Document:

EXHIBIT
        4.4

      

      WARRANT
        AGREEMENT

      

      This
        Warrant Agreement made as of ________, 2006 (this “Warrant
        Agreement”)
        between INDUSTRIAL
        SERVICES ACQUISITION CORP.,
        a
        Delaware corporation, with offices at 2807 El Presidio St., Carson, CA 90810
        (the “Company”),
        and
        CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation, with
        offices at 17 Battery Place, New York, New York 10004 (the “Warrant
        Agent”).

      

      WHEREAS,
        the
        Company is engaged in a public offering (a “Public
        Offering”)
        of
        Units (the “Units”)
        and,
        in connection therewith, has determined to issue and deliver up to (i)
5,175,000
        warrants
        (the “Public
        Warrants”)
        to the
        public investors, and (ii) as part of an Underwriter’s purchase option, 225,000
        warrants to Maxim Group LLC (“Maxim”)
        or
        their designees (the “Representative’s
        Warrants”),
        which
        Representative’s Warrants shall have an exercise price of $5.00, subject to
        adjustment, and each of such Public Warrants evidencing the right of the
        holder
        thereof to purchase one share of common stock, par value $.0001 per share,
        of
        the Company’s Common Stock (the “Common
        Stock”)
        for
        $5.00, subject to adjustment as described herein; and

      

      WHEREAS,
        the
        Company has filed with the Securities and Exchange Commission (the “SEC”)
        a
        Registration Statement, No. 127753 on Form S-1 (as the same may be amended
        from
        time to time, the “Registration
        Statement”)
        for
        the registration, under the Securities Act of 1933, as amended (the
“Act”)
        of,
        among other securities, the Warrants and the Common Stock issuable upon exercise
        of the Warrants; and

      

      WHEREAS,
        the
        Company intends to issue 833,333 warrants to certain private investors in
        a
        private placement (the “Private
        Placement”)
        immediately prior to the Public Offering, which warrants (the “Private
        Warrants”)
        will
        be substantially identical to the Public Warrants; and

      

      WHEREAS,
        the
        Company desires the Warrant Agent to act on behalf of the Company, and the
        Warrant Agent is willing to so act, in connection with the issuance,
        registration, transfer, exchange, redemption and exercise of the Public
        Warrants, the Private Warrants and the Representative’s Warrants (collectively,
        the “Warrants”);
        and

      

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

      

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

      
        
           

        

        
           

          
            

          

        

        
           

        

      

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

       

      1.    Appointment
        of Warrant Agent.
        The
        Company hereby appoints the Warrant Agent to act as agent for the Company
        for
        the Warrants, and the Warrant Agent hereby accepts such appointment and agrees
        to perform the same in accordance with the terms and conditions set forth
        in
        this Warrant Agreement.

      

      2.    Warrants.

      

      2.1.    Form
        of Warrant.
        Each
        Warrant shall be issued in registered form only, shall be in substantially
        the
        form of Exhibit
        A
        hereto,
        the provisions of which are incorporated herein and shall be signed by, or
        bear
        the facsimile signature of, the Chief Executive Officer or President and
        Treasurer, Secretary or Assistant Secretary of the Company and shall bear
        a
        facsimile of the Company’s seal. In the event the person whose facsimile
        signature has been placed upon any Warrant shall have ceased to serve in
        the
        capacity in which such person signed the Warrant before such Warrant is issued,
        it may be issued with the same effect as if he or she had not ceased to be
        such
        at the date of issuance.

      

      2.2.    Effect
        of Countersignature.
        Unless
        and until countersigned by the Warrant Agent pursuant to this Warrant Agreement,
        a Warrant shall be invalid and of no effect and may not be exercised by the
        holder thereof.

      

      2.3.    Registration.

      

      2.3.1.    Warrant
        Register.
        The
        Warrant Agent shall maintain books (the “Warrant
        Register”),
        for
        the registration of original issuance and the registration of transfer of
        the
        Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall
        issue and register the Warrants in the names of the respective holders thereof
        in such denominations and otherwise in accordance with instructions delivered
        to
        the Warrant Agent by the Company.

      

      2.3.2.    Registered
        Holder.
        Prior
        to due presentment for registration of transfer of any Warrant, the Company
        and
        the Warrant Agent may deem and treat the person in whose name such Warrant
        shall
        be registered upon the Warrant Register (the “Registered
        Holder”),
        as
        the absolute owner of such Warrant and of each Warrant represented thereby
        (notwithstanding any notation of ownership or other writing on the Warrant
        Certificate made by anyone other than the Company or the Warrant Agent),
        for the
        purpose of any exercise thereof, and for all other purposes, and neither
        the
        Company nor the Warrant Agent shall be affected by any notice to the
        contrary.

      

      2.4.    Detachability
        of Warrants.
        The
        securities comprising the Units will not be separately transferable until
        90
        days after the date hereof (and the Units will thereafter cease trading unless
        Maxim determines to allow continued trading of the Units following such
        separation) unless Maxim informs the Company of its decision to allow earlier
        separate trading, but in no event will Maxim allow separate trading of the
        securities comprising the Units until (i) the Company files a Current Report
        on
        Form 8-K which includes an audited balance sheet

      
        
           

        

        
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      reflecting
        the receipt by the Company of the gross proceeds of the Public Offering,
        including any proceeds received by the Company from the exercise of the
        Underwriters’ over-allotment option, if the over-allotment option is exercised
        prior to the filing of the Form 8-K, (ii) the Company files a Current Report
        on
        Form 8-K and issues a press release announcing when such separate trading
        will
        commence, and (iii) the business day following the earlier to occur of the
        expiration of the underwriters’ over-allotment option or its exercise in
        full.

      

      2.5.    Warrants
        and Representative’s Warrants.
        The
        Representative’s Warrants shall have the same terms and be in the same form as
        the other Warrants, except with respect to the Warrant Price as set forth
        below
        in Section 3.1.

      

      3.    Terms
        and Exercise of Warrants.

      

      3.1.    Warrant
        Price.
        Each
        Warrant shall, when countersigned by the Warrant Agent, entitle the Registered
        Holder thereof, subject to the provisions of such Warrant and of this Warrant
        Agreement, to purchase from the Company the number of shares of Common Stock
        stated therein, at the price of $6.00 per whole share, subject to the
        adjustments provided in Section 4 hereof and in the last sentence of this
        Section 3.1. Each Representative’s Warrant shall, when countersigned by the
        Warrant Agent, entitle the Registered Holder thereof, subject to the provisions
        of such Representative’s Warrant and of this Warrant Agreement, to purchase from
        the Company the number of shares of Common stock stated therein, at the price
        of
        $5.00 per whole share, subject to the adjustments provided in Section 4 hereof
        and in the last sentence of this Section 3.1. The term “Warrant Price” as used
        in this Warrant Agreement refers to the price per share at which Common Stock
        may be purchased at the time a Warrant is exercised. The Company in its sole
        discretion may lower the Warrant Price at any time prior to the Expiration
        Date
        for a period of time not less than ten business days.

      

      3.2.    Duration
        of Warrants.
        A
        Warrant may be exercised only during the period (the “Exercise
        Period”)
        commencing on the later of (i) the consummation by the Company of a merger,
        capital stock exchange, asset acquisition or other similar business combination
        (as described more fully in the Registration Statement, a “Business
        Combination”)
        or
        (ii) _______, 2007, and terminating at 5:00 p.m., New York City time on the
        earlier to occur of (i) _______, 2010 or (ii) the date fixed for redemption
        of
        the Warrants as provided in Section 6 of this Warrant Agreement (the
“Expiration
        Date”).
        Except with respect to the right to receive the Redemption Price (as set
        forth
        in Section 6 hereunder), each Warrant not exercised on or before the Expiration
        Date shall become void, and all rights thereunder and all rights in respect
        thereof under this Warrant Agreement shall cease at the close of business
        on the
        Expiration Date. The Company in its sole discretion may extend the duration
        of
        the Warrants by delaying the Expiration Date; provided, however, that the
        Company will provide notice to registered holders of Warrants of such extension
        of not less than 20 days prior to such extension becoming effective.

      

      3.3.    Exercise
        of Warrants.

      

      3.3.1.    Payment.
        Subject
        to Section 3.3.2 and the other provisions of the Warrant and this Warrant
        Agreement, a Warrant, when countersigned by the Warrant Agent,

      
        
           

        

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

      

      3.3.2.    Issuance
        of Certificates.
        As soon
        as practicable after the exercise of any Warrant and the clearance of the
        funds
        in payment of the Warrant Price, the Company shall issue to the Registered
        Holder of such Warrant a certificate or certificates for the number of full
        shares of Common Stock to which he, she or it is entitled, registered in
        such
        name or names as may be directed by him, her or it, and if such Warrant shall
        not have been exercised in full, a new countersigned Warrant for the number
        of
        shares as to which such Warrant shall not have been exercised. Notwithstanding
        the foregoing, the Company shall not be obligated to deliver any securities
        pursuant to the exercise of a Warrant unless a registration statement under
        the
        Act with respect to the Common Stock issuable upon such exercise is effective
        and such securities are qualified for sale or exempt from qualification under
        applicable securities laws of the states or other jurisdictions in which
        the
        registered holders reside. The
        exercise of the Warrants may only be settled by delivery of shares of Common
        Stock and the Registered Holder shall not be entitled to the payment of cash
        in
        lieu of shares of Common Stock (net cash settlement) upon exercise of the
        Warrants pursuant to the terms of this Agreement or the Warrants.

      

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

      

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

      

      3.3.5.    Warrant
        Solicitation and Warrant Solicitation Fee.

      

      (a)    The
        Company has engaged Maxim, on a non-exclusive basis, as its agent for the
        solicitation of the exercise of the Warrants. The Company, at its cost, will
        (i)
        assist Maxim with respect to such solicitation, if requested by Maxim, and
        (ii)
        provide Maxim, and direct the Company’s transfer agent and the Warrant Agent to
        deliver to Maxim, lists of the record and, to the extent known, beneficial
        owners of the Company’s Warrants. The Company hereby instructs the Warrant Agent
        to cooperate with Maxim in every respect in connection with Maxim’s solicitation
        activities, including, but not limited to, providing to Maxim, at
        the

      
        
           

        

        
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      Company’s
        cost, a list of record and beneficial holders of the Warrants and circulating
        a
        prospectus or offering circular disclosing the compensation arrangements
        referenced in Section 3.3.5(b) below to holders of the Warrants at the time
        of
        exercise of the Warrants. In addition to the conditions set forth in Section
        3.3.5(b), Maxim shall accept payment of the warrant solicitation fee provided
        in
        Section 3.3.5(b) only if it has provided bona fide services to the Company
        in
        connection with the exercise of the Warrants and only to the extent that
        an
        investor who exercises his Warrants specifically designates, in writing,
        that
        Maxim solicited his, her or its exercise. In addition to soliciting, either
        orally or in writing, the exercise of Warrants by a Warrant holder, such
        services may also include disseminating information, either orally or in
        writing, to Warrant holders about the Company or the market for the Company’s
        securities, or assisting in the processing of the exercise of
        Warrants.

      

      (b)    In
        each
        instance in which a Warrant is exercised, the Warrant Agent shall promptly
        give
        written notice of such exercise to the Company and Maxim (the “Warrant
        Agent’s Exercise Notice”).
        If,
        upon the exercise of any Warrant more than one year from the effective date
        of
        the Registration Statement, (i) the market price of the Company’s Common Stock
        is greater than the Warrant Price, (ii) disclosure of compensation arrangements
        between the Company and Maxim with respect to the solicitation of the exercise
        of the Warrants was made both at the time of the Public Offering and at the
        time
        of exercise (by delivery of the Prospectus or as otherwise required by
        applicable law, rule or regulation), (iii) the holder of the Warrant confirms
        in
        writing that the exercise of the Warrant was solicited by Maxim, (iv) the
        Warrant was not held in a discretionary account, and (v) the solicitation
        of the
        exercise of the Warrant was not in violation of Regulation M (as such rule
        or
        any successor rule may be in effect as of such time of exercise) promulgated
        under the Securities Exchange Act of 1934, as amended, then the Warrant Agent,
        simultaneously with the distribution of the Common Stock underlying the Warrants
        so exercised in accordance with the instructions from the Company following
        receipt of the proceeds to the Company received upon exercise of such
        Warrant(s), shall, on behalf of the Company, pay to Maxim a fee of 5% of
        the
        Warrant Price, provided that Maxim delivers to the Warrant Agent within ten
        (10)
        business days from the date on which Maxim has received the Warrant Agent’s
        Exercise Notice, a certificate that the conditions set forth in the preceding
        clauses (iii), (iv) and (v) have been satisfied. Notwithstanding the foregoing,
        no fee will be paid to Maxim with respect to the exercise by the Underwriters
        or
        their affiliates or the Company’s officers or directors of Warrants purchased by
        it or them and still held by them for its or their own account. Maxim and
        the
        Company may at any time during business hours, examine the records of the
        Warrant Agent, including its ledger of original Warrant certificates returned
        to
        the Warrant Agent upon exercise of Warrants.

      

      (c)    The
        provisions of this Section 3.3.5. may not be modified, amended or deleted
        without the prior written consent of Maxim.

      

      4.    Adjustments.

      

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

      
        
           

        

        
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      similar
        event, the number of shares of Common Stock issuable on exercise of each
        Warrant
        shall be increased in proportion to such increase in outstanding shares of
        Common Stock.

      

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

      

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

      

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

      

      4.5.    Notices
        of Changes in Warrant.
        Upon
        every adjustment of the Warrant Price or the number of shares issuable upon
        exercise of a Warrant, the Company shall give written notice thereof to the
        Warrant Agent, which notice shall state the Warrant Price resulting from
        such
        adjustment and the increase or decrease, if any, in the number of shares
        purchasable at such price upon the exercise of a Warrant, setting forth in
        reasonable detail the method of

      
        
           

        

        
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      calculation
        and the facts upon which such calculation is based. Upon the occurrence of
        any
        event specified in Sections 4.1, 4.2, 4.3 or 4.4, then, in any such event,
        the
        Company shall give written notice to the Warrant holder, at the last address
        set
        forth for such holder in the Warrant Register, of the record date or the
        effective date of the event. Failure to give such notice, or any defect therein,
        shall not affect the legality or validity of such event.

      

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

      

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

      

      5.    Transfer
        and Exchange of Warrants.

      

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

      

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

      

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

      
        
           

        

        
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      5.4.    Service
        Charges.
        No
        service charge shall be made for any exchange or registration of transfer
        of
        Warrants.

      

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

      

      6.    Redemption.

      

      6.1.    Redemption.
        Subject
        to Section 6.4 hereof, not less than all of the outstanding Warrants may
        be
        redeemed, at the option of the Company, at any time after they become
        exercisable and prior to their expiration, at the office of the Warrant Agent,
        upon the notice referred to in Section 6.2, at the price of $.01 per Warrant
        (the “Redemption
        Price”),
        provided that the average closing sales price of the Common Stock has been
        equal
        to or greater than $11.50 per share, for any twenty (20) trading days within
        a
        thirty (30) trading day period ending on the third business day prior to
        the
        date on which notice of redemption is given. The provisions of this Section
        6.1
        may not be modified, amended or deleted without the prior written consent
        of
        Maxim.

      

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

      

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

      

      6.4.    Outstanding
        Warrants Only.
        The
        Company understands that the redemption rights provided for by this Section
        6
        apply only to outstanding Warrants. To the extent a person holds rights to
        purchase Warrants, such purchase rights shall not be extinguished by redemption.
        However, once such purchase rights are exercised, the Company may redeem
        the
        Warrants issued upon such exercise provided that the criteria for redemption
        is
        met. The provisions of this Section 6.4 may not be modified, amended or deleted
        without the prior written consent of Maxim.

      

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

      
        
           

        

        
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      7.1.    No
        Rights as Stockholder.
        A
        Warrant does not entitle the Registered Holder thereof to any of the rights
        of a
        stockholder of the Company, including, without limitation, the right to receive
        dividends, or other distributions, exercise any preemptive rights to vote
        or to
        consent or to receive notice as stockholders in respect of the meetings of
        stockholders or the election of directors of the Company or any other
        matter.

      

      7.2.    Lost,
        Stolen, Mutilated, or Destroyed Warrants.
        If any
        Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant
        Agent may on such terms as to indemnity or otherwise as they may in their
        discretion impose (which shall, in the case of a mutilated Warrant, include
        the
        surrender thereof), issue a new Warrant of like denomination, tenor, and
        date as
        the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant
        shall
        constitute a substitute contractual obligation of the Company, whether or
        not
        the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any
        time
        enforceable by anyone.

      

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

      

      7.4.    Registration
        of Common Stock.
        The
        Company agrees that prior to the commencement of the Exercise Period, it
        shall
        file with the SEC a post-effective amendment to the Registration Statement,
        or a
        new registration statement, for the registration, under the Act, of, and
        it
        shall take such action as is necessary to qualify for sale, in those states
        in
        which the Warrants were initially offered by the Company, the Common Stock
        issuable upon exercise of the Warrants. In either case, the Company will
        use its
        best efforts to cause the same to become effective on or prior to the
        commencement of the Exercise Period and to maintain the effectiveness of
        such
        registration statement until the expiration of the Warrants in accordance
        with
        the provisions of this Warrant Agreement. The provisions of this Section
        7.4 may
        not be modified, amended or deleted without the prior written consent of
        Maxim.

      

      8.    Concerning
        the Warrant Agent and Other Matters.

      

      8.1.    Payment
        of Taxes.
        The
        Company will from time to time promptly pay all taxes and charges that may
        be
        imposed upon the Company or the Warrant Agent in respect of the issuance
        or
        delivery of shares of Common Stock upon the exercise of Warrants, but the
        Company shall not be obligated to pay any transfer taxes in respect of the
        Warrants or such shares.

      

      8.2.    Resignation,
        Consolidation, or Merger of Warrant Agent.

      

      8.2.1.    Appointment
        of Successor Warrant Agent.
        The
        Warrant Agent, or any successor to it hereafter appointed, may resign its
        duties
        and be discharged from all further duties and liabilities hereunder after
        giving
        sixty (60) days’ notice in writing to the Company. If the office of the Warrant
        Agent becomes vacant by resignation or incapacity to act or otherwise, the
        Company shall appoint in writing a successor Warrant Agent in place of the
        Warrant Agent. If the Company shall fail to make such appointment within
        a
        period of 30 days after it has been

      
        
           

        

        
          -9-

          
            

          

        

        
           

        

      

      notified
        in writing of such resignation or incapacity by the Warrant Agent or by the
        holder of the Warrant (who shall, with such notice, submit his Warrant for
        inspection by the Company), then the holder of any Warrant may apply to the
        Supreme Court of the State of New York for the County of New York for the
        appointment of a successor Warrant Agent. Any successor Warrant Agent, whether
        appointed by the Company or by such court, shall be a corporation organized
        and
        existing under the laws of the State of New York, in good standing and having
        its principal office in the Borough of Manhattan, City and State of New York,
        and authorized under such laws to exercise corporate trust powers and subject
        to
        supervision or examination by federal or state authority. After appointment,
        any
        successor Warrant Agent shall be vested with all the authority, powers, rights,
        immunities, duties, and obligations of its predecessor Warrant Agent with
        like
        effect as if originally named as Warrant Agent hereunder, without any further
        act or deed; but if for any reason it becomes necessary or appropriate, the
        predecessor Warrant Agent shall execute and deliver, at the expense of the
        Company, an instrument transferring to such successor Warrant Agent all the
        authority, powers, and rights of such predecessor Warrant Agent hereunder;
        and
        upon request of any successor Warrant Agent the Company shall make, execute,
        acknowledge, and deliver any and all instruments in writing for more fully
        and
        effectually vesting in and confirming to such successor Warrant Agent all
        such
        authority, powers, rights, immunities, duties, and obligations.

      

      8.2.2.    Notice
        of Successor Warrant Agent.
        In the
        event a successor Warrant Agent shall be appointed, the Company shall give
        notice thereof to the predecessor Warrant Agent and the transfer agent for
        the
        Common Stock not later than the effective date of any such appointment.

       

      8.2.3.    Merger
        or Consolidation of Warrant Agent.
        Any
        corporation into which the Warrant Agent may be merged or with which it may
        be
        consolidated or any corporation resulting from any merger or consolidation
        to
        which the Warrant Agent shall be a party shall be the successor Warrant Agent
        under this Warrant Agreement without any further act.

      

      8.3.    Fees
        and Expenses of Warrant Agent.

      

      8.3.1.    Remuneration.
        The
        Company agrees to pay the Warrant Agent reasonable remuneration for its services
        as Warrant Agent hereunder and will reimburse the Warrant Agent upon demand
        for
        all expenditures that the Warrant Agent may reasonably incur in the execution
        of
        its duties hereunder.

      

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

      

      8.3.3.    Waiver.
        The
        Warrant Agent hereby waives any and all right, title, interest or claim of
        any
        kind (“Claim”) in or to any distribution of the Trust Fund (as defined in that
        certain Investment Management Trust Agreement, dated as of the date hereof,
        by
        and between the Company and the Warrant Agent), and hereby agrees not to
        seek
        recourse,

      
        
           

        

        
          -10-

          
            

          

        

        
           

        

      

      reimbursement,
        payment or satisfaction for any Claim against the Trust Fund for any reason
        whatsoever.

      

      8.4.    Liability
        of Warrant Agent.

      

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

      

      8.4.2.    Indemnity.
        The
        Warrant Agent shall be liable hereunder only for its own negligence, willful
        misconduct or bad faith. The Company agrees to indemnify the Warrant Agent
        and
        save it harmless against any and all liabilities, including judgments, costs
        and
        reasonable counsel fees, for anything done or omitted by the Warrant Agent
        in
        the execution of this Warrant Agreement except as a result of the Warrant
        Agent’s negligence, willful misconduct, or bad faith.

      

      8.4.3.    Exclusions.
        The
        Warrant Agent shall have no responsibility with respect to the validity of
        this
        Warrant Agreement or with respect to the validity or execution of any Warrant
        (except its countersignature thereof); nor shall it be responsible for any
        breach by the Company of any covenant or condition contained in this Warrant
        Agreement or in any Warrant; nor shall it be responsible to make any adjustments
        required under the provisions of Section 4 hereof or responsible for the
        manner,
        method, or amount of any such adjustment or the ascertaining of the existence
        of
        facts that would require any such adjustment; nor shall it by any act hereunder
        be deemed to make any representation or warranty as to the authorization
        or
        reservation of any shares of Common Stock to be issued pursuant to this Warrant
        Agreement or any Warrant or as to whether any shares of Common Stock will
        when
        issued be valid and fully paid and nonassessable.

      

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

      

      9.    Miscellaneous
        Provisions.

      

      9.1.    Successors.
        All the
        covenants and provisions of this Warrant Agreement by or for the benefit
        of the
        Company or the Warrant Agent shall bind and inure to the benefit of their
        respective successors and assigns.

      
        
           

        

        
          -11-

          
            

          

        

        
           

        

      

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

      

      Industrial
        Services Acquisition Corp.

      2807
        El
        Presidio Street

      Carson,
        CA 90810

      Attn:
        Mark McKinney, Chief Executive Officer

      Fax
        No.:
        310. ___________

      

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

      

      

      Continental
        Stock Transfer & Trust Company

      17
        Battery Place

      New
        York,
        New York 10004

      Attn:
        Chairman

      

      with
        a
        copy in each case to:

      

      Mintz,
        Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

      666
        Third
        Avenue

      New
        York,
        New York 10017

      Attn:
        Kenneth R. Koch, Esq.

      

      and

      

      Lowenstein
        Sandler PC

      65
        Livingston Avenue

      Roseland,
        New Jersey 07068

      Attn:
        Steven Skolnick, Esq.

      

      and

      

      Maxim
        Group LLC.

      405
        Lexington Avenue

      New
        York,
        New York 10174

      Attn:
        Clifford Teller, Managing Director

      
        
           

        

        
          -12-

          
            

          

        

        
           

        

      

      

      9.3.    Applicable
        Law.
        The
        validity, interpretation, and performance of this Warrant Agreement and of
        the
        Warrants shall be governed in all respects by the laws of the State of New
        York,
        without giving effect to conflict of laws. The Company hereby agrees that
        any
        action, proceeding or claim against it arising out of or relating in any
        way to
        this Warrant Agreement shall be brought and enforced in the courts of the
        State
        of New York located in New York County or the United States District Court
        for
        the Southern District of New York, and irrevocably submits to such jurisdiction,
        which jurisdiction shall be exclusive. The Company hereby waives any objection
        to such exclusive jurisdiction and that such courts represent an inconvenient
        forum. Any such process or summons to be served upon the Company may be served
        by transmitting a copy thereof by registered or certified mail, return receipt
        requested, postage prepaid, addressed to it at the address set forth in Section
        9.2 hereof. Such mailing shall be deemed personal service and shall be legal
        and
        binding upon the Company in any action, proceeding or claim

      

      9.4.    Persons
        Having Rights under this Warrant Agreement.   Nothing
        in this Warrant Agreement expressed and nothing that may be implied from
        any of
        the provisions hereof is intended, or shall be construed, to confer upon,
        or
        give to, any person or entity other than the parties hereto and the Registered
        Holders of the Warrants (who shall, for all purposes hereunder, be deemed
        third
        party beneficiaries of this Warrant Agreement) and, for the purposes of Sections
        3.3.5, 6.1, 6.4, 7.4, 9.2 and 9.8 hereof, Maxim, any right, remedy, or claim
        under or by reason of this Warrant Agreement or of any covenant, condition,
        stipulation, promise, or agreement hereof. Maxim shall be deemed to be a
        third-party beneficiary of this Warrant Agreement with respect to Sections
        3.3.5, 6.1, 6.4, 7.4, 9.2 and 9.8 hereof. All covenants, conditions,
        stipulations, promises, and agreements contained in this Warrant Agreement
        shall
        be for the sole and exclusive benefit of the parties hereto (and Maxim with
        respect to the Sections 3.3.5, 6.1, 6.4, 7.4 and 9.2 hereof) and their
        successors and assigns and of the Registered Holders of the
        Warrants.

      

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

      

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

      

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

      

      9.8.    Amendments.
        This
        Warrant Agreement may be amended by the parties hereto without the consent
        of
        any registered holder for the purpose of curing any ambiguity, or of curing,
        correcting or supplementing any defective provision contained herein or adding
        or changing any other provisions with respect to matters or questions arising
        under this Warrant

      
        
           

        

        
          -13-

          
            

          

        

        
           

        

      

      Agreement
        as the parties may deem necessary or desirable and that the parties deem
        shall
        not adversely affect the interest of the registered holders. All other
        modifications or amendments (except as otherwise specifically set forth herein),
        including any amendment to increase the Warrant Price or shorten the Exercise
        Period, shall require the written consent of each of Maxim and the registered
        holders of a majority of the then outstanding Warrants. Notwithstanding the
        foregoing, the Company may lower the Warrant Price or extend the duration
        of the
        Exercise Period in accordance with Sections 3.1 and 3.2, respectively, without
        such consent.

      

      9.9.    Severability.
        This
        Warrant Agreement shall be deemed severable, and the invalidity or
        unenforceability of any term or provision hereof shall not affect the validity
        or enforceability of this Warrant Agreement or of any other term or provision
        hereof. Furthermore, in lieu of any such invalid or unenforceable term or
        provision, the parties hereto intend that there shall be added as a part
        of this
        Warrant Agreement a provision as similar in terms to such invalid or
        unenforceable provision as may be possible and be valid and
        enforceable.

      

      

      

      [Remainder
        of Page Intentionally Left Blank.]

      
        
           

        

        
          -14-

          
            

          

        

        
           

        

      

      

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

      

      

      INDUSTRIAL
        SERVICES ACQUISITION CORP.

      

      

      

      By:_______________________________

      Name:
        Mark McKinney

      Title:   Chief
        Executive Officer

      

      

      CONTINENTAL
        STOCK TRANSFER 

      &
        TRUST COMPANY

      

      

      

      By:_______________________________

      Name:
        

      Title:   

      

    
      
         

      

        -15-EXHIBIT
      4.5

     

    THE
      REGISTERED HOLDER OF THIS PURCHASE OPTION, BY ITS ACCEPTANCE HEREOF, AGREES
      THAT
      IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION, EXCEPT AS HEREIN
      PROVIDED, AND THE REGISTERED HOLDER OF THIS PURCHASE OPTION AGREES THAT IT
      WILL
      NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION FOR
      A
      PERIOD OF ONE YEAR FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER
      THAN (I) MAXIM GROUP LLC OR ITS AFFILIATES (“MAXIM”) OR AN UNDERWRITER OR A
      SELECTED DEALER IN CONNECTION WITH THE OFFERING (DEFINED HEREIN), OR (II) A
      BONA
      FIDE OFFICER, PARTNER OR EMPLOYEE OF MAXIM OR OF ANY SUCH UNDERWRITER OR
      SELECTED DEALER.

     

    THIS
      PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF (I) __________, 2007
      AND (II) THE CONSUMMATION BY INDUSTRIAL SERVICES ACQUISITION CORP. (“COMPANY”)
      OF A MERGER, CAPITAL STOCK EXCHANGE, ASSET ACQUISITION OR OTHER SIMILAR BUSINESS
      COMBINATION (“BUSINESS COMBINATION”) (AS DESCRIBED MORE FULLY IN THE COMPANY’S
      REGISTRATION STATEMENT (DEFINED HEREIN)). THIS PURCHASE OPTION SHALL BE VOID
      AFTER 5:00 P.M, NEW YORK CITY TIME, ON __________, 2011.

     

    UNIT
      PURCHASE OPTION

    

    

    FOR
      THE
      PURCHASE OF

    

    225,000
      UNITS

    

    OF

    

    INDUSTRIAL
      SERVICES ACQUISITION CORP.

    

    

    1.    Purchase
      Option.

    

    THIS
      CERTIFIES THAT, in consideration of $100 duly paid by or on behalf of
Maxim
      Partners LLC (collectively, with its successors and permitted assigns and/or
      transferees, the "Holder"),
      as
      registered owner of this Purchase Option, to Industrial Services Acquisition
      Corp. (the "Company"),
      Holder is entitled, at any time or from time to time upon the later of (i)
      the
      consummation of a Business Combination and (ii) __________, 2007 ("Commencement
      Date"),
      and
      at or before 5:00 p.m., Eastern Time, __________, 2011 ("Expiration
      Date"),
      but
      not thereafter, to subscribe for, purchase and receive, in whole or in part,
      up
      to Two Hundred and Twenty Five Thousand (225,000) units (the "Units")
      of the
      Company, each Unit consisting of

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    one
      share
      of common stock of the Company, par value $.0001 per share (the "Common
      Stock"),
      and
      one warrant (the "Warrant(s)")
      expiring four years from the effective date ("Effective
      Date")
      of the
      registration statement ("Registration
      Statement")
      pursuant to which Units are offered for sale to the public (the "Offering").
      Each
      Warrant is on the same terms and conditions as the warrants included in the
      Units being registered for sale to the public by way of the Registration
      Statement,
      including that the Warrants underlying the Units comprising this Purchase Option
      have an exercise price of $5.00 per share.
      If the
      Expiration Date is a day on which banking institutions are authorized by law
      to
      close, then this Purchase Option may be exercised on the next succeeding day
      which is not such a day in accordance with the terms herein. During the period
      ending on the Expiration Date, the Company agrees not to take any action that
      would terminate the Purchase Option. This Purchase Option is initially
      exercisable at $8.80 per Unit so purchased; provided,
      however,
      that
      upon the occurrence of any of the events specified in Section 6 hereof, the
      rights granted by this Purchase Option, including the exercise price per Unit
      and the number of Units (and shares of Common Stock and Warrants) to be received
      upon such exercise, shall be adjusted as therein specified. The term
      "Exercise
      Price"
      shall
      mean the initial exercise price or the adjusted exercise price, depending on
      the
      context.

    

    2.    Exercise.

    

    2.1    Exercise
      Form.
      In
      order to exercise this Purchase Option, the exercise form attached hereto must
      be duly executed and completed and delivered to the Company, together with
      this
      Purchase Option and payment of the Exercise Price for the Units being purchased
      payable in cash or by certified check or official bank check. If the
      subscription rights represented hereby shall not be exercised at or before
      5:00
      p.m., New York City Time, on the Expiration Date, this Purchase Option shall
      become and be void without further force or effect, and all rights represented
      hereby shall cease and expire.

    

    2.2    Legend.
      Each
      certificate for the securities purchased under this Purchase Option shall bear
      a
      legend as follows unless such securities have been registered under the
      Securities Act of 1933, as amended (the "Act"):

    

    "The
      securities represented by this certificate have not been registered under the
      Securities Act of 1933, as amended ("Act") or applicable state law. The
      securities may not be offered for sale, sold or otherwise transferred except
      pursuant to an effective registration statement under the Act, or pursuant
      to an
      exemption from registration under the Act and applicable state
      law."

    

    2.3    Cashless
      Exercise.
      In lieu
      of the payment of the Exercise Price multiplied by the number of Units for
      which
      this Purchase Option is exercisable (and in lieu of being entitled to receive
      Common Stock and Warrants) in the manner required by Section 2.1, the Holder
      shall have the right (but not the obligation) to convert any exercisable but
      unexercised portion of this Purchase Option into Units (the "Conversion
      Right")
      as
      follows: upon exercise of

     

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    the
      Conversion Right, the Company shall deliver to the Holder (without payment
      by
      the Holder of any of the Exercise Price in cash) that number of shares of Common
      Stock and Warrants comprising that number of Units equal to the quotient
      obtained by dividing (x) the "Value" (as defined below) of the portion of the
      Purchase Option being converted by (y) the Current Market Value (as defined
      below) of the portion of the Purchase Option being converted. The "Value"
      of the
      portion of the Purchase Option being converted shall equal the remainder derived
      from subtracting (a) (i) the Exercise Price multiplied by (ii) the number of
      Units underlying the portion of this Purchase Option being converted from (b)
      the Current
      Market Value
      of a
      Unit multiplied by the number of Units underlying the portion of the Purchase
      Option being converted. As used herein, the term "Current
      Market Value"
      per
      Unit at any date means: (A) in the event that neither the Units nor Warrants
      are
      still trading, the remainder derived from subtracting (x) the exercise price
      of
      the Warrants multiplied by the number of shares of Common Stock issuable upon
      exercise of the Warrants underlying one Unit from (y) (i) the Current Market
      Price of the Common Stock multiplied by (ii) the number of shares of Common
      Stock underlying one Unit, which shall include the shares of Common Stock
      underlying the Warrants included in such Unit; (B) in the event that the Units,
      Common Stock and Warrants are still trading, (i) if the Units are listed on
      a
      national securities exchange or quoted on the Nasdaq National Market, Nasdaq
      SmallCap Market or NASD OTC Bulletin Board (or successor such as the Bulletin
      Board Exchange), the last sale price of the Units in the principal trading
      market for the Units as reported by the exchange, Nasdaq or the NASD, as the
      case may be, on the last trading day preceding the date in question; or (ii)
      if
      the Units are not listed on a national securities exchange or quoted on the
      Nasdaq National Market, Nasdaq SmallCap Market or the NASD OTC Bulletin Board
      (or successor exchange), but is traded in the residual over-the-counter market,
      the closing bid price for Units on the last trading day preceding the date
      in
      question for which such quotations are reported by the Pink Sheets, LLC or
      similar publisher of such quotations; and (C) in the event that the Units are
      not still trading but the Common Stock and Warrants underlying the Units are
      still trading, the Current Market Price of the Common Stock plus the product
      of
      (x) the Current Market Price of the Warrants and (y) the number of shares of
      Common Stock underlying the Warrants included in one Unit. The "Current
      Market Price"
      shall
      mean (i) if the Common Stock (or Warrants, as the case may be) is listed on
      a
      national securities exchange or quoted on the Nasdaq National Market, Nasdaq
      SmallCap Market or NASD OTC Bulletin Board (or successor such as the Bulletin
      Board Exchange), the last sale price of the Common Stock (or Warrants) in the
      principal trading market for the Common Stock as reported by the exchange,
      Nasdaq or the NASD, as the case may be, on the last trading day preceding the
      date in question; (ii) if the Common Stock (or Warrants, as the case may be)
      is
      not listed on a national securities exchange or quoted on the Nasdaq National
      Market, Nasdaq SmallCap Market or the NASD OTC Bulletin Board (or successor
      exchange), but is traded in the residual over-the-counter market, the closing
      bid price for the Common Stock (or Warrants) on the last trading day preceding
      the date in question for which such quotations are reported by the Pink Sheets,
      LLC or similar publisher of such quotations; and (iii) if the fair market value
      of the Common Stock cannot be determined pursuant to clause (i) or (ii) above,
      such price as the Board of Directors of the Company shall determine, in good
      faith.

    

    2.4    Mechanics
      of Cashless Exercise.
      The
      Cashless Exercise Right may be exercised by the Holder on any business day
      on or
      after the Commencement Date and not later than the Expiration Date by delivering
      the Purchase Option with the duly executed exercise form

     

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    attached
      hereto with the cashless exercise section completed to the Company, exercising
      the Cashless Exercise Right and specifying the total number of Units the Holder
      will purchase pursuant to such Cashless Exercise Right.

    

    2.5    Restrictions
      on Exercise.
      Notwithstanding the foregoing, the Company shall not be obligated to deliver
      any
      securities pursuant to the exercise of this Purchase Option unless a
      registration statement under the Act with respect to the Common Stock and
      Warrants issuable upon such exercise and the Common Stock issuable upon exercise
      of the underlying Warrants is effective and such securities are qualified for
      sale or exempt from qualification under applicable securities laws of the states
      or other jurisdictions in which the registered holders reside. The
      exercise of this Purchase Option and the underlying Warrants may only be settled
      by delivery of shares of Common Stock and the Registered Holder shall not be
      entitled to the payment of cash in lieu of securities (net cash settlement)
      upon
      exercise of this Purchase Option or the Underlying Warrants pursuant to the
      terms of this Agreement.

    

    3.    Transfer.

    

    3.1    General
      Restrictions.
      The
      registered Holder of this Purchase Option, by its acceptance hereof, agrees
      that
      it will not sell, transfer, assign, pledge or hypothecate this Purchase Option
      for a period of one year following the Effective Date to anyone other than
      (i)
      Maxim or an underwriter or a selected dealer in connection with the Offering,
      or
      (ii) a bona fide officer or partner of Maxim or of any such underwriter or
      selected dealer. On and after the first anniversary of the Effective Date,
      transfers to others may be made subject to compliance with or exemptions from
      applicable securities laws. In order to make any permitted assignment, the
      Holder must deliver to the Company the assignment form attached hereto duly
      executed and completed, together with the Purchase Option and payment of all
      transfer taxes, if any, payable in connection therewith. The Company shall
      within five business days transfer this Purchase Option on the books of the
      Company and shall execute and deliver a new Purchase Option or Purchase Options
      of like tenor to the appropriate assignee(s) expressly evidencing the right
      to
      purchase the aggregate number of Units purchasable hereunder or such portion
      of
      such number as shall be contemplated by any such assignment.

    

    3.2    Restrictions
      Imposed by the Act.
      The
      securities evidenced by this Purchase Option shall not be transferred unless
      and
      until (i) the Company has received the opinion of counsel for the Holder that
      the securities may be transferred pursuant to an exemption from registration
      under the Act and applicable state securities laws, the availability of which
      is
      established to the reasonable satisfaction of the Company (the Company hereby
      agreeing that the opinion of Lowenstein Sandler PC shall be deemed satisfactory
      evidence of the availability of an exemption), or (ii) a registration statement
      or a post-effective amendment to the Registration Statement relating to such
      securities has been filed by the Company and declared effective by the
      Securities and Exchange Commission and compliance with applicable state
      securities law has been established.

    

    4.    New
      Purchase Options to be Issued.

     

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    4.1    Partial
      Exercise or Transfer.
      Subject
      to the restrictions in Section 3 hereof, this Purchase Option may be exercised
      or assigned in whole or in part. In the event of the exercise or assignment
      hereof in part only, upon surrender of this Purchase Option for cancellation,
      together with the duly executed exercise or assignment form and, except in
      the
      case of an exercise of this Purchase Option contemplated by Section 2.3 hereof,
      funds sufficient to pay any Exercise Price and/or transfer tax, the Company
      shall cause to be delivered to the Holder without charge a new Purchase Option
      of like tenor to this Purchase Option in the name of the Holder evidencing
      the
      right of the Holder to purchase the number of Units purchasable hereunder as
      to
      which this Purchase Option has not been exercised or assigned.

    

    4.2    Lost
      Certificate.
      Upon
      receipt by the Company of evidence satisfactory to it of the loss, theft,
      destruction or mutilation of this Purchase Option and of reasonably satisfactory
      indemnification or the posting of a bond, the Company shall execute and deliver
      a new Purchase Option of like tenor and date. Any such new Purchase Option
      executed and delivered as a result of such loss, theft, mutilation or
      destruction shall constitute a substitute contractual obligation on the part
      of
      the Company.

    

    5.    Registration
      Rights.

    

    5.1    Demand
      Registration.

    

    5.1.1    Grant
      of Right.
      The
      Company, upon written demand (an "Initial
      Demand Notice")
      of the
      holder(s) of at least an aggregate of 51% of all outstanding Purchase Options
      dated of even date herewith issued by the Company and/or the underlying Units
      and/or the underlying securities (the "Majority
      Holders"),
      agrees to register on one occasion, all or any portion of the Purchase Options
      requested by the Majority Holders in the Initial Demand Notice and all of the
      securities underlying such Purchase Options, including the Units, Common Stock,
      the Warrants and the Common Stock underlying the Warrants (collectively, the
      "Registrable
      Securities").
      On
      such occasion, the Company will file a registration statement or a
      post-effective amendment to the Registration Statement covering the Registrable
      Securities within sixty days after receipt of the Initial Demand Notice and
      use
      its best efforts to have such registration statement or post-effective amendment
      declared effective as soon as possible thereafter. The demand for registration
      may be made at any time during a period of five years beginning on the Effective
      Date. The Company covenants and agrees to give written notice of its receipt
      of
      any Initial Demand Notice by any Holder(s) to all other registered Holders
      of
      the Purchase Options and/or the Registrable Securities within ten days from
      the
      date of the receipt of any such Initial Demand Notice.

    

    5.1.2    Terms.
      The
      Company shall bear all fees and expenses attendant to registering the
      Registrable Securities, including the expenses of any legal counsel selected
      by
      the Holders to represent them in connection with the sale of the Registrable
      Securities, but the Holders shall pay any and all underwriting commissions.
      The
      Company agrees to use its reasonable best efforts to qualify or register the
      Registrable Securities in such States as are reasonably requested by the
      Majority Holder(s); provided,
      however,
      that in
      no event shall the Company be required to register the Registrable Securities
      in
      a State in which such registration would cause (i) the Company to be obligated
      to qualify to do business in such State, or would

     

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    subject
      the Company to taxation as a foreign corporation doing business in such
      jurisdiction or (ii) the principal stockholders of the Company to be obligated
      to escrow their shares of capital stock of the Company. The Company shall cause
      any registration statement or post-effective amendment filed pursuant to the
      demand rights granted under Section 5.1.1 to remain effective for a period
      of
      two (2) years from the effective date of such registration statement or
      post-effective amendment.

    

    5.2    "Piggy-Back"
      Registration.

    

    5.2.1    Grant
      of Right.
      In
      addition to the demand right of registration, the Holders of the Purchase
      Options shall have the right for a period of seven years commencing on the
      Effective Date, to include the Registrable Securities as part of any other
      registration of securities filed by the Company (other than in connection with
      a
      transaction contemplated by Rule 145(a) promulgated under the Act or pursuant
      to
      Form S-8); provided,
      however,
      that
      if, in the written opinion of the Company's managing underwriter or
      underwriters, if any, for such offering, the inclusion of the Registrable
      Securities, when added to the securities being registered by the Company or
      the
      selling stockholder(s), will exceed the maximum amount of the Company's
      securities (the "Maximum
      Number of Shares")
      which
      can be marketed (i) at a price reasonably related to their then current market
      value, and (ii) without materially and adversely affecting the entire offering,
      then the Company shall include in any such registration:

    

    (i)    If
      the
      registration is undertaken for the Company's account: (A) first, the shares
      of
      Common Stock or other securities that the Company desires to sell that can
      be
      sold without exceeding the Maximum Number of Shares; (B) second, to the extent
      that the Maximum Number of Shares has not been reached under the foregoing
      clause (A), the shares of Common Stock, if any, including the Registrable
      Securities, as to which registration has been requested pursuant to written
      contractual piggy-back registration rights of security holders (pro rata in
      accordance with the number of shares of Common Stock which each such person
      has
      actually requested to be included in such registration, regardless of the number
      of shares of Common Stock with respect to which such persons have the right
      to
      request such inclusion) that can be sold without exceeding the Maximum Number
      of
      Shares; and

    

    (ii)    If
      the
      registration is a "demand" registration undertaken at the demand of persons
      other than the holders of Registrable Securities pursuant to written contractual
      arrangements with such persons, (A) first, the shares of Common Stock for the
      account of the demanding persons that can be sold without exceeding the Maximum
      Number of Shares; (B) second, to the extent that the Maximum Number of Shares
      has not been reached under the foregoing clause (A), the shares of Common Stock
      or other securities that the Company desires to sell that can be sold without
      exceeding the Maximum Number of Shares; and (C) third, to the extent that the
      Maximum Number of Shares has not been reached under the foregoing clauses (A)
      and (B), the Registrable Securities as to which registration has been requested
      under this Section 5.2 (pro rata in accordance with the number of shares of
      Registrable Securities held by each such holder); and (D) fourth, to the extent
      that the Maximum Number of Shares has not been reached under the foregoing
      clauses (A), (B) and (C), the shares of Common Stock, if any, as to which
      registration has been requested pursuant to written contractual
      piggy

     

    
      
         

      

      
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    back
      registration rights which other shareholders desire to sell that can be sold
      without exceeding the Maximum Number of Shares.

    

    5.2.2    Terms.
      The
      Company shall bear all fees and expenses attendant to registering the
      Registrable Securities, including the expenses of any legal counsel selected
      by
      the Holders to represent them in connection with the sale of the Registrable
      Securities but the Holders shall pay any and all underwriting commissions
      related to the Registrable Securities. In the event of such a proposed
      registration, the Company shall furnish the then Holders of outstanding
      Registrable Securities with not less than fifteen days written notice prior
      to
      the proposed date of filing of such registration statement. Such notice to
      the
      Holders shall continue to be given for each applicable registration statement
      filed (during the period in which the Purchase Option is exercisable) by the
      Company until such time as all of the Registrable Securities have been
      registered and sold. The holders of the Registrable Securities shall exercise
      the "piggy-back" rights provided for herein by giving written notice, within
      ten
      days of the receipt of the Company's notice of its intention to file a
      registration statement. The Company shall cause any registration statement
      filed
      pursuant to the above "piggyback" rights to remain effective for at least nine
      months from the date that the Holders of the Registrable Securities are first
      given the opportunity to sell all of such securities. The
      Company agrees, at its sole expense, to use its reasonable best efforts to
      qualify or register the Registrable Securities in such States as are reasonably
      requested by the Majority Holder(s); provided, however, that in no event shall
      the Company be required to register the Registrable Securities in a State in
      which such registration would cause (i) the Company to be obligated to qualify
      to do business in such State, or would subject the Company to taxation as a
      foreign corporation doing business in such jurisdiction or (ii) the principal
      stockholders of the Company to be obligated to escrow their shares of capital
      stock of the Company. 

    

    5.3    Damages.
      Should
      the registration or the effectiveness thereof required by Sections 5.1 and
      5.2
      hereof be delayed by the Company or the Company otherwise materially fails
      to
      comply with such provisions, the Company shall, in addition to any other
      equitable or other relief available to the Holder(s), be liable for any and
      all
      incidental, special and consequential damages sustained by the Holder(s),
      including, but not limited to, the loss of any profits that might have been
      received by the holder upon the sale of shares of Common Stock or Warrants
      (and
      shares of Common Stock underlying the Warrants) underlying this Purchase Option.
      

    

    5.4    General
      Terms.

    

    5.4.1    Indemnification.
      The
      Company shall indemnify the Holder(s) of the Registrable Securities to be sold
      pursuant to any registration statement hereunder and each person, if any, who
      controls such Holders within the meaning of Section 15 of the Act or Section
      20(a) of the Securities Exchange Act of 1934, as amended (the "Exchange
      Act"),
      and any
      of their respective heirs, successors, permitted assigns and transfers, and
      agents and representatives,
      against
      all loss, claim, damage, expense or liability (including all reasonable
      attorneys' fees and other expenses reasonably incurred in investigating,
      preparing or defending against litigation, commenced or threatened, or any
      claim
      whatsoever whether arising out of any action between the underwriter and the
      Company or between the underwriter and any third party or otherwise)
      to

     

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

    which
      any
      of them may become subject under the Act, the Exchange Act or otherwise, arising
      from such registration statement but only to the same extent and with the same
      effect as the provisions pursuant to which the Company has agreed to indemnify
      the underwriters contained in Section 6 of the Underwriting Agreement between
      the Company, Maxim and the other underwriters named therein dated the Effective
      Date. The Holder(s) of the Registrable Securities to be sold pursuant to such
      registration statement, and their successors and assigns, shall severally,
      and
      not jointly, indemnify the Company, its officers and directors and each person,
      if any, who controls the Company within the meaning of Section 15 of the Act
      or
      Section 20(a) of the Exchange Act, against all loss, claim, damage, expense
      or
      liability (including all reasonable attorneys' fees and other expenses
      reasonably incurred in investigating, preparing or defending against any claim
      whatsoever) to which they may become subject under the Act, the Exchange Act
      or
      otherwise, arising from information furnished by or on behalf of such Holders,
      or their successors or assigns, in writing, for specific inclusion in such
      registration statement to the same extent and with the same effect as the
      provisions contained in Section 5 of the Underwriting Agreement pursuant to
      which the underwriters have agreed to indemnify the Company.

    

    5.4.2    Exercise
      of Purchase Options.
      Nothing
      contained in this Purchase Option shall be construed as requiring the Holder(s)
      to exercise their Purchase Options or Warrants underlying such Purchase Options
      prior to or after the initial filing of any registration statement or the
      effectiveness thereof.

    

    5.4.3    Documents
      Delivered to Holders.
      The
      Company shall furnish Maxim, as representative of the Holders participating
      in
      any of the foregoing offerings, a signed counterpart, addressed to the
      participating Holders, of (i) an opinion of counsel to the Company, dated the
      effective date of such registration statement (and, if such registration
      includes an underwritten public offering, an opinion dated the date of the
      closing under any underwriting agreement related thereto), and (ii) a "cold
      comfort" letter dated the effective date of such registration statement (and,
      if
      such registration includes an underwritten public offering, a letter dated
      the
      date of the closing under the underwriting agreement) signed by the independent
      public accountants who have issued a report on the Company's financial
      statements included in such registration statement, in each case covering
      substantially the same matters with respect to such registration statement
      (and
      the prospectus included therein) and, in the case of such accountants' letter,
      with respect to events subsequent to the date of such financial statements,
      as
      are customarily covered in opinions of issuer's counsel and in accountants'
      letters delivered to underwriters in underwritten public offerings of
      securities. The Company shall also deliver promptly to Maxim, as representative
      of the Holders participating in the offering, the correspondence and memoranda
      described below and copies of all correspondence between the Commission and
      the
      Company, its counsel or auditors and all memoranda relating to discussions
      with
      the Commission or its staff with respect to the registration statement and
      permit Maxim, as representative of the Holders, to do such investigation, upon
      reasonable advance notice, with respect to information contained in or omitted
      from the registration statement as it deems reasonably necessary to comply
      with
      applicable securities laws or rules of the National Association of Securities
      Dealers, Inc. (the "NASD").
      Such
      investigation shall include access to books, records and properties and
      opportunities to discuss the business of the Company with its officers and
      independent auditors, all to such reasonable extent and at such reasonable
      times
      and

     

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

    as
      often
      as Maxim, as representative of the Holders, shall reasonably request. The
      Company shall not be required to disclose any confidential information or other
      records to Maxim, as representative of the Holders, or to any other person,
      until and unless such persons shall have entered into reasonable confidentiality
      agreements (in form and substance reasonably satisfactory to the Company),
      with
      the Company with respect thereto.

    

    5.4.4    Underwriting
      Agreement.
      The
      Company shall enter into an underwriting agreement with the managing
      underwriter(s), if any, selected by any Holders whose Registrable Securities
      are
      being registered pursuant to this Section 5, which managing underwriter shall
      be
      reasonably acceptable to the Company. Such agreement shall be reasonably
      satisfactory in form and substance to the Company, each Holder and such managing
      underwriters, and shall contain such representations, warranties and covenants
      by the Company and such other terms as are customarily contained in agreements
      of that type used by the managing underwriter. The Holders shall be parties
      to
      any underwriting agreement relating to an underwritten sale of their Registrable
      Securities and may, at their option, require that any or all the
      representations, warranties and covenants of the Company to or for the benefit
      of such underwriters shall also be made to and for the benefit of such Holders.
      Such Holders shall not be required to make any representations or warranties
      to
      or agreements with the Company or the underwriters except as they may relate
      to
      such Holders and their intended methods of distribution. Such Holders, however,
      shall agree to such covenants and indemnification and contribution obligations
      for selling stockholders as are customarily contained in agreements of that
      type
      used by the managing underwriter. Further, such Holders shall execute
      appropriate custody agreements and otherwise cooperate fully in the preparation
      of the registration statement and other documents relating to any offering
      in
      which they include securities pursuant to this Section 5. Each Holder shall
      also
      furnish to the Company such information regarding itself, the Registrable
      Securities held by it, and the intended method of disposition of such securities
      as shall be reasonably required to effect the registration of the Registrable
      Securities.

    

    5.4.5    Rule
      144 Sale.  Notwithstanding
      anything contained in this Section 5 to the contrary, the Company shall have
      no
      obligation pursuant to Sections 5.1 or 5.2 for the registration of Registrable
      Securities held by any Holder (i) where such Holder would then be entitled
      to
      sell under Rule 144 within any three month period (or such other period
      prescribed under Rule 144 as may be provided by amendment thereof) all of the
      Registrable Securities held by such Holder, and (ii) where the number of
      Registrable Securities held by such Holder is within the volume limitations
      under paragraph (e) of Rule 144 (calculated as if such Holder were an affiliate
      within the meaning of Rule 144).

    

    5.4.6    Supplemental
      Prospectus.
      Each
      Holder agrees, that upon receipt of any notice from the Company of the happening
      of any event as a result of which the prospectus included in the Registration
      Statement, as then in effect, includes an untrue statement of a material fact
      or
      omits to state a material fact required to be stated therein or necessary to
      make the statements therein not misleading in light of the circumstances then
      existing, such Holder will immediately discontinue disposition of Registrable
      Securities pursuant to the Registration Statement covering such Registrable
      Securities until such Holder's receipt of the copies of a supplemental or
      amended prospectus, and, if so desired by the Company, such Holder shall deliver
      to the Company (at the expense of the Company) or destroy (and deliver to the
      Company

     

    
      
         

      

      
        -9-

        
          

        

      

      
         

      

    

    a
      certificate of such destruction) all copies, other than permanent file copies
      then in such Holder's possession, of the prospectus covering such Registrable
      Securities current at the time of receipt of such notice.

    

    6.    Adjustments.

    

    6.1    Adjustments
      to Exercise Price and Number of Securities.
      The
      Exercise Price and the number of Units underlying the Purchase Option shall
      be
      subject to adjustment from time to time as hereinafter set forth:

    

    6.1.1    Stock
      Dividends - Split-Ups.
      If
      after the date hereof, and subject to the provisions of Section 6.4 below,
      the
      number of outstanding shares of Common Stock is increased by a stock dividend
      payable in shares of Common Stock or by a split-up of shares of Common Stock
      or
      other similar event, then, on the effective date thereof, the number of shares
      of Common Stock underlying each of the Units purchasable hereunder shall be
      increased in proportion to such increase in outstanding shares. In such case,
      the number of shares of Common Stock, and the exercise price applicable thereto,
      underlying the Warrants underlying each of the Units purchasable hereunder
      shall
      be adjusted in accordance with the terms of the Warrants. For example, if the
      Company declares a two-for-one stock dividend and at the time of such dividend
      this Purchase Option is for the purchase of one Unit at $8.80 per whole Unit
      (each Warrant underlying the Units is exercisable for $6.00 per share), upon
      effectiveness of the dividend, this Purchase Option will be adjusted to allow
      for the purchase of one Unit at $6.60 per Unit, each Unit entitling the holder
      to receive two shares of Common Stock and four Warrants (each Warrant
      exercisable for $2.50 per share).

    

    6.1.2    Aggregation
      of Shares.
      If
      after the date hereof, and subject to the provisions of Section 6.4, the number
      of outstanding shares of Common Stock is decreased by a consolidation,
      combination or reclassification of shares of Common Stock or other similar
      event, then, on the effective date thereof, the number of shares of Common
      Stock
      underlying each of the Units purchasable hereunder shall be decreased in
      proportion to such decrease in outstanding shares. In such case, the number
      of
      shares of Common Stock, and the exercise price applicable thereto, underlying
      the Warrants underlying each of the Units purchasable hereunder shall be
      adjusted in accordance with the terms of the Warrants.

    

    6.1.3    Replacement
      of Securities upon Reorganization, etc.
      In case
      of any reclassification or reorganization of the outstanding shares of Common
      Stock other than a change covered by Section 6.1.1 or 6.1.2 hereof or that
      solely affects the par value of such shares of Common Stock, or in the case
      of
      any merger or consolidation of the Company with or into another corporation
      (other than a consolidation or merger in which the Company is the continuing
      corporation and that does not result in any reclassification or reorganization
      of the outstanding shares of Common Stock), or in the case of any sale or
      conveyance to another corporation or entity of the property of the Company
      as an
      entirety or substantially as an entirety in connection with which the Company
      is
      dissolved, the Holder of this Purchase Option shall have the right thereafter
      (until the expiration of the right of exercise of this Purchase Option) to
      receive upon the exercise hereof, for the same aggregate Exercise Price payable
      hereunder immediately prior to such event, the kind and amount of shares of
      stock or other securities or

     

    
      
         

      

      
        -10-

        
          

        

      

      
         

      

    

    property
      (including cash) receivable upon such reclassification, reorganization, merger
      or consolidation, or upon a dissolution following any such sale or transfer,
      by
      a Holder of the number of shares of Common Stock of the Company obtainable
      upon
      exercise of this Purchase Option and the underlying Warrants immediately prior
      to such event; and if any reclassification also results in a change in shares
      of
      Common Stock covered by Section 6.1.1 or 6.1.2, then such adjustment shall
      be
      made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions
      of
      this Section 6.1.3 shall similarly apply to successive reclassifications,
      reorganizations, mergers or consolidations, sales or other transfers.

     

    6.1.4    Changes
      in Form of Purchase Option.
      This
      form of Purchase Option need not be changed because of any change pursuant
      to
      this Section, and Purchase Options issued after such change may state the same
      Exercise Price and the same number of Units as are stated in the Purchase
      Options initially issued pursuant to this Agreement. The acceptance by any
      Holder of the issuance of new Purchase Options reflecting a required or
      permissive change shall not be deemed to waive any rights to an adjustment
      occurring after the Commencement Date or the computation thereof.

    

    6.2    Substitute
      Purchase Option.
      In case
      of any consolidation of the Company with, or merger of the Company with, or
      merger of the Company into, another corporation (other than a consolidation
      or
      merger which does not result in any reclassification or change of the
      outstanding Common Stock), the corporation formed by such consolidation or
      merger shall execute and deliver to the Holder a supplemental Purchase Option
      providing that the holder of each Purchase Option then outstanding or to be
      outstanding shall have the right thereafter (until the stated expiration of
      such
      Purchase Option) to receive, upon exercise of such Purchase Option, the kind
      and
      amount of shares of stock and other securities and property receivable upon
      such
      consolidation or merger, by a holder of the number of shares of Common Stock
      of
      the Company for which such Purchase Option might have been exercised immediately
      prior to such consolidation, merger, sale or transfer. Such supplemental
      Purchase Option shall provide for adjustments which shall be identical to the
      adjustments provided in Section 6. The above provision of this Section shall
      similarly apply to successive consolidations or mergers.

    

    6.3    Elimination
      of Fractional Interests.
      The
      Company shall not be required to issue certificates representing fractions
      of
      shares of Common Stock or Warrants upon the exercise of the Purchase Option,
      nor
      shall it be required to issue scrip or pay cash in lieu of any fractional
      interests, it being the intent of the parties that all fractional interests
      shall be eliminated by rounding any fraction up or down to the nearest whole
      number of Warrants, shares of Common Stock or other securities, properties
      or
      rights.

    

    7.    Reservation
      and Listing.
      The
      Company shall at all times reserve and keep available out of its authorized
      shares of Common Stock, solely for the purpose of issuance upon exercise of
      the
      Purchase Options or the Warrants underlying the Purchase Option, such number
      of
      shares of Common Stock or other securities, properties or rights as shall be
      issuable upon the exercise thereof. The Company covenants and agrees that,
      upon
      exercise of the Purchase Options and payment of the Exercise Price therefor,
      all
      shares of Common Stock and other securities issuable upon such exercise shall
      be
      duly and validly issued, fully paid and non-assessable and not subject to
      preemptive rights of any stockholder. The Company further covenants and
      agrees

     

    
      
         

      

      
        -11-

        
          

        

      

      
         

      

    

    that
      upon
      exercise of the Warrants underlying the Purchase Options and payment of the
      respective Warrant exercise price therefor, all shares of Common Stock and
      other
      securities issuable upon such exercise shall be duly and validly issued, fully
      paid and non-assessable and not subject to preemptive rights of any stockholder.
      As long as the Purchase Options shall be outstanding, the Company shall use
      its
      best efforts to cause all (i) Units and shares of Common Stock issuable upon
      exercise of the Purchase Options, (ii) Warrants issuable upon exercise of the
      Purchase Options and (iii) shares of Common Stock issuable upon exercise of
      the
      Warrants included in the Units issuable upon exercise of the Purchase Option
      to
      be listed (subject to official notice of issuance) on all securities exchanges
      (or, if applicable on the Nasdaq National Market, SmallCap Market, OTC Bulletin
      Board or any successor trading market) on which the Units, the Common Stock
      or
      the Warrants may then be listed and/or quoted.

     

    8.    Certain
      Notice Requirements.

    

    8.1    Holder's
      Right to Receive Notice.
      Nothing
      herein shall be construed as conferring upon the Holders the right to vote
      or
      consent as a stockholder for the election of directors or any other matter,
      or
      as having any rights whatsoever as a stockholder of the Company. If, however,
      at
      any time prior to the expiration of the Purchase Options and their exercise,
      any
      of the events described in Section 8.2 shall occur, then, in one or more of
      said
      events, the Company shall give written notice of such event at least fifteen
      days prior to the date fixed as a record date or the date of closing the
      transfer books for the determination of the stockholders entitled to such
      dividend, distribution, conversion or exchange of securities or subscription
      rights, or entitled to vote on such proposed dissolution, liquidation, winding
      up or sale. Such notice shall specify such record date or the date of the
      closing of the transfer books, as the case may be. Notwithstanding the
      foregoing, the Company shall deliver to each Holder a copy of each notice given
      to the other stockholders of the Company at the same time and in the same manner
      that such notice is given to the stockholders.

    

    8.2    Events
      Requiring Notice.
      The
      Company shall be required to give the notice described in this Section 8 upon
      one or more of the following events: (i) if the Company shall take a record
      of
      the holders of its shares of Common Stock for the purpose of entitling them
      to
      receive a dividend or distribution, or (ii) the Company shall offer to all
      the
      holders of its Common Stock any additional shares of capital stock of the
      Company or securities convertible into or exchangeable for shares of capital
      stock of the Company, or any option, right or warrant to subscribe therefor,
      or
      (iii) a dissolution, liquidation or winding up of the Company (other than in
      connection with a consolidation or merger) or a sale of all or substantially
      all
      of its property, assets and business or a merger of the Company wherein the
      separate existence of the Company shall cease shall be proposed.

    

    8.3    Notice
      of Change in Exercise Price.
      The
      Company shall, promptly after an event requiring a change in the Exercise Price
      pursuant to Section 6 hereof, send notice to the Holders of such event and
      change (a "Price
      Notice").
      The
      Price Notice shall describe the event causing the change and the method of
      calculating same and shall be certified as being true and accurate by the
      Company's President and Chief Financial Officer.

     

    
      
         

      

      
        -12-

        
          

        

      

      
         

      

    

    8.4    Transmittal
      of Notices.
      All
      notices, requests, consents and other communications under this Purchase Option
      shall be in writing and shall be deemed to have been duly made when hand
      delivered, mailed by express mail or private courier service, or sent by
      facsimile transmission, with confirmation of receipt: (i) If to the registered
      Holder of the Purchase Option, to the address and/or fax number of such Holder
      as shown on the books of the Company, or (ii) if to the Company, to the
      following address or fax number or to such other address or and fax number
      as
      the Company may designate by notice to the Holders:

    

    Industrial
      Services Acquisition Corp.

    2807
      El
      Presidio Street

    Carson,
      CA 90810

    Attn:
      Mark McKinney, Chief Executive Officer

    Fax
      No.:
      310.________

    9.    Miscellaneous.

    

    9.1    Amendments.
      The
      Company and Maxim may from time to time supplement or amend this Purchase Option
      without the approval of any of the Holders in order to cure any ambiguity,
      to
      correct or supplement any provision contained herein that may be defective
      or
      inconsistent with any other provisions herein, or to make any other provisions
      in regard to matters or questions arising hereunder that the Company and Maxim
      may deem necessary or desirable and that the Company and Maxim deem shall not
      adversely affect the interest of the Holders. All other modifications or
      amendments shall require the written consent of and be signed by the party
      against whom enforcement of the modification or amendment is
      sought.

    

    9.2    Headings.
      The
      headings contained herein are for the sole purpose of convenience of reference,
      and shall not in any way limit or affect the meaning or interpretation of any
      of
      the terms or provisions of this Purchase Option.

    

    10.    Entire
      Agreement.
      This
      Purchase Option (together with the other agreements and documents being
      delivered pursuant to or in connection with this Purchase Option) constitutes
      the entire agreement of the parties hereto with respect to the subject matter
      hereof, and supersedes all prior agreements and understandings of the parties,
      oral and written, with respect to the subject matter hereof.

    

    10.1    Binding
      Effect.
      This
      Purchase Option shall inure solely to the benefit of and shall be binding upon,
      the Holder and the Company and their permitted assignees, respective successors,
      legal representative and assigns, and no other person shall have or be construed
      to have any legal or equitable right, remedy or claim under or in respect of
      or
      by virtue of this Purchase Option or any provisions herein
      contained.

    

    10.2    Governing
      Law; Submission to Jurisdiction.
      This
      Purchase Option shall be governed by and construed and enforced in accordance
      with the laws of the State of New York, without giving effect to conflict of
      laws. Each of the Company and Maxim agree that any action,

     

    
      
         

      

      
        -13-

        
          

        

      

      
         

      

    

    proceeding
      or claim against it arising out of, or relating in any way to this Purchase
      Option shall be brought and enforced in the courts of the State of New York
      located in New York County or of the United States of America for the Southern
      District of New York, and irrevocably submits to such jurisdiction, which
      jurisdiction shall be exclusive. Each of the Company and Maxim hereby waives
      any
      objection to such exclusive jurisdiction and that such courts represent an
      inconvenient forum. Any process or summons to be served upon the Company may
      be
      served by transmitting a copy thereof by registered or certified mail, return
      receipt requested, postage prepaid, addressed to it at the address set forth
      in
      Section 8 hereof. Such mailing shall be deemed personal service and shall be
      legal and binding upon the Company in any action, proceeding or claim. The
      Company and the Holder agree that the prevailing party(ies) in any such action
      shall be entitled to recover from the other party(ies) all of its reasonable
      attorneys' fees and expenses relating to such action or proceeding and/or
      incurred in connection with the preparation therefor.

    

    10.3    Waiver,
      Etc.
      The
      failure of the Company or the Holder to at any time enforce any of the
      provisions of this Purchase Option shall not be deemed or construed to be a
      waiver of any such provision, nor to in any way affect the validity of this
      Purchase Option or any provision hereof or the right of the Company or any
      Holder to thereafter enforce each and every provision of this Purchase Option.
      No waiver of any breach, non-compliance or non-fulfillment of any of the
      provisions of this Purchase Option shall be effective unless set forth in a
      written instrument executed by the party or parties against whom or which
      enforcement of such waiver is sought; and no waiver of any such breach,
      non-compliance or non-fulfillment shall be construed or deemed to be a waiver
      of
      any other or subsequent breach, non-compliance or non-fulfillment.

    

    10.4    Execution
      in Counterparts.
      This
      Purchase Option may be executed in one or more counterparts, and by the
      different parties hereto in separate counterparts, each of which shall be deemed
      to be an original, but all of which taken together shall constitute one and
      the
      same agreement, and shall become effective when one or more counterparts has
      been signed by each of the parties hereto and delivered to each of the other
      parties hereto.

    

    10.5    Exchange
      Agreement.
      As a
      condition of the Holder's receipt and acceptance of this Purchase Option, Holder
      agrees that, at any time prior to the complete exercise of this Purchase Option
      by Holder, if the Company and Maxim enter into an agreement (an "Exchange
      Agreement")
      pursuant to which they agree that all outstanding Purchase Options will be
      exchanged for securities or cash or a combination of both, then Holder shall
      agree to such exchange and become a party to the Exchange
      Agreement.

     

    10.6    Underlying
      Warrants.
      At any
      time after exercise by the Holder of this Purchase Option, the Holder may
      exchange his Warrants for Public Warrants upon payment to the Company of the
      difference between the exercise price of his Warrant and the exercise price
      of
      the Public Warrants, if any.

     

    
      
         

      

      
        -14-

        
          

        

      

      
         

      

    

     

     

     

     

     

     

     

     

     

     

    [Remainder
      of Page Intentionally Left Blank]

     

     

     

     

     

     

     

     

     

     

    
      
         

      

      
        -15-

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF, the Company has caused this Purchase Option to be signed by
      its
      duly authorized officer as of the ____ day of __________, 2006.

    

    

    INDUSTRIAL
      SERVICES ACQUISITION CORP.

    

    

    By:_________________________________

    Name:
      Mark McKinney

    Title:    Chief
      Executive Officer

     

    
      
         

      

      
        -16-

        
          

        

      

      
         

      

    

    Form
      to
      be used to exercise Purchase Option

    

    Industrial
      Services Acquisition Corp.

    _________________________

    _________________________

    

    Date:_________________,
      200__

    

    The
      undersigned hereby elects irrevocably to exercise all or a portion of the within
      Purchase Option and to purchase ____ Units of Industrial Services Acquisition
      Corp. and hereby makes payment of $____________ (at the rate of $_________
      per
      Unit) in payment of the Exercise Price pursuant thereto. Please issue the Common
      Stock and Warrants as to which this Purchase Option is exercised in accordance
      with the instructions given below.

    

    or

    

    The
      undersigned hereby elects irrevocably to convert its right to purchase _________
      Units purchasable under the within Purchase Option by surrender of the
      unexercised portion of the attached Purchase Option (with a "Value" based of
      $_______ based on a "Market Price" of $_______). Please issue the securities
      comprising the Units as to which this Purchase Option is exercised in accordance
      with the instructions given below.

    

    ________________________

    Signature

    

    ________________________

    Signature
      Guaranteed

    

     

    INSTRUCTIONS
      FOR REGISTRATION OF SECURITIES

    

    

    Name_____________________________________________________________

    (Print
      in
      Block Letters)

    

    Address__________________________________________________________

    

    

    NOTICE:
      THE SIGNATURE TO THIS FORM MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE
      FACE OF THE WITHIN PURCHASE OPTION IN EVERY PARTICULAR WITHOUT ALTERATION OR
      ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A BANK, OTHER
      THAN A SAVINGS BANK, OR BY A TRUST COMPANY OR BY A FIRM HAVING MEMBERSHIP ON
      A
      REGISTERED NATIONAL SECURITIES EXCHANGE.

     

    
      
         

      

      
        -17-

        
          

        

      

      
         

      

    

    Form
      to
      be used to assign Purchase Option

    

    

    ASSIGNMENT

    

    

    (To
      be
      executed by the registered Holder to effect a transfer of the within Purchase
      Option):

    

    FOR
      VALUE
      RECEIVED,___________________________________________ does hereby sell, assign
      and transfer unto______________________________________ the right to purchase
      __________ Units of Industrial Services Acquisition Corp. (the "Company")
      evidenced by the within Purchase Option and does hereby authorize the Company
      to
      transfer such right on the books of the Company.

    

    Dated:___________________,
      200_

    

    

    ______________________

    Signature

    

    

    ______________________

    Signature
      Guaranteed

    

    

    

    NOTICE:
      THE SIGNATURE TO THIS FORM MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE
      FACE OF THE WITHIN PURCHASE OPTION IN EVERY PARTICULAR WITHOUT ALTERATION OR
      ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A BANK, OTHER
      THAN A SAVINGS BANK, OR BY A TRUST COMPANY OR BY A FIRM HAVING MEMBERSHIP ON
      A
      REGISTERED NATIONAL SECURITIES EXCHANGE.

     

    
      
         

      

        -18-

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