Document:

Unassociated Document

     

    SECURITIES
ESCROW AGREEMENT

     

    SECURITIES
ESCROW AGREEMENT, dated as of __________, 2011 (“Agreement”) by and among Prime
Acquisition Corp., a Cayman Islands exempted company (“Company”), the
undersigned parties listed as Initial Shareholders on the signature page hereto
(collectively, the “Initial Shareholders”) and American Stock Transfer &
Trust Company as escrow agent (the “Escrow Agent”).

     

    WHEREAS,
the Company has entered into an Underwriting Agreement, dated _________, 2011
(“Underwriting Agreement”) with Chardan Capital Markets, LLC (“Chardan”), as
representative  of the underwriters named therein (collectively, the
“Underwriters”) in connection with a public offering (the “Public Offering”) by
the Company of Units (as hereafter defined), pursuant to which, among other
matters, the Underwriters have agreed to purchase up to 4,000,000 units
(“Units”) of the Company, each consisting of one ordinary share of the Company,
par value $0.001 per share (the “Ordinary Shares”), and one-half of a Warrant (a
“Warrant”). Each full Warrant evidences the right of the holder thereof to
purchase one Ordinary Share for $7.50, subject to adjustment, as described in
the Warrant Agreement dated as of __________, 2011 by and between the Company
and American Stock Transfer & Trust Company as Warrant Agent;
and

     

    WHEREAS,
pursuant to the Placement Warrant Purchase Agreement, dated as of ____________,
2011, among the Company and certain purchasers, the Company has
issued 1,638,800 full warrants to purchase Ordinary Shares in a private
placement that will occur immediately prior to the IPO (the “Private
Placement”); and

     

    WHEREAS,
the Initial Shareholders have agreed, as a condition of the Underwriters’
obligation to purchase the Units pursuant to the Underwriting Agreement and to
offer them to the public, to deposit all of the Units (and the Ordinary Shares
and Warrants included in the Units) owned by them prior to the consummation of
the Public Offering and the Private Placement, which amounts are set forth
opposite their respective names in Schedule A attached
hereto (collectively “Escrow Securities”; provided, however, that if Chardan does not
exercise the over-allotment option in full, such lesser amount as remains after
the cancellation of shares held in escrow pursuant to Section 3.1), in escrow as
hereinafter provided; and

     

    WHEREAS,
the Company and the Initial Shareholders desire that the Escrow Agent accept the
Escrow Shares, in escrow, to be held and disbursed as hereinafter
provided.

     

    NOW,
THEREFORE, IT IS AGREED:

     

    1.           Appointment of Escrow
Agent.  The Company and the Initial Shareholders hereby appoint
the Escrow Agent to act in accordance with and subject to the terms of this
Agreement and the Escrow Agent hereby accepts such appointment and agrees to act
in accordance with and subject to such terms.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    2.           Deposit of Escrow
Securities.  Prior to the date of the consummation of the
Private Placement and the Public Offering, each of the Initial Shareholders
shall deliver to the Escrow Agent certificates representing his or her
respective Escrow Securities to be held and disbursed subject to the terms and
conditions of this Agreement.  Each Initial Shareholder acknowledges
and agrees that the certificates representing his or her Escrow Securities will
be legended to reflect the deposit of such Escrow Securities under this
Agreement.

     

    
      3.           Disbursement of the Escrow
Securities.

       

      3.1.           The Escrow
Securities.  The Escrow Agent shall hold (1) the
Escrow Securities listed under “First Escrow Period” on Schedule A until it
receives a certificate signed by the Chief Executive Officer or Chief Financial
Officer of the Company stating that the Company’s  initial Business
Combination (as hereinafter defined) has occurred (the “First Escrow Period”),
(2) the Escrow Securities listed under “Second Escrow Period” on Schedule A
until it receives a certificate signed by the Chief Executive Officer or Chief
Financial Officer of the Company stating that the last sales price of the
Company’s ordinary shares has equaled or exceeded $12.00 per share (as adjusted
for stock splits, stock dividends, reorganizations, recapitalizations and
similar transactions) for at least one period of 20 trading days within any
30-trading day period within 12 months following the closing of the initial
Business Combination (the “Second Escrow Period”), and (3) the Escrow Securities
listed under “Third Escrow Period” on Schedule A until it receives a certificate
signed by the Chief Executive Officer or Chief Financial Officer of the Company
stating that the last sales price of the Company’s ordinary shares has equaled
or exceeded $13.00 per share (as adjusted for stock splits, stock dividends,
reorganizations, recapitalizations and similar transactions) for at least one
period of 20 trading days within any 30-trading day period between 12 and 24
months following the closing of the Company’s initial Business Combination (the
“Third Escrow Period”). Following the termination of either the First
Escrow Period, the Second Escrow Period or the Third Escrow Period (as
applicable), the Escrow Agent shall, upon written instructions from each Initial
Shareholder, disburse each of the Initial Shareholder’s Escrow Securities to
such Initial Shareholder; provided however, that if,
after the Company consummates a Business Combination, it (or the surviving
entity) subsequently consummates a liquidation, merger, share exchange or if
there is a tender offer for the Company’s Securities, or other similar
transaction which results in all of the Shareholders of such entity having
the right to exchange their Ordinary Shares or Warrants for cash,
securities or other property, then the Escrow Agent will, upon receipt of a
certificate, executed by the Chief Executive Officer or Chief Financial Officer
of the Company, in form reasonably acceptable to the Escrow Agent, stating that
such transaction is then being consummated, release the Escrow Securities to the
Initial Shareholders immediately prior to the consummation of such transaction
so that they can similarly participate; provided further, that if the
Escrow Agent is notified by the Company (1) pursuant to Section 6.7 hereof
that the Company is being liquidated at any time during the applicable Escrow
Period, then the Escrow Agent shall promptly destroy the certificates
representing the Escrow Securities (2) that
the last sales price of the Company’s ordinary shares did not equal or exceed
$12.00 per share (as adjusted for stock splits, stock dividends,
reorganizations, recapitalizations and similar transactions) for at least one
period of 20 trading days within any 30-trading day period within 12 months
following the closing of the initial Business Combination, then the Escrow Agent
shall promptly destroy the Escrow Securities listed under “Second Escrow Period”
on Schedule A, and (3) that the last sales price of the Company’s ordinary
shares did not equal or exceed $13.00 per share (as adjusted for stock splits,
stock dividends, reorganizations, recapitalizations and similar transactions)
for at least one period of 20 trading days within any 30-trading day period
between 12 and 24 months following the closing of the initial Business
Combination, then the Escrow Agent shall promptly destroy the Escrow Securities
listed under “Third Escrow Period” on Schedule A; and provided further, that if the
Escrow Agent is notified by the Company that Chardan did not exercise its
overallotment option (as further described in the Registration Statement) or
exercised it in part, an amount such that the remaining Ordinary Shares included
in the Escrow Securities shall not exceed 25.4% of the outstanding Ordinary
Shares post-Public Offering (but in no event more than 204,000 Escrow
Securities) shall be forfeited by the Initial Shareholders and cancelled by the
Company and the Escrow Agent shall promptly destroy the certificates
representing such Escrow Securities. For purposes of this Agreement, (i) a
“Business Combination” shall mean an acquisition by a stock exchange, asset
acquisition or other similar business combination, or controlling, through
contractual arrangements, of one or more target businesses having a fair market
value of at least 80% of the Company’s net assets at the time of such
acquisition.

       

      3.2.           Company
Covenants.  The Company hereby covenants and agrees to (i)
cause its officers to act in good faith regarding the release of the Escrow
Securities pursuant to Section 3.1, and (ii) to promptly release the Escrow
Securities after the end of the First Escrow Period, the Second Escrow Period
and the Third Escrow Period.

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    3.3.           Duties.  The
Escrow Agent shall have no further duties hereunder after the disbursement or
destruction of the Escrow Securities in accordance with this Section
3.

     

    4.           Rights of Initial
Shareholders in Escrow Securities.

     

    4.1.           Voting Rights as a
Shareholder.  Subject to the terms of the Insider Letter
described in Section 4.4 hereof and except as herein provided, the Initial
Shareholders shall retain all of their rights as Shareholders of the Company
during the Escrow Period, including, without limitation, the right to vote such
shares.

     

    4.2.           Dividends and Other
Distributions in Respect of the Escrow Securities.  During the
Escrow Period, all dividends payable in cash with respect to the Escrow
Securities shall be paid to the Initial Shareholders, but all dividends payable
in share or other non-cash property (“Non-Cash Dividends”) shall be delivered to
the Escrow Agent to hold in accordance with the terms hereof.  As used
herein, the term “Escrow Securities” shall be deemed to include the Non-Cash
Dividends distributed thereon, if any.

     

    4.3.           Restrictions on
Transfer.  During the Escrow Period, no sale, transfer or other
disposition may be made of any or all of the Escrow Securities except (i) by
gift to a member of an Initial Shareholder’s immediate family or to a trust or
other entity, the beneficiary of which is an Initial Shareholder or a member of
an Initial Shareholder’s immediate family, (ii) by virtue of the laws of descent
and distribution upon death of any Initial Shareholder, or (iii) pursuant to a
qualified domestic relations order; provided, however, that such
permissive transfers may be implemented only upon the respective transferee’s
written agreement to be bound by the terms and conditions of this Agreement and
of the Insider Letter signed by the Initial Shareholder transferring the Escrow
Securities.  During the Escrow Period, no Initial Shareholder shall
pledge or grant a security interest in his, her or its Escrow Securities or
grant a security interest in his, her or its rights under this
Agreement.

     

    4.4.           Insider
Letters.  Each of the Initial Shareholders has executed a
letter agreement with Chardan and the Company, dated as indicated on Schedule A hereto
(“Insider Letter”), and which is filed as an exhibit to the Company’s
Registration Statement on Form F-1, Registration No. 333-171777 with
respect to the Units to be issued in the Public Offering (the “Registration
Statement”), respecting the rights and obligations of such Initial Shareholder
in certain events, including but not limited to the liquidation of the
Company.

     

    5.           Concerning the Escrow
Agent.

     

    5.1.           Good Faith
Reliance.  The Escrow Agent shall not be liable for any action
taken or omitted by it in good faith and in the exercise of its own best
judgment, and may rely conclusively and shall be protected in acting upon any
order, notice, demand, certificate, opinion or advice of counsel (including
counsel chosen by the Escrow Agent), statement, instrument, report or other
paper or document (not only as to its due execution and the validity and
effectiveness of its provisions, but also as to the truth and acceptability of
any information therein contained) which is believed by the Escrow Agent to be
genuine and to be signed or presented by the proper person or
persons.  The Escrow Agent shall not be bound by any notice or demand,
or any waiver, modification, termination or rescission of this Agreement unless
evidenced by a writing delivered to the Escrow Agent signed by the proper party
or parties and, if the duties or rights of the Escrow Agent are affected, unless
it shall have given its prior written consent thereto.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    5.2.           Indemnification.  The
Escrow Agent shall be indemnified and held harmless by the Company from and
against any expenses, including counsel fees and disbursements, or loss suffered
by the Escrow Agent in connection with any action, suit or other proceeding
involving any claim which in any way, directly or indirectly, arises out of or
relates to this Agreement, the services of the Escrow Agent hereunder, or the
Escrow Securities held by it hereunder, other than expenses or losses arising
from the gross negligence or willful misconduct of the Escrow
Agent.  Promptly after the receipt by the Escrow Agent of notice of
any demand or claim or the commencement of any action, suit or proceeding, the
Escrow Agent shall notify the other parties hereto in writing.  In the
event of the receipt of such notice, the Escrow Agent, in its sole discretion,
may commence an action in the nature of interpleader in an appropriate court to
determine ownership or disposition of the Escrow Securities or it may deposit
the Escrow Securities with the clerk of any appropriate court or it may retain
the Escrow Securities pending receipt of a final, non-appealable order of a
court having jurisdiction over all of the parties hereto directing to whom and
under what circumstances the Escrow Securities are to be disbursed and
delivered.  The provisions of this Section 5.2 shall survive in the
event the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6
below.

     

    5.3.           Compensation.  The
Escrow Agent shall be entitled to reasonable compensation from the Company for
all services rendered by it hereunder, as set forth on Exhibit A
hereto.  The Escrow Agent shall also be entitled to reimbursement from
the Company for all expenses paid or incurred by it in the administration of its
duties hereunder including, but not limited to, all counsel, advisors’ and
agents’ fees and disbursements and all taxes or other governmental
charges.

     

    5.4.           Further
Assurances.  From time to time on and after the date hereof,
the Company and the Initial Shareholders shall deliver or cause to be delivered
to the Escrow Agent such further documents and instruments and shall do or cause
to be done such further acts as the Escrow Agent shall reasonably request to
carry out more effectively the provisions and purposes of this Agreement, to
evidence compliance herewith or to assure itself that it is protected in acting
hereunder.

     

    5.5.           Resignation.  The
Escrow Agent may resign at any time and be discharged from its duties as escrow
agent hereunder by its giving the other parties hereto written notice and such
resignation shall become effective as hereinafter provided.  Such
resignation shall become effective at such time that the Escrow Agent shall turn
over to a successor escrow agent appointed by the Company and approved by
Chardan and the Initial Shareholders, the Escrow Securities held
hereunder.  If no new escrow agent is so appointed within the 60 day
period following the giving of such notice of resignation, the Escrow Agent may
deposit the Escrow Securities with any court it deems
appropriate.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    5.6.           Discharge of Escrow
Agent.  The Escrow Agent shall resign and be discharged from
its duties as escrow agent hereunder if so requested in writing at any time by
the Company and a majority of the Initial Shareholders, jointly, provided, however, that such
resignation shall become effective only upon acceptance of appointment by a
successor escrow agent as provided in Section 5.5.

     

    5.7.           Liability.  Notwithstanding
anything herein to the contrary, the Escrow Agent shall not be relieved from
liability hereunder for its own gross negligence or its own willful
misconduct.

     

    6.           Miscellaneous.

     

    6.1.           Governing
Law.  This Agreement shall for all purposes be deemed to be
made under and shall be construed in accordance with the laws of the State of
New York, without giving effect to any choice-of-law provisions thereof that
would compel the application of the substantive laws of any other
jurisdiction.  Each of the parties hereby agrees that any action,
proceeding or claim against it arising out of or relating in any way to this
Agreement shall be brought and enforced in the courts of the State of New York
or the United States District Court for the Southern District of New York (each,
a “New York court”), and irrevocably submits to such jurisdiction, which
jurisdiction shall be exclusive.  Each of the parties hereby waives
any objection to such exclusive jurisdiction and that such courts represent an
inconvenient forum.

     

    6.2.           Third-Party
Beneficiaries.  Each of the Initial Shareholders hereby
acknowledges that Chardan is a third-party beneficiary of this Agreement and
this Agreement may not be modified or changed without the prior written consent
of Chardan.

     

    6.3.           Amendment.  This
Agreement contains the entire agreement and understanding of the parties hereto
with respect to the subject matter hereof. This Agreement or any provision
hereof may only be changed, amended or modified by a writing signed by Escrow
Agent and holders of 65% or more of the Escrow Securities, and with the consent
of the holders of 90% of the Ordinary Shares sold in the Public Offering (the
“IPO Shares”), it being the specific intention of the parties hereto that each
holder of an IPO Share is and shall be a third-party beneficiary of this Section
6.3 with the same right and power to enforce this Section 6.3 as any of the
parties hereto.  For purposes of this Section 6.3, the “consent of the
holders of 90% of the IPO Shares” shall mean receipt by the Escrow Agent of a
certificate from an entity certifying that (i) such entity regularly engages in
the business of serving as inspector of elections for companies whose securities
are publicly traded, and (ii) either (a) the holders of record of 90% of the IPO
Shares of record as of a record date established in accordance with the
applicable provisions of the Companies Law (2009 Revision) of the Cayman Islands
(the “Companies Law”), have voted in favor of such amendment or modification or
(b) the holders of record of 90% of the IPO Shares of record as of a record date
established in accordance with the applicable provisions of the Companies Law
have delivered to such entity a signed writing approving such amendment or
modification.

     

    6.4.           Headings.  The
headings contained in this Agreement are for reference purposes only and shall
not affect in any way the meaning or interpretation thereof.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    6.5.           Binding
Effect.  This Agreement shall be binding upon and inure to the
benefit of the respective parties hereto and their legal representatives,
successors and assigns.

     

    6.6.           Notices.  Any
notice or other communication required or which may be given hereunder shall be
in writing and either be delivered personally or by private national courier
service, or be mailed, certified or registered mail, return receipt requested,
postage prepaid, and shall be deemed given when so delivered personally or, if
sent by private national courier service, on the next business day after
delivery to the courier, or, if mailed, two business days after the date of
mailing, as follows:

     

    If to the
Company, to:

    

    Prime
Acquisition Corp.

    No. 322,
Zhongshan East Road

    Shijiazhuang

    Hebei
Province, 050011 China

    Attn:
William Tsu-Cheng Yu, President

     

    If to an
Initial Shareholder, to his address set forth in Schedule
A.

     

    and if to
the Escrow Agent, to:

     

    American
Stock Transfer & Trust Company

    59 Maiden
Lane

    New York,
New York  10038

    Attn:    Compliance
Department

     

    A copy of
any notice sent hereunder shall be sent to (but which shall not constitute
notice):

     

    Loeb
& Loeb LLP

    345 Park
Avenue

    New York,
New York 10154

    Attn:    Mitchell
S. Nussbaum, Esq.

     

    and:

    Chardan
Capital Markets, LLC

    17 State
Street

    Suite
1600

    New York,
N.Y. 10004

    Attn:
Kerry Propper, Chief Executive Officer

     

    and:

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

    666 Third
Avenue

    New York,
NY 10017

    Attn:
Kenneth R. Koch, Esq.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    The
parties may change the persons and addresses to which the notices or other
communications are to be sent by giving written notice to any such change in the
manner provided herein for giving notice.

     

    6.7.           Liquidation of
Company.  The Company shall give the Escrow Agent written
notification of the liquidation and dissolution of the Company in the event that
the Company fails to consummate a Business Combination within the time period(s)
specified in the Registration Statement.

     

    - Signature page of the Company
immediately follows -

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    WITNESS
the execution of this Agreement as of the date first above written.

    

    
      
        
          	
                  PRIME
      ACQUISITION CORP.

                
	 
      
	
                  By:

                	 
      
	
                  Name:

                
	
                  Title:

                

        

      

    

     

    
      - Signature page of Initial
Shareholders immediately follows -

    

    

    Escrow
Agreement

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    WITNESS the execution of this Agreement
as of the date first above written.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          	
                                                  INITIAL
      SHAREHOLDERS:

                                                
	 
      
	 
	
                                                  Yong
      Hui Li

                                                
	 
      
	 
      
	
                                                  Diana
      Chia-Huei Liu

                                                
	 
      
	
                                                  THE
      SHODAN COMPANY

                                                
	 
      
	 
      
	
                                                  Name:

                                                
	
                                                  Title:

                                                
	 
      
	 
      
	
                                                  William
      Tsu-Cheng Yu

                                                
	 
      
	PUWAY
      LTD.
	 
	 
	Name:
	Title:
	 
	 
      
	
                                                  Joseph
      Liu

                                                
	 
      
	 
      
	
                                                  Steven
      Liu

                                                
	 
      
	 
      
	
                                                  Olivia
      Yu

                                                
	 
      
	 
      
	
                                                  Joyce
      Liu

                                                

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      - Signature page of Escrow Agent
immediately follows -

    

     

    
      	 
      	
              Escrow
      Agreement

            	 
      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    WITNESS the execution of this Agreement
as of the date first above written.

     

    
      
        
          
            
              
                	
                        AMERICAN
      STOCK TRANSFER

                      
	
                        & TRUST COMPANY, as
      Escrow Agent

                      
	 
      
	
                        By:

                      	 
      
	
                        Name:

                      
	
                        Title:

                      

              

            

          

        

      

    

     

    Escrow
Agreement

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  SCHEDULE
      A

                
	
                  First Escrow

                	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                  Name
      and Address of

                  Initial
      Shareholder

                	 
      	
                  Number

                  of
      Shares

                	 
      	
                  Stock

                  Certificate
      Numbers

                	 
      	
                  Number

                  of
      Warrants

                	 
      	
                  Insider
      Letter

                
	
                  Yong
      Hui Li

                	 
      	
                          231,150

                	
                  (1)

                	
                  [_____]

                	 
      	
                             115,575

                	
                  (7)

                	
                  [_____]

                
	
                  Diana
      Chia-Huei Liu

                	 
      	
                          277,380

                	
                  (2)

                	
                  [_____]

                	 
      	
                             138,690

                	
                  (8)

                	
                  [_____]

                
	
                  The
      Shodan Company

                	 
      	
                          120,198

                	
                  (3)

                	
                  [_____]

                	 
      	
                               60,099

                	
                  (9)

                	
                  [_____]

                
	
                  William
      Tsu-Cheng Yu

                	 
      	
                          120,198

                	
                  (3)

                	
                  [_____]

                	 
      	
                               60,099

                	
                  (9)

                	
                  [_____]

                
	
                  Puway
      Ltd.

                	 
      	
                            92,460

                	
                  (4)

                	
                  [_____]

                	 
      	
                               46,230

                	
                  (10)

                	
                  [_____]

                
	
                  Joseph
      Liu

                	 
      	
                            32,361

                	
                  (5)

                	
                  [_____]

                	 
      	
                               16,181

                	
                  (11)

                	
                  [_____]

                
	
                  Steven
      Liu

                	 
      	
                            32,361

                	
                  (5)

                	
                  [_____]

                	 
      	
                               16,181

                	
                  (11)

                	
                  [_____]

                
	
                  Olivia
      Yu

                	 
      	
                              9,246

                	
                  (6)

                	
                  [_____]

                	 
      	
                                 4,623

                	
                  (12)

                	
                  [_____]

                
	
                  Joyce
      Liu

                	 
      	
                              9,246

                	
                  (6)

                	
                  [_____]

                	 
      	
                                 4,623

                	
                  (12)

                	
                  [_____]

                
	
                  Total

                	 
      	
                          924,600

                	 
      	 
      	 
      	
                             462,300

                	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                  Second Escrow

                	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                  Name
      and Address of

                  Initial
      Shareholder

                	 
      	
                  Number

                  of
      Shares

                	 
      	
                  Stock

                  Certificate
      Numbers

                	 
      	
                  Number

                  of
      Warrants

                	 
      	
                  Insider
      Letter

                
	
                  Yong
      Hui Li

                	 
      	
                            79,925

                	
                  (13)

                	
                  [_____]

                	 
      	
                               39,963

                	
                  (19)

                	
                  [_____]

                
	
                  Diana
      Chia-Huei Liu

                	 
      	
                            95,910

                	
                  (14)

                	
                  [_____]

                	 
      	
                               47,955

                	
                  (20)

                	
                  [_____]

                
	
                  The
      Shodan Company

                	 
      	
                            41,561

                	
                  (15)

                	
                  [_____]

                	 
      	
                               20,781

                	
                  (21)

                	
                  [_____]

                
	
                  William
      Tsu-Cheng Yu

                	 
      	
                            41,561

                	
                  (15)

                	
                  [_____]

                	 
      	
                               20,781

                	
                  (21)

                	
                  [_____]

                
	
                  Puway
      Ltd.

                	 
      	
                            31,970

                	
                  (16)

                	
                  [_____]

                	 
      	
                               15,985

                	
                  (22)

                	
                  [_____]

                
	
                  Joseph
      Liu

                	 
      	
                            11,190

                	
                  (17)

                	
                  [_____]

                	 
      	
                                 5,595

                	
                  (23)

                	
                  [_____]

                
	
                  Steven
      Liu

                	 
      	
                            11,190

                	
                  (17)

                	
                  [_____]

                	 
      	
                                 5,595

                	
                  (23)

                	
                  [_____]

                
	
                  Olivia
      Yu

                	 
      	
                              3,197

                	
                  (18)

                	
                  [_____]

                	 
      	
                                 1,599

                	
                  (24)

                	
                  [_____]

                
	
                  Joyce
      Liu

                	 
      	
                              3,197

                	
                  (18)

                	
                  [_____]

                	 
      	
                                 1,599

                	
                  (24)

                	
                  [_____]

                
	
                  Total

                	 
      	
                          319,701

                	 
      	 
      	 
      	
                             159,851

                	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                  Third Escrow

                	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                  Name
      and Address of

                  Initial
      Shareholder

                	 
      	
                  Number

                  of
      Shares

                	 
      	
                  Stock

                  Certificate
      Numbers

                	 
      	
                  Number

                  of
      Warrants

                	 
      	
                  Insider
      Letter

                
	
                  Yong
      Hui Li

                	 
      	
                            79,925

                	
                  (13)

                	
                  [_____]

                	 
      	
                               39,963

                	
                  (19)

                	
                  [_____]

                
	
                  Diana
      Chia-Huei Liu

                	 
      	
                            95,910

                	
                  (14)

                	
                  [_____]

                	 
      	
                               47,955

                	
                  (20)

                	
                  [_____]

                
	
                  The
      Shodan Company

                	 
      	
                            41,561

                	
                  (15)

                	
                  [_____]

                	 
      	
                               20,781

                	
                  (21)

                	
                  [_____]

                
	
                  William
      Tsu-Cheng Yu

                	 
      	
                            41,561

                	
                  (15)

                	
                  [_____]

                	 
      	
                               20,781

                	
                  (21)

                	
                  [_____]

                
	
                  Puway
      Ltd.

                	 
      	
                            31,970

                	
                  (16)

                	
                  [_____]

                	 
      	
                               15,985

                	
                  (22)

                	
                  [_____]

                
	
                  Joseph
      Liu

                	 
      	
                            11,190

                	
                  (17)

                	
                  [_____]

                	 
      	
                                 5,595

                	
                  (23)

                	
                  [_____]

                
	
                  Steven
      Liu

                	 
      	
                            11,190

                	
                  (17)

                	
                  [_____]

                	 
      	
                                 5,595

                	
                  (23)

                	
                  [_____]

                
	
                  Olivia
      Yu

                	 
      	
                              3,197

                	
                  (18)

                	
                  [_____]

                	 
      	
                                 1,599

                	
                  (24)

                	
                  [_____]

                
	
                  Joyce
      Liu

                	 
      	
                              3,197

                	
                  (18)

                	
                  [_____]

                	 
      	
                                 1,599

                	
                  (24)

                	
                  [_____]

                
	
                  Total

                	 
      	
                          319,701

                	 
      	 
      	 
      	
                             159,851

                	 
      	 
      

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	
                   (1)
      Up to 30150 shares subject to forfeiture pursuant to Section
      3.1.

                
	
                   (2)
      Up to 36180 shares subject to forfeiture pursuant to Section
      3.1.

                
	
                   (3)
      Up to 15678 shares subject to forfeiture pursuant to Section
      3.1.

                
	
                   (4)
      Up to 12060 shares subject to forfeiture pursuant to Section
      3.1.

                
	
                   (5)
      Up to 4221 shares subject to forfeiture pursuant to Section
      3.1.

                
	
                   (6)
      Up to 1206 shares subject to forfeiture pursuant to Section
      3.1.

                
	
                   (7)
      Up to 15075 shares subject to forfeiture pursuant to Section
      3.1.

                
	
                   (8)
      Up to 18090 shares subject to forfeiture pursuant to Section
      3.1.

                
	
                   (9)
      Up to 7839 shares subject to forfeiture pursuant to Section
      3.1.

                
	
                   (10)
      Up to 6030 shares subject to forfeiture pursuant to Section
      3.1.

                
	
                   (11)
      Up to 2110 shares subject to forfeiture pursuant to Section
      3.1.

                
	
                   (12)
      Up to 603 shares subject to forfeiture pursuant to Section
      3.1.

                
	
                   (13)
      Up to 10425 shares subject to forfeiture pursuant to Section
      3.1.

                
	
                   (14)
      Up to 12510 shares subject to forfeiture pursuant to Section
      3.1.

                
	
                   (15)
      Up to 5421 shares subject to forfeiture pursuant to Section
      3.1.

                
	
                   (16)
      Up to 4170 shares subject to forfeiture pursuant to Section
      3.1.

                
	
                   (17)
      Up to 1459 shares subject to forfeiture pursuant to Section
      3.1.

                
	
                   (18)
      Up to 417 shares subject to forfeiture pursuant to Section
      3.1.

                
	
                   (19)
      Up to 5212 shares subject to forfeiture pursuant to Section
      3.1.

                
	
                   (20)
      Up to 6255 shares subject to forfeiture pursuant to Section
      3.1.

                
	
                   (21)
      Up to 2710 shares subject to forfeiture pursuant to Section
      3.1.

                
	
                   (22)
      Up to 2085 shares subject to forfeiture pursuant to Section
      3.1.

                
	
                   (23)
      Up to 729 shares subject to forfeiture pursuant to Section
      3.1.

                
	
                   (24)
      Up to 208 shares subject to forfeiture pursuant to Section
      3.1.

                

        

         

      

    

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    EXHIBIT
A

     

    Escrow
Agent Fees

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	
                                        Description

                                      	 	
                                        Amount
      ($)

                                      	 
	 	 	 	 
	
                                        Fee
      for acting as Escrow Agent

                                      	 	
                                        [_____]

                                      	 

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        13Third
Addendum

    To

    Subscription
Agreement Dated November 15, 2009 (the “Agreement”),

    the
Addendum thereto dated February 12th 2010 (the “Addendum”),

    the
Amended and Restated Promissory Note (the “Note”), and the

    Second
Addendum (the “Second Addendum”) all attached hereto as

    Exhibits.

    

    This
Third Addendum is entered into on September 24, 2010 by and between Glen Rose
Petroleum Corporation (“GLRP”) and World-Link Partners, LLC (“World-Link”) all
jointly referred to herein as the (“Parties”).

    

    WITNESSETH
:

    

    
      	
               
      

            	
              1.

            	
              The
      Parties to this Third Addendum do hereby agree to alter the terms and
      conditions to the Agreement, the Addendum and the Note as to extending the
      due date on the Note and all other obligations relating thereto until
      March 31, 2011 (the “Payment
Date”).

            

    

    

    
      	
               
      

            	
              2.

            	
              The
      Parties to this Third Addendum do hereby agree and affirm that all other
      terms and conditions of the Agreement, the Addendum and Note remain in
      full force and effect and are altered only as to the Payment
      Date.

            

    

    

    
      	
               
      

            	
              3.

            	
              This
      Third Addendum shall be governed and construed in accordance with the Laws
      of the State of Delaware without regard to the conflicts of law rules
      thereof.

            

    

    

    
      	
               
      

            	
              4.

            	
              This
      Third Addedum may be executed by facsimile and/or in two or more
      counterparts, each of which shall be deemed an original, but all of which
      together shall constitute one and the
same.

            

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              5.

            	
              This
      Third Addendum and the Exhibits hereto constitue the entire
      agreement.

            

    

    

    
      	
               
      

            	
              6.

            	
              The
      Parties agree that the representations, warranties, covenants and
      agreements of the Agreement, Addendum, Second Addendum and the Note shall
      survive the execution of this Third
Addendum.

            

    

    

    
      	
               
      

            	
              7.

            	
              The
      Parties acknowledge that they have had the opportiunity to consult with
      counsel in connection with the transactions contemplated by this Third
      Addendum. This Third Addendum has been entered into after full
      investigation.

            

    

    

    IN
WITNESS WHEREOF, each of the parties hereto has caused this Second Addendum to
be signed on its behalf by its duly authorized officers, all as of the day and
year first above written.

    

    
      
        
          
            
              	
                      Glen
      Rose Petroleum Corporation

                    
	 
      
	
                      By:

                    	
                      /s/
      Andrew Taylor Kimmins

                    	 
      
	 
      	
                      Andrew
      Taylor Kimmins,
President

                    

            

          

        

      

    

    

    
      
        
          	
                  World
      Link Partners, LLC

                
	 
      
	
                  By:

                	
                  /s/
      W. Scott Smith

                	 
      
	 
      	
                  W.
      Scott Smith, Managing
Member

                

        

      

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    Exhibit
One

    

    Subscription
Agreement Dated November 15, 2009 (the “Agreement”)

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    Exhibit
Two

    

    the
Addendum thereto dated February 12th 2010 (the “Addendum”)

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    Addendum

    to

    Subscription
Agreement Dated November 15, 2009 (the “Agreement”) Attached under Exhibit ‘A’
and Amended and Restated Promissory Note attached under Exhibit B.

    

    This
Addendum is
entered into on the 12th day of February 2010 by and between Glen Rose
Petroleum Corporation (“GLRP”) and World-Link Partners, LLC (“World-Link”) (all
herein jointly referred to as the
“Parties”).

    

    WITNESSETH:

    

    
      The
Parties to this Addendum do hereby agree to alter the terms and conditions the
Agreement as follows:-

    

    

    
      	
              1.

            	
              The
      First and Second Notes. The Parties herby agree that the First and
      Second Notes entered into under the Agreement will be replaced by the Amended
      and Restated Promissory Note attached under Exhibit
  B.

            

    

    

    
      	
              2.

            	
              $12,500
      Payment.
      Upon execution of this Addendum and the Amended and Restated Promissory
      Note by GLRP World-Link will immediately transfer the sum of $12,500.00 (twelve
      thousand five hundred Dollars).

            

    

    

    
      	
              3.

            	
              Shares
      and Warrants.    GLRP agrees that immediately upon
      execution of this Addendum, Amended and Restated Promissory Note and
      receipt of $12,500.00
      (twelve thousand five hundred Dollars), as detailed in Clause 2 of this Addendum, it
      will immediately
      issue all shares of common
      stock and
      warrants due to World-Link under the
  Agreement.

            

    

    

    
      	
              4.

            	
              Validity
      and Forbearance. The Parties agree that save as the changes made
      under Clauses 1, 2
      and 3 of this
      Addendum all other terms and conditions of the Agreement remain in force
      and effect.

            

    

    

    
      	
              3.

            	
              Governing
      Law. This
      Agreement shall be governed by and construed in accordance with the
      Laws of the State of Delaware without regard to the conflicts of laws
      rules thereof.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
              4.

            	
              Counterparts. This Agreement may be executed
      by facsimile and/or in two
      or more counterparts, each
      of which shall be deemed an
      original, but all of which together shall constitute one and the same
      agreement.

            

    

    

    
      	
              5.

            	
              Headings.
      The headings contained in this Agreement are solely for the purpose of
      reference, are not part of the agreement of the parties and shall not
      affect in any way the meaning or interpretation of this
      Agreement.

            

    

    

    
      	
              6.

            	
              Entire
      Agreement. This Agreement (and the Exhibits
      hereto) and the other documents delivered pursuant hereto and referenced
      herein constitute the entire agreement and understanding of the parties
      hereto in respect of the subject matter contained herein or therein. There
      are no agreements, representations, warranties or covenants other than
      those expressly set forth herein or therein. This Agreement (and the
      Exhibits hereto) supersede all prior agreements and understandings between
      the parties with respect to such subject matter other than the unaffected
      clauses of the Agreement.

            

    

    

    
      	
              7.

            	
              Assignment.
      This Agreement shall not be assigned by operation of Law or
      otherwise.

            

    

    

    
      	
              8.

            	
              Jurisdiction
      and
      Venue. The parties hereto agree that any suit, action or proceeding
      arising out of or relating to this Agreement shall be instituted only in
      the state or federal courts in Shreveport, Louisiana. Each party waives
      any objection it may have now or hereafter to the laying of the venue of
      any such suit, action or proceeding, and irrevocably submits to the
      jurisdiction of any such court in any such suit, action or
      proceeding.

            

    

    

    
      	
              10.

            	
              Representations
      & Warranties. The representations, warranties, covenants and
      agreements shall survive the
Closing.

            

    

    

    
      	
              11.

            	
              Expenses.
      All costs and expenses incurred in connection with this Agreement and the
      transactions contemplated hereby, shall be paid by the Party incurring
      such expenses other than those described in Clause C.
    above.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
              12.

            	
              Notification
      of Certain Matters. Each Party shall give prompt notice to the
      other Party(ies) of the occurrence or nonoccurrence of any event whose
      occurrence or non-occurrence is reasonably expected to cause not to be
      satisfied any of the conditions precedent set forth in this
      Addendum;

            

    

    

    
      	
              13.

            	
              Construction.
      This Agreement is to be deemed to have been prepared jointly by the
      parties hereto after arms-length negotiations, and any uncertainty or
      ambiguity existing herein shall not be interpreted against any party, but
      according to the application of the rules of interpretation of
      contracts.

            

    

    

    
      	
              14.

            	
              Opportunity
      to Consult With Counsel. The parties acknowledge that they have had
      the opportunity to consult with counsel in connection with the
      transactions contemplated by this Agreement. This Agreement has been
      entered into after full
investigation.

            

    

    

    IN WITNESS WHEREOF, each of
the parties hereto has caused this Agreement to be signed on its behalf by its
duly authorized officers, all as of the day and year first above
written.

    

    
      
        
          	
                  Glen
      Rose Petroleum Corporation

                
	 
      
	
                  By:

                	
                  /s/
      Andrew Taylor-Kimmins

                	 
      
	 
      	
                  Andrew
      Taylor-Kimmins

                  President

                

        

      

    

    

    
      
        
          	
                  World-Link
      Partners, LLC

                	 
	 
      	 
	
                  By:

                	
                  /s/
      C. Scott Smith

                	 
	 
      	
                  C.
      Scott Smith

                  Managing
      Member

                	 

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
A

    

    Subscription
Agreement Executed November 15, 2009

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    EXHIBIT
B

    

    Amended
and Restated Note Dated February 12, 2010

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Exhibit
Three

    

    the
Amended and Restated Promissory Note (the “Note”)

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    AMENDED
AND RESTATED PROMISSORY NOTE

    

    
      
        	
                Amount:
      $37,500.00

              	
                Dated: February 12,
      2010

              

      

    

    

    FOR VALUE
RECEIVED, the undersigned, World-Link Partners, LLC a limited liability company
organized in the State of Delaware having an office at 3141 Jasmine Drive, Del
Ray Beach, FL 33483 (the “Borrower”), HEREBY UNCONDITIONALLY PROMISES TO PAY to
the order of Glen
Rose Petroleum Corporation, a company with an office at 4925 Greenville
Avenue, Dallas Texas 75109 (the “Lender”), the principal sum of THIRTY SEVEN
THOUSAND FIVE DOLLARS ($37,500.00), payable in lawful tender of the United
States, on Marsh 30, 2010.

    

    The
Borrower further promises to pay interest on the outstanding principal amount of
this Promissory Note from the date hereof until repaid in full at a rate equal
at all times to eight percent (8%) per annum, compounded monthly. All
computations of interest shall be made on the basis of a year of 360 days for
the actual number of days occurring in the period for which such interest is
payable.

    

    All
payments hereunder shall be made in lawful money of the United States of America
to the Lender, at Lenders’ address set forth above, or at such other place or to
such account as the Lender from time to time shall designate in a written notice
to the Borrower. Whenever any payment hereunder shall be stated to be due, or
whenever any other date specified hereunder would otherwise occur, on a day
other than a Business Day (as defined below), then such payment shall be made or
such other date shall occur, on the next succeeding Business Day, and such
extension of time shall in such case be included in the computation of payment
of interest hereunder. As used herein, “Business Day” means a day (i) other than
Saturday or Sunday, and (ii) on which commercial banks are otherwise open for
business in New York, New York.

    

    Anything
herein to the contrary notwithstanding, if during any period for which interest
is computed hereunder, the amount of interest computed on the basis provided for
in this Promissory Note, together with all fees, charges and other payments
which arc treated as interest under applicable law, as provided for herein or in
any other document executed in connection herewith, would exceed the amount of
such interest computed on the basis of the Highest Lawful Rate, the Borrower
shall not be obligated to pay, and the Lender shall not be entitled to charge,
collect, receive, reserve or take, interest in excess of the Highest Lawful
Rate, and during any such period the interest payable hereunder shall be
computed on the basis of the Highest Lawful Rate. As used herein, “Highest
Lawful Rate” means the maximum non-usurious rate of interest, as in effect from
time to time, which may be charged, contracted for, reserved, received or
collected by the Lender in connection with this Promissory Note under applicable
law.

    

    The
Borrower may prepay the outstanding amount hereof in whole or in part at any
time, without premium or penalty. Together with any such prepayment the Borrower
shall pay accrued interest on the amount prepaid.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    The
Borrower represents and warrants to the Lender that this Promissory Note does
not contravene any contractual or judicial restriction binding on or affecting
the Borrower and that this Promissory Note is the legal, valid and binding
obligation of the Borrower enforceable against it in accordance with its terms,
except as limited by applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting enforcement of
creditor’s rights or by general equitable principles. The occurrence of any of
the following shall constitute an “Event of Default” under this Promissory
Note:

    

    
      	
               
      

            	
              a.

            	
              the
      failure to make any payment of any amount payable under this Promissory
      Note when due;

            

    

    

    
      	
               
      

            	
              b.

            	
              the
      breach of any other condition or obligation under this Promissory
      Note;

            

    

    

    
      	
               
      

            	
              c.

            	
              the
      filing of a petition by or against the Borrower under any provision of the
      Bankruptcy Reform Act, Title 11 of the United States Code, as amended or
      recodified from time to time, or under any similar law relating to
      bankruptcy, insolvency or other relief for debtors; or appointment of a
      receiver, trustee, custodian or liquidator of or for all or any part of
      the assets or property of the Borrower; or the insolvency of the Borrower;
      or the making of a general assignment for the benefit of creditors by the
      Borrower, or

            

    

    

    
      	
               
      

            	
              d.

            	
              the
      breach by Borrower or the managing Member of the Borrower of any
      representation, warranty or covenant contained in the letter agreement
      among Borrower and Lender, dated as of the date hereof (the “Letter
      Agreement”).

            

    

    

    Upon the
occurrence of any Event of Default, the unpaid principal amount of this
Promissory Note, together with all interest accrued and unpaid hereon and all
other amounts payable hereunder shall automatically become immediately due and
payable, without presentment, demand, protest or notice of any land. Borrower
hereby waives presentment, demand for payment, protest, notice of dishonor, and
any and all other notices or demands in connection with the delivery,
acceptance, performance, default, or enforcement of this Promissory
Note.

    

    This Note
is secured by collateral pursuant to a Security Agreement. An Event of Default
under this Note is an Event of Default under said Security Agreement. The
Borrower agrees to pay, on demand, all reasonable costs and expenses (including,
without limitation, reasonable attorneys’ fees and disbursements) which the
Lender incurs in connection with enforcement or attempted enforcement of this
Promissory Note, or the protection or preservation of the Lender’s rights under
this Promissory Note, whether by judicial proceedings
or otherwise.

    

    Borrower
represents and warrants to Lender that:

    

    
      	
               
      

            	
              a.

            	
              Borrower
      is a Delaware limited liability company duly organized and validly
      existing and in good standing under the laws of Delaware;
    and

            

    

    

    
      	
               
      

            	
              b.

            	
              Borrower
      has full power and authority to enter into this Promissory
      Note and
      to consummate the transaction contemplated hereby. This Promissory Note
      shall be binding on the Borrower and its successors and assigns
      and shall be binding upon and inure to the benefit of the Lender, any
      future holder of this Promissory Note and their respective successors and
      assigns.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Borrower
may not assign or otherwise transfer any of its obligations under this
Promissory Note without the prior written consent of Lender. No provision of
this Promissory Note may be amended, waived or modified except by written
agreements of the Lender and Borrower.

    

    If any
term or provision of this Promissory Note is held invalid, illegal or
unenforceable, the validity of all other terms and provisions hereof will in no
way be affected thereby. Lender shall not, by any act, delay, omission or
otherwise, be deemed to have waived any of its rights and/or remedies hereunder.
No change, amendment, modification, termination, waiver, or discharge, in whole
or in part, of any provision of this Promissory Note shall be effective unless
in writing and signed by Lender, and if so given by Lender, shall be effective
only in the specific instance in which given. Borrower acknowledges that this
Promissory Note and Borrower’s obligations under this Promissory Note are, and
shall at all times continue to be, absolute and unconditional in all respects,
and shall at all times be valid and enforceable irrespective of any other
agreements or circumstances of any nature whatsoever which might otherwise
constitute a defense to this Promissory Note and the obligations of Borrower
under this Promissory Note. Borrower absolutely, unconditionally and irrevocably
waives any and all right to assert any set-off, counterclaim or crossclaim of
any nature whatsoever with respect to this Promissory Note or Borrower’s
obligations hereunder.

    

    This
Promissory Note shall be governed by and construed in accordance with the laws
of the State of New York.

    

    BORROWER
HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY FEDERAL OR STATE
COURT IN THE STATE OF NEW YORK IN ANY ACTION, SUIT OR PROCEEDING BROUGHT
AGAINST IT AND RELATED TO OR IN CONNECTION WITH THIS PROMISSORY NOTE OR ANY OF
THE TRANSACTIONS CONTEMPLATED HEREBY AND CONSENTS TO THE PLACING OF VENUE IN THE
COUNTY OF NEW YORK OR OTHER COUNTY PERMITTED BY LAW. TO THE EXTENT PERMITTED BY
APPLICABLE LAW, BORROWER HEREBY WAIVES AND AGREES NOT TO ASSERT BY WAY OF
MOTION, AS A DEFENSE OR OTHERWISE, IN ANY SUCH SUIT, ACTION OR PROCEEDING ANY
CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, THAT
THE SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE
VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER, OR THAT THIS PROMISSORY
NOTE OR ANY OTHER DOCUMENT OR INSTRUMENT REFERRED TO HEREIN MAY NOT BE LITIGATED
IN OR BY SUCH COURTS. TO THE EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AGREES
NOT TO SEEK AND HEREBY WAIVES THE RIGHT TO ANY REVIEW OF THE JUDGMENT OF ANY
SUCH COURT BY ANY COURT OF ANY OTHER NATION OR JURISDICTION WHICH MAY BE CALLED
UPON TO GRANT AN ENFORCEMENT OF SUCH JUDGMENT.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    BORROWER
AGREES THAT SERVICE OF PROCESS MAY BE MADE UPON IT BY CERTIFIED OR REGISTERED
MAIL TO ITS ADDRESS SET FORTH ABOVE OR SUCH OTHER ADDRESS THAT BORROWER SHALL
HAVE NOTIFIED LENDER IN WRITING OR ANY METHOD AUTHORIZED BY THE LAWS OF THE
STATE OF NEW YORK. EXCEPT AS PROHIBITED BY LAW, BORROWER HEREBY WAIVES ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR
INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS PROMISSORY
NOTE.

    

    IN
WITNESS WHEREOF Borrower has duly executed this Note the day and year first
above written.

    

    World-Link
Partners, LLC

    

    
      
        
          	
                  By:

                	
                  /s/
      W. Scott Smith

                	 
      
	 
      	
                  W.
      Scott Smith

                
	 
      	
                  Managing
      Member

                  World-Link
      Partners, LLC

                

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Addendum

    to

    Subscription
Agreement Dated November 15, 2009 (the “Agreement”) attached under
Exhibit ‘A’ and Amended and Restated Promissory Note attached under Exhibit
B.

    

    This
Addendum is entered into on the 12th
day of February 2010 by and between Glen Rose Petroleum Corporation (“GLRP”) and
World-Link Partners, LLC (“World-Link”) (all herein jointly referred to as the
“Parties”).

    

    WITNESSETH:

    

    
      The
Parties to this Addendum do hereby agree to alter the terms and conditions the
Agreement as follows:-

    

    

    
      	
              1.

            	
              The
      First and Second Notes. The Parties herby agree that the First and
      Second Notes entered into under the Agreement will be replaced by the
      Amended and Restated Promissory Note attached under Exhibit
    B.

            

    

    

    
      	
              2.

            	
              $12,500
      Payment. Upon execution of this Addendum and the Amended and
      Restated Promissory Note by GLRP World-Link will immediately transfer the
      sum of $12,500.00 (twelve thousand five hundred
  Dollars).

            

    

    

    
      	
              3.

            	
              Shares
      and Warrants.    GLRP agrees that immediately upon
      execution of this Addendum, Amended and Restated Promissory Note and
      receipt of $12,500.00 (twelve thousand five hundred Dollars), as detailed
      in Clause 2 of this Addendum, it will immediately issue all shares of
      common stock and warrants due to World-Link under the
      Agreement.

            

    

    

    
      	
              4.

            	
              Validity
      and Forbearance. The Parties agree that save as the changes made
      under Clauses 1, 2 and 3 of this Addendum all other terms and conditions
      of the Agreement remain in force and
effect.

            

    

    

    
      	
              3.

            	
              Governing
      Law. This Agreement shall be governed by and construed in
      accordance with the Laws of the State of Delaware without regard to the
      conflicts of laws rules
thereof.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              4.

            	
              Counterparts.
      This Agreement may be executed by facsimile and/or in two or more
      counterparts, each of which shall be deemed an original, but all of which
      together shall constitute one and the same
  agreement.

            

    

    

    
      	
              5.

            	
              Headings.
      The headings contained in this Agreement are solely for the purpose of
      reference, are not part of the agreement of the parties and shall not
      affect in any way the meaning or interpretation of this
      Agreement.

            

    

    

    
      	
              6.

            	
              Entire
      Agreement.
      This Agreement (and the Exhibits hereto) and the other documents delivered
      pursuant hereto and referenced herein constitute the entire agreement and
      understanding of the parties hereto in respect of the subject matter
      contained herein or therein. There are no agreements, representations,
      warranties or covenants other than those expressly set forth herein or
      therein. This Agreement (and the Exhibits hereto) supersede all prior
      agreements and understandings between the parties with respect to such
      subject matter other than the unaffected clauses of the
      Agreement.

            

    

    

    
      	
              7.

            	
              Assignment.
      This Agreement shall not be assigned by operation of Law or
      otherwise.

            

    

    

    
      	
              8.

            	
              Jurisdiction
      and
      Venue.
      The parties hereto agree that any suit, action or proceeding arising out
      of or relating to this Agreement shall be instituted only in the state or
      federal courts in Shreveport, Louisiana. Each party waives any objection
      it may have now or hereafter to the laying of the venue of any such suit,
      action or proceeding, and irrevocably submits to the jurisdiction of any
      such court in any such suit, action or
  proceeding.

            

    

    

    
      	
              10.

            	
              Representations
      &
      Warranties.
      The representations, warranties, covenants and agreements shall survive
      the Closing.

            

    

    

    
      	
              11.

            	
              Expenses.
      All costs and expenses incurred in connection with this Agreement and the
      transactions contemplated hereby, shall be paid by the Party incurring
      such expenses other than those described in Clause C.
    above.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              12.

            	
              Notification
      of Certain Matters. Each Party shall give prompt notice to the
      other Party(ies) of the occurrence or nonoccurrence of any event whose
      occurrence or non-occurrence is reasonably expected to cause not to be
      satisfied any of the conditions precedent set forth in this
      Addendum;

            

    

    

    
      	
              13.

            	
              Construction.
      This Agreement is to be deemed to have been prepared jointly by the
      parties hereto after arms-length negotiations, and any uncertainty or
      ambiguity existing herein shall not be interpreted against any party, but
      according to the application of the rules of interpretation of
      contracts.

            

    

    

    
      	
              14.

            	
              Opportunity
      to Consult With Counsel. The parties acknowledge that they have had
      the opportunity to consult with counsel in connection with the
      transactions contemplated by this Agreement. This Agreement has been
      entered into after full
investigation.

            

    

    

    IN WITNESS WHEREOF, each of
the parties hereto has caused this Agreement to be signed on its behalf by its
duly authorized officers, all as of the day and year first above
written.

    

    
      
        
          	
                  Glen
      Rose Petroleum Corporation

                
	 
      
	
                  By:

                	
                  /s/
      Andrew Taylor-Kimmins

                	 
      
	 
      	
                  Andrew
      Taylor-Kimmins

                  President

                

        

      

    

    

    
      
        
          	
                  World-Link
      partners, LLC

                	 
	 
      	 
	
                  By:

                	
                  /s/
      W. Scott Smith

                	 
	 
      	
                  W.
      Scott Smith

                  Managing
      Member

                	 

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
A

    

    Subscription
Agreement Executed November 15, 2009

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Exhibit
Four

     

    Second
Addendum (the “Second Addendum”)

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    Second
Addendum

    To

    Subscription
Agreement Dated November 15, 2009 (the
“Agreement”), the

    Addendum
thereto dated February 12th
2010 (the
“Addendum”) and the Amended

    and
Restated Promissory Note (the “Note”), all attached hereto as
Exhibits.

    

    This
Second Addendum is entered into on March 27th 2010 by and between Glen Rose
Petroleum Corporation (“GLRP”) and World-Link Partners, LLC (“World-Link”) (all
jointly referred to herein as the (“Parties”).

    

    WITNESSETH:

    

    
      	
               
      

            	
              1.

            	
              The
      Parties to this Second Addendum do hereby agree to alter
      the terms and conditions to the Agreement, the Addendum and the Note as to
      extending the due date on the Note and all other obligations relating
      thereto until September 30, 2010 (the “Payment
  Date”).

            

    

    

    
      	
               
      

            	
              2.

            	
              The
      Parties to this Second Addendum do hereby agree and affirm that all other
      terms and conditions of the Agreement, the Addendum and Note remain in
      full force and effect and are altered only as to the Payment
      Date.

            

    

    

    
      	
               
      

            	
              3.

            	
              This
      Second Addendum shall be governed and construed in accordance with the
      Laws of the State of Delaware without regard to the conflicts of law rules
      thereof.

            

    

    

    
      	
               
      

            	
              4.

            	
              This
      Second Addedum may be executed by facsimile and/or in two or more
      counterparts, each of which shall be deemed an original, but all of which together
      shall constitute one and the same.

            

    

    

    
      	
               
      

            	
              5.

            	
              This
      Second Addendum and the Exhibits hereto constitue the entire
      agreement.

            

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              6.

            	
              The
      Parties agree that the representations, warranties, covenants and
      agreements of the Agreement, Addendum and the Note shall survive the
      execution of this Second Addendum.

            

    

    

    
      	
               
      

            	
              7.

            	
              The
      Parties acknowledge that they have had the opportiunity to consult with
      counsel in connection with the transactions contemplated by this Second
      Addendum. This Second Addendum has been entered into after full
      investigation.

            

    

    

    IN
WITNESS WHEREOF, each of the parties hereto has caused this Second Addendum to
be signed on its behalf by its duly authorized officers, all as of the day and
year first above written.

    

    
      
        
          	
                  Glen
      Rose Petroleum Corporation

                
	 
      
	
                  By:

                	
                  /s/
      Andrew Taylor Kimmins

                	 
      
	 
      	
                  Andrew
      Taylor Kimmins,
President

                

        

      

    

    

    
      
        
          
            	
                    World
      Link Partners, LLC

                  	 
	 
      	 
	
                    By:

                  	
                    /s/
      W. Scott Smith

                  	 
	 
      	
                    W.
      Scott Smith, Managing
Member

                  

          

        

      

    

    
      
         

      

      
        2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00184-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00184-of-00352.parquet"}]]