Document:

Exhibit
      4.1 Letter
      Of
      Escrow Instructions for Rule 419

     

    LETTER
      OF ESCROW INSTRUCTIONS

    

    Rosemary
      Mergenthaler, President

    Custom
      Automated Systems, Inc.

    3
      Wood
      Edge Court 

    Water
      Mill, NY 11976

    

    Re: Custom
      Automated Systems, Inc. - Rule 419 Escrow

     

    This
      Letter of Escrow Instructions to Michael S. Krome, Esq., which is referred
      to as
“Escrow Agent,” shall immediately and automatically become operative and
      effective upon the commencement of a public distribution of common stock by
      Custom Automated Systems, Inc., which is referred to as the “Company,” as more
      fully described in the prospectus that forms a part of the Company’s Form S-1
      Registration Statement under the Securities Act of 1933 (Registration No.
      333-149194) which is referred to as the “Registration Statement.”

     

    The
      Company will deliver the documents, papers, stock transfer records and other
      property hereinafter described to the Escrow Agent. All such documents, papers,
      stock transfer records and other property are to be held and disposed of by
      the
      Escrow Agent in accordance with the following instructions and upon the terms
      and conditions hereinafter set forth, to which the undersigned
      agree:

     

    1. ESCROW
      PURPOSE:

     

    1.1 This
      Escrow Agreement describes clearing and holding escrow that will be established
      by Custom Automated Systems, Inc., of Water Mill, New York, (the “Company”) and
      all current stockholders of the Company (the “Founders”) in accordance with the
      requirements of Securities and Exchange Commission Rule 419, adopted
      pursuant to the provisions of Section 7(b) of the Securities Act of 1933. The
      Company, the Founders and the Escrow Agent are the only parties to this
      Agreement.

     

    1.2 In
      connection with the distribution described in the Registration Statement (the
      “Distribution”), the Founders may transfer certain shares of the Company’s $.001
      par value common stock (the “Common Stock”) to various classes of transferees as
      more fully described in the definitive prospectus that will be issued upon
      receipt of an order of effectiveness for the Registration Statement (the
“Prospectus).

     

    1.3 The
      purpose of the escrow shall be to hold and ultimately distribute up to 1,157,000
      shares of Common Stock (the “Shares” or “Escrowed Assets) to various individuals
      and organizations selected by them in accordance with the terms of Sections
      4
      through 6 this Escrow Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    1.4 This
      Escrow Agreement constitutes an essential element of the Company’s proposed
      public offering of securities and is required by Securities and Exchange
      Commission Rule 419. The Company and the Founders shall, at all times,
      conduct all of their activities relating to the Rule 419 escrow created
      hereby in strict compliance with the letter and the spirit of Rule 419. In
      the event of any inconsistency between the terms of this Escrow Agreement and
      the requirements of Rule 419, the requirements of Rule 419 shall have
      priority. The Escrow Agent shall have no duty to monitor or ensure compliance
      with the requirements of Rule 419, that being the sole responsibility of the
      Company and the Founders.

     

    2. ESCROW
      DEPOSITS:

     

    2.1 The
      Escrow Agent shall accept deposits to the Escrow Account at the time and in
      the
      manner specified in paragraph 2.2. All securities delivered to the Escrow Agent
      shall, upon delivery, automatically become subject to the provisions of this
      Escrow Agreement.

     

    2.2 Upon
      completion of the share distribution, the Founders shall jointly execute and
      deliver to the Escrow Agent a schedule that identifies the specific Share
      transfers made by each Founder. When the Escrow Agent receives the duly
      authenticated documents evidencing the distribution of the Shares, the identity
      of the, the Escrow Agent shall examine the documentation to confirm that the
      stockholder information complies in all particulars with the supporting
      schedules and the Company shall promptly correct any errors, omissions or
      inconsistencies noted by the Escrow Agent.

     

    2.3 Additional
      escrow deposits in the form of duly authenticated documents evidencing the
      planned resale or transfer of Founders’ Shares may be made from time to time
      during the term of this Agreement. When any of the Founders enter into an
      agreement to sell all or any part of the Founders’ Shares, they shall promptly
      deliver duly authenticated copies of the applicable agreements to the Escrow
      Agent. All such securities shall remain registered in the name of the Founders,
      but the Escrow Agent’s records shall be annotated to appropriately reflect the
      rights of the potential purchaser. All contracts for the sale of Founders Shares
      shall be contingent upon the successful closing of an acquisition and be
      accompanied by such additional documentation as the Company, the Founders and
      the Escrow Agent deem necessary or desirable to comply with the requirements
      of
      Rule 419, or otherwise provide for the efficient performance of the Escrow
      Agent’s duties hereunder.

     

    2.4 All
      stock
      securities delivered to the Escrow Agent pursuant to the provisions of this
      Section 2 shall be held and disposed of by Escrow Agent in accordance with
      the
      following instructions and upon the terms and conditions set forth
      herein.

    

    2.5 All
      funds
      shall be deposited in an Escrow Account maintained by the Escrow Agent at Bank
      of America, located in Lake Grove, New York, which is maintained by an insured
      depository institution. Said funds are to be held in the account name of Michael
      S. Krome, Esq., IOLA Account held at the Bank of America.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              2.6

            	
              Deposit
                and investment of proceeds. 

            

    

    

    
      	 	
              a)

            	
              All
                offering proceeds, after deduction of cash paid for underwriting
                commissions, underwriting expenses and dealer allowances, and amounts
                permitted to be released to the registrant pursuant to paragraph
                (b)(2)(vi) of Rule 419, shall be deposited promptly into the escrow;
                provided,
                however, that
                no deduction may be made for underwriting commissions, underwriting
                expenses or dealer allowances payable to an affiliate of the
                registrant;

            

    

    
      	 	
              b)

            	
              All
                offering proceeds shall be an obligation that constitutes a "deposit,"
                as
                that term is defined in section
                3(1)
                of
                the Federal Deposit Insurance Act;

            

    

    
      	 	
              c)

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

            

    

    
      	 	
              d)

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

            

    

    

    
      	2.7	
              Deposit
                of securities. 

            

    

    

    
      	 	
              a)

            	
              All
                securities issued in connection with the offering, whether or not
                for cash
                consideration, and any other securities issued with respect to such
                securities, including securities issued with respect to stock splits,
                stock dividends, or similar rights, shall be deposited directly into
                the
                escrow or trust account promptly upon issuance. The identity of the
                purchaser of the securities shall be included on the stock certificates
                or
                other documents evidencing such
                securities;

            

    

    
      	 	
              b)

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

            

    

    

    2.8 Release
      of deposited securities and funds. 

    
      	 	
              1.

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

            

    

    
    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              i.

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

            

    

    
      	 	
              ii.

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

            

    

    
      	 	
              A.

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

            

    

    
      	 	
              B.

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

            

    

    
      	 	
              iii.

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

            

    

    

    
      	 	
              2.

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

            

    

    
      	 	
              i.

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

            

    

    
      	 	
              ii.

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

            

    

    
      	 	
              iii.

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

            

    

    
      	 	
              iv.

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

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              3.

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

            

    

    
      	 	
              i.

            	
              The
                escrow agent has received a signed representation from the registrant,
                together with other evidence acceptable to the escrow agent or trustee,
                that the requirements of paragraphs (e)(1) and (e)(2) of Rule 419
                have
                been met; and

            

    

    
      	 	
              ii.

            	
              Consummation
                of an acquisition(s) meeting the requirements of paragraph (e)(2)(iii)
                of
                Rule 419.

            

    

    

    
      	 	
              4.

            	
              Prospectus
                supplement. If funds and securities are released from the escrow
                account
                to the registrant pursuant to Rule 419(e)(4), the prospectus shall
                be
                supplemented to indicate the amount of funds and securities released
                and
                the date of release.

            

    

     

    3. TERMINATION
      AND DISBURSEMENTS:

     

    3.1 If
      the
      Company has not negotiated an acquisition transaction, filed a post-effective
      amendment to its registration statement, successfully completed a reconfirmation
      offering meeting the requirements of Rule 419 and closed on the acquisition
      agreement within 18 months after the effective date of its registration
      statement (the “Final Termination Date”), the Escrow Agent shall:

     

    (a) Return
      all Founders’ Shares to the Founders.

     

    When
      all
      Founders’ Shares have been returned to the Founders in accordance with the
      provisions of this Paragraph 3.1, this Escrow Agreement will
      terminate.

     

    3.2 If
      the
      Company negotiates an acquisition, files a post-effective amendment to its
      registration statement and conducts a reconfirmation offering meeting the
      requirements of Rule 419; and the terms of such offering are not accepted
      by the number of Shareholders specified in the definitive prospectus included
      in
      the Company’s post-effective amendment, the Company shall immediately notify the
      Escrow Agent that the terms of its reconfirmation offering have been rejected
      by
      the Share Donees and the Escrow Agent shall:

     

    (a) Return
      all Shares to the Founders;

     

    When
      all
      securities have been returned to the Founders in accordance with the provisions
      this Paragraph 3.2, this Escrow Agreement will terminate.

     

    3.3 If
      the
      Company negotiates an acquisition, files a post-effective amendment to its
      registration statement and conducts a reconfirmation offering meeting the
      requirements of Rule 419 and the terms of such offering are accepted by the
      number of Shareholders specified in the definitive prospectus included in the
      Company’s post-effective amendment, the Company shall promptly deliver, or cause
      to be delivered, to the Escrow Agent:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (a) A
      copy of
      the definitive prospectus included in its post-effective amendment and used
      in
      connection with the reconfirmation offering;

     

    (b) A
      schedule setting forth the identity of each Shareholder who has approved the
      terms of the reconfirmation offering in writing; and

     

    (c) A
      schedule setting forth the identity of each Shareholder who has rejected the
      terms of the reconfirmation offering in writing or otherwise failed to execute
      a
      reconfirmation agreement within the time limits specified in the definitive
      prospectus.

     

    Upon
      receipt of the foregoing documentation, the Escrow Agent shall return to the
      Founders all securities registered in the names of Shareholder who refused
      or
      failed to execute a reconfirmation agreement within the time limits specified
      in
      the definitive prospectus. 

    

    3.4 If
      the
      Company satisfies the conditions of Paragraph 3.3, actually closes the business
      combination described in the post-effective amendment to its registration
      statement and delivers to the Escrow Agent a Certificate signed by the President
      and Secretary that all conditions precedent to the final release of stock
      certificates set forth in Rule 419(e)(3) have been satisfied, the Escrow
      Agent shall:

     

    (a) Mail
      stock certificates to each Shareholder who received Common Stock in connection
      with the distribution and subsequently executed a reconfirmation agreement;
      and

     

    (b) Deliver
      stock certificates for the Founders’ Shares to the closing agents specified in
      the associated stock purchase agreements; but only if a closing agent was
      specified in the purchase agreement delivered to the Escrow Agent. In the event
      that a closing agent was not so specified, the Escrow Agent shall retain
      possession of the stock certificates pending its receipt of joint written
      instructions from the Founders and the purchasers of Founders
      Shares.

     

    When
      all
      securities and Escrow Funds deposited with the Escrow Agent have been disbursed
      in accordance with the provisions of this Paragraph 3.4, this Escrow Agreement
      will terminate.

     

    4. NO
      MODIFICATION:

     

    4.1 After
      the
      effective date of the Registration Statement, these instructions shall not
      be
      modified, rescinded or amended without the written consent of each Shareholder
      and each purchaser of Founders’ Shares who may be adversely affected by such
      modification, rescission or amendment.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    5. GENERAL
      PROVISIONS:

     

    5.1 All
      parties understand and agree that Escrow Agent is not a principal, participant,
      or beneficiary of the underlying transaction that necessitates this Escrow
      Agreement. The Escrow Agent shall be obligated only for the performance of
      such
      duties as are specifically set forth herein and may rely and shall be protected
      in acting or refraining from acting on any instrument believed by it to be
      genuine and to have been signed or presented by the proper party or parties,
      their officers, representatives or agents. The Escrow Agent shall not be liable
      for any action taken or omitted by it in good faith and believed by it to be
      authorized hereby, nor for action taken or omitted by it in accordance with
      the
      advice of its counsel. Escrow Agent shall be responsible for holding, investing
      and disbursing the Escrowed Assets pursuant to the Escrow Agreement, but in
      no
      event shall be liable for any exemplary or consequential damages in excess
      of
      Escrow Agent’s fee hereunder.

     

    5.2 Unless
      otherwise provided herein, the Escrow Agent shall accept, hold and distribute
      the Escrowed Assets pursuant to this Escrow Agreement. Acceptance of the
      Escrowed Assets shall be communicated by Escrow Agent to parties in writing
      as
      soon as practicable after receipt, and any discrepancies shall be noted to
      Escrow Agent by the parties in writing within forty five (45) days of receiving
      such communication. Failure to note any discrepancies shall be deemed
      confirmation of the description of Escrowed Assets listed on the report
      regardless of any variations from the original schedule.

     

    5.3 Should
      any controversy arise between the undersigned with respect to this Escrow
      Agreement or with respect to the right to receive the Escrowed Assets, Escrow
      Agent shall have the right to consult counsel and/or to institute a bill of
      interpleader in any court of competent jurisdiction to determine the rights
      of
      the parties. In the event it is a party to any dispute, Escrow Agent shall
      have
      the additional right to refer such controversy to binding arbitration. Should
      such actions be necessary, or should Escrow Agent become involved in litigation
      in any manner whatsoever on account of this Escrow Agreement or the Escrowed
      Assets, the undersigned hereby bind and obligate themselves, their heirs and
      legal representatives to pay Escrow Agent, in addition to any charge made
      hereunder for acting as Escrow Agent, reasonable attorney’s fees incurred by
      Escrow Agent, and any other disbursements, expenses, losses, costs and damages
      in connection with and resulting from such actions.

     

    5.4 The
      Escrow Agent shall have no liability under, or duty to inquire beyond the terms
      and provisions of the Escrow Agreement, and it is agreed that its duties are
      purely ministerial in nature, and that the Escrow Agent shall incur no liability
      whatsoever except for its own willful misconduct or gross negligence so long
      as
      it has acted in good faith. The Escrow Agent shall not be bound by any
      modification, amendment, termination, cancellation, rescission or supersession
      of this Escrow Agreement unless the same shall be in writing and signed by
      all
      of the other parties hereto and, if its duties as Escrow Agent hereunder are
      affected thereby, unless it shall have given prior written consent thereto.
      IN
      NO EVENT SHALL THE ESCROW AGENT BE LIABLE FOR ANY SPECIAL, INDIRECT OR
      CONSEQUENTIAL LOSSES OR DAMAGES OF ANY KIND WHATSOEVER (INCLUDING WITHOUT
      LIMITATION LOST PROFITS), EVEN IF THE ESCROW AGENT HAS BEEN ADVISED OF THE
      POSSIBILITY OF SUCH LOSSES OR DAMAGES AND REGARDLESS OF THE FORM OF
      ACTION.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    5.5 The
      Escrow Agent may at any time resign hereunder by giving written notice of its
      resignation to the other parties hereto, at their address set forth herein,
      at
      least ten (10) days prior to the date specified for such resignation to take
      effect, and upon the effective date of such resignation, the Escrowed Assets
      hereunder shall be delivered to such person as may be designated in writing
      by
      the parties executing this Escrow Agreement, whereupon all the Escrow Agent’s
      obligations hereunder shall cease and terminate. The Escrow Agent’s sole
      responsibility until such termination shall be to keep safely all Escrowed
      Assets and to deliver the same to a person designated by the parties executing
      this Escrow Agreement or in accordance with the directions of a final order
      or
      judgment of a court of competent jurisdiction.

     

    5.6 The
      parties agree to jointly and severally indemnify, defend and hold the Escrow
      Agent harmless from and against any and all loss, damage, tax, liability and
      expense that may be incurred by the Escrow Agent arising out of or in connection
      with its acceptance or appointments as Escrow Agent hereunder, including costs
      and expenses of defending itself against any claim or liability in connection
      with its performance hereunder. The obligations of the parties under this
      Section 5.6 shall survive the termination of this Letter of Escrow Instructions
      and the resignation or removal of the Escrow Agent.

     

    5.7 The
      parties jointly and severally agree to pay to the Escrow Agent its fees for
      the
      services rendered pursuant to the provisions of this Escrow Agreement and will
      reimburse the Escrow Agent for reasonable expenses, including reasonable
      attorney’s fees incurred in connection with the negotiations, drafting and
      performance of such services. Except as otherwise noted, this fee covers account
      acceptance, set up and termination expenses; plus usual and customary related
      administrative services such as safekeeping, investment and payment of funds
      specified herein or in the exhibits attached. Activities requiring excessive
      administrator time or out-of-pocket expenses such as optional substitution
      of
      collateral or securities shall be deemed extraordinary expenses for which
      related costs, transaction charges, and additional fees will be billed at Escrow
      Agent’s standard charges for such items. A fee schedule has been provided to all
      parties to this Escrow Agreement.

     

    5.8 Escrow
      Agent is hereby given a lien on all Escrowed Assets for all fees, expenses
      and
      indemnification payments that may become owing to Escrow Agent hereunder, which
      lien may be enforced by Escrow Agent by setoff or appropriate foreclosure
      proceedings.

     

    5.9 The
      parties warrant to the Escrow Agent that there are no Federal, State or local
      tax liability or filing requirements whatsoever concerning the Escrow Agent’s
      actions contemplated hereunder and warrant and represent to the Escrow Agent
      that the Escrow Agent has no duty to withhold or file any report of any tax
      liability under any Federal of State income tax, local or State property tax,
      local or State sales or use taxes, or any other tax by any taxing authority.
      The
      parties hereto agree to jointly and severally indemnify the Escrow Agent fully
      for any tax liability, penalties or interest incurred by the Escrow Agent
      arising hereunder and agree to pay in full any such tax liability together
      with
      penalty and interest if any tax liability is ultimately assessed against the
      Escrow Agent for any reason as a result of its action hereunder (except for
      the
      Escrow Agent’s individual income tax liability arising from its income
      fees).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    5.10 The
      Escrow Agent shall have no liability for loss arising from any cause beyond
      its
      control, including, but not limited to, the following: (a) the act, failure
      or
      neglect of any agent or correspondent selected by the Escrow Agent or the
      parties hereto; (b) any delay, error, omission or default connected with the
      remittance of funds; (c) any delay, error, omission or default of any mail,
      telegraph, cable or wireless agency or operator; and (d) the acts or edicts
      of
      any government or governmental agency or other group or entity exercising
      governmental powers.

     

    5.11 This
      Escrow Agreement shall be governed by and construed in accordance with the
      laws
      of the State of New York.

     

    6. NOTICES:

     

    6.1 All
      notices, demands, requests or payments provided for or given pursuant to this
      Escrow must be in writing or facsimile. All such notices shall be deemed to
      have
      been properly given or served by personal delivery or by depositing the same
      in
      the United States mail addressed to the person entitled to receive such notice
      at the address set forth below.

     

    To
      the Company and Founders

    

    Rosemary
      Mergenthaler, President

    Custom
      Automated Systems, Inc.

    3
      Wood
      Edge Court 

    Water
      Mill, NY 11976

    (631)
      506-5003

    

    To
      the Escrow Agent

    Michael
      S. Krome, Esq.

    8
      Teak
      Court

    Lake
      Grove, New York 11755

    (631)
      737-8381

     

    6.2 All
      notices shall be effective when received.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Approved
      and accepted by the Company and the Escrow Agent this 2nd
      day of June, 2008

    

      
        	
                Custom
                  Automated Systems, Inc.

              
	 
	
                /s/

              
	
                By: 
                  Rosemary Mergenthaler, President

              
	 
	
                /s/

              
	
                Michael
                  S. Krome, Esq., as Escrow Agent

              

      

       

      Approved
        and accepted by the Founders this 2nd Day of June
        2008

       

      
        	
                /s/

              
	
                Rosemary
                  Mergenthaler

              
	 
	
                /s/

              
	
                Ruediger
                  Albrecht

              
	 
	
                Arctic
                  Corporate, Limited

              
	 
	
                /s/

              
	
                By:THIS
      WARRANT AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT
      BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THIS WARRANT
      AND
      THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS NOTE MAY NOT BE SOLD, OFFERED
      FOR SALE, PLEDGED, HYPOTHECATED, ASSIGNED OR OTHERWISE TRANSFERRED EXCEPT AS
      PERMITTED UNDER THE SECURITIES PURCHASE AGREEMENT (AS DEFINED).

    

    WD-      

    

    ARDMORE
      HOLDING CORPORATION

    

    SERIES
      D WARRANT TO PURCHASE ____ SHARES OF

    COMMON
      STOCK, PAR VALUE $0.001 PER SHARE

    

    FOR
      VALUE
      RECEIVED, ____________________ (“Warrantholder”), is entitled to purchase,
      subject to the provisions of this Series D Warrant (the “Warrant”), from Ardmore
      Holding Corporation, a Delaware corporation (“Company”), at any time prior to
      5:00 P.M., New York City time on June 6, 2011 at an exercise price per share
      equal to the Warrant Price (as defined), ___ shares (“Warrant Shares”) of the
      Company’s Common Stock, par value $0.001 per share (“Common Stock”). The number
      of Warrant Shares purchasable upon exercise of this Warrant and the Warrant
      Price shall be subject to adjustment from time to time as described herein.
      This
      Warrant is one of a series of Warrants of like tenor issued in connection with,
      among other things, (i) the Placement Agent Agreement (the “Placement
      Agreement”) dated January 7, 2008 by and between WestPark Capital, Inc. and
      Tianjin Yayi Industrial Co., Ltd. and (ii) the transactions contemplated by
      the
      Amended and Restated Securities Purchase Agreement, dated as of May 12, 2008,
      as
      amended (the “Purchase Agreement”), among the Company and the investors party
      thereto. (This Warrant, together with the other Series D Warrants issued in
      connection with the Placement Agreement and the Purchase Agreement are referred
      to collectively as the “Series D Warrants.”). The term “Warrant Price” means the
      lesser of (i) $1.35, subject to adjustment as provided in Section 8 herein
      and
      (ii) the Next Round Value (as defined). The term “Next Round Value” means the
      per share dollar value of the securities issued by the Company in the first
      private placement that is effected after the Closing, such dollar value to
      be
      equal to a fraction, the numerator of which is the aggregate purchase price
      of
      the securities sold in such private placement and the denominator of which
      is
      the number of shares of Common Stock (including and after giving effect to
      the
      shares of Common Stock issuable upon exercise or conversion of the securities
      issued or issuable in such private placement, determined as of the date of
      the
      first closing of such private placement), issued in such private placement.
      Capitalized terms used herein have the respective meanings ascribed thereto
      in
      the Purchase Agreement unless otherwise defined herein.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Section
      1. Registration.
      The
      Company shall maintain books for the transfer and registration of the Warrant.
      Upon the initial issuance of this Warrant, the Company shall issue and register
      the Warrant in the name of the Warrantholder.

    

    Section
      2. Transfers.
      Subject
      to compliance with the restrictions imposed by the Purchase Agreement, the
      Company shall transfer this Warrant from time to time upon the books to be
      maintained by the Company for that purpose, upon surrender hereof for transfer,
      properly endorsed or accompanied by appropriate instructions for transfer and
      such other documents as may be reasonably required by the Company.

    

    Section
      3. Exercise
      of Warrant; Limitations on Exercise.
      (a)
      Subject to the provisions hereof, the Warrantholder may exercise this Warrant,
      in whole or in part, at any time prior to its expiration upon surrender of
      the
      Warrant, together with delivery of a duly executed Warrant exercise form, in
      the
      form attached hereto as “Appendix
      A”
(the
      “Exercise Agreement”) and payment by cash, certified check or wire transfer of
      funds (or,
      as
      provided in Section 19, by cashless exercise as provided therein) of
      the
      aggregate Warrant Price for that number of Warrant Shares then being purchased,
      to the Company during normal business hours on any business day at the Company’s
      principal executive offices (or such other office or agency of the Company
      as it
      may designate by notice to the Warrantholder). The Warrant Shares so purchased
      shall be deemed to be issued to the Warrantholder or the Warrantholder’s
      designee, as the record owner of such shares, as of the close of business on
      the
      date on which this Warrant shall have been surrendered (or the date evidence
      of
      loss, theft or destruction thereof and security or indemnity satisfactory to
      the
      Company has been provided to the Company), the Warrant Price shall have been
      paid and the completed Exercise Agreement shall have been delivered.
      Certificates for the Warrant Shares so purchased shall be delivered to the
      Warrantholder within a reasonable time, not exceeding seven Business Days,
      after
      this Warrant shall have been so exercised. The certificates so delivered shall
      be in such denominations as may be requested by the Warrantholder and shall
      be
      registered in the name of the Warrantholder or such other name as shall be
      designated by the Warrantholder, as specified in the Exercise Agreement. If
      this
      Warrant shall have been exercised only in part, then, unless this Warrant has
      expired, the Company shall, at its expense, at the time of delivery of such
      certificates, deliver to the Warrantholder a new Warrant representing the right
      to purchase the number of shares with respect to which this Warrant shall not
      then have been exercised. Each exercise hereof shall constitute the affirmation
      by the Warrantholder (as if the Warrantholder were an Investor) that the
      representations and warranties contained in Sections 5.1 through 5.9 of the
      Purchase Agreement are true and correct in all respects with respect to the
      Warrantholder as of the time of such exercise.

    

    (b)
      Notwithstanding anything in this Warrant to the contrary, in no event shall
      the
      Warrantholder be entitled to exercise a number of Warrants (or portions thereof)
      in excess of the number of Warrants (or portions thereof) upon exercise of
      which
      the sum of (i) the number of shares of Common Stock beneficially owned by the
      Warrantholder and its Affiliates (other than shares of Common Stock which may
      be
      deemed beneficially owned through the ownership of the unexercised Warrants
      and
      the unexercised or unconverted portion of any other securities of the Company
      (subject to a limitation on conversion or exercise analogous to the limitation
      contained herein) and (ii) the number of shares of Common Stock issuable upon
      exercise of the Warrants (or portions thereof) with respect to which the
      determination described herein is being made, would result in beneficial
      ownership by the Warrantholder and its Affiliates of more than 4.99% of the
      outstanding shares of Common Stock. For purposes of the immediately preceding
      sentence, beneficial ownership shall be determined in accordance with Section
      13(d) of the Securities Exchange Act of 1934, as amended, and Regulation 13D-G
      thereunder, except as otherwise provided in clause (i) of the preceding
      sentence. Notwithstanding anything to the contrary contained herein, the
      limitation on exercise of this Warrant may be waived by written agreement
      between the Warrantholder and the Company; provided,
      however,
      such
      waiver may not be effective less than sixty-one (61) days from the date
      thereof.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    

    Section
      4. Compliance
      with the Securities Act of 1933.
      Except
      as provided in the Purchase Agreement, the Company may cause the legend set
      forth on the first page of this Warrant to be set forth on each Warrant, and
      a
      similar legend on any security issued or issuable upon exercise of this Warrant,
      unless counsel for the Company is of the opinion as to any such security that
      such legend is unnecessary.

    

    Section
      5. Payment
      of Taxes.
      The
      Company will pay any documentary stamp taxes attributable to the initial
      issuance of Warrant Shares issuable upon the exercise of the Warrant;
provided,
      however,
      that
      the Company shall not be required to pay any tax or taxes which may be payable
      in respect of any transfer involved in the issuance or delivery of any
      certificates for Warrant Shares in a name other than that of the Warrantholder
      in respect of which such shares are issued, and in such case, the Company shall
      not be required to issue or deliver any certificate for Warrant Shares or any
      Warrant until the person requesting the same has paid to the Company the amount
      of such tax or has established to the Company’s reasonable satisfaction that
      such tax has been paid. The Warrantholder shall be responsible for income taxes
      due under federal, state or other law, if any such tax is due.

    

    Section
      6. Mutilated
      or Missing Warrants.
      In case
      this Warrant shall be mutilated, lost, stolen, or destroyed, the Company shall
      issue in exchange and substitution of and upon surrender and cancellation of
      the
      mutilated Warrant, or in lieu of and substitution for the Warrant lost, stolen
      or destroyed, a new Warrant of like tenor and for the purchase of a like number
      of Warrant Shares, but only upon receipt of evidence reasonably satisfactory
      to
      the Company of such loss, theft or destruction of the Warrant, and with respect
      to a lost, stolen or destroyed Warrant, reasonable indemnity or bond with
      respect thereto, if requested by the Company.

    

    Section
      7. Reservation
      of Common Stock.
      The
      Company shall at all times reserve and keep available out of its authorized
      but
      unissued shares of Common Stock, solely for the purpose of providing for the
      exercise of the Warrants, such number of shares of Common Stock as shall from
      time to time equal the number of shares sufficient to permit the exercise of
      the
      Warrants in accordance with their respective terms. The Company agrees that
      all
      Warrant Shares issued upon due exercise of the Warrant shall be, at the time
      of
      delivery of the certificates for such Warrant Shares, duly authorized, validly
      issued, fully paid and non-assessable shares of Common Stock of the
      Company.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    

    Section
      8. Adjustments.
      Subject
      and pursuant to the provisions of this Section 8, the Warrant Price and number
      of Warrant Shares subject to this Warrant shall be subject to adjustment from
      time to time as set forth hereinafter.

    

    (a) If
      the
      Company shall, at any time or from time to time while this Warrant is
      outstanding, pay a dividend or make a distribution on its Common Stock in shares
      of Common Stock, subdivide its outstanding shares of Common Stock into a greater
      number of shares or combine its outstanding shares of Common Stock into a
      smaller number of shares or issue by reclassification of its outstanding shares
      of Common Stock any shares of its capital stock (including any such
      reclassification in connection with a consolidation or merger in which the
      Company is the continuing corporation), then (i) the Warrant Price in effect
      immediately prior to the date on which such change shall become effective shall
      be adjusted by multiplying such Warrant Price by a fraction, the numerator
      of
      which shall be the number of shares of Common Stock outstanding immediately
      prior to such change and the denominator of which shall be the number of shares
      of Common Stock outstanding immediately after giving effect to such change
      and
      (ii) the number of Warrant Shares purchasable upon exercise of this Warrant
      shall be adjusted by multiplying the number of Warrant Shares purchasable upon
      exercise of this Warrant immediately prior to the date on which such change
      shall become effective by a fraction, the numerator of which is shall be the
      Warrant Price in effect immediately prior to the date on which such change
      shall
      become effective and the denominator of which shall be the Warrant Price in
      effect immediately after giving effect to such change, calculated in accordance
      with clause (i) above. Such adjustments shall be made successively whenever
      any
      event listed above shall occur.

    

    (b) If
      any
      capital reorganization or reclassification of the capital stock of the Company,
      consolidation or merger of the Company with another corporation in which the
      Company is not the survivor, or sale, transfer or other disposition of all
      or
      substantially all of the Company’s assets to another corporation shall be
      effected, then, as a condition of such reorganization, reclassification,
      consolidation, merger, sale, transfer or other disposition, lawful and adequate
      provision shall be made whereby each Warrantholder shall thereafter have the
      right to purchase and receive upon the basis and upon the terms and conditions
      herein specified and in lieu of the Warrant Shares immediately theretofore
      issuable upon exercise of the Warrant, such shares of stock, securities or
      assets as would have been issuable or payable with respect to or in exchange
      for
      a number of Warrant Shares equal to the number of Warrant Shares immediately
      theretofore issuable upon exercise of the Warrant, had such reorganization,
      reclassification, consolidation, merger, sale, transfer or other disposition
      not
      taken place, and in any such case appropriate provision shall be made with
      respect to the rights and interests of each Warrantholder to the end that the
      provisions hereof (including, without limitation, provision for adjustment
      of
      the Warrant Price) shall thereafter be applicable, as nearly equivalent as
      may
      be practicable in relation to any shares of stock, securities or assets
      thereafter deliverable upon the exercise hereof. The Company shall not effect
      any such consolidation, merger, sale, transfer or other disposition unless
      prior
      to or simultaneously with the consummation thereof the successor corporation
      (if
      other than the Company) resulting from such consolidation or merger, or the
      corporation purchasing or otherwise acquiring such assets or other appropriate
      corporation or entity shall assume the obligation to deliver to the
      Warrantholder, at the last address of the Warrantholder appearing on the books
      of the Company, such shares of stock, securities or assets as, in accordance
      with the foregoing provisions, the Warrantholder may be entitled to purchase,
      and the other obligations under this Warrant. The provisions of this paragraph
      (b) shall similarly apply to successive reorganizations, reclassifications,
      consolidations, mergers, sales, transfers or other dispositions.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    

    (c) In
      case
      the Company shall fix a payment date for the making of a distribution to all
      holders of Common Stock (including any such distribution made in connection
      with
      a consolidation or merger in which the Company is the continuing corporation)
      of
      evidences of indebtedness or assets (other than cash dividends or cash
      distributions payable out of consolidated earnings or earned surplus or
      dividends or distributions referred to in Section 8(a)), or subscription rights
      or warrants, the Warrant Price to be in effect after such payment date shall
      be
      determined by multiplying the Warrant Price in effect immediately prior to
      such
      payment date by a fraction, the numerator of which shall be the total number
      of
      shares of Common Stock outstanding multiplied by the Market Price (as defined
      below) per share of Common Stock immediately prior to such payment date, less
      the fair market value (as determined by the Company’s Board of Directors in good
      faith) of said assets or evidences of indebtedness so distributed, or of such
      subscription rights or warrants, and the denominator of which shall be the
      total
      number of shares of Common Stock outstanding multiplied by such Market Price
      per
      share of Common Stock immediately prior to such payment date. “Market Price” as
      of a particular date (the “Valuation Date”) shall mean the following: (a) if the
      Common Stock is then listed on a national stock exchange, the closing sale
      price
      of one share of Common Stock on such exchange on the last trading day prior
      to
      the Valuation Date; (b) if the Common Stock is then quoted on The Nasdaq Stock
      Market, Inc. (“Nasdaq”), the OTC Bulletin Board (the “Bulletin Board”) or such
      similar quotation system or association, the closing sale price of one share
      of
      Common Stock on Nasdaq, the Bulletin Board or such other quotation system or
      association on the last trading day prior to the Valuation Date or, if no such
      closing sale price is available, the average of the high bid and the low asked
      price quoted thereon on the last trading day prior to the Valuation Date; or
      (c)
      if the Common Stock is not then listed on a national stock exchange or quoted
      on
      Nasdaq, the Bulletin Board or such other quotation system or association, the
      fair market value of one share of Common Stock as of the Valuation Date, as
      determined in good faith by the Board of Directors of the Company and the
      Warrantholder. If the Common Stock is not then listed on a national securities
      exchange, Nasdaq the Bulletin Board or such other quotation system or
      association, the Board of Directors of the Company shall respond promptly,
      in
      writing, to an inquiry by the Warrantholder prior to the exercise hereunder
      as
      to the fair market value of a share of Common Stock as determined by the Board
      of Directors of the Company. In the event that the Board of Directors of the
      Company and the Warrantholder are unable to agree upon the fair market value
      in
      respect of subpart (c) of this paragraph, the Company and the Warrantholder
      shall jointly select an appraiser, who is experienced in such matters. The
      decision of such appraiser shall be final and conclusive, and the cost of such
      appraiser shall be borne equally by the Company and the Warrantholder. Such
      adjustment shall be made successively whenever such a payment date is
      fixed.

    

    (d) An
      adjustment to the Warrant Price shall become effective immediately after the
      payment date in the case of each dividend or distribution and immediately after
      the effective date of each other event which requires an
      adjustment.

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

       

    

    (e) In
      the
      event that, as a result of an adjustment made pursuant to this Section 8, the
      Warrantholder shall become entitled to receive any shares of capital stock
      of
      the Company other than shares of Common Stock, the number of such other shares
      so receivable upon exercise of this Warrant shall be subject thereafter to
      adjustment from time to time in a manner and on terms as nearly equivalent
      as
      practicable to the provisions with respect to the Warrant Shares contained
      in
      this Warrant.

    

    (f) To
      the
      extent permitted by applicable law and the listing requirements of any stock
      market or exchange on which the Common Stock is then listed, the Company from
      time to time may decrease the Warrant Price by any amount for any period of
      time
      if the period is at least twenty (20) days, the decrease is irrevocable during
      the period and the Board shall have made a determination that such decrease
      would be in the best interests of the Company, which determination shall be
      conclusive. Whenever the Warrant Price is decreased pursuant to the preceding
      sentence, the Company shall provide written notice thereof to the Warrantholder
      at least five (5) days prior to the date the decreased Warrant Price takes
      effect, and such notice shall state the decreased Warrant Price and the period
      during which it will be in effect.

    

    Section
      9. Fractional
      Interest.
      The
      Company shall not be required to issue fractions of Warrant Shares upon the
      exercise of this Warrant. If any fractional share of Common Stock would, except
      for the provisions of the first sentence of this Section 9, be deliverable
      upon
      such exercise, the Company, in lieu of delivering such fractional share, shall
      pay to the exercising Warrantholder an amount in cash equal to the Market Price
      of such fractional share of Common Stock on the date of exercise.

    

    Section
      10. Extension
      of Expiration Date.
      If the
      Registration Statement required to include therein the Warrant Shares issuable
      upon exercise of this Warrant (to the extent such Warrant Shares then constitute
      Registrable Securities), is not declared effective as required by the
      Registration Rights Agreement, or if any of the events specified in Section
      2(b)
      of the Registration Rights Agreement occurs, then the Expiration Date of this
      Warrant shall for each day such failure continues, be extended for one
      additional day, provided
      however,
      if such
      failure or delay is due to a Blackout Period then the Expiration Date of this
      Warrant shall be extended one day for each day beyond the 60-day or 90-day
      limits, as the case may be, that the Blackout Period continues. The terms
“Registration Statement,” “Registrable Securities” and “Blackout Period” as used
      in this Warrant shall have the meanings ascribed to such terms by the
      Registration Rights Agreement. 

    

    Section
      11. Benefits.
      Nothing
      in this Warrant shall be construed to give any person, firm or corporation
      (other than the Company and the Warrantholder) any legal or equitable right,
      remedy or claim, it being agreed that this Warrant shall be for the sole and
      exclusive benefit of the Company and the Warrantholder.

    

    Section
      12. Notices
      to Warrantholder.
      Upon
      the happening of any event requiring an adjustment of the Warrant Price, the
      Company shall promptly give written notice thereof to the Warrantholder at
      the
      address appearing in the records of the Company, stating the adjusted Warrant
      Price and the adjusted number of Warrant Shares resulting from such event and
      setting forth in reasonable detail the method of calculation and the facts
      upon
      which such calculation is based. Failure to give such notice to the
      Warrantholder or any defect therein shall not affect the legality or validity
      of
      the subject adjustment.

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

       

    

    Section
      13. Identity
      of Transfer Agent.
      The
      Transfer Agent for the Common Stock is American Registrar Transfer Company.
      Upon
      the appointment of any subsequent transfer agent for the Common Stock or other
      shares of the Company’s capital stock issuable upon the exercise of the rights
      of purchase represented by the Warrant, the Company will mail to the
      Warrantholder a statement setting forth the name and address of such transfer
      agent.

    

    Section
      14. Notices.
      Unless
      otherwise provided, any notice required or permitted under this Warrant shall
      be
      given in writing and shall be deemed effectively given as hereinafter described
      (i) if given by personal delivery, then such notice shall be deemed given upon
      such delivery, (ii) if given by telex or facsimile, then such notice shall
      be
      deemed given upon receipt of confirmation of complete transmittal, (iii) if
      given by mail, then such notice shall be deemed given upon the earlier of (A)
      receipt of such notice by the recipient or (B) three days after such notice
      is
      deposited in first class mail, postage prepaid, and (iv) if given by an
      internationally recognized overnight air courier, then such notice shall be
      deemed given one business day after delivery to such carrier. All notices shall
      be addressed as follows: if to the Warrantholder, at its address as set forth
      in
      the Company’s books and records and, if to the Company, at the address as
      follows, or at such other address as the Warrantholder or the Company may
      designate by ten days’ advance written notice to the other:

    

    If
      to the
      Company:

    

    Ardmore
      Holding Corporation

    XingGuang
      Road No. 9, 

    Northern
      Industrial Park of Zhonbei Town, 

    XiQing
      District, 

    Tianjin
      City, China 300201

    Attn.:
      Liu Li, Chief Executive Officer

    Fax:
      022-27984358

    

    With
      a
      copy to:

    

    Hodgson
      Russ LLP

    1540
      Broadway, 24th Floor

    New
      York,
      NY 10036

    Attn:
      Jeffrey A. Rinde, Esq.

    Fax:
      (212) 751-4300

    

    Section
      15. Registration
      Rights.
      By
      acceptance of this Warrant, the Warrantholder is entitled to the benefit of,
      and
      subject to the obligations of, certain registration rights with respect to
      the
      shares of Common Stock issuable upon the exercise of this Warrant as provided
      in
      the Registration Rights Agreement (as if such Warrantholder were a party
      thereto), and any subsequent Warrantholder may be entitled to such
      rights.

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    Section
      16. Call
      Provision.
      In the
      event that the closing price of a share of Common Stock as traded on the
      Over-the-Counter Bulletin Board (or such other exchange or stock market on
      which
      the Common Stock may then be listed or quoted) equals or exceeds 200% of the
      Warrant Price then in effect (appropriately adjusted for any stock split,
      reverse stock split, stock dividend or other reclassification or combination
      of
      the Common Stock occurring after the date hereof) during which the Registration
      Statement (has been effective for at least (1) one year (the “Trading
      Condition”), the Company, upon sixty (60) days prior written notice (the “Notice
      Period”) given to the Warrantholder, may call this Warrant at a redemption price
      equal to $0.01 per share of Common Stock then purchasable pursuant to this
      Warrant; provided that (i) the Company simultaneously calls all of the Series
      D
      Warrants on the same terms, (ii) all of the shares of Common Stock issuable
      hereunder either (A) are registered pursuant to an effective Registration
      Statement (as defined in the Registration Rights Agreement) which has not been
      suspended and for which no stop order is in effect, and pursuant to which the
      Warrantholder is able to sell such shares of Common Stock at all times during
      the Notice Period or (B) no longer constitute Registrable Securities (as defined
      in the Registration Rights Agreement) and (iii) this Warrant is fully
      exercisable for the full amount of Warrant Shares covered hereby.
      Notwithstanding any such notice by the Company, the Warrantholder shall have
      the
      right to exercise all, but not less than all, of this Warrant prior to the
      end
      of the Notice Period.

    

    Section
      17. Successors.
      All the
      covenants and provisions hereof by or for the benefit of the Warrantholder
      shall
      bind and inure to the benefit of its respective successors and assigns
      hereunder. 

    

    Section
      18. Governing
      Law; Consent to Jurisdiction; Waiver of Jury Trial.
      This
      Warrant shall be governed by, and construed in accordance with, the internal
      laws of the State of New York, without reference to the choice of law provisions
      thereof. The Company and, by accepting this Warrant, the Warrantholder, each
      irrevocably submits to the exclusive jurisdiction of the courts of the State
      of
      New York located in New York County and the United States District Court for
      the
      Southern District of New York for the purpose of any suit, action, proceeding
      or
      judgment relating to or arising out of this Warrant and the transactions
      contemplated hereby. Service of process in connection with any such suit, action
      or proceeding may be served on each party hereto anywhere in the world by the
      same methods as are specified for the giving of notices under this Warrant.
      The
      Company and, by accepting this Warrant, the Warrantholder, each irrevocably
      consents to the jurisdiction of any such court in any such suit, action or
      proceeding and to the laying of venue in such court. The Company and, by
      accepting this Warrant, the Warrantholder, each irrevocably waives any objection
      to the laying of venue of any such suit, action or proceeding brought in such
      courts and irrevocably waives any claim that any such suit, action or proceeding
      brought in any such court has been brought in an inconvenient forum.
EACH
      OF THE COMPANY AND, BY ITS ACCEPTANCE HEREOF, THE WARRANTHOLDER HEREBY WAIVES
      ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS
      WARRANT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS
      WAIVER.

     

    
      
        
        

      

      
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    Section
      19. Cashless
      Exercise.
      Beginning six (6) months following the Closing Date and so long as the Company
      is then required under the Registration Rights Agreement to have effected the
      registration of the Warrant Shares for resale to the public pursuant to a
      Registration Statement, if the Warrant Shares may not then be sold to the public
      pursuant to such registration statement (or the related prospectus) for any
      reason (other than as a result of a Blackout Period or as a result of the
      Warrantholder’s failure to comply with its obligations under the Registration
      Rights Agreement), the Warrantholder may elect to receive, without the payment
      by the Warrantholder of the aggregate Warrant Price in respect of the shares
      of
      Common Stock to be acquired, shares of Common Stock of equal value to the value
      of this Warrant, or any specified portion hereof, by the surrender of this
      Warrant (or such portion of this Warrant being so exercised) together with
      a Net
      Issue Election Notice, in the form annexed hereto as Appendix B, duly executed,
      to the Company. Thereupon, the Company shall issue to the Warrantholder such
      number of fully paid, validly issued and nonassessable shares of Common Stock
      as
      is computed using the following formula:

    

    X
      =
Y
      (A -
      B)

    A

    

    where 

    

    X
      = the
      number of shares of Common Stock to which the Warrantholder is entitled upon
      such cashless exercise;

    

    Y
      = the
      total
      number of shares of Common Stock covered by this Warrant for which the
      Warrantholder has surrendered purchase rights at such time for cashless exercise
      (including both shares to be issued to the Warrantholder and shares as to which
      the purchase rights are to be canceled as payment therefor);

    

    A
      = the
      “Market Price” of one share of Common Stock as at the date the net issue
      election is made; and

    

    B
      = the
      Warrant Price in effect under this Warrant at the time the net issue election
      is
      made.

    

    Section
      20. No
      Rights as Stockholder.
      Prior
      to the exercise of this Warrant, the Warrantholder shall not have or exercise
      any rights as a stockholder of the Company by virtue of its ownership of this
      Warrant.

    

    Section
      21. Amendment;
      Waiver.
      Any
      term of this Warrant may be amended or waived (including the adjustment
      provisions included in Section 8 of this Warrant) upon the written consent
      of
      the Company and the holders of Series D Warrants representing at least 50%
      of
      the number of shares of Common Stock then subject to all outstanding Series
      D
      Warrants (the “Majority
      Holders”);
      provided,
      that
      (x) any such amendment or waiver must apply to all Series D Warrants; and (y)
      the number of Warrant Shares subject to this Warrant, the Warrant Price and
      the
      Expiration Date may not be amended, and the right to exercise this Warrant
      may
      not be altered or waived in any manner adverse to the Warrantholder, without
      the
      written consent of the Warrantholder.

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

    

    Section
      22. Section
      Headings.
      The
      section headings in this Warrant are for the convenience of the Company and
      the
      Warrantholder and in no way alter, modify, amend, limit or restrict the
      provisions hereof.

     

    **********************************************

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

       

    

    IN
      WITNESS WHEREOF, the Company has caused this Series D Warrant to be duly
      executed as of the 6th day of June, 2008.

    

    
      	 	
              ARDMORE
                HOLDING CORPORATION

            
	 	 
	 	
              By:

            	
            	
               

            
	 	 	
              Li
                Liu, Chief Executive Officer

            

    

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

     

    APPENDIX
      A

    ARDMORE
      HOLDING CORPORATION.

    WARRANT
      EXERCISE FORM

    

    To:
      Ardmore Holding Corporation:

    

    The
      undersigned hereby irrevocably elects to exercise the right of purchase
      represented by the within Warrant (“Warrant”) for, and to purchase thereunder by
      the payment of the Warrant Price and surrender of the Warrant, _______________
      shares of Common Stock (“Warrant Shares”) provided for therein, and requests
      that certificates for the Warrant Shares be issued as follows: 

    

    
      	
               

            
	
              Name

            
	
               

            
	
              Address

            
	
               

            
	
               

            
	
              Federal
                Tax ID or Social Security No.

            

    

    

    and
      delivered
      by:             certified
      mail to the above address, or 

    electronically
      (provide DWAC  Instructions:___________________),
      or 

    other
      (specify):  __________________________________________).
      

    

    and,
      if
      the number of Warrant Shares shall not be all the Warrant Shares purchasable
      upon exercise of the Warrant, that a new Warrant for the balance of the Warrant
      Shares purchasable upon exercise of this Warrant be registered in the name
      of
      the undersigned Warrantholder or the undersigned’s Assignee as below indicated
      and delivered to the address stated below.

    

    Dated:
      ___________________, ____

    

      
        	
                Note: The signature must correspond with

              	 	
                Signature:_____________________________

              
	
                the name of the Warrantholder as written

              	 	 	 
	
                on the first page of the Warrant in every

              	 	 	
                ___________________________________

              
	
                particular, without alteration or enlargement

              	 	 	
                Name (please print)

              
	
                or any change whatever, unless the Warrant

              	 	 	 
	
                has been assigned.

              	 	 	
                ___________________________________

              
	 	 	 	
                ___________________________________

              
	 	 	 	
                Address

              
	 	 	 	
                ___________________________________

              
	 	 	 	
                Federal
                  Identification or

              
	 	 	 	
                Social
                  Security No.

              
	 	 	 	 
	 	 	 	
                Assignee:
                  

              
	 	 	 	
                ____________________________________

              
	 	 	 	
                ____________________________________

              

      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    APPENDIX
      B

    ARDMORE
      HOLDING CORPORATION

    NET
      ISSUE
      ELECTION NOTICE

    

    To:
      Ardmore Holding Corporation

    

    Date:[_________________________]

    

    The
      undersigned hereby elects under Section
      19
      of this
      Warrant to surrender the right to purchase [____________] shares of Common
      Stock
      pursuant to this Warrant and hereby requests the issuance of [_____________]
      shares of Common Stock. The certificate(s) for the shares issuable upon such
      net
      issue election shall be issued in the name of the undersigned or as otherwise
      indicated below.

    

    
      	
               

            
	
              Signature

            
	 
	
               

            
	
              Name
                for Registration

            
	 
	
               

            
	
              Mailing
                Address

            

    

     

    
      
        
        

      

      
        -13-

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