Document:

NEITHER
      THESE SECURITIES NOR THE SECURITIES FOR WHICH THESE SECURITIES ARE EXERCISABLE
      HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
      SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
      REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
      ACT"),
      AND,
      ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
      EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
      REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE STATE
      SECURITIES OR BLUE SKY LAWS. THESE SECURITIES AND THE SECURITIES ISSUABLE UPON
      EXERCISE OF THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE
      MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES. 

     

    CHINA
      ENERGY RECOVERY, INC.

    WARRANT
      

    

    
      	
              Warrant
                No. [__]

            	
              Dated:
                April ___, 2008

            

    

     

    CHINA
      ENERGY RECOVERY, INC., a Delaware corporation (the "Company"),
      hereby certifies that, for value received, [NAME OF HOLDER], or its registered
      assigns (the "Holder"),
      is
      entitled to purchase from the Company up to a total of [___] shares of common
      stock, $0.001 par value per share (the "Common
      Stock"),
      of
      the Company (each such share, a "Warrant
      Share"
      and all
      such shares, the "Warrant
      Shares")
      at an
      exercise price equal to $1.29 per share (as adjusted from time to time as
      provided in Section
      9,
      the
      "Exercise
      Price"),
      at
      any time and from time to time from and after the six month anniversary of
      the
      date hereof through and including the 60-month anniversary of the date hereof
      (the "Expiration
      Date"),
      and
      subject to the terms and conditions set forth herein. This Warrant (this
      "Warrant")
      is one
      of a series of similar warrants issued pursuant to the Securities Purchase
      Agreements dated as of the date hereof by and between the Company and each
      of
      the Purchasers identified therein (the "Purchase
      Agreements").
      

     

    1. Definitions.
      In
      addition to the terms defined elsewhere in this Warrant, capitalized terms
      that
      are not otherwise defined herein have the meanings given to such terms in the
      Purchase Agreement. 

     

    2. Registration
      of the Warrant Shares.
      The
      Company shall register the Warrant Shares pursuant to the terms of the
      Registration Rights Agreement of even date herewith between the Company and
      the
      Holder, among others. The Company may deem and treat the registered Holder
      of
      this Warrant as the absolute owner hereof for the purpose of any exercise hereof
      or any distribution to the Holder, and for all other purposes, absent actual
      notice to the contrary. 

     

    3. Registration
      of Transfers.
      The
      Company shall register the transfer of any portion of this Warrant in the
      Warrant Register, upon surrender of this Warrant, with the Form of Assignment
      attached hereto duly completed and signed, to the Company’s transfer agent or to
      the Company at its address specified herein. Upon any such registration or
      transfer, a new warrant to purchase Common Stock, in substantially the form
      of
      this Warrant (any such new warrant, a "New
      Warrant"),
      evidencing the portion of this Warrant so transferred shall be issued to the
      transferee and a New Warrant evidencing the remaining portion of this Warrant
      not so transferred, if any, shall be issued to the transferring Holder. The
      acceptance of the New Warrant by the transferee thereof shall be deemed the
      acceptance by such transferee of all of the rights and obligations of the Holder
      of a Warrant. 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    4. Exercise
      and Duration of Warrants.
      

     

    (a) Exercise.
      This
      Warrant shall be exercisable by the registered Holder at any time and from
      time
      to time on or after the date the six month anniversary of the date hereof to
      and
      including the Expiration Date. At 5:00 P.M., Los Angeles, California time on
      the
      Expiration Date, the portion of this Warrant not exercised prior thereto shall
      be and become void and of no value. 

     

    (b) Procedures
      for Exercise.
      A
      Holder may exercise this Warrant by delivering to the Company (i) an exercise
      notice, in the form attached hereto (the "Exercise
      Notice"),
      appropriately completed and duly signed, and (ii) payment of the Exercise Price
      in immediately available funds for the number of Warrant Shares as to which
      this
      Warrant is being exercised, and the date such items are delivered to the Company
      (as determined in accordance with the notice provisions hereof) is an
      "Exercise
      Date."
      The
      Holder shall not be required to deliver the original Warrant in order to effect
      an exercise hereunder. Upon the execution and delivery of the Exercise Notice,
      the Company shall issue a New Warrant to the Holder evidencing the right to
      purchase the remaining number of Warrant Shares. 

     

    5. Delivery
      of Warrant Shares.
      

     

    (a) Upon
      exercise of this Warrant, the Company shall promptly (but in no event later
      than
      three Business Days after the Exercise Date) issue or cause to be issued and
      cause to be delivered to or upon the written order of the Holder and in such
      name or names as the Holder may designate, a certificate for the Warrant Shares
      issuable upon such exercise, free of restrictive legends unless a registration
      statement covering the resale of the Warrant Shares and naming the Holder as
      a
      selling stockholder thereunder is not then effective and the Warrant Shares
      are
      not freely transferable without volume restrictions pursuant to Rule 144 under
      the Securities Act. The Holder, or any Person so designated by the Holder to
      receive Warrant Shares, shall be deemed to have become the holder of record
      of
      such Warrant Shares as of the Exercise Date. The Company shall, upon request
      of
      the Holder, use its best efforts to deliver Warrant Shares hereunder
      electronically through the Depository Trust Corporation or another established
      clearing corporation performing similar functions. 

     

    (b) This
      Warrant is exercisable, either in its entirety or, from time to time, for a
      portion of the number of Warrant Shares. Upon surrender of this Warrant
      following one or more partial exercises, the Company shall issue or cause to
      be
      issued, at its expense, a New Warrant evidencing the right to purchase the
      remaining number of Warrant Shares. 

     

    (c) The
      Company's obligations to issue and deliver Warrant Shares in accordance with
      the
      terms hereof are absolute and unconditional, irrespective of any action or
      inaction by the Holder to enforce the same, any waiver or consent with respect
      to any provision hereof, the recovery of any judgment against any Person or
      any
      action to enforce the same, or any setoff, counterclaim, recoupment, limitation
      or termination, or any breach or alleged breach by the Holder or any other
      Person of any obligation to the Company or any violation or alleged violation
      of
      law by the Holder or any other Person, and irrespective of any other
      circumstance which might otherwise limit such obligation of the Company to
      the
      Holder in connection with the issuance of Warrant Shares. Nothing herein shall
      limit the Holder's right to pursue any other remedies available to it hereunder,
      at law or in equity, including, without limitation, a decree of specific
      performance or injunctive relief with respect to the Company's failure to timely
      deliver certificates representing shares of Common Stock upon exercise of the
      Warrant as required pursuant to the terms hereof. 

    
      
         

      

      
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    6. Charges,
      Taxes and Expenses.
      Issuance and delivery of certificates for shares of Common Stock upon exercise
      of this Warrant shall be made without charge to the Holder for any issue or
      transfer tax, withholding tax, transfer agent fee or other incidental tax or
      expense in respect of the issuance of such certificates, all of which taxes
      and
      expenses shall be paid by the Company; provided, however, that the Company
      shall
      not be required to pay any tax which may be payable in respect of any transfer
      involved in the registration of any certificates for Warrant Shares or Warrants
      in a name other than that of the Holder or an Affiliate thereof. The Holder
      shall be responsible for all other tax liability that may arise as a result
      of
      holding or transferring this Warrant or receiving Warrant Shares upon exercise
      hereof. 

     

    7. Replacement
      of Warrant.
      If this
      Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or
      cause to be issued in exchange and substitution for and upon cancellation
      hereof, or in lieu of and substitution for this Warrant, a New Warrant, but
      only
      upon receipt of evidence reasonably satisfactory to the Company of such loss,
      theft or destruction and customary and reasonable bond or indemnity, if
      requested. Applicants for a New Warrant under such circumstances shall also
      comply with such other reasonable regulations and procedures and pay such other
      reasonable third-party costs as the Company may prescribe. 

     

    8. Reservation
      of Warrant Shares.
      The
      Company covenants that it will at all times reserve and keep available out
      of
      the aggregate of its authorized but unissued and otherwise unreserved Common
      Stock, solely for the purpose of enabling it to issue Warrant Shares upon
      exercise of this Warrant as herein provided, the number of Warrant Shares which
      are then issuable and deliverable upon the exercise of this entire Warrant,
      free
      from preemptive rights or any other contingent purchase rights of persons other
      than the Holder (taking into account the adjustments and restrictions of
Section
      9).
      The
      Company covenants that all Warrant Shares so issuable and deliverable shall,
      upon issuance and the payment of the applicable Exercise Price in accordance
      with the terms hereof, be duly and validly authorized, issued and fully paid
      and
      nonassessable. The Company will take all such actions as may be necessary to
      assure that such shares of Common Stock may be issued as provided herein without
      violation of any applicable law or regulation, or of any requirements of any
      securities exchange or automated quotation system upon which the Common Stock
      may be listed. 

     

    9. Certain
      Adjustments.
      The
      Exercise Price and number of Warrant Shares issuable upon exercise of this
      Warrant are subject to adjustment from time to time as set forth in this
Section
      9.
      

     

    (a) Adjustments
      to the Exercise Price.
      

    
      
         

      

      
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    (i) If,
      at
      any time or from time to time after the date hereof, the Company shall issue
      any
      Additional Stock (as defined in Section
      9(a)(vi)
      below)
      without consideration or for consideration per share less than the Exercise
      Price in effect immediately prior to the issuance of such Additional Stock,
      such
      Exercise Price in effect immediately prior to such issuance shall (except as
      otherwise provided in this Section
      9(a))
      be
      adjusted to a price determined by multiplying such Exercise Price by a fraction,
      the numerator of which is the number of shares of Common Stock outstanding
      immediately prior to such issuance plus the number of shares of Common Stock
      that the aggregate consideration received by the Company for such issuance
      would
      purchase at such Exercise Price, and the denominator of which is the number
      of
      shares of Common Stock outstanding immediately prior to such issuance plus
      the
      number of shares of such Additional Stock. 

     

    (ii) No
      adjustment of the Exercise Price for any Warrant Share shall be made in an
      amount less than one cent per share; provided that any adjustments which are
      not
      required to be made by reason of this sentence shall be carried forward and
      shall be taken into account in any subsequent adjustment made prior to three
      years from the date of the event giving rise to the adjustment being carried
      forward. Except to the limited extent provided for in Sections
      9(a)(v)(C),
      9(a)(v)(D)
      and
9(a)(viii)
      no
      adjustment of such Exercise Price pursuant to this Section
      9(a)
      shall
      have the effect of increasing the Exercise Price above the Exercise Price in
      effect immediately prior to such adjustment.

     

    (iii) In
      the
      case of the issuance of Additional Stock for cash, the consideration shall
      be
      deemed to be the amount of cash paid therefor before deducting any reasonable
      discounts, commissions or other expenses allowed, paid or incurred by the
      Company for any underwriting or otherwise in connection with the issuance and
      sale thereof. 

     

    (iv) In
      the
      case of the issuance of the Additional Stock for a consideration in whole or
      in
      part other than cash, the consideration other than cash shall be deemed to
      be
      the fair value thereof as determined by the Board of Directors of
      the
      Company irrespective of any accounting treatment. 

     

    (v) In
      the
      case of the issuance of options to purchase or rights to subscribe for Common
      Stock, securities by their terms convertible into or exchangeable for Common
      Stock or options to purchase or rights to subscribe for such convertible or
      exchangeable securities, the following provisions shall apply for all purposes
      of this Section
      9(a):
      

     

    (A) The
      aggregate number of shares of Common Stock deliverable upon exercise (assuming
      the satisfaction of any conditions to exercisability, including but not limited
      to the passage of time, but without taking into account potential antidilution
      adjustments) of such options to purchase or rights to subscribe for Common
      Stock
      shall be deemed to have been issued and outstanding at the time such options
      or
      rights were issued and for a consideration equal to the consideration
      (determined in the manner provided in Sections
      9(a)(iii)
      and
9(a)(iv)),
      if
      any, received by the Company upon the issuance of such options or rights plus
      the minimum exercise price provided in such options or rights (without taking
      into account potential antidilution adjustments) for the Common Stock covered
      thereby. 

    
      
         

      

      
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    (B) The
      aggregate maximum number of shares of Common Stock deliverable upon conversion
      of or in exchange (assuming the satisfaction of any conditions to convertibility
      or exchangeability, including but not limited to the passage of time, but
      without taking into account potential antidilution adjustments) for any such
      convertible or exchangeable securities or upon the exercise of options to
      purchase or rights to subscribe for such convertible or exchangeable securities
      and subsequent conversion or exchange thereof shall be deemed to have been
      issued and outstanding at the time such securities were issued or such options
      or rights were issued and for a consideration equal to the consideration, if
      any, received by the Company for any such securities and related options or
      rights (excluding any cash received or account of accrued interest or accrued
      dividends), plus the minimum additional consideration, if any, to be received
      by
      the Company (without taking into account potential antidilution adjustments)
      upon the conversion or exchange of such securities or the exercise of any
      related options or rights (the consideration in each case to be determined
      in
      the manner provided in Sections
      9(a)(iii)
      and
9(a)(iv)).
      

     

    (C) In
      the
      event of any change in the number of shares of Common Stock deliverable or
      in
      the consideration payable to the Company upon exercise of such options or rights
      or upon conversion of or in exchange for such convertible or exchangeable
      securities, including, but not limited to, a change resulting from the
      antidilution provisions thereof, the Exercise Price, to the extent in any way
      affected by or computed using such options, rights or securities, shall be
      recomputed to reflect such change, but no further adjustment shall be made
      for
      the actual issuance of Common Stock or any payment of such consideration upon
      the exercise of any such options or rights or the conversion or exchange of
      such
      securities. 

     

    (D) Upon
      the
      expiration of any such options or rights, the termination of any such rights
      to
      convert or exchange or the expiration of any options or rights related to such
      convertible or exchangeable securities, the Exercise Price, to the extent in
      any
      way affected by or computed using such options, rights or securities or options
      or rights related to such securities, shall be recomputed to reflect the
      issuance of only the number of shares of Common Stock (and convertible or
      exchangeable securities which remain in effect) actually issued upon the
      exercise of such options or rights, upon the conversion or exchange of such
      securities or upon the exercise of the options or rights related to such
      securities. 

     

    (E) The
      number of shares of Common Stock deemed issued and the consideration deemed
      paid
      therefor pursuant to Sections
      9(a)(v)(A)
      and
9(a)(v)(B)
      shall be
      appropriately adjusted to reflect any change, termination or expiration of
      the
      type described in either Section
      9(a)(v)(C)
      or
9(a)(v)(D).
      

     

    (vi) "Additional
      Stock"
      shall
      mean any shares of Common Stock issued (or deemed to have been issued pursuant
      to Section
      9(a)(v))
      by the
      Company after the date hereof, other than:

     

    (A) shares
      of
      Common Stock issued or so deemed to have been issued upon conversion of shares
      of Series A Preferred Stock; 

     

    (B) shares
      of
      Common Stock issued or so deemed to have been issued to officers, directors,
      consultants or employees of the Company pursuant to a plan or program adopted
      by
      the Company's Board of Directors;

    
      
         

      

      
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    (C) shares
      of
      Common Stock (or options, warrants or other rights to purchase such Common
      Stock) issued or so deemed to have been issued in connection with acquisitions,
      merger transactions, consolidations or similar business
      combinations;

     

    (D) shares
      of
      Common Stock issued or so deemed to have been issued in connection with leases,
      bank financings, credit agreements or similar instruments with equipment
      lessors, commercial lenders, banks, or similar financial institutions if
      approved by the Board of Directors;

     

    (E) shares
      of
      Common Stock issued or so deemed to have been issued in connection with a
      strategic alliance or corporate partnering transaction entered into by the
      Company; 

     

    (F) shares
      of
      Common Stock issued or so deemed to have been issued pursuant to options and
      warrants outstanding on the date hereof; and

     

    (G) shares
      of
      Common Stock issued or so deemed to have been issued pursuant to a transaction
      described in Section
      9(a)(b)
      or
Section
      9(a)(c)
      for
      which adjustments are made pursuant to such Section. 

     

    (b) Stock
      Dividends and Splits.
      If the
      Company, at any time while this Warrant is outstanding, (i) pays a stock
      dividend on its Common Stock or otherwise makes a distribution on any class
      of
      capital stock that is payable in shares of Common Stock, (ii) subdivides
      outstanding shares of Common Stock into a larger number of shares, or (iii)
      combines outstanding shares of Common Stock into a smaller number of shares,
      then in each such case the Exercise Price shall be multiplied by a fraction
      of
      which the numerator shall be the number of shares of Common Stock outstanding
      immediately before such event and of which the denominator shall be the number
      of shares of Common Stock outstanding immediately after such event. Any
      adjustment made pursuant to clause (i) of this paragraph shall become effective
      immediately after the record date for the determination of stockholders entitled
      to receive such dividend or distribution, and any adjustment pursuant to clause
      (ii) or (iii) of this paragraph shall become effective immediately after the
      effective date of such subdivision or combination. 

     

    (c) Pro
      Rata Distributions.
      If the
      Company, at any time while this Warrant is outstanding, distributes to all
      holders of Common Stock (i) evidences of its indebtedness, (ii) any security
      (other than a distribution of Common Stock covered by Section
      9(b)),
      (iii)
      rights or warrants to subscribe for or purchase any security, or (iv) any other
      asset (in each case, "Distributed
      Property"),
      then
      in each such case the Exercise Price in effect immediately prior to the record
      date fixed for determination of stockholders entitled to receive such
      distribution shall be adjusted (effective on such record date) to equal the
      product of such Exercise Price times a fraction of which the denominator shall
      be the average of the closing price of the Company’s Common Stock (as reflected
      on the OTCBB, the American Stock Exchange or the NASDAQ) for the five trading
      days immediately prior to (but not including) such record date and of which
      the
      numerator shall be such average less the then fair market value of the
      Distributed Property distributed in respect of one outstanding share of Common
      Stock, as determined by the Company's independent certified public accountants
      that regularly examine the financial statements of the Company (an "Appraiser").
      In
      such event, the Holder, after receipt of the determination by the Appraiser,
      shall have the right to select an additional appraiser (which shall be a
      nationally recognized accounting firm), in which case such fair market value
      shall be deemed to equal the average of the values determined by each of the
      Appraiser and such appraiser. As an alternative to the foregoing adjustment
      to
      the Exercise Price, at the request of the Holder delivered before the 90th
      day
      after such record date the Company will deliver to the Holder, within five
      Business Days after such request (or, if later, on the effective date of such
      distribution), the Distributed Property that the Holder would have been entitled
      to receive in respect of the Warrant Shares for which this Warrant could have
      been exercised immediately prior to such record date. If such Distributed
      Property is not delivered to the Holder pursuant to the preceding sentence,
      then
      upon expiration of or any exercise of the Warrant that occurs after such record
      date, the Holder shall remain entitled to receive, in addition to the Warrant
      Shares otherwise issuable upon such exercise (if applicable), such Distributed
      Property. 

    
      
         

      

      
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    (d) Fundamental
      Transactions.
      If, at
      any time while this Warrant is outstanding, (i) the Company effects any merger
      or consolidation of the Company with or into another Person, (ii) the Company
      effects any sale of all or substantially all of its assets in one or a series
      of
      related transactions, (iii) any tender offer or exchange offer (whether by
      the
      Company or another Person) is completed pursuant to which holders of Common
      Stock are permitted to tender or exchange their shares for other securities,
      cash or property, or (iv) the Company effects any reclassification of the Common
      Stock or any compulsory share exchange pursuant to which the Common Stock is
      effectively converted into or exchanged for other securities, cash or property
      (other than as a result of a subdivision or combination of shares of Common
      Stock covered by Section
      9(b)
      above)
      (in any such case, a "Fundamental
      Transaction"),
      then
      the Holder shall have the right thereafter to receive, upon exercise of this
      Warrant, the same amount and kind of securities, cash or property as it would
      have been entitled to receive upon the occurrence of such Fundamental
      Transaction if it had been, immediately prior to such Fundamental Transaction,
      the Holder of the number of Warrant Shares then issuable upon exercise in full
      of this Warrant (the "Alternate
      Consideration").
      The
      aggregate Exercise Price for this Warrant will not be affected by any such
      Fundamental Transaction, but the Company shall apportion such aggregate Exercise
      Price among the Alternate Consideration in a reasonable manner reflecting the
      relative value of any different components of the Alternate Consideration.
      If
      holders of Common Stock are given any choice as to the securities, cash or
      property to be received in a Fundamental Transaction, then the Holder shall
      be
      given the same choice as to the Alternate Consideration it receives upon any
      exercise of this Warrant following such Fundamental Transaction. In the event
      of
      a Fundamental Transaction, the Company or the successor or purchasing Person,
      as
      the case may be, shall execute with the Holder a written agreement providing
      that: 

     

    (x) this
      Warrant shall thereafter entitle the Holder to purchase the Alternate
      Consideration in accordance with this Section
      9(d);
      

     

    (y) in
      the
      case of any such successor or purchasing Person, upon such consolidation,
      merger, statutory exchange, combination, sale or conveyance, such successor
      or
      purchasing Person shall be jointly and severally liable with the Company for
      the
      performance of all of the Company's obligations under this Warrant and the
      Purchase Agreement; and 

     

    (z) if
      registration or qualification is required under the Securities Exchange Act
      of
      1934, as amended, or applicable state law for the public resale by the Holder
      of
      shares of stock and other securities so issuable upon exercise of this Warrant,
      all rights applicable to registration of the Common Stock issuable upon exercise
      of this Warrant shall apply to the Alternate Consideration. 

    
      
         

      

      
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    If,
      in
      the case of any Fundamental Transaction, the Alternate Consideration includes
      shares of stock, other securities, other property or assets of a Person other
      than the Company or any such successor or purchasing Person, as the case may
      be,
      in such Fundamental Transaction, then such written agreement shall also be
      executed by such other Person and shall contain such additional provisions
      to
      protect the interests of the Holder as the Board of Directors of the Company
      shall reasonably consider necessary by reason of the foregoing. At the Holder's
      request, any successor to the Company or surviving entity in such Fundamental
      Transaction shall issue to the Holder a new warrant consistent with the
      foregoing provisions and evidencing the Holder's right to purchase the Alternate
      Consideration for the aggregate Exercise Price upon exercise thereof. The terms
      of any agreement pursuant to which a Fundamental Transaction is effected shall
      include terms requiring any such successor or surviving entity to comply with
      the provisions of this Subsection
      (d)
      and
      insuring that the Warrant (or any such replacement security) will be similarly
      adjusted upon any subsequent transaction analogous to a Fundamental Transaction.
      If any Fundamental Transaction constitutes or results in a change of control,
      the Company (or any such successor or surviving entity) will purchase the
      Warrant from the Holder for a purchase price, payable in cash within five
      Business Days after such request (or, if later, on the effective date of the
      Fundamental Transaction), equal to the Black-Scholes value of the remaining
      unexercised portion of this Warrant on the date of such request. 

     

    (e) Number
      of Warrant Shares.
      Simultaneously with any adjustments to the Exercise Price pursuant to
Subsections
      (a), (b)
      or
(c),
      the
      number of Warrant Shares that may be purchased upon exercise of this Warrant
      shall be increased or decreased proportionately, so that after such adjustment
      the aggregate Exercise Price payable hereunder for the increased or decreased
      number of Warrant Shares shall be the same as the aggregate Exercise Price
      in
      effect immediately prior to such adjustment. 

     

    (f) Calculations.
      All
      calculations under this Section
      9
      shall be
      made to the nearest cent or the nearest 1/100th of a share, as applicable.
      The
      number of shares of Common Stock outstanding at any given time shall not include
      shares owned or held by or for the account of the Company, and the disposition
      of any such shares shall be considered an issue or sale of Common Stock.

     

    (g) Notice
      of Adjustments.
      Upon
      the occurrence of each adjustment pursuant to this Section
      9,
      the
      Company at its expense will promptly compute such adjustment in accordance
      with
      the terms of this Warrant and prepare a certificate setting forth such
      adjustment, including a statement of the adjusted Exercise Price and adjusted
      number or type of Warrant Shares or other securities issuable upon exercise
      of
      this Warrant (as applicable), describing the transactions giving rise to such
      adjustments and showing in detail the facts upon which such adjustment is based.
      Upon written request, the Company will promptly deliver a copy of each such
      certificate to the Holder and to the Company's transfer agent. 

     

    (h) Notice
      of Corporate Events.
      If the
      Company (i) declares a dividend or any other distribution of cash, securities
      or
      other property in respect of its Common Stock, including without limitation
      any
      granting of rights or warrants to subscribe for or purchase any capital stock
      of
      the Company or any Subsidiary, (ii) authorizes or approves, enters into any
      agreement contemplating or solicits stockholder approval for any Fundamental
      Transaction, or (iii) authorizes the voluntary dissolution, liquidation or
      winding up of the affairs of the Company, then the Company shall deliver to
      the
      Holder a notice describing the material terms and conditions of such
      transaction, at least 20 calendar days prior to the applicable record or
      effective date on which a Person would need to hold Common Stock in order to
      participate in or vote with respect to such transaction, and the Company will
      take all steps reasonably necessary in order to insure that the Holder is given
      the practical opportunity to exercise this Warrant prior to such time so as
      to
      participate in or vote with respect to such transaction; provided, however,
      that
      the failure to deliver such notice or any defect therein shall not affect the
      validity of the corporate action required to be described in such
      notice. 

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    10. Fractional
      Shares.
      The
      Company shall not be required to issue or cause to be issued fractional Warrant
      Shares upon the exercise of this Warrant. If any fraction of a Warrant Share
      would, except for the provisions of this Section, be issuable upon exercise
      of
      this Warrant, the number of Warrant Shares to be issued will be rounded up
      to
      the nearest whole share. 

     

    11. Notices.
      Any and
      all notices or other communications or deliveries hereunder (including without
      limitation any Exercise Notice) shall be in writing and shall be deemed given
      and effective on the earliest of (i) the date of transmission, if such notice
      or
      communication is delivered via facsimile at the facsimile number specified
      in
      this Section prior to 5:00 p.m. (Los Angeles, California time) on a Business
      Day, (ii) the next Business Day after the date of transmission, if such notice
      or communication is delivered via facsimile at the facsimile number specified
      in
      this Section on a day that is not a Business Day or later than 5:00 p.m. (Los
      Angeles, California time) on any Business Day, (iii) the Business Day following
      the date of mailing, if sent by nationally recognized overnight courier service,
      or (iv) upon actual receipt by the party to whom such notice is required to
      be
      given. The address for such notices or communications shall be as set forth
      in
      the Purchase Agreement. 

     

    12. Warrant
      Agent.
      The
      Company shall serve as warrant agent under this Warrant. Upon 30 days' notice
      to
      the Holder, the Company may appoint a new warrant agent. Any corporation into
      which the Company or any new warrant agent may be merged or any corporation
      resulting from any consolidation to which the Company or any new warrant agent
      shall be a party or any corporation to which the Company or any new warrant
      agent transfers substantially all of its corporate trust or stockholders
      services business shall be a successor warrant agent under this Warrant without
      any further act. Any such successor warrant agent shall promptly cause notice
      of
      its succession as warrant agent to be mailed (by first class mail, postage
      prepaid) to the Holder at the Holder's last address as shown on the Warrant
      Register. 

     

    13. Miscellaneous.
      

     

    (a) Subject
      to the restrictions on transfer set forth on the first page hereof, this Warrant
      may be assigned by the Holder. This Warrant may not be assigned by the Company
      except to a successor in the event of a Fundamental Transaction. This Warrant
      shall be binding on and inure to the benefit of the parties hereto and their
      respective successors and assigns. Subject to the preceding sentence, nothing
      in
      this Warrant shall be construed to give to any Person other than the Company
      and
      the Holder any legal or equitable right, remedy or cause of action under this
      Warrant. This Warrant may be amended only in writing signed by the Company
      and
      the Holder and their successors and assigns. 

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    (b) The
      Company will not, by amendment of its governing documents or through any
      reorganization, transfer of assets, consolidation, merger, 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, but will at
      all
      times in good faith assist in the carrying out of all such terms and in the
      taking of all such action as may be necessary or appropriate in order to protect
      the rights of the Holder against impairment. Without limiting the generality
      of
      the foregoing, the Company (i) will not increase the par value of any Warrant
      Shares above the amount payable therefor on such exercise, (ii) will take all
      such action as may be reasonably necessary or appropriate in order that the
      Company may validly and legally issue fully paid and nonassessable Warrant
      Shares on the exercise of this Warrant, and (iii) will not close its stockholder
      books or records in any manner which interferes with the timely exercise of
      this
      Warrant. 

     

    (c) Governing
      Law; Venue; Waiver Of Jury Trial.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Warrant shall be governed by and construed and enforced in accordance
      with the internal laws of the State of Delaware, without regard to the
      principles of conflicts of law thereof. Each party agrees that all legal
      proceedings concerning the interpretations, enforcement and defense of the
      transactions contemplated by this Warrant (whether brought against a party
      hereto or its respective Affiliates, directors, officers, stockholders,
      employees or agents) shall be commenced exclusively in the state and federal
      courts sitting in the City of Los Angeles, California. Each party hereto hereby
      irrevocably submits to the exclusive jurisdiction of the state and federal
      courts sitting in the City of Los Angeles, California for the adjudication
      of
      any dispute hereunder or in connection herewith or with any transaction
      contemplated hereby or discussed herein (including with respect to the
      enforcement of any of this Warrant), and hereby irrevocably waives, and agrees
      not to assert in any suit, action or proceeding, any claim that it is not
      personally subject to the jurisdiction of any such court, that such suit, action
      or proceeding is improper. Each party hereto hereby irrevocably waives personal
      service of process and consents to process being served in any such suit, action
      or proceeding by mailing a copy thereof via registered or certified mail or
      overnight delivery (with evidence of delivery) to such party at the address
      in
      effect for notices to it under this Warrant and agrees that such service shall
      constitute good and sufficient service of process and notice thereof. Nothing
      contained herein shall be deemed to limit in any way any right to serve process
      in any manner permitted by law. Each party hereto hereby irrevocably waives,
      to
      the fullest extent permitted by applicable law, any and all right to trial
      by
      jury in any legal proceeding arising out of or relating to this Warrant or
      the
      transactions contemplated hereby. If either party shall commence an action
      or
      proceeding to enforce any provisions of this Warrant, then the prevailing party
      in such action or proceeding shall be reimbursed by the other party for its
      reasonable attorneys fees and other reasonable costs and expenses incurred
      with
      the investigation, preparation and prosecution of such action or proceeding.
      

    

    (d) The
      headings herein are for convenience only, do not constitute a part of this
      Warrant and shall not be deemed to limit or affect any of the provisions hereof.
      

     

    (e) In
      case
      any one or more of the provisions of this Warrant shall be invalid or
      unenforceable in any respect, the validity and enforceability of the remaining
      terms and provisions of this Warrant shall not in any way be affected or
      impaired thereby and the parties will attempt in good faith to agree upon a
      valid and enforceable provision which shall be a commercially reasonable
      substitute therefor, and upon so agreeing, shall incorporate such substitute
      provision in this Warrant. 

     

    [Remainder
      of This Page Intentionally Left Blank; Signature Page to
      Follow]

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by
      its
      authorized officer as of the date first indicated above. 

    
      	 	 	 
	 	
              CHINA
                ENERGY RECOVERY, INC.

            
	 
 	 
 	 
 
	 	By:  	 
	 	Name: Michael
              Kurdziel
	 	Title: Chief
              Executive Officer

    

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    FORM
      OF EXERCISE NOTICE 

     

    (To
      be
      executed by the Holder to exercise the right to purchase shares of Common Stock
      under the foregoing Warrant) 

     

    To:
      China
      Energy Recovery, Inc. 

     

    The
      undersigned is the Holder of Warrant No. _______ (the "Warrant")
      issued
      by China Energy Recovery, Inc., a Delaware corporation (the "Company").
      Capitalized terms used herein and not otherwise defined have the respective
      meanings set forth in the Warrant. 

     

    
      	
              1.

            	
              The
                Warrant is currently exercisable to purchase a total of ______________
                Warrant Shares. 

            

    

     

    
      	
              2.

            	
              The
                undersigned Holder hereby exercises its right to purchase
                _________________ Warrant Shares pursuant to the Warrant.
                

            

    

     

    
      	
              3.

            	
              The
                Holder shall pay the sum of $___________ to the Company in accordance
                with
                the terms of the Warrant. 

            

    

     

    
      	
              4.

            	
              Pursuant
                to this exercise, the Company shall deliver to the Holder _______________
                Warrant Shares in accordance with the terms of the Warrant.
                

            

    

     

    
      	
              5.

            	
              Following
                this exercise, the Warrant shall be exercisable to purchase a total
                of
                ______________ Warrant Shares. 

            

    

     

    
      
        	
                Dated: ________________,
                  ________

              	Name
                of
                Holder:
 
	 	(Print)	   
                
	 	 	 
	 	By:	  

	 	Name:	  

	 	Title:	  
                

      

       

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

    

    FORM
      OF ASSIGNMENT 

     

    (To
      be
      completed and signed only upon transfer of the Warrant) 

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto
      ________________________________ the right represented by the within Warrant
      to
      purchase ____________ shares of Common Stock of China Energy Recovery, Inc.
      to
      which the within Warrant relates and appoints ________________ attorney to
      transfer said right on the books of China Energy Recovery, Inc. with full power
      of substitution in the premises. 

    

      
        	
                Dated: ________________,
                  ________

              	
                Name
                  of Holder:

              
	 	 
	 	
                Name:

              	 
	 	
                By:

              	 
	 	
                Name:

              	 
	 	
                Title:

              	 
	 	 	 
	 	
                (Signature
                  must conform in all respects to name of the Holder as specified
                  on the
                  face of the Warrant)

              
	 	 	 
	 	
                Address:

              	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	
                In
                  the presence of:

              	 	 
	 	 	 

      

    

     

    
      
         

      

      
        13Unassociated Document

    REGISTRATION
      RIGHTS AGREEMENT

    

    This
      Registration Rights Agreement (this “Agreement”)
      is
      made as of January 18, 2008 (the "Effective
      Date"),
      by
      and between MMA Media Inc., a Delaware corporation (the “Company”),
      and
      the investors identified on the signature pages hereto (each, a "Stockholder"
      and
      collectively, the "Stockholders").
      The
      Company and the Stockholders are sometimes referred to herein individually
      as a
“Party”
and
      collectively as the “Parties.”

     

    The
      Parties agree as follows: 

     

    1. Definitions.
      For
      purposes of this Agreement, the following terms have the indicated
      meanings:

     

    1.1 “Common
      Stock”
means
      the Company’s Common Stock, $0.001 par value per share.

     

    1.2 “Demand
      Registration”
has
      the
      meaning set forth in Section 2.1 hereof.

     

    1.3 “Register,”
      “Registered,”
and
      “Registration”
refer
      to a registration effected by preparing and filing a registration statement
      or
      similar document in compliance with the Securities Act of 1933, as amended,
      or
      successor statute (the “Securities
      Act”),
      and
      the declaration or ordering of effectiveness of such registration statement
      or
      document.

     

    1.4 “Registrable
      Securities”
means
      (i) the shares of Common Stock of the Company listed on Schedule
      A
      attached
      hereto and incorporated herein by this reference and (ii) any Common Stock
      issued or issuable to the Stockholders with respect to the Common Stock referred
      to in clause (i) by way of a dividend, split, or in connection with a
      combination of securities, recapitalization, merger, consolidation or other
      reorganization; provided however, that with respect to any Registrable
      Securities, such securities shall cease to be Registrable Securities when (x)
      they
      have
      been sold pursuant to an effective
      registration statement registering such securities under the Securities
      Act,
      (y)
      they have been
      sold in
      compliance with paragraph (d) of Rule 145 or (z) they
      are
      eligible to be sold without volume limitations pursuant to Rule 144 promulgated
      under the Securities Act (“Rule
      144”).

     

    2. Registration
      Rights.

     

    2.1 Demand
      Registration.
      At any
      time after the Effective Date, the holders of a majority of the Registrable
      Securities may request Registration (a "Demand
      Registration")
      of the
      Registrable Securities
      under
      the Securities Act. Upon the Company’s
      receipt of a Demand Registration, the Company shall give all other Stockholders
      written notice thereof as soon as practicable, but in no event less than 10
      days
      prior to the filing of such registration
      statement,
      and
      shall provide such Stockholders an opportunity to include in such registration
      statement all Registrable Securities requested by the Stockholders in writing
      to
      be included therein, subject to the limitations set forth in this Section 2.1.
      If
      any
      other Stockholder chooses to include in any such registration statement all
      or
      any part of the Registrable Securities it holds, such Stockholder shall, within
      10 days after the above-described notice from the Company, so
      notify
      the Company in writing. The
      Company shall file a registration statement covering the Registrable Securities
      requested to be Registered pursuant to this Section 2.1 for
      an
      offering to be made on a continuous basis pursuant to Rule 415 promulgated
      under
      the Securities Act on Form S-3 (or on such other form appropriate for such
      purpose) within
      30
      days of the Company's receipt of a Demand Registration. The Company shall use
      its best efforts to cause such registration
      statement to be declared effective by the Securities and Exchange Commission
      (“SEC”)
      within
      120 days following the Company's receipt of the Demand Registration, subject
      to
      any limitations imposed upon such Registration by Rule 415 and the SEC's
      guidelines and limitations promulgated thereunder. Notwithstanding the
      foregoing, the
      Company may postpone for up to six months the filing or the effectiveness (which
      may include the withdrawal of an effective registration statement) of a
      registration statement pursuant to this Section 2.1 if the Company's board
      of
      directors reasonably determines in its good faith judgment based upon the
      written opinion of the Company’s underwriter(s) that, because of the existence
      of any proposal or plan by the Company or any of its subsidiaries to engage
      in
      any acquisition or financing activity (other than in the ordinary course of
      business) or the unavailability for reasons beyond the Company's control of
      any
      required financial statements, or any other event or condition of similar
      significance to the Company, it would be materially disadvantageous to the
      Company
      and
      its
      stockholders for
      such
      a registration statement to be maintained effective, or to be filed and become
      effective.
      The
      Company may include in a Demand Registration any securities that are not
      Registrable Securities.
      Only
      one
      Registration may be demanded pursuant to this section. A
      Registration will not count as a Demand Registration until it has become
      effective and includes 100% of the Registrable Securities requested by the
      Stockholders to be included in the registration statement.

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

     

    2.2 Piggyback
      Registration.
      In
      the
      event the Company proposes to Register any of its securities under the
      Securities Act after
      the
      Effective Date by
      filing
      any form
of
      registration statement (other
      than Form S-4 or Form S-8
      or the
      successor form of either of them)
      that
      would legally permit the inclusion of Registrable Securities, the Company shall
      give the Stockholders written notice thereof as soon as practicable but in
      no
      event less than 30 days prior to the filing of such registration
      statement,
      and
      shall provide the Stockholders an opportunity to include in such Registration
      all Registrable Securities requested by the Stockholders in writing to be
      included therein. If any Stockholder chooses to include in any such registration
      statement all or any part of the Registrable Securities it holds, such
      Stockholder shall, within 10 days after the above-described notice from the
      Company, so
      notify
      the Company in writing. Such notice shall state the intended method of
      disposition of the Registrable Securities by the Stockholder.
      If any
Stockholder
      decides
      not to include all of its Registrable Securities in any registration statement
      thereafter filed by the Company, such Stockholder
      shall
      nevertheless continue to have the right to include any Registrable Securities
      in
      any subsequent registration statement or registration statements as may be
      filed
      by the Company with respect to its securities, all upon the terms and conditions
      set forth herein. Each
      Stockholder shall have one piggyback Registration right pursuant to this Section
      2.2 and a
      Registration will not count as a piggyback Registration until it has become
      effective and includes 100% of the Registrable Securities requested by such
      Stockholder to be included in the registration statement.

     

    2.3 Underwriting.
      If the
      registration statement for which the Stockholders have Registration rights
      under
      this Agreement is for an underwritten offering, the Company shall so advise
      the
Stockholders.
      The
      right of the Stockholders
      to
      be
      included in a Registration pursuant to this Agreement shall be conditioned
      upon
      the Stockholders'
      participation
      in such underwriting and the inclusion of the Registrable Securities in the
      underwriting to the extent provided herein. If the Stockholders elect to
      participate in such offering, the Stockholders
      shall
      enter into an underwriting agreement in customary form with the underwriter
      or
      underwriters selected for such underwriting by the Company. If any Stockholder
      disapproves of the terms of any such underwriting, such Stockholder may elect
      to
      withdraw therefrom by written notice to the Company and the underwriter,
      delivered at least 10 business days prior to the effective date
      of the
      registration statement.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    2.4 Costs
      of Registration.
      The
      Company shall bear the costs of each Registration in which the
      Stockholders participate
      pursuant to Sections 2.1 and 2.2, but excluding any underwriting discounts
      or
      commissions on the sale of Registrable Securities. 

     

    2.5 Reports
      under Securities Exchange Act of 1934.
      With a
      view to making available to the Stockholders the benefits of Rule 144 and any
      other rule or regulation of the SEC that may at any time permit the Stockholders
      to sell securities of the Company to the public pursuant to a Registration
      on
      Form S-3 or without Registration, the Company agrees to:

     

    (a) make
      and
      keep public information available, as those terms are understood and defined
      in
      Rule 144, at all times after the effective date of the first registration
      statement filed by the Company for the offering of its securities to the general
      public so long as the Company remains subject to the periodic reporting
      requirements under Sections 13 or 15(d) of the
      Securities
      Exchange
      Act
      of 1934,
      as amended, or any successor statute (the “Exchange
      Act”);

     

    (b) file
      with
      the SEC in a timely manner all reports and other documents required of the
      Company under the Securities Act and the Exchange Act; and

     

    (c) furnish
      to the Stockholders, so long as accurate and so long as the Stockholders own
      any
      Registrable Securities, forthwith upon request a written statement by the
      Company that it has complied with the reporting requirements of Rule 144, the
      Securities Act and the Exchange Act, or that it qualifies as a registrant whose
      securities may be resold pursuant to Form S-3 (or any successor form that
      provides for short-form Registration) (at any time after it so qualifies),
      and
      such other information as may be reasonably requested in availing the
      Stockholders of any rule or regulation of the SEC that permits the selling
      of
      any such securities without Registration or pursuant to such form.

     

    3. Obligations
      of the Company.
      

     

    In
      connection with the Registration of the Registrable Securities, the Company
      shall have the following obligations:

     

    3.1 The
      Company shall prepare and file with the SEC such amendments (including
      post-effective amendments) and supplements to a registration statement and
      the
      prospectus used in connection with the registration statement as may be
      necessary to keep the registration statement effective at all times required
      for
      such registration statement under this Agreement, and, during such period,
      comply with the provisions of the Securities Act with respect to the disposition
      of all Registrable Securities of the Company covered by the registration
      statement until the termination of said period.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    3.2 The
      Company shall furnish to the
      Stockholders and
      one
      legal counsel selected by the Stockholders holding a majority of the Registrable
      Securities, if any (i) promptly after the same is prepared and publicly
      distributed, filed with the SEC, or received by the Company, one copy of the
      registration statement and any amendment thereto, each prospectus, including
      any
      preliminary prospectus, and each amendment or supplement thereto, and, in the
      case of a registration statement referred to in Section 2.1 or 2.2, each letter
      written by or on behalf of the Company to the SEC or the staff of the SEC,
      and
      each item of correspondence from the SEC or the staff of the SEC, in each case
      relating to such registration statement (other than any portion, if any, thereof
      which contains information for which the Company has sought confidential
      treatment), and (ii) such number of copies of a prospectus, including a
      preliminary prospectus, and all amendments and supplements thereto and such
      other documents as the
      Stockholders may
      reasonably request in order to facilitate the disposition of the Registrable
      Securities covered by the registration statement that are owned (or to be owned)
      by the
      Stockholders.
      All
      correspondence to or from the SEC or its staff shall, subject to applicable
      law
      and legal process, be kept confidential by the
      Stockholders.

     

    3.3 The
      Company shall (i) Register and qualify the Registrable Securities covered by
      the
      registration statement under securities laws of such jurisdictions in the United
      States as the
      Stockholders reasonably
      request, (ii) prepare and file in those jurisdictions (including with the SEC)
      such amendments (including post-effective amendments) and supplements to such
      Registrations and qualifications as may be necessary to maintain the
      effectiveness thereof for a period of 24 months following the effective date
      of
      the registration statement or such longer period of time deemed reasonable
      by
      the Company's board of directors (the "Registration
      Period"),
      (iii)
      take such other actions as may be necessary to maintain such Registrations
      and
      qualifications in effect at all times during the Registration
      Period,
      (iv)
      take all other actions reasonably necessary or advisable to qualify the
      Registrable Securities for sale in such jurisdictions; provided, however, that
      the Company shall not be required in connection therewith or as a condition
      thereto to (a) qualify to do business in any jurisdiction where it would not
      otherwise be required to qualify but for this Section 3.3, (b) subject itself
      to
      general taxation in any such jurisdiction, (c) file a general consent to service
      of process in any such jurisdiction, (d) provide any undertakings that cause
      the
      Company material expense or burden, or (e) make any change in its charter or
      by-laws, which in each case the board of directors of the Company determines
      to
      be contrary to the best interests of the Company and its
      stockholders,
      and (v)
      cause all Registrable Securities covered by such registration statement to
      be
      listed or quoted on each securities exchange or market on which similar
      securities issued by the Company are then listed or quoted.

     

    3.4 In
      the
      event of any underwritten public offering, the Company shall enter into and
      perform its obligations under an underwriting agreement, in usual and customary
      form, including, without limitation, customary indemnification and contribution
      obligations, with the underwriters of such offering.

     

    3.5 As
      soon
      as practicable after becoming aware of such event, the Company shall notify
      the
      Stockholders of
      the
      happening of any event, of which the Company has knowledge, as a result of
      which
      the prospectus included in the registration statement, as then in effect,
      includes an untrue statement of a material fact or omits to state a material
      fact required to be stated therein or necessary to make the statements therein
      not misleading, and use its best efforts as soon as practicable to prepare
      a
      supplement or amendment to (and, in the event of an amendment, obtain the
      effectiveness thereof) the registration statement to correct such untrue
      statement or omission, and deliver such number of copies of such supplement
      or
      amendment to the
      Stockholders as
      the
      Stockholders may
      reasonably request.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    3.6 The
      Company shall use its best efforts to prevent the issuance of any stop order
      or
      other suspension of effectiveness of a registration statement and, if such
      an
      order is issued, to obtain the withdrawal of such order at the earliest
      practicable time and to notify the
      Stockholders (and,
      in
      the event of an underwritten offering, the managing underwriters) of the
      issuance of such order and the resolution thereof.

     

    3.7 The
      Company shall permit a single firm of counsel designated by the Stockholders
      holding a majority of the Registrable Securities to review the registration
      statement and all amendments and supplements thereto a reasonable period of
      time
      prior to their filing with the SEC.

     

    3.8 The
      Company shall make generally available to its security holders as soon as
      practical an earnings statement (in form complying with the provisions of Rule
      158 under the Securities Act) covering a 12-month period beginning not later
      than the first day of the Company's fiscal quarter next following the effective
      date (as defined in said Rule 158) of the registration statement. 

     

    3.9 In
      the
      event Registrable Securities are being sold through underwriters, the Company
      shall furnish, on the date that such Registrable Securities are sold, (i) an
      opinion, dated as of such date, of the counsel representing the Company for
      the
      purposes of such Registration, in form and substance as is customarily given
      to
      underwriters in an underwritten public offering, addressed to the underwriters,
      and (ii) a letter dated as of such date, from the independent certified public
      accountants of the Company, in form and substance as is customarily given by
      independent certified public accountants to underwriters in an underwritten
      public offering addressed to the underwriters.

     

    3.10 In
      the
      event Registrable Securities are being sold through underwriters, the Company
      shall make available for inspection by (i) any underwriter participating in
      any
      disposition pursuant to the registration statement, and (ii) one firm of
      attorneys retained by all such underwriters all pertinent financial and other
      records, and pertinent corporate documents and properties of the Company, as
      shall be reasonably requested by any of the foregoing and cause the Company's
      officers, directors and employees to supply all information which any Inspector
      may reasonably request. 

     

    3.11 The
      Company shall hold in confidence and not make any disclosure of information
      concerning the
      Stockholders provided
      to the Company unless (i) disclosure of such information is necessary to comply
      with federal or state securities laws, (ii) the disclosure of such information
      is necessary to avoid or correct a material misstatement or omission in any
      registration statement, (iii) the release of such information is ordered
      pursuant to a subpoena or other order from a court or governmental body of
      competent jurisdiction or is otherwise required by applicable law or legal
      process, (iv) such information has been made generally available to the public
      other than by disclosure in violation of this or any other agreement (to the
      knowledge of the Company), or (v) the
      Stockholders consent
      to the form and content of any such disclosure. The Company agrees that it
      shall, upon learning that disclosure of such information concerning the
      Stockholders is
      sought
      in or by a court or governmental body of competent jurisdiction or through
      other
      means, give prompt notice to the
      Stockholders prior
      to
      making such disclosure, and allow the
      Stockholders,
      at
      their expense, to undertake appropriate action to prevent disclosure of, or
      to
      obtain a protective order for, such information.

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    3.12 The
      Company shall cooperate with the
      Stockholders and
      the
      managing underwriter or underwriters, if any, to facilitate the timely
      preparation and delivery of certificates (not bearing any restrictive legends)
      representing Registrable Securities to be offered pursuant to the registration
      statement and enable such certificates to be in such denominations or amounts,
      as the case may be, as the managing underwriter or underwriters, if any, or
      the
      Stockholders may
      reasonably request and Registered in such names as the managing underwriter
      or
      underwriters, if any, or the
      Stockholders may
      request.

     

    3.13 At
      the
      request of the
      Stockholders,
      the
      Company shall promptly prepare and file with the SEC such amendments (including
      post-effective amendments) and supplements to a registration statement and
      the
      prospectus used in connection with the registration statement as may be
      necessary in order to change the description of the plan of distribution set
      forth in such registration statement.

     

    3.14 The
      Company shall comply with all applicable laws related to the applicable
      registration statement and offering and sale of securities and all applicable
      rules and regulations of governmental authorities in connection therewith
      (including, without limitation, the Securities Act and the Exchange Act, and
      the
      rules and regulations promulgated by the SEC).

     

    4. Obligations
      of the
      Stockholders.

     

    In
      connection with the Registration of the Registrable Securities, the Stockholders
      shall have the following obligations:

     

    4.1 Each
      Stockholder
      shall
      furnish to the Company such information regarding himself
      or
      itself,
      the
      Registrable Securities held by him or it and the intended method of disposition
      of the Registrable Securities held by him or it as shall be reasonably required
      to effect the Registration of such Registrable Securities and shall execute
      such
      documents in connection with such Registration as the Company may reasonably
      request. At least 10 business days prior to the first anticipated filing date
      of
      the registration statement, the Company shall notify the Stockholders of the
      information the Company requires from the Stockholders.

     

    4.2 The
      Stockholders, by acceptance of the Registrable Securities, agree to cooperate
      with the Company as reasonably requested by the Company in connection with
      the
      preparation and filing of the registration statements hereunder, unless the
      Stockholders have notified the Company in writing of their election to exclude
      all of their Registrable Securities from the applicable registration
      statement.

     

    4.3 In
      the
      event the Registrable Securities are included in a registration statement,
      the
      Stockholders understand that the Securities Act may require delivery of a
      prospectus relating thereto in connection with any sale thereof pursuant to such
      registration statement, and each Stockholder shall comply with the applicable
      prospectus delivery requirements of the Securities Act in connection with any
      such sale.

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    4.4 The
      Stockholders agree that, upon receipt of written notice from the Company of
      the
      happening of any event of the kind described in Section 3.5, the Stockholders
      will immediately discontinue disposition of Registrable Securities pursuant
      to
      the registration statement covering such Registrable Securities until the
      Stockholders' receipt of the copies of the supplemented or amended prospectus
      contemplated by Section 3.5 and, if so directed by the Company, the Stockholders
      shall deliver to the Company (at the expense of the Company) or destroy (and
      deliver to the Company a certificate of destruction) all copies in the
      Stockholders' possession (other than a limited number of permanent file copies),
      of the prospectus covering such Registrable Securities current at the time
      of
      receipt of such notice.

     

    4.5 The
      Stockholders may not participate in any underwritten distribution pursuant
      to a
      registration statement under Sections 2.1 or 2.2 unless the Stockholders (i)
      agree to sell their Registrable Securities on the basis provided in any
      underwriting arrangements in usual and customary form entered into by the
      Company, (ii) complete and execute all questionnaires, powers of attorney,
      indemnities, underwriting agreements and other documents reasonably required
      under the terms of such underwriting arrangements, and (iii) agree to pay its
      pro rata share of all underwriting discounts and commissions and any expenses
      in
      excess of those payable by the Company pursuant to Section 2.4. 

     

    5. Indemnification.

     

    In
      the
      event any Registrable Securities are included in a registration statement under
      this Agreement:

     

    5.1 The
      Company shall
      defend,
      indemnify,
      and
      hold harmless,
      to the
      fullest extent permitted by law, the Stockholders against all losses, claims,
      damages, liabilities and expenses caused by any untrue or alleged untrue
      statement of material fact contained in any registration statement, prospectus
      or preliminary prospectus or any amendment thereof or supplement thereto or
      any
      omission or alleged omission of a material fact required to be stated therein
      or
      a fact necessary to make the statements therein not misleading, except insofar
      as the same are caused by and contained in any information furnished in writing
      to the Company by the Stockholders expressly for use therein. Notwithstanding
      anything to the contrary contained herein, the indemnification agreement
      contained in this Section 5.1, as it pertains to any preliminary or final
      prospectus, shall not inure to the benefit of any indemnified Party if the
      untrue statement or omission of material fact contained in the preliminary
      or
      final prospectus was corrected on a timely basis in the prospectus, as then
      amended or supplemented, if such corrected prospectus was timely made available
      by the Company pursuant to Section 3.3 hereof, and the indemnified Party was
      promptly advised in writing not to use the incorrect prospectus prior to the
      use
      giving rise to a violation and such indemnified Party, notwithstanding such
      advice, used such incorrect prospectus.

     

    5.2 In
      connection with any registration statement in which the Stockholders are
      participating, the Stockholders will furnish to the Company in writing
      information regarding such Stockholder's ownership of Registrable Securities
      and
      its intended method of distribution thereof and each
      Stockholder shall defend, indemnify, and hold harmless,
      to the
      extent permitted by law, the
      Company, its directors, officers, employees and agents and each Party who
      controls (within the meaning of the Securities Act) the Company or such other
      indemnified Party against any losses, claims, damages, liabilities and expenses
      (including with respect to any claim for indemnification hereunder asserted
      by
      any other indemnified Party) resulting from any untrue or alleged untrue
      statement of material fact contained in the registration statement, prospectus
      or preliminary prospectus or any amendment thereof or supplement thereto or
      any
      omission or alleged omission of a material fact required to be stated therein
      or
      necessary to make the statements therein not misleading, but only to the extent
      that such untrue statement or omission is caused by and contained in such
      information so furnished in writing by such
      Stockholder. The indemnification provided under this Section 5.2 shall be
      several and not joint. 

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    5.3 Any
      Party
      entitled to indemnification hereunder shall give prompt written notice to the
      indemnifying Party of any claim with respect to which its seeks indemnification;
      provided, however, the failure to give such notice shall not release the
      indemnifying Party from its obligation under this Section 5, except to the
      extent that the indemnifying Party has been materially prejudiced by such
      failure to provide such notice.

     

    5.4 In
      any
      case in which any such action is brought against any indemnified Party, and
      it
      notifies an indemnifying Party of the commencement thereof, the indemnifying
      Party will be entitled to participate therein, and, to the extent that it may
      wish, jointly with any other indemnifying Party similarly notified, to assume
      the defense thereof, with counsel reasonably satisfactory to such indemnified
      Party, and after notice from the indemnifying Party to such indemnified Party
      of
      its election so to assume the defense thereof, the indemnifying Party will
      not
      (so long as it shall continue to have the right to defend, contest, litigate
      and
      settle the matter in question in accordance with this paragraph) be liable
      to
      such indemnified Party hereunder for any legal or other expense subsequently
      incurred by such indemnified Party in connection with the defense thereof other
      than reasonable costs of investigation, supervision and monitoring (unless
      such
      indemnified Party reasonably objects to such assumption on the grounds that
      there may be defenses available to it which are different from or in addition
      to
      the defenses available to such indemnifying Party, in which event the
      indemnified Party shall be reimbursed by the indemnifying Party for the expenses
      incurred in connection with retaining separate legal counsel). An indemnifying
      Party shall not be liable for any settlement of an action or claim effected
      without its consent. The indemnifying Party shall lose its right to defend,
      contest, litigate and settle a matter if it shall fail to diligently contest
      such matter (except to the extent settled in accordance with the next following
      sentence). No matter shall be settled by an indemnifying Party without the
      consent of the indemnified Party (which consent shall not be unreasonably
      withheld).

     

    5.5 The
      indemnification provided for under this Agreement shall remain in full force
      and
      effect regardless of any investigation made by or on behalf of the indemnified
      Party and will survive the transfer of the Registrable Securities.

     

    6. Miscellaneous.

     

    6.1 Enforceability/Severability.
      If any
      provision of this Agreement is held to be invalid, illegal or unenforceable
      in
      any respect under any applicable law or rule in any jurisdiction, such
      invalidity, illegality or unenforceability shall not affect any other provision
      or any other jurisdiction, but this Agreement shall be reformed, construed
      and
      enforced in such jurisdiction as if such invalid, illegal or unenforceable
      provision had never been contained herein.

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

     

    6.2 Remedies.
      The
      Parties shall be entitled to enforce their rights under this Agreement
      specifically or to recover damages by reason of any breach of any provision
      of
      this Agreement and to exercise all other rights existing in their favor. The
      Parties agree and acknowledge that money damages may not be an adequate remedy
      for any breach of the provisions of this Agreement and that the Company or
      the
      Stockholders may in its sole discretion apply to any court of law or equity
      of
      competent jurisdiction for specific performance and/or injunctive relief
      (without posting a bond or other security) in order to enforce or prevent any
      violation of the provisions of this Agreement.

     

    6.3 Entire
      Agreement; Successors and Assigns.
      Except
      as otherwise expressly set forth herein, this document embodies the complete
      agreement and understanding among the Parties with respect to the subject matter
      hereof and supersedes and preempts any prior understandings, agreements or
      representations by or among the Parties, written or oral, which may have related
      to the subject matter hereof in any way. The terms and conditions of this
      Agreement shall inure to the benefit of and be binding upon the respective
      executors, administrators, heirs, successors and assigns of the Parties.

     

    6.4 Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Delaware, without giving effect to conflicts of laws
      principles.

     

    6.5 Counterparts.
      This
      Agreement may be executed in counterparts, each of which shall be an original,
      and all of which taken together constitute one and the same
      instrument.

     

    6.6 Headings.
      The
      section headings of this Agreement are inserted for convenience only and do
      not
      constitute a part of this Agreement.

     

    6.7 Notices.
      Any
      notice, request or other communication required or permitted hereunder shall
      be
      in writing and shall be delivered personally or by facsimile (receipt confirmed
      electronically) or shall be sent by a reputable express delivery service or
      by
      certified mail, postage prepaid with return receipt requested, addressed as
      follows:

     

    If
      to
      the Stockholders: 

     

    To
      the
      address set forth in the Company’s books and records.

     

    If
      to
      the Company:

     

    MMA
      Media
      Inc. 

    9440
      Little Santa Monica Boulevard, Suite 401

    Beverly
      Hills, California 90210

    Attention:
      Michael Kurdziel

    Facsimile:
      (310) 402-5937

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

     

    Either
      Party hereto may change the above specified recipient or mailing address by
      notice to the other Party given in the manner herein prescribed. All notices
      shall be deemed given on the day when actually delivered as provided above
      (if
      delivered personally or by facsimile, provided that any such facsimile is
      received during regular business hours at the recipient's location) or on the
      day shown on the return receipt (if delivered by mail or delivery
      service).

    

    6.8 Amendment
      and Waiver.
      Except
      as otherwise provided herein, no amendment or waiver of any provision of this
      Agreement shall be effective against the Company or the Stockholders unless
      such
      amendment or waiver is approved in writing by the Company and the Stockholders
      holder a majority of the Registrable Securities. The failure of any Party to
      enforce any provision of this Agreement shall not be construed as a waiver
      of
      such provision and shall not affect the right of such Party thereafter to
      enforce each provision of this Agreement in accordance with its
      terms.

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    

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

    
      	 	 	 
	 	
              COMPANY:

              

              MMA
                MEDIA INC.

            
	 
 	 
 	 
 
	
            	By:  	/s/ Michael Kurdziel
	 	
              

              Michael
                Kurdziel

              Chief
                Executive Officer

            
	 	
            

    

    BY
      EXECUTING THIS AGREEMENT, THE STOCKHOLDER ACKNOWLEDGES FOR ITSELF AND ITS
      ASSIGNS, THAT, DESPITE ENTERING INTO THIS AGREEMENT, THE COMPANY MAKES NO
      REPRESENTATION, GUARANTY OR WARRANTY WHATSOEVER OF ITS ABILITY TO SUCCESSFULLY
      EFFECT WITH THE APPLICABLE REGULATORY AUTHORITIES A REGISTRATION OF THE
      SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT.

    

    STOCKHOLDERS:

    

    RA
      Roseman Holdings, LLC    

    

    By:  /s/
      Adam
      Roseman

    
      

    

    Name:
      Adam Roseman

    Title:
      Manager

    

    Wilshire
      Investments     

    

    By:  
      /s/ Kenneth Ricker

    
      

    

    Name:
      Kenneth Ricker

    Title:
      President

    

    Nia
      Chloe
      Enterprises     

    

    By: 
      /s/ Sol Khazani

    
      

    

    Name:
      Sol
      Khazani

    Title:
      Secretary

    

    Younes
      & Soraya Nazarian Revocable Trust  

    

    By: 
      /s/ Younes Nazarian

    
      

    

    Name:
      Younes Nazarian

    Title:
      Trustee

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

    

    David
      & Angella Nazarian Family Trust  

    

    By: 
      /s/ David Nazarian

    
      

    

    Name:
      David Nazarian

    Title:
      Trustee

     

    /s/
      Tony
      Bobulinski

    
      

    

    Tony
      Bobulinski      

    

    Sam
      Nazarian Trust     

    

    By: 
      /s/  Sam Nazarian

    
      

    

    Name:
      Sam
      Nazarian

    Title:
      Trustee

    

    Kaman
      Ventures     

    

    By: 
      /s/ Michael Kurdziel

    
      

    

    Name:
      Michael Kurdziel

    Title:
      Manager

    

    SGM
      Capital      

    

    By: 
      /s/ Steve Magami

    
      

    

    Name:
      Steve Magami

    Title:
      Managing Member

     

    Attleboro
      Partners, LLC      

    

    By: 
      /s/ Michael S. Smith

    
      

    

    Name:
      Michael S. Smith

    Title:
      Managing Member

    

    Sugarman
      Enterprises     

    

    By: 
      /s/ Ainslie Sugarman

    
      

    

    Name:
      Ainslie Sugarman

    Title:
      President

    

    FP
      Ventures, LLC     

    

    By: 
      /s/ Catherine A. Paura

    
      

    

    Name:
      Catherine A. Paura

    Title:
      Co-CEO

     

    /s/
      Jeff
      Seabold

    
      

    

    Jeff
      Seabold

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

     

    /s/
      Jeffrey Dash

    
      

    

    Jeffrey
      Dash 

     

    
      /s/
        Jared
        Kaban

    

    
      

    

    Jared
      Kaban       

    

    
      

    

    Adam
      Frank

    

    
      

    

    Sujay
      Jaswa

    

    
      

    

    Jake
      Hattan

     

    
      /s/
        Adam
        Agron

    

    
      

    

    Adam
      Agron       

    

    Loeb
      Enterprises, LLC 

    

    By: 
      /s/
      Richard I. Vogel

    
      

    

    Name:
      Richard I. Vogel

    Title:
      Chief Operating Officer

    

    Safire
      Partners 

    

    By: 
      /s/
      Todd Gitlin

    
      

    

    Name:
      Todd Gitlin

    Title:
      CEO

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

    Schedule
      A

    

      
        	
                Stockholders

              	 	
                Registrable
                  Securities (Shares of Common Stock)

              	 
	
                R.A.
                  Roseman Holdings, LLC

              	 	 	
                5,644,909

              	 
	
                Wilshire
                  Investments

              	 	 	
                1,973,045

              	 
	
                Nia
                  Chloe Enterprises

              	 	 	
                792,336

              	 
	
                Younes
                  & Sorarya Nazarian Revocable Trust

              	 	 	
                585,513

              	 
	
                David
                  & Angella Nazarian Family Trust

              	 	 	
                585,513

              	 
	
                Sam
                  Nazarian Trust

              	 	 	
                387,429

              	 
	
                Tony
                  Bobulinski

              	 	 	
                585,513

              	 
	
                Kaman
                  Ventures

              	 	 	
                2,656,717

              	 
	
                SGM
                  Capital

              	 	 	
                1,971,446

              	 
	
                Attleboro
                  Partners, LLC

              	 	 	
                673,486

              	 
	
                Sugarman
                  Enterprises, Inc.

              	 	 	
                81,564

              	 
	
                Jeff
                  Seabold

              	 	 	
                163,128

              	 
	
                FP
                  Ventures, LLC

              	 	 	
                198,084

              	 
	
                Adam
                  Frank

              	 	 	
                261,513

              	 
	
                Sujay
                  Jaswa

              	 	 	
                261,513

              	 
	
                Jake
                  Hattan

              	 	 	
                261,513

              	 
	
                Safire
                  Partners

              	 	 	
                392,270

              	 
	
                Jeff
                  Dash

              	 	 	
                675,000

              	 
	
                Jared
                  Kaban

              	 	 	
                125,000

              	 
	
                Adam
                  Agron

              	 	 	
                500,000

              	 
	
                Loeb
                  Enterprises, LLC

              	 	 	
                5,460,536

              	 

      

       

      
        
          
          

        

        
          -14-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]