Document:

Unassociated Document

    COMMERCIAL
      PROMISSORY
      NOTE

    

    

    
      	August 22, 2006  	
               $925,000.00

            

    

     

    Friendlyway
      Corporation, a Nevada corporation with offices at 7222 Commerce Center Drive,
      Suite 240, Colorado Springs, CO. 80919 (hereinafter referred to as “Maker”),
      promises to pay to the order of Ignition Media Group, LLC (“Lender”) the
      principal sum of Nine Hundred Twenty Five Thousand and no/100 Dollars
      ($925,000.00) in accordance with the terms of this Note.

     

    Principal
      under this Note shall be payable in monthly installments pursuant to the
      attached schedule. Each payment shall be due on or before 5:00 p.m. on the
      date
      indicated for each payment. The entire balance of unpaid principal shall be
      due
      and payable July 15, 2007 (the “Maturity Date”).

    

    Principal
      on this Note may be prepaid at any time, in whole or in part, without penalty.
      

    

    All
      payments shall be made at the Lender’s offices at 307 Clairemont Road,
      Villanova, PA 19085, or at such other place as may be designated in writing
      by
      the holder of this Note. All payments shall be made in legal tender of the
      United States of America.

    

    The
      holder of this Note may declare a default hereunder in the event (a) that any
      payment required by this Note is not made at the time the same shall become
      due
      and payable, or (b) of the dissolution, termination of existence, merger,
      consolidation, insolvency, business failure, appointment of a receiver of any
      part of the property of, assignment for the benefit of creditors by, or the
      commencement of any proceedings under any bankruptcy or insolvency laws by
      or
      against, Maker. Upon the declaration of a default hereunder, and at the option
      of the holder, (x) the unpaid principal balance of this Note shall be
      accelerated and become immediately due and payable, and (y) the holder shall
      be
      entitled to request the appointment of a receiver for all or any part of the
      property of Maker. Maker hereby consents to the appointment of a receiver in
      such event. 

    

    Maker
      waives presentment, notice of dishonor and protest, and agrees that any
      extension of time with respect to any payment due under this Note, or the
      addition or release of any party or guarantor shall not affect the Maker's
      liability. No waiver by the holder of this Note of any payment or right under
      this Note shall operate as a waiver of any other payment or right under this
      Note. Maker will pay all costs and expenses, including reasonable attorneys'
      fees, paid or incurred by the holder to enforce this Note. 

    

    This
      Note
      is made for business purposes only, and not for personal, family or household
      purposes. 

    

    
      	 	 	Friendlyway Corporation 
	 	 	 
	 	 	By:  /s/ Ken
              Upcraft             
                   
	 	 	Kenneth J. Upcraft,
              President  

    

    

    

     

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Promissory
      Note to Ignition Media Group, LLC

    Principal
      Payment Schedule

    

    

    

    

    

    
      	
              Payment
                Due Date

            	
              Principal
                Payment

            
	
              August
                22, 2006

            	
              75,000.00

            
	
              September
                15, 2006

            	
              75,000.00

            
	
              October
                15, 2006

            	
              75,000.00

            
	
              November
                15, 2006

            	
              90,000.00

            
	
              December
                15, 2006

            	
              90,000.00

            
	
              January
                15, 2007

            	
              90,000.00

            
	
              February
                15, 2007

            	
              90,000.00

            
	
              March
                15, 2007

            	
              90,000.00

            
	
              April
                15, 2007

            	
              90,000.00

            
	
              May
                15, 2007

            	
              90,000.00

            
	
              June
                15, 2007

            	
              35,000.00

            
	
              July
                15, 2007

            	
              35,000.00

            

    

    

    

    
      
         

      

      
        
          2TRANSFER
      AGENCY AND REGISTRAR SERVICES 

    AGREEMENT

    

    

    by
      and
      between:

     

    

    AMTRUST
      FINANCIAL SERVICES, INC.

    

     

    and

    

    

    AMERICAN
      STOCK TRANSFER & TRUST COMPANY

     

    
 

    Dated:
      February 3 , 2006

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    

    Table
      of
      Contents

    

    

      
        	
                Section
                  1.

              	
                Appointment
                  of Agent

              	
                3

              
	
                Section
                  2.

              	
                Standard
                  Services

              	
                4

              
	
                Section
                  3.

              	
                Fees
                  and Expenses

              	
                6

              
	
                Section
                  4.

              	
                Representations
                  and Warranties of AST

              	
                7

              
	
                Section
                  5.

              	
                Representations
                  and Warranties of the Company

              	
                7

              
	
                Section
                  6.

              	
                Reliance
                  and Indemnification

              	
                8

              
	
                Section
                  7.

              	
                Standard
                  of Care

              	
                9

              
	
                Section
                  8.

              	
                Limitations
                  on AST’s Responsibilities

              	
                9

              
	
                Section
                  9.

              	
                Covenants
                  of the Company and AST

              	
                10

              
	
                Section
                  10.

              	
                Term
                  and Termination

              	
                10
                  

              
	
                Section
                  11.

              	
                Assignment

              	
                11

              
	
                Section
                  12.

              	
                Notices

              	
                11

              
	
                Section
                  13.

              	
                Successors

              	
                12

              
	
                Section
                  14.

              	
                Amendment

              	
                12

              
	
                Section
                  15.

              	
                Severability

              	
                12

              
	
                Section
                  16.

              	
                Governing
                  Law

              	
                13

              
	
                Section
                  17.

              	
                Descriptive
                  Headings

              	
                13

              
	
                Section
                  18.

              	
                Third
                  Party Beneficiaries

              	
                13

              
	
                Section
                  19.

              	
                Survival

              	
                13

              
	
                Section
                  20.

              	
                Merger
                  of Agreement

              	
                13

              
	
                Section
                  21.

              	
                Counterparts

              	
                13

              
	
                Signatures

              	 	
                14

              

      

    

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    TRANSFER
      AGENCY AND REGISTRAR SERVICES AGREEMENT

    

    

    This
      Transfer Agency and Registrar Services Agreement (the “Agreement”), dated as of
      February 3, 2006 is between AmTrust Financial Services, Inc., a Delaware
      corporation (the “Company”) and American Stock Transfer & Trust Company, a
      New York corporation (“AST”).

    

    WHEREAS,
      the Company desires the appointment of AST as transfer agent and
      registrar;

    

    WHEREAS,
      AST desires to accept such appointment and perform the services related to
      such
      appointment;

    

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

    

    Section
      1.    Appointment
      of Agent

    

    
      	 	
              1.01

            	
              The
                Company hereby appoints AST to act as sole transfer agent and registrar
                for the common stock of the Company and for any such other shares
                as the
                Company may request in writing (“the Shares”) in accordance with the terms
                and conditions hereof, and AST hereby accepts such
                appointment.

            

    

    

    
      	 	
              1.02

            	
              In
                connection with the appointment of AST as transfer agent and registrar
                for
                the Company, the Company shall provide
                AST:

            

    

    

    
      	 	
              (a)

            	
              A
                Certificate of Appointment in substantially the form furnished by
                AST (and
                a Supplemental Certificate each time there is any material change
                to the
                information contained in the original Certificate of Appointment).
                It is
                agreed, however, that any provisions explicitly addressed in this
                Agreement shall govern the relationship between the parties in the
                event
                of a conflict between the Certificate of Appointment and this
                Agreement;

            

    

    

    
      	 	
              (b)

            	
              Specimens
                of all forms of outstanding stock certificates, in the forms approved
                by
                the Board of Directors of the Company, with a certificate of the
                Secretary
                of the Company as to such approval;

            

    

    

    
      	 	
              (c)

            	
              Specimens
                of the signatures of the officers of the Company authorized to sign
                stock
                certificates and specimens of the signatures of the individuals authorized
                to sign written instructions and
                requests;

            

    

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
      	 	
              (d)

            	
              A
                copy of the Certificate of Incorporation and by-laws of the Company
                and,
                on a continuing basis, copies of all material amendments to the
                Certificate of Incorporation or by-laws made after the date of this
                Agreement (such amendments to be provided promptly after such amendments
                are made); and

            

    

    

    
      	 	
              (e)

            	
              A
                sufficient supply of blank certificates signed by (or bearing the
                facsimile signature of) the officers of the company authorized to
                sign
                stock certificates and bearing the Company’s corporate seal (if required).
                AST may use certificates bearing the signature of a person who at
                the time
                of use is no longer an officer of the
                company.

            

    

    

    Section
      2.    Standard
      Services

    

    
      	 	
              2.01

            	
              In
                accordance with the procedures established from time to time by agreement
                between the Company and AST, AST shall provide the following
                services:

            

    

    

    
      	 	
              (a)

            	
              Create
                and maintain shareholder accounts for all
                Shares;

            

    

    

    
      	 	
              (b)

            	
              Provide
                online access capability for the Company’s personnel, including
                “read-only” access to individual shareholder
                files;

            

    

    

    
      	 	
              (c)

            	
              Review
                transfer documents and certificates for
                acceptability;

            

    

    

    
      	 	
              (d)

            	
              Complete
                transfer debit and credit
                transactions;

            

    

    

    
      	 	
              (e)

            	
              Provide
                for the original issuance of shares as directed by the Company
                ;

            

    

    

    
      	 	
              (f)

            	
              Maintain
                Treasury accounts in book entry; 

            

    

    

    
      	 	
              (g)

            	
              Furnish
                clear, simple, and detailed instructions to shareholders throughout
                the
                transfer process, as well as clear and concise written explanations
                of
                rejected transfers;

            

    

    

    
      	 	
              (h)

            	
              Post
                transfers to the record system
                daily;

            

    

    

    
      	 	
              (i)

            	
              Prepare
                a list of shareholders entitled to vote at the annual meeting as
                requested
                by the Company;

            

    

    

    
      	 	
              (j)

            	
              As
                required by the company, mail all proxy materials to shareholders
                of
                record as of the proxy record date or provide a list of the names
                (and
                other relevant information) of such shareholders of record to a designated
                third party for purposes of such mailing (it being understood, however,
                that production of such external files shall be billable as an expense
                at
                AST’s standard rates for the production of external
                tapes);

            

    

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    
      	 	
              (k)

            	
              Tabulate
                returned proxy cards;

            

    

    

    
      	 	
              (l)

            	
              Provide
                the company with access to shareholder voting records via online
                access or
                by written report, prior to the Company’s annual
                meeting;

            

    

    

    
      	 	
              (m)

            	
              Provide
                appropriate responses to electronic, telephonic and written inquiries
                from
                the Company’s shareholders;

            

    

    

    
      	 	
              (n)

            	
              Provide
                an 800 toll-free number and toll number in conjunction with an interactive
                telephone system capable of providing information and handling shareholder
                requests without talking to a
                representative;

            

    

    

    
      	 	
              (o)

            	
              Prepare
                and submit appropriate tax and other reports required by State and
                Federal
                agencies, principal stock exchanges, and shareholders, as requested
                by the
                Company;

            

    

    

    
      	 	
              (p)

            	
              Issue
                replacement certificates for those certificates alleged to have been
                lost,
                stolen or destroyed, unless AST has received notice that such certificates
                were acquired by a bona fide purchaser. AST shall be entitled to
                demand an
                open penalty surety bond satisfactory to AST holding AST and the
                Company
                harmless. AST shall be entitled to demand payment of the premium
                and
                processing fee for such open penalty surety bond from the shareholder.
                AST, at its option, may issue replacement certificates in place of
                mutilated stock certificates upon presentation thereof without such
                indemnity;

            

    

    

    
      	 	
              (q)

            	
              Compute
                quarterly dividend payment for each account as of the record date,
                balanced to the official share
                position;

            

    

    

    
      	 	
              (r)

            	
              Prepare
                and transmit payments for dividends and distributions declared by
                the
                Company, provided good funds for said dividends or distributions
                are
                received by AST prior to the scheduled mailing date for said dividends
                or
                distributions;

            

    

    

    
      	 	
              (s)

            	
              Code
                lost accounts to suppress printing and mailing of checks in accordance
                with applicable policies and
                guidelines;

            

    

    

    
      	 	
              (t)

            	
              Replace
                lost or stolen dividend checks at a shareholder’s
                request;

            

    

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    
      	 	
              (u)

            	
              Withhold
                taxes on dividends at the appropriate rate when applicable;
                and

            

    

    

    
      	 	
              (v)

            	
              Administer
                an Investors Choice Direct Stock Purchase and Sale program (if
                requested).

            

    

    

    
      	 	
              2.02

            	
              The
                Company shall have the obligation to discharge all applicable escheat
                and
                notification obligations. Notwithstanding the foregoing, upon request,
                AST
                will assist the Company in discharging these
                obligations.

            

    

    

    
      	 	
              2.03

            	
              AST
                may, at its election, outsource any of the services to be provided
                hereunder, but shall retain ultimate responsibility for any of the
                services so provided.

            

    

    

    
      	 	
              2.04

            	
              AST
                may provide further services to, or on behalf of, the Company as
                may be
                agreed upon between the Company and
                AST.

            

    

    

    Section
      3.    Fees
      and Expenses

    

    
      	 	
              3.01

            	
              Fees

            

    

    

    The
      Company agrees to pay AST fees for the services performed pursuant to this
      agreement in the amount of $1,000. per month. Notwithstanding the foregoing,
      in
      the event that the scope of services to be provided by AST is increased
      substantially, the parties shall negotiate in good faith to determine reasonable
      compensation for such additional services.

    

    
      	 	
              3.02

            	
              Out-of-Pocket
                Expenses

            

    

    

    
      	 	
              (a)

            	
              In
                addition to the fees paid under Section 3.01 above, the Company agrees
                to
                reimburse AST for all reasonable expenses or other charges incurred
                by AST
                in connection with the provision of services to the Company (including
                attorneys fees) at AST’s rates then in
                effect.

            

    

    

    
      	 	
              (b)

            	
              Notwithstanding
                section 3.03 below, AST reserves the right to request advance payment
                for
                substantial out-of-pocket
                expenditures.

            

    

    

    
      	 	
              3.03.

            	
              Payment
                of Fees and Expenses

            

    

    

    The
      Company agrees to pay all fees and reimbursable expenses within twenty (20)
      days
      following the receipt of a billing notice. Interest charges will accrue on
      unpaid balances outstanding for more than sixty (60) days.

     

    
      	 	
              3.04.

            	
              Services
                Required by Legislation

            

    

    Services
      required by legislation or regulatory mandate that become effective after the
      effective date of this Agreement shall not be part of the standard services,
      and
      shall be billed by agreement.

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    Section
      4.    Representations
      and Warranties of AST

    

    AST
      represents and warrants to the Company that:

    

    It
      is a
      corporation duly organized and validly existing in good standing under the
      laws
      of the State of New York;

    

    It
      is
      duly qualified to carry on its business in the State of New York;

    

    It
      is
      empowered under applicable laws and by its Charter and By-laws to enter into
      and
      perform this Agreement; and

    

    All
      requisite corporate proceedings have been taken to authorize it to enter into
      and perform this Agreement.

    

    Section
      5.    Representations
      and Warranties of the Company

    

    The
      Company represents and warrants to AST that:

    

    It
      is a
      corporation duly organized and validly existing and in good standing under
      the
      laws of Delaware;

    

    It
      is
      empowered under applicable laws and governing instruments to enter into and
      perform this Agreement;

    

    All
      corporate proceedings required by said governing instruments and applicable
      law
      have been taken to authorize it to enter into and perform this
      Agreement;

    

    All
      certificates representing Shares which were not issued pursuant to an effective
      registration statement under the Securities Act of 1933, as amended, bear a
      legend in substantially the following form: 

    

    “The
      shares represented by this certificate have not been registered under the
      Securities Act of 1933, as amended (the ”Act”). The shares may not be sold,
      transferred or assigned in the absence of an effective registration for these
      shares under the Act or an opinion
      of the Corporation’s counsel that registration is not required under the
      Act.”

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    All
      Shares not so registered were issued or transferred in a transaction or series
      of transactions exempt from the registration provisions of the Act, and in
      each
      such issuance or transfer, the Corporation was so advised by its legal
      counsel.

    

    Section
      6.    Reliance
      and Indemnification

    

    
      	 	
              6.01

            	
              AST
                may rely on any written or oral instructions received from any person
                it
                believes in good faith to be an officer, authorized agent or employee
                of
                the Company, unless,
                prior thereto, (a) the Company shall have advised AST in writing
                that it
                is entitled to rely only on written instructions of designated officers
                of
                the Company; (b) it furnishes AST with an appropriate incumbency
                certificate for such officers and their signatures; and (c) the Company
                thereafter keeps such designation current with an annual (or more
                frequent, if required) re-filing. AST may also rely on advice, opinions
                or
                instructions received from the Company’s legal counsel. AST may, in any
                event, rely on advice received from its legal counsel. AST may rely
                (a) on
                any writing or other instruction believed by it in good faith to
                have been
                furnished by or on behalf of the Company or a Shareholder; (b) on
                any
                statement of fact contained in any such writing or other instruction
                which
                it in good faith does not believe to be inaccurate; (c) on the apparent
                authority of any person to act on behalf of the Company or a Shareholder
                as having actual authority to the extent of such apparent authority;
                (d)
                on the authenticity of any signature (manual or facsimile) appearing
                on
                any writing; and (e) on the conformity to original of any copy. AST
                shall
                further be entitled to rely on any information, records and documents
                provided to AST by a former transfer agent or former registrar on
                behalf
                of the Company.

            

    

    

    
      	 	
              6.02

            	
              AST
                shall not be responsible for, and the Company shall indemnify and
                hold AST
                harmless from and against, any and all losses, damages, costs, charges,
                judgments, fines, amounts paid in settlement, counsel fees and expenses,
                payments, general expenses and/or liability arising out of or attributable
                to:

            

    

    

    
      	 	
              (a)

            	
              AST’s
                (and/or its agents’ or subcontractors’) actions performed in its capacity
                as transfer agent and/or registrar, provided that such actions are
                taken
                in good faith and without gross negligence or willful
                misconduct;

            

    

    

    
      	 	
              (b)

            	
              The
                Company’s lack of good faith, negligence or willful misconduct or the
                breach of any representation or warranty of the Company
                hereunder;

            

    

    

    
      	 	
              (c)

            	
              Any
                action(s) taken in accordance with section 6.01
                above;

            

    

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    
      	 	
              (d)

            	
              Any
                action(s) performed pursuant to a direction or request issued by
                a
                statutory, regulatory, governmental or quasi-governmental body (AST
                shall,
                however, provide the Company with prior notice when practicable,
                unless
                AST is not permitted to do so);

            

    

    

    
      	 	
              (e)

            	
              Any
                reasonable expenses, including attorney fees, incurred in seeking
                to
                enforce the foregoing indemnities.

            

    

    

    
      	 	
              6.03

            	
              AST
                will research the records delivered to it on its appointment as agent
                if
                it receives a stock certificate not reflected in said records. If
                neither
                the Company nor AST is able to reconcile said certificate with said
                records (so that the transfer of said certificate on the records
                maintained by AST would create an overissue), the Company shall either
                increase the number of its issued shares, or acquire and cancel a
                sufficient number of issued shares, to correct the
                overissue.

            

    

    

    
      	 	
              6.04

            	
              The
                foregoing indemnities shall not terminate on termination of AST’s acting
                as transfer agent and/or registrar, and they are irrevocable. AST’s
                acceptance of its appointment as transfer agent and/or registrar,
                evidenced by its acting as such for any period, shall be deemed sufficient
                consideration for the foregoing
                indemnities.

            

    

    

    Section
      7.    Standard
      of Care

    

    AST
      shall, at all times, act in good faith. AST agrees to use its best efforts,
      within reasonable time limits, to ensure the accuracy of all services performed
      under this Agreement.

    

    Section
      8.    Limitations
      on AST’s Responsibilities

    

    AST
      shall
      not be responsible for the validity of the issuance, presentation or transfer
      of
      stock; the genuineness of endorsements; the authority of presentors; or the
      collection or payment of charges or taxes incident to the issuance or transfer
      of stock. AST may, however, delay or decline an issuance or transfer if it
      deems
      it to be in its or the Company’s best interests to receive evidence or assurance
      of such validity, authority, collection or payment. AST shall not be responsible
      for any discrepancies in its records or between its records and those of the
      Company, if it is a successor transfer agent or successor registrar, unless
      no
      discrepancy existed in the records of the Company and any predecessor transfer
      agent or predecessor registrar. AST shall not be deemed to have notice of,
      or to
      be required to inquire regarding, any provision of the Company’s charter,
      certificate of incorporation, or by-laws, any court or administrative order,
      or
      any other document, unless it is specifically advised of such in a writing
      from
      the Company, which writing shall set forth the manner in which it affects the
      Shares. In no event shall AST be responsible for any transfer or issuance not
      effected by it.

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    IN
      NO
      EVENT SHALL AST HAVE ANY LIABILITY FOR ANY INCIDENTAL, SPECIAL, STATUTORY,
      INDIRECT OR CONSEQUENTIAL DAMAGES, OR FOR ANY LOSS OF PROFITS, REVENUE, DATA
      OR
      COST OF COVER.

    

    AST’S
      LIABILITY ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT SHALL NOT EXCEED
      THE AGGREGATE AMOUNT OF ALL FEES (EXCLUDING EXPENSES) PAID OR PAYABLE UNDER
      THIS
      AGREEMENT IN THE TWELVE MONTH PERIOD IMMEDIATELY PRECEDING THE DATE OF THE
      FIRST
      EVENT GIVING RISE TO LIABILITY.

    

    Section
      9.    Covenants
      of the Company and AST

    

    
      	 	
              9.01

            	
              AST
                agrees to establish and maintain facilities and procedures reasonably
                acceptable to the Company for the safekeeping of stock
                certificates.

            

    

    

    
      	 	
              9.02

            	
              AST
                shall keep records relating to the services to be performed hereunder,
                in
                the form and manner as it may deem advisable. AST agrees that all
                such
                records prepared or maintained by it relating to the services performed
                hereunder are the property of the Company and will be preserved,
                maintained and made available to the Company in accordance with the
                requirements of law, and will be surrendered promptly to the Company
                on
                and in accordance with its request provided that the Company has
                satisfactorily performed its obligations under Sections 3.01, 3.02,
                10.03
                and 10.05 hereof, to the extent applicable. Notwithstanding the foregoing,
                AST shall be entitled to destroy or otherwise dispose of records
                belonging
                to the Company in accordance with AST’s standard document and record
                retention practices and/or
                procedures.

            

    

    

    
      	 	
              9.03

            	
              AST
                and the Company agree that all confidential books, records, information
                and data pertaining to the business of the other party which are
                exchanged
                or received pursuant to the negotiation or the carrying out of this
                Agreement shall remain confidential, and shall not be voluntarily
                disclosed to any other person, except as may be required by law or
                as
                permitted by AST’s privacy policy as then in
                effect.

            

    

    

    

    Section
      10.    Term
      and Termination

    

    
      	 	
              10.01

            	
              The
                initial term of this Agreement shall be three (3) years from the
                date
                first referenced above and the appointment shall automatically be
                renewed
                for further three years successive terms without further action of
                the
                parties, unless written notice is provided by either party at least
                90
                days prior to the end of the initial or any subsequent three year
                period.
                The term of this appointment shall be governed in accordance with
                this
                paragraph, notwithstanding the cessation of active trading in the
                capital
                stock of the Company.

            

    

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    
      	 	
              10.02

            	
              In
                the event that AST commits any continuing breach of its material
                obligations under this Agreement, and such breach remains uncured
                for more
                than sixty (60) days after written notice by the Company (which notice
                shall explicitly reference this provision of the Agreement), the
                Company
                shall be entitled to terminate this agreement with no further payments
                other than (a) payment of any amounts then outstanding under this
                Agreement and (b) payment of any amounts required pursuant to Section
                10.05 hereof.

            

    

    

    
      	 	
              10.03

            	
              In
                the event that the Company terminates this Agreement other than pursuant
                to Sections 10.01 and 10.02 above, the Company shall be obligated
                to
                immediately pay all amounts that would have otherwise accrued during
                the
                term of the Agreement pursuant to Section 3 above, as well as the
                charges
                accruing pursuant to Section 10.05
                below.

            

    

    

    
      	 	
              10.04

            	
              In
                the event that the Company commits any breach of its material obligations
                to AST, including non-payment of any amount owing to AST, and such
                breach
                remains uncured for more than forty-five (45) days, AST shall have
                the
                right to terminate or suspend its services without further notice
                to the
                Company. During such time as AST may suspend its services, AST shall
                have
                no obligation to act as transfer agent and/or registrar on behalf
                of the
                Company, and shall not be deemed its agent for such purposes. Such
                suspension shall not affect AST’s rights under the Certificate of
                Appointment or this Agreement.

            

    

    

    
      	 	
              10.05

            	
              Should
                the Company elect not to renew this Agreement or otherwise terminate
                this
                Agreement, AST shall be entitled to reasonable additional compensation
                for
                the service of preparing records for delivery to its successor or
                to the
                Company, and for forwarding and maintaining records with respect
                to
                certificates received after such termination. AST shall be entitled
                to
                retain all transfer records and related documents until all amounts
                owing
                to AST have been paid in full. AST will perform its services in assisting
                with the transfer of records in a diligent and professional
                manner.

            

    

    

    Section
      11.    Assignment

    

    Neither
      this Agreement, nor any rights or obligations hereunder, may be assigned by
      either party without the written consent of the other party.

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    Section
      12.    Notices

    

    Any
      notice or communication by AST or the Company to the other is duly given if
      in
      writing and delivered in person or mailed by first class mail (postage prepaid),
      telex, telecopier or overnight air courier to the other’s address:

    

    If
      to the
      Company:

    

    AmTrust
      Financial Services, Inc.

    59
      Maiden
      Lane, 6th
      Floor

    New
      York,
      New York 10038

    Attention:
      Stephen Ungar

    Telecopy
      no: (212) 220-7130

    

    

    If
      to
      AST:

    

    Mr.
      George Karfunkel

    American
      Stock Transfer & Trust Company

    59
      Maiden
      Lane

    New
      York,
      NY 10038

    Telecopy
      No.: (718) 236-4588

    

    With
      a
      copy to:

    

    American
      Stock Transfer & Trust Company

    Attn:
      General Counsel

    59
      Maiden
      Lane

    New
      York,
      NY 10038

    

    AST
      and
      the Company may, by notice to the other, designate additional or different
      addresses for subsequent notices or communications.

    

    Section
      13.    Successors

    

    All
      the
      covenants and provisions of this Agreement by or for the benefit of the Company
      or AST shall bind and inure to the benefit of their respective successors and
      assigns hereunder.

    

    Section
      14.    Amendment

    

    This
      agreement may be amended or modified by a written amendment executed by both
      parties hereto.

    

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    Section
      15.    Severability

    

    If
      any
      term, provision, covenant or restriction of this Agreement is held by a court
      of
      competent jurisdiction or other authority to be invalid, void or unenforceable,
      the remainder of the terms, provisions, covenants and restrictions of this
      Agreement shall remain in full force and effect and shall in no way be affected,
      impaired or invalidated. To the extent that any provision hereof is deemed
      to be
      unenforceable under applicable law, it shall be deemed replaced by an
      enforceable provision to the same or nearest possible effect.

    

    Section
      16.    Governing
      Law

    

    This
      Agreement shall be governed by the laws of the State of New York.

    

    Section
      17.    Descriptive
      Headings

    

    Descriptive
      headings of the several sections of this Agreement are inserted for convenience
      only and shall not control or affect the meaning or construction of any of
      the
      provisions hereof.

    

    Section
      18.    Third
      Party Beneficiaries

    

    The
      provisions of this Agreement are intended to benefit only AST and the Company
      and their respective successors and assigns. No rights shall be granted to
      any
      other person by virtue of this Agreement, and there are no third party
      beneficiaries hereof.

    

    Section
      19.    Survival

    

    All
      provisions regarding indemnification, liability and limits thereon shall survive
      the termination of this Agreement.

    

    Section
      20.    Merger
      of Agreement

    

    This
      Agreement constitutes the entire agreement between the parties hereto and
      supersedes any prior agreement with respect to the subject matter hereof,
      whether oral or written.

    

    Section
      21.    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.

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    

    

    

    IN
      WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be
      executed by one of its officers thereunto duly authorized, all as of the date
      first written above.

    

    

    AMTRUST
      FINANCIAL SERVICES, INC.

    

    By.____________________________

     

    Name:__________________________

    

    Title:___________________________

     

    

    

    AMERICAN
      STOCK TRANSFER &

    TRUST
      COMPANY

    

    By:__________________________

    

    Name:________________________

    

    Title:_________________________

     

    
      
         

      

      
        14

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