Document:

Unassociated Document

    PRO
      ELITE, INC.

     

    2006
      STOCK OPTION PLAN

     

    	1.  	
            Establishment,
              Purpose and Definitions.

          

     

    (a)  The
      2006
      Stock Option Plan (the “Plan”)
      of Pro
      Elite, Inc., a New Jersey corporation (the “Company”),
      is
      hereby adopted. The Plan shall provide for the issuance of incentive stock
      options (“ISOs”)
      and
      nonqualified stock options (“NSOs”)
      to
      purchase the Stock of the Company.

     

    (b)  The
      purpose of this Plan is to promote the long-term success of the Company by
      attracting, motivating and retaining directors, officers, employees, consultants
      and advisers of the Company and its Affiliates (the “Participants”)
      through the use of competitive long-term incentives which are tied to
      shareholder value. The Plan seeks to balance Participants’ and shareholders’
interests by providing incentives to the Participants in the form of stock
      options which offer rewards for achieving the long-term strategic and financial
      objectives of the Company.

     

    (c)  The
      Plan
      is intended to provide a means whereby Participants may be given an opportunity
      to purchase shares of Stock of the Company pursuant to (i) options which may
      qualify as ISOs under Section 422 of the Internal Revenue Code of 1986, as
      amended (the “Internal
      Revenue Code”),
      or
      (ii) NSOs which may not so qualify.

     

    (d)  The
      term
“Affiliates”
as
      used
      in this Plan means, in the case of an ISO, parent or subsidiary corporations,
      as
      defined in Section 424(e) and (f) of the Code (but substituting “the Company”
for “employer corporation”), including parents or subsidiaries which become such
      after adoption of the Plan, and in all other cases, any entity which is
      controlled by or which controls the Company.

     

    	2.  	
            Administration
              of the Plan.

          

     

    (a)  The
      Plan
      shall be administered by the Compensation Committee of the Board of Directors
      (the “Board”)
      or
      such other committee appointed by the Board to administer the Plan (the
“Committee”)
      or in
      the absence of a Committee, by the Board acting in such capacity.

     

    (b)  The
      Committee may from time to time determine which Participants (each an
“option
      holder”)
      shall
      be granted options under the Plan, the terms thereof (including without
      limitation determining whether the option is an ISO and the times at which
      the
      options shall become exercisable), and the number of shares of Common Stock
      for
      which an option or options may be granted.

     

    (c)  If
      rights
      of the Company to repurchase Stock are imposed, the Board or the Committee
      may,
      in its sole discretion, accelerate, in whole or in part, the time for lapsing
      of
      any rights of the Company to repurchase shares of such Stock or forfeiture
      restrictions.

     

    (d)  If
      rights
      of the Company to repurchase Stock are imposed, the certificates evidencing
      such
      shares of Stock awarded hereunder, although issued in the name of the option
      holder concerned, shall be held by the Company or a third party designated
      by
      the Committee in escrow subject to delivery to the option holder or to the
      Company at such times and in such amounts as shall be directed by the Board
      under the terms of this Plan. Share certificates representing Stock which is
      subject to repurchase rights shall have imprinted or typed thereon a legend
      or
      legends summarizing or referring to the repurchase rights.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (e)  The
      Board
      or the Committee shall have the sole authority, in its absolute discretion,
      to
      adopt, amend and rescind such rules and regulations, consistent with the
      provisions of the Plan, as, in its opinion, may be advisable in the
      administration of the Plan, to construe and interpret the Plan, the rules and
      regulations, and the instruments evidencing options granted under the Plan
      and
      to make all other determinations deemed necessary or advisable for the
      administration of the Plan. All decisions, determinations and interpretations
      of
      the Committee shall be binding on all option holders under the
      Plan.

     

    	3.  	
            Stock
              Subject to the Plan.

          

     

    (a)  “Stock”
shall
      mean the Common Stock of the Company or such stock as may be changed as
      contemplated by Section 3(c) below. Stock shall include shares drawn from either
      the Company’s authorized but unissued shares of Common Stock or from reacquired
      shares of Common Stock, including without limitation shares repurchased by
      the
      Company in the open market.

     

    (b)  Options
      may be granted under the Plan from time to time to eligible persons to purchase
      an aggregate of up to 8,000,000 shares of Stock. Stock options awarded pursuant
      to the Plan which are forfeited, terminated, surrendered or cancelled for any
      reason prior to exercise shall again become available for grants under the
      Plan
      (including any option cancelled in accordance with the cancellation regrant
      provisions of Section 6(f) herein). 

     

    (c)  If
      there
      shall be any change in the Stock subject to the Plan, including Stock subject
      to
      any option granted hereunder, through merger, consolidation, recapitalization,
      reorganization, reincorporation, stock split, reverse stock split, stock
      dividend, combination or reclassification of the Company’s Stock or other
      similar events, an appropriate adjustment shall be made by the Committee in
      the
      number of shares and/or the option price with respect to any unexercised shares
      of Stock. Consistent with the foregoing, in the event that the outstanding
      Stock
      is changed into another class or series of capital stock of the Company,
      outstanding options to purchase Stock granted under the Plan shall become
      options to purchase such other class or series and the provisions of this
      Section 3(c) shall apply to such new class or series.

     

    (d)  The
      Company may grant options under the Plan in substitution for options held by
      employees of another company who become employees of the Company as a result
      of
      merger or consolidation. The Company may direct that substitute options be
      granted on such terms and conditions as deemed appropriate by the Board or
      the
      Committee. 

     

    (e)  The
      aggregate number of shares of Stock approved by the Plan may not be exceeded
      without amending the Plan and obtaining shareholder approval within twelve
      months of such amendment. 

     

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

     

    	4.  	
            Eligibility.

          

     

    Persons
      who shall be eligible to receive stock options granted under the Plan shall
      be
      those Participants referred to in Section 1(b) above; provided, however, that
      (i) ISOs may only be granted to employees of the Company and its Affiliates
      and (ii) any person holding capital stock possessing more than 10% of the
      total combined voting power of all classes of capital stock of the Company
      or
      any Affiliate shall not be eligible to receive ISOs unless the exercise price
      per share of Stock is at least 110% of the fair market value of the Stock on
      the
      date the option is granted.

     

    	5.  	
            Exercise
              Price for Options Granted under the Plan.

          

     

    (a)  All
      ISOs
      will have option exercise prices per option share equal to the fair market
      value
      of a share of the Stock on the date the option is granted, except that in the
      case of any option granted to any person possessing more than 10% of the total
      combined voting power of all classes of stock of the Company or any Affiliate
      (a
“Ten
      Percent Stockholder”)
      the
      price shall be not less than 110% of such fair market value. The option exercise
      prices per option for NSO’s shall be as determined by the Committee, provided
      that NSO’s shall have an exercise price that is not less than 85% of such fair
      market value except that the exercise price shall be 110% of such fair market
      value in the case of NSO’s granted to any Ten Percent Stockholder. The price of
      ISOs or NSOs granted under the Plan shall be subject to adjustment to the extent
      provided in Section 3(c) above.

     

    (b)  The
      fair
      market value on the date of grant shall be determined based upon the closing
      price on an exchange on that day or, if the Stock is not listed on an exchange,
      on the average of the closing bid and asked prices in the Over the Counter
      Market on that day. 

     

    	6.  	
            Terms
              and Conditions of Options.

          

     

    (a)  Each
      option granted pursuant to the Plan shall be evidenced by a written stock option
      agreement, employment agreement, consulting agreement or services loanout
      agreement (the “Option
      Agreement”)
      executed by the Company and the person to whom such option is granted. The
      Option Agreement shall designate whether the option is an ISO or an
      NSO.

     

    (b)  The
      term
      of each ISO and NSO shall be no more than 10 years, except that the term of
      each
      ISO issued to any person possessing more than 10% of the voting power of all
      classes of stock of the Company or any Affiliate shall be no more than 5
      years.

     

    (c)  In
      the
      case of ISOs, the aggregate fair market value (determined as of the time such
      option is granted) of the Stock to which ISOs are exercisable for the first
      time
      by any individual during any calendar year (under this Plan and any other plans
      of the Company or its Affiliates if any) shall not exceed the amount specified
      in Section 422(d) of the Internal Revenue Code, or any successor provision
      in
      effect at the time an ISO becomes exercisable.

     

    (d)  The
      Option Agreement may contain such other terms, provisions and conditions
      regarding vesting, repurchase or other similar provisions as may be determined
      by the Committee and not inconsistent with this Plan. If an option, or any
      part
      thereof, is intended to qualify as an ISO, the Option Agreement shall contain
      those terms and conditions which the Committee determines are necessary to
      so
      qualify under Section 422 of the Internal Revenue Code.

     

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    (e)  The
      Committee shall have full power and authority to extend the period of time
      for
      which any option granted under the Plan is to remain exercisable following
      the
      option holder’s cessation of service as an employee or consultant, including
      without limitation cessation as a result of death or disability; provided,
      however, that in no event shall such option be exercisable after the specified
      expiration date of the option term. 

     

    (f)  The
      Committee shall have full power and authority to effect at any time and from
      time to time, with the consent of the affected option holders, the cancellation
      of any or all outstanding options under the Plan and to grant in substitution
      new options under the Plan covering the same or different numbers of shares
      of
      Stock with the same or different exercise prices.

     

    (g)  As
      a
      condition to option grants under the Plan, the option holder agrees to grant
      the
      Company the repurchase rights as Company may at its option require and as may
      be
      set forth in the Option Agreement or a separate repurchase agreement.

     

    (h)  Any
      option granted under the Plan may be subject to a vesting schedule as provided
      in the Option Agreement and, except as provided in this Section 6 herein, only
      the vested portion of such option may be exercised at any time during the Option
      Period. All rights to exercise any option shall lapse and be of no further
      effect whatsoever immediately if the option holder’s service as an employee is
      terminated for “Cause” (as hereinafter defined). The unvested portion of the
      option will lapse and be of no further effect immediately upon any termination
      of employment of the option holder for any reason. Unless employment is
      terminated for Cause, the right to exercise an option in the event of
      termination of employment, to the extent that the Participant is otherwise
      entitled to exercise an option on the date employment terminates, shall
      be:

     

    (i)  at
      least
      six months from the date of termination of employment if termination was caused
      by death or disability;

     

    (ii)  at
      least
      30 days from the date of termination if termination of employment was caused
      by
      other than death or disability; and

     

    (iii)  but
      in no
      event later than the remaining term of the option.

     

    There
      shall be “Cause” for termination as set forth in any applicable employment or
      consulting agreement or, in the absence of such agreement if (i) the option
      holder is convicted of a felony, (ii) the option holder engages in any
      fraudulent or other dishonest act to the detriment of the Company,
      (iii) the option holder fails to report for work on a regular basis, except
      for periods of authorized absence or bona fide illness, (iv) the option
      holder misappropriates trade secrets, customer lists or other proprietary
      information belonging to the Company for the option holder’s own benefit or for
      the benefit of a competitor, (v) the option holder engages in any willful
      misconduct designed to harm the Company or its shareholders, or (vi) the
      option holder fails to perform properly assigned duties with a failure to cure
      after 20 days notice.

     

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    (i) No
      fractional shares of Stock shall be issued under the Plan, whether by initial
      grants or any adjustments to the Plan. 

     

    	7.  	
            Use
              of Proceeds.

          

     

    Cash
      proceeds realized from the sale of Stock under the Plan shall constitute general
      funds of the Company.

     

    	8.  	
            Amendment,
              Suspension or Termination of the Plan.

          

     

    (a)  The
      Board
      may at any time suspend or terminate the Plan, and may amend it from time to
      time in such respects as the Board may deem advisable provided that (i) such
      amendment, suspension or termination complies with all applicable state and
      federal requirements and requirements of any stock exchange on which the Stock
      is then listed, including any applicable requirement that the Plan or an
      amendment to the Plan be approved by the shareholders. The Plan shall terminate
      on the earlier of (i) ten (10) years from October 3, 2006,
      (ii) the date on which no additional shares of Stock are available for
      issuance under the Plan, or (iii) ten years after the date the Plan is approved
      by the Company’s shareholders.

     

    (b)  No
      option
      may be granted during any suspension or after the termination of the Plan,
      and
      no amendment, suspension or termination of the Plan shall, without the option
      holder’s consent, alter or impair any rights or obligations under any option
      granted under the Plan.

     

    (c)  The
      Committee, with the consent of affected option holders, shall have the authority
      to cancel any or all outstanding options under the Plan and grant new options
      having an exercise price which may be higher or lower than the exercise price
      of
      cancelled options. 

     

    	9.  	
            Assignability
              of Options and Rights.

          

     

    (a)  Subject
      to Subparagraph (b), no Option issued under the Plan shall be assignable or
      transferable by an option holder other than by will or the laws of descent
      and
      distribution. An Option awarded to an option holder during such option holder’s
      lifetime shall be exercisable only by an option holder or his or her guardian
      or
      legal representation.

     

    (b)  Notwithstanding
      Subparagraph (a), in the case of an NSO, an option holder shall be permitted
      to
      transfer the Option to the option holder’s spouse, adult lineal descendants,
      adult spouses of adult lineal descendants and trusts for the benefit of the
      option holder’s minor or adult lineal descendants (a “Related
      Transferee”)
      if the
      Option Agreement under which the Option is granted so specifies. If the Option
      is transferred to a Related Transferee pursuant to the preceding sentence,
      the
      Related Transferee shall, upon exercise of the Option, hold the Stock subject
      to
      all the provisions of the transferor’s Option Agreement in the same manner as
      the transferor and shall execute and deliver to the Company such instruments
      as
      the Company shall require to evidence the same.

     

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

     

    	10.  	
            Payment
              Upon Exercise.

          

     

    Payment
      of the purchase price upon exercise of any option or right to purchase Stock
      granted under this Plan shall be made by giving the Company written notice
      of
      such exercise, specifying the number of such shares of Stock as to which the
      option is exercised. Such notice shall be accompanied by payment of an amount
      equal to the Option Price of such shares of Stock. Such payment may be
      (i) cash, (ii) by check drawn against sufficient funds, (iii) at
      the discretion of the Committee, by delivery to the Company of the option
      holder’s promissory note, (iv) such other consideration as the Committee,
      in its sole discretion, determines and is consistent with the Plan’s purpose and
      applicable law, or (v) any combination of the foregoing. Any Stock used to
      exercise options to purchase Stock (including Stock withheld upon the exercise
      of an option to pay the purchase price of the shares of Stock as to which the
      option is exercised) shall be valued in accordance with procedures established
      by the Committee. Any promissory note used to exercise options to purchase
      Stock
      shall be a full recourse, interest-bearing obligation secured by Stock in the
      Company being purchased and containing such terms as the Committee shall
      determine. If a promissory note is used to exercise options the option holder
      agrees to execute such further documents as the Company may deem necessary
      or
      appropriate in connection with issuing the promissory note, perfecting a
      security interest in the stock purchased with the promissory note and any
      related terms the Company may propose. Such further documents may include,
      without limitation, a security agreement and an assignment separate from
      certificate. If accepted by the Committee in its discretion, such consideration
      also may be paid through a broker-dealer sale and remittance procedure pursuant
      to which the option holder (I) shall provide irrevocable written
      instructions to a designated brokerage firm to effect the immediate sale of
      the
      purchased Stock and remit to the Company, out of the sale proceeds available
      on
      the settlement date, sufficient funds to cover the aggregate option price
      payable for the purchased Stock plus all applicable Federal and State income
      and
      employment taxes required to be withheld by the Company in connection with
      such
      purchase and (II) shall provide written directives to the Company to
      deliver the certificates for the purchased Stock directly to such brokerage
      firm
      in order to complete the sale transaction. 

     

    	11.  	
            Withholding
              Taxes.

          

     

    (a)  Shares
      of
      Stock issued hereunder shall be delivered to an option holder only upon payment
      by such person to the Company of the amount of any withholding tax required
      by
      applicable federal, state, local or foreign law. The Company shall not be
      required to issue any Stock to an option holder until such obligations are
      satisfied. 

     

    (b)  The
      Committee may, under such terms and conditions as it deems appropriate,
      authorize an option holder to satisfy withholding tax obligations under this
      Section 11 by surrendering a portion of any Stock previously issued to the
      option holder or by electing to have the Company withhold shares of Stock from
      the Stock to be issued to the option holder, in each case having a fair market
      value equal to the amount of the withholding tax required to be
      withheld.

     

     

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

     

    	12.  	
            Corporate
              Transactions.

          

     

    (a)  For
      the
      purpose of this Section 12, a “Corporate
      Transaction”
shall
      include any of the following shareholder-approved transactions to which the
      Company is a party:

     

    (i)  a
      merger
      or consolidation in which the Company is not the surviving entity, except for
      a
      transaction the principal purpose of which is to change the State of the
      Company’s incorporation; or

     

    (ii)  the
      sale,
      transfer or other disposition of all or substantially all of the assets of
      the
      Company in liquidation or dissolution of the Company.

     

    (b)  Upon
      the
      occurrence of a Corporate Transaction, if the surviving corporation or the
      purchaser, as the case may be, does not assume the obligations of the Company
      under the Plan, then irrespective of the vesting provisions contained in
      individual option agreements, all outstanding options shall become immediately
      exercisable in full and each option holder will be afforded an opportunity
      to
      exercise their options prior to the consummation of the merger or sale
      transaction so that they can participate on a pro rata basis in the transaction
      based upon the number of shares of Stock purchased by them on exercise of
      options if they so desire. To the extent that the Plan is unaffected and assumed
      by the successor corporation or its parent company a Corporate Transaction
      will
      have no effect on outstanding options and the options shall continue in effect
      according to their terms.

     

    (c)  Each
      outstanding option under this Plan which is assumed in connection with the
      Corporate Transaction or is otherwise to continue in effect shall be
      appropriately adjusted, immediately after such Corporate Transaction, to apply
      and pertain to the number and class of securities which would have been issued
      to the option holder in connection with the consummation of such Corporate
      Transaction had such person exercised the option immediately prior to such
      Corporate Transaction. Appropriate adjustments shall also be made to the option
      price payable per share, provided the aggregate option price payable for such
      securities shall remain the same. In addition, the class and number of
      securities available for issuance under this Plan following the consummation
      of
      the Corporate Transaction shall be appropriately adjusted.

     

    (d)  The
      grant
      of options under this Plan shall in no way affect the right of the Company
      to
      adjust, reclassify, reorganize or otherwise change its capital or business
      structure or to merge, consolidate, dissolve, liquidate or sell or transfer
      all
      or any part of its business or assets.

     

    	13.  	
            Loans
              or Guarantee of Loans.

          

     

    (a)  The
      Committee may, in its discretion, assist any option holder in the exercise
      of
      options granted under this Plan, including the satisfaction of any income and
      employment tax obligations arising therefrom by (i) authorizing the
      extension of a loan from the Company to such option holder, (ii) permitting
      the option holder to pay the exercise price for the Stock in installments over
      a
      period of years or (iii) authorizing a guarantee by the Company of a third
      party loan to the option holder. The terms of any loan, installment method
      of
      payment or guarantee (including the interest rate and terms of repayment) will
      be upon such terms as the Committee specifies in the applicable option or
      issuance agreement or otherwise deems appropriate under the circumstances.
      Loans, installment payments and guarantees may be granted with or without
      security or collateral (other than to option holders who are not employees,
      in
      which event the loan must be adequately secured by collateral other than the
      purchased Stock). However, the maximum credit available to the option holder
      may
      not exceed the exercise or purchase price of the acquired shares of Stock plus
      any Federal and State income and employment tax liability incurred by the option
      holder in connection with the acquisition of such shares of Stock.

     

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

    (b)  The
      Committee may, in its absolute discretion, determine that one or more loans
      extended under this financial assistance program shall be subject to forgiveness
      by the Company in whole or in part upon such terms and conditions as the
      Committee may deem appropriate.

     

    	14.  	
            Regulatory
              Approvals.

          

     

    The
      obligation of the Company with respect to Stock issued under the Plan shall
      be
      subject to all applicable laws, rules and regulations and such approvals by
      any
      governmental agencies or stock exchanges as may be required. The Company
      reserves the right to restrict, in whole or in part, the delivery of Stock
      under
      the Plan until such time as any legal requirements or regulations have been
      met
      relating to the issuance of Stock, to their registration or qualification under
      the Securities Exchange Act of 1934, if applicable, or any applicable state
      securities laws, or to their listing on any stock exchange at which time such
      listing may be applicable. 

     

    	15.  	
            No
              Employment/Service Rights.

          

     

    Neither
      the action of the Company in establishing this Plan, nor any action taken by
      the
      Board or the Committee hereunder, nor any provision of this Plan shall be
      construed so as to grant any individual the right to remain in the employ or
      service of the Company (or any parent, subsidiary or affiliated corporation)
      for
      any period of specific duration, and the Company (or any parent, subsidiary
      or
      affiliated corporation retaining the services of such individual) may terminate
      or change the terms of such individual’s employment or service at any time and
      for any reason, with or without cause.

     

    	16.  	
            Miscellaneous
              Provisions.

          

     

    (a)  The
      provisions of this Plan shall be governed by the laws of the State of
      California, as such laws are applied to contracts entered into and performed
      in
      such State, without regard to its rules concerning conflicts of
      law.

     

    (b)  The
      provisions of this Plan shall inure to the benefit of, and be binding upon,
      the
      Company and its successors or assigns, whether by Corporate Transaction or
      otherwise, and the option holders, the legal representatives of their respective
      estates, their respective heirs or legatees and their permitted
      assignees.

     

    (c)  The
      option holders shall have no dividend rights, voting rights or any other rights
      as a shareholder with respect to any options under the Plan prior to the
      issuance of a stock certificate for such Stock. 

     

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

    (d)  With
      respect to grants to non-U.S. residents, options may be granted hereunder which
      may vary from the terms of the Plan but which are consistent with the terms
      hereof to the extent necessary or appropriate to comply with foreign laws
      including but not limited to tax laws.

     

    (e)  Any
      option exercised before stockholder approval is obtained shall be rescinded
      if
      stockholder approval is not obtained within 12 months before or after the Plan.
      Such shares shall not be counted in determining whether such approval is
      obtained.

     

    (f)  The
      Company shall provide annual financial statements of the Company to each
      Participant holding an outstanding option under the Plan.

     

    

    
      
         

      

      
        -9-Exhibit 10.1

                                    CONTENTS

<TABLE>
<CAPTION>
<S>                                                                                                 <C>
Clause                                                                                            Page

1.       DEFINITIONS ANDINTERPRETATION...............................................................1
2.       SALE OFTHE SHARES AND PRICE.................................................................4
3.       CONDITIONS PRECEDENT........................................................................5
4.       COMPLETION..................................................................................6
5.       WARRANTIES..................................................................................7
6.       WITHHOLDING TAXAND GROSSING UP..............................................................9
7.       INDEMNIFICATION.............................................................................9
8.       ENTIRE AGREEMENT...........................................................................10
9.       VARIATION..................................................................................10
10.      ASSIGNMENT.................................................................................10
11.      CONFIDENTIALITY............................................................................10
12.      ANNOUNCEMENTS..............................................................................11
13.      COSTS......................................................................................12
14.      SEVERABILITY...............................................................................12
15.      COUNTERPARTS...............................................................................12
16.      PAYMENTS...................................................................................12
17.      WAIVERS,RIGHTS AND REMEDIES................................................................13
18.      FURTHER ASSURANCE..........................................................................13
19.      NOTICES....................................................................................13
20.      GOVERNING LAWAND JURISDICTION..............................................................15
21.      GUARANTEE..................................................................................16

SCHEDULE 1            FORM OF DEED OF ADHERENCE.....................................................18
EXHIBIT A             SUPPLEMENTAL DEED.............................................................22
</TABLE>
<PAGE>

                                                                  EXECUTION COPY
                                                                  --------------

                                   14 MAY 2007

                               INDALEX UK LIMITED

                       OK SPRING ROLL LIMITED PARTNERSHIP

                                 INDALEX LIMITED

              ===================================================

                                    AGREEMENT
                          for the sale and purchase of
                  25.01 percent. of the issued share capital of
                           Asia Aluminum Group Limited

              ===================================================

                         FRESHFIELDS BRUCKHAUS DERINGER
<PAGE>

THIS AGREEMENT is made on 14 May 2007

AMONG:

(1)      INDALEX UK LIMITED, a company incorporated under the laws of England
         and Wales with company number 188407, whose registered office is at
         Novar House, 24 Queens Road, Weybridge, Surrey KT13 9UX (the Vendor);

(2)      OK SPRING ROLL LIMITED PARTNERSHIP, a limited partnership formed under
         the laws of the Cayman Islands whose registered office is at c/o
         Walkers SPV Limited, Walker House, 87 Mary Street, George Town, Grand
         Cayman, KY1-9002, Cayman Islands (the Purchaser); and

(3)      INDALEX LIMITED, a company subsisting under the federal laws of Canada
         whose registered office is at 5675 Kennedy Road, Mississauga, ON L4Z
         2H9, Canada (the Guarantor).

(collectively, the Parties and each, a Party)

WHEREAS:

(A)      Asia Aluminum Group Limited (formerly known as China Aluminum Group
Holdings (BVI) Limited) is a private company limited by shares incorporated in
the British Virgin Islands (the Company), whose registered office is at the
offices of Caribbean Corporate Services Limited, 3rd Floor, Omar Hodge Building,
Wickhams Cay I, P.O. Box 362, Road Town, Tortola, British Virgin Islands.

(B)      The Vendor is the sole legal and beneficial owner of 590,453 ordinary
issued shares of US$0.01 each in the Company (the Shares), representing 25.01
percent of the issued share capital of the Company as at the date hereof.

(C)      The Vendor has agreed to sell, and the Purchaser has agreed to
purchase, the Shares for the consideration and upon the terms set out in this
Agreement.

(D)      Simultaneously with the execution of this Agreement, the Vendor has
entered into a deed (the Supplemental Deed) substantially in the form attached
as Exhibit A with Asia Aluminum Holdings Limited (AAHL) and Tim Stubbs (the
Indalex Director), which contains certain conditions to the performance by the
Vendor of its obligations hereunder.

(E)      The Guarantor has agreed to guarantee the performance by Vendor of its
obligations under this Agreement.

IT IS AGREED as follows:

DEFINITIONS AND INTERPRETATION

1.1      In this Agreement, unless the context otherwise requires, the following
expressions shall have the following meanings:

<PAGE>

Affiliate means, with respect to any person, any other person (i) directly or
indirectly controlling, controlled by, or under direct or indirect common
control with, such person; or (ii) with respect to the Purchaser, who is a
limited partner or general partner of the Purchaser. For purposes of this
definition, "control" (including, with correlative meanings, the terms
"controlling", "controlled by" and "under common control with"), as applied to
any person, means the possession of the power to direct or cause the direction
of the management and policies of such person, whether through the ownership of
voting securities, by contract or otherwise;

Business Day means a day (excluding Saturdays and Sundays) on which banks
generally are open in Hong Kong and New York for the transaction of normal
banking business;

Companies Ordinance means the Companies Ordinance (Chapter 32 of the Laws of
Hong Kong);

Company Group means the Company and its subsidiaries;

Completion means the completion of the sale and purchase of the Shares under
this Agreement in accordance with clause 4;

Completion Date means the date on which Completion takes place in accordance
with clause 4.1;

Conditions Precedent means the conditions specified in clauses 3.1 and 3.2;

Costs means liabilities, losses, damages, costs (including legal costs) and
expenses (including taxation), in each case of any nature whatsoever;

Deed of Adherence means the deed of adherence in the form set out in Schedule 1;

Dollars or US$ means United States dollars, the lawful currency of the United
States of America;

Encumbrance means, with respect to the Shares, any mortgage, charge, pledge,
lien, option, restriction, right of first refusal, right of pre-emption,
third-party right or interest, any other encumbrance or security interest or
adverse claim of any kind, any restriction on the right to vote, sell or
otherwise dispose of the Shares (other than those arising under the Shareholders
Agreement), or any type of preferential arrangement (including, without
limitation, a title transfer or retention arrangement having similar effect);

FY2006 Dividend Payments means (a) a base dividend (pursuant to clause 6.4 of
the Shareholders Agreement) that was declared and paid by the Company to the
Vendor on 2 May 2007 in respect of the Shares for the Company's financial year
ended 30 June 2006 (FY2006) in the amount of US$3,895,000 (Base Dividends); and
(b) the FY2006 Special Dividends;

FY2006 Special Dividends means a special dividend in respect of the Shares for
FY2006 in the amount of US$2,000,000;

                                                                          Page 2
<PAGE>

Governmental Authority means any nation or government, any state or other
political subdivision thereof, and any agency, department or other entity
exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government;

Group means, in relation to a Party, such Party, its holding companies and
subsidiaries from time to time;

Group Member means, in relation to a Party, any member of its Group;

holding company shall be construed in accordance with sections 2(4) to 2(7) of
the Companies Ordinance;

Interest Rate means the rate per annum which is equal to three per cent. above
the arithmetic mean (rounded upwards to the nearest whole multiple of
one-sixteenth of one percent.) of the respective rates quoted by each of the
banks whose rates appear on the relevant page of the Reuters screen (or if no
such rate is displayed or such page ceases to be available, the relevant page of
the Telerate screen on which is displayed the British Bankers' Association
Interest Settlement Rate for Dollars) for the offering of Dollar deposits for a
period of six months at or about 11.00 a.m. (London time) on the date on which
payment of any sum under this Agreement was due but not paid;

Law means any national or local law (statutory, common or otherwise),
constitution, treaty, convention, ordinance, code, rule, regulation, order,
injunction, judgment, decree, ruling or other similar requirement enacted,
adopted, promulgated or applied by a Governmental Authority, in each case
whether or not having the force of law but, if not having the force of law, the
compliance with which is in accordance with the general practice of persons to
whom the directive, regulation, request or requirement is addressed;

Longstop Date means 16 May 2007;

Purchase Price means the amount specified in clause 2.2;

SEC means the Securities and Exchange Commission of the United States of
America;

Shareholders Agreement means the Shareholders Agreement dated 8 June 2001
between the Vendor, Indalex Inc., AAHL and the Company, as amended (but
excluding any amendments made on or after the date hereof);

subsidiary and subsidiaries shall be construed in accordance with sections 2(4)
to 2(6) of the Companies Ordinance;

Surviving Provisions has the meaning given to it in clause 3.4;

                                                                          Page 3
<PAGE>

Tax or Taxation means (a) taxes on income, profits and gains, and (b) all other
taxes, levies, duties, imposts, charges and withholdings of any nature, in each
case imposed, levied collected, withheld or assessed by (or on behalf) of any
Governmental Authority in any jurisdiction, including any excise, customs,
property, sales, transfer, franchise, turnover and payroll taxes and other
benefits related tax and stamp duties, and any payment whatsoever which the
relevant person may be or become bound to make to any person as a result of the
discharge by that person of any tax which the relevant person has failed to
discharge, together with all penalties, charges and interest relating to any of
the foregoing or to any late or incorrect return in respect of any of them, and
regardless of whether such taxes, levies, duties, imposts, charges,
withholdings, penalties and interest are chargeable directly or primarily
against or attributable directly or primarily to the relevant person or any
other person and of whether any amount in respect of them is recoverable from
any other person; and

Warranties means the warranties set out in clause 5.1, 5.2 and 5.3.

1.2      In this Agreement, unless the context otherwise requires:

(a)      references to persons shall include individuals, bodies corporate
         (wherever incorporated), unincorporated associations, partnerships,
         joint ventures, trusts and governments (or any agency or political
         subdivision thereof);

(b)      the headings are inserted for convenience only and shall not affect the
         construction of this Agreement;

(c)      any reference to an enactment or statutory provision is a reference to
         it as it may have been, or may from time to time be, amended, modified,
         consolidated or re-enacted;

(d)      any reference in this Agreement to any other agreement or document
         shall be deemed to include references to such agreement or document as
         amended from time to time;

(e)      the words include, includes, and including shall be deemed to be
         followed by the phrase "without limitation"; and

(f)      save where a contrary intention appears, any reference in this
         Agreement to a date or time shall be a reference to such date or time
         (as the case may be) in the state of New York.

1.3      References in this Agreement to Schedules are to schedules to this
Agreement, which form part of this Agreement.

SALE OF THE SHARES AND PRICE

2.1      The Vendor as legal and beneficial owner agrees to sell, and the
Purchaser agrees to purchase, the Shares on the terms and subject to the
conditions set out in this Agreement. The Shares shall be sold free from all
Encumbrances and with all rights attaching to them at Completion, except the
right to receive the FY2006 Dividend Payments. For the avoidance of doubt, the
Vendor acknowledges and agrees that on 2 May 2007, it had received from the
Company payment of the Base Dividends in respect of the Shares for FY2006 in the
amount of US$3,895,000.

                                                                          Page 4
<PAGE>

2.2      The consideration for the Shares (the Purchase Price) shall be
US$150,000,000 payable in cash at Completion in the manner provided herein.

2.3      The Purchaser acknowledges and agrees that notwithstanding any
provision in the Shareholders Agreement to the contrary (including paragraph
11(a) of Schedule 1 of the Shareholders Agreement), the Vendor shall be solely
entitled to the FY2006 Dividend Payments paid or to be paid by the Company in
respect of the Shares.

CONDITIONS PRECEDENT

3.1      The obligation of the Vendor and the Guarantor to consummate the
Completion of the sale and purchase of the Shares shall be conditional upon the
following conditions having been fulfilled:

(a)      the Vendor, AAHL and the Indalex Director having entered into the
         Supplemental Deed and such deed continuing in full force and effect at
         Completion;

(b)      the Company having declared and paid to the Vendor the FY2006 Special
         Dividends;

(c)      the Purchaser having paid to the Vendor, on behalf of AAHL, the
         applicable Additional Amount (as defined in the Supplemental Deed) and
         any interest thereon in accordance with clauses 7.1 to 7.5 (Completion
         and Additional Amount) of the Supplemental Deed; and

(d)      the representations and warranties of the Purchaser contained in clause
         5.3 shall be true in all material respects at and as of the Completion
         Date as if made at and as of such time.

3.2      The obligation of the Purchaser to consummate the Completion of the
sale and purchase of the Shares shall be conditional upon the following
conditions having been fulfilled:

(a)      the Purchaser, AAHL and the Company having entered into an amended and
         restated shareholders agreement amending the Shareholders Agreement
         substantially in the form agreed to by the parties thereto as of the
         date hereof and such agreement continuing in full force and effect at
         Completion; and

(b)      the representations and warranties of the Vendor and the Guarantor
         contained in clauses 5.1 and 5.2 respectively shall be true in all
         material respects at and as of the Completion Date as if made at and as
         of such time.

                                                                          Page 5
<PAGE>

3.3      The Vendor shall notify the Purchaser as soon as reasonably practicable
after the Conditions Precedent referred to in clause 3.1 (other than those
Conditions Precedent which will be fulfilled at Completion) have been fulfilled,
and the Purchaser shall notify the Vendor as soon as reasonably practicable
after the Conditions Precedent referred to in clause 3.2 (other than such
portion thereof which will be fulfilled at Completion) have been fulfilled. If
the parties proceed to Completion, no such notice shall be required to be given
by either of them.

3.4      Save as otherwise agreed between the Parties and subject to the terms
of any such agreement, if any of the Conditions Precedent have not been
fulfilled on or before noon on the Longstop Date, this Agreement (other than
clauses 8 (Entire Agreement), 11 (Confidentiality), 12 (Announcements), 13
(Costs), 17 (Waivers, Rights and Remedies), 19 (Notices) and 20 (Governing Law
and Jurisdiction) (collectively, the Surviving Provisions)) shall automatically
terminate and none of the Parties shall have any claim of any nature whatsoever
against any of the other Parties under this Agreement (save in respect of the
Surviving Provisions and any rights and liabilities of the Parties which have
accrued prior to termination).

COMPLETION

4.1      The sale and purchase of the Shares shall be completed at the Hong Kong
offices of Davis Polk & Wardwell on 15 May 2007, provided if the sale and
purchase of the Shares shall not be completed on 15 May 2007 for any reason
(including the non-fulfilment of any of the Conditions Precedent), such
completion shall instead take place on 16 May 2007. The events referred to in
clauses 4.2 and 4.3 shall take place on Completion.

4.2      At Completion, the Vendor shall deliver (or cause to be delivered) to
the Purchaser:

(a)      duly executed transfers into the name of the Purchaser or its nominee
         in respect of all of the Shares;

(b)      a copy of the relevant page of the register of members of the Company
         reflecting the Purchaser as the new owner of the Shares;

(c)      certified copies of the minutes of a meeting of the board of directors
         of the Vendor authorising the execution and performance by the Vendor
         of its obligations under this Agreement and each other document to be
         executed by the Vendor;

(d)      a letter of resignation given by the Indalex Director resigning as a
         director of the Company with effect from the Completion Date;

(e)      certified copies of the minutes of a meeting of the board of directors
         of the Company approving:

         (i)  the registration of the transfers in respect of the Shares; and

                                                                          Page 6
<PAGE>

         (ii) the execution of each document to which the Company is a party
              (where appropriate, as a deed);

(f)      an original counterpart of the Deed of Adherence duly executed by the
         Vendor, Indalex Inc., AAHL and the Company;

(g)      a legal opinion of Freshfields Bruckhaus Deringer, English counsel to
         the Vendor, in a form reasonably satisfactory to the Purchaser; and

(h)      a legal opinion of Blake, Cassels & Graydon LLP, Canadian counsel to
         the Vendor, in a form reasonably satisfactory to the Purchaser.

4.3      At Completion, the Purchaser shall:

(a)      pay, or shall procure payment of, the Purchase Price to the Vendor in
         the manner and to the account specified in clause 16;

(b)      deliver to the Vendor certified copies of the minutes of a duly held
         meeting of the board of directors of the general partner of the
         Purchaser authorising the execution of, and performance by the
         Purchaser of its obligations under, this Agreement and the Deed of
         Adherence to be executed by such general partner on behalf of the
         Purchaser;

(c)      deliver to the Vendor an original counterpart of the Deed of Adherence
         duly executed by the Purchaser; and

(d)      deliver to the Vendor a legal opinion of Walkers, Cayman Islands
         counsel to the Purchaser, in a form reasonably satisfactory to the
         Vendor.

4.4      Subject to clause 4.1, if the Vendor or the Purchaser fails or is
unable to perform any obligation required to be performed by it pursuant to
clause 4.2 or 4.3 (as the case may be) by noon on the Completion Date, the
Vendor or the Purchaser (as appropriate) shall not be obliged to complete the
sale and purchase of the Shares and may, in its absolute discretion, by written
notice to the other Party terminate this Agreement (other than the Surviving
Provisions), in which case none of the Parties shall have any claim of any
nature whatsoever against the other Party under this Agreement (save in respect
of the Surviving Provisions and any rights and liabilities of the Parties which
have accrued prior to termination).

WARRANTIES

5.1      The Vendor warrants to the Purchaser as follows:

(a)      the Vendor is a company duly incorporated and validly existing under
         the laws of England;

(b)      it has the right, power and authority, and has taken all action
         necessary, to execute, deliver and perform its obligations under this
         Agreement and the Deed of Adherence;

                                                                          Page 7
<PAGE>

(c)      its obligations under this Agreement and the Deed of Adherence
         constitute its valid and binding obligations enforceable in accordance
         with their terms;

(d)      the execution and delivery of, and the performance by it of its
         obligations under, this Agreement and the Deed of Adherence will not
         (i) result in a breach of any provision of its memorandum or articles
         of association or by-laws or equivalent constitutional documents, or
         (ii) result in a breach of, or constitute a default under, any
         agreement or instrument to which it is a party or by which it is bound,
         in each case where such breach or default would or might adversely
         affect its ability to perform its obligations under this Agreement and
         the Deed of Adherence; and

(e)      it is the sole legal and beneficial owner of the Shares free from all
         Encumbrances and will transfer and deliver to the Purchaser at
         Completion valid title to the Shares free and clear of any Encumbrance.

5.2      The Guarantor warrants to the Purchaser as follows:

(a)      the Guarantor is a company duly incorporated and validly existing under
         the laws of Canada;

(b)      it has the right, power and authority, and has taken all action
         necessary, to execute, deliver and perform its obligations under this
         Agreement;

(c)      its obligations under this Agreement constitute its valid and binding
         obligations enforceable in accordance with their terms; and

(d)      the execution and delivery of, and the performance by it of its
         obligations under, this Agreement will not (i) result in a breach of
         any provision of its memorandum or articles of association or by-laws
         or equivalent constitutional documents, or (ii) result in a breach of,
         or constitute a default under, any agreement or instrument to which it
         is a party or by which it is bound, in each case where such breach or
         default would or might adversely affect its ability to perform its
         obligations under this Agreement.

5.3      The Purchaser warrants to the Vendor and the Guarantor as follows:

(a)      the Purchaser has been duly formed and is validly existing as a limited
         partnership under the laws of the Cayman Islands;

(b)      it has the right, power and authority, and has taken all action
         necessary, to execute, deliver and perform its obligations under this
         Agreement and the Deed of Adherence;

(c)      its obligations under this Agreement and the Deed of Adherence
         constitute its valid and binding obligations enforceable in accordance
         with their terms; and

                                                                          Page 8
<PAGE>

(d)      the execution and delivery of, and the performance by it of its
         obligations under, this Agreement and the Deed of Adherence will not
         (i) result in a breach of any provision of its organizational
         documents, or (ii) result in a breach of, or constitute a default
         under, any agreement or instrument to which it is a party or by which
         it is bound, in each case where such breach or default would materially
         and adversely affect its ability to perform its obligations under this
         Agreement and the Deed of Adherence.

5.4      Each Party undertakes to notify the other Parties in writing promptly
if it becomes aware of any circumstance arising after the date of this Agreement
which would cause any Warranty (if the Warranties were repeated with reference
to the facts and circumstances then existing) to become untrue or inaccurate or
misleading in any respect.

WITHHOLDING TAX AND GROSSING UP

6.       All sums payable by the Purchaser to the Vendor under this Agreement
shall be paid free and clear of all deductions or withholdings by the Purchaser
on account of Tax or otherwise. If a deduction or withholding is required to be
made by the Purchaser, the Purchaser shall pay such additional amount to the
Vendor as will ensure that the net amount the Vendor receives equals the full
amount which it would have received had the deduction or withholding not been
required.

INDEMNIFICATION

7.1      On and from the Completion Date, each of the Vendor and the Purchaser
(each an Indemnifying Party) hereby indemnifies the other (the Indemnified
Party) and agrees to hold the Indemnified Party harmless from any and all
damages, loss, liability and expense (including reasonable expenses of
investigation and reasonable attorneys' fees and expenses in connection with any
action, suit or proceeding whether involving a third party claim or a claim
solely between the Parties), incurred or suffered by the Indemnified Party
arising out of any breach of warranty made by the Indemnifying Party pursuant to
clause 5 of this Agreement; provided that (a) the indemnity under this clause
7.1 shall under no circumstance cover any incidental, indirect or consequential
damages, losses, liabilities or expenses (including lost profits) and (b) an
Indemnifying Party's maximum liability under this clause 7.1 shall not exceed
the Purchase Price.

7.2      The Indemnified Party seeking indemnification under clause 7.1 shall
give prompt notice to the Indemnifying Party of the assertion of any claim, or
the commencement of any suit, action or proceeding in respect of which an
indemnity may be sought under clause 7.1. The Indemnifying Party may at the
request of the Indemnified Party participate in and control the defense of any
such suit, action or proceeding at its own expense. The Indemnifying Party shall
not be liable under clause 7.1 for any settlement effected without its consent
of any claim, litigation or proceeding in respect of which indemnity may be
sought hereunder.

                                                                          Page 9
<PAGE>

ENTIRE AGREEMENT

8.       This Agreement and the Deed of Adherence set out the entire agreement
and understanding between the Parties with respect to the subject matter
contained herein and therein. This Agreement and the Deed of Adherence supersede
all prior agreements, understandings or arrangements (whether oral or written)
between the Parties with respect to such subject matter.

VARIATION

9.1      No variation of this Agreement shall be valid unless it is in writing
and signed by or on behalf of each of the Parties to it. The expression
variation shall include any variation, supplement, deletion or replacement
however effected.

9.2      Unless expressly agreed, no variation shall constitute a general waiver
of any provisions of this Agreement, nor shall it affect any rights, obligations
or liabilities under or pursuant to this Agreement which have already accrued up
to the date of variation, and the rights and obligations of the Parties under or
pursuant to this Agreement shall remain in full force and effect, except and
only to the extent that they are so varied.

ASSIGNMENT

10.      No Party shall nor shall it purport to assign, transfer, charge or
otherwise deal with all or any of its rights under this Agreement nor grant,
declare, create or dispose of any right or interest in it without the prior
written consent of the other Parties, provided that (a) the Purchaser may
transfer or assign its rights and obligations under this Agreement to an
Affiliate of the Purchaser at any time, and (b) no Party shall be in breach of
this clause 10 solely by reason of the crystallisation of any security interest
granted by a Party prior to the date of this Agreement which attaches to any of
its rights under this Agreement. The provisions of this Agreement shall be
binding upon and inure to the benefit of the Parties and their respective
successors and permitted assigns.

CONFIDENTIALITY

11.1     Each Party to this Agreement shall keep confidential:

(a)      the contents of this Agreement and the transactions contemplated
         hereunder; and

(b)      any information supplied by any other Party pursuant to or in
         connection with this Agreement (collectively, the Information).

11.2     Each Party (the Disclosing Party) may disclose any Information:

(a)      that is publicly available, other than as a result of a breach by the
         Disclosing Party of its obligations under clause 11.1 above;

                                                                         Page 10
<PAGE>

(b)      in confidence on a `need to know' basis to any director, officer or
         employee of the Disclosing Party or a member of its Group or any
         director, officer or employee of such member, where the disclosure is
         for a purpose reasonably incidental to this Agreement;

(c)      in confidence to the professional advisers of such Party or of any
         person specified in sub-clauses (d) or (f) below, where the disclosure
         of information is for a purpose reasonably incidental to this Agreement
         or the purposes mentioned in such sub-clauses;

(d)      in confidence to such Party's shareholders, investors, financiers,
         lenders, or any person which has entered into, or is proposing to enter
         into, contractual relations with such Party in relation to the Shares
         (including their respective financiers and lenders);

(e)      as may be necessary or appropriate to effect compliance with any Law
         applicable to it or any Group Member, or in response to any subpoena or
         other legal process; and

(f)      in connection with any offer to purchase the outstanding bonds of any
         of its Group Members, or any other disclosure to such Group Member's
         bondholders, the trustee for such bonds or otherwise as required under
         the terms of the relevant indenture governing such bonds,

         provided that with respect to any delivery or disclosure made pursuant
         to subclauses (e) and (f), the Disclosing Party shall use reasonable
         efforts to notify the other Parties of such delivery or disclosure in
         advance of the same but only if such notice may be given in compliance
         with all Law applicable to it and there is sufficient time for such
         notice to be provided to the other Parties before the Disclosing Party
         is required to make such delivery or disclosure.

ANNOUNCEMENTS

12.1     Except (a) as required by Law or by any stock exchange or governmental
or other regulatory or supervisory body or authority of competent jurisdiction
to whose rules the Party or its Group Member making the announcement or
disclosure is subject, whether or not having the force of law, or (b) in
connection with any offer by a Party's Group Member to purchase its outstanding
bonds, or any other disclosure to such Group Member's bondholders or the trustee
for such bonds or otherwise as required under the indenture governing such
bonds, no announcement or disclosure in connection with the existence or subject
matter of this Agreement shall be made or issued by any Party or its
subsidiaries without the prior written approval of the other Parties (such
approval not to be unreasonably withheld or delayed). For avoidance of doubt,
the Vendor (or its relevant Group Members) will be required to publicly file the
key terms of the transactions contemplated hereunder with the SEC within 4
Business Days of the signing of this Agreement on a Current Report on Form 8-K
and to file this Agreement and the Supplemental Deed with the SEC.

                                                                         Page 11
<PAGE>

12.2     Where any announcement or disclosure is made in reliance on the
exception in clause 12.1, the Party making the announcement or disclosure shall
use its reasonable endeavours to consult with the other Party in advance as to
the form, content and timing of the announcement or disclosure.

COSTS

13.      Each of the Vendor, the Guarantor and the Purchaser shall pay its own
Costs incurred in connection with the negotiation, preparation and
implementation of this Agreement.

SEVERABILITY

14.      If any provision of this Agreement is held to be invalid or
unenforceable, then such provision shall (so far as it is invalid or
unenforceable) be given no effect and shall be deemed not to be included in this
Agreement but without invalidating any of the remaining provisions of this
Agreement. The Parties shall then use all reasonable endeavours to replace the
invalid or unenforceable provisions by a valid and enforceable substitute
provision the effect of which is as close as possible to the intended effect of
the invalid or unenforceable provision.

COUNTERPARTS

15.      This Agreement may be executed in any number of counterparts and by the
Parties to it on separate counterparts, each of which is an original but all of
which together constitute one and the same instrument.

PAYMENTS

16.1     All payments required to be made by the Purchaser to the Vendor under
this Agreement shall be paid in Dollars, in immediately available funds, by
electronic funds transfer to the following bank account (or such account other
account as may be designated by the Vendor by at least three (3) Business Days'
written notice) for value on the same day:

         Bank:          Bank of America N.A.
                        5 Canada Square
                        London E14 5AQ
                        UK
         Branch code:   6008
         Account Name   Indalex Ltd.
         Account No.    55368015
         SWIFT Code     BOFAGB22
         IBAN           GB24 BOFA 1650 5055 3680 15

16.2     If any sum due to be paid by the Purchaser in accordance with this
Agreement is not paid on the due date for payment, the Purchaser shall pay
interest on such sum at the Interest Rate from but excluding the due date for
payment to and including the date of actual payment, calculated on a daily
basis.

                                                                         Page 12
<PAGE>

WAIVERS, RIGHTS AND REMEDIES

17.1     No failure or delay by any Party in exercising any right or remedy
provided by law under or pursuant to this Agreement shall impair such right or
remedy or operate or be construed as a waiver or variation of it or preclude its
exercise at any subsequent time and no single or partial exercise of any such
right or remedy shall preclude any other or further exercise of it or the
exercise of any other right or remedy.

17.2     The rights and remedies of the Parties under or pursuant to this
Agreement are cumulative, may be exercised as often as each Party considers
appropriate and are in addition to its rights and remedies under applicable Law.

17.3     The rights and remedies of the Parties under this Agreement shall not
be affected, and the other's liabilities under this Agreement shall not be
released, discharged or impaired, (i) by Completion, (ii) by the expiry of any
limitation period prescribed by law, or (iii) other than by a specific and duly
authorised written waiver or release by the Party entitled to exercise such
right or remedy.

FURTHER ASSURANCE

18.      Each of the Parties agrees to perform (or procure the performance of)
all such acts and things and/or to execute and deliver (or procure the execution
and delivery of) all such documents, as may be required by Law or as may be
reasonably requested by (and at the cost of) the other Party for giving full
effect to this Agreement and the transaction contemplated by it and securing to
the other Party the full benefit of the rights and remedies conferred upon the
other Party by this Agreement.

NOTICES

19.1     Any notice or other communication to be given by one Party to any other
Party under, or in connection with, this Agreement shall be in writing and
signed by or on behalf of the Party giving it. It shall be served by sending it
by fax to the number set out in clause 19.2, or delivering it by hand, or
sending it by pre-paid recorded delivery, special delivery or registered post,
to the address set out in clause 19.2 and in each case marked for the attention
of the relevant Party set out in clause 19.2 (or as otherwise notified from time
to time in accordance with the provisions of this clause 19.3). Any notice so
served by hand, fax or post shall be deemed to have been duly given:

(a)      in the case of delivery by hand, when delivered;

(b)      in the case of fax, at the time of transmission; or

(c)      in the case of prepaid recorded delivery, special delivery or
         registered post, at 10am on the third Business Day following the date
         of posting,

                                                                         Page 13
<PAGE>

provided that in each case where delivery by hand or by fax occurs after 6pm on
a Business Day or on a day which is not a Business Day, service shall be deemed
to occur at 9am on the next following Business Day.

References to time in this clause are to local time in the country of the
addressee.

19.2     The addresses and fax numbers of the Parties for the purpose of clause
19.1 are as follows:

Indalex UK Limited

Address:                    75 Tri-State International, Suite 450,
                            Lincolnshire, IL  60069

Fax:                        +1 847-295-3851

For the attention of:       Mike Alger, CFO

With copy to:

Sun Capital Partners

Address:                    5200 Town Center Circle, Suite 470,
                            Boca Raton, FL  33486

Fax:                        +1 561-394-0540

For the attention of:       Deryl Couch, General Counsel

Indalex Limited

Address:                    75 Tri-State International, Suite 450,
                            Lincolnshire, IL  60069

Fax:                        +1 847-295-3851

For the attention of:       Mike Alger

With copy to:

Sun Capital Partners

Address:                    5200 Town Center Circle, Suite 470,
                            Boca Raton, FL 33486

Fax:                        +1 561-394-0540

For the attention of:       Deryl Couch, General Counsel

                                                                         Page 14
<PAGE>

OK Spring Roll Limited Partnership
----------------------------------

C/o OK Spring Roll Limited

Address:                    ORIX Corporation, Word Trade Center Bldg., 35F,
                            2-4-1 Hamamatsu-cho, Minato-ku,
                            Tokyo 10-6135, Japan.

Fax:                        +81-3-5403-7051

For the attention of:       Senior Vice President, Corporate Finance

With copy to:

Davis Polk & Wardwell

Address:                    18/F, The Hongkong Club Building, 3A Chater Road,
                            Central, Hong Kong

Fax:                        +852-2533-3388

For the attention of:       William F. Barron

19.3     A Party may notify any other Party to this Agreement of a change to its
name, relevant addressee, address or fax number for the purposes of this clause
19, provided that, such notice shall only be effective on:

(a)      the date specified in the notice as the date on which the change is to
         take place; or

(b)      if no date is specified or the date specified is less than five
         Business Days after the date on which notice is given, the date
         following five Business Days after notice of any change has been given.

19.4     In proving such service it shall be sufficient to prove that the
envelope containing such notice was properly addressed and delivered either to
the address shown thereon or into the custody of the postal authorities as a
pre-paid recorded delivery, special delivery or registered post letter, or that
the facsimile transmission was made after obtaining in person or by telephone
appropriate evidence of the capacity of the addressee to receive the same, as
the case may be.

GOVERNING LAW AND JURISDICTION

20.1     This Agreement and the relationship between the Parties shall be
governed by, and interpreted in accordance with, Hong Kong law.

                                                                         Page 15
<PAGE>

20.2     Each of the Parties agrees that the courts of Hong Kong are to have
exclusive jurisdiction to settle any disputes (including claims for set-off and
counterclaims) which may arise in connection with the creation, validity,
effect, interpretation or performance of, or the legal relationships established
by, this Agreement or otherwise arising in connection with this Agreement, and
for such purposes irrevocably submits to the exclusive jurisdiction of the
courts of Hong Kong.

20.3     The Parties irrevocably waive any objections to the jurisdiction of any
court referred to in this clause.

20.4     The Parties irrevocably agree that a judgment or order of any court
referred to in this clause in connection with this Agreement is conclusive and
binding on them and may be enforced against it in the courts of any other
jurisdiction.

20.5     The Parties shall for a period of six (6) years commencing from the
date of this Agreement maintain an agent for service of process and any other
documents in proceedings in Hong Kong or any other proceedings in connection
with this Agreement. Such agent shall be either a firm of Hong Kong practising
solicitors or a Hong Kong incorporated company. The initial process agent of the
Vendor and the Guarantor is The Law Debenture Corporation (H.K.) Limited of Room
3105, Alexandra House, 18 Chater Road, Central, Hong Kong and the initial
process agent of the Purchaser is ORIX Asia Limited, 30th Floor, United Centre,
95 Queensway, Hong Kong, and any writ, judgment or other notice of legal process
shall be sufficiently served on the Parties if delivered to its process agent at
its address for the time being.

20.6     Each of the Parties agrees that if its process agent ceases to have an
address in Hong Kong or ceases to act as its process agent, it shall by no later
than such cessation appoint a successor process agent and will deliver to the
other Parties within fourteen (14) days of such appointment a copy of a written
confirmation by the successor process agent of its acceptance of appointment.
Until such time as service on the other Parties of a written confirmation of
acceptance of appointment of a successor process agent shall have been
completed, service on the process agent last known to the other Parties at such
agent's last known address shall be deemed sufficient service on such Party.

GUARANTEE

21.1     The Guarantor hereby irrevocably and unconditionally guarantees to the
Purchaser the prompt and full discharge by the Vendor of all of the Vendor's
covenants, agreements, obligations and liabilities under this Agreement
including the due and punctual payment of all amounts which are or may become
due and payable by the Vendor hereunder, when and as the same shall become due
and payable (collectively, the Vendor Obligations), in accordance with the terms
hereof. The Guarantor acknowledges and agrees that, with respect to all Vendor
Obligations to pay money, such guaranty shall be a guaranty of payment and
performance and not of collection and shall not be conditioned or contingent
upon the pursuit of any remedies against the Vendor. If the Vendor shall default
in the due and punctual performance of any Vendor Obligation, including the full
and timely payment of any amount due and payable pursuant to any Vendor
Obligation, the Guarantor will forthwith perform or cause to be performed such
Vendor Obligation and will forthwith make full payment of any amount due with
respect thereto at its sole cost and expense.

                                                                         Page 16
<PAGE>

21.2     The liabilities and obligations of the Guarantor pursuant to this
Agreement are unconditional and absolute and, without limiting the generality of
the foregoing, shall not be released, discharged or otherwise affected by:

(a)      any acceleration, extension, renewal, settlement, compromise, waiver or
         release in respect of any Vendor Obligation by operation of law or
         otherwise;

(b)      the invalidity or unenforceability, in whole or in part, of this
         Agreement;

(c)      any modification or amendment of or supplement to this Agreement;

(d)      any change in the corporate existence, structure or ownership of the
         Company, the Purchaser, the Vendor or the Guarantor or any insolvency,
         bankruptcy, reorganization or other similar proceeding affecting any of
         them or their assets; or

(e)      any other act, omission to act, delay of any kind by any party hereto
         or any other person, or any other circumstance whatsoever that might,
         but for the provisions of this clause 21.2, constitute a legal or
         equitable discharge of the obligations of the Guarantor hereunder.

21.3     The Guarantor hereby waives any right, whether legal or equitable,
statutory or non-statutory, to require the Vendor or the Purchaser to proceed
against or take any action against or pursue any remedy with respect to the
Vendor, the Purchaser or any other person or make presentment or demand for
performance or give any notice of nonperformance before the Purchaser may
enforce its rights hereunder against the Guarantor.

21.4     The Guarantor's obligations hereunder shall remain in full force and
effect until the Vendor Obligations shall have been performed in full. If at any
time any performance by any person of any Vendor Obligation is rescinded or must
be otherwise restored or returned, whether upon the insolvency, bankruptcy or
reorganization of the Vendor or otherwise, the Guarantor's obligations hereunder
with respect to such Vendor Obligation shall be reinstated at such time as
though such Vendor Obligation had become due and had not been performed.

21.5     Upon performance by the Guarantor of any Vendor Obligation, the
Guarantor shall be subrogated to the rights of the Purchaser against the Vendor
with respect to such Vendor Obligation; provided that the Guarantor shall not
enforce any Vendor Obligation by way of subrogation against the Vendor while any
Vendor Obligation is due and unperformed by the Vendor.

AS WITNESS this Agreement has been signed on behalf of the Parties the day and
year first before written.

                                                                         Page 17
<PAGE>

                                   SCHEDULE 1

                            FORM OF DEED OF ADHERENCE

                              DEED OF ADHERENCE TO
                             SHAREHOLDERS AGREEMENT

THIS DEED is made on 15 May 2007

BETWEEN

(1)      ASIA ALUMINUM HOLDINGS LIMITED (formerly known as Global Applied
         Technologies Holdings Limited) a company incorporated under the laws of
         Bermuda whose registered office is at Clarendon House, 2 Church Street,
         Hamilton HM11, Bermuda (AAHL);

(2)      INDALEX UK LIMITED a company incorporated under the laws of England and
         Wales whose registered office is at Novar House, 24 Queens Road,
         Weybridge, Surrey KT13 9UX;

(3)      INDALEX, INC. a company incorporated under the laws of Delaware whose
         registered office is at 3000 Lakeside Drive, Suite 309 South,
         Bannockburn, IL 60015, U.S.A.;

         (Indalex UK Limited and Indalex, Inc. together, the Indalex Contracting
         Parties)

(4)      ASIA ALUMINUM GROUP LIMITED (formerly know as China Aluminum Group
         Holdings (BVI) Limited) a company incorporated in the British Virgin
         Islands whose registered office is at the offices of Caribbean
         Corporate Services Limited, 3rd Floor, Omar Hodge Building, Wickhams
         Cay I, P.O. Box 362, Road Town, Tortola, British Virgin Islands (the
         Company); and

(5)      OK SPRING ROLL LIMITED PARTNERSHIP a limited partnership formed under
         the laws of the Cayman Islands whose registered office is at c/o
         Walkers SPV Limited, Walker House, 87 Mary Street, George Town, Grand
         Cayman KY1-9002, Cayman Islands (the Transferee).

WHEREAS

(A)      AAHL and the Indalex Contracting Parties are parties to a sale and
purchase agreement dated 25 April 2001 pursuant to which AAHL sold and Indalex
UK Limited purchased certain shares of capital stock in the Company (such
agreement, as varied, supplemented, novated or amended from time to time, the
Sale and Purchase Agreement).

                                                                         Page 18
<PAGE>

(B)      AAHL, the Indalex Contracting Parties and the Company are parties to a
shareholders agreement dated 8 June 2001with respect to the affairs of the
Company (such agreement, as varied, supplemented, novated or amended from time
to time, the Shareholders Agreement).

(C)      Indalex UK Limited (the Transferor) intends to transfer 590,453 shares
in the capital of the Company to the Transferee subject to the Transferee
entering into this Deed.

(D)      In connection with such transfer, AAHL, the Company and the Transferee
are amending and restating the Shareholders Agreement (the Amended and Restated
Shareholders Agreement).

(E)      The Transferee wishes to accept such shares subject to such condition
and to enter into this Deed.

NOW THIS DEED WITNESSES as follows:

Interpretation

1.       Words and expressions defined in the Agreements shall, unless the
context otherwise requires, have the same meanings when used in this Deed.

Novation

2.1      With effect from 15 May 2007 (the Transfer Date), AAHL, the Company and
the Transferee (collectively, the Continuing Parties) hereby release and
discharge the Transferor and Indalex Inc. (save in relation to any antecedent
breach occurring on or before the Transfer Date) from all of their respective
obligations under the Sale and Purchase Agreement and the Shareholders Agreement
(together, the Agreements) and, without prejudice to the other parties to the
Agreements in respect of antecedent breach, the Transferor and Indalex Inc.
shall each cease to be a party to the Agreements.

2.2      The Continuing Parties agree that with effect from the Transfer Date,
the following shall apply:

(a)      the Transferee shall assume all the rights and obligations of the
         Transferor in the manner and to the extent set forth in the Amended and
         Restated Shareholders Agreement; and

(b)      the Transferee shall be subject to and shall perform the obligations
         from which the Transferor is released and discharged pursuant to clause
         2.1 from (and including) the Transfer Date (save in relation to any
         antecedent breach occurring on or before the Transfer Date) in the
         manner and to the extent set forth in the Amended and Restated
         Shareholders Agreement.

                                                                         Page 19
<PAGE>

Notices

3.      For the purposes of the Agreements, the Transferee's address for notices
shall be as follows:

         C/o OK Spring Roll Limited

         Address:       ORIX Corporation, Word Trade Center Bldg., 35F, 2-4-1
                        Hamamatsu-cho, Minato-ku,
                        Tokyo 10-6135, Japan.

         Fax:           +81-3-5403-7051

         Attention:     Senior Vice President, Corporate Finance

Acknowledgement

4.       The parties hereto irrevocably acknowledge and agree that this deed of
adherence shall be sufficient for the purpose of complying with the requirements
of the first sentence of paragraph 11(h) of Schedule 1 of the Shareholders
Agreement.

Counterparts

5.       This Deed may be executed in any number of counterparts and by the
parties to it on separate counterparts, each of which shall be an original, but
all of which together shall constitute one and the same instrument.

Governing Law

6.       This Deed shall be governed by and construed in accordance with Hong
Kong law.

Duly delivered as a Deed on the dated inserted above.

                                                                         Page 20
<PAGE>

        EXECUTED as a DEED by                   )
        ASIA ALUMINIUM                          )
        HOLDINGS LIMITED                        )
        acting by two Directors/a Director      )
        and the Secretary                       )

        EXECUTED as a DEED by                   )
        INDALEX UK LIMITED                      )
        acting by two Directors/a Director      )
        and the Secretary                       )

        EXECUTED as a DEED by                   )
        INDALEX, INC.                           )
        acting by two Directors/a Director      )
        and the Secretary                       )

        EXECUTED as a DEED by                   )
        ASIA ALUMINUM GROUP LIMITED             )
        acting by two Directors/a Director      )
        and the Secretary                       )

        EXECUTED as a DEED by                   )
        OK SPRING ROLL LIMITED                  )
        as general partner of                   )
        OK SPRING ROLL LIMITED                  )
        PARTNERSHIP                             )
        acting by                               )

                            --- END OF SCHEDULE 1 ---

                                                                         Page 21
<PAGE>

                                    EXHIBIT A

                                SUPPLEMENTAL DEED

                                                                         Page 22
<PAGE>

        SIGNED by                               )       /s/ Michael E. Alger
        for and on behalf of                    )
        INDALEX UK LIMITED                      )

        SIGNED by                               )
        for and on behalf of                    )       /s/Yasuyuki Nishimura
        OK SPRING ROLL LIMITED                  )
        as general partner of                   )
        OK SPRING ROLL LIMITED                  )
        PARTNERSHIP                             )

        SIGNED by                               )       /s/ Timothy R. J. Stubbs
        for and on behalf of                    )
        INDALEX LIMITED                         )

                                                                         Page 23

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]