Document:

Form of 5.80% Senior Notes due 2018

 Exhibit 4.1 
 [Form of Note] 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITORY (AS DEFINED IN THE INDENTURE) OR A NOMINEE THEREOF. THIS GLOBAL SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY, OR
BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY, OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. 
 UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY (AS
DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
  

					
	No. 001	 		 	$300,000,000
	CUSIP No. 00440E AK3	 		 	

 ACE INA Holdings Inc. 
 5.80% Senior Note due 2018 
 ACE INA Holdings Inc., a Delaware corporation (hereinafter
called the “Company”, which term includes any successor corporation under the Indenture referred to below), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of Three Hundred
Million Dollars ($300,000,000) on March 15, 2018 and to pay interest thereon from February 14, 2008 or from the most recent interest payment date to which interest has been paid or duly provided for, payable semi-annually on March 15
and September 15 in each year (each, an “Interest Payment Date”), commencing September 15, 2008, at the rate of 5.80% per annum, until the principal hereof (and any Additional Amounts (as defined below)) is paid or duly made
available for payment. Interest on this Note shall be computed on the basis of a 360-day year of twelve 30-day months. If any Interest Payment Date or the maturity date falls on a day that is not a Business Day, the required payment shall be made on
the next Business Day as if it were 
  

 made on the date such payment was due and no interest shall accrue on the amount so payable for the period from and after
such Interest Payment Date or the maturity date, as the case may be, to such next Business Day. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will, as provided in such Indenture, be paid to the Person
in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the regular record date for such interest, which shall be March 1 or September 1 (whether or not a Business Day), as the case may be,
next preceding such Interest Payment Date. Any such interest which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date shall forthwith cease to be payable to the registered Holder hereof on the relevant regular
record date by virtue of having been such Holder, and may be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a subsequent special record date (which shall be at least 10
days before the payment date) for the payment of such defaulted interest to be fixed by the Company, notice whereof shall be given to the Holders of Notes of this series not less than 10 days prior to such Special Record Date, or may be paid at any
time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in such Indenture. Any interest
paid on this Note shall be increased to the extent necessary to pay Additional Amounts as set forth in this Note. 
 Payment of the principal
of, interest on or any Redemption Price or Additional Amounts in respect of this Note will be made at the office or agency of the Company and the Guarantor (as defined below) maintained for that purpose in The Borough of Manhattan, The City of New
York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that, at the option of the Company or the Guarantor, interest may be paid by check
mailed to the address of the Person entitled thereto as such address shall appear in the Security Register; provided, further, that payment to DTC or any successor Depository may be made by wire transfer to the account designated by DTC or such
successor depository in writing. 
 This Note is one of a duly authorized issuance of securities of the Company (herein called the
“Notes”), fully and unconditionally guaranteed as to payment of principal, premium, if any, and interest by ACE Limited, a Cayman Islands company (the “Guarantor”), issued and to be issued in one or more series under an
Indenture, dated as of August 1, 1999 (herein called, together with all indentures supplemental thereto, the “Indenture”), among the Company, the Guarantor and The Bank of New York Trust Company, N.A. (as successor to J.P. Morgan
Trust Company, National Association and The First National Bank of Chicago), as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which the Indenture and all indentures supplemental
thereto referenced is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantor, the Trustee and the Holders of the Notes, and of the terms upon which the Notes are,
and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited (subject to exceptions provided in the Indenture) to the aggregate principal amount specified in the Officer’s
Certificate, dated February 14, 2008, establishing the terms of the Notes pursuant to the Indenture. 
  

 2 

 The Notes are senior unsecured obligations of the Company. The Company’s obligation to pay the
principal of, interest on or any Additional Amounts in respect of the Notes is unconditionally guaranteed on a senior unsecured basis by the Guarantor pursuant to Article 16 of the Indenture. 
 If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable in the manner
and with the effect provided in the Indenture. 
 The Indenture contains provisions permitting, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the Company or the Guarantor and the rights of the Holders of the Securities of each series issued under the Indenture at any time by the Company, the Guarantor and the
Trustee with the written consent of the Holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding of each series affected thereby. The Indenture also contains provisions permitting the Holders of
specified percentages in aggregate principal amount of the Securities of any series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company or the Guarantor with certain provisions of
the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Notes
issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 
 This Note is not subject to any sinking fund. 
 No reference herein to the Indenture and no provision of
this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, interest on or any Redemption Price or any Additional Amounts in respect of this Note, at the times,
place and rate, and in the coin or currency, herein and in the Indenture prescribed. 
 As provided in the Indenture and subject to certain
limitations set forth therein and in this Note, the transfer of this Note may be registered on the Security Register upon surrender of this Note for registration of transfer at the office or agency of the Company and the Guarantor maintained for
that purpose in any place where the principal of, interest on or any Additional Amounts in respect of this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security
Registrar duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new Notes of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees. 
 The Notes are issuable only in registered form without coupons in the denominations
specified in the Officer’s Certificate, dated February 14, 2008, establishing the terms of the Notes, all as more fully provided in the Indenture and such Officer’s Certificate. As provided in the Indenture and in such Officer’s
Certificate, and subject to certain limitations set forth in the Indenture, such Officer’s Certificate and in this Note, the Notes are exchangeable for a like 

  

 3 

 
aggregate principal amount of Notes of this series in different authorized denominations, as requested by the Holders surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith, other than in certain cases provided in the Indenture. 
 Prior to due
presentment of this Note for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Company, the Guarantor, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Notes are redeemable as a whole or in part, at the Company’s option at any time, at a Redemption Price equal to the greater of (i) 100 percent of the principal amount of the Notes to be redeemed or
(ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon (excluding interest accrued to the Redemption Date) and discounted to Redemption Date on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the applicable Treasury Rate plus 35 basis points, plus, in each case, accrued and unpaid interest on the principal amount being redeemed to the Redemption Date. 
 “Treasury Rate” means, with respect to any Redemption Date, (1) the yield, under the heading which represents the average for the
immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which
establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is
within three months before or after the Remaining Life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from such
yields on a straight line basis, rounding to the nearest month) or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per year equal to the
semi-annual equivalent yield-to-maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption
Date. The Treasury Rate will be calculated on the third Business Day preceding the Redemption Date. 
 “Business Day” means any
calendar day that is not a Saturday, Sunday or legal holiday in New York, New York, and on which commercial banks are open for business in New York, New York. 
 “Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the notes to be redeemed.

  

 4 

 “Comparable Treasury Price” means (1) the average of four Reference Treasury Dealer
Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all
such quotations. 
 “Independent Investment Banker” means Banc of America Securities LLC and its respective successors, or, if the
firm is unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company. 
 “Reference Treasury Dealer” means each of (1) Banc of America Securities LLC and its respective successors; provided, however, that if the foregoing shall cease to be a primary U.S. Government
securities dealer in New York City, which we refer to as a “Primary Treasury Dealer,” the Company will substitute another Primary Treasury Dealer and (2) any two other Primary Treasury Dealers selected by the Independent Investment
Banker after consultation with the Company. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to
the Independent Investment Banker at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 All payments
on this Note will be made without withholding of any present or future taxes or governmental charges of the jurisdiction of the Company’s organization or principal executive offices (each, a “Taxing Jurisdiction”), unless the Company
is required to do so by applicable law or regulation. 
 If the Company is required to withhold amounts, it will, subject to the limitations
described below, pay to the Holder of this Note additional amounts so that every net payment made to the Holder of this Note, after the withholding, will be the same amount provided for in this Note and the Indenture (“Additional
Amounts”). 
 The Company will not be required to pay any Additional Amounts for (1) any tax or governmental charge which would not
have been imposed but for the fact that the Holder of this Note: (a) was a resident of, or engaged in business or maintained a permanent establishment or was physically present in, the relevant Taxing Jurisdiction or otherwise had some
connection with the relevant Taxing Jurisdiction other than the mere ownership of, or receipt of payment on, this Note, (b) presented this Note for payment in the relevant Taxing Jurisdiction, unless this Note could not have been presented for
payment elsewhere, or (c) presented this Note for payment more than 30 days after the date on which the payment became due unless the Holder of this Note would have been entitled to these Additional Amounts if the Holder of this Note had
presented this Note for payment within the 30-day period; (2) any estate, inheritance, gift, sale, transfer, personal property or similar tax or other governmental charge; (3) any tax or other governmental charge that is imposed or
withheld because of failure by the Holder of this Note to comply with any reasonable request by the Company: (a) to provide information concerning the nationality, residence or identity of the Holder of this Note or that of the beneficial owner
of this 

  

 5 

 
Note; or (b) to make any claim or satisfy any information or reporting requirement, which in either case is required by the relevant Taxing Jurisdiction
as a precondition to exemption from all or part of the tax or other governmental charge; or (4) any combination of items (1), (2) or (3) above. 
 The Company will not pay Additional Amounts if the Holder of this Note is a fiduciary or partnership or other than the sole beneficial owner of this Note if the beneficiary or partner or settlor would not have been
entitled to the Additional Amounts had it been the holder of this Note. 
 The Company will be entitled to redeem this Note, at its option,
at any time as a whole but not in part, upon not less than 30 nor more than 60 days’ notice, at 100% of the principal amount thereof, plus accrued and unpaid interest (if any) to the Redemption Date (subject to the right of holders of record on
the relevant record date to receive interest due on the relevant Interest Payment Date), in the event that the Company or the Guarantor has become or would become obligated to pay, on the next date on which any amount would be payable with respect
to this Note, any Additional Amounts as a result of: (1) a change in or an amendment to the laws (including any regulations promulgated thereunder) of a Taxing Jurisdiction, which change or amendment is announced after February 7, 2008; or
(2) any change in or amendment to any official position regarding the application or interpretation of such laws or regulations, which change or amendment is announced after February 7, 2008, and, in each case, the Company or the
Guarantor, as applicable, cannot avoid such obligation by taking reasonable measures available to it. 
 The Indenture contains provisions
whereby (i) the Company and the Guarantor may be discharged from their obligations with respect to the Notes (subject to certain exceptions) or (ii) the Company and the Guarantor may be released from their obligations under specified
covenants and agreements in the Indenture, in each case if the Company or the Guarantor irrevocably deposits with the Trustee money or Government Obligations, or a combination thereof, in an amount sufficient, without consideration of any
reinvestment, to pay and discharge the entire indebtedness on all Notes of this series, and satisfies certain other conditions, all as more fully provided in the Indenture. 
 This Note shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements and instruments made and to be
performed wholly within such State. 
 All terms used in this Note without definition that are defined in the Indenture shall have the
meanings assigned to them in the Indenture. 
 [Remainder of Page Intentionally Left Blank] 
  

 6 

 Unless the Certificate of Authentication hereon has been executed by or on behalf of the Trustee under
the Indenture by the manual signature of one of its authorized officers, this Note shall not be entitled to any benefits under the Indenture or be valid or obligatory for any purpose. 
 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal. 
  

									
	 ATTEST:
  
  
 [SEAL]
	 		 	ACE INA HOLDINGS INC.
				
	 	 		 	By:	 	 
	 Name: George D. Mulligan
 Title: Secretary

	 		 		 	 Name: Brian E. Dowd
 Title:
President

 CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
 Dated: February 14, 2008 
  

			
	THE BANK OF NEW YORK TRUST COMPANY, N.A., as Trustee
		
	By:	 	 
		 	Authorized Officer

  
  

 7 

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

					
	TEN COM    	 	—      	 	as tenants in common
			
	TEN ENT	 	—	 	as tenants by the entireties
			
	JT TEN	 	—	 	as joint tenants with right of survivorship and not as tenants in common

  

					
	UNIF GIFT MIN ACT    —	 	                                      
      	 	
		 	(Minor)	 	
			
	Custodian    	 	                                      
      	 	
		 	(Cust)	 	

  

							
	Under Uniform Gifts to Minors Act	 	                                      
      	  		  	
		 	(State)	  		  	

  
 Additional abbreviations may also be used
though not in the above list. 
  

 8 

 FOR VALUE RECEIVED, the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto 

			
	 	
	 	  	

 [PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE] 

					
		
	 	  	
		
	 	  	
		
	 	  	

 [PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE] 
 the within Note and all rights thereunder, hereby irrevocably constituting and appointing ______________________
_______________________________________________________________________________ to transfer said Note on the books of the Company with full power of substitution in the premises. 
  
 Dated: _____________________________ 
 Signature: __________________________ 
  

	Notice:	The signature to this assignment must correspond with the name as it appears upon the face of the within Note in every particular, without alteration or enlargement or any change
whatsoever. 

  

			
	Signature Guaranty:    	 	 

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Trustee, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Trustee in
addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
  

 9NEITHER THESE WARRANTS NOR THE COMMON STOCK ISSUABLE UPON EXERCISE OF THESE
WARRANTS HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"ACT"), OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, PLEDGED OR
TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH
SECURITIES UNDER THE ACT OR UNLESS AN EXEMPTION FROM SUCH REGISTRATION IS
AVAILABLE.

350,000 Warrants                                                 April  19, 2007

                       INDUSTRIAL ELECTRIC SERVICES, INC.

                                    WARRANTS

      INDUSTRIAL ELECTRIC SERVICES, INC., a Florida corporation ("(INEL)"),
certifies that, for value received, Trilogy Capital Partners, Inc. ("Trilogy"),
or registered assigns (the "Holder"), is the owner of Three Hundred Fifty
Thousand (350,000) Warrants of INEL (the "Warrants"). Each Warrant entitles the
Holder to purchase from INEL at any time prior to the Expiration Date (as
defined below) one share of the common stock of INEL (the "Common Stock") for
$1.50 per share (the "Exercise Price"), on the terms and conditions hereinafter
provided. The Exercise Price and the number of shares of Common Stock
purchasable upon exercise of each Warrant are subject to adjustment as provided
in this Certificate.

1. Vesting; Expiration Date; Exercise

      1.1 Vesting. The Warrants shall vest and become exercisable as of the date
of this Certificate.

      1.2 Expiration Date. The Warrants shall expire on April 19, 2009 (the
"Expiration Date").

      1.3 Manner of Exercise. The Warrants are exercisable by delivery to INEL
of the following (the "Exercise Documents"): (a) this Certificate (b) a written
notice of election to exercise the Warrants; and (c) payment of the Exercise
Price in cash, by check. or by "net" exercise as contemplated by Section 1.4 of
this Certificate. Within three business days following receipt of the foregoing,
INEL shall execute and deliver to the Holder: (a) a certificate or certificates
representing the aggregate number of shares of Common Stock purchased by the
Holder, and (b) if less than all of the Warrants evidenced by this Certificate
are exercised, a new certificate evidencing the Warrants not so exercised.

<PAGE>

      1.4 Net Exercise. In lieu of the payment methods set forth in Section 1.3
above, the Holder may elect to exchange all or some of the Warrant for the
number of shares of Common Stock computed using the following formula:

            X = Y (A-B)
                -------
                   A

            Where X = the number of shares of Common Stock to be issued to
            Holder.

            Y = the number of shares of Common Stock purchasable under the
            Warrants being exchanged (as adjusted to the date of such
            calculation).

            A = the Market Price on the date of receipt by INEL of the exercise
            documents.

            B = the Exercise Price of the Warrants being exchanged (as adjusted
            in accordance with the terms of Section 2 hereof).

            The "Market Price" on any trading day shall be deemed to be the last
      reported sale price of the Common Stock on such day, or, in the case no
      such reported sales take place on such day, the last reported sale price
      on the preceding trading day on which there was a last reported sales
      price, as officially reported by the principal securities exchange in
      which the shares of Common Stock are listed or admitted to trading or by
      the Nasdaq Stock Market, or if the Common Stock is not listed or admitted
      to trading on any national securities exchange or the Nasdaq Stock Market,
      the last sale price, or if there is no last sale price, the closing bid
      price, as furnished by the National Association of Securities Dealers,
      Inc. (such as through the OTC Bulletin Board) or a similar organization or
      if Nasdaq is no longer reporting such information. If the Market Price
      cannot be determined pursuant to the sentence above, the Market Price
      shall be determined in good faith (using customary valuation methods) by
      the Board of Directors of VGWA based on the information best available to
      it, including recent arms-length sales of Common Stock to unaffiliated
      persons.

      1.5 Restriction on "Net" Exercise. Notwithstanding any other provision of
this Certificate, Holder shall not be permitted to effect a "net" exercise of
the Warrants if on the date of exercise the resale of the underlying shares by
Holder has been registered under the Securities Act of 1933, as amended,
pursuant to a registration statement which is then in effect, and on such date
the Holder shall be permitted to resell such shares pursuant to such
registration statement. Notwithstanding anything to the contrary, application of
"Net" Exercise provisions are restricted during the one year period commencing
with the issue date of the Warrants.

2. Adjustments of Exercise Price and Number and Kind of Conversion Shares

      2.1 In the event that INEL shall at any time hereafter (a) pay a dividend
in Common Stock or securities convertible into Common Stock; (b) subdivide or
split its outstanding Common Stock; (c) combine its outstanding Common Stock
into a smaller number of shares; then the number of shares to be issued
immediately after the occurrence of any such event shall be adjusted so that the
Holder thereafter may receive the number of shares of Common Stock it would have
owned immediately following such action if it had exercised the Warrants
immediately prior to such action and the Exercise Price shall be adjusted to
reflect such proportionate increases or decreases in the number of shares.

                                     - 2 -
<PAGE>

      2.2 In case of any reclassification of the outstanding shares of Common
Stock (other than a change covered by Section 2.1 hereof or a change which
solely affects the par value of such shares) or in the case of any merger or
consolidation or merger in which INEL is not the continuing corporation and
which results in any reclassification or capital reorganization of the
outstanding shares), the Holder shall have the right thereafter (until the
Expiration Date) to receive upon the exercise hereof, for the same aggregate
Exercise Price payable hereunder immediately prior to such event, the kind and
amount of shares of stock or other securities or property receivable upon such
reclassification, capital reorganization, merger or consolidation, by a Holder
of the number of shares of Common Stock obtainable upon the exercise of the
Warrants immediately prior to such event; and if any reclassification also
results in a change in shares covered by Section 2.1, then such adjustment shall
be made pursuant to both this Section 2.2 and Section 2.1 (without duplication).
The provisions of this Section 2.2 shall similarly apply to successive
reclassifications, capital reorganizations and mergers or consolidations, sales
or other transfers.

3. Reservation of Shares. INEL shall at all times reserve and keep available out
of its authorized but unissued shares of Common Stock, such number of shares of
Common Stock as shall from time to time be issuable upon exercise of the
Warrants. If at any time the number of authorized but unissued shares of Common
Stock shall not be sufficient to permit the exercise of the Warrants, INEL shall
promptly seek such corporate action as may be necessary to increase its
authorized but unissued shares of Common Stock to such number of shares as shall
be sufficient for such purpose.

4. Certificate as to Adjustments. In each case of any adjustment in the Exercise
Price, or number or type of shares issuable upon exercise of these Warrants, the
Chief Financial Officer of INEL shall compute such adjustment in accordance with
the terms of these Warrants and prepare a certificate setting forth such
adjustment and showing in detail the facts upon which such adjustment is based,
including a statement of the adjusted Exercise Price. INEL shall promptly send
(by facsimile and by either first class mail, postage prepaid or overnight
delivery) a copy of each such certificate to the Holder.

5. Loss or Mutilation. Upon receipt of evidence reasonably satisfactory to INEL
of the ownership of and the loss, theft, destruction or mutilation of this
Certificate, and of indemnity reasonably satisfactory to it, and (in the case of
mutilation) upon surrender and cancellation of these Warrants, INEL will execute
and deliver in lieu thereof a new Certificate of like tenor as the lost, stolen,
destroyed or mutilated Certificate.

6. Representations and Warranties of INEL. INEL hereby represents and warrants
to Holder that:

      6.1 Due Authorization. All corporate action on the part of INEL, its
officers, directors and shareholders necessary for (a) the authorization,
execution and delivery of, and the performance of all obligations of INEL under,
these Warrants, and (b) the authorization, issuance, reservation for issuance
and delivery of all of the Common Stock issuable upon exercise of these
Warrants, has been duly taken. These Warrants constitute a valid and binding
obligation of INEL enforceable in accordance with their terms, subject, as to
enforcement of remedies, to applicable bankruptcy, insolvency, moratorium,
reorganization and similar laws affecting creditors' rights generally and to
general equitable principles.

                                     - 3 -
<PAGE>

      6.2 Organization. INEL is a corporation duly organized, validly existing
and in good standing under the laws of the State referenced in the first
paragraph of this Certificate and has all requisite corporate power to own,
lease and operate its property and to carry on its business as now being
conducted and as currently proposed to be conducted.

      6.3 Valid Issuance of Stock. Any shares of Common Stock issued upon
exercise of these Warrants will be duly and validly issued, fully paid and
non-assessable.

      6.4 Governmental Consents. All consents, approvals, orders, authorizations
or registrations, qualifications, declarations or filings with any federal or
state governmental authority on the part of INEL required in connection with the
consummation of the transactions contemplated herein have been obtained.

7. Representations and Warranties of Trilogy. Trilogy hereby represents and
warrants to INEL that:

      7.1 Trilogy is acquiring the Warrants for its own account, for investment
purposes only.

      7.2 Trilogy understands that an investment in the Warrants involves a high
degree of risk, and Trilogy has the financial ability to bear the economic risk
of this investment in the Warrants, including a complete loss of such
investment. Trilogy has adequate means for providing for its current financial
needs and has no need for liquidity with respect to this investment.

      7.3 Trilogy has such knowledge and experience in financial and business
matters that it is capable of evaluating the merits and risks of an investment
in the Warrants and in protecting its own interest in connection with this
transaction.

      7.4 Trilogy understands that the Warrants have not been registered under
the Securities Act of 1933, as amended (the "Securities Act") or under any state
securities laws. Trilogy is familiar with the provisions of the Securities Act
and Rule 144 thereunder and understands that the restrictions on transfer on the
Warrants may result in Trilogy being required to hold the Warrants for an
indefinite period of time.

      7.5 Trilogy agrees not to sell, transfer, assign, gift, create a security
interest in, or otherwise dispose of, with or without consideration
(collectively, "Transfer") any of the Warrants except pursuant to an effective
registration statement under the Securities Act or an exemption from
registration. As a further condition to any such Transfer, except in the event
that such Transfer is made pursuant to an effective registration statement under
the Securities Act, if in the reasonable opinion of counsel to INEL any Transfer
of the Warrants by the contemplated transferee thereof would not be exempt from
the registration and prospectus delivery requirements of the Securities Act,
INEL may require the contemplated transferee to furnish INEL with an investment
letter setting forth such information and agreements as may be reasonably
requested by INEL to ensure compliance by such transferee with the Securities
Act.

                                     - 4 -
<PAGE>

8. Notices of Record Date

            In the event:

      8.1 INEL shall take a record of the holders of its Common Stock (or other
stock or securities at the time receivable upon the exercise of these Warrants),
for the purpose of entitling them to receive any dividend or other distribution,
or any right to subscribe for or purchase any shares of stock of any class or
any other securities or to receive any other right; or

      8.2 of any consolidation or merger of INEL with or into another
corporation, any capital reorganization of INEL, any reclassification of the
capital stock of INEL, or any conveyance of all or substantially all of the
assets of INEL to another corporation in which holders of INEL's stock are to
receive stock, securities or property of another corporation; or

      8.3 of any voluntary dissolution, liquidation or winding-up of INEL; or

      8.4 of any redemption or conversion of all outstanding Common Stock;

then, and in each such case, INEL will mail or cause to be mailed to the Holder
a notice specifying, as the case may be, (a) the date on which a record is to be
taken for the purpose of such dividend, distribution or right, or (b) the date
on which such reorganization, reclassification, consolidation, merger,
conveyance, dissolution, liquidation, winding-up, redemption or conversion is to
take place, and the time, if any is to be fixed, as of which the holders of
record of Common Stock (or such stock or securities as at the time are
receivable upon the exercise of these Warrants), shall be entitled to exchange
their shares of Common Stock (or such other stock or securities), for securities
or other property deliverable upon such reorganization, reclassification,
consolidation, merger, conveyance, dissolution, liquidation or winding-up. INEL
shall use all reasonable efforts to ensure such notice shall be delivered at
least 15 days prior to the date therein specified.

                                     - 5 -
<PAGE>

9. Registration Rights.

      9.1 Definitions. For purposes of this Section 9, the following terms shall
have the meanings set forth below:

            9.1.1 A "Blackout Event" means any of the following: (a) the
      possession by VGWA of material information that is not ripe for disclosure
      in a registration statement or prospectus, as determined reasonably and in
      good faith by the Chief Executive Officer or the Board of Directors of
      INEL or that disclosure of such information in the Registration Statement
      or the prospectus constituting a part thereof would be materially
      detrimental to the business and affairs of INEL; or (b) any material
      engagement or activity by INEL which would, in the reasonable and good
      faith determination of the Chief Executive Officer or the Board of
      Directors of INEL, be materially adversely affected by disclosure in a
      registration statement or prospectus at such time.

            9.1.2 "Exchange Act" shall mean the Securities Exchange Act of 1934,
      as amended.

            9.1.3 "Included Shares" shall mean any Registrable Shares included
      in a Registration.

            9.1.4 "Registrable Shares" shall mean the shares of Common Stock (or
      such stock or securities as at the time are receivable upon the exercise
      of these Warrants) issuable upon exercise of the Warrants and any other
      Warrants and or other securities issued to Trilogy in connection with
      performing investor relations services for INEL, and shares or securities
      issued as a result of stock split, stock dividend or reclassification of
      such shares.

            9.1.5 "Registration" shall mean a registration of securities under
      the Securities Act pursuant to Section 10.2 or 10.3 of this Agreement.

            9.1.6 "Registration Period" with respect to any Registration
      Statement the period commencing the effective date of the Registration
      Statement and ending upon withdrawal or termination of the Registration
      Statement.

            9.1.7 "Registration Statement" shall mean the registration
      statement, as amended from time to time, filed with the SEC in connection
      with a Registration.

            9.1.8 "SEC" shall mean the Securities and Exchange Commission.

      9.2 Piggyback Registration. If INEL shall determine to register any Common
Stock under the Securities Act for sale in connection with a public offering of
Common Stock (other than pursuant to an employee benefit plan or a merger,
acquisition or similar transaction), INEL will give written notice thereof to
Holder and will include in such Registration Statement any of the Registrable
Shares which Holder may request be included ("Included Shares") by a writing
delivered to INEL within 15 days after the notice given by INEL to Holder;
provided, however, that if the offering is to be firmly underwritten, and the
representative of the underwriters of the offering refuse in writing to include
in the offering all of the shares of Common Stock requested by INEL and others,
the shares to be included shall be allocated first to INEL and any shareholder

                                     - 6 -
<PAGE>

who initiated such Registration and then among the others based on the
respective number of shares of Common Stock held by such persons. If INEL
decides not to, and does not, file a Registration Statement with respect to such
Registration, or after filing determines to withdraw the same before the
effective date thereof, INEL will promptly so inform Holder, and INEL will not
be obligated to complete the registration of the Included Shares included
therein. Once effective, INEL shall prepare and file with the SEC such
amendments and supplements to the Registration Statement and the prospectus
forming a part thereof as may be necessary to keep the Registration Statement
effective until the earliest date on which (i) all the Included Shares have been
disposed of pursuant to the Registration Statement, or (ii) all of the Included
Shares then held by Holder may be sold under the provisions of Rule 144 without
limitation as to volume, whether pursuant to Rule 144(k) or otherwise.

      9.3 Certain Covenants. In connection with any Registration:

            9.3.1 INEL shall take all lawful action such that the Registration
      Statement, any amendment thereto and the prospectus forming a part thereof
      does not contain an untrue statement of a material fact or omit to state a
      material fact required to be stated therein or necessary to make the
      statements therein, in light of the circumstances under which they are
      made, not misleading. Upon becoming aware of the occurrence of any event
      or the discovery of any facts during the Registration Period that make any
      statement of a material fact made in the Registration Statement or the
      related prospectus untrue in any material respect or which material fact
      is omitted from the Registration Statement or related prospectus that
      requires the making of any changes in the Registration Statement or
      related prospectus so that it will not contain any untrue statement of a
      material fact or omit to state a material fact necessary to make the
      statements therein, in light of the circumstances under which they are
      made, not misleading (taking into account any prior amendments or
      supplements), INEL shall promptly notify Holder, and, subject to the
      provisions of Section 10.5, as soon as reasonably practicable prepare
      (but, subject to Section 10.5, in no event more than five business days in
      the case of a supplement or seven business days in the case of a
      post-effective amendment) and file with the SEC a supplement or
      post-effective amendment to the Registration Statement or the related
      prospectus or file any other required document so that, as thereafter
      delivered to a purchaser of Shares from Holder, such prospectus will not
      contain any untrue statement of a material fact or omit to state a
      material fact necessary to make the statements therein, in light of the
      circumstances under which they were made, not misleading.

            9.3.2 At least three business days prior to the filing with the SEC
      of the Registration Statement (or any amendment thereto) or the prospectus
      forming a part thereof (or any supplement thereto), INEL shall provide
      draft copies thereof to Holder and shall consider incorporating into such
      documents such comments as Holder (and its counsel) may propose to be
      incorporated therein. Notwithstanding the foregoing, no prospectus
      supplement, the form of which has previously been provided to Holder, need
      be delivered in draft form to Holder.

                                     - 7 -
<PAGE>

            9.3.3 INEL shall promptly notify Holder upon the occurrence of any
      of the following events in respect of the Registration Statement or the
      prospectus forming a part thereof: (i) the receipt of any request for
      additional information from the SEC or any other federal or state
      governmental authority, the response to which would require any amendments
      or supplements to the Registration Statement or related prospectus; (ii)
      the issuance by the SEC or any other federal or state governmental
      authority of any stop order suspending the effectiveness of the
      Registration Statement or the initiation of any proceedings for that
      purpose; or (iii) the receipt of any notification with respect to the
      suspension of the qualification or exemption from qualification of any of
      the Shares for sale in any jurisdiction or the initiation or threatening
      of any proceeding for such purpose.

            9.3.4 INEL shall furnish to Holder with respect to the Included
      Shares registered under the Registration Statement (and to each
      underwriter, if any, of such Shares) such number of copies of prospectuses
      and such other documents as Holder may reasonably request, in order to
      facilitate the public sale or other disposition of all or any of the
      Included Shares by Holder pursuant to the Registration Statement.

            9.3.5 In connection with any registration pursuant to Section 9.2,
      INEL shall file or cause to be filed such documents as are required to be
      filed by INEL for normal Blue Sky clearance in states specified in writing
      by Holder; provided, however, that INEL shall not be required to qualify
      to do business or consent to service of process in any jurisdiction in
      which it is not now so qualified or has not so consented.

            9.3.6 INEL shall bear and pay all expenses incurred by it and Holder
      (other than underwriting discounts, brokerage fees and commissions and
      fees and expenses of more than one law firm) in connection with the
      registration of the Shares pursuant to the Registration Statement.

            9.3.7 INEL shall require each legal opinion and accountant's "cold
      comfort" letter in connection with the Registration, if any, to be
      rendered to Holder as well as INEL and/or its Board of Directors.

            9.3.8 As a condition to including Registrable Shares in a
      Registration Statement, Holder must provide to INEL such information
      regarding itself, the Registrable Shares held by it and the intended
      method of distribution of such Shares as shall be required to effect the
      registration of the Registrable Shares and, if the offering is being
      underwritten, Holder must provide such powers of attorney, indemnities and
      other documents as may be reasonably requested by the managing
      underwriter.

            9.3.9 Following the effectiveness of the Registration Statement,
      upon receipt from INEL of a notice that the Registration Statement
      contains an untrue statement of material fact or omits to state any
      material fact required to be stated therein or necessary to make the
      statements therein not misleading in light of the circumstances under
      which they were made, Holder will immediately discontinue disposition of
      Included Shares pursuant to the Registration Statement until INEL notifies
      Holder that it may resume sales of Included Shares and, if necessary,
      provides to Holder copies of the supplemental or amended prospectus.

      9.4 Blackout Event. INEL shall not be obligated to file a post-effective
amendment or supplement to the Registration Statement or the prospectus
constituting a part thereof during the continuance of a Blackout Event;
provided, however, that no Blackout Event may be deemed to exist for more than
60 days. Without the express written consent of Holder, if required to permit
the continued sale of Shares by Holder, a post-effective amendment or supplement
to Registration Statement or the prospectus constituting a part thereof must be
filed no later than the 61st day following commencement of a Blackout Event.

                                     - 8 -
<PAGE>

      9.5 Rule 144. With a view to making available to Holder the benefits of
Rule 144, INEL agrees, throughout the Registration Period, to:

            9.5.1 comply with the provisions of paragraph (c)(1) of Rule 144;
      and

            9.5.2 file with the SEC in a timely manner all reports and other
      documents required to be filed by INEL pursuant to Section 13 or 15(d)
      under the Exchange Act; and, if at any time it is not required to file
      such reports but in the past had been required to or did file such
      reports, it will, upon the request of a Purchaser, make available other
      information as required by, and so long as necessary to permit sales of
      its Shares pursuant to, Rule 144.

      9.6 INEL Indemnification. INEL agrees to indemnify and hold harmless
Holder, and its officers, directors and agents, and each person, if any, who
controls Holder within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act from and against any and all losses, claims,
damages and liabilities caused by (i) any violation or alleged violation by INEL
of the Securities Act, Exchange Act, any state securities laws or any rule or
regulation promulgated under the Securities Act, Exchange Act or any state
securities laws, (ii) any untrue statement or alleged untrue statement of a
material fact contained in any registration statement or prospectus relating to
the Included Shares (as amended or supplemented if INEL shall have furnished any
amendments or supplements thereto) or any preliminary prospectus, or (iii)
caused by any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances under which they were made, except
insofar as such losses, claims, damages or liabilities are caused by any such
untrue statement or omission or alleged untrue statement or omission based upon
information furnished in writing to INEL by Holder or on Holder's behalf
expressly for use therein.

      9.7 Holder Indemnification. Holder agrees to indemnify and hold harmless
INEL, its officers, directors and agents and each person, if any, who controls
INEL within the meaning of either Section 15 of the Securities Act or Section 20
of the Exchange Act to the same extent as the foregoing indemnity from INEL to
Holder, but only with respect to information furnished in writing by Holder or
on Holder's behalf expressly for use in any registration statement or prospectus
relating to the Registrable Shares, or any amendment or supplement thereto, or
any preliminary prospectus.

      9.8 Indemnification Procedures. In case any proceeding (including any
governmental investigation) shall be instituted involving any person in respect
of which indemnity may be sought pursuant to this Section 10, such person (an
"Indemnified Party") shall promptly notify the person against whom such
indemnity may be sought (the "Indemnifying Party") in writing and the
Indemnifying Party shall assume the defense thereof, including the employment of
counsel reasonably satisfactory to such Indemnified Party, and shall assume the
payment of all fees and expenses; provided that the failure of any Indemnified
Party so to notify the Indemnifying Party shall not relieve the Indemnifying
Party of its obligations hereunder except to the extent (and only to the extent

                                     - 9 -
<PAGE>

that) that the Indemnifying Party is materially prejudiced by such failure to
notify. In any such proceeding, any Indemnified Party shall have the right to
retain its own counsel, but the fees and expenses of such counsel shall be at
the expense of such Indemnified Party unless (i) the Indemnifying Party and the
Indemnified Party shall have mutually agreed to the retention of such counsel or
(ii) in the reasonable judgment of such Indemnified Party representation of both
parties by the same counsel would be inappropriate due to actual or potential
differing interests between them. It is understood that the Indemnifying Party
shall not, in connection with any proceeding or related proceedings in the same
jurisdiction, be liable for the reasonable fees and expenses of more than one
separate firm of attorneys (in addition to any local counsel) at any time for
all such Indemnified Parties (including in the case of Holder, all of its
officers, directors and controlling persons) and that all such fees and expenses
shall be reimbursed as they are incurred. In the case of any such separate firm
for the Indemnified Parties, the Indemnified Parties shall designate such firm
in writing to the Indemnifying Party. The Indemnifying Party shall not be liable
for any settlement of any proceeding effected without its written consent (which
consent shall not be unreasonably withheld or delayed), but if settled with such
consent, or if there be a final judgment for the plaintiff, the Indemnifying
Party shall indemnify and hold harmless such Indemnified Parties from and
against any loss or liability (to the extent stated above) by reason of such
settlement or judgment. No Indemnifying Party shall, without the prior written
consent of the Indemnified Party, effect any settlement of any pending or
threatened proceeding in respect of which any Indemnified Party is or could have
been a party and indemnity could have been sought hereunder by such Indemnified
Party, unless such settlement includes an unconditional release of such
Indemnified Party from all liability arising out of such proceeding.

      9.9 Contribution. To the extent any indemnification by an Indemnifying
Party is prohibited or limited by law, the Indemnifying Party agrees to make the
maximum contribution with respect to any amounts for which, he, she or it would
otherwise be liable under this Section 10.6 to the fullest extent permitted by
law; provided, however, that (i) no contribution shall be made under
circumstances where a party would not have been liable for indemnification under
this Section 10.6 and (ii) no seller of Registrable Securities guilty of
fraudulent misrepresentation (within the meaning used in the Securities Act)
shall be entitled to contribution from any party who was not guilty of such
fraudulent misrepresentation.

10. Severability. If any term, provision, covenant or restriction of these
Warrants is held by a court of competent jurisdiction to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and
restrictions of these Warrants shall remain in full force and effect and shall
in no way be affected, impaired or invalidated.

                                     - 10 -
<PAGE>

11. Notices. All notices, requests, consents and other communications required
hereunder shall be in writing and shall be effective when delivered or, if
delivered by registered or certified mail, postage prepaid, return receipt
requested, shall be effective on the third day following deposit in United
States mail: to the Holder, at Trilogy Capital Partners, Inc., 11726 San Vicente
Boulevard, Suite 235, Los Angeles, CA 90049; and if addressed to INEL, Shennan
Zhong Road, P.O. Box 031-072, Shenzhen China 518000, or such other address as
Holder or INEL may designate in writing.

12. No Rights as Shareholder. The Holder shall have no rights as a shareholder
of INEL with respect to the shares issuable upon exercise of the Warrants until
the receipt by INEL of all of the Exercise Documents.

                                          Industrial Electric Services, Inc.

                                          By:
                                              ----------------------------------
                                              Chairman and CEO

                                     - 11 -
<PAGE>

                                   EXHIBIT "A"
                               NOTICE OF EXERCISE
                (To be signed only upon exercise of the Warrants)

To: (Name of Company)

      The undersigned hereby elects to purchase shares of Common Stock (the
"Warrant Shares") of Industrial Electric Services, Inc. ("INEL"), pursuant to
the terms of the enclosed warrant certificate (the "Certificate"). The
undersigned tenders herewith payment of the exercise price pursuant to the terms
of the Certificate.

      The undersigned hereby represents and warrants to, and agrees with, INEL
as follows:

      1. Holder is acquiring the Warrant Shares for its own account, for
investment purposes only.

      2. Holder understands that an investment in the Warrant Shares involves a
high degree of risk, and Holder has the financial ability to bear the economic
risk of this investment in the Warrant Shares, including a complete loss of such
investment. Holder has adequate means for providing for its current financial
needs and has no need for liquidity with respect to this investment.

      3. Holder has such knowledge and experience in financial and business
matters that it is capable of evaluating the merits and risks of an investment
in the Warrant Shares and in protecting its own interest in connection with this
transaction.

      4. Holder understands that the Warrant Shares have not been registered
under the Securities Act or under any state securities laws. Holder is familiar
with the provisions of the Securities Act and Rule 144 thereunder and
understands that the restrictions on transfer on the Warrant Shares may result
in Holder being required to hold the Warrant Shares for an indefinite period of
time.

      5. Holder agrees not to sell, transfer, assign, gift, create a security
interest in, or otherwise dispose of, with or without consideration
(collectively, "Transfer") any of the Warrant Shares except pursuant to an
effective registration statement under the Securities Act or an exemption from
registration. As a further condition to any such Transfer, except in the event
that such Transfer is made pursuant to an effective registration statement under
the Securities Act, if in the reasonable opinion of counsel to INEL any Transfer
of the Warrant Shares by the contemplated transferee thereof would not be exempt
from the registration and prospectus delivery requirements of the Securities
Act, INEL may require the contemplated transferee to furnish INEL with an
investment letter setting forth such information and agreements as may be
reasonably requested by INEL to ensure compliance by such transferee with the
Securities Act.

<PAGE>

      Each certificate evidencing the Warrant Shares will bear the following
legend:

"THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 (THE "ACT") OR ANY APPLICABLE STATE SECURITIES LAWS
AND MAY NOT BE EXERCISED, SOLD, PLEDGED OR TRANSFERRED IN THE ABSENCE OF AN
EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER THE ACT OR UNLESS AN
EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.

Number of Warrants Exercised:  ______________

Net Exercise  ____  Yes  ___ No

Dated:  ____________________

                                     - 2 -

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