulting party, or such other time period as mutually agreed by
the parties;

8.2.2     Bankruptcy. Without limiting the generality of Article 7.2.1, in the event of bankruptcy of
GROUP, an order is made for winding up GROUP, or if any execution, sequestration or other process
of any court becomes enforceable against all or substantially all of the assets of GROUP, this
Agreement may be terminated in whole or in part immediately, upon notice to the other party.

If GROUP makes a proposal seeking protection from its creditors under legislation other than the
Bankruptcy Act, ENSYN may, at its option, terminate this Agreement except where prohibited by law.

 

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8.3     Obligations upon Termination.

8.3.1     If termination is for cause by ENSYN pursuant to Section 8.2, upon termination, all licenses
granted herein cease. GROUP shall, at ENSYN’s option, either immediately return to ENSYN or
destroy the Know-how and Confidential Information and all copies thereof, in any form whatsoever,
which are in the possession of or under the power or control of GROUP. Upon request, GROUP shall
provide ENSYN with a certificate of an appropriate officer of GROUP certifying such return or
destruction.

8.3.2     If termination is for cause by GROUP pursuant to Section 8.2, all licenses granted herein
shall be deemed, effective one day prior to the precipitating event including without limitation,
the bankruptcy, to be irrevocable, perpetual, and transferable licenses, which shall survive
termination of this Agreement.

8.4     Existing Sub-licenses. Termination of this Agreement howsoever caused, shall not affect
existing sub-licenses granted pursuant to this Agreement.

8.5     Force Majeure. Neither party shall be liable for delay or failure to perform its obligations
hereunder for causes beyond its reasonable control and without the fault or negligence of that
party provided that that party shall use due diligence in attempting to remove the cause. In the
event that any such cause should continue for a period of 90 days, the other party shall have the
right to terminate this Agreement by giving notice of its intention to terminate to that party.

ARTICLE 9

CONFIDENTIALITY

9.1     Confidential Information. The parties acknowledge that the Technology and Improvements,
excluding patents and published patent applications, are confidential (“Confidential Information”)
except for the exclusions set out in Section 9.2.

9.2     Obligations. Each party to this Agreement will keep the other party’s Confidential Information
secret and confidential, and will refrain from disclosing the said information to any third party,
using the same standard of care as it would use for its own proprietary information of similar
nature except, when and to the extent that such information was previously known on a
non-confidential basis and is not subject to another obligation of secrecy and non-use, as
documented by reasonably convincing written records possessed by the disclosing party prior to
disclosure; or

9.2.1     such information at the time of disclosure is in the public domain or which thereafter
becomes part of the public domain through no fault of the disclosure; or

9.2.2     such information is received in good faith on a non-confidential basis and without a use
restriction by the disclosing party from a third party who lawfully obtained and disclosed such
information; or

 

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9.2.3     such information is required to be disclosed by enforceable legal process; or

9.2.4     prior written consent is obtained from the other party.

Each party hereby warrants that its employees will only by given access to the other party’s
Confidential Information on a next-to-know basis, and that such employees are obligated to
confidentiality and non-use obligations at least as restrictive as those assumed by the parties
herein.

9.3     Surviving Termination. This provision survives termination of this Agreement.

ARTICLE 10

GENERAL

10.1     Laws of England. This Agreement shall be governed by and construed in accordance with the
laws in force in England.

10.2     Extended Meanings. In this Agreement, words importing the singular number include the plural
and vice versa, and words importing gender include all genders.

10.3     Headings. The division of this Agreement into Articles, Sections, Clauses and Subclauses, and
the insertion of headings are for convenience of reference only and shall not affect its
construction or interpretation.

10.4     References. References to a specified Section or Schedule shall be construed as reference to
that specified Section of or Schedule to this Agreement unless the context otherwise requires.

10.5     Business Day. In the event that any action to be taken under this Agreement falls on a day
which is not a Business Day, then such action shall be taken on the next succeeding Business Day.

10.6     Schedules. The following is a list of Schedules attached to and incorporated into this
Agreement by reference and deemed to be a part of this Agreement:

Schedule A          Patents and Patent Applications

Schedule B          Trade-Marks

Schedule C          Existing Licenses

10.7     Independence of Parties. Each party is independent of the other. The parties are not agents
or partners of, or joint ventures with, each other. All covenants contained in this Agreement are
contractual in nature.

 

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10.8     Time of Essence. Time is of the essence in this Agreement and in every part of this
Agreement.

10.9     Waiver. No waiver by either of the parties of any breach or any condition, covenant of term
of this Agreement shall be effective unless it is in writing and it shall not constitute a waiver
of such condition, covenant or term except in respect of the particular breach giving rise to such
waiver.

10.10     Severability. If any provision in this Agreement is held to be invalid, unenforceable or in
conflict with any applicable law that provision shall be deemed to no longer form a part of this
Agreement.

10.11     Entire Agreement. This Agreement constitutes the entire agreement between the parties
pertaining to its subject matter and supersedes all prior and contemporaneous agreements,
understandings, negotiations and discussions, whether oral or written, of the parties and there are
no warranties, representations or other agreements between the parties in connection with its
subject matter except as specifically set forth in this Agreement. No supplement, modification,
amendment or waiver of this Agreement shall be binding unless executed in writing by all of the
parties.

10.12     Compliance with Law. GROUP covenants and agrees to comply with the laws in force in the
places where the licenses granted pursuant to this Agreement are utilized.

10.13     Notices. All notices, requests or demands required or permitted to be given by one party to
the other (“Notices”) shall, unless otherwise specifically provided for in this Agreement, be given
in writing and be either personally delivered, sent by registered mail, postage prepaid (except
during time of postal strike), or sent by facsimile to the other party as follows:

	 	 	 
	To ENSYN at:

	 	To GROUP at:
	 
	 	 
	6847 Hiram Drive

	 	124 Mount Auburn Street
	Greely, Ontario

	 	Suite 200N
	Canada, K4P 1A2

	 	Cambridge, Massachusetts
	 

	 	USA 02138
	 
	 	 
	Facsimile: (613) 821-2754

	 	Facsimile: (617) 489-4477
	Phone: (613) 821-2148

	 	Phone: (617) 489-9177
	 
	 	 
	Attention: President

	 	Attention: President

          Any notice sent by personal delivery or registered mail shall be deemed to be received on the
date of delivery. Any notice sent by facsimile shall be deemed to have been received by the party
to whom it was sent on the first Business Day following its transmission.

 

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          Any party may change its address by written notice to the other party given in accordance with
the provisions of this section. All addressees for notice must be addresses to which notices can
be personally delivered.

10.14     Further Assurances. The parties shall do such things to attend or cause their respective
representatives to attend such meetings, and execute such further documents, agreements and
assurances as may be deemed necessary or advisable from time to time in order to carry out the
terms and conditions of this Agreement in accordance with its true intent.

10.15     No Assignment. Neither this Agreement nor any of the rights or obligations of any party may
be assigned without the prior written consent of each other party to this Agreement.

10.16     Binding upon Successors. This Agreement shall enure to the benefit of and be binding upon
each party and its heirs, executors, administrators and permitted successors and assigns.

          IN WITNESS WHEREOF ENSYN and GROUP have signed and delivered this Agreement on the dates set
out below.

	 	 	 
	ENSYN TECHNOLOGIES INC.

	 	ENSYN GROUP, INC.
	 
	 	 
	By:
/s/ R. G.
Graham                    

	 	By: /s/ Robert A. Pirraglia               
	               (Signature)

	 	               (Signature)
	 
	 	 
	Name:
R.G.
Graham                     

	 	Name: Robert A. Pirraglia               
	Title:
President &
CEO               

	 	Title:
Director                                  
	Date:
Dec. 8,
1997                       

	 	Date: Dec., 8,
1997                          

 

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SCHEDULE C

EXISTING LICENSES

Joint Development Agreement and Licence Agreement dated January 8, 1987 made between Ensyn
Engineering Associates Inc. and Red Arrow Products, Inc. providing for the licensing of the RTP in
connection with Liquid Smoke.

 

ENSYN TECHNOLOGIES, INC.

February 12, 1999

Ensyn Group, Inc.

419 Boylston Street

Suite 500

Boston, Massachusetts 02116

     Re:     Gulf Technology Rights Agreement

Ladies and Gentlemen:

     In Section 2.2.2 of the Amended and Restated License Agreement, dated December 8, 1997 (the
“License Agreement”), between Ensyn Technologies Inc. (“Ensyn”) and Ensyn Group, Inc. (“Group”),
Group Agreed not to use any Ensyn owned Technology for any purposes other than those pertaining to
the exercise of the rights granted to Ensyn or the obligations accepted by Group pursuant to the
License Agreement unless otherwise agreed to in writing.

Group has requested and Ensyn has agreed that Group may use the Ensyn owned Technology for an
additional purpose other than those set out in the License Agreement, namely, a non-transferable,
non-exclusive right in the Territory to use or to have contractors or agents use on its behalf the
Technology in the Territory for the purpose of Group performing its obligations under the
Technology Rights Agreement entered into with Gulf Canada Resources Ltd. on January 21, 1999, as
amended and restated on February 12, 1999, and various facilities development agreements entered
into between Group and Gulf from time to time, to engineer, design and construct RTP Reactors for
use in Gulf facilities in accordance with the said agreements. Ensyn agrees that the foregoing
right shall not be revoked or terminated without Gulf’s prior written consent.

It is understood and agreed that in addition to the 3 1/2% royalty payable to Ensyn pursuant to
section 5.1.1 of the License Agreement, for the Gulf facilities, Group will utilize engineering and
related personnel of Ensyn at Group’s discretion and will pay Ensyn for such personnel at a rate of
2 times Ensyn’s direct salary cost for such personnel. It is further agreed that the minimum
payable for such engineering or related personnel will be $100,000 for each fossil fuel project
contracted by Group. Notwithstanding the foregoing it is understood and agreed that Ensyn will
have no responsibility with respect to the construction of RTP Reactors, other than for
infringement claims, for use in Gulf facilities and Group agrees to indemnify and hold Ensyn free
and harmless with respect thereto.

This letter is acknowledged to be an agreement in writing in accordance with section 2.2.2 of the
License Agreement and is agreed to by both Ensyn Group, Inc. and Ensyn Technologies Inc., as noted
by the appropriate signatures of Group and Ensyn affixed below.

	 	 	 	 	 	 	 	 	 
	ENSYN TECHNOLOGIES, INC.	 	ENSYN GROUP, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ R. G. Graham
	 	By:
	 	/s/ Robert Pirraglia
	 	 
	 

	 	 
	 	 	 	 	 	 
	Name:

	 	Mr. Robert Graham
	 	Name:
	 	Mr. Robert Pirraglia	 	 
	Title:

	 	President
	 	Title:
	 	Vice PresidentEXHIBIT 4.4

                            FORM OF WARRANT AGREEMENT
                            -------------------------

         Agreement made as of March ___, 2006 between North American Insurance
Leaders, Inc., a Delaware corporation, with offices at 885 Third Avenue, 31st
Floor, New York, New York 10022 ("Company"), and Mellon Investor Services LLC, a
New Jersey limited liability company, with an office at 480 Washington Blvd.,
Jersey City, NJ 07310. York, NY 10005 ("Warrant Agent").

         WHEREAS, the Company is engaged in a public offering ("Public
Offering") of units ("Units") and, in connection therewith, has determined to
issue and deliver up to (i) 12,500,000 warrants ("IPO Warrants") to the public
investors, with each IPO Warrant evidencing the right of the holder thereof to
purchase one share of common stock, par value $0.0001 per share, of the
Company's Common Stock ("Common Stock") for $6.00, subject to adjustment as
described herein and (ii) 750,000 warrants to CRT Capital Group LLC or its
designees ("Underwriter's Warrants"), with each such Underwriter's Warrant
evidencing the right of the holder thereof to purchase one share of Common Stock
for $7.50, subject to adjustment as described herein; and

         WHEREAS, the Company has also determined to issue and deliver 1,700,000
rights to its officers and directors ("D&O Rights") which are automatically
converted into up to 5,100,000 warrants ("D&O Warrants") on the 120th day
following the effective date of the Public Offering, with each D&O Warrant
evidencing the right of the holder thereof to purchase one share of common
stock, par value $0.0001 per share, of the Company's Common Stock for $6.00,
subject to adjustment as described herein; and

         WHEREAS, the Company has filed with the Securities and Exchange
Commission a Registration Statement, No. 333-127871 on Form S-1 ("Registration
Statement") for the registration, under the Securities Act of 1933, as amended
("Act"), of, among other securities, the IPO Warrants, the Underwriter's
Warrants and the D&O Warrants (collectively, the "Warrants") and the Common
Stock issuable upon exercise of the Warrants; and

         WHEREAS, the Company desires the Warrant Agent to act on behalf of the
Company, and the Warrant Agent is willing to so act, in connection with the
issuance, registration, transfer, exchange, redemption and exercise of the
Warrants; and

         WHEREAS, the Company desires to provide for the form and provisions of
the Warrants, the terms upon which they shall be issued and exercised, and the
respective rights, limitation of rights, and immunities of the Company, the
Warrant Agent, and the holders of the Warrants; and

         WHEREAS, all acts and things have been done and performed which are
necessary to make the Warrants, when executed on behalf of the Company and
countersigned by or on behalf of the Warrant Agent, as provided herein, the
valid, binding and legal obligations of the Company, and to authorize the
execution and delivery of this Agreement.

         NOW, THEREFORE, in consideration of the mutual agreements herein
contained, the parties hereto agree as follows:

1. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent
to act as agent for the Company for the Warrants in accordance with the express
terms and conditions (and no implied terms) of this Agreement, and the Warrant
Agent hereby accepts such

                                       1
<PAGE>

appointment and agrees to perform the same in accordance with the terms and
conditions set forth in this Agreement.

2. Warrants.
   ---------

              2.1 Form of Warrant. Each Warrant shall be issued in registered
form only, shall be evidenced by, and subject to the terms of, the "Warrant
Certificate", which shall be in substantially the form of Exhibit A hereto, and
which shall include the subscription form to be printed on the reverse thereof,
with such changes, marks of identification or designation and legends, summaries
or endorsements printed thereon as the Company may deem appropriate but which do
not change the rights, duties or obligations of the Warrant Agent hereunder, and
as are not inconsistent with the provisions of this Agreement, or as may be
required to comply with any applicable law or with any rule or regulation made
pursuant thereto. The provisions of the Warrant Certificate are incorporated
herein and shall be signed by, or bear the facsimile signature of, (i) the
Chairman of the Board, the Chief Executive Officer, if one is so designated, or
President and (ii) Secretary or Assistant Secretary, if one is so designated, of
the Company ("Authorized Officers") and shall bear a facsimile of the Company's
seal. In the event the person whose facsimile signature has been placed upon any
Warrant Certificate shall have ceased to serve in the capacity in which such
person signed the Warrant Certificate before such Warrant Certificate is issued,
it may be issued with the same force and effect as if he or she had not ceased
to be such at the date of issuance and delivery by the Company.

              2.2 Effect of Countersignature. The Warrant Certificates will be
executed on behalf of the Company by the manual or facsimile signature of its
Authorized Officers, attested by its Secretary or principal financial officer,
and delivered to the Warrant Agent. The Warrant Certificates will then be
countersigned by the Warrant Agent. Unless and until countersigned by the
Warrant Agent pursuant to this Agreement, a Warrant Certificate shall be invalid
and of no effect for any purpose and may not be exercised by the holder thereof.

         2.3 Registration.

              2.3.1 Warrant Register. The Warrant Agent is hereby authorized and
instructed to keep or cause to be kept, at the office of the Warrant Agent
designated for such purpose, the books ("Warrant Register"), for the
registration of original issuance and the registration of transfer of the
Warrant Certificates. Until a Warrant is transferred in the Warrant Register,
the Company and the Warrant Agent may treat the person in whose name the Warrant
is registered as the absolute owner thereof for all purposes, notwithstanding
any notice to the contrary. Upon the initial issuance of the Warrants, the
Warrant Agent shall issue and register the Warrants in the names of the
respective holders thereof in such denominations and otherwise in accordance
with the written instructions delivered to the Warrant Agent by the Company.
Neither the Company nor the Warrant Agent will be liable or responsible for any
registration or transfer of any Warrants that are registered or to be registered
in the name of a fiduciary or the nominee of a fiduciary.

              2.3.2 Registered Holder. Prior to due presentment for registration
of transfer of any Warrant Certificate, the Company and the Warrant Agent may
deem and treat the person in whose name such Warrant Certificate shall be
registered upon the Warrant Register ("registered

                                       2
<PAGE>

holder"), as the absolute owner of such Warrant Certificate and of each Warrant
represented thereby (notwithstanding any notation of ownership or other writing
on the Warrant Certificate, made by anyone other than the Company or the Warrant
Agent), for the purpose of any exercise thereof, and for all other purposes, and
neither the Company nor the Warrant Agent shall be affected by any notice to the
contrary.

         2.4 Detachability of Warrants. The securities comprising the Units will
not be separately transferable until the earlier of five days after the
expiration or termination of the option of CRT Capital Group LLC, (the
"Underwriter") to purchase up to 1,875,000 additional Units to cover
over-allotments or exercise in whole by the Underwriter of such option but in no
event until the Company files a Current Report on Form 8-K which includes an
audited balance sheet reflecting the receipt by the Company of the gross
proceeds of the Public Offering including the proceeds received by the Company
from the exercise of the Underwriter's over-allotment option, if the
over-allotment option is exercised prior to the filing of the Form 8-K.

         2.5 IPO Warrants, Underwriter's Warrants and D&O Warrants. The
Underwriter's Warrants shall have the same terms and be in the same form as the
IPO Warrants except with respect to the warrant price as set forth below in
Section 3.1. The D&O Warrants shall have the same terms and be in the same form
as the IPO Warrants except with respect to the transfer restrictions set forth
below in Section 5.6.

3. Terms and Exercise of Warrants
   ------------------------------

         3.1 Warrant Price. Each Warrant Certificate shall, when countersigned
by the Warrant Agent, entitle the registered holder thereof, subject to the
provisions of such Warrant Certificate and of this Warrant Agreement, to
purchase from the Company the number of shares of Common Stock stated therein,
at the price of $6.00 per whole share, subject to the adjustments provided in
Section 4 hereof and in the last sentence of this Section 3.1. Each
Underwriter's Warrant shall, when countersigned by the Warrant Agent, entitle
the registered holder thereof, subject to the provisions of such Underwriter's
Warrant and of this Warrant Agreement, to purchase from the Company the number
of shares of Common Stock stated therein, at the price of $7.50 per whole share,
subject to the adjustments provided in Section 4 hereof. The term "Warrant
Price" as used in this Warrant Agreement refers to the price per share at which
Common Stock may be purchased at the time a Warrant is exercised.

         3.2 Duration of Warrants. A Warrant may be exercised only during the
period ("Exercise Period") commencing on the later of (i) the consummation by
the Company of a merger, capital stock exchange, asset acquisition, stock
purchase and/or other similar transaction with one or more insurance or
insurance services businesses in North America ("Business Combination") (as
described more fully in the Company's Registration Statement) or (ii)
_____________, 2007 and terminating at 5:00 p.m., New York City time on the
earlier to occur of (x) ________________, 2010 or (y) the date fixed for
redemption of the Warrants as provided in Section 6 of this Agreement
("Expiration Date"). Except with respect to the right to receive the Redemption
Price (as set forth in Section 6 hereunder), each Warrant not exercised on or
before the Expiration Date shall become void, and all rights thereunder and all
rights in respect thereof under this Agreement shall cease at the close of
business on the Expiration Date. The Company in its sole discretion may extend
the duration of the Warrants by delaying the

                                       3
<PAGE>

Expiration Date, written notice of which will be delivered as soon as
practicable to the Warrant Agent.

         3.3 Exercise of Warrants.

              3.3.1 Payment. Subject to the provisions of the Warrant
Certificate and this Warrant Agreement, a Warrant Certificate, when
countersigned by the Warrant Agent, may be exercised by the registered holder
thereof by surrendering it, at the office of the Warrant Agent, or at the office
of its successor as Warrant Agent, in the Borough of Manhattan, City and State
of New York, with the subscription form, as set forth in the Warrant, duly
executed, and by paying in full, in lawful money of the United States, in cash,
good certified check or good bank draft payable to the order of the Company (or
as otherwise agreed to by the Company), the Warrant Price for each full share of
Common Stock as to which the Warrant is exercised and any and all applicable
taxes due in connection with the exercise of the Warrant, the exchange of the
Warrant for the Common Stock, and the issuance of the Common Stock.

              3.3.2 Issuance of Certificates. As soon as practicable after the
exercise of any Warrant and the clearance of the funds in payment of the Warrant
Price, the Company shall issue to the registered holder of such Warrant a
certificate or certificates for the number of full shares of Common Stock to
which he is entitled, registered in such name or names as may be directed by
him, her or it, and if such Warrant shall not have been exercised in full, a new
countersigned Warrant Certificate for the number of shares as to which such
Warrant shall not have been exercised. Notwithstanding the foregoing, the
Company shall not be obligated to deliver any securities pursuant to the
exercise of a Warrant unless a registration statement under the Act with respect
to the Common Stock is effective. Warrants may not be exercised by, or
securities issued to, any registered holder in any state in which such exercise
would be unlawful.

              3.3.3 Valid Issuance. All shares of Common Stock issued upon the
proper exercise of a Warrant in conformity with this Agreement shall be validly
issued, fully paid and non-assessable.

              3.3.4 Date of Issuance. Each person in whose name any such
certificate for shares of Common Stock is issued shall for all purposes be
deemed to have become the holder of record of such shares on the date on which
the Warrant was surrendered and payment of the Warrant Price was made,
irrespective of the date of delivery of such certificate, except that, if the
date of such surrender and payment is a date when the stock transfer books of
the Company are closed, such person shall be deemed to have become the holder of
such shares at the close of business on the next succeeding date on which the
stock transfer books are open.

4. Adjustments.
   ------------

         4.1 Stock Dividends - Split-Ups. If, after the date hereof, and subject
to the provisions of Section 4.6 below, the number of outstanding shares of
Common Stock is increased by a stock dividend payable in shares of Common Stock,
or by a split-up of shares of Common Stock, or other similar event, then, on the
effective date of such stock dividend, split-up or similar event, the number of
shares of Common Stock issuable on exercise of each Warrant shall be increased
in proportion to such increase in outstanding shares of Common Stock.

                                       4
<PAGE>

         4.2 Aggregation of Shares. If, after the date hereof, and subject to
the provisions of Section 4.6, the number of outstanding shares of Common Stock
is decreased by a consolidation, combination, reverse stock split or
reclassification of shares of Common Stock or other similar event, then, on the
effective date of such consolidation, combination, reverse stock split,
reclassification or similar event, the number of shares of Common Stock issuable
on exercise of each Warrant shall be decreased in proportion to such decrease in
outstanding shares of Common Stock.

         4.3 Adjustments in Exercise Price. Whenever the number of shares of
Common Stock purchasable upon the exercise of the Warrants is adjusted, as
provided in Section 4.1 and 4.2 above, the Warrant Price shall be adjusted (to
the nearest cent) by multiplying such Warrant Price immediately prior to such
adjustment by a fraction (x) the numerator of which shall be the number of
shares of Common Stock purchasable upon the exercise of the Warrants immediately
prior to such adjustment, and (y) the denominator of which shall be the number
of shares of Common Stock so purchasable immediately thereafter.

         4.4 Replacement of Securities upon Reorganization. In case of any
reclassification or reorganization of the outstanding shares of Common Stock
(other than a change covered by Section 4.1 or 4.2 hereof or that solely affects
the par value of such shares of Common Stock), or in the case of any merger or
consolidation of the Company with or into another corporation (other than a
consolidation or merger in which the Company is the continuing corporation and
that does not result in any reclassification or reorganization of the
outstanding shares of Common Stock), or in the case of any sale or conveyance to
another corporation or entity of the assets or other property of the Company as
an entirety or substantially as an entirety in connection with which the Company
is dissolved, the Warrant holders shall thereafter have the right to purchase
and receive, upon the basis and upon the terms and conditions specified in the
Warrant Certificates and in lieu of the shares of Common Stock of the Company
immediately theretofore purchasable and receivable upon the exercise of the
rights represented thereby, the kind and amount of shares of stock or other
securities or property (including cash) receivable upon such reclassification,
reorganization, merger or consolidation, or upon a dissolution following any
such sale or transfer, that the Warrant holder would have received if such
Warrant holder had exercised his, her or its Warrant(s) immediately prior to
such event; and if any reclassification also results in a change in shares of
Common Stock covered by Section 4.1 or 4.2, then such adjustment shall be made
pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The provisions of this
Section 4.4 shall similarly apply to successive reclassifications,
reorganizations, mergers or consolidations, sales or other transfers.

         4.5 Notices of Changes in Warrant. Upon every adjustment of the Warrant
Price or the number or kind of shares issuable upon exercise of a Warrant, the
Company shall give written notice thereof as soon as practicable to the Warrant
Agent, which notice shall state the Warrant Price resulting from such adjustment
and the increase or decrease, if any, in the number of shares purchasable at
such price upon the exercise of a Warrant, setting forth in reasonable detail a
brief statement of the facts requiring the adjustments and the method of
calculation upon which the adjustments are based. The notice shall be conclusive
evidence of the correctness of the adjustments and the Warrant Agent may rely on
it for all purposes. The Warrant Agent will not be deemed to have any notice of
any said adjustment prior to receiving such notice. Notwithstanding anything to
the contrary contained herein, the Warrant Agent shall have no duty

                                       5
<PAGE>

or obligation to (i) determine if any adjustments are warranted hereunder, or
(ii) investigate or confirm whether the information contained in such notice
complies with the terms of this Agreement or any other document, or is accurate
and correct. Upon the occurrence of any event specified in Sections 4.1, 4.2,
4.3 or 4.4, then, in any such event, the Company shall give written notice to
the Warrant holder, at the last address set forth for such holder in the warrant
register, of the record date or the effective date of the event. Failure to give
such notice, or any defect therein, shall not affect the legality or validity of
such event.

         4.6 No Fractional Shares. Notwithstanding any provision contained in
this Warrant Agreement to the contrary, the Company shall not issue fractional
shares upon exercise of Warrants. If, by reason of any adjustment made pursuant
to this Section 4, the holder of any Warrant would be entitled, upon the
exercise of such Warrant, to receive a fractional interest in a share, the
Company shall, upon such exercise, round up to the nearest whole number the
number of the shares of Common Stock to be issued to the Warrant holder.

         4.7 Form of Warrant. The form of Warrant Certificate need not be
changed because of any adjustment pursuant to this Section 4, and Warrant
Certificates issued after such adjustment may state the same Warrant Price and
the same number of shares as is stated in the Warrant Certificates initially
issued pursuant to this Agreement. However, the Company may at any time in its
sole discretion make any change in the form of Warrant Certificate that the
Company may deem appropriate and that does not affect the substance thereof,
written notice of which shall be delivered as soon as practicable to the Warrant
Agent, and any Warrant thereafter issued or countersigned, whether in exchange
or substitution for an outstanding Warrant or otherwise, may be in the form as
so changed.

5. Transfer and Exchange of Warrants.
   ----------------------------------

         5.1 Registration of Transfer. The Warrant Agent shall register the
transfer, from time to time, of any outstanding Warrant Certificate upon the
Warrant Register, upon surrender of such Warrant Certificate for transfer,
properly endorsed with signatures properly guaranteed and accompanied by
appropriate written instructions for transfer. Upon any such transfer, a new
Warrant Certificate representing an equal aggregate number of Warrants shall be
issued and the old Warrant Certificate shall be cancelled by the Warrant Agent.
The Warrant Certificates so cancelled shall be delivered by the Warrant Agent to
the Company from time to time upon request.

         5.2 Procedure for Surrender of Warrants. Warrant Certificates may be
surrendered to the Warrant Agent, together with a written request for exchange
or transfer, and thereupon the Warrant Agent shall issue in exchange therefor
one or more new Warrant Certificates as requested by the registered holder of
the Warrants so surrendered, representing an equal aggregate number of Warrants;
provided, however, that in the event that a Warrant Certificate surrendered for
transfer bears a restrictive legend, the Warrant Agent shall not cancel such
Warrant Certificate and issue new Warrant Certificates in exchange therefor
until the Warrant Agent has received an opinion of counsel for the Company
stating that such transfer may be made and indicating whether the new Warrant
Certificates must also bear a restrictive legend.

                                       6
<PAGE>

         5.3 Fractional Warrants. The Warrant Agent shall not be required to
effect any registration of transfer or exchange which will result in the
issuance of a Warrant Certificate for a fraction of a warrant.

         5.4 Service Charges. No service charge to a registered holder shall be
made for any such registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

         5.5 Warrant Execution and Countersignature. The Warrant Agent is hereby
authorized to countersign and to deliver, in accordance with the terms of this
Agreement, the Warrant Certificates required to be issued pursuant to the
provisions of this Section 5, and the Company, whenever required by the Warrant
Agent, will supply the Warrant Agent with Warrant Certificates duly executed on
behalf of the Company for such purpose.

         5.6 D&O Warrants. Notwithstanding anything herein to the contrary, the
Warrant Agent shall not register for transfer any D&O Warrants until after the
later of one year or the consummation of an initial business combination, except
for (a) transfers resulting from the death of any of the purchasers, (b)
transfers by operation of law, (c) any transfer for estate planning purposes to
persons immediately related to the transferor by blood, marriage or adoption, or
(d) transfers to any trust solely for the benefit of such transferor and/or the
persons described in the preceding clause.

6. Redemption.
   -----------

         6.1 Redemption. Subject to Section 6.4 hereof, not less than all of the
outstanding Warrants may be redeemed, at the option of the Company, at any time
after they become exercisable and prior to their expiration, at the office of
the Warrant Agent, upon the notice referred to in Section 6.2, at the price of
$0.01 per Warrant ("Redemption Price"), provided that the last sales price of
the Common Stock on the AMEX, OTC Bulletin Board or other applicable trading
facility has been at least $11.50 per share, on each of twenty (20) trading days
within any thirty (30) trading day period ending on the third business day prior
to the date on which notice of redemption is given.

         6.2 Date Fixed for, and Notice of, Redemption. In the event the Company
shall elect to redeem all of the Warrants, the Company shall fix a date for the
redemption. Notice of redemption shall be mailed by first class mail, postage
prepaid, by the Company not less than 30 days prior to the date fixed for
redemption to the Warrant Agent and to the registered holders of the Warrants,
to be redeemed at their last addresses as they shall appear on the registration
books. Any notice mailed in the manner herein provided shall be conclusively
presumed to have been duly given whether or not the registered holder received
such notice.

         6.3 Exercise After Notice of Redemption. The Warrants may be exercised
in accordance with Section 3 of this Agreement at any time after notice of
redemption shall have been given by the Company pursuant to Section 6.2 hereof
and prior to the time and date fixed for redemption. On and after the redemption
date, the record holder of the Warrants shall have no further rights except to
receive, upon surrender of the Warrants, the Redemption Price.

                                       7
<PAGE>

         6.4 Outstanding Warrants Only. The Company understands that the
redemption rights provided for by this Section 6 apply only to outstanding
Warrants. To the extent a person holds rights to purchase Warrants, such
purchase rights shall not be extinguished by redemption. However, once such
purchase rights are exercised, the Company may redeem the Warrants issued upon
such exercise provided that the criteria for redemption is met.

7. Other Provisions Relating to Rights of Holders of Warrants.
   -----------------------------------------------------------

         7.1 No Rights as Stockholder. Nothing contained in this Agreement or in
the Warrant Certificate will be construed as conferring upon the registered
holder thereof or their transferees any of the rights of a stockholder of the
Company, including, without limitation, the right to receive dividends, or other
distributions, exercise any preemptive rights to vote or to consent or to
receive notice as stockholders in respect of the meetings of stockholders or the
election of directors of the Company or any other matter.

         7.2 Lost, Stolen, Mutilated, or Destroyed Warrants. Upon (a) receipt by
the Company and the Warrant Agent of (i) evidence satisfactory to the Company
and the Warrant Agent of the loss, theft, mutilation, or destruction of a
Warrant Certificate and (ii) security or indemnity as may be satisfactory to the
Company or the Warrant Agent, and (b) surrender to the Warrant Agent and
cancellation of the Warrant Certificate if mutilated, the Company will prepare,
execute and deliver a new Warrant Certificate of like denomination, tenor, and
dated as of such cancellation to the Warrant Agent and the Warrant Agent will
countersign and deliver the new Warrant Certificate to the holder in lieu of the
Warrant Certificate so lost, stolen, mutilated or destroyed.

         7.3 Cancellation and Destruction of Warrant Certificates. All Warrant
Certificates surrendered for the purpose of exercise, transfer, split up,
combination or exchange will, if surrendered to the Company, be delivered to the
Warrant Agent for cancellation or in canceled form, or, if surrendered to the
Warrant Agent, will be canceled by the Warrant Agent, and no Warrant
Certificates will be issued in lieu thereof except as expressly permitted by
this Agreement. The Company will deliver to the Warrant Agent for cancellation
and retirement, and the Warrant Agent will so cancel and retire, any other
Warrant Certificate purchased or acquired by the Company otherwise than upon the
exercise thereof. The Warrant Agent will destroy such canceled and retired
Warrant Certificates and notify the Company of the destruction of such Warrant
Certificates.

         7.4 Reservation of Common Stock. The Company shall at all times reserve
and keep available a number of its authorized but unissued shares of Common
Stock that will be sufficient to permit the exercise in full of all outstanding
Warrants issued pursuant to this Agreement.

         7.5 Registration of Common Stock. The Company agrees that prior to the
commencement of the Exercise Period, it shall file with the Securities and
Exchange Commission a post-effective amendment to the Registration Statement, or
a new registration statement, for the registration, under the Act, of, and it
shall take such action as is necessary to qualify for sale, in those states in
which the Warrants were initially offered by the Company, the Common Stock
issuable upon exercise of the Warrants. In either case, the Company will use its
commercially reasonable efforts to cause the same to become effective and to
maintain the

                                       8
<PAGE>

effectiveness of such registration statement until the expiration of the
Warrants in accordance with the provisions of this Agreement.

8. Concerning the Warrant Agent and Other Matters.
   -----------------------------------------------

              8.1.1 Compensation. The Company will pay to the Warrant Agent
reasonable compensation for all services rendered by it hereunder, which shall
not be pro-rated for partial terms and will reimburse the Warrant Agent for all
reasonable out-of-pocket expenses (including reasonable counsel fees and
expenses) incurred by the Warrant Agent in connection with the preparation,
delivery, administration, execution and amendment of this Agreement and the
exercise and performance of its duties hereunder. The Company will indemnify the
Warrant Agent for, and hold it harmless against, any loss, liability, suit,
action, proceeding, damage, judgment, claim, settlement, cost or expense,
incurred without gross negligence, bad faith or willful misconduct (as each is
determined by a final non-appealable order of a court of competent jurisdiction)
on the part of the Warrant Agent, for any action taken, suffered or omitted by
the Warrant Agent in connection with the acceptance and administration of this
Agreement (collectively, "Losses"), including the costs and reasonable expenses
of defending against any claim of liability arising therefrom, directly or
indirectly, except in each case for Losses that arise out of or in connection
with any gross negligence, bad faith or willful misconduct by the Warrant Agent
or its agents or representatives. The Warrant Agent shall not be obligated to
expend or risk its own funds or to take any action which it believes would
expose it to expense or liability or to a risk of incurring expense or
liability, unless it has been furnished with assurances of repayment or
indemnity reasonably satisfactory to it.

              8.1.2 Liability. The Warrant Agent shall be liable hereunder only
for its own gross negligence, bad faith or willful misconduct (as each is
determined by a final non-appealable order of a court of competent
jurisdiction). Notwithstanding anything in this Agreement to the contrary, in no
event shall the Warrant Agent be liable for special, punitive, incidental,
indirect or consequential loss or damage of any kind whatsoever (including but
not limited to lost profits), even if the Warrant Agent has been advised of the
likelihood of such loss or damage and regardless of the form of the action. Any
liability of the Warrant Agent under this Agreement shall be limited to the
amount of fees paid by the Company to the Warrant Agent.

              8.1.3 Reliance on Warrant Certificates. The Warrant Agent will be
protected and will incur no liability for or in respect of any action taken,
suffered or omitted by it in connection with its administration of this
Agreement in reliance upon any Warrant Certificate or certificate evidencing
Common Stock or other securities of the Company, instrument of assignment or
transfer, power of attorney, endorsement, affidavit, letter, notice, direction,
consent, certificate, statement, other paper or document reasonably believed by
it to be genuine and to be signed, executed and, where necessary, verified or
acknowledged by the proper person or persons. The provisions of and rights and
obligations contained in this Section 8.1.3 shall survive the termination of
this Agreement and/or the Warrants and the resignation, replacement or removal
of the Warrant Agent.

         8.2 Payment of Taxes. The Company will from time to time promptly pay
all taxes and charges that may be imposed upon the Company or the Warrant Agent
in respect of the

                                        9
<PAGE>

issuance or delivery of shares of Common Stock upon the exercise of Warrants.
Notwithstanding the foregoing, neither the Company nor the Warrant Agent will be
required to pay any tax or other governmental charge that may be payable in
connection with any split up, further transfer, combination, exercise or
exchange of Warrants or Warrant Certificates in any name other than that of the
holder thereof. The Warrant Agent shall have no duty or obligation to take any
action under any Section of this Agreement which requires the payment by a
holder of applicable taxes or governmental charges unless and until the Warrant
Agent is satisfied that all such taxes and/or charges are paid.

         8.3 Resignation, Consolidation, or Merger of Warrant Agent.

              8.3.1 Appointment of Successor Warrant Agent. The Warrant Agent,
or any successor to it hereafter appointed, may resign its duties and be
discharged from all further duties and liabilities hereunder after giving thirty
(30) days' notice in writing to the Company. If the office of the Warrant Agent
becomes vacant by resignation or incapacity to act or otherwise, the Company
shall appoint in writing a successor warrant agent in place of the Warrant
Agent. If the Company shall fail to make such appointment within a period of 30
days after it has been notified in writing of such resignation or incapacity by
the Warrant Agent or by the holder of the Warrant Certificate (who shall, with
such notice, submit his Warrant Certificate for inspection by the Company), then
the holder of any Warrant Certificate may apply to the Supreme Court of the
State of New York for the County of New York for the appointment of a successor
warrant agent at the Company's cost. Any successor warrant agent, whether
appointed by the Company or by such court, shall be a corporation or other
entity organized and existing under the laws of the State of New York, in good
standing and having an office in the Borough of Manhattan, City and State of New
York, and subject to supervision or examination by federal or state authority.
After appointment, any successor warrant agent shall be vested with all the
authority, powers, rights, immunities, duties, and obligations of its
predecessor Warrant Agent with like effect as if originally named as Warrant
Agent hereunder, without any further act or deed; but if for any reason it
becomes necessary or appropriate, the predecessor Warrant Agent shall execute
and deliver, at the expense of the Company, an instrument transferring to such
successor warrant agent all the authority, powers, and rights of such
predecessor Warrant Agent hereunder; and upon request of any successor warrant
agent the Company shall make, execute, acknowledge, and deliver any and all
instruments in writing for more fully and effectually vesting in and confirming
to such successor warrant agent all such authority, powers, rights, immunities,
duties, and obligations.

              8.3.2 Notice of Successor Warrant Agent. In the event a successor
warrant agent shall be appointed, the Company shall file notice thereof in
writing with the predecessor Warrant Agent and each transfer agent for the
Common Stock not later than the effective date of any such appointment. Failure
to give any notice provided for in this Section 8.3.2, however, or any defect
therein, will not affect the legality or validity of the resignation or removal
of the Warrant Agent or the appointment of the successor warrant agent, as the
case may be.

              8.3.3 Merger or Consolidation or Change of Name of Warrant Agent.
Any person or entity into which the Warrant Agent or any successor warrant agent
may be merged or with which it may be consolidated, or any person or entity
resulting from any merger or consolidation to which the Warrant Agent or any
successor warrant agent shall be a party shall

                                       10
<PAGE>

be the successor warrant agent under this Agreement without the execution or
filing of any paper or any further act on the part of any of the parties hereto.

         8.4 Further Assurances. The Company agrees to perform, execute,
acknowledge, and deliver or cause to be performed, executed, acknowledged, and
delivered all such further and other acts, instruments, and assurances as may
reasonably be required by the Warrant Agent for the carrying out or performing
of the provisions of this Agreement.

         8.5 Duties and Obligations of Warrant Agent.

              8.5.1 The Warrant Agent undertakes only the duties and obligations
expressly imposed by this Agreement upon the following terms and conditions, by
all of which the Company and the holders, by their acceptance of Warrant
Certificates, will be bound.

              8.5.2 The Warrant Agent may consult with legal counsel (who may be
legal counsel for the Company or an employee of the Warrant Agent), and the
advice or opinion of such counsel will be full and complete authorization and
protection to the Warrant Agent as to any action taken, suffered or omitted by
it in good faith and in accordance with such advice or opinion.

              8.5.3 Whenever in the performance of its duties under this Warrant
Agreement, the Warrant Agent shall deem it necessary or desirable that any fact
or matter be proved or established by the Company prior to taking or suffering
any action hereunder, such fact or matter (unless other evidence in respect
thereof be herein specifically prescribed) may be deemed to be conclusively
proved and established by a statement signed by the President or Chairman of the
Board of the Company and delivered to the Warrant Agent. The Warrant Agent may
rely upon such statement for any action taken or suffered in good faith by it
pursuant to the provisions of this Agreement.

              8.5.4 The Warrant Agent shall not be liable and shall be fully
protected in acting upon any written notice, instruction, direction, request or
other communication which the Warrant Agent reasonably believes to be genuine,
and shall have no duty to inquire into or investigate the validity, accuracy or
content thereof. The Warrant Agent shall not take any instructions or directions
except those given in accordance with this Warrant Agreement.

              8.5.5 The Warrant Agent will not be liable for or by reason of any
of the statements of fact or recitals contained in this Agreement or in the
Warrant Certificates or be required to verify same, and all such statements and
recitals are and will be deemed to have been made by the Company only.

              8.5.6 The Warrant Agent shall have no responsibility or liability
with respect to the validity of this Agreement or with respect to the validity
or execution of any Warrant Certificate (except its countersignature thereof);
nor shall it be responsible for any breach by the Company of any covenant or
condition contained in this Agreement or in any Warrant Certificate; nor shall
it be responsible to make any adjustments required under the provisions of
Section 4 hereof or responsible for the manner, method, or amount of any such
adjustment or the ascertaining of the existence of facts that would require any
such adjustment; nor shall it by any act hereunder be deemed to make any
representation or warranty as to the authorization or

                                       11
<PAGE>

reservation of any shares of Common Stock to be issued pursuant to this
Agreement or any Warrant Certificate or as to whether any shares of Common Stock
will, when issued, be validly authorized and issued, fully paid and
non-assessable.

              8.5.7 The Warrant Agent and any member, stockholder, director,
officer or employee of the Warrant Agent may buy, sell or deal in any of the
Warrants or other securities of the Company or become pecuniarily interested in
any transaction in which the Company may be interested, or contract with or lend
money to the Company or any affiliate thereof or otherwise act as fully and
freely as though it were not Warrant Agent under this Agreement. Nothing herein
will preclude the Warrant Agent from acting in any other capacity for the
Company or for any other legal entity.

              8.5.8 The Warrant Agent may execute and exercise any of the rights
or powers hereby vested in it or perform any duty hereunder either itself or by
or through its attorneys, accountants, agents or other experts, and the Warrant
Agent will not be answerable or accountable for any act, default, neglect or
misconduct of any such attorneys or agents or for any loss to the Company or the
holders of Warrants resulting from any such act, default, neglect or misconduct,
absent gross negligence or bad faith (as each is determined by a final
non-appealable order of a court of competent jurisdiction) in the selection and
continued employment thereof.

              8.5.9 The Warrant Agent will not be under any duty or
responsibility to insure compliance with any applicable federal or state
securities laws in connection with the issuance, transfer or exchange of Warrant
Certificates.

              8.5.10 The Warrant Agent shall have no duties, responsibilities or
obligations as the Warrant Agent except those which are expressly set forth
herein, and in any modification or amendment hereof to which the Warrant Agent
has consented in writing, and no duties, responsibilities or obligations shall
be implied or inferred. Without limiting the foregoing, unless otherwise
expressly provided in this Agreement, the Warrant Agent shall not be subject to,
nor be required to comply with, or determine if any person or entity has
complied with, the Warrant Certificate or any other agreement between or among
the parties hereto, even though reference thereto may be made in this Warrant
Agreement, or to comply with any notice, instruction, direction, request or
other communication, paper or document other than as expressly set forth in this
Warrant Agreement.

              8.5.11 The Warrant Agent shall not incur any liability for not
performing any act, duty, obligation or responsibility by reason of any
occurrence beyond the control of the Warrant Agent (including without limitation
any act or provision of any present or future law or regulation or governmental
authority, any act of God, war, civil disorder or failure of any means of
communication).

              8.5.12 In the event the Warrant Agent believes any ambiguity or
uncertainty exists hereunder or in any notice, instruction, direction, request
or other communication, paper or document received by the Warrant Agent
hereunder, Warrant Agent may, in its sole discretion, refrain from taking any
action, and shall be fully protected and shall not be liable in any way to the
Company or any holder or other person or entity for refraining from taking such
action,

                                       12
<PAGE>

unless the Warrant Agent receives written instructions signed by the Company
which eliminates such ambiguity or uncertainty to the satisfaction of Warrant
Agent; provided that the Warrant Agent has attempted to promptly seek
clarification from the Company in writing regarding such uncertainty or
ambiguity and such uncertainty or ambiguity continues.

              8.5.13 The Warrant Agent shall waive any right, title, interest or
claim of any kind in or to any monies to be deposited and held in the trust
account by JPMorgan Chase Bank, NA, as trustee, for the benefit of the public
stockholders of the Company's common stock issued in the initial public
offering.

              8.5.14 The rights and obligations contained in this Section shall
survive the termination of this Warrant Agreement and the resignation or removal
of the Warrant Agent.

         8.6 Acceptance of Agency. The Warrant Agent hereby accepts the agency
established by this Agreement and agrees to perform the same upon the terms and
conditions herein set forth and among other things, shall account promptly to
the Company with respect to Warrants exercised and concurrently account for, and
pay to the Company, all moneys received by the Warrant Agent for the purchase of
shares of the Company's Common Stock through the exercise of Warrants.

9. Representations and Warranties of the Company. The Company hereby represents
and warrants to the Warrant Agent that:

         9.1 The Company is a corporation duly organized, validly existing and
in good standing under the laws of the State of Delaware and has all requisite
corporate power and authority to execute, deliver and perform its obligations
hereunder and to consummate the transactions contemplated hereby;

         9.2 The execution, delivery and performance of this Agreement by the
Company and the consummation by the Company of the transactions contemplated
hereby have been duly authorized by all necessary corporate action on the part
of the Company;

         9.3 The execution, delivery and performance of this Agreement by the
Company and the consummation by the Company of the transactions contemplated
hereby in accordance with the terms hereof will not conflict with, violate or
constitute a breach of any material contract, agreement or instrument by which
the Company is bound or any judgment, order, decree, law, statute, rule,
regulation or other judicial or governmental restriction to which the Company is
subject;

         9.4 This Agreement constitutes the legal, valid and binding obligation
of the Company, enforceable against the Company in accordance with its terms,
except as the enforceability hereof may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting creditors' rights
generally; and

         9.5 The Warrants, when issued and delivered to the initial holders as
provided in this Agreement, and the Warrant shares issued upon exercise of the
Warrants, when issued, paid for and delivered as provided in this Agreement,
will be validly issued, fully paid and non-assessable.

                                       13
<PAGE>

         9.6 The Company will perform, execute, acknowledge and deliver or cause
to be performed, executed, acknowledged and delivered all such further and other
acts, instruments and assurances as may reasonably be required by the Warrant
Agent for the carrying out or performing by the Warrant Agent of the provisions
of this Agreement.

10. Miscellaneous Provisions.
    -------------------------

         10.1 Successors. All the covenants and provisions of this Agreement by
or for the benefit of the Company or the Warrant Agent shall bind and inure to
the benefit of their respective successors and assigns, but will not be
assignable or delegable by any party without the prior written consent of the
other parties. In the absence of such prior written consent, any purported
assignment or delegation of any right or obligation hereunder will be null and
void.

         10.2 Notices. Any notice, statement or demand authorized by this
Warrant Agreement to be given or made by the Warrant Agent or by the holder of
any Warrant to or on the Company shall be sufficiently given when so delivered
if by hand or overnight delivery or if sent by certified mail or private courier
service within five days after deposit of such notice, postage prepaid,
addressed (until another address is filed in writing by the Company with the
Warrant Agent), as follows:

                  North American Insurance Leaders, Inc.
                  885 Third Avenue, 31st Floor
                  New York, New York 10022
                  Attn:    William R. de Jonge
                  Fax:     (212) 593-0140

Any notice, statement or demand authorized by this Agreement to be given or made
by the holder of any Warrant or by the Company to or on the Warrant Agent shall
be sufficiently given when so delivered if by hand or overnight delivery or if
sent by certified mail or private courier service within five days after deposit
of such notice, postage prepaid, addressed (until another address is filed in
writing by the Warrant Agent with the Company), as follows:

                  Mellon Investor Services LLC
                  Newport Office Center VII
                  480 Washington Blvd.
                  Jersey City, NJ  07310
                  Attn:  Relationship Management
                  Tel:    (201) 680-4000
                  Fax:   (201) 680-4637

                  With a copy to:

                  Mellon Investor Services LLC
                  Newport Office Center VII
                  480 Washington Blvd.
                  Jersey City, New Jersey 0731 0
                  Attn: General Counsel
                  Fax: (201) 680-4610

                                       14
<PAGE>

         in either case with a copy to:

                  Shearman & Sterling LLP
                  801 Pennsylvania Ave., NW
                  Washington, DC  20004
                  Attn:  Thomas J. Friedmann
                  Fax:  (202) 508-8100

         10.3 Applicable Law. This Agreement shall for all purposes be deemed to
be made under and shall be construed in accordance with the laws of the State of
New York. The Company hereby agrees that any action, proceeding or claim against
it arising out of or relating in any way to this Agreement shall be brought and
enforced in the courts of the State of New York or the United States District
Court for the Southern District of New York, and irrevocably submits to such
jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives
any objection to such exclusive jurisdiction and that such courts represent an
inconvenient forum. Any such process or summons to be served upon the Company
may be served by transmitting a copy thereof by registered or certified mail,
return receipt requested, postage prepaid, addressed to it at the address set
forth in Section 10.2 hereof. Such mailing shall be deemed personal service and
shall be legal and binding upon the Company in any action, proceeding or claim.

         10.4 Persons Having Rights under this Agreement. Nothing in this
Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any
person or entity other than the parties hereto and the registered holders of the
Warrants and, for the purposes of Sections 6.1, 6.4, 7.5 and 10.2 hereof,
Underwriter, any right, remedy, or claim under or by reason of this Warrant
Agreement or of any covenant, condition, stipulation, promise, or agreement
hereof. Underwriter shall be deemed to be a third-party beneficiary of this
Agreement with respect to Sections 6.1, 6.4, 7.5 and 10.2 hereof. All covenants,
conditions, stipulations, promises, and agreements contained in this Warrant
Agreement shall be for the sole and exclusive benefit of the parties hereto (and
Underwriter with respect to the Sections 6.1, 6.4, 7.5 and 10.2 hereof) and
their successors and assigns and of the registered holders of the Warrants.

         10.5 Examination of the Warrant Agreement. A copy of this Agreement
shall be available at all reasonable times at the office of the Warrant Agent in
the Borough of Manhattan, City and State of New York, for inspection by the
registered holder of any Warrant. The Warrant Agent may require any such holder
to submit his Warrant Certificate for inspection by it.

         10.6 Counterparts. This Agreement may be executed in any number of
counterparts and each of such counterparts shall for all purposes be deemed to
be an original, and all such counterparts shall together constitute but one and
the same instrument.

         10.7 Effect of Headings. The Section headings herein are for
convenience only and are not part of this Warrant Agreement and shall not affect
the interpretation thereof.

                                       15
<PAGE>

         10.8 Certain Interpretive Matters. Unless the context otherwise
requires, (i) all references to Sections are to Sections of or to this
Agreement, (ii) each term defined in this Agreement has the meaning assigned to
it, (iii) "or" is disjunctive but not necessarily exclusive, and (iv) words in
the singular include the plural and vice versa. All references to dollar amounts
are to lawful currency of the United States of America.

         10.9 Amendment and Waiver. No failure or delay of the holder in
exercising any power or right hereunder (other than a failure to exercise
Warrants in accordance with the provisions hereof) will operate as a waiver
thereof, nor will any single or partial exercise of any such right or power, or
any abandonment or discontinuance of steps to enforce such a right or power,
preclude any other or further exercise thereof or the exercise of any other
right or power. No notice or demand on the Company in any case will entitle the
Company to any other or future notice or demand in similar or other
circumstances. Subject to the last sentence of this Section, (a) the Company and
the Warrant Agent may supplement or amend this Agreement without the approval of
any Holders in order to cure any ambiguity or correct or supplement any
provision contained herein which may be defective or inconsistent with any other
provisions herein, (b) the Company and the Warrant Agent may from time to time
supplement or amend this Agreement, with the consent of holders of at least 50%
of the Warrants then outstanding, for any other purpose and (c) the Warrant
Agent may, but shall not be obligated to, execute any amendment or supplement
which affects the rights or the duties or obligations of the Warrant Agent.
Notwithstanding anything to the contrary herein, upon the delivery of a
certificate from an appropriate officer of the Company which states that the
proposed supplement or amendment is in compliance with the terms of this Section
and, provided such supplement or amendment does not change the Warrant Agent's
rights, duties, liabilities or obligations hereunder, the Warrant Agent shall
execute such supplement or amendment. Any amendment, modification or waiver
effected pursuant to and in accordance with the provisions of this Section will
be binding upon all holders and upon each future holder, the Company and the
Warrant Agent. In the event of any amendment, modification or waiver, the
Company will give prompt notice thereof to all holders and, if appropriate,
notation thereof will be made on all Warrant Certificates thereafter surrendered
for registration of transfer or exchange.

         10.10 Entire Agreement. This Agreement constitutes the entire Agreement
among the parties hereto with respect to the subject matter hereof, and there
are no agreements among the parties hereto with respect thereto except as
expressly set forth herein.

         10.11 Severability. In case any provision contained in this Agreement
is invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions will not in any way be affected or impaired thereby.
The Company and the Warrant Agent will endeavor in good faith to replace the
invalid, illegal or unenforceable provisions with valid, legal and enforceable
provisions the economic effect of which comes as close as possible to that of
the invalid, illegal or unenforceable provisions.

                            [Signature page follows.]

                                       16
<PAGE>

         IN WITNESS WHEREOF, this Agreement has been duly executed by the
parties hereto as of the day and year first above written.

Attest:                            NORTH AMERICAN INSURANCE LEADERS, INC.

                                   By:
--------------------------               ---------------------------------------
                                         Name:    William R. de Jonge
                                         Title:   President

Attest:                            MELLON INVESTOR SERVICES LLC
                                   as Warrant Agent

                                   By:
--------------------------               ---------------------------------------
                                         Name:  John Comer
                                         Title:    Client Relationship Executive

WARRANT AGREEMENT

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