Document:

Unassociated Document

     

    ARTICLES
OF ASSOCIATION

     

    OF

     

    SHANGHAI
JUNENG FUNCTIONAL FILM COMPANY, LTD.

     

    In
accordance with the "Company Law of the People's Republic of China" (hereinafter
referred to as “Company Law”) and the relevant laws and regulations, Shiner
International, Inc. and Shanghai Shifu Film Material Co., Ltd. set up a joint
venture,
Shanghai Juneng Functional Film Company, Ltd. (hereinafter referred to as
“Shanghai Junneng”), the Articles of Association hereby is formulated. If and when these
provisions clash with the relevant law, the law will be given
precedence.

     

    The
Name and Address of the Joint Venture Company

     

    Article
1

     

    The name
of the joint venture company shall be Shanghai Juneng Functional Film Company,
Ltd.

     

    Article
2

     

    The Legal
address of the joint venture company is at Room 317, 3rd Floor,
No. 1800 Lane, Xinsongjiang Road, Songjiang District, Shanghai.

     

    Chapter
1 Scope and Scale of the Business

     

    Article 3
Scope and Scale of the Business

     

    Wholesale
and retail of plastic film materials (expect agricultural films), packaging
materials, chemicals (except dangerous chemicals, controlled chemicals,
fireworks, explosives for civil purpose, precursor chemicals), labels,
anti-counterfeit products; import and export practices of products and
technologies.

     

    Chapter
2 The Registered Capital

     

    Article
4

     

    The
registered capital is: 1 million RMB

     

    The
paid-in capital is: 1 million RMB

     

    The
increase or decrease of registered capital of the Company shall be carried out
after the shareholders’ meeting and the granting of approval from more than 2/3
of the total shareholders with voting power.  As for the decrease of
the registered capital, the creditors shall be informed within 10 days after the
resolution and an announcement shall be made on newspapers within 30 days after
the resolution. The Company shall apply for the alteration of its registration
with the original company registration authority.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    Chapter
4 Names of Shareholders, Ways and Amounts of the Capital
Contribution

     

    Article
5

    

    
      
        
          
            
              
                
                  
                    	
                            Name
      of Shareholder

                          	
                            Way
      of the Capital 

                            Contribution

                          	
                            Amount
      and Proportion 

                            of
      the Capital Contribution

                          	
                            Time
      of the Capital 

                            Contribution

                          
	
                            Shiner
      International, Inc.

                          	
                            currency

                          	
                            700,000
      RMB, 70%

                          	
                            Before
      the founding of the Company

                          
	 	 	 	 
	
                            Shanghai
      Shifu Film 

                            Material
      Co., Ltd.

                          	
                            currency

                          	
                            300,000
      RMB,

                            30%

                          	
                            Before
      the founding of the
Company

                          

                  

                

              

            

          

        

      

    

     

    Article
6

    After the
founding of the company, the certifications of the capital contribution shall be
sent to shareholders.

     

    Chapter
5 Rights and Obligations of Shareholders

     

    Article
7

    A holder
of ordinary shares of the Company shall enjoy the following rights:

    (1) To receive
dividends and other forms of profit distribution in accordance with the number
of shares he holds;

    (2) To
supervise the business operation and activities of the Company;

    (3) To
elect or be elected to be the director or supervisor;

    (4) To
receive dividends or transfer shares in accordance with laws, administrative
regulations and the provisions of these Articles of Association;

    (5)
Priory to purchase the stocks transferred by other holders;

    (6)
Priory to purchase the newly increased shares of the Company;

    
       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

    

     

    (7) To
participate in the distribution of the remaining assets in accordance with his
shareholding upon the dissolution or liquidation of the Company;

    (8) To
examine the minutes of shareholders’ meetings and the financial
reports;

    A holder
of ordinary share(s) of the Company shall undertake the following
obligations:

    (1) To
observe these Articles of Association;

    (2) To
pay the paid-in funds on schedule;

    (3) To
assume the debts in accordance with the amount of the paid-in
funds;

    (4) After
the founding of the Company, shareholders shall not draw out the capital
illegally.

     

    Chapter
6 The Conditions for Stock Transfer

     

    Article 9
Part or all of the stocks can be transferred among shareholders.

     

    Article
10 Stock transfer shall be passed in shareholders’ meeting.

     

    For
transferring the stocks to other people other than other shareholders of the
Company, a shareholder must get the consent of the simple majority of the
shareholders. Where a shareholder intends to transfer his equity to a person
other than a shareholder, the matter shall be subject to consent by more than
half of the other shareholders. If more than half of other shareholders disagree
to the transfer, the dissenting shareholders shall purchase the equity to be
transferred.

     

    After the
stock transfer, the name, address and the amount of contribution of the
recipients shall be recorded in the stock transfer books.

     

    Chapter
7 Organizational Structure of the Company, Powers, Rules of
Procedures

     

    Article
12

     

    The
shareholders’ general meeting is compromised by all the shareholders, and is the
governing body of the Company and it shall exercise the following
powers:

    

    (1)to determine the
business policies and investment plans of the Company;

    (2)to elect and
replace directors and to determine the compensation of the
directors;

    (3)to elect and
replace supervisors who represent the shareholders and to determine the
compensation of such supervisors;

    
       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

    

     

    (4)to examine and to
approve the report of the board of directors;

    (5)to examine and to
approve the report of the supervisory committee;

    (6)to examine and to
approve the annual financial budgets and final accounts of the
Company;

    (7) to examine and to
approve the plans for profit distribution and making up of losses of the
Company;

    (8)to resolve on the
increase or reduction in the registered capital of the Company;

    (9)to resolve on the
issue of debentures by the Company;

    (10)to resolve on the
stock transfer from shareholders to others;

    (11)to resolve on
matters such as merger, division, dissolution and liquidation, etc. of the
Company;

    (12)to amend these
Articles of Association.

    

    Article
13

     

    The first
shareholders' meeting is convened and presided over by the shareholder whose
capital contribution is the largest.

     

    Article
14

     

    Shareholders
exercise voting rights at shareholders' meetings in accordance with the
proportions of their capital contributions.

     

    Article
15

     

    Shareholders’
general meetings shall be divided into annual general meetings and extraordinary
general meetings and shall be announced to all of the shareholders before the
meeting convenes. The shareholders’ general meetings shall be convened by the
board of directors.  Annual general meetings shall be convened once
every year, and the extraordinary general meetings shall be convened by the
shareholders with more than 1/10 voting right and 1/3 directors, board of
supervisors or the supervisor in which the Company is without the board of
supervisors. In case of absence of the meeting, the director shall entrust
another person to attend and vote for him with a trust deed.

    
       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

    

     

    Article
16

     

    A
shareholders’ general meeting shall be convened and presided by the chairman of
the board of directors. If the chairman of the board of directors cannot attend
the meeting, the supervisor shall convene and take the chair of the meeting; if
both the chairman and the supervisor cannot attend the meeting, the board of
directors holding 10% of shares may convene and take the chair of the
meeting.

     

    Article
17

     

    Resolutions
on the official businesses discussed in the shareholders’ meeting, on an
increase or reduction of the share capital of the Company, merger, division,
dissolution or liquidation, on amending the articles of association must be
agreed by shareholders representing over two-thirds of the voting rights. The
board of shareholders shall be responsible for determining whether the
resolutions shall be final and the same shall be announced at the meeting and
recorded in the minutes of the meeting.

     

    Article
18

     

    While
there is no board of directors, the executive director is appointed by the board
of shareholders. The term of office is three years. And term of office expires
may be re-elected. Prior to expiration of the executive director's term, the
board of shareholders may not remove him without cause. The executive director
is the legal representative of the company and responsible for shareholders’
meetings.

     

    The
executive director shall perform the following functions:

    (1)To host the
shareholders’ meeting, to organize the implementation of the resolutions of the
shareholders’ meeting, to report to board of shareholders;

    (2)To execute the
resolutions of shareholders’ meeting;

    (3)To decide the
operation plans and the investment projects of the Company;

    (4)To formulate the
annual financial plans and final settlements;

    (5)To formulate the
profit distribution plans and deficit cover plans;

    (6)To formulate the
registered capital increase or reduction plans;

    (7)To draft the
solutions of merger, division, dissolution and liquidation, etc. of the
Company;

    (8)To prepare the
internal management system of the Company;

    
       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

    

     

    (9)To nominate or
vote the general manager, to propose the appointment or dismissal of the deputy
general manager(s) and the financial controller of the company, determine the
compensation in accordance with the nomination of the general
manager;

    (10)To formulate basic
rules and regulations of the Company;

    (11)To perform the
umpirage and right of disposal under the circumstance of emergencies such as
natural calamities and wars, etc., while the umpirage and right of disposal must
accord with the benefits of the company and shall be reported to the board of
shareholders.

     

    Article
19

     

    The
supervisor is appointed by the board of shareholders; the term of office is
three years. And term of office expires may be re-elected.

     

    Article
20

     

    The
Supervisor shall perform the following functions:

    (1)to inspect the
financial position of the Company;

    (2)to supervise the
acts of the directors, and higher management of the Company who contravene the
laws, administrative regulations or these Articles of Association in discharging
their duties;

    (3)to require the
directors, and higher management of the Company to rectify their acts which have
prejudiced the interests of the Company;

    (4)to propose the
convening of an extraordinary shareholders’ meeting; to convene and preside over
the meeting of the board while the executive director cannot perform the
functions or fails to do so;

    (5)to put forward
proposals at the shareholders’ meeting;

    (6)to represent the
Company in instituting legal proceedings against the directors and higher
management, to supervise shareholders’ meetings and board meetings in accordance
with Article 152 of the Company Law.

     

    Article
21

     

    No
executive director or higher management may concurrently serve as a supervisor
of a company.

     

    Chapter
8 The Legal Representative of the Joint Venture

    
       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

    

     

    Article
22

     

    The
executive director is the legal representative of the Company, his term of
office is three years. He is appointed by the board of shareholders. The term of
office expires may be re-elected.

     

    Chapter
9 Finance, Accounting, Profit Sharing and Employment System

     

    Article
23

     

    The
Company shall establish the financial accounting system of the Company in
accordance with laws, administrative regulations and the provisions of the PRC
accounting standards formulated by the financial supervisory authorities of the
State Council. The Company shall prepare a financial report at the end of each
accounting year and the recognized accounting firm shall audit the financial
report and provide a written report which shall be submitted to the shareholders
by March 31 of the second year.

     

    Article
24

     

    The
profit sharing of the joint venture company shall be handled in accordance with
the Company Law and the relevant laws and regulations formulated by the Ministry
of Finance of the People's Republic of China.

     

    Article
25

     

    The
employment system of the joint venture company shall be handled in accordance
with the relevant laws and regulations formulated by the Ministry of Labor of
the People's Republic of China.

    

    Chapter
10 the Causes for the Dissolution and the Methods for Liquidation

     

    Article
26

     

    The
operating period is 20 years since the issuance of the Business License for the
Legal Person.

     

    Article
27

     

    When the
following situations happened, either party have right to terminate the joint
venture:

    (1)The term of
business operation as stipulated by the articles of association expires or any
of the matters for dissolution as stipulated in the articles of association of
the Company appears;

    
       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

    

     

    (2)The shareholders'
meeting decides to dissolve it;

    (3)Dissolution is
required due to merger or division of the Company;

    (4)Business license
be revoked in accordance with the law, ordered to turn off or been
revoked;

    (5)Inability to
continue operations due to heavy losses caused by the Force
Majeure;

    (6)To declare
bankruptcy;

    (7)The Company
encounters any other kinds of serious difficulties in its business management,
and the continuous existence of the company will cause major damage to the
interests of shareholders. The shareholders with 1/10 of the voting rights can
ask for the People’s Court for dissolution.

     

    Article
28

     

    Upon the
termination of the joint venture company, the board of directors shall work out
procedures and principles for the liquidation, nominate candidates for the
liquidation group for liquidating the assets of the joint venture company. On
completion of the liquidation, the liquidation group will work out a liquidation
report which will be carried out upon the approval of the board of directors.
The joint venture company shall submit a liquidation report to the original
examining and approving authority, go through the formalities for nullifying its
registration in the original registration office and hand in its business
license, at the same time, make an announcement to the public.

     

    Chapter
11 Other Provisions

     

    Article
29

     

    The
Company may amend these Articles of Association pursuant to laws, administrative
regulations and the provisions of these Articles of Association. If and when
these provisions clash with the relevant law, the law will be given precedence.
The amended articles of association shall be submitted to the original
registered authority and the amended articles shall be registered for changing
to the original registered authority.

     

    Article
30

     

    Explanation
of the articles of association is subject to board of shareholders.

    
       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

    

     

    Article
31

     

    The
article of association is formulated, signed (or sealed) by both two
contributors

     

    Article
32

     

    The
article of association is in four (4) originals, two (2) for shareholders and
one (1) for the registered authority, one (1) for the company.

     

    It should
be signed or sealed by general shareholders.

    

    

    Shanghai
Juneng Functional Film Company, Ltd.

    

    June 28,
2010

    

       

      
        
          
          

        

        
          9Unassociated Document

    THE
SECURITIES REPRESENTED BY THIS AGREEMENT HAVE NOT BEEN REGISTERED FOR OFFER OR
SALE WITH, AND HAVE NOT BEEN REVIEWED OR APPROVED BY, THE UNITED STATES
SECURITIES AND EXCHANGE COMMISSION, THE FLORIDA DEPARTMENT OF BANKING, DIVISION
OF SECURITIES, OR ANY OTHER LOCAL, STATE OR FEDERAL AGENCY AND ARE SUBJECT TO
RESTRICTIONS AND LIMITATIONS ON RESALE OR OTHER TRANSFER BY FEDERAL AND STATE
SECURITIES LAWS.  AN INVESTMENT IN THE SECURITIES COVERED BY THIS
AGREEMENT IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK.

     

    

    SHADES
HOLDINGS, INC.

    (a
Florida corporation)

    

    SUBSCRIPTION
AGREEMENT

    

    From:                      ________________________________________________________________________

    

    (Name of
Subscriber)

    

    To:           Shades
Holdings, Inc. (the “Company”)

    

    LADIES
& GENTLEMEN:

     

    The
Securities are being offered by the Company through its executive officers on an
ongoing, continuous, “best efforts” basis.  The Securities are not
being sold through commissioned sales agents or underwriters.  There
is no minimum purchase requirement. There is no arrangement to place funds in an
escrow, trust, or similar account and all subscription deposits will be paid
directly to the Company.

     

    The
undersigned is informed: (a) Shades Holdings, Inc. is a development stage
Florida corporation; (b) there are factors relating to the subsequent transfer
of any Securities acquired which could make their resale difficult; (c) there is
no guarantee that the subscriber will realize any gain from an investment in the
Securities; and (d) the Company is not the legal successor to any pre-existing
entity, and therefore, has limited financial and operating history.

     

    
      	
               
      

            	
              1.

            	
              Offering and
      Subscription.

            

    

     

    (a)           The
Subscriber hereby irrevocably tenders this Subscription Agreement and subscribes
for the purchase of ______ shares1 of common stock, par value $.0001, at a
purchase price of $0.01 per share (aggregate purchase price of $), on the terms
set forth in this Subscription Agreement.  Payment for the Securities
must be made entirely in cash or other immediately available funds.

     

    (b)           The
Subscriber acknowledges his, her or its awareness that all questions as to the
validity, form, eligibility (including time of receipt) and acceptance of any
Subscription Agreement will be determined by the Company and that the Company
has reserved the right to accept or reject this Subscription Agreement, as made,
and to waive any condition of its offer, except as otherwise herein
stated.  If, for any reason, the Company rejects this Subscription
Agreement and the purchase price for the Securities tendered herewith, or if the
Offering is withdrawn, the funds tendered with this Subscription Agreement will
be returned to the Subscriber, without interest or deduction, together with all
of the executed documents presented with the subscription.

     

    2.           Representations and
Warranties of Subscriber.  In order to induce the Company to
accept this subscription, the Subscriber hereby represents and warrants to and
agrees with the Company as follows:

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (a)           The
Subscriber, if a natural person, is at least 21 years of age.  The
residence of the Subscriber set forth below is the true and correct residence of
the Subscriber, and the Subscriber has no present intention of becoming a
resident or domiciliary of any other state or jurisdiction.

     

    (b)           If
the Subscriber is not a natural person, the Subscriber was not formed for the purpose
of acquiring the Securities.  The Subscriber understands that he may
be required to provide additional information in support of the representation
set forth in the preceding sentence.  The principal place of business
of the Subscriber is as set forth on the signature pages below.

     

    

    (c)           One
or more of the descriptions set forth below is applicable to the Subscriber
(such applicable item(s) being marked “X” below by the Subscriber) and
accurately reflect(s) the Subscriber’s financial situation [please mark as many
as are applicable]:

     

    
      	
              1.

            	
              The
      Subscriber is a natural person whose individual net worth, or joint net
      worth with that person’s spouse, at the time of the purchase of the
      Securities exceeds $1,000,000.

            	
              ____

            
	 
      	 
      	 
      
	
              2.

            	
              The
      Subscriber is a natural person whose income for each of 2007 and 2008 has
      exceeded $200,000, and there is a reasonable expectation that the
      Subscriber’s income for 2009 will also be in excess of
      $200,000.  Such income is solely that of the Subscriber and
      excludes the income of the Subscriber’s spouse.

            	
              ____

            
	 
      	 
      	 
      
	
              3.

            	
              The
      Subscriber is a natural person whose income, together with that of his/her
      spouse, for each of 2007 and 2008 has exceeded $300,000, and there is a
      reasonable expectation that the Subscriber’s income (combined with
      spouse’s) for 2009 will also be in excess of $300,000.

            	
              ____

            
	 
      	 
      	 
      
	
              4.

            	
              The
      Subscriber is a corporation, Massachusetts or similar business trust, or
      partnership, not formed for the specific purpose of acquiring the
      Securities, with total assets in excess of $5,000,000.

            	
              ____

            
	 
      	 
      	 
      
	
              5.

            	
              The
      Subscriber is an investment company registered under the Investment
      Company Act of 1940 or a business development company defined in Section
      2(a)(48) thereof.

            	
              ____

            
	 
      	 
      	 
      
	
              6.

            	
              The
      Subscriber is a Small Business Investment Company licensed under Section
      301(c) or (d) of the Small Business Investment Act of
1958.

            	
              ____

            
	 
      	 
      	 
      
	
              7.

            	
              The
      Subscriber is an employee benefit plan within the meaning of the Employee
      Retirement Income Security Act of 1974 if the investment decisions are
      made by a plan fiduciary, as defined in section 3(21) of such act, which
      is either a bank, savings and loan association, insurance company, or
      registered investment adviser, or is an employee benefit plan with total
      assets in excess of $5,000,000 or, is a self-directed plan, with
      investment decisions made solely by persons that are accredited
      investors.

            	
              ____

            
	 
      	 
      	 
      
	
              8.

            	
              The
      Subscriber is a private business development company defined in Section
      202(a)(22) of the Investment Advisors Act of 1940.

            	
              ____

            
	 
      	 
      	 
      
	
              9.

            	
              The
      Subscriber is a tax exempt organization described in Section 501(c)(3) of
      the Internal Revenue Code, with total assets of more than
      $5,000,000.

            	
              ____

            
	 
      	 
      	 
      
	
              10.

            	
              The
      Subscriber is a trust, with total assets in excess of $5,000,000, not
      formed for the specific purpose of acquiring the Securities offered, whose
      purchase is directed by a “sophisticated person” as defined in Rule
      506(b)(2)(ii) of the Securities Act.

            	 
      
	 
      	 
      	 
      
	
              11.

            	
              The
      Subscriber is a broker or dealer registered pursuant to Section 15 of the
      Securities and Exchange Act of 1934.

            	 
      
	 
      	 
      	 
      

    

     

     

    
      
        
        

      

      
        - 2
-

        
          

        

      

      
        
        

      

    

     

     

    
      	
              12.

            	
              The
      Subscriber is an entity in which all
      of the beneficial owners are individuals presently capable of answering
      (1), (2) or (3) in the affirmative.

            	
              ____

            
	 
      	 
      	 
      
	
              13.

            	
              The
      Subscriber otherwise qualifies as an “accredited investor” under Rule
      501(a) of Regulation D, promulgated under the Securities Act of 1933, as
      amended (the “Securities Act”).

            	
              ____

            
	 
      	 
      	 
      
	
              14.

            	
              None
      of the foregoing apply to the Subscriber.

            	
              ____

            
	 
      	 
      	 
      

    

    

    (d)           If
the undersigned individual is executing this Subscription Agreement on behalf of
a corporation, partnership or other entity, he or she has been duly authorized
to execute this Subscription Agreement and all other instruments in connection
with the purchase of the Securities; his or her signature is binding upon such
corporation, partnership, or other entity; and he or she represents and warrants
that such corporation, partnership, or other entity was not organized for the
purpose of acquiring the Securities subscribed for pursuant to this Subscription
Agreement and that the acquisition of the Securities is an authorized investment
of the corporation, partnership, or other entity.

     

    (e)           The
Securities are being acquired solely for the account of the Subscriber, for
investment, and not with a view to, or in connection with, any resale or
distribution of the Securities in violation of the registration requirements of
applicable federal or state securities laws.  The Subscriber has no
contract, understanding or arrangement with any person to sell, transfer or
pledge to such person, or anyone else, any of the Securities, and the Subscriber
has no present plans or intentions to enter into any such contract,
understanding or arrangement.

     

    (f)           Either
the Subscriber acting alone, or the Subscriber with the assistance of the
investment advisor described below, has the requisite knowledge, experience and
sophistication in financial and business matters to enable the Subscriber and
his/her advisor, if any, to evaluate the merits, risks and other factors bearing
on a decision to invest in the Company and so as to qualify Subscriber as a
“sophisticated investor” as established under relevant statutory, regulatory and
judicial authority promulgated or created with regard to the Securities
Act.

     

    (g)           The
Subscriber and his/her investment advisor, if any, have had an opportunity to
meet with representatives of the Company and to ask questions and receive
answers to their satisfaction regarding the proposed business of the Company and
its financial condition in order to assist them in evaluating the merits and
risks of purchasing the Securities.  All material documents and
information pertaining to the Company and the investment therein that have been
requested have been made available to Subscriber.

     

    (h)           The
Subscriber has relied upon the consultation and advice of the individual named
below (the “Purchaser Representative”) in assessing the merits and risks of
making an investment in the Company.  Such individual has agreed to
act as such investment advisor and such individual has represented to the
Subscriber that he/she has no material relationship with the Company or any of
its affiliates.  [If
no person was consulted, please insert the word “None.”  If no person
is named, “None” will be assumed.]

     

    Advisor’s
Name                                                                Position

     

    ________________________                                                    
________________________

     

    (i)      Subscriber
has adequate net worth and annual income to provide for current needs and
possible future contingencies and does not have an existing or foreseeable
future need for liquidity of the investment in the Securities. Also, Subscriber
is otherwise able to bear the economic risks of the proposed investment in the
Securities, including loss of the entire investment, without impairing his
ability to provide for himself and his family in the same manner as he is able
to do at the present time, without regard to the funds proposed to be invested
in the Securities.

     

    
      
        
        

      

      
        - 3
-

        
          

        

      

      
        
        

      

    

     

    

    (j)      At
no time was the Subscriber presented with or solicited by any advertisement,
article, notice or other communication published in any newspaper, magazine or
similar medium or broadcast over radio or television or by any other form of
general solicitation or general advertising.

     

    (k)           The
Subscriber has received, read and reviewed, and is familiar with this
Subscription Agreement and confirms that all Company and other documents,
records and books pertaining to his, her or its prospective purchase of the
Securities or to the Company’s business affairs and prospects and requested by
the Subscriber have been made available or delivered to the
Subscriber.  In subscribing for the Securities, Subscriber is not
relying upon any information, other than the results of his own or Purchaser
Representative’s independent review of the written information provided to
Subscriber at Subscriber’s request by the Company.

     

    (l)      Subscriber
understands that none of the Company, its management, or any professional
advisor of the Company has made or makes any representation or warranty to
Subscriber with respect to, or assumes any responsibility for, the federal
income tax consequences to Subscriber of an investment in the
Securities.

     

    (m)           Subscriber
is not subject to the fiduciary standards of the Employee Retirement and Income
Security Act of 1974, as amended, and is not exempt from income under Section
501 of the Internal Revenue Code of 1986, as amended.

     

    3.           Additional Acknowledgments,
Representations, Warranties and Agreements of Subscriber.  In
addition to the above representations and warranties, Subscriber represents,
warrants and acknowledges to the Company that Subscriber is aware of and fully
understands the following:

     

    (a)           Subscriber
is aware that the purchase of the Securities sought to be acquired involves a
speculative investment with a high degree of risk of loss to the Subscriber of
his, her or its investment in the Securities.

     

    (b)           Subscriber
further confirms that he, she or it has been furnished with (i) a copy of this
Subscription Agreement.

     

    (c)           The
financial information and certain other information regarding the Company set
forth in written materials provided to Subscriber may contain forward-looking
statements based on what the Company believes to be reasonable assumptions
regarding the future operations of the Company and various other financial and
economic conditions.  Subscriber acknowledges that these statements
are not intended and should not be viewed as anticipated performance or
guarantees of future performance of the Company, and that the actual results of
the Company’s operations could differ materially from those assumed for purposes
of such forward-looking statements.

     

    (d)           Subscriber
is aware that the Securities have not been registered under the Securities Act
or under any state securities law in reliance upon applicable federal or state
transactional exemptions and further that he, she or it is purchasing an equity
interest in the Company without being furnished any offering literature or
prospectus other than as referenced herein.

     

    (e)           Neither
the United States Securities and Exchange Commission nor any other federal or
state agency has reviewed the Offering or made any finding or determination as
to the suitability or fairness of an investment in the Securities, nor has any
such agency made any recommendation or endorsement with respect to the
Securities.

     

    (f)           There
exist substantial restrictions on the transferability of the Securities, under
federal and state law; there will be no public market for the Securities; the
undersigned may not be able to rely upon the provisions of Rule 144 adopted by
staff of the United States Securities and Exchange Commission under the Act with
respect to the resale of the Securities and, accordingly, the Subscriber may
have to hold the Securities indefinitely and may not be able to liquidate his,
her or its investment in the Company.

     

     

    
      
        
        

      

      
        - 4
-

        
          

        

      

      
        
        

      

    

     

    (g)           The
Securities will be issued pursuant to applicable exemptions from the
registration requirements of the Securities Act, including those provided by
Section 4(2) of the Securities Act and/or rules promulgated thereunder
(including without limitation Rule 506 under Regulation D), and applicable state
securities laws, including the Florida Securities and Investor Protection Act
(the “Florida Act”).  Subscriber agrees to provide such additional
information, certifications and assurances to the Company as reasonably
requested by the Company to assure to suitability of the investment for
Subscriber and Subscriber’s eligibility to purchase Securities
hereunder.

     

    (h)           None
of the following has ever been represented, guaranteed or warranted to the
Subscriber by the Company, its founder(s), agents or employees, or other
persons, expressly or by implication:

     

    i.      the
approximate or exact length of time that the Subscriber will be required to
remain as owner of the Securities;

     

    ii.      the
amount or type of consideration, profit or loss (including tax benefits) which
reasonably may be expected to be realized, if any, as a result of the activities
of the Company; or

     

    iii.           that
the past performance or experience of any entity or other person associated with
this investment, directly or indirectly, will in any way indicate the
predictable results of the ownership of the Securities or of the Company’s
intended activities.  There is and likely will be no public market for
the Securities; it will likely not be possible for the Subscriber to liquidate
the investment readily in the case of an emergency.  Accordingly,
Subscriber understands that he should consider the investment in the Securities
illiquid and that he is prepared to maintain his investment in the Company
indefinitely.

     

    (i)      THE
SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE FLORIDA ACT AND ARE
BEING OFFERED AND SOLD IN RELIANCE UPON EXEMPTIONS FROM REGISTRATION IN SUCH
ACT.  ANY SALES OF SECURITIES TO FIVE OR MORE PERSONS IN FLORIDA MADE
IN RELIANCE UPON SECTION 517.061(11)(A) OF THE FLORIDA ACT ARE VOIDABLE BY THE
PURCHASER WITHIN THREE (3) DAYS AFTER THE LATER OF (A) THE DATE THAT THE
AVAILABILITY OF THIS PRIVILEGE IS COMMUNICATED TO THE PURCHASER, OR (B) THE DATE
THAT SUCH PURCHASER TENDERS CONSIDERATION TO THE ISSUER, AN AGENT OF THE ISSUER
OR AN ESCROW AGENT.  UPON DELIVERY OF THIS SUBSCRIPTION AGREEMENT, THE
COMPANY SHALL HAVE BEEN DEEMED TO HAVE PROVIDED NOTICE TO THE PURCHASER OF THIS
PRIVILEGE.  The Subscriber acknowledges this right granted by the
Florida Act and further acknowledges that if the Subscriber is to exercise this
right, the Subscriber must do so in writing within the applicable time period
and that such writing must be received by the Company within such time
period.

     

    (j)      The
Subscriber acknowledges that:

     

    i.      a
legend will be placed on any certificates issued by the Company to evidence the
interest of the undersigned in Securities of such Company, in such form as the
Company may deem appropriate to describe the restrictions which are imposed upon
any resale effort;

     

    ii.      a
notation in the appropriate records of the Company will be made with respect to
any restrictions on transfer of the Securities.

     

    4.           Covenants and Further
Agreements.  In order to induce the Company to accept this
subscription, the Subscriber hereby covenants and agrees as
follows:

     

    (a)           The
Subscriber agrees not to dispose, or attempt to dispose, of any of the
Securities except in compliance with the requirements of this Subscription
Agreement, the Securities Act, the Florida Act, and any other applicable state
securities laws, and the applicable rules and regulations promulgated
thereunder, and unless and until the Company shall have received from the
Subscriber an opinion of counsel satisfactory to it that any proposed
disposition of any of the Securities may be effected without violation
thereof.

     

    
      
        
        

      

      
        - 5
-

        
          

        

      

      
        
        

      

    

     

    

    (b)           The
Subscriber agrees to furnish promptly to the Company and its counsel such
information and material with respect to the manner and circumstances of any
proposed disposition of any of the Securities as the Company or its counsel may
reasonably request.  The Company is not required to provide any
information or assistance to any person desiring to effectuate the sale or other
disposition of any of the Securities acquired hereunder.

     

    (c)           The
Subscriber understands that the Company is relying upon the representations and
warranties of the Subscriber in claiming the exemptions described
above.  Accordingly, the Subscriber agrees to indemnify the Company
and to hold the Company harmless, in respect of any and all claims, losses and
expenses (including costs and reasonable attorneys’ fees) that it may incur in
connection with or arising out of any breach of any of the representations,
warranties, covenants or agreements of the Subscriber set forth in this
Subscription Agreement.

     

    (d)           The
Subscriber agrees that, except for the three day right of rescission referred to
in this Subscription Agreement, the Subscriber is not entitled to cancel,
terminate or revoke this Subscription Agreement or any agreements of the
Subscriber hereunder and that this Subscription Agreement and the agreements of
the Subscriber shall survive (i) changes in the transactions, forms of documents
and instruments related to the Offering that are not materially adverse to the
Subscriber and (ii) the death or disability of the Subscriber.

     

    The representations and warranties set
forth in this Subscription Agreement are complete and correct  as of
the date hereof and shall be complete and correct and deemed restated up to and
including the date of closing by the Subscriber of his, her or its purchase of
any Securities sold by the Company (the “Date of Closing”), and the same shall
survive such date.  If such representations and warranties shall not
be complete and correct in all respects and at all times from the date hereof up
to and including the Date of Closing, the Subscriber represents and covenants
that he, she or it shall give written notice of such fact to the Company,
specifying which representations and warranties are not complete and correct and
the reasons therefor.

     

    5.           Miscellaneous.

     

    (a)           Notice.  Any
notice that either party is required or may desire to give to the other under or
in conjunction with this Subscription Agreement shall be in writing, and shall
be given by addressing the same to such other party at the address set forth at
the end of this Subscription Agreement, and by depositing the same so addressed,
postage prepaid, in the United States mail, or by delivering the same personally
or by courier, or by Federal Express or comparable overnight
courier.  Any notice mailed shall be deemed to have been given three
(3) United States Post Office delivery days following the date of mailing or,
otherwise, on the date of actual delivery to the receiving
party.  Either party may change the address for the service of notice
upon it by written notice given to the other in the manner herein provided for
the giving of notice.

     

    (b)           Amendments.  No
change, modification or termination of any of the terms, provisions, or
conditions of this Subscription Agreement shall be effective unless made in
writing and signed or initialed by all parties hereto, their successors and
assigns.

     

    (c)           Governing
Law.  This Subscription Agreement shall be construed and
enforced under and in accordance with the laws of the State of
Florida.  Any litigation arising from a dispute hereunder shall be
litigated solely in the Circuit Court of the State of Florida in Hillsborough
County, Florida, or in the Federal District Court for the Middle District of
Florida, Tampa Division, and the parties hereto submit to the jurisdiction of
such courts and agree that such courts shall be the sole situs of venue for the
resolution of any such dispute through litigation.

     

    (d)           Severability.  If
any paragraph, subparagraph or other provision of this Subscription Agreement,
or the application of such paragraph, subparagraph or provision, is held
invalid, then the remainder of the Subscription Agreement, and the application
of such paragraph, subparagraph or provision to person or circumstances other
than those with respect to which it is held invalid, shall not be affected
thereby.

     

    
      
        
        

      

      
        - 6
-

        
          

        

      

      
        
        

      

    

     

    

    (e)           Binding Effect on Successors
and Assigns.  This Subscription Agreement shall be binding upon
and shall inure to the benefit of the parties hereto and their respective
successors, personal representatives, heirs and assigns.

     

    (f)           Continuance of
Agreement.  The rights, responsibilities, duties,
representations and warranties of the parties hereto, and the covenants and
agreements herein contained, shall survive any closing and the execution hereof,
and shall continue to bind the parties hereto, and shall continue in full force
and effect until each and every obligation of the parties hereto pursuant to
this Subscription Agreement and any document or agreement incorporated herein by
reference shall have been fully performed.

     

    (g)           Assignment.  This
Subscription Agreement is not transferable or assignable by
Subscriber.

     

    (h)           Effective
Date.  This Subscription Agreement shall be effective as to
Subscriber as of the date of execution by Subscriber or, if the date of
execution is not inserted by Subscriber, then upon receipt of such Subscription
Agreement by the Company, which shall then be authorized to insert the date of
receipt.  This Subscription Agreement shall be effective as to the
Company as the date of its acceptance of the subscription, such acceptance being
indicated by execution of this Subscription Agreement by the President of the
Company or other duly authorized representative of the Company.

     

     

     

    [Remainder
of Page Intentionally Left Blank; Signatures on Following Page.]

     

     

    
      
        
        

      

      
        - 7
-

        
          

        

      

      
        
        

      

    

    

     

    IN WITNESS WHEREOF, the
undersigned has executed this Subscription Agreement this ___ day of _________,
2009.

    

    

    If Individual
Subscriber(s)

    

    

    Number of
Shares:_______                                              

    ____________________________________

    (Signature)

     

    ____________________________________

    (Signature)

     

    ____________________________________

    Print
Name(s)

     

    ____________________________________

    Print
Name(s)

     

     

    If
Corporate or Other Non-Individual Subscriber

     

    Subscriber:__________________________

                                 [please print]

    

    By:_______________________________

    

    Name:
____________________________

    

    Title:______________________________

    

    

    

    SUBSCRIPTION AGREEMENT
ACCEPTED

    

    AS OF ______________,  __,
2009.

    

    

    SHADES
HOLDINGS, INC.

     

     

     

     

      
        

      

    

    Sean
Lyons, President

     

     

    
      
        
        

      

      
        - 8
-

        
          

        

      

      
        
        

      

    

     

    
      

      INVESTOR
INFORMATION

      

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      	
                                                                              If
      Investor is an Individual:

                                                                            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                                                                              Social
      Security Number:

                                                                            	 
      	
                                                                              Residence
      Address (street address):

                                                                            
	 
      	 
      	 
      	 
      
	
                                                                               
        

                                                                            	 
      	
                                                                                

                                                                            
	 	 	 
	 
      	 
      	
                                                                                

                                                                            
	 
      	 
      	 
      	 
      
	
                                                                              E-mail
      Address:

                                                                            	 
      	
                                                                              Business
      Address:

                                                                            
	 
      	 
      	 
      	 
      
	
                                                                               
        

                                                                            	 
      	
                                                                                

                                                                            
	 	 	 
	 
      	 
      	
                                                                                

                                                                            
	 
      	 
      	 
      	 
      
	 
      	 
      	
                                                                              Telephone
      Number(s):

                                                                            
	 
      	 
      	 
      	 
      
	 
      	 
      	
                                                                              Residence:

                                                                            	
                                                                                

                                                                            
	 
      	 
      	 
      	 
      
	 
      	 
      	
                                                                              Business:

                                                                            	
                                                                                

                                                                            
	 
      	 
      	 
      	 
      
	 
      	 
      	
                                                                              Send
      mail to:

                                                                            	
                                                                              Business_____________

                                                                            
	 
      	 
      	
                                                                              (check
      one)

                                                                            	 
      
	 
      	 
      	 
      	
                                                                              Residence______________________________

                                                                            
	 
      	 
      	 
      	 
      
	
                                                                              If
      Investor is a Company or

                                                                            	 
      	 
      	 
      
	
                                                                              Other
      Artificial Entity:

                                                                            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                                                                              Tax
      Identification Number:

                                                                            	 
      	
                                                                              Business
      Address (street address):

                                                                            
	 
      	 
      	 
      	 
      
	 
        	 
      	 
        
	 	 	 
	 
      	 
      	
                                                                               
      

                                                                            
	
                                                                              State
      of Organization:

                                                                            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                                                                               
        

                                                                            	 
      	
                                                                              Contact Person:

                                                                            	
                                                                               
      

                                                                            
	 
      	 
      	 
      	 
      
	
                                                                              Email
      Address:

                                                                            	 
      	
                                                                              Telephone
      Number:

                                                                            
	 
      	 
      	 
      	 
      
	 
        	 
      	
                                                                              Business:

                                                                            	 
        
	 
      	 
      	 
      	 
      
	
                                                                              Type
      of Entity:

                                                                            	 
      	
                                                                              No.
      of Beneficial Owners:
  ____________________________

                                                                            

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

      

      
        
          	
                  o

                	
                  corporation

                

        

      

      
        
          	
                  o

                	
                  general
      partnership

                

        

      

      
        
          	
                  o

                	
                  limited
      partnership

                

        

      

      
        
          	
                  o

                	
                  business
      trust

                

        

      

      
        
          	
                  o

                	
                  personal
      trust

                

        

      

      
        
          	
                  o

                	
                  other
      form of entity (please specify)
      _____________________________________.

                
	 	 
	 	 
	 	 

        

      
-
9 -

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