Document:

Amended and Restated Master Distribution Agreement

 EXHIBIT 10.1 
  
 AMENDED AND RESTATED 
 MASTER DISTRIBUTION AGREEMENT 
  
 This Master Distribution Agreement (this “Agreement”) is entered into by and between Polar Molecular Corporation, a Delaware corporation (“Polar”) and Lockhart Chemical Company, a Pennsylvania corporation
(“Lockhart”) to be effective as of August 14, 2003 (the “Effective Date”). 
  
 RECITALS 
  
 A. Polar sells a line of fuel additives. Polar’s additive products are based upon proprietary intellectual property that may be combined or reformulated with the technologies of Total Fina ELF or other third
parties. Lockhart distributes its products through a worldwide distribution network. 
  
 B. Polar and Lockhart desire to distribute Polar’s products through Lockhart’s existing distribution network on an exclusive basis within the territory described in Section I(B) below. Reformulations or
combinations of Polar’s products with the technologies of Total Fina ELF shall also be made available to Lockhart under this Agreement for the North American and South American markets; provided that such reformulated or combined products shall
only be made available to Lockhart with the express permission of Total Fina ELF for sales into Europe, Asia and Africa. 
  
 C. In furtherance of the purposes of this Agreement, Polar also desires to grant Lockhart a non-exclusive license to manufacture certain of the Products
for sale to the Distributors (as defined below) and for Lockhart’s direct sales to customers, subject to the terms and conditions set forth herein. 
  
 AGREEMENT 
  
 Based on the mutual covenants herein and other good and valuable consideration, the parties hereby agree as follows: 
  
 SECTION I 
 DISTRIBUTION 
  
 A. Products. The products covered by this Agreement are set forth on Schedule I hereto, as revised from time-to-time by the mutual agreement of Lockhart and Polar (the “Products”). 
  
 B. Territory. Subject to the terms and conditions of this Agreement,
Polar hereby grants Lockhart the right to be the exclusive master distributor (the “Master Distributor”) of the Products in the Territory. For purposes of this Agreement, the “Territory” means the worldwide secondary
market (excluding the Republic of Korea) for heavy equipment operations, including 

  

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industrial marine, truck, bus and locomotive fleets and electric utility plants; but does not include oil refiners or additive manufacturers, unless approved
by Polar on a case by case basis. 
  
 C. Distributors. As
the Master Distributor, subject to the terms and conditions of this Agreement, Lockhart has the exclusive right to solicit, evaluate and retain individual Distributors (as defined below) to sell such of the Products as Lockhart deems advisable
within the segment of the Territory designated by Lockhart. 
  
 D.
Retention of Exclusivity. The exclusivity of Lockhart’s right to act as the Master Distributor is expressly conditioned upon Lockhart meeting the sales quotas set forth on Schedule II hereto. If at the end of any period set forth
on Schedule II, Lockhart has failed to meet the required sales volume, Lockhart shall have 60 days to cure such deficiency. If Lockhart fails to cure such deficiency within 60 days to Polar’s satisfaction, Polar may in its sole
discretion, revoke the exclusive nature of the rights granted hereunder upon thirty days written notice to Lockhart; provided that, any Distributor meeting its individual sales goals for the period shall retain exclusivity for its designated
territory and Lockhart shall remain the exclusive Master Distributor for such territory. 
  
 SECTION II 
 OBLIGATIONS OF LOCKHART 
  
 A. Distributors and Distribution Contracts. 
  
 1. Lockhart shall use its best efforts to solicit Distributors for the Products and enter into Distribution Contracts in
substantially the form set forth on Exhibit A hereto (the “Distribution Contracts,” and signatories to such contracts are referred to herein as the “Distributors”). The effectiveness of each Distribution
Contract shall be expressly conditioned on the approval in writing of such Distribution Contract by Polar, which approval shall not be unreasonably withheld. Polar reserves the right in its sole discretion to require Lockhart to cancel any
Distribution Contract upon ninety days written notice to Lockhart. 
  
 2. In order to assist Polar in making its approval decision regarding a particular Distributor, Lockhart shall require each potential distributor submitted for approval to provide a sales forecast for the next year and a projection
projecting sales of the Products for the next three years. Additionally, Lockhart shall gather and convey to Polar sufficient information regarding the business of potential distributors to allow Polar to make a reasonably informed decision
regarding the market capabilities of each perspective distributor. 
  
 3. Each Distribution Contract shall expressly define the territory granted to the applicable Distributor in accordance with the limitations of the Territory, as defined in Section I(B) above, and in accordance with any further geographic or
other limitations imposed by Lockhart. 
  
 4. Lockhart shall
promptly notify the Distributors of any additions, deletions or changes to the Products set forth on Schedule I. 
  

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 5. Lockhart shall use its best efforts to ensure that Products in sufficient quantity are available to
fill Distributors’ orders in a timely manner. Lockhart shall provide timely notice to Polar if orders will not be filled within a reasonable time of their placement. 
  
 B. Training and Marketing. 
  

1. Lockhart shall make available key members of its sales and marketing departments to Polar for training sessions by Polar personnel regarding the
features and benefits of the Products. The number of sessions, the personnel to attend, and the times shall be established by the mutual agreement of the parties. 
  
 2. Lockhart shall have the right to develop marketing materials and promotional aids regarding the Products. All marketing
materials, including without limitation, any printed materials referring to the Products and any scripts developed for sales presentations related to the Products shall be approved in advance by Polar. The development of all marketing materials for
the Products by Lockhart shall be at Lockhart’s sole expense, unless Polar shall have agreed in writing to share such expense. 
  
 3. Lockhart shall provide the Distributors with reasonable quantities of the Products to be used as samples to assist in the marketing of the Products.
Requests for samples must be submitted in writing to Lockhart by the Distributors with an explanation of their intended use. Lockhart shall promptly provide Polar with copies of all such written requests. All sample materials shall be supplied to
the Distributors by Lockhart at Lockhart’s expense using Polar’s specified formulas. 
  
 C. Reporting and Notice Requirements. 
  
 1. Lockhart shall on a quarterly basis provide a written report to Polar. The written report shall set forth the number of Distribution Contracts executed and in effect, the number of potential Distributors contacted
regarding distributing the Products, sales of the Products by Distributor for the previous quarter, and anticipated sales volumes for the upcoming quarter. 
  
 2. By December 1 of each calendar year of the term of this Agreement, Lockhart shall also provide Polar with an annual sales plan outlining
Lockhart’s general plan for meeting the sales quotas for the upcoming year. 
  
 3. Lockhart shall notify Polar promptly of any breach or potential breach, or termination of any of the Distribution Contracts that comes to its attention. 
  
 D. Royalty Payments. Lockhart shall by the 15th of each month, pay to Polar the aggregate amount sufficient to satisfy the royalty payment pursuant to Schedule III attached hereto for month prior to the
preceding calendar month. Any failure to make royalty payments continuing beyond 30 days shall constitute a default under this Agreement, and shall allow Polar 

  

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to terminate this Agreement as provided herein or revoke the exclusive nature of this Agreement upon 30 days notice to Lockhart. Credit shall be given for
losses by Lockhart due to unpaid invoices or write-offs assuming royalties have been paid on such unpaid invoice or write-offs. Each monthly royalty payment shall be accompanied by a report setting forth sales quantity, unit price and total sales by
product and customer or Distributor and the royalty paid on such sales. 
  
 SECTION III 
 OBLIGATIONS OF POLAR 
  
 A. Approval of Distributors. Polar shall approve or deny a Distribution Contract within seven business days of receipt of the information required
pursuant to Section II(A)(2) above. 
  
 B. Training and
Marketing. 
  
 1. Polar shall conduct training sessions with
Lockhart personnel to introduce the features and benefits of the Products at such times and locations as shall be agreed upon by the parties. 
  
 2. Polar shall make its personnel available, on reasonable notice and at a location to be agreed upon by the parties, to Lockhart, Distributors, potential
distributors, and customers to provide technical assistance regarding the Products and the performance of the Products. Polar shall also make technical data in its possession available to Lockhart to assist Lockhart in selling and marketing the
Products. Any travel and related personnel costs incurred by Polar in performance of its obligations under this paragraph will be shared by the parties hereto, as mutually agreed. 
  
 SECTION IV 
 ORDER
FLOW AND PAYMENT 
  
 Lockhart is hereby authorized and shall be
responsible throughout the term of this Agreement to receive and to process orders for Products from the Distributors in a timely and efficient manner. Prices of the Products to be charged to the Distributors on a wholesale basis and to be charged
to customers in the secondary market on a retail basis shall be set from time-to-time by Lockhart, in its reasonable discretion; provided that neither the wholesale nor retail price of the products shall fall below Lockhart’s cost to produce
such products without the express consent of Polar. Polar reserves the right to from time-to-time approve prices charged by Lockhart to the Distributors and customers in the secondary market upon reasonable notice to Lockhart. 
  
 SECTION V 
 TERM AND TERMINATION 
  
 A. Term. Unless earlier terminated pursuant to any other provision hereof, the initial term of this Agreement shall be for a period of time commencing on the Effective Date and 

  

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terminating on a date that is five years following the Effective Date (the “Initial Term”). If Lockhart has met each of the required sales
quotas set forth on Schedule II hereto during the Initial Term and is current on all payments to Polar, the Agreement shall be extended automatically for another five-year period so long as the parties agree on sales quotas for the additional
five year period at least 90 days prior to the last day of the Initial Term (the Initial Term and any extension thereof, being the “Term”). 
  
 B. Termination for Breach. Either party may cancel this Agreement at any time, without liability and without prejudice to any other right or claim
arising under this Agreement, if the other party materially breaches this Agreement or fails to perform any of its material obligations under this Agreement. The party seeking to terminate shall give the other party written notice of that
party’s breach and/or non-performance, and, subject to the provisions of Section IX(C), the party receiving the notice shall have 60 days to correct the breach. Subject to the provisions of Section IX(C), if the breaching party fails to correct
the breach within 60 days, the non-breaching party may deliver a written termination notice (a “Termination Notice”) to the breaching party, indicating a date certain that is no fewer than three business days from the date that the
Termination Notice is delivered to the breaching party. The Agreement shall be deemed to have been terminated as of the date specified by the non-breaching party in the Termination Notice, unless the parties hereto execute a written waiver of the
breach or breaches of this Agreement. 
  
 C. Effect of
Termination. In the event that this Agreement terminates, for any reason whatsoever, immediately upon such termination, each and every Distribution Contract shall simultaneously terminate and shall be of no further force or effect. In such
event, Lockhart shall immediately notify the Distributors that the Distribution Contracts have been terminated. 
  
 SECTION VI 
 INTELLECTUAL PROPERTY 
  
 A. Polar Intellectual Property. During the Term of this Agreement,
subject to the terms and conditions hereof, Polar hereby grants to Lockhart, a non-exclusive, non-transferable right to use Intellectual Property of Polar for marketing and sales of the Products in the Territory, it being understood that this right
shall automatically be revoked in the event of any non-permitted use that continues for a period of ten business days after Polar gives written notice of such non-permitted use to the offending party. For purposes of this Agreement,
“Intellectual Property” shall mean, wherever registered or perfected, any and all (i) trademarks, service marks, trade names, logos, business and product names, slogans, and registrations and applications for registration thereof;
(ii) works in which copyright may be claimed, and registrations and applications for registration thereof; (iii) patents, patent applications, ideas or inventions (whether patentable or not), processes, designs, formulae, ideas, trade secrets, know
how, confidential and technical information, product specifications and other technical, business, financial, customer and product development plans, forecasts, strategies, and confidential business information; and (iv) intellectual property rights
similar to any of the foregoing; that the respective party owns or has a right to pursuant to license, sublicense, agreement, or permission or otherwise. 
  

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 B. Limitation of Rights. Lockhart shall not assign, transfer or otherwise permit any person to use
the rights granted herein to the Intellectual Property of Polar without the prior written consent of Polar. The parties agree that all goods or services promoted and/or rendered under the Intellectual Property will be of a nature and quality
conforming to standards approved by Polar, and that Polar shall have the right to do all things reasonably necessary to ensure the adequacy of the nature and quality of such goods and services. Lockhart shall use the registered marks of Polar only
for the goods and services for which they have been registered and the unregistered marks and other Intellectual Property of Polar only for the goods and services for which they have been used in accordance with past practice. 
  
 C. Trademark Benefit. The parties agree that all use of Polar’s
marks and other Intellectual Property, and all goodwill arising from such use, will inure to the benefit of Polar; provided, however, that nothing set forth herein shall diminish the rights of Polar, and all goodwill arising from such use, in and to
such Intellectual Property. 
  
 D. Ownership of Intellectual
Property. None of Lockhart, its affiliates, the Distributors, or any other party by virtue of this Agreement or any of its activities hereunder, shall obtain any ownership interest in or title to the Intellectual Property (including all
improvements thereto). 
  
 E. Enforcement and Protection of
Intellectual Property. Polar shall have the sole and exclusive right, with Lockhart’s reasonable cooperation, to pursue protection for its Intellectual Property including the Patents (as defined below) and to enforce its rights in the
Products against third party infringers, including without limitation against Distributors if necessary. The expenses of any such enforcement, including legal proceedings relating thereto, shall be paid by Polar and any and all recoveries from a
lawsuit or settlement shall be the property of Polar. Lockhart agrees to notify Polar promptly of any suspected infringement of the Intellectual Property which may come to its attention and further agrees to use its best efforts to assist Polar, at
Polar’s request and expense, in any lawsuit or any other dispute involving the Intellectual Property. 
  
 SECTION VII 
 GRANT OF NON-EXCLUSIVE LICENSE 
  
 A. Grant of License. Polar hereby grants to Lockhart a non-exclusive
license under the Patents to manufacture, use and sell in the Territory those of the Products set forth on Schedule III hereto. Such license shall be non-exclusive at all times and shall only be in effect so long as the Term of this
Agreement. For purposes hereof “Patents” means the patents set forth on Schedule IV hereto. 
  
 B. Compensation. In consideration for the grant of this license and the other rights and privileges granted pursuant to this Agreement, Lockhart
shall be obligated to pay to Polar the royalties set forth on Schedule III hereto. Payment of the applicable royalty rates will be made in accordance with the provisions of Section II(D) above. 
  

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 C. Auditing. In addition to the reports required pursuant to Section II(C) above, Polar shall be
entitled to reasonable access to Lockhart’s manufacturing and sales records for the purpose of verifying the aggregate royalty payments due to Polar pursuant to the grant of this license. Any such audit shall be conducted at Polar’s
expense and any disputes arising over the results of the audit shall be submitted to a mutually agreed upon third party or to the dispute resolution mechanisms of Section X below. 
  
 SECTION VIII 
 SHARING OF INFORMATION AND CONFIDENTIALITY 
  
 A.
Disclosure of Confidential Information. Pursuant to this Agreement and previous dealings, each party may learn confidential information of the other party, including without limitation information concerning the Products. Each party agrees
not to disclose to any third party any confidential information of the other party, except as follows: 
  
 1. to the extent that disclosure to a third party is required by applicable law or regulation; 
  
 2. to the extent reasonably necessary, disclosure to third parties for the
limited purpose of enforcing the terms of this Agreement; or 
  
 3. as agreed between the parties; 
  
 provided, however, that prior to
any such disclosure, the disclosing party shall notify the other party of its intent to make such disclosure and any such disclosure shall in each case of third party disclosure pursuant to (2) or (3), the party making the third-party disclosures
shall first require the third party to sign a written confidentiality agreement requiring confidentiality obligations of the third party concerning the disclosed confidential information commensurate in scope with the obligations of the parties
under this Section VIII, except that further disclosures by the third party of a nature as provided in (2) or (3) above shall not be permitted. The obligation of each party not to disclose confidential information of the other party except as
provided herein shall survive the termination of this Agreement. 
  
 B. Existing Confidentiality Arrangements. The parties acknowledge that Lockhart or its subsidiaries or affiliates may have or will have confidential information regarding the composition of the Products as a result of certain
manufacturing arrangements with Polar and that such arrangements are subject to certain confidentiality provisions. The parties acknowledge that this Agreement shall in no way be construed to conflict with, supersede or otherwise alter the terms and
conditions of those existing confidentiality arrangements. 
  

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 SECTION IX 
 RELATIONSHIP OF PARTIES 
  
 A.
Relationship of the Parties. This Agreement shall not be construed as creating any partnership, joint venture, association or other entity. It is the intent of the parties that the relationship is solely that of parties with contractual
commitments to one another as expressly set forth in this Agreement; that their rights and obligations with respect to one another will be solely those expressed in this Agreement; that neither party shall be the agent of the other for any purpose
under this Agreement; and that the liabilities and obligations of the parties incurred in connection with this Agreement shall be separate. 
  
 B. Non-exclusivity as to Polar. The distribution arrangement provided for by this Agreement shall be specifica1ly limited to sales of the Products
in accordance with this Agreement and any approved Distribution Contracts. Except where specifically prohibited by this Agreement or by an approved Distribution Contract, Polar and its affiliates shall have the right independently to engage in and
receive full benefits from any business activity including, without limitation, the direct marketing and sale of the Products to any person or entity. 
  
 C. Non-Competition. Lockhart agrees that during the Term of this Agreement and for the period of one year after the termination of this Agreement,
Lockhart will not consult with, distribute products for, arrange for the distribution of the products of or otherwise perform services for any competitor of Polar. Notwithstanding the notice provisions of Section V(B), any such actions on the part
of Lockhart shall constitute a material breach of this Agreement, and upon the occurrence of such material breach, Polar shall have the right in its sole discretion to terminate this Agreement immediately by delivering to Lockhart a written
termination notice stating that this Agreement is terminated pursuant to this paragraph. 
  
 SECTION X 
 INDEMNIFICATION; DISPUTE RESOLUTION 
  
 A. Indemnification. Each party agrees to defend, indemnify, save and hold harmless the other party, its employees,
agents, officers, members, managers, directors, shareholders, partners and affiliates, from and against any and all claims, demands, causes of action, or liability for damages, loss or injuries, including reasonable attorneys’ and experts’
fees, which arise out of the breach of any representation, warranty, covenant or agreement of such party under this Agreement or from any failure of such party to perform its obligations under this Agreement. 
  
 B. Dispute Resolution. In the event of any dispute relating to or
arising from Sections I, II, III, or IV of this Agreement, such dispute shall, at the request of either party, be submitted to binding arbitration. The arbitration proceedings shall be conducted in accordance with the commercial arbitration rules of
the American Arbitration Association. The decision of the arbitrator shall be final, binding, and non-appealable. Notwithstanding the provisions of this paragraph, nothing herein shall require arbitration of any issue for which injunctive relief is
properly sought by a party hereto. 
  

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 SECTION XI 
 MISCELLANEOUS 
  
 A. Force
Majeure. Other than obligations to make payments hereunder, the fulfillment of any obligation under this Agreement is subject to strikes, lockouts, accidents, fires, floods, or other acts of God, embargoes, government actions, or any other cause
beyond the control of either party; provided that the affected party shall promptly notify the other party of the occurrence of any such event and the affected party shall use its reasonable commercial efforts to overcome the event of force majeure,
provided neither party shall be obligated to settle any labor dispute on terms not satisfactory to such party in its sole discretion. If a party is prevented from fulfilling its obligations under this Agreement because of such a force majeure event
for a period of 120 days or more, the other party may at any time thereafter terminate this Agreement by written notice to the affected party, without any further obligation (except for the obligations surviving termination as provided in Section
XI(H)). 
  
 B. Compliance with Laws. Each party will comply
with all applicable U.S., or other laws applicable to their respective activities under this Agreement. 
  
 C. Notice. When written notice is required by this Agreement, it shall be sent by certified mail, courier, overnight delivery service, facsimile or
by such other method as will permit the sender to verify delivery, to the addresses set forth below: 
  
 For POLAR: 
  
 Polar Molecular Corporation 
 Attention: Mark L. Nelson 
 4600 S. Ulster Street, Suite 940 
 Denver, Colorado 80237 
 Facsimile: 303-221-4137 
  
 For LOCKHART: 
  
 Lockhart Chemical
Company 
 Attention: Thomas J. Gillespie 
 2873 West Hardies Road 
 Gibsonia, Pennsylvania 15044 
 Facsimile: (724) 444-7641 
  
 Written notice may also be sent by facsimile to the numbers listed above, but such notice
shall not be effective unless the sender receives confirmation of receipt of the facsimile. Notice shall be deemed received when actually delivered to the recipient. The addresses and transmittal numbers set forth above can be changed only by
written notice which complies with the requirements of this Section XI(C). 
  

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 D. Assignment. This Agreement, and any rights and obligations hereunder, shall not be transferred,
conveyed, assigned or otherwise disposed of in whole or in part by either party, by merger, amalgamation, consolidation, operation of law, or otherwise, without the prior written consent of the other party; provided that Polar shall be entitled to
assign its rights and obligations under this Agreement to any of its affiliates or successors without the prior written consent of Lockhart. 
  
 E. No Waiver. Any failure of either party to enforce at any time any of the provisions of this Agreement, or any rights or remedies with respect
thereto, or to exercise any election herein provided, shall not constitute a waiver of any such provision, right, remedy or election or in any way affect the validity thereof or of this Agreement. The exercise by either party of any of its rights,
remedies or elections under the terms of this Agreement shall not preclude or prejudice such party’s right to exercise at any other time the same or any other right, remedy or election it may have under this Agreement. The rights of termination
provided herein are in addition to any other right, remedy or election a party may have hereunder or at law or in equity, including the right to sue for breach without terminating this Agreement. In the event that a party has been determined to have
materially breached this Agreement, the non-breaching party shall be entitled to pursue all appropriate legal and equitable relief and shall be entitled to recover, in addition to any other relief granted, reasonable attorney fees and expenses of
litigation or arbitration. In the event there is any type of purchase order or other commercial transaction agreement, in the event of conflict, the terms of this Agreement shall prevail. 
  
 F. Entire Agreement; Amendment. This Agreement embodies the entire understanding between the parties with respect to
the subject matter hereof and supersedes any prior or contemporaneous representations or warranties between the parties relating hereto. No modification or amendment to this Agreement or any of its provisions shall be binding unless contained in
writing signed by both parties. 
  
 G. Governing Law. THIS
AGREEMENT AND ANY DOCUMENTS OR AGREEMENTS ANCILLARY HERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE SUBSTANTIVE LAWS OF THE STATE OF COLORADO WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
  
 H. Survival. The obligations with respect to intellectual property
ownership under Section VI, the confidentiality obligations under Section VIII, the non-competition provisions of Section IX(C), the indemnification and dispute resolution procedures under Section X (including the indemnification for any breach of
the Agreement occurring prior to the date of termination) shall survive any termination of this Agreement. 
  
 I. Severability. The invalidity or unenforceability of any portion of this Agreement shall not effect the validity or enforceability of the
remainder thereof. 
  
 J. Headings. The headings to the
sections of this Agreement are solely for convenience of reference, and they shall not govern, limit or aid in the interpretation of any terms or provisions of this Agreement. 
  

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 K. Publicity. The parties will consult with each other and will mutually agree upon any press
releases or public announcements pertaining to the transactions contemplated by this Agreement and shall not issue any press releases or make any such public announcements prior to such consultation and agreement, except as may be required by
applicable law or by obligations pursuant to any agreement with any national securities exchange or automated quotation system, in which case the party proposing to issue such press release or make such public announcement shall use its reasonable
efforts to consult in good faith with the other party before issuing any such press releases or making any such public announcements. 
  
 [Signature Page Follows] 
  

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 The undersigned parties have executed this Agreement to be effective as of the Effective Date.

  

	 POLAR:
  
 POLAR MOLECULAR CORPORATION

		
	 By:
	 	     /s/ Mark L. Nelson        

	 Name: Mark L. Nelson
 Title: President and Chief Executive Officer

  

	 LOCKHART:
  
 LOCKHART CHEMICAL COMPANY

		
	 By:
	 	     /s/ Thomas Gillespie        

	 Name: T. J. Gillespie, Jr.
 Title: Chairman and President

 SCHEDULE I 
 PRODUCTS 
  
 DurAlt® CFC-Diesel 
 GPMC-111 
  
 DurAlt® CFC-Gasoline 
 GPMC-114

  
 DuraFlo® II WFC 
 GPMC-301 
  
 DuraSta® FS 
 GPMC-401 

 
 DuraKleen® RF 
 GPMC-501 
  

 SCHEDULE II 
 REQUIRED SALES VOLUMES 
  

	 Term

	  	Product

	  	Volume (gallons)

	 
	 Effective Date through December 31, 2004
	  	 	  	400,000	 
	 January 1, 2005 through December 31, 2005
	  	 	  	600,000	 
	 January 1, 2006 through December 31, 2006
	  	 	  	900,000	 
	 January 1, 2007 through December 31, 2007
	  	 	  	1,350,000	 
	 January 1, 2008 through Initial Term
	  	 	  	2,025,000	*

 * Prorated based on number of days from January 1,
2008 through the end of the Initial Term 

 SCHEDULE III 
 PRODUCTS SUBJECT TO LICENSE 
  

	 Product

	  	Royalty
(per gallon)

	 DurAlt® CFC-Diesel
 GPMC-111
	  	$7.01
	 DurAlt® CFC-Gasoline
 GPMC-114
	  	$7.78
	 DuraFlo® II WFC
 GPMC-301
	  	$       
	 DuraSta® FS
 GPMC-401
	  	$7.68
	 DuraKleen® RF
 GPMC-501
	  	$<PAGE>

                   AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

               AMENDED AND RESTATED STOCKHOLDERS AGREEMENT, dated as of May 14,
2003 (the "Agreement"), by and among NATIONAL FINANCIAL PARTNERS CORP. (formerly
known as National Financial Services Company, Inc.), a Delaware corporation
("NFP"), APOLLO INVESTMENT FUND IV, LP., a Delaware limited partnership
("Apollo"), and each of the stockholders of NFP set forth on the signature page
hereto (collectively, the "Stockholders"). Certain other Persons (as defined
below) having employment and other business relationships with NFP and its
Affiliates (as defined below) may be issued shares of Common Stock (as defined
below) (or other equity securities of NFP) or securities convertible into or
exchangeable for Common Stock (or other equity securities of NFP) and, if so
issued, NFP, without the consent of any other party hereto, (i) may amend this
Agreement to allow any such Person, if NFP so chooses, to become an additional
Stockholder hereunder, subject to such Person (as used herein, "Person" shall
mean an individual, corporation, partnership, joint venture, trust,
unincorporated organization, government (or any department or agency thereof) or
other entity) becoming a signatory to this Agreement or (ii) after September 30,
2003, may require such Person to become a party to one or more other
stockholders agreements to be entered into among NFP, such Person and such other
stockholders as may become party thereto in accordance with the terms of any
such agreement or agreements. Only the parties signatory hereto are subject to
the terms hereof and no stockholder of NFP not signatory hereto shall be subject
to the terms hereof.

                                    RECITALS

               WHEREAS, NFP, Apollo and NFP's other existing stockholders have
entered into a stockholders agreement, dated as of October 27, 1998 (the
"Original Stockholders Agreement") pursuant to which the parties provided for
the sale, assignment, transfer, encumbrance or other disposition of the common
stock, par value $.01 per share (the "Common Stock") of NFP which the parties
hereto own or may hereafter acquire, and for certain rights (including, without
limitation, registration rights) and obligations in respect thereof;

               WHEREAS, Section 4.7 of the Original Stockholders Agreement
permits amendment of the Original Stockholders Agreement by a written instrument
signed by NFP, by Apollo and by Stockholders holding a majority of the then
outstanding shares of Common Stock held by all Stockholders;

               WHEREAS, in connection with a proposed underwritten public
offering of shares of Common Stock by NFP, NFP has proposed certain amendments
to the Original Stockholders Agreement that are intended to facilitate such
offering; and

               WHEREAS, NFP, Apollo and the other Stockholders listed on the
signature page hereto by this agreement, amend and restate each and every term
and provision of the Original Stockholders Agreement.

               NOW, THEREFORE, in consideration of the premises and of the terms
and conditions contained herein, the parties hereto agree as follows:

<PAGE>

                                    ARTICLE I

                                     VOTING

               Section 1.1 Covenant to Vote

               Each of the Stockholders who holds Common Stock entitled to vote
on stockholder matters shall appear in person or by proxy at any annual or
special meeting of stockholders for the purpose of obtaining a quorum and shall
vote the shares of Common Stock entitled to vote on stockholder matters owned by
such Stockholder, either in person or by proxy, at any annual or special meeting
of stockholders of NFP called for the purpose of voting on the election or
removal of directors, or shall act by consensual action of stockholders with
respect to the election or removal of directors, in favor of (i) the election of
the directors nominated by the Board of Directors of NFP and (ii) the removal of
directors proposed or supported by Apollo. In addition, each Stockholder who
holds Common Stock entitled to vote on stockholder matters shall appear in
person or by proxy at any annual or special meeting of stockholders for the
purpose of obtaining a quorum and shall vote the shares of Common Stock entitled
to vote on stockholder matters owned by such Stockholder, either in person or by
proxy, upon any matter submitted to a vote of the stockholders of NFP, or shall
act by consensual action of stockholders, in a manner so as to be consistent and
not in conflict with, and to implement and effect, the terms of this Agreement.

               Section 1.2 No Voting or Conflicting Agreements

               No Stockholder shall grant any proxy or enter into or agree to be
bound by any voting trust with respect to the Common Stock nor shall any
Stockholder enter into any stockholder agreements or arrangements of any kind
with any Person with respect to the Common Stock inconsistent with the
provisions of this Agreement (whether or not such agreements and arrangements
are with other Stockholders or holders of Common Stock that are not parties to
this Agreement). The foregoing prohibition includes, but is not limited to,
agreements or arrangements with respect to the acquisition, disposition or
voting of shares of Common Stock inconsistent with the provisions of this
Agreement. No Stockholder shall act, for any reason, as a member of a group or
in concert with any other Persons in connection with the acquisition,
disposition or voting of shares of Common Stock in any manner which is
inconsistent with the provisions of this Agreement.

                                   ARTICLE II

                       RESTRICTIONS ON TRANSFERS OF STOCK

               Section 2.1 General Prohibition on Transfers

               (a) Prohibition on Transfers Generally. No Stockholder shall, at
any time, directly or indirectly, sell, assign, pledge or encumber or otherwise
transfer, other than to NFP or Persons controlled by, controlling or under
common control with ("Affiliates") NFP, (any such transaction, whether or not
for consideration, being referred to hereinafter as a "Transfer" and all Persons
to whom a Transfer is made, regardless of the method of Transfer, shall be
referred to

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collectively as "Transferees" and individually as a "Transferee") any shares of
Common Stock, unless such Transfer is made in accordance with Section 2.3, 2.4,
2.5, 2.6 or 2.8 or in accordance with Article III. No such Transfer, other than
pursuant to Section 2.3, 2.5 or 2.6, shall be permitted pursuant to this
Agreement prior to the consummation of an IPO. "IPO" shall mean an underwritten
public offering of shares of Common Stock pursuant to a registration statement
under the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder (the "Securities Act"), with, together with all prior
public offerings of Common Stock, aggregate net proceeds to NFP and any selling
Stockholders of at least $50 million.

               (b) Recordation. NFP shall not record upon its books, and shall
cause any transfer agent appointed by NFP not to permit, any Transfer of shares
of Common Stock held or owned by any of the Stockholders or any other Person to
any other Person except Transfers in accordance with this Agreement.

               (c) Obligations of Transferees. No Transfer of shares of Common
Stock by a Stockholder (other than pursuant to Article III) shall be effective
unless (x) the Transferee (including a Permitted Transferee (as defined below)
pursuant to Section 2.3) shall have executed an appropriate document in form and
substance satisfactory to NFP in its reasonable judgment confirming that (i) the
Transferee takes such shares subject to all the terms and conditions of this
Agreement to the same extent as its transferor was bound by and entitled to the
benefits of such provisions (except as specifically provided herein), (ii) the
Transferee agrees to comply with the obligations of a "Stockholder" under
Section 3.7 to the same extent as its transferor was bound by and entitled to
the benefits of such provisions (except as specifically provided therein) and
(iii) any certificates representing shares shall bear legends, substantially in
the forms required by Section 2.7, and (y) such document shall have been
delivered to and approved by NFP prior to such Transferee's acquisition of
shares of Common Stock.

               Section 2.2   Compliance with Securities Laws

               No Stockholder shall Transfer any shares of Common Stock, unless
(a) the Transfer is pursuant to an effective registration statement under the
Securities Act and in compliance with any other applicable federal securities
laws and state securities or "blue sky" laws or (b) such Stockholder shall have
furnished NFP with an opinion of counsel, which opinion and counsel shall be
satisfactory to NFP in its reasonable judgment, to the effect that no such
registration is required because of the availability of an exemption from
registration under the Securities Act and under any applicable state securities
or "blue sky" laws and that the Transfer otherwise complies with this Agreement
and any other applicable federal securities laws and state securities or "blue
sky" laws.

               Section 2.3   Permitted Transfers

               Section 2.3.1 Stockholders. The restrictions contained in
Sections 2.1(a) and 2.4 with respect to Transfers by Stockholders of shares of
Common Stock shall not apply to (A) any Transfer by a Stockholder who is an
individual (an "Individual Stockholder"): (i) to or among such Individual
Stockholder's spouse, children, grandchildren or other living descendants, or to
a trust or family partnership of which there are no principal (i.e., corpus)
beneficiaries or partners other than the grantor or one or more of such
Individual Stockholder, spouse or described

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relatives and, provided, in the case of a trust, that the existing beneficiaries
and/or trustee(s) and/or grantor(s) of such trust have the power to act with
respect to the trust's assets without court approval and, in the case of a
family partnership, that the partners thereof have the power to act with respect
to the partnership's assets without court approval and the partnership is not
permitted to (x) distribute assets to Persons who are not among the relatives
listed above or (y) have partners who are not among the relatives listed above;
(ii) to a legal or personal representative of such Individual Stockholder in the
event of the death or Disability of such Individual Stockholder; and (iii)
pursuant to a qualified domestic relations order; or (B) any Transfer by any
Stockholder of such Stockholder's shares of Common Stock issued to such
Stockholder to a management company or manager of a subsidiary of NFP, to any
Affiliate thereof, to any Principal (as such term is defined in the management
agreement between such Stockholder and NFP) or other employee of such a
management company. Notwithstanding the foregoing, no Transfer may be effected
pursuant to this Section 2.3.1 unless NFP is satisfied, in its sole discretion,
that the proposed Transferee is an "Accredited Investor" (as defined in Rule 501
promulgated under the Securities Act). As used in this Agreement, "Disability"
means that the Individual Stockholder is unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental
impairment which can be expected to be long-continued and of indefinite
duration.

               Section 2.3.2 Permitted Transferees. Transferees to whom
Transfers are permitted pursuant to clauses (A) and (B) of Section 2.3.1 are
referred to herein as "Permitted Transferees." Any such permitted Transfer shall
be subject to the terms of this Agreement, including, without limitation,
compliance with Section 2.1(c).

               Section 2.3.3 Transfer by Permitted Transferees. The restrictions
contained in Sections 2.1(a) and 2.4 of this Agreement with respect to Transfers
by Stockholders of shares of Common Stock shall not apply to any Transfer by a
Permitted Transferee of a Stockholder to such Stockholder or to another
Permitted Transferee of such Stockholder, and any such Transferee shall also be
a "Permitted Transferee," subject to the provisions of Section 2.3.2.

               Section 2.4   Right of First Refusal

               Section 2.4.1 Seller's Notice. From and after the consummation of
an IPO, if any Stockholder proposes to Transfer any of the Common Stock held by
it in one transaction or a series of related transactions for consideration with
a value in excess of $250,000, other than to NFP or Affiliates of NFP, and other
than pursuant to Section 2.3, 2.5 or 2.6 of this Agreement or pursuant to the
Article III (for purposes of this Section 2.4 and any cross-references hereto,
such Stockholder, along with any Affiliates and Permitted Transferees thereof
that are Stockholders, the "Selling Stockholder"), the Selling Stockholder shall
first give written notice (the "Seller's Notice") to NFP, stating that the
Selling Stockholder desires to make such Transfer, referring to Section 2.4,
specifying the number of shares of Common Stock proposed to be Transferred (the
"First Refusal Shares"), and specifying the price, in cash (the "First Refusal
Price"), and the material terms pursuant to which such Transfer is proposed to
be made (together with the First Refusal Price, the "First Refusal Terms").

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               Section 2.4.2 Exercise of Option.

               (a) Option. Upon receipt of the Seller's Notice, NFP shall have
the exclusive option for five business days following receipt of the Seller's
Notice to give notice (the "Acceptance Notice") that it will purchase the First
Refusal Shares for Fair Market Value; provided, however, that the Selling
Stockholder shall not be required to sell any First Refusal Shares pursuant to
this option unless all the First Refusal Shares are to be purchased by NFP.
"Fair Market Value" shall mean, as of any applicable date, the mean between the
highest and lowest reported sales prices of the Common Stock on the New York
Stock Exchange or, if not listed on such exchange, on any other national
securities exchange on which the Common Stock is listed or, if not so listed, on
the Nasdaq National Market on the last preceding date on which there was a sale
of Common Stock on such exchange or Nasdaq National Market. If the Common Stock
is not then listed on any exchange or the Nasdaq National Market, the Fair
Market Value of the Common Stock shall be determined by the Board of Directors
of NFP in good faith.

               (b) Failure to Exercise Option. If the Seller's Notice shall be
duly given and if NFP shall not exercise its option to purchase all of the First
Refusal Shares at Fair Market Value as provided in Section 2.4.2, then the
Selling Stockholder shall be free, for a period of 120 days from the 10/th/ day
following the receipt of the Seller's Notice, to Transfer the First Refusal
Shares to any Proposed Transferee (as defined below), as long as all of the
First Refusal Shares are Transferred for cash, payable upon Transfer, at a price
equal to or greater than 90% of the First Refusal Price and on all other
material terms not more favorable to the Proposed Transferee than the First
Refusal Terms.

               (c) Closing Date. In the case of a purchase by NFP of any First
Refusal Shares pursuant to Section 2.4, the parties to such purchase shall
mutually determine a closing date (the "First Refusal Closing Date") which shall
not be (except as otherwise required by the terms of this Agreement) more than
30 days after the date of the Acceptance Notice, or if any such day is not a
business day, then the first business day thereafter, subject, in any case, to
extension until expiration or termination of any applicable regulatory waiting
periods (including, without limitation, if applicable, pursuant to the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended) and
satisfaction of all other applicable regulatory conditions. The closing shall be
held at 10:00 a.m., local time, at the principal executive office of NFP, or at
such other time or place as the parties may agree.

               (d) Deliveries at Closing; Method of Payment of Purchase Price.
On a First Refusal Closing Date, the Selling Stockholder shall deliver
certificates, free and clear of all liens and encumbrances, with appropriate
transfer tax stamps affixed and with stock powers endorsed in blank,
representing the shares of Common Stock to be purchased by NFP, which shall
deliver to such Selling Stockholder the purchase price in cash (or certified or
cashier's check). In addition, if the Person selling Common Stock is the
personal representative of a deceased Stockholder, the personal representative
shall also deliver to the purchaser or purchasers (i) copies of letters
testamentary or letters of administration evidencing his appointment and
qualification, (ii) a certificate issued by the Internal Revenue Service
pursuant to Section 6325 of Internal Revenue Code of 1986, as amended (the
"Code"), discharging the shares being sold from liens imposed by the Code (or,
if it is impossible to obtain such certificate by the First

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Refusal Closing Date, the sale of such Common Stock may be consummated and the
proceeds placed in escrow pending receipt thereof) and (iii) an estate tax
waiver issued by the state of the decedent's domicile.

               Section 2.5   Tag-Along Rights

               Section 2.5.1 Tag-Along Buyer. In the event that Apollo proposes
to sell any shares of Common Stock owned by it (the "Apollo Shares") in one
transaction or a series of related transactions (a "Covered Transaction") such
that following such sale more than 10% of the then outstanding shares of Common
Stock will have been sold to one holder or group of related holders, then Apollo
shall first give written notice (the "Tag-Along Notice") to each Stockholder,
stating that Apollo desires to make such sale, referring to Section 2.5,
specifying the number of shares of Common Stock proposed to be sold and
specifying the per share price (the "Tag-Along Price"), and the material terms
pursuant to which such sale is proposed to be made (together with the Tag-Along
Price, the "Tag-Along Terms"). Notwithstanding the foregoing, the provisions of
this Section 2.5 shall not apply to (i) a transfer by Apollo to any Affiliate of
Apollo that agrees to be bound by the terms of this Agreement or (ii) a transfer
of Common Stock pursuant to a registration statement filed with the Securities
and Exchange Commission (the "SEC").

               Section 2.5.2 Exercise of Tag-Along Option.

               (a) Option. Upon receipt of the Tag-Along Notice, each
Stockholder shall have the option for 30 days following receipt of the Tag-Along
Notice to participate in the Covered Transaction with respect to a number of
shares (the "Tag-Along Shares") of Common Stock held by it equal to the product
of (1) the quotient of (A) the aggregate number of shares of Common Stock to be
sold by Apollo in the Covered Transaction divided by (B) the aggregate number of
shares of Common Stock then owned by Apollo times (2) the number of shares of
Common Stock then owned by such Stockholder, for the same Tag-Along Price and
otherwise on the same Tag-Along Terms; provided, that in the event that the
consideration for the Common Stock consists in whole or in part of securities,
then no Stockholder or any other Person shall be entitled to any rights under
this Section 2.5 unless NFP is satisfied, in its sole discretion, that such
Stockholder or other Person is an "Accredited Investor" (as defined in Rule 501
promulgated under the Securities Act).

               (b) Failure to Exercise Option. If the Tag-Along Notice shall be
duly given and if a Stockholder shall not exercise its option to sell shares of
Common Stock in the Covered Transaction, then Apollo shall be free, for a period
of 120 days from the 30th day following the giving of the Tag-Along Notice, to
sell the Apollo Shares (together with any Tag-Along Shares) to any Proposed
Transferee, as long as all of the Apollo Shares are sold at a price equal to or
greater than 95% of the Tag-Along Price and on all other material terms not more
favorable, in the aggregate, to the Proposed Transferee than the Tag-Along
Terms.

               (c) Sale Agreement. Each Stockholder electing to sell Tag-Along
Shares (a "Tag-Along Seller") agrees to cooperate in consummating such a sale,
including, without limitation, by becoming a party to the sales agreement and
all other appropriate related agreements, delivering at the consummation of such
sale, stock certificates and other instruments

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<PAGE>

for such Common Stock duly endorsed for transfer, free and clear of all liens
and encumbrances, and voting or consenting in favor of such transaction (to the
extent a vote or consent is required) and taking any other necessary or
appropriate action in furtherance thereof, including the execution and delivery
of any other appropriate agreements, certificates, instruments and other
documents. The foregoing notwithstanding, in connection with such sale, a
Tag-Along Seller shall not be required to make any representations and
warranties with respect to NFP or NFP's business or with respect to any other
seller. In addition, each Tag-Along Seller shall be severally responsible for
its proportionate share of the expenses of sale incurred by the sellers in
connection with such sale and the obligations and liabilities incurred by the
sellers in connection with such sale. Such obligations and liabilities shall
include (to the extent such obligations are incurred) obligations and
liabilities for indemnification (including, without limitation, for (x) breaches
of representations and warranties made in connection with such sale by NFP or
any other seller with respect to NFP or NFP's business, (y) breaches of
covenants and (z) other matters), and shall also include amounts paid into
escrow or subject to holdbacks, and amounts subject to post-closing purchase
price adjustments. The foregoing notwithstanding, (1) without the written
consent of a Tag-Along Seller, the amount of such obligations and liabilities
for which such Tag-Along Seller shall be responsible shall not exceed the gross
proceeds received by such Tag-Along Seller in such sale and (2) a Tag-Along
Seller shall not be responsible for the fraud of any other seller or for any
indemnification obligations and liabilities for breaches of representations and
warranties made by any other seller with respect to Apollo's or such other
seller's (i) ownership of and title to shares of capital stock of NFP, (ii)
organization, (iii) authority and (iv) conflicts and consents.

               (d) Proposed Transferee. "Proposed Transferee" means a Person or
group (as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as
amended (the "Exchange Act")), other than any Stockholders or their Affiliates
(whether any such Affiliate is such prior to or upon consummation of such
Transfer, but not solely by virtue of becoming a party to this Agreement), to
whom Common Stock is proposed to be Transferred pursuant to the terms of Section
2.4, 2.5 or 2.6 of this Agreement.

               (e) No Liability. Notwithstanding any other provision contained
in Section 2.4 or 2.5, there shall be no liability on the part of NFP or Apollo
in the event that the sale pursuant to Section 2.4 or 2.5 is not consummated for
any reason whatsoever. The decision whether to effect a sale pursuant to this
Section 2.5 shall be in the sole and absolute discretion of Apollo.

               Section 2.6   Drag-Along Right

               Section 2.6.1 Exercise. If Stockholders owning fifty-one percent
(51%) or more of the then outstanding shares of Common Stock propose to make a
bona fide sale of all of the shares of Common Stock held by such Stockholders to
a Proposed Transferee that is not an Affiliate of Apollo, pursuant to a stock
sale, merger, business combination, recapitalization, consolidation,
reorganization, restructuring or similar transaction with respect to which an
opinion of a third party investment bank has been obtained by NFP with respect
to the fairness, from a financial point of view, of the proposed transaction to
the stockholders of NFP (other than the proposing Stockholders), then such
Stockholders shall have the right (a "Drag-Along Right"), exercisable upon 30
days' prior written notice to the other Stockholders, to require the other

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Stockholders to sell all of their shares of Common Stock and, at the election of
such proposing Stockholders, options to purchase or any other award or right to
receive or acquire shares of Common Stock (whether vested or unvested) issued
pursuant to employment agreements, management agreements or stock incentive
plans or otherwise ("Options"), to the Proposed Transferee on the same terms and
conditions and at the same price (in the case of the Options, the purchase price
of each Option shall be equal to the purchase price attributable to the number
of shares of Common Stock issuable upon exercise of such Option less the
exercise price thereof) as the Stockholders exercising the Drag-Along Right.

               Section 2.6.2 Sale Agreement. Each Stockholder selling shares of
Common Stock pursuant to a transaction contemplated by this Section 2.6 (a
"Drag-Along Seller"), agrees to cooperate in consummating such a sale,
including, without limitation, by becoming a party to the sales agreement and
all other appropriate related agreements, delivering at the consummation of such
sale, stock certificates and other instruments for such shares of Common Stock
duly endorsed for transfer, free and clear of all liens and encumbrances, and
voting or consenting in favor of such transaction (to the extent a vote or
consent is required) and taking any other necessary or appropriate action in
furtherance thereof, including the execution and delivery of any other
appropriate agreements, certificates, instruments and other documents. The
foregoing notwithstanding, in connection with such sale, a Drag-Along Seller
shall not be required to make any representations and warranties with respect to
NFP or NFP's business or with respect to Apollo or any other seller. In
addition, each Drag-Along Seller shall be severally responsible for its
proportionate share of the expenses of sale incurred by the proposing
Stockholders in connection with such sale and the obligations and liabilities
incurred by the sellers in connection with such sale. Such obligations and
liabilities shall include (to the extent such obligations are incurred)
obligations and liabilities for indemnification (including, without limitation,
for (x) breaches of representations and warranties made in connection with such
sale by NFP or any other seller with respect to NFP or NFP's business, (y)
breaches of covenants and (z) other matters), and shall also include amounts
paid into escrow or subject to holdbacks, and amounts subject to post-closing
purchase price adjustments. The foregoing notwithstanding, (1) without the
written consent of a Drag-Along Seller, the amount of such obligations and
liabilities for which such Drag-Along Seller shall be responsible shall not
exceed the gross proceeds received by such Drag-Along Seller in such sale and
(2) a Drag-Along Seller shall not be responsible for the fraud of any other
seller or any indemnification obligations and liabilities for breaches of
representations and warranties made by any other seller with respect to such
other seller's (i) ownership of and title to shares of capital stock of NFP,
(ii) organization, (iii) authority and (iv) conflicts and consents.

               Section 2.6.3 No Liability. Notwithstanding any other provision
contained in this Section 2.6, there shall be no liability on the part of NFP or
the proposing Stockholders in the event that the sale pursuant to this Section
2.6 is not consummated for any reason whatsoever. The decision whether to effect
a Transfer pursuant to this Section 2.6 shall be in the sole and absolute
discretion of the proposing Stockholders.

               Section 2.7   Restrictions on Transfers of Stock

               Section 2.7.1 Legends. Each of the Stockholders hereby agrees
that outstanding certificate representing shares of Common Stock, any
certificate representing shares of Common

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Stock acquired in accordance with the provisions of this Agreement and any
certificates representing shares of Common Stock issued upon exercise of the
Options or other Options to purchase shares of Common Stock, in any case,
subject to the provisions of this Agreement and issued prior to the date when
the applicable restrictions are terminated pursuant to Section 2.7.3, shall bear
endorsements reading substantially as follows:

                    (a) The securities represented by this certificate have not
         been registered under the Securities Act, or under the securities laws
         of any state and may not be transferred, sold or otherwise disposed of
         except while such a registration is in effect or pursuant to an
         exemption from registration under said Act and applicable state
         securities laws.

                    (b) The securities represented by this certificate are
         subject to the terms and conditions set forth in an Amended and
         Restated Stockholders Agreement, dated as of May 14, 2003, copies of
         which may be obtained from the issuer or from the holder of this
         security. No transfer of such securities will be made by the issuer or
         any transfer agent appointed by the issuer unless accompanied by
         evidence of compliance with the terms of such agreement.

               Section 2.7.2 Copy of Agreement. A copy of this Agreement shall
be filed with the corporate secretary of NFP and kept with the records of NFP
and shall be made available for inspection by any stockholder of NFP at the
principal executive offices of NFP.

               Section 2.7.3 Termination of Restrictions. The restriction
referred to in the endorsement required pursuant to Section 2.7.1(a) shall cease
and terminate as to any particular shares of Common Stock (a) when, in the
opinion of counsel for NFP, such restriction is no longer required in order to
assure compliance with the Securities Act or (b) when such shares shall have
been effectively registered under the Securities Act. NFP or NFP's counsel, at
their election, may request from any Stockholder a certificate or an opinion of
such Stockholder's counsel with respect to any relevant matters in connection
with any Transfer or the removal of the endorsement set forth in Section
2.7.1(a) from such Stockholder's stock certificates, any such certificate or
opinion of counsel to be reasonably satisfactory to NFP and its counsel. The
restrictions referred to in Section 2.7.1(b) shall cease and terminate as to any
particular shares of Common Stock when, in the opinion of counsel for NFP, the
provisions of this Agreement are no longer applicable to such shares or this
Agreement shall have terminated in accordance with its terms. Any other
restrictions referred to in any other legends required pursuant to Section 2.7.1
shall cease and terminate when, in the reasonable opinion of counsel for NFP,
such restrictions are no longer applicable. Whenever such restrictions shall
cease and terminate as to any shares of Common Stock, the Stockholder holding
such shares shall be entitled to receive from NFP, without expense (other than
applicable transfer taxes, if any, if such unlegended shares are being delivered
and transferred to any Person other than the registered holder thereof), new
certificates for a like number of shares of Common Stock not bearing the
relevant legend(s) set forth or referred to in Section 2.7.1.

         Section 2.8 Prohibitions on Transfer Following an IPO.

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         (a)   Notwithstanding any other provision of this Agreement, each
Stockholder agrees that, in addition to any restrictions imposed by law,
including, without limitation, Section 10(b) of the Exchange Act and Rule 10b-5
thereunder, and except as permitted by Sections 2.3.1, 2.5 and 2.6, from and
including the date of the consummation of an IPO, no Stockholder shall Transfer,
including in accordance with Rule 144 under the Securities Act, any shares of
Common Stock owned by such Stockholder, except that, at such stockholder's
election:

         (i)   each Stockholder may Transfer up to 20% of the Applicable Total
Shares of such Stockholder in the IPO, plus any shares the underwriters elect to
purchase as part of the over-allotment option granted to them by the
stockholders of NFP;

         (ii)  during the period commencing on the 180/th/ day after the
effective date of the registration statement relating to the IPO (the "Effective
Date") and ending 15 months after the Effective Date, in connection with an
underwritten offering of Common Stock by NFP, each Stockholder may Transfer the
aggregate of any Holdover Amount plus up to 20% of the Applicable Total Shares
of such Stockholder;

         (iii) if, during the period described in clause (ii), NFP does not
consummate an underwritten public offering, during the period commencing 15
months after the Effective Date and ending 24 months after the Effective Date,
subject to the provisions of any lockup agreement entered into from time to time
in accordance with Section 3.7 hereof, each Stockholder may Transfer the
aggregate of any Holdover Amount plus up to 20% of the Applicable Total Shares
of such Stockholder; and

         (iv)  in each period after the Effective Date specified in the table
set forth below (each such period, together with the periods referred to in
clauses (ii) and (iii) above, a "Transfer Period"), subject to the provisions of
any lockup agreement entered into from time to time in accordance with Section
3.7 hereof, each Stockholder may Transfer the aggregate of any Holdover Amount
plus the percentage of the Applicable Total Shares of such Stockholder specified
in the table set forth below for such Transfer Period.

--------------------------------------------------------------------------------
Transfer Period                               % of Applicable Total Shares
--------------------------------------------------------------------------------
24 months to 36 months                        20%
--------------------------------------------------------------------------------
36 months to 60 months                        20%
--------------------------------------------------------------------------------
After 60 months                               Any remaining shares
--------------------------------------------------------------------------------

         (v)   In any underwritten offering of Common Stock by NFP,
participation in any such offering by a Stockholder is subject to cutback in
accordance with Section 3.2.2 or Section 3.3.2, as applicable, and the other
provisions of this Agreement, including, without limitation, Section 3.8.

         (b)   As used in this Section, the following phrases shall have the
following meanings:

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         As of the date of the consummation of the IPO, "Applicable Total
Shares" means, the sum of (i) all shares of Common Stock owned of record by such
Stockholder as of the Cut-Off Date and (ii) all shares of Common Stock issuable
to such Stockholder upon the exercise of options held by such Stockholder that
are exercisable as of the Cut-Off Date.

         As of any date after the consummation of the IPO, "Applicable Total
Shares" means:
         (A)   the amount calculated with respect to such Stockholder as of the
               date of the consummation of the IPO;
         (B)   plus, the sum of (i) all shares of Common Stock acquired by such
               Stockholder after the Cut-Off Date and at least ten business days
               before the first day of the applicable Transfer Period and (ii)
               all shares of Common Stock issuable to such Stockholder upon the
               exercise of options held by such Stockholder that became
               exercisable after the Cut-Off Date and on or prior to the first
               day of the applicable Transfer Period;
         (C)   less, the number of shares of Common Stock that have been
               Transferred by such Stockholder, on or after the Cut-Off Date and
               at least ten business days before the first day of the applicable
               Transfer Period, to a Permitted Transferee in accordance with
               Section 2.3.1. hereof;
         (D)   less, any shares of Common Stock purchased in the public market,
               either in or after the IPO.

         "Cut-Off Date" means a date determined by the Board of Directors, in
its sole discretion, that shall be not more than 180 days, and not less than 5
days, prior to the effective date of the registration statement relating to the
IPO.

         "Holdover Amount" means, as of any date, the aggregate of any shares of
Common Stock that a Stockholder was permitted to Transfer in accordance with the
provisions of this Section in the IPO and in any completed Transfer Period that
were not so Transferred, including shares not so Transferred by reason of a
prior cutback in accordance with Section 3.2.2 or 3.3.2.

         (c) The foregoing provisions do not apply to any shares of Common Stock
purchased by a Stockholder (i) from NFP in an underwritten public offering or
(ii) in the open market following the consummation of the IPO.

         (d) Notwithstanding any other provisions of this Agreement, in the
event that an Individual Stockholder dies, upon a determination by the Board of
Directors that the provisions of this Article II result in undue hardship
including, without limitation, because of an obligation to pay estate taxes, the
Board of Directors may authorize the estate or legal representative of such
Stockholder to Transfer some or all of the shares of Common Stock owned by such
Stockholder subject to such terms and conditions as are determined by the Board
of Directors.

         (e) At any time after the 180/th/ day following the effective date of
the registration statement relating to the IPO, the Board of Directors may, in
its sole discretion, modify the provisions of this Section to (i) increase the
percentage of Applicable Total Shares that may be sold by Stockholders in any
transfer period or (ii) decrease the period of time that shares of Common Stock
will remain subject to the provisions of this Section.

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<PAGE>

         (f) Notwithstanding any other provisions of this Agreement, the Board
of Directors, in its sole discretion, may waive the provisions of this Section
in connection with any business combination, restructuring, recapitalization or
other extraordinary transaction that has been approved by a majority of the
Board of Directors.

         (g) Notwithstanding any other provisions of this Section, following the
180/th/ day after the Effective Date, a Stockholder may enter into a bona fide
pledge with a commercial bank or other lending institution with respect to any
Holdover Amount, provided that such Stockholder has provided NFP with written
notice not less than three business days prior to consummation of such pledge.

         (h) The provisions of this Section 2.8 shall no longer apply to any
Stockholder if the Common Stock is no longer listed on a national securities
exchange or quoted on Nasdaq (as defined below).

                                   ARTICLE III

                               REGISTRATION RIGHTS

             Section 3.1   Certain Definitions

             (a) "Register," "registered," and "registration" refer to a
registration effected by preparing and filing a registration statement or
similar document in compliance with the Securities Act, and the automatic
effectiveness or the declaration or ordering of effectiveness of such
registration statement or document.

             (b) "Registrable Securities" shall mean the shares of Common Stock;
provided, however, that any shares of Common Stock that are sold to the public
pursuant to a registered public offering or pursuant to Rule 144 under the
Securities Act or another exemption from the registration requirements of the
Securities Act pursuant to which the shares of Common Stock are thereafter
freely tradeable without restriction under the Securities Act, or that cease to
be outstanding, shall cease to be Registrable Securities; provided further,
however, that any Registrable Securities acquired by any Stockholder or
Affiliate thereof from another Stockholder or Affiliate thereof shall continue
to be Registrable Securities.

             (c) "Includable Registrable Securities" shall mean the maximum
number of Registrable Securities that may be Transferred by a particular
Stockholder as of the applicable date of determination in accordance with
Section 2.8.

             Section 3.2   Demand Registration

             Section 3.2.1 Demand Registration Rights. If NFP shall receive, at
any time, any, after October 27, 2003 and prior to the consummation of an IPO, a
written request by Stockholders owning a majority of the then outstanding shares
of Common Stock not owned by Apollo that NFP effect the registration under the
Securities Act of Registrable Securities then outstanding (which written request
shall specify the number of shares of Registrable Securities to

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be sold by the Initiating Stockholders (as defined below)), then NFP shall,
within 10 business days of the receipt thereof, give written notice of such
request (a "Demand Notice") to all Stockholders and shall, subject to the
limitations of this Section 3.2, use its reasonable efforts to effect such a
registration as soon as practicable and in any event to file with the SEC within
120 days of the receipt of such request a registration statement under the
Securities Act covering all the Registrable Securities which the Stockholders
shall request in writing to be included in such registration (which written
requests by the remaining Stockholders shall specify the number of shares of
Registrable Securities requested to be included and which written request shall
be given within 10 business days of receipt of the Demand Notice), and NFP shall
use its reasonable efforts to have such registration statement become effective.

             Section 3.2.2 Underwritten Offering Provisions. Subject to Section
3.2.1, the Stockholders initiating the registration request hereunder (the
"Initiating Stockholders") and the other selling Stockholders responding to a
Demand Notice must distribute the Registrable Securities covered by their
request by means of an underwritten offering on a firm commitment basis. The
right of any Stockholder to include its Registrable Securities in such a
registration shall be conditioned upon such Stockholder's participation in such
underwriting and the inclusion of such Stockholder's Registrable Securities in
the underwriting. All Stockholders proposing to distribute their securities
through such underwriting shall enter into an agreement in customary form with
the underwriter or underwriters selected for such underwriting by NFP and
reasonably acceptable to Stockholders participating in such registration holding
a majority of the shares requested to be so registered. Notwithstanding any
other provision of this Section 3.2, if, the underwriter advises NFP that
marketing factors require a limitation of the number of shares to be
underwritten, then NFP shall so advise all Stockholders of Registrable
Securities which would otherwise be included in the registration statement
pursuant hereto, and the number of shares of Registrable Securities that may be
included in the registration statement shall be allocated pro rata among the
Stockholders participating in such registration based on the number of shares of
Registrable Securities requested to be included by such participating
Stockholders (a "Demand Cutback").

             Section 3.2.3 Limitation on Number of Demands. NFP shall not be
required to effect, nor shall the Stockholders together be entitled to request,
more than one registration under this Section 3.2. A registration shall not be
deemed to have been effected, nor shall it be sufficient to eliminate the
registration available under this Section 3.2, unless such registration becomes
effective pursuant to the Securities Act; provided; that no registration shall
be deemed to have been effected, nor shall it eliminate the registration
available under this Section 3.2, if (i) such registration is interfered with by
any stop order, injunction or other order or requirement of the SEC or other
governmental authority, or the sale of Registrable Securities pursuant to such
registration is otherwise terminated or abandoned at the instance of NFP, in
either case, for any reason other than an act or omission of any Initiating
Stockholder; or (ii) the conditions to closing specified in the underwriting
agreement entered into in connection with such registration are not satisfied by
NFP other than by reason of an act or omission by any Initiating Stockholder:

             Section 3.2.4 Delay of Registration. Notwithstanding the foregoing,
if NFP shall furnish to the Initiating Stockholders a certificate signed by an
officer of NFP stating that, in the reasonable good faith judgment of the Board
of Directors of NFP, it would not be in the best interests of NFP and its
stockholders for such registration to be effected (because NFP is

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engaging in or intends to engage in an acquisition, divestiture or other
material transaction or due to other extraordinary events relating to NFP, but,
in any case, not including for purposes of NFP avoiding its obligations
hereunder), then NFP shall have the right to defer such registration for a
period of not more than an additional 90 days after receipt of the request of
the Initiating Stockholders; provided, however, that (A) NFP shall not be
entitled to defer its obligation to effect a registration for an aggregate of
more than 180 days within any 365-day period and (B) NFP shall make and
communicate to the selling Stockholders its determinations under this paragraph
in respect of a registration under this Section 3.2 within 15 days of NFP's
receipt of the Demand Notice in respect of such registration or, to the extent
reasonably practicable, promptly after becoming aware of a transaction or event
referred to in this Section 3.2.4.

             Section 3.3   NFP Registration

             Section 3.3.1 Registration Rights. If NFP proposes to register for
sale by NFP any shares of Common Stock or any Apollo Shares (including any
shares owned by an affiliate to which the Apollo Shares may have been
transferred) under the Securities Act in connection with the public offering of
such securities solely for cash (other than any registration of public sales or
distributions of securities issued pursuant to a registration statement on Form
S-8 or S-4 or any similar form), NFP shall, at each such time, promptly give
written notice of such registration to each Stockholder that holds Registrable
Securities. Upon the written request of any Stockholder given within, in the
case of an IPO, 10 days or within, in the case of an offering following an IPO,
the time period specified by the Board of Directors (which period shall be not
more than 10 days and not less than 5 days) after mailing of such notice by NFP,
NFP shall, subject to the provisions of Section 3.8, use its reasonable efforts
to include or, in the case of an underwritten offering, cause the underwriter or
underwriters to include, in the offering, on the same terms and conditions as
the securities of NFP included in such offering, all of the Includable
Registrable Securities that each such Stockholder has requested to be
registered, provided, however, that if, at any time after giving written notice
of its intention to register any shares and prior to the effective date of the
registration statement filed in connection with such registration, NFP shall
determine for any reason not to register or to delay registration of such
shares, NFP may, at its election, give written notice of such determination to
each Stockholder who has requested registration pursuant to this Section 3.3
and, thereupon, (x) in the case of a determination not to register, NFP shall be
relieved of its obligation to register any Registrable Securities in connection
with such registration and of all liability in connection therewith (other than
liability under Section 3.9 and expenses contemplated by Section 3.6) and (y) in
the case of a determination to delay such registration, NFP shall be permitted
to delay registration of any Registrable Securities requested to be included in
such registration statement for the same period as the delay in registering such
other shares. In the case of any registration of Registrable Securities in an
underwritten offering pursuant to this Section 3.3, all Stockholders proposing
to distribute their shares pursuant to this Section 3.3 shall, at the request of
NFP, enter into an agreement in customary form with the underwriter or
underwriters selected by NFP.

             Section 3.3.2 Cutback. If applicable, notwithstanding any other
provision of this Section 3.3, if, in the case of a registration pursuant to
Section 3.3.1 relating to an underwritten offering, the underwriter advises NFP
that marketing factors require a limitation of the number of shares to be
underwritten, then NFP shall so advise all Stockholders of Includable
Registrable Securities which would otherwise be included pursuant to this
Section 3.3, and the number of

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shares of Includable Registrable Securities that may be included in the
underwriting shall be allocated pro rata among all Stockholders participating in
such registration based on the number of shares of Includable Registrable
Securities the participating Stockholders have requested to be included in such
registration. All shares initially proposed to be sold by NFP (prior to the
exercise of any rights under this Section 3.3) shall be included in any
registration pursuant to this Section 3.3 before any Registrable Securities of
Stockholders are included.

             Section 3.4 Obligations of NFP. Whenever required under Sections
3.2 and 3.3 to effect the registration of any Registrable Securities on behalf
of any Stockholder, NFP shall, as expeditiously as reasonably possible: prepare
and file with the SEC a registration statement (on a Form selected by NFP for
which NFP is eligible) with respect to such Registrable Securities and use its
reasonable efforts to cause such registration statement to become effective;
and, upon the request of the Stockholders of a majority of the Registrable
Securities registered thereunder, keep such registration statement effective for
up to 90 days in the case of an underwritten offering, or 120 days in any other
case, unless the distribution of the securities registered thereunder has been
earlier completed; and shall:

                    (a) prepare and file with the SEC as expeditiously as is
         reasonably practicable such amendments and supplements to such
         registration statement and the prospectus used in connection with such
         registration statement and any documents incorporated therein by
         reference or by filing any other requested document, and use its
         reasonable efforts to cause each such amendment to become effective, as
         may be necessary to comply with the provisions of the Securities Act
         with respect to the disposition of all securities covered by such
         registration statement;

                    (b) furnish to each Stockholder selling Registrable
         Securities and each underwriter, if any, of such shares such reasonable
         number of copies of the registration statement and of a prospectus,
         including a preliminary prospectus, in conformity with the requirements
         of the Securities Act, including, in each case, all supplements,
         amendments and exhibits thereto, and such other documents as they may
         reasonably request in order to facilitate the disposition of
         Registrable Securities owned by them, and NFP hereby consents to the
         use of any such prospectus by the selling Stockholders and the
         underwriter, if any, in connection with any offer and sale covered
         thereby;

                    (c) use its reasonable efforts to register or qualify the
         securities covered by such registration statement under the securities
         or blue sky laws of such jurisdictions as shall be reasonably requested
         by the selling Stockholders (in light of the intended plan of
         distribution of such selling Stockholders) or any managing
         underwriters, and do any and all other acts and things which may be
         reasonably necessary or desirable to consummate the disposition of the
         securities in such jurisdictions; provided, that NFP shall not be
         required (i) to register or qualify the Registrable Securities in any
         jurisdiction if such registration or qualification in such jurisdiction
         would subject NFP to unreasonable burden or expense or would
         unreasonably delay the commencement of an underwritten offering or (ii)
         in connection therewith or as a condition thereto, to qualify to do
         business, subject itself to taxation in respect of doing business or
         file a general consent to service of process or register as a broker or
         dealer in any such states or jurisdictions where it has not otherwise
         done so;

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                    (d) in the event of any underwritten public offering, enter
         into and perform its obligations under an underwriting agreement, in
         usual and customary form, with the managing underwriter of such
         offering. Each Stockholder participating in such underwriting shall
         also enter into and perform its obligations under such an agreement,
         including, without limitation, furnishing any opinion of counsel (in
         form and substance as is customarily given by counsel to selling
         stockholders and addressed to the underwriters, NFP and the
         Stockholders requesting registration of Registrable Securities) and
         entering into a reasonable and customary lockup agreement pursuant to
         Section 3.7 reasonably requested by the managing underwriter;

                    (e) promptly notify each Stockholder that holds Registrable
         Securities covered by such registration statement, (i) when such
         registration statement or any posteffective amendment or supplement
         thereto becomes effective, (ii) of the issuance by the SEC or any state
         securities authority of any stop order, injunction or other order or
         requirement suspending the effectiveness of such registration statement
         (and take all reasonable action to prevent the entry of such stop order
         or to remove it if entered, or the initiation of any proceedings for
         that purpose) or (iii) of the happening of any event as a result of
         which the registration statement, as then in effect, the prospectus
         related thereto or any document included therein by reference includes
         an untrue statement of a material fact or omits to state a material
         fact required to be stated therein or necessary to make the statements
         therein not misleading in the light of the circumstances then existing
         and promptly file such amendments and supplements which may be required
         on account of such event and use its reasonable efforts to cause each
         such amendment and supplement to become effective;

                    (f) promptly furnish counsel for each underwriter, if any,
         and for the selling Stockholders of Registrable Securities copies of
         any written request by the SEC or any state securities authority for
         amendments or supplements to a registration statement and prospectus or
         for additional information;

                    (g) use reasonable efforts to obtain the withdrawal of any
         order suspending the effectiveness of a registration statement at the
         earliest possible time;

                    (h) cooperate with the selling Stockholders of Registrable
         Securities and the underwriter, if any, to facilitate the timely
         preparation and delivery of certificates representing Registrable
         Securities to be sold and not bearing any restrictive legends; and
         enable such Registrable Securities to be in such denominations
         (consistent with the provisions of the governing documents thereof) and
         registered in such names as the selling Stockholders or the
         underwriter, if any, may reasonably request at least five business days
         prior to any sale of Registrable Securities;

                    (i) make available for inspection by any underwriters
         participating in any disposition pursuant hereto and any counsel or
         accountant retained by such underwriters, all relevant financial and
         other records, pertinent corporate documents and properties of NFP and
         cause the respective officers, directors and employees of NFP to supply
         all information reasonably requested by any such representative,
         underwriter, counsel or accountant in connection with a registration
         pursuant hereto; provided,

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         however, that, with respect to records, documents or information which
         NFP determines, in good faith, to be confidential and as to which NFP
         notifies such underwriters, counsel or accountants in writing of such
         confidentiality, such underwriters, counsel or accountants shall not
         disclose such records, documents or information unless (i) the release
         of such records, documents or information is ordered pursuant to a
         subpoena or other order from a court of competent jurisdiction, (ii)
         such records, documents or information have previously been generally
         made available to the public or (iii) the disclosure of such records,
         documents or information is necessary, in the written opinion of
         outside legal counsel, to avoid or correct a material misstatement or
         omission in the registration statement and then only after reasonable
         request has been made to NFP to make such disclosure and NFP has denied
         such request.

                    (j) within a reasonable time prior to the filing of any
         registration statement, any related prospectus, any amendment to such a
         registration statement or amendment or supplement to such a prospectus,
         provide copies of such document to the selling Stockholders who hold
         Registrable Securities and their counsel and to the underwriter or
         underwriters, if any; make such reasonable changes in any such document
         prior to or after the filing thereof as the counsel to the Stockholders
         or the underwriter may request; and make available for discussion of
         such document such of the representatives of NFP as shall be reasonably
         requested by the Stockholders who hold Registrable Securities being
         registered or by any underwriter;

                    (k) within a reasonable time prior to the filing of any
         document which is to be incorporated by reference into a registration
         statement filed pursuant hereto or a related prospectus, provide copies
         of such document to counsel for the selling Stockholders of Registrable
         Securities; make such reasonable changes in such document prior to or
         after the filing thereof as counsel for such selling Stockholders shall
         request; and make available for discussion of such document such of the
         representatives of NFP as shall be reasonably requested by such
         counsel;

                    (l) comply with all applicable rules and regulations of the
         SEC, and make generally available to its security holders, as soon as
         reasonably practicable after the effective date of the registration
         statement (and in any event within 16 months thereafter), an earnings
         statement (which need not be audited) covering the period of at least
         twelve consecutive months beginning with the first day of NFP's first
         calendar quarter after the effective date of the registration
         statement, which earnings statement shall satisfy the provisions of
         Section 11(a) of the Securities Act and Rule 158 thereunder;

                    (m) provide a CUSIP number for all Registrable Securities,
         not later than the effective date of the related registration
         statement;

                    (n) use its reasonable efforts to (i) cause all such
         Registrable Securities covered by such registration statement to be
         listed on the principal securities exchange on which similar securities
         issued by NFP are then listed (if any), if the listing of such
         Registrable Securities is then permitted under the rules of such
         exchange, or (ii) if no similar securities are then so listed, cause
         all such Registrable Securities to be listed on a

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         national securities exchange or secure designation of all such
         Registrable Securities as a National Association of Securities Dealers,
         Inc. Automated Quotation System ("Nasdaq") "national market system
         security" within the meaning of Rule 11Aa2-1 of the SEC, as determined
         by NFP, or, failing that, secure Nasdaq authorization for such shares
         and, without limiting the generality of the foregoing, take all actions
         that may be required by NFP as the issuer of such Registrable
         Securities in order to facilitate the managing underwriter's arranging
         for the registration of at least two market makers as such with respect
         to such shares with the National Association of Securities Dealers,
         Inc. (the "NASD"); and

                    (o) cooperate and assist in any filings required to be made
         with the NASD and in the performance of any due diligence investigation
         by any underwriter, if any (including any "qualified independent
         underwriter" that is required to be retained in accordance with the
         rules and regulations of the NASD).

Each Stockholder agrees that upon receipt of any notice from NFP of the
happening of any event of the kind described in clause (iii) of paragraph (e) of
this Section 3.4, such Stockholder will discontinue such Stockholder's
disposition of Registrable Securities pursuant to the registration statement
covering such Registrable Securities until such Stockholder's receipt of the
copies of the supplemented or amended prospectus contemplated by paragraph (e)
of this Section 3.4 and, if so directed by NFP, will deliver to NFP (at NFP's
expense) all copies, other than permanent file copies, then in such
Stockholder's possession of the prospectus covering such Registrable Securities
that was in effect at the time of receipt of such notice. In the event NFP shall
give any such notice, the applicable 90 or 120 day period mentioned in the first
paragraph of this Section 3.4 shall be extended by the number of days during
such period from and including the date of the giving of such notice to and
including the date when each Stockholder then selling Registrable Securities
covered by such registration statement shall have received the copies of the
supplemented or amended prospectus contemplated by paragraph (e) of this Section
3.4.

               Section 3.5 Furnish Information

               It shall be a condition precedent to the obligations of NFP to
take any action pursuant to this Agreement with respect to a selling Stockholder
that such selling Stockholder shall promptly furnish to NFP such information as
shall reasonably be requested by NFP in order to effect the registration of its
Registrable Securities.

               Section 3.6 Expenses of Registration

               NFP shall bear all expenses incurred in connection with each of
the registrations, filings or qualifications pursuant to Sections 3.2 and 3.3
for each Stockholder, including, without limitation, all registration, filing
and listing fees, including such fees of the SEC, the NASD and other agencies;
fees and expenses of compliance with federal and state securities laws
(including, without limitation, reasonable fees and disbursements of counsel for
the underwriters in connection with state securities qualifications of the
Registrable Securities under the laws of such jurisdictions as the managing
underwriters or the Initiating Stockholders may reasonably designate); printing
(including, without limitation, expenses of printing or engraving any
certificates for the Registrable Securities in a form eligible for deposit with
The Depository Trust

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Company and otherwise meeting the requirements of any securities exchange on
which they are listed and of printing registration statements and prospectuses),
shipping and delivery expenses; fees and disbursements of counsel for NFP (and
not counsel for any selling Stockholder, except for reasonable fees and
disbursements of a single counsel for the selling Stockholders as a group
designated by selling Stockholders holding a majority of the Registrable
Securities to be registered); fees and disbursements of all independent public
accountants of NFP (including, without limitation, the expenses of any annual or
special audit and "cold comfort" letters required by the managing underwriters);
fees and expenses of other Persons reasonably necessary in connection with the
registration, including any experts, retained by NFP; internal expenses of NFP
(including, without limitation, all salaries and expenses of its employees
performing legal or accounting duties); and fees and expenses incurred in
connection with the listing of the Registrable Securities on each securities
exchange on which the securities of the same class are then listed; provided,
however, that underwriting discounts and commissions relating to the Registrable
Securities shall be borne and paid ratably by the sellers of such Registrable
Securities (based upon the amount of Registrable Securities to be sold by each
such seller).

               Section 3.7 Lockup Agreement

               Each Stockholder agrees that upon prior notice by NFP to such
Stockholder and effective upon the reasonable request of the underwriters
managing a public offering for sale by NFP of its securities (or for sale by the
Stockholders pursuant to Section 3.2), such Stockholder shall not, during the
14-day period prior to, and during the 180 day period (or such shorter period as
the managing underwriters have agreed with the sellers in the purchase,
underwriting or similar agreement entered into in connection with such
registration, as the managing underwriters shall agree as to Apollo, or as the
managing underwriters may otherwise permit) beginning on, the later of (i) the
effective date of such registration or (ii) the commencement of an underwritten
offering, offer, sell, contract to sell or otherwise dispose of any securities
of NFP (other than the exercise of any options or warrants or the conversion or
exchange of any convertible or exchangeable securities) that are substantially
similar to the Registrable Securities or that are convertible or exchangeable
into securities that are substantially similar to the Registrable Securities
(other than those included in the registration), without the prior written
consent of such underwriters.

               Section 3.8 Underwriting Requirements

               In connection with any offering involving any underwriting of
securities in an offering (a) described in Section 3.2, NFP shall not be
required to include any Stockholder's Registrable Securities in such
underwriting unless such Stockholder accepts the terms of the underwriting as
agreed upon between the selling Stockholders holding a majority of the
Registrable Securities to be registered and the underwriters, which terms shall
be subject to the approval of NFP, which approval shall not be unreasonably
withheld, or (b) described in Section 3.3, NFP shall not be required to include
any Stockholder's Registrable Securities in such underwriting unless such
Stockholder accepts the terms of the underwriting as agreed upon between NFP and
the underwriters, only in such quantities and on such terms as set forth in
Sections 3.2 and 3.3.

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               Section 3.9 Indemnification.

               (a) In the event of any registration of any Registrable
Securities pursuant to this Article III, NFP shall indemnify and hold harmless,
to the fullest extent permitted by law, the seller of any Registrable Securities
covered by such registration statement, its directors, officers, fiduciaries,
employees and stockholders or general and limited partners (and the directors,
officers, fiduciaries, employees and stockholders or general and limited
partners thereof), each other individual, partnership, joint venture,
corporation, trust, unincorporated organization or government or any department
or agency thereof (each, a "Person") who participates as an underwriter or a
qualified independent underwriter, if any, in the offering or sale of such
securities, each director, officer, fiduciary, employee and stockholder or
general and limited partner of such underwriter or qualified independent
underwriter, and each other Person (including any such Person's directors,
officers, fiduciaries, employees and stockholders or general and limited
partners), if any, who controls such seller or any such underwriter or qualified
independent underwriter, within the meaning of the Securities Act, against any
and all losses, claims, damages or liabilities, joint or several, actions or
proceedings (whether commenced or threatened) in respect thereof ("Claims") and
expenses (including reasonable fees and expenses of counsel and any amounts paid
in any settlement effected with NFP's consent, which consent shall not be
unreasonably withheld or delayed) to which each such indemnified party may
become subject under the Securities Act, the Exchange Act or otherwise, insofar
as such Claims or expenses arise out of or are based upon any of the following
actual or alleged statements, omissions or violations (each, a "Violation"): (i)
any untrue statement or alleged untrue statement of a material fact contained in
any registration statement under which such securities were registered pursuant
to this Agreement under the Securities Act or the omission or alleged omission
to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, (ii) any untrue statement or alleged
untrue statement of a material fact contained in any preliminary, final or
summary prospectus or any amendment or supplement thereto, together with the
documents incorporated by reference therein, or the omission or alleged omission
to state therein a material fact required to be stated therein or necessary in
order to make the statements therein, in light of the circumstances under which
they were made, not misleading, or (iii) any violation by NFP of any federal,
state or common law rule or regulation applicable to NFP and relating to action
required of or inaction by NFP in connection with any such registration, and NFP
will reimburse any such indemnified party for any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating
or defending any such Claim as such expenses are incurred; provided, that NFP
shall not be liable to any such indemnified party in any such case to the extent
such Claim or expense arises out of or is based upon any Violation which occurs
in reliance upon and in conformity with information furnished to NFP or its
representatives by or on behalf of such indemnified party stating that such
information is for use therein. Such indemnity and reimbursement of expenses
shall remain in full force and effect regardless of any investigation made by or
on behalf of such indemnified party and shall survive the transfer of such
securities by such seller.

               (b) Each holder of Registrable Securities that are included in
the securities as to which any registration under Section 3.2 or 3.3 is being
effected (and, if NFP requires as a condition to including any Registrable
Securities in any registration statement filed in accordance with Section 3.2 or
3.3, any underwriter) shall, severally and not jointly, indemnify and hold

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harmless (in the same manner and to the same extent as set forth in paragraph
(a) of this Section 3.9), to the extent permitted by law, NFP, its directors,
officers, fiduciaries, employees and stockholders (and the directors, officers,
fiduciaries, employees and stockholders or general and limited partners thereof)
and each Person (including any such Person's directors, officers, fiduciaries,
employees and stockholders or general and limited partners), if any, controlling
NFP within the meaning of the Securities Act and all other prospective sellers
and their directors, officers, fiduciaries, employees and stockholders or
general and limited partners and respective controlling Persons (including any
such Person's directors, officers, fiduciaries, employees and stockholders or
general and limited partners) against any and all Claims and expenses (including
reasonable fees and expenses of counsel and any amounts paid in any settlement
effected with the consent of the indemnifying party, which consent shall not be
unreasonably withheld or delayed) to which each such indemnified party may
become subject under the Securities Act, the Exchange Act or otherwise, insofar
as such Claims or expenses arise out of or are based upon any Violation which
occurs in reliance upon and in conformity with information furnished to NFP or
its representatives by or on behalf of such holder or underwriter, if any,
stating that such information is for use in connection with any registration
statement, preliminary, final or summary prospectus or amendment or supplement
or document incorporated by reference into any of the foregoing; provided,
however, that the aggregate amount which any such holder, underwriter or
qualified independent underwriter shall be required to pay pursuant to this
Section 3.9(b) and Sections 3.9(c) and (e) shall be limited to (x) in the case
of any such holder, the amount of the gross proceeds received by such holder
upon the sale of the Registrable Securities pursuant to the registration
statement giving rise to such claim and (y) in the case of any such underwriter,
the amount of the total sales price of the Registrable Securities sold through
or by it pursuant to the registration statement giving rise to such claim. Such
indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of such indemnified party and shall survive the transfer of
such securities by such holder.

               (c) Indemnification similar to that specified in the preceding
paragraphs (a) and (b) of this Section 3.9 (with appropriate modifications)
shall be given by NFP and each seller of Registrable Securities (and, if NFP
requires as a condition to including any Registrable Securities in any
registration statement filed in accordance with Section 3.2 or 3.3, any
underwriter) with respect to any required registration or other qualification of
securities under any state securities and "blue sky" laws.

               (d) Any person entitled to indemnification under this Agreement
shall notify promptly the indemnifying party in writing of the commencement of
any action or proceeding with respect to which a claim for indemnification may
be made pursuant to this Section 3.9, but the failure of any indemnified party
to provide such notice shall not relieve the indemnifying party of its
obligations under the preceding paragraphs of this Section 3.9, except to the
extent the indemnifying party is materially prejudiced thereby and shall not
relieve the indemnifying party from any liability which it may have to any
indemnified party otherwise than under this Section 3.9. In case any action or
proceeding is brought against an indemnified party and it shall notify the
indemnifying party of the commencement thereof, the indemnifying party shall be
entitled to participate therein and, unless in the reasonable opinion of outside
counsel to the indemnified party a conflict of interest between such indemnified
and indemnifying parties may exist in respect of such claim, to assume the
defense thereof jointly with any other indemnifying party similarly notified, to
the extent that it chooses, with counsel reasonably satisfactory to such

                                       21

<PAGE>

indemnified party, and after notice from the indemnifying party to such
indemnified party that it so chooses, the indemnifying party shall not be liable
to such indemnified party for any legal or other expenses subsequently incurred
by such indemnified party in connection with the defense thereof other than
reasonable costs of investigation; provided, however, that (i) if the
indemnifying party fails to take reasonable steps necessary to defend diligently
the action or proceeding within 20 days after receiving notice from such
indemnified party that the indemnified party believes it has failed to do so,
(ii) if such indemnified party who is a defendant in any action or proceeding
which is also brought against the indemnifying party reasonably shall have
concluded that there may be one or more legal defenses available to such
indemnified party which are not available to the indemnifying party or (iii) if
representation of both parties by the same counsel is otherwise inappropriate
under applicable standards of professional conduct, then, in any such case, the
indemnified party shall have the right to assume or continue its own defense as
set forth above (but with no more than one firm of counsel for all indemnified
parties in each jurisdiction, except to the extent any indemnified party or
parties reasonably shall have concluded that there may be legal defenses
available to such party or parties which are not available to the other
indemnified parties or to the extent representation of all indemnified parties
by the same counsel is otherwise inappropriate under applicable standards of
professional conduct) and the indemnifying party shall be liable for any
expenses therefor. No indemnifying party shall, without the written consent of
the indemnified party, which consent shall not be unreasonably withheld, effect
the settlement or compromise of, or consent to the entry of any judgment with
respect to, any pending or threatened action or claim in respect of which
indemnification or contribution may be sought hereunder (whether or not the
indemnified party is an actual or potential party to such action or claim)
unless such settlement, compromise or judgment (A) includes an unconditional
release of the indemnified party from all liability arising out of such action
or claim and (B) does not include a statement as to or an admission of fault,
culpability or a failure to act, by or on behalf of any indemnified party.

               (e) If for any reason the foregoing indemnity is unavailable or
is insufficient to hold harmless an indemnified party under Section 3.9(a), (b)
or (c), then each indemnifying party shall contribute to the amount paid or
payable by such indemnified party as a result of any Claim in such proportion as
is appropriate to reflect the relative benefits received by the indemnifying
party on the one hand and the indemnified party on the other from the relevant
offering of securities. If, however, the allocation provided in the immediately
preceding sentence is not permitted by applicable law, or if the indemnified
party failed to give the notice required by subsection (d) above and the
indemnifying party is materially prejudiced thereby, then each indemnifying
party shall contribute to the amount paid or payable by such indemnified party
in such proportion as is appropriate to reflect not only such relative benefits
but also the relative fault of the indemnifying party, on the one hand, and the
indemnified party, on the other hand, as well as any other relevant equitable
considerations. The relative fault shall be determined by reference to, among
other things, whether the Violation relates to information supplied by the
indemnifying party or the indemnified party and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
Violation. The parties hereto agree that it would not be just and equitable if
contributions pursuant to this Section 3.9(e) were to be determined by pro rata
allocation or by any other method of allocation which does not take account of
the equitable considerations referred to in the preceding sentences of this
Section 3.9(e). The amount paid or payable in respect of any Claim shall be
deemed to include any legal or other expenses reasonably incurred by such
indemnified party in

                                       22

<PAGE>

connection with investigating or defending any such Claim. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. Notwithstanding anything in this
Section 3.9(e) to the contrary, no indemnifying party (other than NFP) shall be
required pursuant to this Section 3.9(e) to contribute any amount in excess of
(x) in the case of an indemnifying party that is a holder of Registrable
Securities, the gross proceeds received by such indemnifying party from the sale
of Registrable Securities in the offering to which the losses, claims, damages
or liabilities of the indemnified parties relate, or (y) in the case of an
indemnifying party that is an underwriter, the amount of the total sales price
of the Registrable Securities sold through or by it in the offering to which the
losses, claims, damages or liabilities of the indemnified parties relate, less,
in any such case referred to in (x) and (y), the amount of all indemnification
and contribution payments made pursuant to Sections 3.9(b) and (c) and this
Section 3.9(e), as the case may be, in connection with such offering.

               (f) The indemnity agreements contained herein shall be in
addition to any other rights to indemnification or contribution which any
indemnified party may have pursuant to law or contract and shall remain
operative and in full force and effect regardless of any investigation made or
omitted by or on behalf of any indemnified party and shall survive the transfer
of the Registrable Securities by any such party.

               Section 3.10 Transfer of Registration Rights

               The registration rights of Stockholders under this Agreement may
not be transferred except (i) by law pursuant to a merger or consolidation of
such Stockholder and (ii) to any transferee of such Stockholder to which such
Stockholder has transferred Registrable Securities in accordance with Section
2.3 (other than pursuant to a transaction under Rule 144 of the Securities Act).
No transferee of any Registrable Securities shall have any rights under this
Article III unless such rights are transferred in accordance with this Section
3.10, such Registrable Securities are held subject to all of the terms of this
Agreement, and such transferee agrees in writing for the benefit of NFP and the
other parties hereto to be bound by and to perform all of the terms and
provisions of this Agreement applicable to the transferor; provided, however,
that, unless NFP otherwise consents, such transferor shall act as such
transferee's agent for all purposes (including notices and pro rata cutbacks)
under this Agreement whether or not such transferor continues to hold
Registrable Securities.

               Section 3.11 Recapitalizations, Exchanges, etc., Affecting
Registrable Securities

               The provisions of this Article shall, to the extent reasonably
practicable, apply, to the full extent set forth herein with respect to the
Registrable Securities, to any and all securities or capital stock (of NFP or
any successor to NFP and/or any other issuer thereof) which may be issued in
respect of, in exchange for, or in substitution of such Registrable Securities,
by reason of, and shall be appropriately adjusted to reflect, any stock
dividend, stock split, reverse stock split, combination, recapitalization,
reclassification, merger, consolidation or otherwise. In the event that, upon
the occurrence of a transaction contemplated by this Section 3.11, the
Stockholders hold securities of more than one entity, the registration rights
contemplated hereby will apply to each such entity independently of the others.
The adjustments contemplated by this paragraph shall be made cumulative with
respect to all such transactions contemplated by this

                                       23

<PAGE>

Section 3.11 that occur from time to time. Any issuer of any such securities
other than NFP shall be required to assume in writing, to the extent relevant,
NFP's obligations with respect to the registration rights granted hereunder or
enter into a registration rights agreement substantially similar to this
Agreement and giving effect to the allocations and adjustments contemplated by
this Section 3.11, in connection with any such transaction pursuant to which the
Stockholders shall receive securities of such issuer, as contemplated by this
Section 3.11.

                                   ARTICLE IV

                                  MISCELLANEOUS

               Section 4.1 Specific Performance

               The parties hereto acknowledge that there would be no adequate
remedy at law if any party fails to perform any of its obligations hereunder,
and accordingly agree that each party, in addition to any other remedy to which
it may be entitled at law or in equity, shall be entitled to compel specific
performance of the obligations of any other party under this Agreement in
accordance with the terms and conditions of this Agreement. Any remedy under
this Section 4.1 is subject to certain equitable defenses and to the discretion
of the court before which any proceedings therefor may be brought.

               Section 4.2 Notices

               All notices, statements, instructions or other documents required
to be given hereunder shall be in writing and shall be given either personally
or by mailing the same in a sealed envelope, first class mail, postage prepaid
and either certified or registered, return receipt requested, or by telecopy,
addressed to NFP at its principal offices and to the other parties at their
addresses reflected on the signature pages hereto. Each party hereto, by written
notice given to the other parties hereto in accordance with this Section 4.2,
may change the address to which notices, statements, instructions or other
documents are to be sent to such party. All notices, statements, instructions
and other documents hereunder that are mailed or telecopied shall be deemed to
have been given on the date of mailing or, in the case of telecopying, upon
confirmation of receipt.

               Section 4.3 Successors and Assigns

               This Agreement shall be binding upon and shall inure to the
benefit of the parties, and their respective successors and assigns. If any
Stockholder or any Affiliate thereof or any Transferee of any Stockholder shall
acquire any shares of Common Stock, in any manner, whether by operation of law
or otherwise, such shares shall be held subject to all of the terms of this
Agreement and by taking and holding such shares such Person shall be
conclusively deemed to have agreed to be bound by and to perform all of the
terms and provisions of this Agreement.

               Section 4.4 Recapitalizations and Exchanges Affecting Common
Stock

               Subject to Section 3.11, the provisions of this Agreement shall
apply, to the full extent set forth herein with respect to Common Stock, to any
and all shares of capital stock or equity securities of NFP or any successor or
assign of NFP (whether by merger, consolidation,

                                       24

<PAGE>

sale of assets or otherwise) which may be issued in respect of, in exchange for,
or in substitution of, the Common Stock, or which may be issued by reason of any
stock dividend, stock split, reverse stock split, combination, recapitalization,
reclassification or otherwise. Subject to Section 3.11, upon the occurrence of
any of such events, numbers of shares and amounts hereunder shall be
appropriately adjusted.

               Section 4.5 Governing Law

               This Agreement shall be governed and construed and enforced in
accordance with the laws of the State of Delaware, without regard to the
principles of conflicts of law thereof.

               Section 4.6 Descriptive Headings, Etc.

               The headings in this Agreement are for convenience of reference
only and shall not limit or otherwise affect the meaning of terms contained
herein. Unless the context of this Agreement otherwise requires, references to
"hereof," "herein," "hereby," "hereunder" and similar terms shall refer to this
entire Agreement.

               Section 4.7 Amendment; Waiver; Bylaws

               This Agreement may not be amended or supplemented except by an
instrument in writing signed by NFP, by Apollo and by Stockholders holding a
majority of the then outstanding shares of Common Stock held by all
Stockholders; provided that any amendment, supplement or modification of this
Agreement which adversely affects the rights and obligations of any Stockholder
(an "Affected Holder") differently than those of any other Stockholder shall
also require the approval of such Affected Holder. The foregoing
notwithstanding, NFP, without the consent of any other party hereto, may amend
the signature pages hereto, in order to add any party that becomes a holder of
Common Stock or securities convertible into or exercisable for Common Stock.

               Section 4.8 Severability

               If any term or provision of this Agreement shall to any extent be
invalid or unenforceable, the remainder of this Agreement shall not be affected
thereby, and each term and provision of this Agreement shall be valid and
enforceable to the fullest extent permitted by law. Upon the determination that
any term or other provision is invalid, illegal or incapable of being enforced,
the parties shall negotiate in good faith to modify this Agreement so as to
effect their original intent as closely as possible in an acceptable manner to
the end that transactions contemplated hereby are fulfilled to the extent
possible.

               Section 4.9 Further Assurances

               The parties hereto shall from time to time execute and deliver
all such further documents and do all acts and things as the other party may
reasonably require to effectively carry out or better evidence or perfect the
full intent and meaning of this Agreement, including, without limitation, to the
extent necessary or appropriate, using all reasonable efforts to cause the
amendment of the Certificate of Incorporation or the ByLaws of NFP in order to
provide for the enforcement of this Agreement in accordance with its terms.

                                       25

<PAGE>

               Section 4.10 Complete Agreement; Counterparts

               This Agreement constitutes the entire agreement and supersedes
all other agreements and understandings, both written and oral, among the
parties or any of them, with respect to the subject matter hereof. This
Agreement may be executed by any one or more of the parties hereto in any number
of counterparts, each of which shall be deemed to be an original, but all such
counterparts shall together constitute one and the same instrument.

               Section 4.11 No Third Party Beneficiaries

               The provisions of this Agreement shall be only for the benefit of
the parties to this Agreement, and no other Person shall have any third party
beneficiary or other right hereunder.

                                       26

<PAGE>

               IN WITNESS WHEREOF, the parties hereto have caused this
instrument to be duly executed on the date first written above.

                                      NATIONAL FINANCIAL PARTNERS CORP.

                                      By: ______________________________________
                                               Name:
                                               Title:

                                      Address:

                                      APOLLO INVESTMENT
                                      FUND IV, L.P.

                                      By: Apollo Management, L.P.

                                      By: ______________________________________
                                               Name:
                                               Title:

                                      Address:
                                      Attn:

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