Document:

Exhibit
4.1

      REGISTRATION RIGHTS
AGREEMENT

      

      This
Registration Rights Agreement (“Agreement”)
is made as of November ___, 2009, by and among Pure Earth, Inc., a Delaware corporation
(the “Company”),
and the subscribers for the Company’s Series C Convertible Preferred Stock, par
value $.001 per share (the “Series C
Shares”).  Each of such subscribers is referred to in this
Agreement, individually, as a “Shareholder”
and, collectively, such subscribers are referred to as the “Shareholders”.

       

      Background

       

      A.          The
Company is issuing Series C Shares to each Shareholder on the date of this
Agreement.

       

      B.           By
subscribing for Series C Shares and executing the Subscription Agreement, dated
the date of this Agreement, relating to the Series C Shares, each Shareholder
has agreed to become bound by, subject to, and party to, this Agreement without
separately executing it.

       

      NOW,
THEREFORE, intending to be legally bound, the parties hereby agree as
follows:

       

      1.           Definitions. For purposes of this
Agreement:

       

      1.1           “Affiliate” means, with respect
to any specified Person, any other Person who, directly or indirectly, controls,
is controlled by, or is under common control with such Person, including without
limitation, any general partner, managing
member, officer or director of such Person.

       

      1.2           “Common Stock” means shares of
the Company’s common stock, par value $.001 per share.

       

      1.3           “Damages” means any loss,
damage, or liability (joint or several) to which a party hereto may become
subject under the Securities Act, the Exchange Act, or other federal or state
law, insofar as such loss, damage, or liability (or any action in respect
thereof) arises out of or is based upon (i) any untrue statement or alleged
untrue statement of a material fact contained in any registration statement of
the Company described herein, including any preliminary prospectus or final
prospectus contained therein or any amendments or supplements thereto;
(ii) an omission or alleged omission to state therein a material fact
required to be stated therein, or necessary to make the statements therein, with
respect to any prospectus, in light of the circumstances under which they were
made, not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any of its agents or Affiliates) of the Securities Act,
the Exchange Act, any state securities law, or any rule or regulation
promulgated under the Securities Act, the Exchange Act, or any state securities
law, except to the extent that (i) such untrue statements or omissions are based
solely upon information regarding such Shareholder furnished in writing to the
Company by such Shareholder expressly for use therein, or to the extent that
such information relates to such Shareholder or such Shareholder’s proposed
method of distribution of Registrable Securities and was reviewed and approved
by the Shareholder for use in the registration statement or any prospectus
contained therein or in any amendment or supplement thereto or (ii) in the case
of receipt by such Shareholder of a Notice (as defined in Section 2.3(j)), the
use by such Shareholder of a prospectus prior to the receipt by such Shareholder
of the Advice contemplated in Section 2.3(j) (the foregoing Damages described in
clauses (i) through (iii) herein shall be collectively referred to as the “Shareholder
Indemnifiable Damages”).

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      1.4           “Exchange Act” means the
Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder.

       

      1.5           “Excluded Registration” means (i) a registration relating to the sale of securities to employees of the Company or
a subsidiary pursuant to a stock option, stock purchase, or similar plan or
agreement; (ii) a registration relating to a transaction under Securities Act
Rule 145; (iii) a registration on any form that does not include substantially
the same information as would be required to be included in a registration
statement covering the sale of the Registrable Securities; or (iv) a
registration in which the only Common Stock being registered is Common Stock
issuable upon conversion of debt securities that are also being
registered.

       

      1.6           “Person” means any individual, corporation, partnership, trust,
limited liability company, association or other
entity.

       

      1.7           “Registrable Securities” means
the Common Stock issuable or issued upon conversion of the Series C Shares; provided, however, that any
such securities shall cease to be Registrable Securities at the earlier of when
(i) a registration statement with respect to such securities shall have been
declared effective or shall otherwise become effective under the Securities Act;
(ii) if a registration statement with respect to such securities has not been
declared effective or otherwise have become effective under the Securities Act,
such securities have been sold to the public pursuant to Rule 144(b) under the
Securities Act (other than pursuant to Rule 144(b)(1)(ii)) or are eligible to be
sold or transferred pursuant to Rule 144(b)(1)(ii) by a Shareholder who is not
an “affiliate” of the Company (as defined in Rule 144(a)(1)); or (iii) such
securities shall have ceased to be outstanding.

       

      1.8           “SEC” means the Securities and
Exchange Commission.

       

      1.9           “Securities Act” means the
Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder.

       

      1.10         “Selling Expenses” means all
underwriting discounts, selling commissions, and stock transfer taxes applicable
to the sale of Registrable Securities and the fees and expenses of any counsel
to the Shareholders.

       

      2.           Registration
Rights.

       

      2.1           Company
Registration. If the Company proposes to register (including, for
this purpose, a registration effected by the Company for stockholders other than
the Shareholders) any of its securities under the Securities Act in connection
with the public offering of such securities (other than in an Excluded
Registration), then the Company shall, at such time, promptly give each
Shareholder notice of such registration.  Upon the request of any
Shareholder given within twenty (20) days after such notice is given by the
Company, the Company shall, subject to the provisions of Section 2.2, use reasonable
efforts to cause to be registered all of the Registrable Securities that any
such Shareholder has requested to be included in such
registration.  The Company shall have the right to terminate or
withdraw any registration initiated by it under this Section 2.1 before the
effective date of such registration, whether or not a Shareholder has elected to
include Registrable Securities in such registration.  The expenses of
any such withdrawn registration shall be borne by the Company.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      2.2           Underwriting
Requirements.

       

      (a)           If
any requesting Shareholder intends to distribute
its Registrable Securities covered by its request under Section 2.1 and the
Company intends to distribute shares as part of an underwriting being undertaken
by the Company, then the right of any Shareholder to include such Shareholder’s
Registrable Securities in such registration shall be conditioned upon such
Shareholder’s participation in the underwriting, and all Shareholders proposing
to distribute their securities through such underwriting shall (together with
the Company as provided in Section 2.3(e)) enter
into an underwriting agreement in usual and customary form with the underwriter
selected for such underwriting.

       

      (b)           In
connection with any offering involving an underwriting of shares of the
Company’s capital stock, the Company shall not be required to include any of a
Shareholder’s Registrable Securities in such underwriting unless the Shareholder
accepts the terms of the underwriting as agreed upon between the Company and its
underwriters, and then only in such quantity as the underwriters in their sole
discretion determine will not jeopardize the success of the offering by the
Company, subject to the terms of this Section.  If the total number of
securities, including Registrable Securities, requested by stockholders to be
included in such offering exceeds the number of securities to be sold (other
than by the Company) that the underwriters in their reasonable discretion
determine is compatible with the success of the offering, then the Company shall
be required to include in the offering only that number of such securities,
including Registrable Securities, which the underwriters and the Company in
their sole discretion determine will not jeopardize the success of the offering,
in the following order: (i) first, the securities the Company proposes to sell;
(ii) second, the securities that each other securityholder proposes to sell by
virtue of registration rights granted by the Company prior to the date of this
Agreement, pro rata based upon the number of securities owned by each such
securityholder, on a fully-diluted common stock equivalent basis, at the time of
such registration; and (iii) third, the securities that each Shareholder and any
other person with registration rights granted by the Company proposes to sell,
pro rata based on the number of securities owned by each such securityholder on
a fully-diluted common stock equivalent basis at the time of such
registration.

       

      2.3           Obligations of the
Company.  Whenever
required under this Section 2 to effect the
registration of any Registrable Securities, the Company shall, as expeditiously
as reasonably possible:

       

      (a)           prepare
and file with the SEC a registration statement with respect to such Registrable
Securities and use its commercially reasonable efforts to cause such
registration statement to become effective and keep such registration statement
effective for a period of up to sixty (60) days or, if earlier, until the
distribution contemplated in the registration statement has been completed;
provided,
however, that such sixty (60) day period shall be extended for a period
of time equal to the period any Shareholder refrains, at the request of an
underwriter of Common Stock (or other securities) of the Company or upon
receiving the Notice from the Company up to but excluding the day the Advice is
received from the Company (each as defined in Section 2.3(j)), from selling any
securities included in such registration;

       

      (b)           prepare
and file with the SEC such amendments and supplements to such registration
statement, and the prospectus used in connection with such registration
statement, as may be necessary to comply with the Securities Act in order to
enable the disposition of all securities covered by such registration
statement;

       

      (c)           furnish
to the selling Shareholder such numbers of copies of a prospectus, including a
preliminary prospectus, as required by the Securities Act, and such other
documents as the Shareholder may reasonably request in order to facilitate its
disposition of its Registrable Securities;

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      (d)           use
its commercially reasonable efforts to register and qualify the securities
covered by such registration statement under such other securities or blue-sky
laws of such jurisdictions as shall be reasonably requested in writing by the
selling Shareholder; provided, however, that the
Company shall not be required to (i) qualify to do business, (ii) file a general
consent to service of process, (iii) become subject to taxation, or (iv)
register as a broker or dealer in any such states or jurisdictions;

       

      (e)           in
the event it elects to proceed with an underwritten public offering, enter into
and perform its obligations under an underwriting agreement, in usual and
customary form, with the underwriter(s) of
such offering;

       

      (f)           use
its commercially reasonable efforts to cause all such Registrable Securities
covered by such registration statement to be listed or quoted on the trading
system on which the Common Stock is then listed or quoted;

       

      (g)           provide
a transfer agent and registrar for all Registrable Securities registered
pursuant to this Agreement and provide a CUSIP number for all such Registrable
Securities, in each case not later than the effective date of such
registration;

       

      (h)           promptly
make available for inspection by the selling Shareholder, any underwriter(s) participating in any disposition pursuant to
such registration statement, and any attorney or accountant or other agent
retained by any such underwriter or selected by the selling Shareholder, all
financial and other records, pertinent corporate documents, and properties of
the Company, and cause the Company’s officers, directors, employees, and
independent accountants to supply all information reasonably requested by any
such Shareholder, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the
accuracy of the information in such registration statement and to conduct
appropriate due diligence in connection therewith;

       

      (i)           notify
each selling Shareholder, promptly after the Company receives notice thereof, of
the time when such registration statement has been declared effective or a
supplement to any prospectus forming a part of such registration statement has
been filed; and

       

      (j)           notify
each selling Shareholder as promptly as reasonably possible (i) of any request
by the SEC or any other Federal or state governmental authority during the
period of effectiveness of the registration statement for amendments or
supplements to the registration statement or prospectus or for additional
information; (ii) of the issuance by the SEC or any other federal or state
governmental authority of any stop order suspending the effectiveness of the
registration statement or the initiation of any proceedings for that purpose;
(iii) of the receipt by the Company of any notification with respect to the
suspension of the qualification or exemption from qualification of any of the
Registrable Securities for sale in any jurisdiction, or the initiation or
threatening of any proceeding for such purpose; and (iv) of the occurrence of
any event or passage of time that makes the financial statements included in the
registration statement ineligible for inclusion therein or any statement made in
the registration statement or prospectus or any document incorporated or deemed
to be incorporated therein by reference untrue in any material respect or that
requires any revisions to the registration statement, prospectus or other
documents so that, in the case of the registration statement or the prospectus,
as the case may be, it will not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were
made, not misleading, and, upon receipt of a notice (the “Notice”)
from the Company of the occurrence of any event of the kind described above,
such selling Shareholder will forthwith discontinue disposition of such
Registrable Securities under the registration statement until such selling
Shareholder shall have received copies of the supplemented prospectus and/or
amended registration statement or until it is advised in writing by the Company
(the “Advice”)
that the use of the applicable prospectus may be resumed, and, in either case,
has received copies of any additional or supplemental filings that are
incorporated or deemed to be incorporated by reference in such prospectus or
registration statement.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      2.4           Furnish
Information.  It shall be a condition precedent to the
obligations of the Company to take any action pursuant to this Section 2 with respect to the
Registrable Securities of each selling Shareholder that such Shareholder shall
furnish to the Company such information regarding itself, the Registrable
Securities held by it, and the intended method of disposition of such securities
as is reasonably required to effect the registration of such Shareholder’s
Registrable Securities.

       

      2.5           Expenses of
Registration.  The Company shall pay all expenses, other than
Selling Expenses, incurred in connection with registrations, filings, or
qualifications pursuant to Section 2, including all
registration, filing, and qualification fees; printers’ and accounting fees;
fees and disbursements of counsel for the Company.  All Selling
Expenses relating to Registrable Securities registered pursuant to this Section 2 shall be borne and
paid by the related Shareholder, except as otherwise provided
herein.

       

      2.6           Indemnification.  If
any Registrable Securities are included in a registration statement under this
Section 2:

       

      (a)           To
the extent permitted by law, the Company shall indemnify and hold harmless each
selling Shareholder, and the partners, members, officers, directors, and
stockholders of such Shareholder, and each Person, if any, who controls such
Shareholder within the meaning of the Securities Act or the Exchange Act,
against any Damages, and the Company will pay to such Shareholder, controlling
Person, or other aforementioned Person any legal or other expenses reasonably
incurred thereby in connection with defending any
claim or proceeding from which Damages may result; provided, however,
that the indemnity agreement contained in this Section 2.6(a) shall
not apply to amounts paid in settlement of any such claim or proceeding if such settlement is
effected without the consent of the Company, which consent shall not be
unreasonably withheld, nor shall the Company be liable for any Damages to the
extent that they arise out of or are based upon actions or omissions made in
reliance upon and in conformity with written information furnished by or on
behalf of any Shareholder, underwriter, controlling Person, or other
aforementioned Person expressly for use in connection with such registration or
otherwise constitute Shareholder Indemnifiable Damages.

       

      (b)           To
the extent permitted by law, each selling Shareholder shall indemnify and hold
harmless the Company, and each of its directors and officers who has signed the
registration statement, each Person (if any), who controls the Company within
the meaning of the Securities Act and the Exchange Act, and legal counsel and
accountants for the Company, against any Shareholder Indemnifiable Damages; and
such selling Shareholder shall pay to the Company and each other aforementioned
Person any legal or other expenses reasonably incurred thereby in connection
with defending any claim or proceeding from
which Shareholder Indemnifiable Damages may result; provided, however,
that the indemnity agreement contained in this Section 2.6(b) shall not
apply to amounts paid in settlement of any such claim or proceeding if such settlement is
effected without the consent of such Shareholder, which consent shall not be
unreasonably withheld; provided further, that in no
event shall the aggregate amounts payable by a selling Shareholder by way of
indemnity or contribution under Sections 2.6(b) and
2.6(d) exceed
the proceeds from the offering received by such selling Shareholder, except in
the case of fraud or willful misconduct by such Shareholder.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      (c)           Promptly
after receipt by an indemnified party under this Section 2.6 of
notice of the commencement of any action (including any governmental action) for
which a party may be entitled to indemnification hereunder, such indemnified
party will, if a claim in respect thereof is to be made against any indemnifying
party under this Section 2.6, give the indemnifying party notice of the
commencement thereof.  The indemnifying party shall have the right to
participate in such action and, to the extent the indemnifying party so desires,
participate jointly with any other indemnifying party to which notice has been
given, and to assume the defense thereof with counsel mutually satisfactory to
the parties; provided,
however, that an indemnified party (together with all other indemnified
parties that may be represented without material conflict by one counsel, as
determined in good faith opinion of such counsel) shall have the right to retain
one separate counsel, with the fees and expenses to be paid by the indemnifying
party, if representation of such indemnified party by the counsel retained by
the indemnifying party would be inappropriate due to actual or potential
differing interests between such indemnified party and any other party
represented by such counsel in such action.  The failure to give
notice to the indemnifying party within a reasonable time of the commencement of
any such action shall relieve such indemnifying party of any liability to the
indemnified party under this Section 2.6, to the extent that such failure materially
prejudices the indemnifying party’s ability to defend such
action.  The failure to give notice to the indemnifying party will not
relieve it of any liability that it may have to any indemnified party otherwise
than under this Section 2.6.

       

      (d)           To
provide for just and equitable contribution to joint liability under the
Securities Act in any case in which either (i) any party otherwise entitled to
indemnification hereunder makes a claim for indemnification pursuant to this
Section 2.6 but
it is judicially determined (by the entry of a final judgment or decree by a
court of competent jurisdiction and the expiration of time to appeal or the
denial of the last right of appeal) that such indemnification may not be
enforced in such case, notwithstanding the fact that this Section 2.6 provides
for indemnification in such case, or (ii) contribution under the Securities Act
may be required on the part of any party hereto for which indemnification is
provided under this Section 2.6, then, and in each such case, such parties will
contribute to the aggregate losses, claims, damages, liabilities, or expenses to
which they may be subject (after contribution from others) in such proportion as
is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party
in connection with the statements, omissions, or other actions that resulted in
such loss, claim, damage, liability, or expense, as well as to reflect any other
relevant equitable considerations.  The relative fault of the
indemnifying party and of the indemnified party shall be determined by reference
to, among other things, whether the untrue or allegedly untrue statement of a
material fact, or the omission or alleged omission of a material fact, relates
to information supplied by the indemnifying party or by the indemnified party
and the parties’ relative intent, knowledge, access to information, and
opportunity to correct or prevent such statement or omission; provided, however,
that, in any such case, (x) each selling Shareholder will not be required to
contribute any amount in excess of the public offering price of all such
Registrable Securities offered and sold by such selling Shareholder pursuant to
such registration statement, and (y) no Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
will be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation; and provided further that in no
event shall a selling Shareholder’s liability pursuant to this Section 2.6(d), when
combined with the amounts paid or payable by such selling Shareholder pursuant
to Section
2.6(b), exceed the proceeds from the offering received by such selling Shareholder, except in
the case of willful misconduct or fraud by such selling
Shareholder.

       

      (e)           The
obligations of the Company and Shareholder under this Section 2.6 shall
survive the completion of any offering of Registrable Securities in a
registration under this Section 2, and otherwise
shall survive the termination of this Agreement.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      2.7           Compliance.  Each
Shareholder covenants and agrees that it will comply with the prospectus
delivery requirements of the Securities Act as applicable to it in connection
with sales of Registrable Securities pursuant to the registration
statement.

       

      3.           Miscellaneous.

       

      3.1           Successors and
Assigns. This Agreement may be assigned by a Shareholder to a transferee of Registrable
Securities with the consent of the Company, which consent will not be considered
by the Company unless it is furnished with written
notice of the name and address of the proposed assignee and transferee of the
Registrable Securities and such assignee
and transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement.  The terms and conditions of
this Agreement inure to the benefit of and are binding upon the respective
successors and permitted assignees of the parties.  Nothing in this
Agreement, express or implied, is intended to confer upon any party other than
the parties hereto or their respective successors and permitted assignees any
rights, remedies, obligations or liabilities under or by reason of this
Agreement, except as expressly provided herein.

       

      3.2           Governing Law; Jurisdiction
and Venue.

       

      (a)           This
Agreement, and all disputes or controversies between the parties arising out of
or related to the subject matter of this Agreement, shall be governed by, and
construed in accordance with, the laws of the Commonwealth of Pennsylvania,
regardless of the laws that might otherwise govern under applicable principles
of conflicts of law.

       

      (b)           The
parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of
the federal and state courts located within the geographic boundaries
of  the Commonwealth of Pennsylvania for the purpose of any suit,
action or other proceeding arising out of or based upon this Agreement, (b)
agree not to commence any suit, action or other proceeding arising out of or
based upon this Agreement except in the federal and state courts located within
the geographic boundaries of the Commonwealth of Pennsylvania and (c) hereby
waive, and agree not to assert, by way of motion, as a defense, or otherwise, in
any such suit, action or proceeding, any claim that it is not subject personally
to the jurisdiction of the above-named courts, that its property is exempt or
immune from attachment or execution, that the suit, action or proceeding is
brought in an inconvenient forum, that the venue of the suit, action or
proceeding is improper or that this Agreement or the subject matter hereof may
not be enforced in or by such court.

       

      3.3           Notices.  All
notices and other communications given or made pursuant to this Agreement shall
be in writing and shall be deemed effectively given upon the earlier of actual
receipt or: (i) personal delivery to the party to be notified; (ii) when sent,
if sent by facsimile during the recipient’s normal business hours, and if not
sent during normal business hours, then on the recipient’s next business day; or
(iii) one (1) business day after the business day of deposit with a nationally
recognized overnight courier, freight prepaid, specifying next-day delivery,
with written verification of receipt.  In the case of each
Shareholder, all communications shall be sent to the respective addresses as set
forth in the Subscription Agreement for Series C Shares and, in the case of the
Company, to the principal office of the Company
and to the attention of the Chief Executive Officer, or to such facsimile
number or address as subsequently modified by written notice given in accordance
with this Section
3.3.

      3.4           Amendments and
Waivers.  Any term of this Agreement may be amended and the
observance of any term of this Agreement may be waived (either generally or in a
particular instance, and either retroactively or prospectively) only with the
written consent of the Company and Shareholders holding at least a majority of
the Registrable Securities.  No waivers of or exceptions to any term,
condition, or provision of this Agreement, in any one or more instances, shall
be deemed to be or construed as a further or continuing waiver of any such term,
condition, or provision.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      3.5           Entire
Agreement.  This Agreement constitutes the full and entire
understanding and agreement among the
parties with respect to the subject matter hereof, and any other written or oral
agreement or other negotiations, representations and understandings relating to
the subject matter hereof existing between the parties are expressly superseded
hereby.

       

      IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date
first written above.

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        	 
      	
                                                                The
      Company:

                                                              
	 
      	 
      
	 
      	
                                                                PURE
      EARTH, INC.

                                                              
	 
      	 
      
	 
      	 	
                                                                By:

                                                              	 
      
	 
      	 
      	
                                                                Name:

                                                              
	 
      	 
      	
                                                                Title:

                                                              
	 
      	 
      	 
      
	 
      	
                                                                Shareholders:*

                                                              
	 	 	 
	 	 	 	 
	 	 	      
                                                                Name:

                                                              	 
	 	 	Title: 	 

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

      

      *May be
deemed executed by each Shareholder by virtue of its execution of the
Subscription Agreement for the Series C Shares.

      

      {Signature
Page to Registration Rights Agreement}Exhibit
4.3

     

    PURE
EARTH, INC.

    One
Neshaminy Interplex, Suite 201

    Trevose,
PA 19053

    ____________________

    

    Subscription
Agreement for Purchase of

    Series
C Convertible Preferred Stock

     

    Offering
Price: $10.00 per Share

    Minimum
Subscription: 500 Series C Shares ($5,000)

     

    HOW TO
SUBSCRIBE

     

    The
attached Subscription Agreement relates to the offering by Pure Earth, Inc., a
Delaware corporation (the “Company”)
of its Series C Convertible Preferred Stock, par value $.001 per share (the
“Series C
Shares”) as described in the Company’s Confidential Private Placement
Memorandum, dated November 10, 2009.  The minimum investment for any
subscriber is 500 shares or $5,000.  Subscribers can purchase
additional shares in excess of the minimum in increments of 100 Series C
Shares.  Any qualified subscriber who wishes to purchase Series C
Shares should deliver the following to the Company, Attention: Brent Kopenhaver,
One Neshaminy Interplex, Suite 201, Trevose, PA 19053:

     

    (1)           one
dated and executed copy of the Subscription Agreement with all blanks properly
completed;

    

    (2)           one
dated and executed copy of the Registration Rights  Agreement with all
blanks properly completed;

    

    (3)           one
completed and executed copy of the Investor Questionnaire attached to the
Subscription Agreement as Exhibit A;
and

    

    (4)           a check made payable to
the Company, or payment by wire transfer, in the amount of the aggregate
Purchase Price (as defined herein) for the Series C Shares to be
purchased.

    

    The
Company’s wire transfer information is as follows:

     

    BANK:                
  Bank of America

    ABA
#:                  
026009593

    ACCOUNT
#:

    NAME ON
ACCOUNT:

    

    Before
making an investment decision with respect to the Series C Shares, each
subscriber must acknowledge and agree that it has received and been given a
reasonable opportunity to review the following documents filed with the SEC by
the Company including, without limitation, any risk factors sections of such
documents:

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    Annual
Report on Form 10-K for the year ended December 31, 2008

    Quarterly
Report on Form 10-Q for the quarterly period ended September 30,
2009

    Quarterly
Report on Form 10-Q for the quarterly period ended June 30, 2009

    Quarterly
Report on Form 10-Q for the quarterly period ended March 31, 2009

    Current
Report on Form 8-K filed October 29, 2009

    Current
Report on Form 8-K filed June 23, 2009

    Current
Report on Form 8-K filed April 3, 2009

    Proxy
Statement dated April 30, 2009

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    

    NEITHER
THE SERIES C SHARES NOR THE COMMON STOCK ISSUABLE UPON CONVERSION OF THE SERIES
C SHARES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
THE SECURITIES LAWS OF ANY STATE.  SUCH SECURITIES MAY NOT BE SOLD OR
OFFERED, OR RESOLD OR REOFFERED FOR SALE, IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SUCH SECURITIES UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, AND SUCH STATE LAWS AS MAY BE APPLICABLE, OR AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY (BOTH AS TO SUCH OPINION AND SUCH COUNSEL) THAT SUCH
REGISTRATION IS NOT REQUIRED.  ADDITIONAL RESTRICTIONS ON TRANSFER OF
SUCH SECURITIES ARE SET FORTH IN THIS SUBSCRIPTION AGREEMENT.

    

    SUBSCRIPTION
AGREEMENT

     

    This
Subscription Agreement (this “Agreement”)
is made and entered into between Pure Earth, Inc., a Delaware corporation (the
“Company”),
and the purchaser identified on the signature page hereto (“Subscriber”).

     

    BACKGROUND

     

    Subscriber
desires to purchase from the Company, and the Company desires to sell to
Subscriber, up to that number of shares of the Company’s Series C Convertible
Preferred Stock, par value $.001 per share (the “Series C
Shares”), set forth on the signature page hereto, upon the terms and
conditions contained herein.

     

    NOW, THEREFORE, in
consideration of the mutual promises and covenants contained herein and for the
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto, intending to be legally bound, agree as
follows:

     

    
      
        	   	
                1.

              	
                SUBSCRIPTION
      FOR SHARES; PURCHASE
PRICE.

              

      

    

     

    (a)           Subscriber
hereby subscribes for and agrees to purchase from the Company up to that number
of Series C Shares set forth on the signature page hereto at a purchase price of
$10.00 per share and on the terms and conditions described herein.

     

    (b)           The
aggregate purchase price for the Series C Shares subscribed for is equal to the
number of Series C Shares subscribed for multiplied by $10.00 per share and is
set forth on the signature page hereto (the “Purchase
Price”).

     

    (c)           Subscriber
encloses herewith a check payable to the order of “Pure Earth, Inc.” in an
amount equal to the Purchase Price or has initiated a wire transfer of
immediately available funds to the account of the Company in the amount of the
Purchase Price.

     

    (d)           Subscriber
has received and reviewed the following documents, including any risk factors
disclosures contained therein (collectively, the “SEC
Documents”).

     

    Annual
Report on Form 10-K for the year ended December 31, 2008

    Quarterly
Report on Form 10-Q for the quarterly period ended September 30,
2009

    Quarterly
Report on Form 10-Q for the quarterly period ended June 30,
2009

    
      
         

      

      
        -1-

        
          

        

      

      
         

      

    

    Quarterly
Report on Form 10-Q for the quarterly period ended March 31, 2009

    Current
Report on Form 8-K filed October 29, 2009

    Current
Report on Form 8-K filed June 23, 2009

    Current
Report on Form 8-K filed April 3, 2009

    Proxy
Statement dated April 30, 2009

    

    
      
        	  	
                2.

              	
                REPRESENTATIONS
      AND WARRANTIES AS TO SUITABILITY
      STANDARDS.

              

      

    

     

    Subscriber
hereby represents and warrants that:

     

    (a)           Subscriber
has, either alone or together with its purchaser representatives, such knowledge
and experience in financial and business matters that Subscriber is capable of
evaluating the merits and risks of the prospective investment in the Company and
of protecting its own interests in connection therewith;

     

    (b)           Subscriber
is acquiring the Series C Shares as principal for Subscriber’s own account, not
on behalf of other persons, and for investment and not with a view to any resale
or distribution of the Series C Shares;

     

    (c)           Subscriber
can bear the economic risk of losing Subscriber’s entire
investment;

     

    (d)           Subscriber’s
overall commitment to investments which are not readily marketable is not
disproportionate to Subscriber’s net worth, Subscriber’s investment in the
Series C Shares will not cause such overall commitment to become excessive, and
the investment is suitable for Subscriber when viewed in light of Subscriber’s
other securities holdings and Subscriber’s financial situation and
needs;

     

    (e)           Subscriber
has adequate means of providing for Subscriber’s current needs and personal
contingencies and is not relying on its investment in Series C Shares for
current income;

     

    (f)         
  Subscriber recognizes that any investment in the Company involves
substantial risk, and Subscriber has evaluated and fully understands all risks
related to Subscriber’s decision to purchase Series C Shares hereunder,
including, without limitation, the risk factors, identified in Item 1A of the
Company’s Annual Report on Form 10-K for the year ended December 31, 2008, in
Item 1A of the Company’s Quarterly Report on Form 10-Q for the quarter end June
30, 2009 and in the Company’s Confidential Private Placement Memorandum with
respect to the Series C Shares (the “Memorandum”);

     

    (g)           Subscriber
understands that the offer and sale of the Series C Shares have not been
submitted to, reviewed by, nor have the merits of this investment been endorsed
or approved by any state or federal agency, commission, authority or self
regulatory organization;

     

    (h)           Subscriber
understands the nature of the business in which the Company is engaged or
proposes to engage;

     

    (i)         
  If Subscriber is an individual, Subscriber is at least 18 years of
age and a bona fide resident and domiciliary (not a temporary or transient
resident) of the state or country indicated on the signature page hereof and
Subscriber has no present intention of becoming a resident of any other state or
jurisdiction;

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    (j)   
        If Subscriber is not an
individual, Subscriber is domiciled in the state or country indicated on the
signature page hereof, has no present intention of becoming domiciled in any
other state or jurisdiction and is an “Institutional Investor” as defined under
the “blue sky” or securities laws or regulations of the state in which it is
domiciled; and

     

    (k)           Subscriber
otherwise meets any special suitability standards applicable to Subscriber’s
state or country of residence or domicile.

     

    (l)      
     Subscriber is (i) if it has so indicated in the
Investor Questionnaire attached as Exhibit A, an
“accredited investor” as such term is defined in Rule 501(a) of Regulation D
under the Securities Act of 1933, as amended (the “Securities
Act”), which definition is provided (in material part) on Exhibit B attached
hereto, and (ii) has such knowledge and experience, either alone or together
with a purchaser representative, that he, she or it is capable of evaluating the
risks and merits of an investment in the Series C Shares.

     

    (m)           All
of the written information pertaining to the Subscriber which the Subscriber has
heretofore furnished to the Company, and all information pertaining to the
Subscriber which is set forth in this Subscription Agreement and the Investor
Questionnaire attached hereto as Exhibit A, is correct
and complete as of the date hereof, and, if there should be any material change
in such information hereafter, the Subscriber shall promptly furnish such
revised or corrected information to the Company.  Subscriber otherwise
meets any special suitability standards applicable to the Subscriber’s state of
residence.

     

    (n)           Subscriber
is not registered as a broker or dealer under Section 15 of the Securities
Exchange Act of 1934, as amended.

     

    
      
        	   	
                3.

              	
                TRANSFER
      RESTRICTIONS.

              

      

    

     

    (a)           Subscriber
understands that the sale or transfer of the Series C Shares are severely
restricted and that:

     

    (i)           Neither
the Series C Shares nor the common stock issuable upon conversion thereof have
been registered under the Securities Act or the laws of any other jurisdiction
by reason of a specific exemption or exemptions from registration under the
Securities Act and applicable state securities laws, and that the Company’s
reliance on such exemptions is predicated on the accuracy and completeness of
the Subscriber’s representations, warranties, acknowledgments and agreements
herein.  None of such securities can be sold or transferred by
Subscriber unless subsequently registered under applicable law or an exemption
from registration is available.  The Company is not required to
register the Series C Shares or to make any exemption from registration
available.

     

    (ii)           The
right to sell or transfer any of the Series C Shares will be restricted as
described in the Memorandum and this Subscription Agreement, which includes
restrictions against sale or transfer in violation of applicable securities
laws, the requirement that an opinion of counsel be furnished that any proposed
sale or transfer will not violate such laws, and other restrictions and
requirements.

     

    (iii)           There
is no market for Series C Shares.  The Company’s common stock is
currently quoted on the OTC Bulletin Board.  There is limited
liquidity in the market for the Company’s common stock, which will make it more
difficult for the Subscriber to sell Series C Shares or Company’s common stock
in whole or in part at times and prices that are deemed necessary or
desirable.  Accordingly, the Subscriber must bear the economic risk of
Subscriber’s investment for an indefinite period of time.

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

     

    (b)           Subscriber
agrees that it will not offer to sell, sell or transfer the Series C Shares or
any part thereof or interest therein without registration under the Securities
Act and applicable state securities laws or without providing to the Company an
opinion of counsel acceptable to the Company (both as to such opinion and such
counsel) that such offer, sale or transfer is exempt from registration under the
Securities Act and under applicable state securities laws or otherwise in
violation of this Subscription Agreement.  In the event the Subscriber
transfers any Series C Shares or common stock issuable upon conversion thereof
in compliance with the provisions herein and in accordance with applicable state
and federal securities laws, the Company may require that the transferee agree
to be bound by the terms and conditions of this Agreement.

     

    (c)           The
Subscriber acknowledges that the certificates representing the Series C Shares
and any common stock issuable upon conversion thereof will bear a legend to the
following effect:

     

    “The
securities represented by this certificate have not been registered under the
Securities Act of 1933, as amended, or the securities laws of any
state.  The securities may not be offered, sold, transferred, pledged
or otherwise disposed of without an effective registration statement under the
Securities Act of 1933, as amended, and under any applicable state securities
laws or an opinion of counsel for the Company that the proposed transaction will
be exempt from such registration.  The securities have been issued
under a Subscription Agreement that is on file at the principal office of the
Company and are subject to restrictions upon resale contained in such
Subscription Agreement.”

     

    Subscriber
further acknowledges that the Company shall place a stop order against the
certificate representing such securities and to refuse to effect any transfers
thereof in the absence of an effective registration statement with respect to
such securities or in the absence of the Company receiving an opinion of counsel
in form and substance satisfactory to the Company (both as to such opinion and
such counsel) that such transfer is exempt from registration under the
Securities Act and under applicable state securities laws.

     

    
      
        	  	
                4.

              	
                SUBSCRIBER’S
      REPRESENTATIONS AND
  WARRANTIES.

              

      

    

     

    Subscriber
represents and warrants that:

     

    (a)           Subscriber
understands the Company’s business, as described in the SEC
Documents;

     

    (b)           Subscriber
has received copies of and has had reasonable opportunity to review each of the
SEC Documents;

     

    (c)           Subscriber
has been furnished with all additional documents and information which
Subscriber has requested;

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    (d)           Subscriber
has had the opportunity to ask questions of and receive answers from the Company
and its management and other representatives concerning (i) the Company, (ii)
the terms and conditions of the Company’s offering of Series C Shares, and (iii)
the merits and risks of investing in the Series C Shares and any common stock
issuable upon conversion thereof;

     

    (e)           Subscriber
has been afforded (i) access to information about the Company and its
subsidiaries and their respective financial condition, results of operations,
business, properties, management and prospects, sufficient to enable Subscriber
to evaluate its investment, and (ii) the opportunity to obtain such additional
information that the Company possesses or can acquire without unreasonable
effort or expense that is necessary to verify the accuracy of the information
furnished or to permit Subscriber to make an informed decision with respect to
an investment in the Series C Shares, including the information contained in
each of the SEC Documents;

     

    (f) 
          Subscriber has
relied only on the information in, or referred to in, the Memorandum and the
documents delivered with the Memorandum when making this
subscription;

     

    (g)           The
information furnished by the Company does not constitute investment, accounting,
legal or tax advice and Subscriber is relying on its own professional advisers
for such advice;

     

    (h)           Subscriber
and Subscriber’s advisers (which advisers do not include the Company or its
officers, directors, representatives or counsel) have such knowledge and
experience in legal, financial and business matters as to be capable of
evaluating the merits and risks of investing in the Company and of making an
informed investment decision with respect thereto;

     

    (i) 
          Subscriber
understands, acknowledges and agrees that the Company is relying solely upon the
representations and warranties made herein in determining to sell Subscriber the
Series C Shares;

     

    (j)  
         Except as otherwise
specifically disclosed herein, the Subscriber has not paid or given any
commission, remuneration or other thing of value in connection with the purchase
of the Series C Shares;

     

    (k)           The
Subscriber is not purchasing the Series C Shares as a result of any
advertisement, article, notice or other communication or general solicitation
regarding the Series C Shares or the Company, and no solicitation, offer to sell
or offer to buy was made to or from Subscriber with respect to the Series C
Shares other than in the Commonwealth of Pennsylvania or the state of such
Subscriber’s domicile as set forth on the signature page hereto;

     

    (l) 
          The Subscriber
understands the meaning and legal consequences of the foregoing representations
and warranties.  The Subscriber certifies that each of the foregoing
representations and warranties is true and correct as of the date hereof and
shall survive the execution hereof and the purchase of the Series C Shares;
and

     

    (m)           Subscriber
understands, acknowledges and agrees that officers, directors and other
employees of the Company may also be subscribing for Series C Shares in this
Offering or entering into other transactions with the Company and that the
Subscriber will not have any ability to review, approve or otherwise consent to
any such subscriptions or transactions.

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

     

    
      
        	  	
                5.

              	
                SUBSCRIPTION
      IRREVOCABLE BY SUBSCRIBER BUT SUBJECT TO ACCEPTANCE OR REJECTION BY THE
      COMPANY.

              

      

    

     

    (a)           After
execution by both parties, this Subscription Agreement is not, and shall not be,
revocable by Subscriber.

     

    (b)           Prior
to execution by both parties, the Company, in its sole discretion, has the right
to terminate or withdraw the offering at any time, to accept or reject
subscriptions in other than the order in which they were received, to accept or
reject any subscription in whole or in part and, in any such event, shall return
without interest the unused Purchase Price paid by Subscriber.  If the
Company accepts less than the entire amount subscribed for, it shall indicate
the lesser amount on the page titled “Acceptance By The Company.”

     

    (c)           Subscriber
understands and agrees that this Subscription Agreement is not binding upon the
Company until the Company accepts it, which acceptance is at the sole discretion
of the Company and is to be evidenced by the Company’s completion, execution and
delivery of this Subscription Agreement.

     

    
      
        	   	
                6.

              	
                INDEMNIFICATION
      AND HOLD
HARMLESS.

              

      

    

     

    Subscriber
agrees that if Subscriber breaches any agreement, representation or warranty the
Subscriber has made in this Subscription Agreement, the Subscriber shall
indemnify and hold harmless the Company, and its directors, officers, employees,
shareholders, members, financial advisers, attorneys, accountants,
representatives and agents, against any claim, liability, loss, damage, cost or
expense (including, without limitation, attorneys’ fees and other costs of
investigating and litigating claims) caused, directly or indirectly, by the
Subscriber’s breach.

     

    
      
        	  	
                7.

              	
                MISCELLANEOUS.

              

      

    

     

    (a)           This
Subscription Agreement, together with the exhibits, schedules and other
attachments hereto, contains the entire understanding of the parties with
respect to the subject matter hereof, and supersedes all prior oral or written
understandings, negotiations, communications and agreements, and all
contemporaneous oral communications and agreements, with respect to the subject
matter hereof.

     

    (b)           This
Subscription Agreement, upon acceptance by the Company, shall bind, benefit, and
be enforceable by and against each party hereto and its successors, assigns,
heirs, administrators and executors. This Subscription Agreement in not
transferable or assignable by Subscriber.  The agreements,
representations and warranties contained herein shall be deemed to be made by
and be binding upon Subscriber and such Subscriber’s heirs, executors,
administrators, other personal representatives, and their respective successors
and permitted assigns.

     

    (c)           If
any provision of this Subscription Agreement is construed to be invalid, illegal
or unenforceable, then the remaining provisions hereof shall not be affected
thereby and shall be enforceable without regard thereto.

     

    (d)           Article
and section headings in this Subscription Agreement are for convenience of
reference only, do not constitute a part of this Subscription Agreement, and
shall not affect its interpretation.

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

    (e)           Words
used in this Subscription Agreement shall be construed to be of such number and
gender as the context requires or permits.  Unless a particular
context clearly provides otherwise, the words “hereof” and “hereunder” and
similar references refer to this Subscription Agreement in its entirety and not
to any specific Section or subsection.

     

    (f)           THIS
SUBSCRIPTION AGREEMENT IS MADE UNDER, AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, AND ALL DISPUTES BETWEEN THE PARTIES RELATING TO THE SERIES C
SHARES AND THE OFFERING SHALL BE GOVERNED BY, THE LAWS OF THE COMMONWEALTH OF
PENNSYLVANIA, APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED SOLELY THEREIN,
WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAW. THE PARTIES IRREVOCABLY
AND UNCONDITIONALLY SUBMIT TO THE JURISDICTION OF ANY STATE COURTS LOCATED IN
BUCKS COUNTY, PENNSYLVANIA, OR ANY FEDERAL COURT LOCATED IN THE EASTERN DISTRICT
OF PENNSYLVANIA, PHILADELPHIA DIVISION, IN CONNECTION WITH ANY LEGAL ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE SUBJECT MATTER
HEREOF.

     

    (g)           All
notices and other communications given or made pursuant to this Agreement shall
be in writing and shall be deemed effectively given upon the earlier of actual
receipt or: (i) personal delivery to the party to be notified; (ii) when sent,
if sent by facsimile during the recipient’s normal business hours, and if not
sent during normal business hours, then on the recipient’s next business day; or
(iii) one (1) business day after the business day of deposit with a nationally
recognized overnight courier, freight prepaid, specifying next-day delivery,
with written verification of receipt.  Notices to the Company shall be
addressed to Pure Earth, Inc., Attn: Brent Kopenhaver at One Neshaminy
Interplex, Suite 201, Trevose, Pennsylvania  19053, fax no. (215)
639-8756.  Notices to Subscriber shall be addressed to any fax number
or address set forth in the Investor Questionnaire.  In either case,
notice data may be subsequently modified by written notice given in accordance
with this Section.

     

    (h)           This
Subscription Agreement may be executed through the use of separate signature
pages or in any number of counterparts, and each of such counterparts shall, for
all purposes, constitute one agreement binding on all parties, notwithstanding
that all parties are not signatories to the same counterpart.

     

    {Signature
Page Follows}

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties hereto have executed and delivered this
Subscription Agreement on the date set forth below.  Execution of this Subscription
Agreement also constitutes your agreement to become subject to, bound by and a
party to, the Registration Rights Agreement delivered with the
Memorandum.

     

    
      
        	
                   

              
	
                (Signature)

              
	 
      
	
                   

              
	
                (Printed
      or typed name)

              
	
                (Title
      if signing on behalf of an entity)

              
	 
      
	
                   

              
	
                (Second
      signature—required if securities will be held in

              
	
                more
      than one name)

              
	 
      
	
                   

              
	
                (Printed
      or typed name)

              
	
                (Title
      if signing on behalf of an
entity)

              

      

    

    

    Subscription:
I hereby subscribe for ________________ Series C Shares (at $10.00 per
share)

                                             (Minimum purchase 500 shares for
$5,000)

    

    Aggregate
Purchase Price: $_______________

    

    State of
Residence or Domicile:                                                                                                                                           
   

     

    
      
        
          	
                  Manner
      in which title is to be held (please check one):

                
	 
      	 
      	 
      
	
                  _____________

                	
                  Individual
      Ownership

                	
                  Other
      (if trust, give name, date and

                
	
                  _____________

                	
                  Community
      Property

                	
                  beneficiaries;
      if an estate, give names

                
	
                  _____________ 

                	
                  Joint
      Tenant with Rights

                	
                  of
      estate and executor(s)____________

                
	 
      	
                  in
      Survivor

                	
                  _________________________

                
	 
      	 
      	
                  _________________________

                
	 
      	 
      	 
      
	
                  _____________

                	
                  Tenants
      in Common

                	 
      
	
                  _____________

                	
                  Partnership

                	 
      
	
                  _____________

                	
                  Corporation

                	 
      
	
                  _____________

                	
                  Limited
      Liability Company

                	 
      

        

      

    

    

    {Signature
Page to Subscription Agreement}

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

    

    ACCEPTANCE BY THE
COMPANY

     

    The
Company hereby accepts the foregoing subscription for ___________ Series C
Shares at an aggregate purchase price of $________ as of ___________,
2009.

    

    
      
        	
                PURE
      EARTH, INC.

              
	 
      
	
                By:

              	
                   

              
	 
      	
                Brent
      Kopenhaver

              
	 
      	
                Executive
      Vice President and

              
	 
      	
                Chief
      Financial Officer

              

      

    

    
      
         

      

      
        -1-

        
          

        

      

      
         

      

    

    

    EXHIBIT
A

     

    INVESTOR
QUESTIONNAIRE

    

    Investor
Name:                                                                           

     

    The
information contained in this questionnaire is being furnished to Pure Earth,
Inc., a Delaware corporation (the “Company”),
to determine whether offers of subscriptions for the Series C Shares described
in the attached Subscription Agreement may be made to you, as an investor, in
light of the requirements of Regulation D promulgated under the Securities Act
of 1933 (the “Securities
Act”) and certain exemptions contained in state securities
laws.  You understand that the information is needed for the Company
to determine whether it has reasonable grounds to believe that you are an
“accredited investor” as that term is defined in Regulation D and that you have
such knowledge and experience in financial, investment and business matters that
you are capable of evaluating the merits and risks of the investment in the
Series C Shares.  You understand that (a) the Company will rely on the
information contained herein for purposes of such determination, (b) the Series
C Shares will not be registered under the Securities Act, (c) the Series C
Shares will not be registered or qualified under the securities laws of any
state, and (d) this questionnaire is not an offer to purchase the Series C
Shares or any other securities in any case where such offer would not be legally
permitted.

     

    Information
contained in this questionnaire will be kept confidential by the Company and its
agents, employees or representatives.  You understand, however, that
the Company may have the need to present it to such parties as it deems
advisable in order to establish the applicability under any federal or state
securities laws of an exemption from registration.

     

    In
accordance with the foregoing, the following representations and information are
hereby made and furnished by the investor:

     

    Please
answer all questions. If the answer is “none” or “not applicable,” please so
state.

     

    INFORMATION
REQUIRED OF EACH INVESTOR:

     

    
      	
               
      

            	
              1.

            	
              A.

            	
              If
      Investor is an Individual:

            

    

     

    Name:________________________________                 
 Age:                                                           

    Social
Security Number:                                                       No.
of Dependents:                                  

    Marital
Status:                                                                   Citizenship:                                               

     

    
      	
               
      

            	
              B.

            	
              If Investor is an
      entity:

            

    

     

    Name:________________________________

    EIN:                                                                                  

    

    
      	
               
      

            	
              2.

            	
              A.

            	
              If
      Investor is an Individual:

            

    

     

    Home Address, telephone number, fax
number:                                                                                         

                                                                                                                                                       

;                     

    Business Address, telephone number, fax
number:                                                                                   
 

                                                                                                                                                                  

;        

    
      
         

      

      
        A-1

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              B.

            	
              If Investor is an
      entity:

            

    

     

    Corporate Address and telephone
number: ______________________________________________

    _______________________________________________________________________________

    

    
      	
               
      

            	
              3.

            	
              A.

            	
              If
      Investor is an Individual:

            

    

     

    
      	
               
      

            	
              State
      in which the investor:

            

    

    

    is
licensed to
drive _______________________________________________________________

    is
registered to vote
______________________________________________________________

    

    
      	
               
      

            	
              B.

            	
              If Investor is an
      entity:

            

    

     

    State in
which the investor:

    

    files
income tax
returns ____________________________________________________________

    has its
principal place of
business ____________________________________________________

    

    
      	
               
      

            	
              4.

            	
              A.

            	
              If Investor is an
      Individual:

            

    

     

    Employer and position:
____________________________________________________________

     

    ______________________________________________________________________________

    

    
      	
               
      

            	
              5.

            	
              A.

            	
              If
      Investor is an Individual:

            

    

     

    Business or professional education and
the degrees received are as follows:

     

    
      
        	
                
                  School

                

              	 	
                
                  Degree

                

              	 	
                
                  Year
      Received

                

              
	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      

      

    

     

    
      	
               
      

            	
              6.

            	
              If
      Investor is an entity:

            

    

     

    
      	
               
      

            	
              (a)

            	
              Provide
      the total assets of the entity as of the date of the proposed investment
      or a most recent practicable date:

            

    

     

    
      
        
          
            
              	
                      
                      

                    	
                      Assets:

                    	

                      $_____________

                    	
                    

            

          

        

      

    

    
      
        	
              	
                Date:

              	      
                 
      _____________

              	
              

      

    

    

    
      
        	
              	
                (b)

              	
                Each
      of the equity owners of the entity (other than an irrevocable trust) are
      accredited investors under any of the criteria set forth on Exhibit “C” to
      the Subscription Agreement: Yes
      _______ No
      ______

              

      

    

     

    
      
         

      

      
        A-2

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (c)

            	
              If
      “Yes,” you must provide a letter signed by an officer or other authorized
      person on behalf of the entity listing the name of each equity owner and
      the reason why each such equity holder qualifies as an accredited investor
      (using the qualifications provided on Exhibit “C” to the Subscription
      Agreement) or each such equity owner must complete and sign a separate
      copy of this Investor
Questionnaire.

            

    

     

    
      	
               
      

            	
              7.

            	
              If
      Investor is an Individual:

            

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            	 
      	
                                                    (a)   Individual
      income* during
      2007:

                                                  	 
      	 
      	
                                                    $________________

                                                  
	 
      	
                                                    (exclusive of
      spouse’s income)

                                                  	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                    (b)   Individual
      income during 2008:

                                                  	 
      	 
      	
                                                    $________________

                                                  
	 
      	
                                                    (exclusive of
      spouse’s income)

                                                  	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                    (c)   Estimated
      income during 2009:

                                                  	 
      	 
      	
                                                    $________________

                                                  
	 
      	
                                                    (exclusive of
      spouse’s income)

                                                  	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                    (d)   Joint income,
      with spouse

                                                  	
                                                    2007

                                                  	 
      	
                                                    $________________

                                                  
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                                                    2008

                                                  	 
      	
                                                    $________________

                                                  
	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                    (e)   Estimated
      joint income, with spouse, during 2009

                                                  	 
      	 
      	
                                                    $________________

                                                  
	 
      	 
      	 
      	 
      	 
      
	
                                                    8.

                                                  	
                                                    Estimated
      net worth*
      (may include joint net worth with spouse)

                                                  	 
      	 
      	
                                                    $________________

                                                  

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      	
               
      

            	
              8.

            	
              Is
      the investor involved in any litigation, which, if an adverse decision
      occurred, would materially affect the investor’s financial
      condition?

            

    

     

    
      	
            	
               
      

            	
              Yes
      ____ No ____

            

    

    

    
      	
               
      

            	
              If
      yes, please provide details:  ________________________________________________________

            

    

    _______________________________________________________________________________

    

    
      	
               
      

            	
              9.

            	
              I
      have personally invested in excess of $_________ over the past five years,
      including investments during such period in excess of $_________ in
      securities with limited liquidity.

            

    

     

    
      	
               
      

            	
              10.

            	
              I
      will designate a purchaser representative to assist me in evaluating the
      merits and risks of an investment in Series C
  Shares.

            

    

     

    
      Yes
________    No
_________

       

        
          

        

      

    

    * For purposes of this Questionnaire, the
term “net worth” means the excess of total assets over total
liabilities.  In determining income, an investor should add to his or
her adjusted gross income any amounts attributable to tax-exempt income
received, losses claimed as a limited partnership, deductions claimed for
depletion, contributions to IRA or Keogh retirement plan, alimony payments, and
any amount by which income from long-term capital gains has been reduced in
arriving at adjusted gross income.

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

     

    If yes,
please indicate name and business address of purchase
representative:

    

    Name: ____________________________      Telephone:
_______________________________

     

    Profession
or Occupation:
___________________________________________________________

     

    Firm:
___________________________________________________________________________

     

    Address:
________________________________________________________________________

    

    
      	
               
      

            	
              11.

            	
              The
      investor is an experienced and sophisticated investor or is advised by a
      qualified investment adviser, all as required under the securities laws
      and regulations.

            

    

     

    Yes
____      No ____

    

    
      	
               
      

            	
              12.

            	
              The
      investor understands the full nature and risk of an investment in the
      Series C Shares and can afford the complete loss of the entire investment
      in the Series C Shares.

            

    

     

    Yes
____      No ____

    

    
      	
               
      

            	
              13.

            	
              The
      investor is able to bear the economic risk of an investment in the Series
      C Shares for an indefinite period of time and understands that an
      investment in the Series C Shares may be
      illiquid.       Yes
      ____      No
____

            

    

     

    
      	
               
      

            	
              14.

            	
              Does
      the investor have any other investments or contingent liabilities that the
      investor reasonably anticipates could cause the need for sudden cash
      requirements in excess of cash readily available to the
      investor?       Yes
      ____      No
____

            

    

     

    If yes,
please explain:
 _______________________________________________________________
________________________________________________________________________________

    

    
      	
               
      

            	
              15.

            	
              Please
      describe the investor’s experience as an investor (including amounts
      invested) in securities, particularly investments in non-marketable
      securities.

            

    

    ________________________________________________________________________________

    
      ________________________________________________________________________________

    

    
      
        ________________________________________________________________________________

      

    

    

    
      	
               
      

            	
              16.

            	
              Has
      the investor participated in other private placements of
      securities?

            

    

     

    
      	
               
      

            	
              Yes ____
      No ____

            

    

    

    
      If yes,
please provide details:
_________________________________________________________

    

    
      ________________________________________________________________________________

      

        
          
             

          

          
            A-4

            
              

            

          

          
             

          

        

      

       

    

    
      	
               
      

            	
              17.

            	
              In
      evaluating the merits and risks of this investment, does the investor
      intend to rely upon the advice of the investor’s attorney, accountant, or
      other adviser?

            

    

     

    
      	
               
      

            	
              Yes
      ____  No ____

            

    

    

    
      	
               
      

            	
              18.

            	
              If
      the investor is an entity, was it formed for the specific purpose of
      acquiring the securities offered?  Yes ____   No
      ____

            

    

     

    
      	
               
      

            	
              Please
      indicate the date of incorporation/organization
  ________.

            

    

    

    The
investor understands that the Company will be relying on the accuracy and
completeness of the investor’s responses to the foregoing questions and the
investor represents and warrants to the Company as follows:

    

    
      	
               
      

            	
              (i)

            	
              The
      answers to the above questions are complete and correct and may be relied
      upon by the Company whether or not the offering in which the investor
      proposes to participate is exempt from registration under the Securities
      Act and the securities laws of certain
states;

            

    

    

    
      	
               
      

            	
              (ii)

            	
              The
      investor will notify the Company immediately of any material change in any
      statement made herein occurring prior to the closing of any purchase by
      the investor of the Company’s securities;
and

            

    

    

    
      	
               
      

            	
              (iii)

            	
              The
      investor or its management, in case of an entity, has sufficient knowledge
      and experience in financial, investment and business matters to evaluate
      the merits and risks of the prospective investment, and the investor is
      able to bear the economic risk of the investment in the Series C Shares
      and currently could afford a complete loss of such
    investment.

            

    

     

    {Signature
Page Follows}

    
      
         

      

      
        A-5

        
          

        

      

      
         

      

    

    

    IN
WITNESS WHEREOF, the undersigned has executed this Investor Questionnaire as of
_____________, 2009, and declares under oath that it is truthful and correct to
the best of the undersigned’s knowledge.

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              	
                                           

                                    
	
                                      (Signature)

                                    
	 
      
	 
      
	
                                      (Printed
      or typed name)

                                    
	
                                      (Title
      if signing on behalf of an entity)

                                    
	 
      
	 
      
	
                                      (Second
      signature—required if securities

                                    
	
                                      will
      be held in more than one name)

                                    
	 
      
	 
      
	
                                      (Printed
      or typed name)

                                    
	
                                      (Title
      if signing on behalf of an
entity)

                                    

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
          
            
              	
                      Name
      of
    Investor:  ____________________________________

                    
	 
	
                      Name
      of Authorized
    Signatory:  _________________________

                    
	 
	
                      Title
      of Authorized
    Signatory:  __________________________

                    

            

          

        

      

    

    

    
      {Signature
Page to Investor Questionnaire}

    

    
      
         

      

      
        A-6

        
          

        

      

      
         

      

    

    

    EXHIBIT
B

    

    ACCREDITED
INVESTOR DEFINITION

    

    An
accredited investor is one who meets one of the following criteria:

    

    
      	
              1.

            	
              An
      individual whose net worth or joint net worth with a spouse at the time of
      the purchase of the Series C Shares exceeds
  $1,000,000.

            

    

    
      	
              2.

            	
              An
      individual who had income in excess of $200,000 during each of the past
      two years and reasonably expects to reach the same income level in the
      current year.

            

    

    
      	
              3.

            	
              An
      individual whose joint income with a spouse exceeded $300,000 in each of
      the past two years and reasonably expects to reach the same income level
      in the current year.

            

    

    
      	
              4.

            	
              A
      corporation, partnership, business trust or limited liability company,
      which has total assets in excess of $5,000,000 and which has not been
      formed for the specific purpose of acquiring the Series C Shares offered
      hereby.

            

    

    
      	
              5.

            	
              Any
      employee benefit plan within the meaning of ERISA, if the investment
      decision is made by a plan fiduciary, as defined in ERISA § 3(21), which
      is either a bank, savings and loan association, insurance company or
      registered investment adviser, or if the plan has total assets in excess
      of $5,000,000, or, if a self-directed plan, with investment decisions made
      solely by persons that are Accredited
Investors.

            

    

    
      	
              6.

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

            

    

    
      	
              7.

            	
              A
      director or executive officer of the
Company.

            

    

    
      	
              8.

            	
              Any
      entity (but, with respect to a non-business trust, only a revocable trust)
      that does not qualify as an “accredited investor” under Rule 501(a)(1) of
      the Securities Act but all of whose equity owners are accredited
      investors.

            

    

    
      
         

      

      
        1

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