Document:

NEITHER
THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES
HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO
SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
COMPANY.  THESE SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE
OF THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT
SECURED BY SUCH SECURITIES.

    

    TRUNKBOW
INTERNATIONAL HOLDINGS LIMITED

     

    WARRANT

     

    
      
        
          	
                  Warrant
      No. [  ]

                	
                  Original
      Issue Date:  _______,
      ____  

                

        

      

    

    

    Trunkbow
International Holdings Limited, a Nevada corporation (the "Company"), hereby certifies
that, as partial compensation for placement agent services, Roth Capital
Partners, LLC or its registered assigns (the "Holder"), is entitled to
purchase from the Company up to a total of [   ]1 shares
of Common Stock (each such share, a "Warrant Share" and all such
shares, the "Warrant
Shares"), at any time and from time to time from and after 180 days
following the effective date of the Registration Statement on Form S-1 (File No.
333-169942), in accordance with FINRA Rule 5110(g)(1), and through and including
[   ]2 (the
"Expiration Date"), and
subject to the following terms and conditions:

     

    1.           Definitions.  As
used in this Warrant, the following terms shall have the respective definitions
set forth in this Section 1.

     

    “Affiliate” means any Person
that, directly or indirectly through one or more intermediaries, controls or is
controlled by or is under common control with a Person, as such terms are used
in and construed under Rule 144.

     

      
        
1           A number
of shares equal to 5% of the securities issued in the
Offering.

    

    
      2           Three
year term.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    “Business Day” means any day
except Saturday, Sunday and any day which is a federal legal holiday or a day on
which banking institutions in the State of New York are authorized or required
by law or other governmental action to close.

     

    “Common Stock” means the
common stock of the Company, $0.001 par value per share, and any securities into
which such common stock may hereafter be reclassified or for which it may be
exchanged as a class.

     

    "Exchange Act" means the
Securities Exchange Act of 1934, as amended.

     

    "Exercise Price" means
$[   ]3, subject
to adjustment in accordance with Section 9.

     

    "Fundamental Transaction"
means any of the following: (1) the Company effects any merger or consolidation
of the Company with or into another Person, (2) the Company effects any sale of
all or substantially all of its assets in one or a series of related
transactions, (3) any tender offer or exchange offer (whether by the Company or
another Person) is completed pursuant to which holders of Common Stock are
permitted to tender or exchange their shares for other securities, cash or
property, or (4) the Company effects any reclassification of the Common Stock or
any compulsory share exchange pursuant to which the Common Stock is effectively
converted into or exchanged for other securities, cash or property.

     

    “New York Courts” means the
state and federal courts sitting in the City of New York, Borough of
Manhattan.

     

    “Original Issue Date” means
the Original Issue Date first set forth on the first page of this
Warrant.

     

    “Person” means an individual
or corporation, partnership, trust, incorporated or unincorporated association,
joint venture, limited liability company, joint stock company, government (or an
agency or subdivision thereof) or other entity of any kind.

     

    “Rule 144” means Rule 144
promulgated by the Securities and Exchange Commission pursuant to the Securities
Act, as such Rule may be amended from time to time, or any similar rule or
regulation hereafter adopted by the Securities and Exchange Commission having
substantially the same effect as such Rule.

     

    "Securities Act" means the
Securities Act of 1933, as amended.

     

    “Subsidiary” means any
“significant subsidiary” as defined in Rule 1-02(w) of Regulation S-X
promulgated by the Securities and Exchange Commission under the Exchange
Act.

     

    “Trading Day” means (i) a day
on which the Common Stock is traded on a Trading Market, or (ii) if the Common
Stock is not quoted on any Trading Market, a day on which the Common Stock is
quoted in the over-the-counter market as reported by the Pink Sheets LLC (or any
similar organization or agency succeeding to its functions of reporting prices);
provided, that in the event that the Common Stock is not listed or quoted as set
forth in (i) or (ii) hereof, then Trading Day shall mean a Business
Day.

     

      
        

      

    

    3           120%
of the Offering Price.

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    “Trading Market” means
whichever of the New York Stock Exchange, the American Stock Exchange, the
NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ Capital Market
or OTC Bulletin Board on which the Common Stock is listed or quoted for trading
on the date in question.

     

    "Warrant Shares" means the
shares of Common Stock issuable upon exercise of this Warrant.

     

    2.           Registration of
Warrant.  The Company shall register this Warrant upon records
to be maintained by the Company for that purpose (the "Warrant Register"), in the
name of the record Holder hereof from time to time.  The Company may
deem and treat the registered Holder of this Warrant as the absolute owner
hereof for the purpose of any exercise hereof or any distribution to the Holder,
and for all other purposes, absent actual notice to the contrary.

     

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

     

    4.           Exercise and Duration of
Warrants.  This Warrant shall be exercisable by the registered
Holder at any time and from time to time from and after 180 days following the
effective date of the Registration Statement on Form S-1 (File No. 333-169942),
in accordance with FINRA Rule 5110(g)(1), through and including the Expiration
Date.  At 6:30 p.m., New York City time on the Expiration Date, the
portion of this Warrant not exercised prior thereto shall be and become void and
of no value.  The Company may not call or redeem any portion of this
Warrant without the prior written consent of the affected
Holder.  This Warrant shall not be sold, transferred, assigned,
pledged, or hypothecated, or be the subject of any hedging, short sale,
derivative, put, or call transaction that would result in the effective economic
disposition of this Warrant by any person for a period of 180 days immediately
following the effective date of the Registration Statement on Form S-1 (File No.
333-169942), except as provided in FINRA Rule 5110(g)(2).

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    5.           Delivery of Warrant
Shares.

     

    (a)           To
effect exercises hereunder, the Holder shall not be required to physically
surrender this Warrant unless the aggregate Warrant Shares represented by this
Warrant is being exercised.  Upon delivery of the Exercise Notice (in
the form attached hereto) to the Company (with the attached Warrant Shares
Exercise Log) at its address for notice set forth herein and upon payment of the
Exercise Price multiplied by the number of Warrant Shares that the Holder
intends to purchase hereunder, the Company shall promptly (but in no event later
than three Trading Days after the Date of Exercise (as defined herein)) issue
and deliver to the Holder, a certificate for the Warrant Shares issuable upon
such exercise.  The Company shall, upon request of the Holder and
subsequent to the date on which a registration statement covering the resale of
the Warrant Shares has been declared effective by the Securities and Exchange
Commission, use its reasonable best efforts to deliver Warrant Shares hereunder
electronically through the Depository Trust Corporation or another established
clearing corporation performing similar functions, if available, provided, that, the
Company may, but will not be required to change its transfer agent if its
current transfer agent cannot deliver Warrant Shares electronically through the
Depository Trust Corporation.  A "Date of Exercise" means the
date on which the Holder shall have delivered to the Company: (i) the Exercise
Notice (with the Warrant Exercise Log attached to it), appropriately completed
and duly signed and (ii) payment of the Exercise Price for the number of Warrant
Shares so indicated by the Holder to be purchased.

     

    (b)           If
by the third Trading Day after a Date of Exercise the Company fails to deliver
the required number of Warrant Shares in the manner required pursuant to Section
5(a), then the Holder will have the right to rescind such exercise.

     

    (c)           If
by the third Trading Day after a Date of Exercise the Company fails to deliver
the required number of Warrant Shares in the manner required pursuant to Section
5(a), and if after such third Trading Day and prior to the receipt of such
Warrant Shares, the Holder purchases (in an open market transaction or
otherwise) shares of Common Stock to deliver in satisfaction of a sale by the
Holder of the Warrant Shares which the Holder anticipated receiving upon such
exercise (a "Buy-In"),
then the Company shall (1) pay in cash to the Holder the amount by which (x) the
Holder's total purchase price (including brokerage commissions, if any) for the
shares of Common Stock so purchased exceeds (y) the amount obtained by
multiplying (A) the number of Warrant Shares that the Company was required to
deliver to the Holder in connection with the exercise at issue by (B) the
closing bid price of the Common Stock on the Date of Exercise and (2) at the
option of the Holder, either reinstate the portion of the Warrant and equivalent
number of Warrant Shares for which such exercise was not honored or deliver to
the Holder the number of shares of Common Stock that would have been issued had
the Company timely complied with its exercise and delivery obligations
hereunder.  The Holder shall provide the Company written notice
indicating the amounts payable to the Holder in respect of the
Buy-In.

     

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

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

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

     

    7.           Replacement of
Warrant.  If this Warrant is mutilated, lost, stolen or
destroyed, the Company shall issue or cause to be issued in exchange and
substitution for and upon cancellation hereof, or in lieu of and substitution
for this Warrant, a New Warrant, but only upon receipt of evidence reasonably
satisfactory to the Company of such loss, theft or destruction and customary and
reasonable indemnity (which shall not include a surety bond), if
requested.  Applicants for a New Warrant under such circumstances
shall also comply with such other reasonable regulations and procedures and pay
such other reasonable third-party costs as the Company may
prescribe.  If a New Warrant is requested as a result of a mutilation
of this Warrant, then the Holder shall deliver such mutilated Warrant to the
Company as a condition precedent to the Company’s obligation to issue the New
Warrant.

     

    8.           Reservation of Warrant
Shares.  The Company covenants that it will at all times
reserve and keep available out of the aggregate of its authorized but unissued
and otherwise unreserved Common Stock, solely for the purpose of enabling it to
issue Warrant Shares upon exercise of this Warrant as herein provided, the
number of Warrant Shares which are then issuable and deliverable upon the
exercise of this entire Warrant, free from preemptive rights or any other
contingent purchase rights of Persons other than the Holder (taking into account
the adjustments and restrictions of Section 9). The Company covenants that all
Warrant Shares so issuable and deliverable shall, upon issuance and the payment
of the applicable Exercise Price in accordance with the terms hereof, be duly
and validly authorized, issued and fully paid and nonassessable.

     

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

     

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

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    (b)           Fundamental
Transactions.  If, at any time while this Warrant is
outstanding there is a Fundamental Transaction, then the Holder shall have the
right thereafter to receive, upon exercise of this Warrant, the same amount and
kind of securities, cash or property as it would have been entitled to receive
upon the occurrence of such Fundamental Transaction if it had been, immediately
prior to such Fundamental Transaction, the holder of the number of Warrant
Shares then issuable upon exercise in full of this Warrant (the "Alternate
Consideration").  For purposes of any such exercise, the
determination of the Exercise Price shall be appropriately adjusted to apply to
such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental
Transaction, and the Company shall apportion the Exercise Price among the
Alternate Consideration in a reasonable manner reflecting the relative value of
any different components of the Alternate Consideration.  If holders
of Common Stock are given any choice as to the securities, cash or property to
be received in a Fundamental Transaction, then the Holder shall be given the
same choice as to the Alternate Consideration it receives upon any exercise of
this Warrant following such Fundamental Transaction.  At the Holder's
option and request, any successor to the Company or surviving entity in such
Fundamental Transaction shall issue to the Holder a new warrant substantially in
the form of this Warrant and consistent with the foregoing provisions and
evidencing the Holder's right to purchase the Alternate Consideration for the
aggregate Exercise Price upon exercise thereof.  The terms of any
agreement pursuant to which a Fundamental Transaction is effected shall include
terms requiring any such successor or surviving entity to comply with the
provisions of this paragraph (b) and insuring that the Warrant (or any such
replacement security) will be similarly adjusted upon any subsequent transaction
analogous to a Fundamental Transaction.

     

    (c)           Number of Warrant
Shares.  Simultaneously with any adjustment to the Exercise
Price pursuant to this Section 9, the number of Warrant Shares that may be
purchased upon exercise of this Warrant shall be increased or decreased
proportionately, so that after such adjustment the aggregate Exercise Price
payable hereunder for the adjusted number of Warrant Shares shall be the same as
the aggregate Exercise Price in effect immediately prior to such
adjustment.

     

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

     

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

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

    (f)           
Notice of Corporate
Events.  If the Company (i) declares a dividend or any other
distribution of cash, securities or other property in respect of its Common
Stock, including without limitation any granting of rights or warrants to
subscribe for or purchase any capital stock of the Company or any Subsidiary,
(ii) authorizes or approves, enters into any agreement contemplating or solicits
stockholder approval for any Fundamental Transaction or (iii) authorizes the
voluntary dissolution, liquidation or winding up of the affairs of the Company,
then the Company shall deliver to the Holder a notice describing the material
terms and conditions of such transaction (but only to the extent such disclosure
would not result in the dissemination of material, non-public information to the
Holder) at least 10 calendar days prior to the applicable record or effective
date on which a Person would need to hold Common Stock in order to participate
in or vote with respect to such transaction, and the Company will take all steps
reasonably necessary in order to insure that the Holder is given the practical
opportunity to exercise this Warrant prior to such time so as to participate in
or vote with respect to such transaction; provided, however, that the failure to
deliver such notice or any defect therein shall not affect the validity of the
corporate action required to be described in such notice.

     

    10.         Payment
of Exercise Price.  The
Holder may pay the Exercise Price in one of the following manners:

     

    (a)          Cash
Exercise.  The Holder may deliver immediately available funds;
or

     

    (b)          Cashless
Exercise.  The Holder may notify the Company in an Exercise
Notice of its election to utilize cashless exercise, in which event the Company
shall issue to the Holder the number of Warrant Shares determined as
follows:

     

    X = Y
[(A-B)/A]

     

    where:

     

    X = the
number of Warrant Shares to be issued to the Holder.

     

    Y = the
number of Warrant Shares with respect to which this Warrant is being
exercised.

     

    A = the
average of the daily volume weighted average price for the five Trading Days
immediately prior to (but not including) the Exercise Date.

     

    B = the
Exercise Price.

     

    For
purposes of Rule 144 promulgated under the Securities Act, it is intended,
understood and acknowledged that the Warrant Shares issued in a cashless
exercise transaction shall be deemed to have been acquired by the Holder, and
the holding period for the Warrant Shares shall be deemed to have commenced, on
the date this Warrant was originally issued.

    
      
         

      

      
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    11.         Limitations on
Exercise.  Notwithstanding anything to the contrary contained
herein, the number of Warrant Shares that may be acquired by the Holder upon any
exercise of this Warrant (or otherwise in respect hereof) shall be limited to
the extent necessary to insure that, following such exercise (or other
issuance), the total number of shares of Common Stock then beneficially owned by
such Holder and its Affiliates and any other Persons whose beneficial ownership
of Common Stock would be aggregated with the Holder's for purposes of Section
13(d) of the Exchange Act, does not exceed 9.99% of the total number of issued
and outstanding shares of Common Stock (including for such purpose the shares of
Common Stock issuable upon such exercise).  For such purposes,
beneficial ownership shall be determined in accordance with Section 13(d) of the
Exchange Act and the rules and regulations promulgated
thereunder.  This provision shall not restrict the number of shares of
Common Stock which a Holder may receive or beneficially own in order to
determine the amount of securities or other consideration that such Holder may
receive in the event of a Fundamental Transaction as contemplated in Section 9
of this Warrant.  This restriction may not be
waived.  Notwithstanding anything to the contrary contained in this
Warrant, (a) no term of this Section may be waived by any party, nor amended
such that the threshold percentage of ownership would be directly or indirectly
increased, (b) this restriction runs with the Warrant and may not be modified or
waived by any subsequent holder hereof and (c) any attempted waiver,
modification or amendment of this Section will be void ab initio.

     

    12.         No Fractional
Shares.  No fractional shares of Warrant Shares will be issued
in connection with any exercise of this Warrant.  In lieu of any
fractional shares which would, otherwise be issuable, the Company shall pay cash
equal to the product of such fraction multiplied by the closing price of one
Warrant Share as reported by the applicable Trading Market on the date of
exercise.

     

    13.         Notices.  Any
and all notices or other communications or deliveries hereunder (including,
without limitation, any Exercise Notice) shall be in writing and shall be deemed
given and effective on the earliest of (i) the date of transmission, if such
notice or communication is delivered via facsimile at the facsimile number
specified in this Section prior to 6:30 p.m. (New York City time) on a Trading
Day, (ii) the next Trading Day after the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number specified in
this Section on a day that is not a Trading Day or later than 6:30 p.m. (New
York City time) on any Trading Day, (iii) the Trading Day following the date of
mailing, if sent by nationally recognized overnight courier service, or (iv)
upon actual receipt by the party to whom such notice is required to be
given.  The addresses for such communications shall be:  (i)
if to the Company, to Unit 1217-1218, 12F of Tower B, Gemdale Plaza, No. 91
Jianguo Road, Chaoyang District, Beijing, 100022, People’s Republic of China,
Attn: Chief Executive Officer, or to Facsimile
No.:  [   ] (or such other address as the Company shall
indicate in writing in accordance with this Section), or (ii) if to the Holder,
to the address or facsimile number appearing on the Warrant Register or such
other address or facsimile number as the Holder may provide to the Company in
accordance with this Section.

    
      
         

      

      
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    14.         Warrant
Agent.  The Company shall serve as warrant agent under this
Warrant.  Upon 10 days' notice to the Holder, the Company may appoint
a new warrant agent.  Any corporation into which the Company or any
new warrant agent may be merged or any corporation resulting from any
consolidation to which the Company or any new warrant agent shall be a party or
any corporation to which the Company or any new warrant agent transfers
substantially all of its corporate trust or shareholders services business shall
be a successor warrant agent under this Warrant without any further
act.  Any such successor warrant agent shall promptly cause notice of
its succession as warrant agent to be mailed (by first class mail, postage
prepaid) to the Holder at the Holder's last address as shown on the Warrant
Register.

     

    15.         Miscellaneous.

     

    (a)           This
Warrant shall be binding on and inure to the benefit of the parties hereto and
their respective successors and assigns.  Subject to the preceding
sentence, nothing in this Warrant shall be construed to give to any Person other
than the Company and the Holder any legal or equitable right, remedy or cause of
action under this Warrant.  This Warrant may be amended only in
writing signed by the Company and the Holder and their successors and
assigns.  The foregoing sentence shall be subject to the restrictions
on waivers and amendments set forth in Section 11 of this Warrant.

     

    (b)           All
questions concerning the construction, validity, enforcement and interpretation
of this Warrant shall be governed by and construed and enforced in accordance
with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof.  Each party agrees that all
legal proceedings concerning the interpretations, enforcement and defense of
this Warrant and the transactions herein contemplated (“Proceedings”) (whether
brought against a party hereto or its respective Affiliates, employees or
agents) shall be commenced exclusively in the New York Courts.  Each
party hereto hereby irrevocably submits to the exclusive jurisdiction of the New
York Courts for the adjudication of any dispute hereunder or in connection
herewith or with any transaction contemplated hereby or discussed herein, and
hereby irrevocably waives, and agrees not to assert in any Proceeding, any claim
that it is not personally subject to the jurisdiction of any New York Court, or
that such Proceeding has been commenced in an improper or inconvenient forum.
Each party hereto hereby irrevocably waives personal service of process and
consents to process being served in any such Proceeding by mailing a copy
thereof via registered or certified mail or overnight delivery (with evidence of
delivery) to such party at the address in effect for notices to it under this
Warrant and agrees that such service shall constitute good and sufficient
service of process and notice thereof.  Nothing contained herein shall
be deemed to limit in any way any right to serve process in any manner permitted
by law.  Each party hereto hereby irrevocably waives, to the fullest
extent permitted by applicable law, any and all right to trial by jury in any
legal proceeding arising out of or relating to this Warrant or the transactions
contemplated hereby.  If either party shall commence a Proceeding to
enforce any provisions of this Warrant, then the prevailing party in such
Proceeding shall be reimbursed by the other party for its attorney’s fees and
other costs and expenses incurred with the investigation, preparation and
prosecution of such Proceeding.

     

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

    
      
         

      

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

     

    (e)           Prior
to exercise of this Warrant, the Holder hereof shall not, by reason of being a
Holder, be entitled to any rights of a stockholder with respect to the Warrant
Shares.

     

    [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK,

    SIGNATURE
PAGE FOLLOWS]

    
      
         

      

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

     

    
      
        
          	 
      	
                  TRUNKBOW
      INTERNATIONAL

                
	 
      	
                  HOLDINGS
      LIMITED

                
	 
      	 
      
	 
      	
                  By: 

                	
                    

                
	 
      	 
      	
                  Name:

                
	 
      	 
      	
                  Title:

                

        

      

    

    
      
         

      

      
        -11-

        
          

        

      

      
         

      

    

    EXERCISE
NOTICE

    TRUNKBOW
INTERNATIONAL HOLDINGS LIMITED

    WARRANT
DATED _______, ____

     

    The
undersigned Holder hereby irrevocably elects to
purchase  _____________ shares of Common Stock pursuant to the above
referenced Warrant.  Capitalized terms used herein and not otherwise
defined have the respective meanings set forth in the Warrant.

     

    
      	
              (1)

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

            

    

     

    
      	
              (2)

            	
              The
      holder shall pay the sum of $____________ to the Company in accordance
      with the terms of the Warrant.

            

    

     

    
      	
              (3)

            	
              Pursuant
      to this Exercise Notice, the Company shall deliver to the holder
      _______________ Warrant Shares in accordance with the terms of the
      Warrant.

            

    

     

    
      	
              (4)

            	
              By
      its delivery of this Exercise Notice, the undersigned represents and
      warrants to the Company that in giving effect to the exercise evidenced
      hereby the Holder will not beneficially own in excess of the number of
      shares of Common Stock (determined in accordance with Section 13(d) of the
      Securities Exchange Act of 1934) permitted to be owned under Section 11 of
      this Warrant to which this notice
relates.

            

    

    

    
      
        
          
            	
                    Dated:_______________,
      ____

                  	 
      	
                    Name
      of Holder:

                  
	 
      	 
      	 
      
	 
      	 
      	
                    (Print)
      ________________________________

                  
	 
      	 
      	 
      
	 
      	 
      	
                    By:___________________________________

                  
	 
      	 
      	
                    Name:_________________________________

                  
	 
      	 
      	
                    Title:__________________________________

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

                  

          

        

      

    

    
      
         

      

      
        -12-

        
          

        

      

      
         

      

    

    Warrant Shares Exercise
Log

     

    
      
        	
                Date

              	 
      	
                Number of Warrant

                Shares Available to be

                Exercised

              	 
      	
                Number of Warrant Shares

                Exercised

              	 
      	
                Number of

                Warrant Shares

                Remaining to

                be Exercised

              
	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                  

              	 
      	
                  

              	 
      	
                  

              	 
      

      

    

    
      
         

      

      
        -13-

        
          

        

      

      
         

      

    

    TRUNKBOW
INTERNATIONAL HOLDINGS LIMITED

    WARRANT
DATED _______, ____

    WARRANT
NO. [ ]

     

    FORM OF
ASSIGNMENT

     

    [To be
completed and signed only upon transfer of Warrant]

     

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

     

    Dated:   _______________,
____

     

    
      
        
          	 
      	
                  ___________________________________________

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

                
	 	 
	 
      	
                  ___________________________________________

                
	 
      	
                  Address
      of Transferee

                
	 	 
	 
      	
                  ___________________________________________

                
	 
      	 
      
	 
      	
                  ___________________________________________

                

        

      

    

      

    In the
presence of:

     

    __________________________

    
      
         

      

      
        -14-Exclusive
Business Cooperation Agreement

    

    This
Exclusive Business Cooperation Agreement (this "Agreement") is made and entered
into by and between the following Parties on December 20, 2007 in Jinan, the
People's Republic of China (“China” or the “PRC”).

    

    
      
        	

                Party A:

              	

                Trunkbow
      Asia Pacific (Shandong) Co., Ltd, a Company organized and existing under
      the laws of the PRC, with its address at the sixth floor, Main building,
      Shanda Technology Industrial Zone, Yingxiu Road, Hi-tech Development
      District, Jinan;

              
	 	 
	
                Party B:

              	
                Trunkbow
      Technologies (Shenzhen) Co., Ltd., a limited liability company organized
      and existing under the laws of the PRC, with its address at 25E, East
      Building, Guangye Center, Fuhua Road, Futian District,
      Shenzhen.

              

      

    

    

    Each of
Party A and Party B shall be hereinafter referred to as a "Party" respectively,
and as the "Parties" collectively.

    

    Whereas,

    
      	
              1.

            	
              Party
      A is a wholly-foreign-owned enterprise established in China, and has the
      necessary resources to provide technical development and economic
      information consulting services;

            

    

    
      	
              2.

            	
              Party
      B is a company with exclusively domestic capital registered in China and
      may engage in technology development and sales of computer system
      software, communication products, electronic and electrical products as
      well as economic information
consulting;

            

    

    
      	
              3.

            	
              Party
      A is willing to provide Party B with exclusive technology development and
      economic information consulting and other services during the term of this
      Agreement utilizing its own advantages in human resources, technology and
      information, and Party B is willing to accept such services provided by
      Party A or Party A's designee(s), each on the terms set forth
      herein.

            

    

    

    Now,
therefore, through mutual discussion, the Parties have reached the following
agreements:

    

    
      	
              1.

            	
              Services Provided by Party
      A

            

    

    
      	
               
      

            	
              1.1

            	
              Party
      B hereby appoints Party A as Party B's exclusive services provider to
      provide Party B with complete business support services and consulting
      services during the term of this Agreement, in accordance with the terms
      and conditions of this Agreement, which services may include all services
      within the business scope of Party B as may be determined from time to
      time by Party A, such as but not limited to technical services, business
      consultations, equipment or property leasing, marketing consultancy,
      system integration, product research and development, and system
      maintenance.

            

    

    
      	
               
      

            	
              1.2

            	
              Party
      B agrees to accept all the consultations and services provided by Party A.
      Party B further agrees that unless with Party A's prior written consent,
      during the term of this Agreement, Party B shall not accept any
      consultations and/or services provided by any third party and shall not
      cooperate with any third party regarding the matters contemplated by this
      Agreement. Party A may appoint other parties, who may enter into certain
      agreements described in Section 1.3 with Party B, to provide Party B with
      the consultations and/or services under this Agreement.
  

            

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    1.3          Service
Providing Methodology

    
      	
               
      

            	
              1.3.1

            	
              Party
      A and Party B agree that during the term of this Agreement, both Parties,
      directly or through their respective affiliates, may enter into further
      technical service agreements or consulting service agreements, which shall
      provide the specific contents, manner, personnel, and fees for the
      specific technical services and consulting
  services.

            

    

    
      	
               
      

            	
              1.3.2

            	
              To
      fulfill this Agreement, Party A and Party B agree that during the term of
      this Agreement, both Parties, directly or through their respective
      affiliates, may enter into equipment or property leases which shall permit
      Party B to use Party A's relevant equipment or property based on the needs
      of the business of Party B.

            

    

    

    
      	
              2.

            	
              The Calculation and Payment of
      the Service Fees

            

    

    Both
Parties agree that, in consideration of the services provided by Party A, Party
B shall pay to Party A the fees (the “Service Fees”) equal to 100% of the net
income of Party B, provided that upon mutual discussion between the Parties and
the prior written consent by Party A, the rate of Service Fees may be adjusted
based on the services rendered by Party A in that month and the operational
needs of Party B.  The Service Fees shall be due and payable on a
monthly basis;  within 30 days after the end of each month, Party B
shall (a) deliver to Party A the management accounts and operating statistics of
Party B for such month, including the net income of Party B during such month
(the “Monthly Net Income”), and (b) pay 100% of such Monthly Net Income, or
other amount agreed by Party A, to Party A (each such payment, a “Monthly
Payment”).  Within ninety (90) days after the end of each fiscal year,
Party B shall (a) deliver to Party A audited financial statements of Party B for
such fiscal year, which shall be audited and certified by an independent
certified public accountant approved by Party A, and (b) pay an amount to Party
A equal to the shortfall, if any, of the net income of Party B for such fiscal
year, as shown in such audited financial statements, as compared to the
aggregate amount of the Monthly Payments paid by Party B to Party A in such
fiscal year.

    

    
      	
              3.

            	
              Intellectual Property Rights
      and Confidentiality Clauses

            

    

    

    
      	
               
      

            	
              3.1

            	
              Party
      A shall have exclusive and proprietary rights and interests in all rights,
      ownership, interests and intellectual properties arising out of or created
      during the performance of this Agreement, including but not limited to
      copyrights, patents, patent applications, software, technical secrets,
      trade secrets and others.

            

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              3.2

            	
              The
      Parties acknowledge that any oral or written information exchanged among
      them with respect to this Agreement is confidential information. Each
      Party shall maintain the confidentiality of all such information, and
      without obtaining the written consent of the other Party, it shall not
      disclose any relevant information to any third parties, except in the
      following circumstances: (a) such information is or will be in the public
      domain (provided that this is not the result of a public disclosure by the
      receiving Party); (b) information disclosed as required by applicable laws
      or rules or regulations of any stock exchange; or (c) information required
      to be disclosed by any Party to its legal counsel or financial advisor
      regarding the transaction contemplated hereunder, and such legal counsel
      or financial advisor are also bound by confidentiality duties similar to
      the duties in this Section. Disclosure of any confidential information by
      the staff members or agencies hired by any Party shall be deemed
      disclosure of such confidential information by such Party, which Party
      shall be held liable for breach of this Agreement. This Section shall
      survive the termination of this Agreement for any
  reason.

            

    

    
      	
               
      

            	
              3.3

            	
              The
      Parties agree that this Section shall survive changes to, and rescission
      or termination of, this Agreement.

            

    

    

    4.           Representations and
Warranties

    

    
      	
               
      

            	
              4.1

            	
              Party
      A hereby represents and warrants as
follows:

            

    

    
      	
               
      

            	
              4.1.1

            	
              Party
      A is a company legally registered and validly existing in accordance with
      the laws of China.

            

    

    
      	
               
      

            	
              4.1.2

            	
              Party
      A's execution and performance of this Agreement is within its corporate
      capacity and the scope of its business operations; Party A has taken
      necessary corporate actions and given appropriate authorization and has
      obtained the consent and approval from third parties and government
      agencies, and will not violate any restrictions in law or otherwise
      binding or having an impact on Party
A.

            

    

    
      	
               
      

            	
              4.1.3

            	
              This
      Agreement constitutes Party A's legal, valid and binding obligations,
      enforceable in accordance with its
terms.

            

    

    
      	
               
      

            	
              4.2

            	
              Party
      B hereby represents and warrants as
follows:

            

    

    
      	
               
      

            	
              4.2.1

            	
              Party
      B is a company legally registered and validly existing in accordance with
      the laws of China;

            

    

    
      	
               
      

            	
              4.2.2

            	
              Party
      B's execution and performance of this Agreement is within its corporate
      capacity and the scope of its business operations; Party B has taken
      necessary corporate actions and given appropriate authorization and has
      obtained the consent and approval from third parties and government
      agencies, and will not violate any restrictions in law or otherwise
      binding or having an impact on Party
B.

            

    

    
      	
               
      

            	
              4.2.3

            	
              This
      Agreement constitutes Party B's legal, valid and binding obligations, and
      shall be enforceable against it.

            

    

    

    5.           Effectiveness and
Term

    
      	
               
      

            	
              5.1

            	
              This
      Agreement is executed on the date first above written and shall take
      effect as of such date. Unless earlier terminated in accordance with the
      provisions of this Agreement or relevant agreements separately executed
      between the Parties, the term of this Agreement shall be 10 years. After
      the execution of this Agreement, both Parties shall review this Agreement
      every 3 months to determine whether to amend or supplement the provisions
      in this Agreement based on the actual circumstances at that
      time.

            

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              5.2

            	
              The
      term of this Agreement may be extended if confirmed in writing by Party A
      prior to the expiration thereof. The extended term shall be determined by
      Party A, and Party B shall accept such extended term
      unconditionally.

            

    

    

    6.           Termination

    
      	
               
      

            	
              6.1

            	
              Unless
      renewed or earlier terminated in accordance with the relevant terms of
      this Agreement, this Agreement shall be terminated upon the date of
      expiration hereof.

            

    

    
      	
               
      

            	
              6.2

            	
              During
      the term of this Agreement, unless Party A commits gross negligence, or a
      fraudulent act, against Party B, Party B shall not terminate this
      Agreement prior to its expiration date. Nevertheless, Party A shall have
      the right to terminate this Agreement upon giving 30 days' prior written
      notice to Party B at any time.

            

    

    
      	
               
      

            	
              6.3

            	
              The
      rights and obligations of the Parties under Articles 3, 6.3, 7 and 8 shall
      survive the termination of this
Agreement.

            

    

    

    7.           Governing Law and Resolution of
Disputes

    
      	
               
      

            	
              7.1

            	
              The
      execution, effectiveness, construction, performance, amendment and
      termination of this Agreement and the resolution of disputes hereunder
      shall be governed by the laws of
China.

            

    

    
      	
               
      

            	
              7.2

            	
              In
      the event of any dispute with respect to the construction and performance
      of the provisions of this Agreement, the Parties shall negotiate in good
      faith to resolve the dispute. In the event the Parties fail to reach an
      agreement on the resolution of such a dispute within 30 days after any
      Party's request for resolution of the dispute through negotiations, either
      Party may submit the relevant dispute to the China International Economic
      and Trade Arbitration Commission for arbitration, in accordance with its
      then-effective arbitration rules. The arbitration shall be conducted in
      Beijing, and the language used during arbitration shall be Chinese. The
      arbitration ruling shall be final and binding on both
    Parties.

            

    

    
      	
               
      

            	
              7.3

            	
              Upon
      the occurrence of any disputes arising from the construction and
      performance of this Agreement or during the pending arbitration of any
      dispute, except for the matters under dispute, the Parties to this
      Agreement shall continue to exercise their respective rights under this
      Agreement and perform their respective obligations under this
      Agreement.

            

    

    

    8.           Indemnification

    

    Party B
shall indemnify and hold harmless Party A from any losses, injuries, obligations
or expenses caused by any lawsuit, claims or other demands against Party A
arising from or caused by the consultations and services provided by Party A at
the request of Party B, except where such losses, injuries, obligations or
expenses arise from the gross negligence or willful misconduct of Party
A.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    9.           Force Majeure

    

    
      	
               
      

            	
              9.1

            	
              "An
      Event of Force Majeure" means an event which is unforeseen, unavoidable
      and insurmountable, and includes, but is not limited to, acts by
      government, natural force, fire, explosions, geographic changes, storm,
      flood, earthquake, tide, lightning or wars. However, the deficiencies of
      qualifications, funds or financing can not be deemed an event beyond one
      party's reasonable control. The party that is affected by "An Event of
      Force Majeure" and seeks to exempt the performance of responsibilities
      under the provisions of this Agreement shall notify the other party the
      exemption of responsibility as soon as
possible.

            

    

    
      	
               
      

            	
              9.2

            	
              When
      performance of this Agreement is delayed or prevented by "An Event of
      Force Majeure" defined hereinbefore, the affected party need not assume
      any responsibilities set forth in this Agreement only to the part of the
      delayed or prevented performance, and only if the affected party uses
      reasonable and practical endeavors to perform this Agreement, the party
      that seeks to exempt his responsibilities may get the exemption of
      performance which is limited in the delayed or prevented part. Once the
      reasons of this exemption are rectified and remedied, the parties agree to
      make the greatest efforts to resume performance of this
      Agreement.

            

    

    

    10.         Notices

    

    
      	
               
      

            	
              10.1

            	
              All
      notices and other communications required or permitted to be given
      pursuant to this Agreement shall be delivered personally or sent by
      registered mail, postage prepaid, by a commercial courier service or by
      facsimile transmission to the address of such Party set forth
      below.  A confirmation copy of each notice shall also be sent by
      email.  The dates on which notices shall be deemed to have been
      effectively given shall be determined as
  follows:

            

    

    

    
      	
               
      

            	
              10.1.1

            	
              Notices
      given by personal delivery, by courier service or by registered mail,
      postage prepaid, shall be deemed effectively given on the date of delivery
      or refusal at the address specified for
notices.

            

    

    

    
      	
               
      

            	
              10.1.2

            	
              Notices
      given by facsimile transmission shall be deemed effectively given on the
      date of successful transmission (as evidenced by an automatically
      generated confirmation of
transmission).

            

    

    

    
      	
               
      

            	
              10.2

            	
              For
      the purpose of notices, the addresses of the Parties are as
      follows:

            

    

    

    Party
A: Trunkbow Asia Pacific(Shandong) Co., Ltd

    Attn:  Ying
XIA

    Phone:0086-531-89706001

    Facsimile:0086-531-89706000

    E-mail:
xiaying@trunkbow.com

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    Party
B: Trunkbow Technologies (Shenzhen) Co.,
Ltd.

    
      Address:  25E,
East Building, Guangye Center, Fuhua Road, Futian District,
Shenzhen.

    

    Attn: Qi
CHENG

    Phone:
0086-755-82028892

    Facsimile:
0086-755-82028883

    E-mail:
chengqi@trunkbow.com

    

    
      	
               
      

            	
              10.3

            	
              Any
      Party may at any time change its address for notices by a notice delivered
      to the other Party in accordance with the terms
  hereof.

            

    

    

    11.         Assignment

    

    
      	
               
      

            	
              11.1

            	
              Without
      Party A's prior written consent, Party B shall not assign its rights and
      obligations under this Agreement to any third
  party.

            

    

    

    
      	
               
      

            	
              11.2

            	
              Party
      B agrees that Party A may assign its obligations and rights under this
      Agreement to any third party upon a prior written notice to Party B but
      without the consent of Party B.

            

    

    

    12.         Severability

    

    In the
event that one or several of the provisions of this Agreement are found to be
invalid, illegal or unenforceable in any aspect in accordance with any laws or
regulations, the validity, legality or enforceability of the remaining
provisions of this Agreement shall not be affected or compromised in any aspect.
The Parties shall strive in good faith to replace such invalid, illegal or
unenforceable provisions with effective provisions that accomplish to the
greatest extent permitted by law and the intentions of the Parties, and the
economic effect of such effective provisions shall be as close as possible to
the economic effect of those invalid, illegal or unenforceable
provisions.

    

    13.         Amendments and
Supplements

    

    Any
amendments and supplements to this Agreement shall be in writing. The amendment
agreements and supplementary agreements that have been signed by the Parties and
that relate to this Agreement shall be an integral part of this Agreement and
shall have the same legal validity as this Agreement.

    

    14.         Language and
Counterparts

    

    This
Agreement is written in both Chinese and English language in two copies, each
Party having one copy with equal legal validity; in case there is any conflict
between the Chinese version and the English version, the Chinese version shall
prevail.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    The
Remainder of this page is intentionally left blank

    IN
WITNESS WHEREOF, the Parties have caused their authorized representatives to
execute this Exclusive Business Cooperation Agreement as of the date first above
written.

    

    
      Party
A:  Trunkbow
Asia Pacific(Shandong) Co., Ltd

    

    

    
      
        	
                By:

              	
                /s/
      Wanchun HOU

              	 
      
	
                Name: 

              	
                Wanchun
      HOU

              	 
      
	
                Title:

              	
                Legal
      Representative

              	 
      

      

    

    

    
      Party
B:  Trunkbow
Technologies (Shenzhen) Co., Ltd.

    

    

    
      
        	
                By:

              	
                /s/
      Wanchun HOU

              	 
      
	
                Name:

              	
                Wanchun
      HOU

              	 
      
	
                Title:

              	
                Legal
      Representative

              	 
      

      

    

    
      
         

      

      
        7

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