Document:

EXHIBIT
      10.4

    

    FORM
      OF WARRANT

    

    NEITHER
      THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR
      THE
      SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
      LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED
      (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL
      (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A FORM REASONABLY ACCEPTABLE
      TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS
      SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. 

    

    AGFEED
      INDUSTRIES, INC.

    

    Warrant
      to Purchase Common Stock

    

    CUSIP:
      00846L119

    ISIN:
      US00846L1199

     

    Warrant
      No.: _______

    Number
      of
      Shares of Common Stock: _______

    Date
      of
      Issuance: February __, 2008 ("Issuance
      Date")

     

    
      AgFeed
        Industries, Inc., a Nevada corporation (the "Company"),
        hereby certifies that, for good and valuable consideration, the receipt and
        sufficiency of which are hereby acknowledged,
        ______________________________,
        the
        registered holder hereof or its permitted assigns (the "Holder"),
        is
        entitled, subject to the terms set forth below, to purchase from the Company,
        at
        the Exercise Price (as defined below) then in effect, upon surrender of this
        Warrant to Purchase Common Stock (including any Warrants to Purchase Common
        Stock issued in exchange, transfer or replacement hereof, the "Warrant"),
        at
        any time or times on or after the date hereof (the "Initial
        Exercisability Date"),
        but
        not after 11:59 p.m., New York Time, on the Expiration Date (as defined below),
        that
        number
        of
        fully
        paid, nonassessable shares of Common Stock (as defined below) (the
        "Warrant
        Shares")
        equal to
        the Warrant Number (as defined below).
        Except
        as otherwise defined herein, capitalized terms in this Warrant shall have
        the
        meanings set forth in Section 15. This Warrant is one of the Warrants to
        purchase Common Stock (the "SPA
        Warrants")
        issued
        pursuant to Section 1 of that certain Securities Purchase Agreement, dated
        as of
        February 25, 2008 (the "Subscription
        Date"),
        by
        and among the Company and the investors (the "Buyers")
        referred to therein (the "Securities
        Purchase Agreement").

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    1. EXERCISE
      OF WARRANT.

     

    (a)
      Mechanics
      of Exercise.
      Subject
      to the terms and conditions hereof (including, without limitation, the
      limitations set forth in Section 1(f)), this Warrant may be exercised by the
      Holder on any day on or after the Initial Exercisability Date, in whole or
      in
      part, by (i) delivery of a written notice, in the form attached hereto as
Exhibit
      A
      (the
      "Exercise
      Notice"),
      of
      the Holder's election to exercise this Warrant and (ii) (A) payment to the
      Company of an amount equal to the applicable Exercise Price multiplied by the
      number of Warrant Shares as to which this Warrant is being exercised (the
      "Aggregate
      Exercise Price")
      in
      cash or wire transfer of immediately available funds or (B) by notifying the
      Company that this Warrant is being exercised pursuant to a Cashless Exercise
      (as
      defined in Section 1(d)). The Holder shall not be required to deliver the
      original Warrant in order to effect an exercise hereunder. Execution and
      delivery of the Exercise Notice with respect to less than all of the Warrant
      Shares shall have the same effect as cancellation of the original Warrant and
      issuance of a new Warrant evidencing the right to purchase the remaining number
      of Warrant Shares. On or before the second Business Day following the date
      on
      which the Company has received each of the Exercise Notice and the Aggregate
      Exercise Price (or notice of a Cashless Exercise) (the "Exercise
      Delivery Documents"),
      the
      Company shall transmit by facsimile an acknowledgment of confirmation of receipt
      of the Exercise Delivery Documents to the Holder and the Company's transfer
      agent (the "Transfer
      Agent").
      On or
      before the third Business Day following the date on which the Company has
      received all of the Exercise Delivery Documents (the "Share
      Delivery Date"),
      the
      Company shall (X) provided that the Transfer Agent is participating in The
      Depository Trust Company ("DTC")
      Fast
      Automated Securities Transfer Program, credit such aggregate number of shares
      of
      Common Stock to which the Holder is entitled pursuant to such exercise to the
      Holder's or its designee's balance account with DTC through its Deposit
      Withdrawal Agent Commission System, or (Y) if the Transfer Agent is not
      participating in the DTC Fast Automated Securities Transfer Program, issue
      and
      dispatch by overnight courier to the address as specified in the Exercise
      Notice, a certificate, registered in the Company's share register in the name
      of
      the Holder or its designee, for the number of shares of Common Stock to which
      the Holder is entitled pursuant to such exercise. Upon delivery of the Exercise
      Notice and Aggregate Exercise Price referred to in clause (ii)(A) above or
      notification to the Company of a Cashless Exercise referred to in Section 1(d),
      the Holder shall be deemed for all corporate purposes to have become the holder
      of record of the Warrant Shares with respect to which this Warrant has been
      exercised, irrespective of the date of delivery of the certificates evidencing
      such Warrant Shares. If this Warrant is submitted in connection with any
      exercise pursuant to this Section 1(a) and the number of Warrant Shares
      represented by this Warrant submitted for exercise is greater than the number
      of
      Warrant Shares being acquired upon an exercise, then the Company shall as soon
      as practicable and in no event later than five Business Days after any exercise
      and at its own expense, issue a new Warrant (in accordance with Section 7(d))
      representing the right to purchase the number of Warrant Shares purchasable
      immediately prior to such exercise under this Warrant, less the number of
      Warrant Shares with respect to which this Warrant is exercised. No fractional
      shares of Common Stock are to be issued upon the exercise of this Warrant,
      but
      rather the number of shares of Common Stock to be issued shall be rounded up
      to
      the nearest whole number. The Company shall pay any and all taxes which may
      be
      payable with respect to the issuance and delivery of Warrant Shares upon
      exercise of this Warrant. 

     

    
      
        
        

      

      
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      (b)
        Initial
        Exercise Price. For purposes of this Warrant, "Initial Exercise
        Price"
        means
a
        price
        equal to $10.00,
        subject
        to adjustment as provided herein.

    

     

    (c) Company's
      Failure to Timely Deliver Securities.
      Subject
      to Section 1(f), if the Company shall fail for any reason or for no reason
      to
      issue to the Holder within three (3) Business Days of receipt of the Exercise
      Delivery Documents, a certificate for the number of shares of Common Stock
      to
      which the Holder is entitled and register such shares of Common Stock on the
      Company's share register or to credit the Holder's balance account with DTC
      for
      such number of shares of Common Stock to which the Holder is entitled upon
      the
      Holder's exercise of this Warrant, then, in addition to all other remedies
      available to the Holder, the Company shall pay in cash to the Holder on each
      day
      after such fifth (5th)
      Business Day that the issuance of such shares of Common Stock is not timely
      effected an amount equal to 1.5% of the product of (A) the number of shares
      of
      Common Stock not issued to the Holder on a timely basis and to which the Holder
      is entitled and (B) the Closing Sale Price of the Common Stock on the trading
      day immediately preceding the last possible date which the Company could have
      issued such shares of Common Stock to the Holder without violating Section
      1(a).
      In addition to the foregoing, if within five (5) Trading Days after the
      Company's receipt of the facsimile copy of a Exercise Notice the Company shall
      fail to issue and deliver a certificate to the Holder and register such shares
      of Common Stock on the Company's share register or credit the Holder's balance
      account with DTC for the number of shares of Common Stock to which the Holder
      is
      entitled upon such holder's exercise hereunder, and if on or after such trading
      day the Holder purchases (in an open market transaction or otherwise) shares
      of
      Common Stock to deliver in satisfaction of a sale by the Holder of shares of
      Common Stock issuable upon such exercise that the Holder anticipated receiving
      from the Company (a "Buy-In"),
      then
      the Company shall, within five (5) Business Days after the Holder's request
      and,
      at the Holder's discretion, either (i) pay cash to the Holder in an amount
      equal
      to the Holder's total purchase price (including brokerage commissions, if any)
      for the shares of Common Stock so purchased (the "Buy-In
      Price"),
      at
      which point the Company's obligation to deliver such certificate (and to issue
      such shares of Common Stock) shall terminate, or (ii) promptly honor its
      obligation to deliver to the Holder a certificate or certificates representing
      such shares of Common Stock and pay cash to the Holder in an amount equal to
      the
      excess (if any) of the Buy-In Price over the product of (A) such number of
      shares of Common Stock, times (B) the Closing Bid Price on the date of
      exercise.

     

    (d) Cashless
      Exercise.
       Notwithstanding
      anything contained herein to the contrary, if a Registration Statement (as
      defined in the Registration Rights Agreement) covering the Warrant Shares that
      are the subject of the Exercise Notice (the "Unavailable
      Warrant Shares")
      is not
      available for the resale of such Unavailable Warrant Shares, the Holder may,
      in
      its sole discretion, exercise this Warrant in whole or in part and, in lieu
      of
      making the cash payment otherwise contemplated to be made to the Company upon
      such exercise in payment of the Aggregate Exercise Price, elect instead to
      receive upon such exercise the "Net Number" of shares of Common Stock determined
      according to the following formula (a "Cashless
      Exercise"):

     

    Net
      Number = (A
      x
      B) - (A x C)

     

    B

     

    
      
        
        

      

      
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    For
      purposes of the foregoing formula:

     

    A=
      the
      total number of shares with respect to which this Warrant is then being
      exercised.

     

    B=
      the
      Closing Sale Price of the shares of Common Stock (as reported by Bloomberg)
      on
      the date immediately preceding the date of the Exercise Notice.

     

    C=
      the
      Exercise Price then in effect for the applicable Warrant Shares at the time
      of
      such exercise.

    

    (e) Disputes.
      In the
      case of a dispute as to the determination of the Exercise Price or the
      arithmetic calculation of the Warrant Shares, the Company shall promptly issue
      to the Holder the number of Warrant Shares that are not disputed and resolve
      such dispute in accordance with Section 12.

     

    (f) Limitations
      on Exercises.
      

     

    (i) Beneficial
      Ownership. The Company shall not effect the exercise of this Warrant, and
      the Holder shall not have the right to exercise this Warrant, to the extent
      that
      after giving effect to such exercise, such Person (together with such Person's
      affiliates) would beneficially own in excess of 9.99% (the "Maximum Percentage")
      of the
      shares of Common Stock outstanding immediately after giving effect to such
      exercise. For purposes of the foregoing sentence, the aggregate number of shares
      of Common Stock beneficially owned by such Person and its affiliates shall
      include the number of shares of Common Stock issuable upon exercise of this
      Warrant with respect to which the determination of such sentence is being made,
      but shall exclude shares of Common Stock that would be issuable upon (i)
      exercise of the remaining, unexercised portion of this Warrant beneficially
      owned by such Person and its affiliates and (ii) exercise or conversion of
      the
      unexercised or unconverted portion of any other securities of the Company
      beneficially owned by such Person and its affiliates (including, without
      limitation, any convertible notes or convertible preferred stock or warrants)
      subject to a limitation on conversion or exercise analogous to the limitation
      contained herein. Except as set forth in the preceding sentence, for purposes
      of
      this paragraph, beneficial ownership shall be calculated in accordance with
      Section 13(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange
      Act”).
      For
      purposes of this Warrant, in determining the number of outstanding shares of
      Common Stock, the Holder may rely on the number of outstanding shares of Common
      Stock as reflected in (1) the Company's most recent Form 10-K, Form 10-Q,
      Current Report on Form 8-K or other public filing with the Securities and
      Exchange Commission, as the case may be, (2) a more recent public announcement
      by the Company or (3) any other notice by the Company or the Transfer Agent
      setting forth the number of shares of Common Stock outstanding. For any reason
      at any time, upon the written or oral request of the Holder, the Company shall
      within two (2) Business Days confirm orally and in writing to the Holder the
      number of shares of Common Stock then outstanding. In any case, the number
      of
      outstanding shares of Common Stock shall be determined after giving effect
      to
      the conversion or exercise of securities of the Company, including the SPA
      Securities and the SPA Warrants, by the Holder and its affiliates since the
      date
      as of which such number of outstanding shares of Common Stock was reported.
      

     

    
      
        
        

      

      
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      (ii) Principal
        Market Regulation. The Company shall not issue any shares of Common Stock
        upon exercise of this Warrant if the issuance of such shares of Common Stock
        would exceed that number of shares of Common Stock which the Company may
        issue
        upon exercise or conversion, as applicable, of the SPA Warrants and SPA
        Securities without breaching the Company's obligations under the rules or
        regulations of the Principal Market (the "Exchange
        Cap"),
        except that such limitation shall not apply if the Company obtains the approval
        of its shareholders as required by the applicable rules of the Principal
        Market
        for issuances of shares of Common Stock in excess of such amount,
        which
        such approval the Company will use its best efforts to obtain.
        Until
        such approval is obtained, no Buyer shall be issued in the aggregate, upon
        exercise or conversion, as applicable, of any SPA Warrants or SPA Securities,
        shares of Common Stock in an amount greater than the product of the Exchange
        Cap
        multiplied by a fraction, the numerator of which is the total number of shares
        of Common Stock underlying the SPA Warrants issued to such Buyer pursuant
        to the
        Securities Purchase Agreement on the Issuance Date and the denominator of
        which
        is the aggregate number of shares of Common Stock underlying the SPA Warrants
        issued to the Buyers pursuant to the Securities Purchase Agreement on the
        Issuance Date (with respect to each Buyer, the "Exchange
        Cap Allocation").
        If
        any Buyer shall sell or otherwise transfer any of such Buyer's SPA Warrants,
        the
        transferee shall be allocated a pro rata portion of such Buyer's Exchange
        Cap
        Allocation, and the restrictions of the prior sentence shall apply to such
        transferee with respect to the portion of the Exchange Cap Allocation allocated
        to such transferee. If any holder of SPA Warrants shall exercise all of such
        holder's SPA Warrants into a number of shares of Common Stock that, in the
        aggregate, is less than such holder's Exchange Cap Allocation, then the
        difference between such holder's Exchange Cap Allocation and the number of
        shares of Common Stock actually issued to such holder shall be allocated
        to the
        respective Exchange Cap Allocations of the remaining holders of SPA Warrants
        on
        a pro rata basis in proportion to the shares of Common Stock underlying the
        SPA
        Warrants then held by each such holder. In
        avoidance of confusion, the Holder acknowledges that on the Closing Date
        of the
        Securities Purchase Agreement the Company shall also issue 2,444,448 shares
        of
        Common Stock in an unrelated registered offering pursuant to the purchase
        agreement dated February 22, 2008 among the investors named therein and the
        Company (the “Registration
        Shares”)
        and
        the Holder further acknowledges that the Registration Shares shall be included
        in calculating the Exchange Cap.

     

    (g) Insufficient
      Authorized Shares.
      If at
      any time while any of the Warrants remain outstanding the Company does not
      have
      a sufficient number of authorized and unreserved shares of Common Stock to
      satisfy its obligation to reserve for issuance upon exercise of the Warrants
      at
      least a number of shares of Common Stock equal to the 120% of the number of
      shares of Common Stock as shall from time to time be necessary to effect the
      exercise of all of the Warrants then outstanding (the "Required
      Reserve Amount")
      (an
      "Authorized
      Share Failure"),
      then
      the Company shall immediately take all action necessary to increase the
      Company's authorized shares of Common Stock to an amount sufficient to allow
      the
      Company to reserve the Required Reserve Amount for the Warrants then
      outstanding. Without limiting the generality of the foregoing sentence, as
      soon
      as practicable after the date of the occurrence of an Authorized Share Failure,
      but in no event later than sixty (60) days after the occurrence of such
      Authorized Share Failure, the Company shall hold a meeting of its stockholders
      for the approval of an increase in the number of authorized shares of Common
      Stock. In connection with such meeting, the Company shall provide each
      stockholder with a proxy statement and shall use its reasonable best efforts
      to
      solicit its stockholders' approval of such increase in authorized shares of
      Common Stock and to cause its board of directors to recommend to the
      stockholders that they approve such proposal.

     

    
      
        
        

      

      
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    (h) Exercise
      Price Adjustment.
      In the
      event that the Company’s audited net income for the fiscal year ended December
      31, 2008, as reported in the Company’s Form 10-K for the year ended December 31,
      2008, as filed with the Securities and Exchange Commission (the “SEC”), is less
      than $30 million (excluding warrant accounting charges, transaction fees related
      to this offering and interest charges related to the Convertible Note), the
      Initial Exercise Price shall be adjusted downward by the percentage of shortfall
      in reaching the $30 million goal. By way of example, if the company fell 10%
      short of its goal of reaching $30 million, then the exercise price would be
      adjusted downward by 10% to $9.00 per share. If the Company’s audited net income
      for the fiscal year ended December 31, 2009, as reported in the Company’s Form
      10-K for the year ended December 31, 2009, as filed with the SEC, is less than
      $40 million (excluding warrant accounting charges, transaction fees related
      to
      this offering and interest charges related to the Convertible Note), the
      Exercise Price will also be adjusted downward proportionally to the Company’s
      percentage shortfall for 2009. In no event shall the aggregate adjustments
      of
      the Exercise Price result in an Exercise Price below $5.00 per
      share.

     

    (i) Notice
      of Adjustments.
      Whenever the Exercise Price is adjusted pursuant to this Section 3(e), the
      Company shall promptly deliver to the Holder a notice setting forth the Exercise
      Price after such adjustment and setting fourth a brief statement of the facts
      requiring such adjustment, provided that any failure to so provide such notice
      shall not affect the automatic adjustment hereunder.

     

    2. ADJUSTMENT
      OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES.
      The
      Exercise Price and the number of Warrant Shares shall be adjusted from time
      to
      time as follows:

     

    (a) Adjustment
      upon Issuance of Shares of Common Stock.
      If and
      whenever on or after the Issuance Date the Company issues or sells, or in
      accordance with this Section 2 is deemed to have issued or sold, any shares
      of
      Common Stock (including the issuance or sale of shares of Common Stock owned
      or
      held by or for the account of the Company, but excluding shares of Common Stock
      deemed to have been issued by the Company in connection with any Excluded
      Securities (as defined in the SPA Securities) for a consideration per share
      (the
      "New
      Issuance Price")
      less
      than a price (the "Applicable
      Price")
      equal
      to the Exercise Price in effect immediately prior to such issue or sale or
      deemed issuance or sale (the foregoing a "Dilutive
      Issuance"),
      then
      immediately after such Dilutive Issuance, the Exercise Price then in effect
      shall be reduced to an amount equal to the product
      of (A) the Exercise Price in effect immediately prior to such Dilutive
      Issuance and (B) the quotient determined by dividing (1) the sum of
      (I) the product derived by multiplying the Exercise Price in effect immediately
      prior to such Dilutive Issuance and the number of shares of Common Stock Deemed
      Outstanding immediately prior to such Dilutive Issuance plus (II) the
      consideration, if any, received by the Company upon such Dilutive Issuance,
      by
      (2) the product derived by multiplying (I) the Exercise Price in effect
      immediately prior to such Dilutive Issuance by (II) the number of shares of
      Common Stock Deemed Outstanding immediately after such Dilutive
      Issuance.
      Upon
      each such adjustment of the Exercise Price hereunder, the number of Warrant
      Shares shall be adjusted to the number of shares of Common Stock determined
      by
      multiplying the Exercise Price in effect immediately prior to such adjustment
      by
      the number of Warrant Shares acquirable upon exercise of this Warrant
      immediately prior to such adjustment and dividing the product thereof by the
      Exercise Price resulting from such adjustment. For purposes of determining
      the
      adjusted Exercise Price under this Section 2(a), the following shall be
      applicable:

     

    
      
        
        

      

      
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    (i)
      Issuance of Options. If the Company in any manner grants any Options and
      the lowest price per share for which one share of Common Stock is issuable
      upon
      the exercise of any such Option or upon conversion, exercise or exchange of
      any
      Convertible Securities issuable upon exercise of any such Option is less than
      the Applicable Price, then such share of Common Stock shall be deemed to be
      outstanding and to have been issued and sold by the Company at the time of
      the
      granting or sale of such Option for such price per share. For purposes of this
      Section 2(a)(i), the "lowest price per share for which one share of Common
      Stock
      is issuable upon exercise of such Options or upon conversion, exercise or
      exchange of such Convertible Securities" shall be equal to the sum of the lowest
      amounts of consideration (if any) received or receivable by the Company with
      respect to any one share of Common Stock upon the granting or sale of the
      Option, upon exercise of the Option and upon conversion, exercise or exchange
      of
      any Convertible Security issuable upon exercise of such Option. No further
      adjustment of the Exercise Price or number of Warrant Shares shall be made
      upon
      the actual issuance of such shares of Common Stock or of such Convertible
      Securities upon the exercise of such Options or upon the actual issuance of
      such
      shares of Common Stock upon conversion, exercise or exchange of such Convertible
      Securities. 

     

    (ii)
      Issuance of Convertible Securities. If the Company in any manner issues
      or sells any Convertible Securities and the lowest price per share for which
      one
      share of Common Stock is issuable upon the conversion, exercise or exchange
      thereof is less than the Applicable Price, then such share of Common Stock
      shall
      be deemed to be outstanding and to have been issued and sold by the Company
      at
      the time of the issuance or sale of such Convertible Securities for such price
      per share. For the purposes of this Section 2(a)(ii), the "lowest price per
      share for which one share of Common Stock is issuable upon the conversion,
      exercise or exchange" shall be equal to the sum of the lowest amounts of
      consideration (if any) received or receivable by the Company with respect to
      one
      share of Common Stock upon the issuance or sale of the Convertible Security
      and
      upon conversion, exercise or exchange of such Convertible Security. No further
      adjustment of the Exercise Price or number of Warrant Shares shall be made
      upon
      the actual issuance of such shares of Common Stock upon conversion, exercise
      or
      exchange of such Convertible Securities, and if any such issue or sale of such
      Convertible Securities is made upon exercise of any Options for which adjustment
      of this Warrant has been or is to be made pursuant to other provisions of this
      Section 2(a), no further adjustment of the Exercise Price or number of Warrant
      Shares shall be made by reason of such issue or sale. 

     

    (iii)
      Change in Option Price or Rate of Conversion. If the purchase price
      provided for in any Options, the additional consideration, if any, payable
      upon
      the issue, conversion, exercise or exchange of any Convertible Securities,
      or
      the rate at which any Convertible Securities are convertible into or exercisable
      or exchangeable for shares of Common Stock increases or decreases at any time,
      the Exercise Price and the number of Warrant Shares in effect at the time of
      such increase or decrease shall be adjusted to the Exercise Price and the number
      of Warrant Shares which would have been in effect at such time had such Options
      or Convertible Securities provided for such increased or decreased purchase
      price, additional consideration or increased or decreased conversion rate,
      as
      the case may be, at the time initially granted, issued or sold. For purposes
      of
      this Section 2(a)(iii), if the terms of any Option or Convertible Security
      that
      was outstanding as of the date of issuance of this Warrant are increased or
      decreased in the manner described in the immediately preceding sentence, then
      such Option or Convertible Security and the shares of Common Stock deemed
      issuable upon exercise, conversion or exchange thereof shall be deemed to have
      been issued as of the date of such increase or decrease. No adjustment pursuant
      to this Section 2(a) shall be made if such adjustment would result in an
      increase of the Exercise Price then in effect or a decrease in the number of
      Warrant Shares.

     

    
      
        
        

      

      
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    (iv)
      Calculation of Consideration Received. In case any Option is issued in
      connection with the issue or sale of other securities of the Company, together
      comprising one integrated transaction in which no specific consideration is
      allocated to such Options by the parties thereto, the Options will be deemed
      to
      have been issued for a consideration of $0.01. If any shares of Common Stock,
      Options or Convertible Securities are issued or sold or deemed to have been
      issued or sold for cash, the consideration received therefor will be deemed
      to
      be the net amount received by the Company therefor. If any shares of Common
      Stock, Options or Convertible Securities are issued or sold for a consideration
      other than cash, the amount of such consideration received by the Company will
      be the fair value of such consideration, except where such consideration
      consists of securities, in which case the amount of consideration received
      by
      the Company will be the Closing Sale Price of such security on the date of
      receipt. If any shares of Common Stock, Options or Convertible Securities are
      issued to the owners of the non-surviving entity in connection with any merger
      in which the Company is the surviving entity, the amount of consideration
      therefor will be deemed to be the fair value of such portion of the net assets
      and business of the non-surviving entity as is attributable to such shares
      of
      Common Stock, Options or Convertible Securities, as the case may be. The fair
      value of any consideration other than cash or securities will be determined
      jointly by the Company and the Required Holders. If such parties are unable
      to
      reach agreement within ten (10) days after the occurrence of an event requiring
      valuation (the "Valuation
      Event"),
      the
      fair value of such consideration will be determined within five (5) Business
      Days after the tenth (10th)
      day
      following the Valuation Event by an independent, reputable appraiser jointly
      selected by the Company and the Required Holders. The determination of such
      appraiser shall be final and binding upon all parties absent manifest error
      and
      the fees and expenses of such appraiser shall be borne by the
      Company.

     

    (v)
      Record Date. If the Company takes a record of the holders of shares of
      Common Stock for the purpose of entitling them (A) to receive a dividend or
      other distribution payable in shares of Common Stock, Options or in Convertible
      Securities or (B) to subscribe for or purchase shares of Common Stock,
      Options or Convertible Securities, then such record date will be deemed to
      be
      the date of the issue or sale of the shares of Common Stock deemed to have
      been
      issued or sold upon the declaration of such dividend or the making of such
      other
      distribution or the date of the granting of such right of subscription or
      purchase, as the case may be.

    

      (vi)
        Floor Price. Until such time as the Company receives the
        Stockholder Approval
        (as
        defined in the Securities Purchase Agreement),
        no
        adjustment pursuant to this
        Section
        2(a) shall cause the Exercise Price to be less than such amount that would
        cause
        the Company to issue share of Common Stock in excess of the Exchange
        Cap (as
        adjusted for any stock dividend, stock split, stock combination,
        reclassification or similar transaction).

    

     

    
      
        
        

      

      
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          8
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    (b) Adjustment
      upon Subdivision or Combination of Common Stock.
      If the
      Company at any time on or after the Issuance Date subdivides (by any stock
      split, stock dividend, recapitalization or otherwise) one or more classes of
      its
      outstanding shares of Common Stock into a greater number of shares, the Exercise
      Price in effect immediately prior to such subdivision will be proportionately
      reduced and the number of Warrant Shares will be proportionately increased.
      If
      the Company at any time on or after the Issuance Date combines (by combination,
      reverse stock split or otherwise) one or more classes of its outstanding shares
      of Common Stock into a smaller number of shares, the Exercise Price in effect
      immediately prior to such combination will be proportionately increased and
      the
      number of Warrant Shares will be proportionately decreased. Any adjustment
      under
      this Section 2(b) shall become effective at the close of business on the date
      the subdivision or combination becomes effective.

     

    3. RIGHTS
      UPON DISTRIBUTION OF ASSETS.
      If the
      Company shall declare or make any dividend or other distribution of its assets
      (or rights to acquire its assets) to holders of shares of Common Stock, by
      way
      of return of capital or otherwise (including, without limitation, any
      distribution of cash, stock or other securities, property or options by way
      of a
      dividend, spin off, reclassification, corporate rearrangement, scheme of
      arrangement or other similar transaction) (a "Distribution"),
      at
      any time after the issuance of this Warrant, then, in each such
      case:

     

    (a) any
      Exercise Price in effect immediately prior to the close of business on the
      record date fixed for the determination of holders of shares of Common Stock
      entitled to receive the Distribution shall be reduced, effective as of the
      close
      of business on such record date, to a price determined by multiplying such
      Exercise Price by a fraction of which (i) the numerator shall be the Closing
      Bid
      Price of the shares of Common Stock on the trading day immediately preceding
      such record date minus the value of the Distribution (as determined in good
      faith by the Company's Board of Directors) applicable to one share of Common
      Stock, and (ii) the denominator shall be the Closing Bid Price of the shares
      of
      Common Stock on the trading day immediately preceding such record date;
      and

    

    (b) the
      number of Warrant Shares shall be increased to a number of shares equal to
      the
      number of shares of Common Stock obtainable immediately prior to the close
      of
      business on the record date fixed for the determination of holders of shares
      of
      Common Stock entitled to receive the Distribution multiplied by the reciprocal
      of the fraction set forth in the immediately preceding paragraph (a);
provided
      that in
      the event that the Distribution is of shares of Common Stock (or common equity)
      ("Other
      Shares of Common Equity")
      of a
      company whose shares of common equity are traded on a national securities
      exchange or a national automated quotation system, then the Holder may elect
      to
      receive a warrant to purchase Other Shares of Common Equity in lieu of an
      increase in the number of Warrant Shares, the terms of which shall be identical
      to those of this Warrant, except that such warrant shall be exercisable into
      the
      number of shares of Other Shares of Common Equity that would have been payable
      to the Holder pursuant to the Distribution had the Holder exercised this Warrant
      immediately prior to such record date and with an aggregate exercise price
      equal
      to the product of the amount by which the exercise price of this Warrant was
      decreased with respect to the Distribution pursuant to the terms of the
      immediately preceding paragraph (a) and the number of Warrant Shares calculated
      in accordance with the first part of this paragraph (b).

     

    
      
        
        

      

      
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          9
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    4. PURCHASE
      RIGHTS; FUNDAMENTAL TRANSACTIONS.

     

    (a) Purchase
      Rights.
      In
      addition to any adjustments pursuant to Section 2 above, if at any time the
      Company grants, issues or sells any Options, Convertible Securities or rights
      to
      purchase stock, warrants, securities or other property pro rata to the record
      holders of any class of shares of Common Stock (the "Purchase
      Rights"),
      then
      the Holder will be entitled to acquire, upon the terms applicable to such
      Purchase Rights, the aggregate Purchase Rights which the Holder could have
      acquired if the Holder had held the number of shares of Common Stock acquirable
      upon complete exercise of this Warrant (without regard to any limitations on
      the
      exercise of this Warrant) immediately before the date on which a record is
      taken
      for the grant, issuance or sale of such Purchase Rights, or, if no such record
      is taken, the date as of which the record holders of shares of Common Stock
      are
      to be determined for the grant, issue or sale of such Purchase
      Rights.

    

      (b) Fundamental
        Transactions. The Company shall not enter into, or be party to, a
        Fundamental Transaction unless (i)  the Successor Entity assumes in writing
        all of the obligations of the Company under this Warrant and the other
        Transaction Documents in accordance with the provisions of this Section (4)(b)
        pursuant to written agreements in form and substance satisfactory to the
        Required Holders and approved by the Required Holders prior to such Fundamental
        Transaction, including agreements to deliver to each holder of Warrants in
        exchange for such Warrants a security of the Successor Entity evidenced by
        a
        written instrument substantially similar in form and substance to this Warrant,
        including, without limitation, an adjusted exercise price equal to the value
        for
        the shares of Common Stock reflected by the terms of such Fundamental
        Transaction, and exercisable for a corresponding number of shares of capital
        stock equivalent to the shares of Common Stock acquirable and receivable
        upon
        exercise of this Warrant (without regard to any limitations on the exercise
        of
        this Warrant) prior to such Fundamental Transaction, and satisfactory to
        the
        Required Holders and (ii) the Successor Entity (including its Parent
        Entity) is a publicly traded corporation whose common stock is quoted on
        or
        listed for trading on an Eligible Market. Upon the occurrence of any Fundamental
        Transaction, the Successor Entity shall succeed to, and be substituted for
        (so
        that from and after the date of such Fundamental Transaction, the provisions
        of
        this Warrant referring to the "Company" shall refer instead to the Successor
        Entity), and may exercise every right and power of the Company and shall
        assume
        all of the obligations of the Company under this Warrant with the same effect
        as
        if such Successor Entity had been named as the Company herein. Upon consummation
        of the Fundamental Transaction, the Successor Entity shall deliver to the
        Holder
        confirmation that there shall be issued upon exercise of this Warrant
at
        any
        time after the consummation of the Fundamental Transaction, in lieu of the
        shares of the Common Stock (or
        other
        securities, cash, assets or other property) issuable
        upon the exercise of the Warrant
        prior
        to
        such Fundamental Transaction,
        such
        shares of stock, securities, cash, assets or any other property whatsoever
        (including warrants or other purchase or subscription rights) which the Holder
        would have been entitled to receive upon the happening of such Fundamental
        Transaction had this Warrant
        been
        exercised immediately prior to such Fundamental Transaction, as adjusted
        in
        accordance with the provisions of this Warrant.
        In
        addition to, and not in substitution for, any other rights hereunder, prior
        to
        the consummation of any Fundamental Transaction pursuant to which holders
        of
        shares of Common Stock are entitled to receive securities or other assets
        with
        respect to, or in exchange for, shares of Common Stock (a "Corporate
        Event"),
        the
        Company shall make appropriate provision to insure that the Holder will
        thereafter have the right to receive upon an exercise of this Warrant
at
        any
        time after the consummation of
        the
        Fundamental Transaction but
        prior
        to the Expiration Date,
        in lieu
        of the shares of the Common Stock (or
        other
        securities, cash, assets or other property) issuable
        upon the exercise of the Warrant prior to such Fundamental
        Transaction,
        such
        shares of stock, securities, cash, assets or any other property whatsoever
        (including warrants or other purchase or subscription rights) which the Holder
        would have been entitled to receive upon the happening of such Fundamental
        Transaction had the Warrant been exercised immediately prior to such Fundamental
        Transaction. Provision
        made pursuant to the preceding sentence shall be in a form and substance
        reasonably satisfactory to the Required Holders. The provisions of this Section
        shall apply similarly and equally to successive Fundamental Transactions
        and
        Corporate Events and shall be applied without regard to any limitations on
        the
        exercise of this Warrant.

    

     

    
      
        
        

      

      
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    5. NONCIRCUMVENTION.
      The
      Company hereby covenants and agrees that the Company will not, by amendment
      of
      its Articles of Incorporation, Bylaws or through any reorganization, transfer
      of
      assets, consolidation, merger, scheme of arrangement, dissolution, issue or
      sale
      of securities, or any other voluntary action, avoid or seek to avoid the
      observance or performance of any of the terms of this Warrant, and will at
      all
      times in good faith carry out all the provisions of this Warrant and take all
      action as may be required to protect the rights of the Holder. Without limiting
      the generality of the foregoing, the Company (i) shall not increase the par
      value of any shares of Common Stock receivable upon the exercise of this Warrant
      above the Exercise Price then in effect, (ii) shall take all such actions
      as may be necessary or appropriate in order that the Company may validly and
      legally issue fully paid and nonassessable shares of Common Stock upon the
      exercise of this Warrant, and (iii) shall, so long as any of the SPA Warrants
      are outstanding, take all action necessary to reserve and keep available out
      of
      its authorized and unissued shares of Common Stock, solely for the purpose
      of
      effecting the exercise of the SPA Warrants, 120% of the number of shares of
      Common Stock as shall from time to time be necessary to effect the exercise
      of
      the SPA Warrants then outstanding (without regard to any limitations on
      exercise).

     

    6. WARRANT
      HOLDER NOT DEEMED A STOCKHOLDER.
      Except
      as otherwise specifically provided herein, the Holder, solely in such Person's
      capacity as a holder of this Warrant, shall not be entitled to vote or receive
      dividends or be deemed the holder of capital stock of the Company for any
      purpose, nor shall anything contained in this Warrant be construed to confer
      upon the Holder, solely in such Person's capacity as the Holder of this Warrant,
      any of the rights of a shareholder of the Company or any right to vote, give
      or
      withhold consent to any corporate action (whether any reorganization, issue
      of
      stock, reclassification of stock, consolidation, merger, conveyance or
      otherwise), receive notice of meetings, receive dividends or subscription
      rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares
      which such Person is then entitled to receive upon the due exercise of this
      Warrant. In addition, nothing contained in this Warrant shall be construed
      as
      imposing any liabilities on the Holder to purchase any securities (upon exercise
      of this Warrant or otherwise) or as a shareholder of the Company, whether such
      liabilities are asserted by the Company or by creditors of the Company.
      Notwithstanding this Section 6, the Company shall provide the Holder with copies
      of the same notices and other information given to the shareholders of the
      Company generally, contemporaneously with the giving thereof to the
      shareholders.

     

    
      
        
        

      

      
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          11
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    7. REISSUANCE
      OF WARRANTS.

     

    (a) Transfer
      of Warrant.
      If this
      Warrant is to be transferred, the Holder shall surrender this Warrant to the
      Company, whereupon the Company will forthwith issue and deliver upon the order
      of the Holder a new Warrant (in accordance with Section 7(d)), registered as
      the
      Holder may request, representing the right to purchase the number of Warrant
      Shares being transferred by the Holder and, if less than the total number of
      Warrant Shares then underlying this Warrant is being transferred, a new Warrant
      (in accordance with Section 7(d)) to the Holder representing the right to
      purchase the number of Warrant Shares not being transferred.

     

    (b) Lost,
      Stolen or Mutilated Warrant.
      Upon
      receipt by the Company of evidence reasonably satisfactory to the Company of
      the
      loss, theft, destruction or mutilation of this Warrant, and, in the case of
      loss, theft or destruction, of any indemnification undertaking by the Holder
      to
      the Company in customary form and, in the case of mutilation, upon surrender
      and
      cancellation of this Warrant, the Company shall execute and deliver to the
      Holder a new Warrant (in accordance with Section 7(d)) representing the right
      to
      purchase the Warrant Shares then underlying this Warrant.

     

    (c) Exchangeable
      for Multiple Warrants.
      This
      Warrant is exchangeable, upon the surrender hereof by the Holder at the
      principal office of the Company, for a new Warrant or Warrants (in accordance
      with Section 7(d)) representing in the aggregate the right to purchase the
      number of Warrant Shares then underlying this Warrant, and each such new Warrant
      will represent the right to purchase such portion of such Warrant Shares as
      is
      designated by the Holder at the time of such surrender; provided,
      however,
      that no
      Warrants for fractional shares of Common Stock shall be given.

     

    (d) Issuance
      of New Warrants.
      Whenever the Company is required to issue a new Warrant pursuant to the terms
      of
      this Warrant, such new Warrant (i) shall be of like tenor with this Warrant,
      (ii) shall represent, as indicated on the face of such new Warrant, the right
      to
      purchase the Warrant Shares then underlying this Warrant (or in the case of
      a
      new Warrant being issued pursuant to Section 7(a) or Section 7(c), the Warrant
      Shares designated by the Holder which, when added to the number of shares of
      Common Stock underlying the other new Warrants issued in connection with such
      issuance, does not exceed the number of Warrant Shares then underlying this
      Warrant), (iii) shall have an issuance date, as indicated on the face of such
      new Warrant which is the same as the Issuance Date, and (iv) shall have the
      same
      rights and conditions as this Warrant.

     

    8. NOTICES.
      Whenever notice is required to be given under this Warrant, unless otherwise
      provided herein, such notice shall be given in accordance with Section 9(f)
      of
      the Securities Purchase Agreement. The Company shall provide the Holder with
      prompt written notice of all actions taken pursuant to this Warrant, including
      in reasonable detail a description of such action and the reason therefor.
      Without limiting the generality of the foregoing, the Company will give written
      notice to the Holder (i) immediately upon any adjustment of the Exercise Price,
      setting forth in reasonable detail, and certifying, the calculation of such
      adjustment and (ii) at least twenty (20) days prior to the date on which the
      Company closes its books or takes a record (A) with respect to any dividend
      or
      distribution upon the shares of Common Stock, (B) with respect to any pro rata
      subscription offer to holders of shares of Common Stock or (C) for determining
      rights to vote with respect to any Fundamental Transaction, dissolution or
      liquidation, provided in each case that such information shall be made known
      to
      the public prior to, or in conjunction with, such notice being provided to
      the
      Holder.

     

    
      
        
        

      

      
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          12
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    9. AMENDMENT
      AND WAIVER.
      Except
      as otherwise provided herein, the provisions of this Warrant may be amended
      and
      the Company may take any action herein prohibited, or omit to perform any act
      herein required to be performed by it, only if the Company has obtained the
      written consent of the Required Holders and any such amendment or action so
      approved shall be binding upon all existing and future Holders of this Warrant;
      provided
      that no
      such action may increase the exercise price of this Warrant or decrease the
      number of shares or class of stock obtainable upon exercise of this Warrant
      without the written consent of the Holder of this Warrant. No such amendment
      shall be effective to the extent that it applies to less than all of the SPA
      Warrants then outstanding.

     

    10. GOVERNING
      LAW.
      This
      Warrant shall be governed by and construed and enforced in accordance with,
      and
      all questions concerning the construction, validity, interpretation and
      performance of this Warrant shall be governed by, the internal laws of the
      State
      of New York, without giving effect to any choice of law or conflict of law
      provision or rule (whether of the State of New York or any other jurisdictions)
      that would cause the application of the laws of any jurisdictions other than
      the
      State of New York.

     

    11. CONSTRUCTION;
      HEADINGS.
      This
      Warrant shall be deemed to be jointly drafted by the Company and all the Buyers
      and shall not be construed against any person as the drafter hereof. The
      headings of this Warrant are for convenience of reference and shall not form
      part of, or affect the interpretation of, this Warrant.

     

    12. DISPUTE
      RESOLUTION.
      In the
      case of a dispute as to the determination of the Exercise Price or the
      arithmetic calculation of the Warrant Shares, the Company shall submit the
      disputed determinations or arithmetic calculations via facsimile within one
      (1)
      Business Day of receipt of the Exercise Notice giving rise to such dispute,
      as
      the case may be, to the Holder. If the Holder and the Company are unable to
      agree upon such determination or calculation of the Exercise Price or the
      Warrant Shares within one (1) Business Day of such disputed determination or
      arithmetic calculation being submitted to the Holder, then the Company shall,
      within one (1) Business Day submit via facsimile (a) the disputed determination
      of the Exercise Price to an independent, reputable investment bank selected
      by
      the Company and approved by the Holder or (b) the disputed arithmetic
      calculation of the Warrant Shares to the Company's independent, outside
      accountant. The Company shall use commercially reasonable efforts to cause
      at
      its expense the investment bank or the accountant, as the case may be, to
      perform the determinations or calculations and notify the Company and the Holder
      of the results no later than five (5) Business Days from the time it receives
      the disputed determinations or calculations. Such investment bank's or
      accountant's determination or calculation, as the case may be, shall be binding
      upon all parties absent demonstrable error.

     

    
      
        
        

      

      
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    13. REMEDIES,
      OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF.
      The
      remedies provided in this Warrant shall be cumulative and in addition to all
      other remedies available under this Warrant and the other Transaction Documents,
      at law or in equity (including a decree of specific performance and/or other
      injunctive relief), and nothing herein shall limit the right of the Holder
      to
      pursue actual and consequential damages for any failure by the Company to comply
      with the terms of this Warrant. The Company acknowledges that a breach by it
      of
      its obligations hereunder will cause irreparable harm to the Holder and that
      the
      remedy at law for any such breach may be inadequate. The Company therefore
      agrees that, in the event of any such breach or threatened breach, the Holder
      of
      this Warrant shall be entitled, in addition to all other available remedies,
      to
      an injunction restraining any breach, without the necessity of showing economic
      loss and without any bond or other security being required.

     

    14. TRANSFER. This
      Warrant may be offered for sale, sold, transferred or assigned without the
      consent of the Company, except as may otherwise be required by Section 2(f)
      of
      the Securities Purchase Agreement.

     

    15. CERTAIN
      DEFINITIONS.
      For
      purposes of this Warrant, the following terms shall have the following
      meanings:

     

    (a) "Bloomberg"
      means
      Bloomberg Financial Markets.

     

    (b) "Business
      Day"
      means
      any day other than Saturday, Sunday or other day on which commercial banks
      in
      The City of New York are authorized or required by law to remain
      closed.

     

    (c) "Common
      Stock"
      means
      the Company's shares of Common Stock, par value $0.001 per share.

     

    (d) "Closing
      Bid Price"
      and
      "Closing
      Sale Price"
      means,
      for any security as of any date, the last closing bid price and last closing
      trade price, respectively, for such security on the Principal Market, as
      reported by Bloomberg, or, if the Principal Market begins to operate on an
      extended hours basis and does not designate the closing bid price or the closing
      trade price, as the case may be, then the last bid price or last trade price,
      respectively, of such security prior to 4:00:00 p.m., New York Time, as reported
      by Bloomberg, or, if the Principal Market is not the principal securities
      exchange or trading market for such security, the last closing bid price or
      last
      trade price, respectively, of such security on the principal securities exchange
      or trading market where such security is listed or traded as reported by
      Bloomberg, or if the foregoing do not apply, the last closing bid price or
      last
      trade price, respectively, of such security in the over-the-counter market
      on
      the electronic bulletin board for such security as reported by Bloomberg, or,
      if
      no closing bid price or last trade price, respectively, is reported for such
      security by Bloomberg, the average of the bid prices, or the ask prices,
      respectively, of any market makers for such security as reported in the "pink
      sheets" by Pink Sheets LLC (formerly the National Quotation Bureau, Inc.).
      If
      the Closing Bid Price or the Closing Sale Price cannot be calculated for a
      security on a particular date on any of the foregoing bases, the Closing Bid
      Price or the Closing Sale Price, as the case may be, of such security on such
      date shall be the fair market value as mutually determined by the Company and
      the Holder. If the Company and the Holder are unable to agree upon the fair
      market value of such security, then such dispute shall be resolved pursuant
      to
      Section 12. All such determinations are to be appropriately adjusted for any
      stock dividend, stock split, stock combination or other similar transaction
      during the applicable calculation period.

     

    
      
        
        

      

      
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          14
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    (e) "Common
      Stock Deemed Outstanding"
      means,
      at any given time, the number of shares of Common Stock actually outstanding
      at
      such time, plus the number of shares of Common Stock deemed to be outstanding
      pursuant to Sections 2(a)(i) and 2(a)(ii) hereof regardless of whether the
      Options or Convertible Securities are actually exercisable at such time, but
      excluding any Common Stock owned or held by or for the account of the Company
      or
      issuable upon conversion or exercise, as applicable, of the SPA Securities
      and
      the Warrants.

     

    (f) "Convertible
      Securities"
      means
      any stock or securities (other than Options) directly or indirectly convertible
      into or exercisable or exchangeable for shares of Common Stock.

     

    (g) "Eligible
      Market"
      means
      the Principal Market, The New York Stock Exchange, the American Stock Exchange,
      or The Nasdaq National Market.

     

    (h) "Expiration
      Date"
      means
      the date thirty-six (36) months after the Issuance Date or, if such date falls
      on a day that is not a Business Day and a Trading Day, the next date that is
      a
      Business Day and a Trading Day.

     

    (i) "Fundamental
      Transaction"
      means
      that the Company shall, directly or indirectly, in one or more related
      transactions, (i) consolidate or merge with or into (whether or not the Company
      is the surviving corporation) another Person, or (ii) sell, assign, transfer,
      convey or otherwise dispose of all or substantially all of the properties or
      assets of the Company to another Person, or (iii) be subject to an offer from
      another Person or group of related Persons (as defined in Sections 13(d) and
      14(d) of the Exchange Act) to make a purchase, tender or exchange offer that
      is
      accepted by the holders of more than the 50% of the outstanding shares of Voting
      Stock (as defined below) (not including any shares of Voting Stock held by
      the
      Person or Persons making or party to, or associated or affiliated with the
      Persons making or party to, such purchase, tender or exchange offer), or (iv)
      consummate a stock purchase agreement or other business combination (including,
      without limitation, a reorganization, recapitalization, spin-off or scheme
      of
      arrangement) with another Person or group of related Persons (as defined in
      Sections 13(d) and 14(d) of the Exchange Act) whereby such other Person or
      group
      acquires more than the 50% of the outstanding shares of Voting Stock (not
      including any shares of Voting Stock held by the other Person or other Persons
      making or party to, or associated or affiliated with the other Persons making
      or
      party to, such stock purchase agreement or other business combination), or
      (v)
      reorganize, recapitalize or reclassify its Common Stock.

     

    (j) "Options"
      means
      any rights, warrants or options to subscribe for or purchase shares of Common
      Stock or Convertible Securities.

     

    (k) "Parent
      Entity"
      of a
      Person means an entity that, directly or indirectly, controls the applicable
      Person and whose common stock or equivalent equity security is quoted or listed
      on an Eligible Market, or, if there is more than one such Person or Parent
      Entity, the Person or Parent Entity with the largest public market
      capitalization as of the date of consummation of the Fundamental
      Transaction.

     

    
      
        
        

      

      
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    (l) "Person"
      means
      an individual, a limited liability company, a partnership, a joint venture,
      a
      corporation, a trust, an unincorporated organization, any other entity and
      a
      government or any department or agency thereof.

     

    (m) "Principal
      Market"
      means
      the Nasdaq Global Market.

     

    (n) "Registration
      Rights Agreement"
      means
      that certain registration rights agreement dated February __, 2008, by and
      among
      the Company and the Buyers.

     

    (o) "Required
      Holders"
      means
      the holders of the SPA Warrants representing at least a majority of shares
      of
      Common Stock underlying the SPA Warrants then outstanding.

     

    (p) "SPA
      Securities"
      means
      the Notes issued pursuant to the Securities Purchase Agreement.

     

    (q) "Successor
      Entity"
      means
      the Person, which may be the Company, formed by, resulting from, or surviving
      any, Fundamental Transaction or the Person with which such Fundamental
      Transaction shall have been made, provided
      that if
      such Person is not a publicly traded entity whose common stock or equivalent
      equity security is quoted or listed for trading on an Eligible Market, Successor
      Entity shall mean such Person’s Parent Entity.

     

    (r) "Trading
      Day"
      means
      any day on which the Common Stock is traded on the Principal Market, or, if
      the
      Principal Market is not the principal trading market for the Common Stock,
      then
      on the principal securities exchange or securities market on which the Common
      Stock is then traded; provided
      that
      "Trading Day" shall not include any day on which the Common Stock is scheduled
      to trade on such exchange or market for less than 4.5 hours or any day that
      the
      Common Stock is suspended from trading during the final hour of trading on
      such
      exchange or market (or if such exchange or market does not designate in advance
      the closing time of trading on such exchange or market, then during the hour
      ending at 4:00:00 p.m., New York Time).

     

    (s) “Voting
      Stock”
of
      a
      Person means capital stock of such Person of the class or classes pursuant
      to
      which the holders thereof have the general voting power to elect, or the general
      power to appoint, at least a majority of the board of directors, managers or
      trustees of such Person (irrespective of whether or not at the time capital
      stock of any other class or classes shall have or might have voting power by
      reason of the happening of any contingency).

     

    (t) "Warrant
      Number"
      means a
      number of shares of Common Stock equal to the quotient
      of (x) 20% of the amount of the principal of the Notes issued to the Holder
      at
      the Closing (as defined in the Securities Purchase Agreement) pursuant to the
      Securities Purchase Agreement and (y) the Initial Exercise Price.

     

     [Signature
      Page Follows]

    

    
      
        
        

      

      
        -
          16
          -

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      the
      Company has caused this Warrant to Purchase Common Stock to be duly executed
      as
      of the Issuance Date set out above.

    

      
        	 	
                AGFEED
                  INDUSTRIES, INC.

              
	 	 	 
	 	
                By: 

              	 
	 	
                Name:

              
	 	
                Title:EXHIBIT
      10.5

    

    FORM
      OF SECURITIES PURCHASE AGREEMENT

    

    SECURITIES
      PURCHASE AGREEMENT (this “Agreement”),
      dated
      as of February __, 2008 by and between Agfeed Industries, Inc., a Nevada
      corporation (the “
      Company”),
      and
      the investors named on
      Exhibit A
      hereto
      (each on “
      Investor”
and
      collectively the “
      Investors”).

    

    WITNESSETH

    

    WHEREAS,
      the Company has filed with the Securities and Exchange Commission (the
“Commission”)
      the
      Registration Statement (as defined below) relating to the offer and sale from
      time to time of the Company’s securities, including shares of its Common Stock,
      $0.001 value (“Common
      Stock”);

    

    WHEREAS,
      the Company is offering for sale shares of Common Stock registered pursuant
      to
      the Registration Statement (the “Offered
      Shares”);
      and

    

    WHEREAS,
      each Investor desires to purchase from the Company Offered Shares on the terms
      and conditions set forth herein.

    

    NOW,
      THEREFORE, in consideration of the recitals (which are deemed to be a part
      of
      this Agreement), mutual covenants, representations, warranties and agreements
      contained herein and other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, the parties hereto agree as
      follows:

    

    
      	1.	
              Definitions.
                As used herein, the following terms have the meanings
                indicated:

            

    

    

    “Final
      Prospectus”
shall
      mean the final prospectus relating to the Investor Shares that is first filed
      pursuant to Rule 424(b) after the date and time that this Agreement is executed
      and delivered by the parties hereto.

    

    “Person”
shall
      mean any individual, partnership, limited liability company, joint venture,
      firm, corporation, association, trust or other enterprise or any government
      or
      political subdivision or any agency, department or instrumentality
      thereof.

    

    “Preliminary
      Prospectus”
shall
      mean the prospectus forming a part of the Registration Statement and the
      prospectus supplement relating to the Offered Shares in the form first filed
      pursuant to Rule 424(b) under the Securities Act, as amended (the “
      Securities Act”),
      as
      further amended or supplemented at the relevant time, and used prior to the
      filing of the Final Prospectus, and shall include all information and documents
      incorporated by reference in such prospectus.

    

    “Registration
      Statement”
shall
      mean the registration statement on Form S-3 (File No. 333-148386), including
      a
      prospectus, relating to the offer and sale of certain of the Company’s Common
      Stock, which was declared effective by the Commission on January 11, 2008.
      References herein to the term “Registration Statement” as of any date shall mean
      such effective registration statement, as amended or supplemented to such date,
      including all information and documents incorporated by reference therein as
      of
      such date.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      2.           
        Purchase
        of Common Stock.
        Subject
        and pursuant to the terms and conditions set forth in this Agreement, the
        Company agrees that it will issue and sell to the Investor and the Investor
        agrees that it will purchase from the Company the number of Offered Shares
        set
        forth on Schedule I
        attached
        hereto (the “Investor
        Shares”).
        The
        aggregate purchase price for the Investor Shares (the “
        Aggregate Purchase Price”)
        and
        the purchase price per Investor Share is set forth on Schedule I
        hereto.
        The closing of the purchase and sale of the Investor Shares will be on the
        date
        and at the time set forth on Schedule I
        hereto,
        or such other date or time as the parties may agree upon in writing (the
        “
        Closing”).
        The
        Company may enter into agreements similar to this Agreement with certain
        other
        investors and expects to complete sales of Offered Shares to them. The Company
        may accept or reject any one or more of such Agreements in its sole
        discretion.

    

    

    
      	3.	
              Deliveries
                at Closing.

            

    

    

    (a) Deliveries
      by the Investor.
      At the
      Closing, each Investor shall deliver to the Company the Aggregate Purchase
      Price
      by wire transfer of immediately available funds to an account designated by
      the
      Company as set forth on Schedule I
      hereto,
      which funds will be delivered to the Company in consideration of the Investor
      Shares issued at the Closing.

    

    (b) Deliveries
      by the Company.
      At the
      Closing, the Company shall deliver to each Investor, using customary book-entry
      procedures, the Investor Shares.

    

    
      	4.	
              Representations,
                Warranties, Covenants and Agreements.

            

    

    

    (a) Investor
      Representations, Warranties and Covenants.
      Each
      Investor represents, warrants and agrees as follows:

    

    (1) Investor
      is duly incorporated and has a valid existence and the authorization to transact
      business as a corporation under the laws of its jurisdiction of incorporation
      and is in good standing under the laws of each other jurisdiction in which
      it
      owns or leases properties or conducts any business so as to require such
      qualification.

    

    (2) Investor
      has received and reviewed copies of the Registration Statement and the
      Preliminary Prospectus, including all documents and information incorporated
      by
      reference therein and amendments thereto, and understands that no Person has
      been authorized to give any information or to make any representations that
      were
      not contained in the Registration Statement and the Preliminary Prospectus,
      and
      Investor has not relied on any such other information or representations in
      making a decision to purchase the Investor Shares. Investor hereby consents
      to
      receiving delivery of the Registration Statement and the Preliminary Prospectus,
      including all documents and information incorporated by reference therein and
      amendments thereto, by electronic mail. Investor understands that an investment
      in the Company involves a high degree of risk for the reasons, among others,
      set
      forth under the captions “RISK FACTORS” in the Prospectus.

    

    (3) Investor
      acknowledges that it has sole responsibility for its own due diligence
      investigation and its own investment decision, and that in connection with
      its
      investigation of the accuracy of the information contained or incorporated
      by
      reference in the Registration Statement and the Preliminary Prospectus and
      its
      investment decision, Investor has not relied on (a) any representation or
      information not set forth in this Agreement, the Registration Statement or
      the
      Preliminary Prospectus, (b) any Person affiliated with the Company or (c) the
      fact that any other Person has decided to invest in the Offered Shares. Investor
      understands that nothing in the Prospectus, this Agreement or any other
      materials presented to such Investor in connection with the purchase and sale
      of
      the Offered Shares constitutes legal, tax or investment advice. Such Investor
      has consulted such legal, tax and investment advisors as it, in its sole
      discretion, has deemed necessary or appropriate in connection with its purchase
      of Investor Shares.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    (4) The
      execution and delivery of this Agreement by Investor and the performance of
      this
      Agreement and the consummation by Investor of the transactions contemplated
      hereby have been duly authorized by all necessary (corporate, partnership or
      limited liability in the case of a corporation, partnership or limited liability
      company) action of Investor, and this Agreement, when duly executed and
      delivered by Investor, will constitute a valid and legally binding instrument,
      enforceable in accordance with its terms against Investor, except as enforcement
      hereof may be limited by the effect of any applicable bankruptcy, insolvency,
      reorganization or similar laws or court decisions affecting enforcement of
      creditors’ rights generally and except as enforcement hereof is subject to
      general principles of equity (regardless of whether enforcement is considered
      in
      a proceeding in equity or at law).

    

    (5) No
      state,
      federal or foreign regulatory approvals, permits, licenses or consents or other
      contractual or legal obligations are required for Investor to enter into this
      Agreement or purchase the Investor Shares.

    

    (6) Each
      Investor, if outside the United States of America, will comply with all
      applicable laws and regulations in each jurisdiction where it purchases, offers,
      sells or delivers Offered Shares or has in its possession or distributes any
      offering material, in all cases at its own expense.

    

    (7) From
      and
      after obtaining the knowledge of the sale of the Investor Shares contemplated
      hereby, such Investor has not taken, and prior to the public announcement of
      the
      transaction such Investor shall not take, any action that has caused or will
      cause such Investor to have, directly or indirectly, sole or agreed to sell
      any
      shares of Common Stock, effected any short sale, whether or not against the
      box,
      established any “put equivalent position” (as defined in Rule 16a-1(h) under the
      Exchange Act) with respect to the Common Stock, granted any other right
      (including, without limitation, any put or call option) with respect to the
      Common Stock or with respect to any security that includes, related to or
      derives any significant part of its value from the Common Stock, whether or
      not,
      direct or indirectly, in order to hedge its positions in the Investor
      Shares.

    

    (8) The
      execution, delivery and performance by Investor of this Agreement and the
      consummation by Investor of the transactions contemplated herein do not and
      shall not (i) result in a violation of Investor’s charter documents, bylaws or
      other applicable organizational instruments, (ii) conflict with, constitute
      a
      default (or an event which, with notice or lapse of time or both, would become
      a
      default) under, or give rise to any rights of termination, amendment,
      acceleration or cancellation of, any material agreement, mortgage, deed of
      trust, indenture, note, bond, license, lease agreement, instrument or obligation
      to which Investor is a party or is bound, (iii) create or impose any lien,
      charge or encumbrance on any property of the Investor under any agreement or
      any
      commitment to which Investor is party or under which Investor is bound or under
      which any of its properties or assets are bound, or (iv) result in a violation
      of any federal, state, local or foreign statute, rule, or regulation, or any
      order, judgment or decree of any court or governmental agency applicable to
      Investor or by which any of its properties or assets are bound or affected,
      except, in the case of clauses (ii), (iii) and (iv), for such conflicts,
      defaults, terminations, amendments, acceleration, cancellations and violations
      as would not, individually or in the aggregate, prohibit or otherwise interfere
      with the ability of the Investor to enter into and perform its obligations
      under
      this Agreement in any material respect.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    (b) Company
      Representations, Warranties and Covenants.
      The
      Company hereby represents, warrants and agrees as follows:

    

    (1) The
      Company and each of its subsidiaries listed on Schedule II hereto (the
“Subsidiaries”)
      has
      been duly incorporated and has a valid existence and the authorization to
      transact business as a corporation under the laws of its jurisdiction of
      incorporation, with corporate power and authority to own and lease its
      properties and conduct its business as described in the Preliminary Prospectus,
      and has been duly qualified as a foreign corporation for the transaction of
      business and is in good standing under the laws of each other jurisdiction
      in
      which it owns or leases properties or conducts any business so as to require
      such qualification, except for such jurisdictions wherein the failure to be
      so
      qualified and in good standing would not individually or in the aggregate have
      a
      material adverse effect on the business, results of operations or financial
      condition of the Company and its subsidiaries taken as a whole (a “
      Material Adverse Effect”).

    

    (2) No
      consent, approval, authorization, order, registration, filing or qualification
      of or with any such court or governmental, regulatory or self-regulatory agency
      or body is required for the valid authorization, execution, delivery and
      performance by the Company of this Agreement or the issuance of the Investor
      Shares, except for such consents, approvals, authorizations, registrations,
      filings or qualifications as may be required under the Securities Act or state
      securities or “blue sky” laws or have been or will be obtained or made in
      connection with the listing of the Investor Shares on the Nasdaq National
      Market.

     

    (3) The
      authorized, issued and outstanding capital stock of the Company is as set forth
      in the Preliminary Prospectus and as will be as set forth in the Final
      Prospectus under the caption “Capitalization” (other than for issuances after
      the dates thereof, if any, pursuant to employee benefit plans, or upon exercise
      of outstanding options or warrants, as the case may be). The Common Stock,
      including the Investor Shares, conforms, and in the case of the Final
      Prospectus, will conform, in all material respects to the description thereof
      contained in the Preliminary Prospectus and the Final Prospectus. All the issued
      and outstanding shares of the capital stock of the Company have been duly
      authorized and validly issued, are fully paid and nonassessable and have been
      issued in compliance, in all material respects, with all applicable laws. None
      of the outstanding shares of Common Stock of the Company were issued in
      violation of any preemptive rights, rights of first refusal or other similar
      rights to subscribe for or purchase securities of the Company. There are no
      authorized or outstanding options, warrants, preemptive rights, rights of first
      refusal or other rights to purchase, or equity or debt securities convertible
      into or exchangeable or exercisable for, any capital stock of the Company other
      than those described in the Preliminary Prospectus and those that will be
      described in the Final Prospectus.

     

    (4) The
      execution, delivery and performance of this Agreement by the Company and the
      consummation of the transactions contemplated hereby are within the corporate
      powers of the Company and have been duly authorized by all necessary corporate
      action on the part of the Company and this Agreement, when duly executed and
      delivered by the parties hereto, will constitute a valid and legally binding
      instrument of the Company enforceable in accordance with its terms, except
      as
      enforcement hereof may be limited by the effect of any applicable bankruptcy,
      insolvency, reorganization or similar laws or court decisions affecting
      enforcement of creditors’ rights generally and except as enforcement hereof is
      subject to general principles of equity (regardless of whether enforcement
      is
      considered in a proceeding in equity or at law).

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    (5) The
      Investor Shares have been duly authorized by the Company, and when issued and
      delivered by the Company against payment therefor as contemplated by this
      Agreement, the Investor Shares will be validly issued, fully paid and
      nonassessable, and will conform to the description of the Common Stock contained
      in the Preliminary Prospectus.

     

    (6) The
      execution and delivery of this Agreement do not, and the compliance by the
      Company with the terms hereof will not, (i) violate the Articles of
      Incorporation (as amended to date) of the Company or the By-Laws (as amended
      to
      date) of the Company, (ii) result in a breach or violation of any of the
      terms or provisions of, or constitute a default under, any indenture, mortgage,
      deed of trust, loan agreement or other agreement or instrument to which the
      Company or any of its Subsidiaries is a party or by which the Company or any
      of
      its Subsidiaries is bound or to which any of their properties or assets are
      subject, or (iii) result in a violation of, or failure to be in compliance
      with, any applicable statute or any order, judgment, decree, rule or regulation
      of any court or governmental, regulatory or self-regulatory agency or body
      having jurisdiction over the Company or any of its Subsidiaries or any of their
      properties or assets, except where such breach, violation, default or the
      failure to be in compliance would not individually or in the aggregate have
      a
      Material Adverse Effect or adversely affect the ability of the Company to issue
      and sell the Investor Shares.

    

    (7) The
      Company meets the requirements for the use of Form S-3 under the Securities
      Act for the primary issuance of securities. The Registration Statement has
      been
      declared effective by the Commission and at the time it became effective, and
      as
      of the date hereof, the Registration Statement complied and complies with
      Rule 415 under the Securities Act. No stop order suspending the
      effectiveness of the Registration Statement has been issued and no proceeding
      for that purpose has been initiated or, to the Company’s knowledge, threatened
      by the Commission. On the effective date of the Registration Statement, the
      Registration Statement complied, on the date of the Prospectus, the Preliminary
      Prospectus complied, and at the date of the Closing, the Final Prospectus will
      comply, in all material respects with the applicable provisions of the
      Securities Act and the applicable rules and regulations of the Commission
      thereunder; on the effective date of the Registration Statement, the
      Registration Statement did not, on the date of the Preliminary Prospectus,
      the
      Preliminary Prospectus did not, and at the date of the Closing, the Final
      Prospectus and other information provided in writing to the Investors, when
      ready together, will not, contain an untrue statement of a material fact or
      omit
      to state a material fact required to be stated therein or necessary in order
      to
      make the statements therein, in light of the circumstances under which they
      were
      made (with respect to the Prospectus), not misleading; and when filed with
      the
      Commission, the documents incorporated by reference in the Registration
      Statement, the Prospectus and the Final Prospectus, taken as a whole, complied
      or will comply in all material respects with the applicable provisions of the
      Securities Exchange Act of 1934, as amended (the “Exchange
      Act”),
      and
      the applicable rules and regulations of the Commission thereunder. There is
      no
      material document of a character required to be described in the Registration
      Statement, the Preliminary Prospectus or the Final Prospectus or to be filed
      as
      an exhibit to the Registration Statement that is not described or filed as
      required.

    

    (8) The
      Company is not, and does not intend to conduct its business in a manner in
      which
      it would become, an “investment company” as defined in Section 3(a) of the
      Investment Company Act of 1940, as amended.

     

    
      	5.	
              Miscellaneous.

            

    

    

    (a)  Fees
      and Expenses.
      The
      Company shall pay for the Investor’s legal and other expenses related to this
      offering. The Company shall be responsible for its own expenses incurred in
      connection with the transactions contemplated hereby. In addition,
      the
      Company shall be responsible for the payment of any placement agent’s fees,
      financial advisory fees, or broker’s commissions (other than for persons engaged
      by any Investor) relating to or arising out of the transactions contemplated
      hereby, including, without limitation, a finders fee payable to Four Tong
      Investment Ltd. in the amount of 8% of the total financing received by the
      Company hereunder, which shall paid
      on
      the Closing.

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

    

    (b) Binding
      Agreement; Assignment.
      This
      Agreement shall be binding upon, and shall inure solely to the benefit of,
      each
      of the parties hereto, and each of their respective heirs, executors,
      administrators, successors and permitted assigns, and no other person shall
      acquire or have any right under or by virtue of this Agreement. The Investors
      may not assign any of these rights or obligations hereunder to any other person
      or entity without the prior written consent of the Company.

    

    (c) Entire
      Agreement.
      This
      Agreement, including Exhibit A,
      Schedule I
      and
Schedule
      II
      hereto,
      constitutes the entire understanding between the parties hereto with respect
      to
      the subject matter hereof and may be amended only by written execution by both
      parties. Upon execution by the Company and the Investors, this Agreement shall
      be binding on each of the parties hereto.

    

    (d) Consent
      To Jurisdiction.
      THIS
      AGREEMENT SHALL BE ENFORCED, GOVERNED AND CONSTRUED IN ALL RESPECTS IN
      ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO
      ITS
      CONFLICTS OF LAWS PRINCIPLES. FURTHERMORE, THE INVESTOR HEREBY IRREVOCABLY
      SUBMITS TO THE JURISDICTION OF THE FEDERAL OR STATE COURTS LOCATED IN THE STATE
      OF NEW YORK, NEW YORK COUNTY,
      IN
      ANY
      LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
      TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE COMPANY AND THE INVESTOR (AND,
      TO
      THE EXTENT PERMITTED BY LAW, ON BEHALF OF ITS AND THEIR EQUITY HOLDERS AND
      CREDITORS) HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVES ANY RIGHT IT
      MAY
      HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED UPON, ARISING OUT OF
      OR IN
      CONNECTION WITH THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED
      HEREBY.

    

    (e) Notices.
      All
      notices, requests, consents and other communication hereunder shall be in
      writing, shall be mailed by first class registered or certified mail, or
      nationally recognized overnight express courier postage prepaid, and shall
      be
      deemed given when so mailed and shall be delivered as addressed as
      follows:

    

    if
      to the
      Company, to:

    

    Agfeed
      Industries, Inc. 

    1095
      Qing
      Lan Avenue

    Economic
      and Technical Development Zone

    Nan
      Chang
      City, Jiangxi Province

    China,
      330013

    

    with
      a
      copy mailed to:

    

    Pryor
      Cashman, LLP

    410
      Park
      Avenue

    New
      York,
      NY 10022

    Attention:
      Selig Sacks, Esq.

    

    or
      to
      such other Person at such other place as the Company shall designate to the
      Investors in writing; and if to the Investors, at the addresses as set forth
      on
Exhibit A
      hereto,
      or at such other address or addresses as may have been furnished to the Company
      in writing.

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

       

    

    (f) Counterparts.
      This
      Agreement maybe executed in any number of counterparts and by the parties hereto
      in separate counterparts, each of which when so executed shall be deemed to
      be
      an original and all of which taken together shall constitute one in the same
      agreement.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

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

    

      
        	 	
                AGFEED
                  INDUSTRIES, INC.

              
	 	 	 
	 	
                By:

              	 
	 	
                Name:

              	 
	 	
                Title:

              	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    INVESTORS:

    

    Accepted
      and agreed to as of the date

    first
      above written:

    

      
        	
                 By:

              	 	 

      

       

      
        
          	
                  Telephone:

                	 	 
	
                  Facsimile:

                	 	 
	
                  Email
                    Address:

                	 	 

        

      

    

    

    Nominee
      (name in which Investor Shares are to be registered,

    if
      different than name of Investor):

    

     ________________________

    

    Address
      of Nominee:

     

    ________________________

    ________________________

    

    Taxpayer
      ID. Number: ________________________

    (if
      acquired in the name of a nominee, the taxpayer ID. number of such
      nominee)

    

    Broker:
      ________________________

    

    Broker
      Contact Name: ________________________

    

    Broker
      Contact Telephone: ________________________

    

    Broker
      Contact Facsimile: ________________________

    

    Broker
      Contact E-mail Address: ________________________

    

    DTC
      account number: ________________________

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