Document:

SAMPLE STOCK CERTIFICATE

INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

DARBY ACQUISITION CORPORATION

AUTHORIZED CAPITAL STOCK 10,000,000 SHARES, PAR VALUE $.001 PER SHARE

THIS CERTIFIES THAT is the owner of fully paid and  nonassessable  shares of the
Capital Stock of the above named  Corporation  transferable only on the books of
the  Corporation by the holder hereof in person or by duly  authorized  Attorney
upon surrender of this Certificate properly endorsed.

IT WITNESS  WHEREOF,  the said  Corporation  has caused this  Certificate  to be
signed by its duly  authorized  officers and its  Corporate  Seal to be hereunto
affixed this ___ day of ____, 2000.

--------------------------
SecretaryRULE 419 ESCROW AGREEMENT

ESCROW AGREEMENT dated as of March _____,  2001 (the "Agreement") by and between
DARBY  ACQUISITION  CORPORATION,  a Delaware  corporation  (the  "Company")  and
CAPITAL BANK & TRUST COMPANY (the "Escrow Agent").

WHEREAS the Company  proposes to sell up to 120,000  shares of common stock (the
"Shares" or "Securities") in a limited public offering,  as more fully described
in the  Company's  Registration  Statement  on  Form  SB-2,  (the  "Registration
Statement"); and

WHEREAS the Company desires that the Escrow Agent establish an escrow account in
accordance  with Rule 419,  a copy of which is  appended  hereto and made a part
hereof,  to accept all offering proceeds derived by the Company from the sale of
the  Shares  (the  "Offering  Proceeds"),  as  well  as the  share  certificates
representing  the Shares issued in connection  with the Company's  offering,  in
escrow, to be held and disbursed as hereinafter provided.

NOW,   THEREFORE,   in  consideration  of  the  promises  and  mutual  covenants
hereinafter set forth, the parties hereto agree as follows:

1.  Appointment of Escrow Agent. The Company hereby appoints the Escrow Agent to
act in  accordance  with and  subject  to the terms of this  Agreement,  and the
Escrow Agent hereby  accepts such  appointment  and agrees to act in  accordance
with and subject to such terms.

2.  Establishment  of Escrow  Account.  The  Escrow  Agent  shall open an escrow
account (the "Escrow  Account") for the deposit of the proceeds to be derived by
the Company from the sale of the Shares, being the Offering Proceeds, subject to
the terms and conditions of this Agreement.

2.1  Notice of  Effective  Date of  Registration.  On or before  the date of the
initial deposit in the Escrow Account  pursuant to this  Agreement,  the Company
shall  notify  the  Escrow  Agent  in  writing  of  the  effective  date  of the
Registration  Statement (the "Effective Date") and the Escrow Agent shall not be
required  to accept any amount for  deposit in the Escrow  Account  prior to its
receipt of such notification.

3.  Deposit of Offering  Proceeds and Share  Certificates.  Subject to Rule 419,
upon  the  Company's  receipt  and  acceptance  of  subscriptions  and  Offering
Proceeds,  the Company shall promptly  deliver to the Escrow Agent such proceeds
in the form of checks or money orders drawn to the order of the Escrow Agent.

Simultaneously  with each deposit  into the Escrow  Account,  the Company  shall
inform the Escrow Agent by confirmation slip, or other writing,  of the name and
address of the prospective

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purchaser,  the number of  Securities  subscribed  for by such  person,  and the
aggregate dollar amount of such subscription.

All share  certificates  representing  the Shares issued in connection  with the
Company's  offering  shall also be  deposited by the Company  directly  into the
Escrow  Account  promptly upon  issuance.  The identity of the purchasers of the
Securities  shall be  included  on the  stock  certificates  or other  documents
evidencing such Securities.  Securities held in the Escrow Account are to remain
as  issued  and  deposited  and  shall  be held  for  the  sole  benefit  of the
purchasers,  who shall have voting  rights with  respect to  Securities  held in
their  names,  as  provided  by  applicable  state  law.  No  transfer  or other
disposition of Securities held in the Escrow Account or any interest  related to
such Securities shall be permitted other than by will or the laws of descent and
distribution,  or pursuant to a qualified domestic relations order as defined by
the Internal  Revenue code of 1986 as amended [26 U.S.C. 1 et seq.],  or Title 1
of the Employee  Retirement Income Security Act [29 U.S.C. 1001 et seq.], or the
rules thereunder.

4.  Disbursement of the Escrow  Account.  Upon the earlier of (i) receipt by the
Escrow Agent of a signed  representation  from the Company to the Escrow  Agent,
that  the  requirements  of  Rule  419(e)(1)  and  (e)(2)  have  been  met,  and
consummation of an acquisition(s)  meeting the requirements of Rule 419(e)(2) or
(ii)  written  notification  from the Company to the Escrow Agent to deliver the
Offering Proceeds to another escrow agent in accordance with Paragraph 5.8 then,
in such event, the Escrow Agent shall disburse the Offering Proceeds  (inclusive
of any interest  thereon) to the Company and the Securities to the purchasers or
registered  holders  identified  on the  deposited  Securities  or  deliver  the
Offering Proceeds and Securities to such other escrow agent, as the case may be,
whereupon the Escrow Agent shall be released from further liability hereunder.

Notwithstanding  the foregoing,  Offering Proceeds and any dividends or interest
held for the benefit of a purchaser  of  Securities,  shall be disbursed to such
purchaser  upon the  purchaser's  failure to reconfirm his or her  investment as
provided in Rule 419(e)(2)(ii).

Notwithstanding  the foregoing,  if an acquisition  meeting the  requirements of
Rule  419(e)(1)  has not occurred by 18 months after the  Effective  Date of the
Registration  Statement,  funds held in the Escrow  Account shall be returned by
first class mail or equally prompt means to the purchasers  within five business
days following that date.

5. Concerning the Escrow Agent.

5.1 The Escrow Agent shall not be liable for any actions taken or omitted by it,
or any action  suffered by it to be taken or omitted by it, in good faith and in
the exercise of its own best judgment,  and may rely  conclusively  and shall be
protected  in acting  upon any order,  notice  demand,  certificate,  opinion or
advice of counsel  (including  counsel chosen by the Escrow  Agent),  statement,
instrument,  report or other paper or document (not only as to its due execution
and the validity and  effectiveness  of its provision,  but also as to the truth
and acceptability of any information therein contained) which is believed by the
Escrow Agent to be genuine and to be signed or presented by the proper person or
person. The Escrow Agent shall not be bound by any

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notice or demand, or any waiver, modification, termination or rescission of this
Agreement unless evidenced by a writing  delivered to the Escrow Agent signed by
the proper party or parties and, if the duties or rights of the Escrow Agent are
affected, unless it shall have given its prior written consent thereto.

5.2 The Escrow Agent shall not be responsible  for the  sufficiency or accuracy,
the form of, or the execution validity,  value or genuineness of any document or
property  received,  held or delivered by it  hereunder,  or of any signature or
endorsement  thereon,  or for  any  lack  of  endorsement  thereon,  or for  any
description  therein, nor shall the Escrow Agent be responsible or liable in any
respect on account of the identity,  authority or rights of the person executing
or  delivering or purporting to execute or deliver any document or property paid
or delivered by the Escrow Agent pursuant to the provisions  hereof.  The Escrow
Agent  shall not be liable for any loss which may be  incurred  by reason of any
investment of any monies or properties which it holds hereunder.

5.3 The Escrow  Agent shall have the right to assume,  in the absence of written
notice to the  contrary  from the proper  person or  persons,  that a fact or an
event by reason of which an action  would or might be taken by the Escrow  Agent
does not exist or has not occurred,  without incurring  liability for any action
taken or omitted, in good faith and in the exercise of its own best judgment, in
reliance upon such assumption.

5.4 The Escrow Agent shall be indemnified  and held harmless by the Company from
and against any  expenses,  including  counsel fees and  disbursements,  or loss
suffered  by the  Escrow  Agent in  connection  with any  action,  suit or other
proceeding involving any claim, or in connection with any claim or demand, which
in any way directly or  indirectly  arises out of or relates to this  Agreement,
the services of the Escrow Agent hereunder, the monies or other property held by
it  hereunder  or any such  expense or loss.  Promptly  after the receipt by the
Escrow Agent of notice of any demand or claim or the commencement of any action,
suit or proceeding,  the Escrow Agent shall, if a claim in respect thereof shall
be made  against  the other  parties  hereto,  notify  such  parties  thereof in
writing;  but the  failure by the  Escrow  Agent to give such  notice  shall not
relieve  any party  form any  liability  which such party may have to the Escrow
Agent hereunder.  In the event of the receipt of such notice,  the Escrow Agent,
in its sole discretion,  may commence an action in the nature of interpleader in
an appropriate court to determine ownership or disposition of the Escrow Account
or it may deposit the Escrow Account with the clerk of any appropriate  court or
it may retain  the Escrow  Account  pending  receipt of a final,  non-appeasable
order of a court having jurisdiction over all of the parties hereto directing to
whom and under what  circumstances  the Escrow  Account is to be  disbursed  and
delivered.

5.5 During the term hereof,  the Escrow Agent shall invest the Offering Proceeds
pursuant to the requirements of Rule 419(b)(2)(iv). Interest or dividends earned
on the Offering Proceeds,  if any, shall be held in the Escrow Account until the
funds are  released  in  accordance  with Rule  419(b)(2)(v)  and  (e)(3) and as
provided for in Paragraph 4 hereof.  Offering Proceeds and interest or dividends
thereof,  if any,  shall be held for the sole benefit of the  purchasers  of the
Securities.  If funds held in the Escrow  Account are released to a purchaser of
the Securities,  the purchaser shall receive  interest or dividends  earned,  if
any,  on such  funds up to the date of  release.  If  funds  held in the  Escrow
Account are released to the Company,  interest or dividends earned or such funds
up to the date of the release may be released to the Company.

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<PAGE>

The Company  may  receive up to 10% of the  Offering  Proceeds  remaining  after
payment of underwriting commissions, underwriting expenses and dealer allowances
permitted  by  paragraph  (b)(2)(i)  of  Rule  419,  exclusive  of  interest  or
dividends, as those Offering Proceeds are deposited into the Escrow Account.

5.6 The Escrow  Agent  shall be  entitled to  reasonable  compensation  from the
Company for all services rendered by it hereunder.

5.7 From time to time on and after the date hereof, the Company shall deliver or
cause to be delivered to the Escrow Agent such further documents and instruments
and shall do or cause to be done such  further  acts as the Escrow  Agent  shall
reasonably  request  (it being  understood  that the Escrow  Agent shall have no
obligation to make such request) to carry out more  effectively  the  provisions
and purposes of this  Agreement,  to evidence  compliance  herewith or to assure
itself that it is protected in acting hereunder.

5.8 The Escrow Agent may resign at any time and be discharged from its duties as
Escrow  Agent  hereunder  by its giving the  Company at least  thirty (30) days'
prior written notice thereof. As soon as practicable after its resignation,  the
Escrow  Agent  shall turn over to a  successor  escrow  agent  appointed  by the
Company,  all  monies and  property  held  hereunder  upon  presentation  of the
document  appointing the new escrow agent and its acceptance  thereof. If no new
escrow  agent is so  appointed  within the sixty (60) day period  following  the
giving of such notice of  resignation,  the Escrow  Agent may deposit the Escrow
Account with any court it deems appropriate.

5.9 The Escrow  Agent shall resign and be  discharged  from its duties as Escrow
Agent hereunder if so requested in writing at anytime by the Company,  provided,
however,  that such  resignation  shall become effective only upon acceptance of
appointment by a successor escrow agent as provided in Paragraph 5.8.

5.10 Notwithstanding anything herein to the contrary, the Escrow Agent shall not
be relieved from liability  thereunder  for its own gross  negligence or its own
willful misconduct.

6. Miscellaneous.

6.1  Governing  Law  and  Assignment.  This  Agreement  shall  be  construed  in
accordance with and governed by the laws of the State of New York without giving
effect to choice of law or conflict or laws rules, and shall be binding upon the
Parties hereto and their respective successors and assigns.

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<PAGE>

6.2 This  Agreement  contains the entire  agreement  of the parties  hereto with
respect to the subject matter hereof and, except as expressly  provided  herein,
may not be changed or modified  except by an instrument in writing signed by the
party to be charged.

6.3 The headings contained in this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation thereof.

6.4  This  Agreement  shall be  binding  upon and  inure to the  benefit  of the
respective  parties  hereto  and their  legal  representatives,  successors  and
assigns.

6.5 Any notice or other  communication  required or which may be given hereunder
shall be in writing and either be delivered  personally or be mailed,  certified
or registered mail,  return receipt  requested,  postage  prepaid,  and shall be
deemed given when so delivered  personally or, if mailed, two (2) days after the
date of mailing, as follows:

If to the Company, to:

DARBY ACQUISTION CORPORATION
Attn: Adam R. Shaw, Esq.
20 Corporate Woods Boulevard
Albany, NY 12211
(518) 432-7270

and if to the Escrow Agent, to:

CAPITAL BANK & TRUST COMPANY
Attn: Thomas G. Jones
7 Southwoods Boulevard
Albany, NY 12211
(518) 434-1212

7. Severability.  If any provision of this Agreement or the application  thereof
to  any  person  or   circumstance   shall  be   determined  to  be  invalid  or
unenforceable,  the remaining provisions of this Agreement or the application of
such provision to persons or circumstances  other than those to which it is held
invalid or  unenforceable  shall not be affected  thereby and shall be valid and
enforceable to the fullest extent permitted by applicable law.

8. Pronouns. All pronouns and any variations thereof shall be deemed to refer to
the masculine, feminine, neuter singular, or plural as the context may require.

9. Captions.  All captions are for convenience only and are without  substantive
effect.

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10.  Execution  in  Counterparts.  This  Agreement  may be  executed  in several
counterparts  or by  separate  instruments  and  all of  such  counterparts  and
instruments shall constitute on agreement, binding on all the parties herein.

11. Entire  Agreement.  This Agreement  constitutes the entire agreement between
the parties  hereto with respect to the subject matter hereof and supersedes all
prior  agreements  and  understanding  (written  or  oral)  of  the  parties  in
connection herewith.

WITNESS the execution of this Agreement as of the date first above written.

DARBY ACQUISITION CORPORATION

By: /s/ Roger D. Shearer
    -------------------------
    Roger D. Shearer
    President

CAPITAL BANK & TRUST COMPANY

By: /s/ Thomas G. Jones
    -------------------------
    Thomas G. Jones
    Senior Vice President

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                                   APPENDIX A

Rule 419 -- Offerings by Blank Check Companies

     a.   Scope of the rule and definitions.

          1.   The provisions of this section shall apply to every  registration
               statement  filed under the Act relating to an offering by a blank
               check company.

          2.   For  purposes of this  section,  the term "blank  check  company"
               shall mean a company that:

               i.   Is a development stage company that has no specific business
                    plan or purpose or has  indicated  that its business plan is
                    to engage in a merger or  acquisition  with an  unidentified
                    company or companies, or other entity or person; and

               ii.  Is issuing  "penny  stock," as defined in Rule 3a51-1  under
                    the Securities Exchange Act of 1934.

          3.   For purposes of this section, the term "purchaser" shall mean any
               person  acquiring   securities  directly  or  indirectly  in  the
               offering,  for cash or otherwise,  including  promoters or others
               receiving  securities  as  compensation  in  connection  with the
               offering.

     b.   Deposit of securities and proceeds in escrow or trust account-

          1.   General.

               i.   Except as otherwise  provided in this section or  prohibited
                    by other applicable law, all securities issued in connection
                    with an  offering  by a blank  check  company  and the gross
                    proceeds from the offering shall be deposited promptly into:

                    A.   An escrow account maintained by an "insured  depository
                         institution,"  as that term is defined in section 3(c)2
                         of the Federal Deposit Insurance Act; or

                    B.   A  separate  bank  account  established  by a broker or
                         dealer  registered  under the Exchange Act  maintaining
                         net  capital   equal  to  or   exceeding   $25,000  (as
                         calculated  pursuant to Exchange  Act Rule  15c3-1,  in
                         which the broker or dealer  acts as trustee for persons
                         having the beneficial interests in the account.

               ii.  If funds and securities are deposited into an escrow account
                    maintained by an insured depository institution, the deposit
                    account records of the insured  depository  institution must
                    provide  that funds in the escrow  account  are held for the
                    benefit of the purchasers named and identified in accordance
                    with 12 CFR part  330.1 of the  regulations  of the  Federal

<PAGE>

                    Deposit Insurance Corporation, and the records of the escrow
                    agent, maintained in good faith and in the regular course of
                    business,  must show the name and  interest of each party to
                    the  account.  If funds and  securities  are  deposited in a
                    separate  bank  account  established  by a broker  or dealer
                    acting  as  a  trustee,   the  books  and   records  of  the
                    broker-dealer must indicate the name, address,  and interest
                    of each person for whom the account is held.

          2.   Deposit and investment of proceeds.

               i.   All  offering  proceeds,  after  deduction  of cash paid for
                    underwriting  commissions,  underwriting expenses and dealer
                    allowances,  and  amounts  permitted  to be  released to the
                    registrant pursuant to paragraph (b)(2)(vi) of this section,
                    shall  be  deposited  promptly  into  the  escrow  or  trust
                    account;  provided,  however,  that no deduction may be made
                    for  underwriting  commissions,   underwriting  expenses  or
                    dealer allowances payable to an affiliate of the registrant.

               ii.  Deposited  proceeds shall be in the form of checks,  drafts,
                    or money orders  payable to the order of the escrow agent or
                    trustee.

               iii. Deposited  proceeds and interest or  dividends  thereon,  if
                    any, shall be held for the sole benefit of the purchasers of
                    the securities.

               iv.  Deposited   proceeds   shall  be  invested  in  one  of  the
                    following:

                    A.   An  obligation  that  constitutes  a "deposit," as that
                         term is defined in section 3(1) of the Federal  Deposit
                         Insurance Act;

                    B.   Securities   of   any   open-end   investment   company
                         registered  under the  Investment  Company  Act of 1940
                         that holds  itself out as a money  market fund  meeting
                         the conditions of paragraphs  (c)2, (c)3, and (c)(4) of
                         17  CFR  270.2a-7  (Rule  2a-7)  under  the  Investment
                         Company Act; or

                    C.   Securities   that  are   direct   obligations   of,  or
                         obligations  guaranteed as to principal or interest by,
                         the United States.

               v.   Interest or dividends  earned on the funds, if any, shall be
                    held in the  escrow  or trust  account  until  the funds are
                    released in accordance  with the provisions of this section.
                    If funds held in the escrow or trust account are released to
                    a purchaser of the securities,  the purchasers shall receive
                    interest or  dividends  earned,  if any, on such funds up to
                    the date of  release.  If funds  held in the escrow or trust
                    account  are  released  to  the   registrant,   interest  or
                    dividends earned on such funds up to the date of release may
                    be released to the registrant.

               vi.  The  registrant may receive up to 10 percent of the proceeds
                    remaining   after  payment  of   underwriting   commissions,
                    underwriting  expenses  and dealer  allowances  permitted by
                    paragraph  (b)(2)(i) of this section,

<PAGE>

                    exclusive of interest or  dividends,  as those  proceeds are
                    deposited into the escrow or trust account.

          3.   Deposit of securities.

               i.   All  securities  issued  in  connection  with the  offering,
                    whether  or  not  for  cash  consideration,  and  any  other
                    securities issued with respect to such securities, including
                    securities  issued  with  respect  to  stock  splits,  stock
                    dividends,  or similar rights,  shall be deposited  directly
                    into the escrow or trust account promptly upon issuance. The
                    identity  of  the  purchaser  of  the  securities  shall  be
                    included  on  the  stock  certificates  or  other  documents
                    evidencing  such  securities.  See  also  Rule  15g-8 of the
                    Exchange Act regarding  restrictions  on sales of, or offers
                    to  sell,  securities  deposited  in  the  escrow  or  trust
                    account.

               ii.  Securities held in the escrow or trust account are to remain
                    as  issued  and  deposited  and  shall  be held for the sole
                    benefit of the purchasers,  who shall have voting rights, if
                    any,  with respect to  securities  held in their  names,  as
                    provided  by  applicable  state law.  No  transfer  or other
                    disposition  of  securities  held  in the  escrow  or  trust
                    account or any interest  related to such securities shall be
                    permitted  other  than by will or the  laws of  descent  and
                    distribution,  or pursuant to a qualified domestic relations
                    order as defined  by the  Internal  Revenue  Code of 1986 as
                    amended (26 U.S.C.  1 et seq.),  or Title 1 of the  Employee
                    Retirement  Income Security Act (29 U.S.C. 1001 et seq.), or
                    the rules thereunder.

               iii. Warrants,   convertible   securities  or  other   derivative
                    securities  relating  to  securities  held in the  escrow or
                    trust  account may be exercised  or converted in  accordance
                    with  their  terms;   provided,   however,  that  securities
                    received upon exercise or conversion, together with any cash
                    or other  consideration paid in connection with the exercise
                    or  conversion,  are promptly  deposited  into the escrow or
                    trust account.

          4.   Escrow or trust agreement. A copy of the executed escrow or trust
               agreement  shall  be  filed  as an  exhibit  to the  registration
               statement  and shall contain the  provisions of paragraphs  (b)2,
               (b)3, and (e)3 of this section.

          5.   Request  for  supplemental  information.   Upon  request  by  the
               Commission  or  the  staff,   the  registrant  shall  furnish  as
               supplemental  information  the names and addresses of persons for
               whom securities are held in the escrow or trust account.

     c.   Disclosure of offering terms. The initial registration statement shall
          disclose  the  specific  terms  of the  offering,  including,  but not
          limited to:

          1.   The terms and provisions of the escrow or trust agreement and the
               effect thereof upon the  registrant's  right to receive funds and
               the effect of the escrow or trust  agreement upon the purchaser's
               funds and securities  required to be deposited into the escrow or
               trust account,  including,  if  applicable,  any material risk of
               non-insurance  of  purchasers'  funds  resulting from deposits in
               excess of the insured amounts; and

<PAGE>

          2.   The obligation of the registrant to provide, and the right of the
               purchaser  to  receive,  information  regarding  an  acquisition,
               including  the   requirement   that  pursuant  to  this  section,
               purchasers   confirm  in   writing   their   investment   in  the
               registrant's  securities  as specified  in paragraph  (e) of this
               section.

     d.   Probable acquisition post-effective amendment requirement.  If, during
          any  period in which  offers or sales are being  made,  a  significant
          acquisition  becomes  probable,  the registrant  shall file promptly a
          post-effective  amendment disclosing the information  specified by the
          applicable registration statement form and Industry Guides,  including
          financial  statements of the registrant and the company to be acquired
          as well as pro forma  financial  information  required by the form and
          applicable  rules and  regulations.  Where  warrants,  rights or other
          derivative  securities issued in the initial offering are exercisable,
          there is a continuous offering of the underlying security.

     e.   Release of deposited and funds securities-

          1.   Post-effective   amendment  for   acquisition   agreement.   Upon
               execution  of  an  agreement(s)  for  the   acquisition(s)  of  a
               business(es)  or assets that will  constitute  the business (or a
               line of business) of the  registrant and for which the fair value
               of the  business(es)  or net assets to be acquired  represents at
               least 80  percent of the  maximum  offering  proceeds,  including
               proceeds  received  or  to  be  received  upon  the  exercise  or
               conversion  of any  securities  offered,  but  excluding  amounts
               payable   to   non-affiliates   for   underwriting   commissions,
               underwriting  expenses,  and dealer  allowances,  the  registrant
               shall file a post-effective amendment that:

               i.   Discloses  the  information   specified  by  the  applicable
                    registration  statement form and Industry Guides,  including
                    financial  statements  of the  registrant  and  the  company
                    acquired  or  to  be  acquired   and  pro  forma   financial
                    information  required by the form and  applicable  rules and
                    regulations;

               ii.  Discloses the results of the initial offering, including but
                    not limited to:

                    A.   The  gross   offering   proceeds   received   to  date,
                         specifying    the   amounts   paid   for    underwriter
                         commissions,    underwriting    expenses   and   dealer
                         allowances,  amounts  disbursed to the registrant,  and
                         amounts remaining in the escrow or trust account; and

                    B.   The  specific  amount,  use and  application  of  funds
                         disbursed to the registrant to date, including, but not
                         limited to, the amounts  paid to  officers,  directors,
                         promoters,   controlling  shareholders  or  affiliates,
                         either  directly or indirectly,  specifying the amounts
                         and purposes of such payments; and

               iii. Discloses the terms of the offering as described pursuant to
                    paragraph (e)2 of this section.

          2.   Terms of the  offering.  The terms of the offering  must provide,
               and the registrant must satisfy, the following conditions.

<PAGE>

               i.   Within five business  days after the  effective  date of the
                    post-effective  amendment(s),  the registrant  shall send by
                    first  class mail or other  equally  prompt  means,  to each
                    purchaser of securities  held in escrow or trust,  a copy of
                    the prospectus contained in the post-effective amendment and
                    any amendment or supplement thereto;

               ii.  Each purchaser shall have no fewer than 20 business days and
                    no more than 45 business days from the effective date of the
                    post-effective amendment to notify the registrant in writing
                    that the  purchaser  elects to remain  an  investor.  If the
                    registrant has not received such written notification by the
                    45th  business  day  following  the  effective  date  of the
                    post-effective  amendment,  funds and interest or dividends,
                    if any, held in the escrow or trust account shall be sent by
                    first  class  mail or  other  equally  prompt  means  to the
                    purchaser within five business days;

               iii. The  acquisition(s)   meeting  the  criteria  set  forth  in
                    paragraph  (e)1 of this  section  will be  consummated  if a
                    sufficient number of purchasers  confirm their  investments;
                    and

               iv.  If a consummated  acquisition(s) meeting the requirements of
                    this  section has not occurred by a date 18 months after the
                    effective date of the initial registration statement,  funds
                    held in the escrow or trust  account  shall be  returned  by
                    first class mail or equally  prompt  means to the  purchaser
                    within five business days following that date.

          3.   Conditions for release of deposited  securities and funds.  Funds
               held in the  escrow  or  trust  account  may be  released  to the
               registrant  and  securities  may be delivered to the purchaser or
               other registered  holder  identified on the deposited  securities
               only at the same time as or after:

               i.   The  escrow   agent  or  trustee   has   received  a  signed
                    representation  from the  registrant,  together  with  other
                    evidence acceptable to the escrow agent or trustee, that the
                    requirements  of  paragraphs  (e)1 and (e)2 of this  section
                    have been met; and

               ii.  Consummation of an  acquisition(s)  meeting the requirements
                    of paragraph (e)(2)(iii) of this section.

          4.   Prospectus supplement.  If funds and securities are released from
               the escrow or trust  account to the  registrant  pursuant to this
               paragraph,  the prospectus  shall be supplemented to indicate the
               amount of funds and securities released and the date of release.

     f. Financial statements. The registrant shall:

          1.   Furnish to security holders audited financial  statements for the
               first full fiscal year of operations following consummation of an
               acquisition  pursuant to paragraph (e) of this section,  together
               with the  information  required by Item 303(a) of Regulation S-K,
               no later than 90 days after the end of such fiscal year; and

<PAGE>

          2.   File the financial statements and additional information with the
               Commission under cover of Form 8-K; provided,  however, that such
               financial  statements and related  information  need not be filed
               separately  if the  registrant  is  filing  reports  pursuant  to
               Section 13(a) or 15(d) of the Exchange Act.

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