Document:

ex10_1.htm

    
      

    

    Exhibit
10.1

     

    THIRD AMENDMENT TO PURCHASE
AGREEMENT

    

    This
Third Amendment to Purchase Agreement is made and entered into this ___ day of
March, 2008 (the “Third Amendment”), to amend the Second Amendment to Purchase
Agreement entered into on January 29, 2008, by and among TEZ Real Estate, LP, a
Pennsylvania limited partnership (the “Partnership”), TEZ Management, LLC, a
Pennsylvania limited liability company (the “General Partner”), The End Zone,
Inc., a Pennsylvania corporation (the “Company”), Vincent Piazza (“Piazza” or
the “Shareholder”), the Piazza Family Limited Partnership, a Pennsylvania
limited partnership (the “Piazza Family Partnership”), RCI Entertainment
(Philadelphia), Inc., a Pennsylvania corporation (the “Purchaser”), Rick’s
Cabaret International, Inc., a Texas corporation (“Rick’s”), and RCI Holdings,
Inc., a Texas corporation (“RCI”).

    

    R
E C I T A L S:

    

    WHEREAS, the Partnership,
General Partner, Company, Piazza, Piazza Family Partnership, Purchaser, Rick’s
and RCI entered into a Purchase Agreement on October 17, 2007 (the “Purchase
Agreement”); and

    

    WHEREAS, the Partnership,
General Partner, Company, Piazza, Piazza Family Partnership, Purchaser, Rick’s
and RCI executed an Agreement to Amend Purchase Agreement for the sole purpose
of extending the Closing Date; and

    

    WHEREAS, the Partnership,
General Partner, Company, Piazza, Piazza Family Partnership, Purchaser, Rick’s
and RCI executed a Second Amendment to Purchase Agreement dated January 29, 2008
to amend and restate, in its entirety, the Purchase Agreement; and

    

    WHEREAS, the Partnership,
General Partner, Company, Piazza, Piazza Family Partnership, Purchaser, Rick’s
and RCI now wish to amend the Second Amendment to Purchase Agreement for the
sole purpose of extending the Closing Date; and

    

    NOW, THEREFORE, in
consideration of the foregoing, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows:

     

    1.           All
capitalized terms used herein shall have the meanings assigned to them in the
Purchase Agreement, as amended and restated, unless expressly defined otherwise
in this Third Amendment.

     

    2.           Except
as otherwise specifically provided herein, all terms and conditions of the
Purchase Agreement, as amended and restated, shall apply to the interpretation
and enforcement of this Third Amendment as if explicitly set forth
herein.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    3.           Amendment
to Section 2.1 of the Purchase Agreement, as amended and restated.

     

    Purchaser,
Rick’s, RCI, Partnership, General Partner, Company, Piazza and Piazza Family
Partnership hereby Amend Section 2.1 of the Purchase Agreement in its entirety
to read as follows:

     

    
      “The
Closing.  The Closing Date for the transactions
contemplated by this Agreement  shall take place on or before March
28, 2008 (the “Closing Date”), at the law offices of Butera, Beausang, Cohen
& Brennan, 630 Freedom Business Center, Suite 212, King of Prussia,
Pennsylvania  19406, or at such other time and place as agreed upon in
writing among the parties hereto (the “Closing”), said time to be of the
essence.”

    4.           This
Third Amendment shall be of no force and effect until receipt and execution of
this Third Amendment by Purchaser, Rick’s, RCI, Partnership, General Partner,
Company, Piazza and Piazza Family Partnership.  This Third Amendment
may be executed in counterparts, each of which shall be deemed an original, but
all of which shall be deemed one instrument, by facsimile signature of any of
the parties, each of which shall be deemed an original for all
purposes.

     

    5.           Except
as expressly amended hereby, the Purchase Agreement, as amended and
restated,  remains in full force and effect.  Any references
to the Purchase Agreement, as amended and restated, shall refer to the Purchase
Agreement as amended hereby.

     

    [signature
page follows]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, the undersigned
have executed this Third Amendment effective as of the date first set forth
above.

     

    
      	 
      	
              RICK’S
      CABARET INTERNATIONAL, INC.

            
	 	 
	 
      	
              By:

            	
              /s/ Eric Langan

            
	 
      	 
      	
              Eric
      Langan, President

            
	 
      	 
      	 
      
	 
      	
              RCI
      HOLDINGS, INC.

            
	 	 
	 
      	
              By:

            	
              /s/ Eric Langan

            
	 
      	 
      	
              Eric
      Langan, President

            
	 	 	 
	 
      	
              RCI
      ENTERTAINMENT (PHILADELPHIA), INC.

            
	 	 
	 
      	
              By:

            	
              /s/ Eric Langan

            
	 
      	 
      	
              Eric
      Langan, President

            
	 	 	 
	 
      	
              TEZ
      REAL ESTATE, LP

            
	 	 
	 
      	
              By:   TEZ
      Management, LLC, its General Partner

            
	 	 
	 
      	
              By:

            	
              /s/ Vincent Piazza

            
	 
      	 
      	
              Vincent
      Piazza, Manager

            
	 
      	 
      	 
      
	 
      	
              TEZ
      MANAGEMENT, LLC

            
	 	 
	 
      	
              By:

            	
              /s/ Vincent Piazza

            
	 
      	 
      	
              Vincent
      Piazza, Manager

            
	 
      	 
      	 
      
	 
      	
              THE
      END ZONE, INC.

            
	 	 
	 
      	
              By:

            	
              /s/ Vincent Piazza

            
	 
      	 
      	
              Vincent
      Piazza, President

            
	 
      	 
      	 
      
	 
      	
              /s/ Vincent Piazza

            
	 
      	
              VINCENT PIAZZA,
      Individually

            
	 	 
	 
      	
              THE
      PIAZZA FAMILY LIMITED PARTNERSHIP

            
	 	 
	 
      	
              By:

            	
               /s/ Vincent Piazza

            
	 
      	 
      	
              Vincent
      Piazza, General PartnerUnassociated Document

    Exhibit
      4.6

    

    THE
      REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE HEREOF, AGREES
      THAT
      IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN
      PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE OPTION AGREES THAT IT WILL
      NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION FOR
      A
      PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW)
      TO ANYONE OTHER THAN (I) FERRIS, BAKER WATTS, INCORPORATED (“FERRIS”) OR AN
      UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A
      BONA FIDE OFFICER OR PARTNER OF FERRIS OR OF ANY SUCH UNDERWRITER OR SELECTED
      DEALER.

    

    THIS
      PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF THE CONSUMMATION BY
      CHINA GROWTH ALLIANCE LTD. OF A SHARE RECONSTRUCTION OR AMALGAMATION, CAPITAL
      STOCK EXCHANGE, ASSET ACQUISITION OR OTHER SIMILAR BUSINESS COMBINATION
      (“BUSINESS COMBINATION”) (AS DESCRIBED MORE FULLY IN THE COMPANY’S REGISTRATION
      STATEMENT (DEFINED HEREIN) OR             
             
      , 2008 [180 DAYS FROM DATE OF PROSPECTUS]. VOID AFTER 5:00 P.M. EASTERN
      TIME,                   ,
      2013 [FIVE YEARS THE FROM DATE OF THE PROSPECTUS].

     

    UNIT
      PURCHASE OPTION

    

    For
      the Purchase of

    350,000
      Units

    Of

    CHINA
      GROWTH ALLIANCE LTD.

    

    
      	1.	
            	
              Purchase
                Option.

            

    

    

              
      THIS CERTIFIES THAT, in consideration of $100 duly paid by or on behalf of
                        
                         
  
      (“Holder”),
      as registered owner of this Purchase Option, to China Growth Alliance Ltd.
      (the
“Company”),
      Holder is entitled, at any time or from time to time upon the later of the
      consummation of a Business Combination or           
               
      , 2008 [180
      days from date of prospectus]
      (the “Commencement
      Date”),
      and at or before 5:00 p.m., Eastern Time,              
            
      , 2013 [five
      years from date of prospectus]
      (the “Expiration
      Date”),
      but not thereafter, to subscribe for, purchase and receive, in whole or in
      part,
      up to Three Hundred Fifty Thousand (350,000) units (the “Units”)
      of the Company, each Unit consisting of:
      (i)
      one sub-unit, the contents of which are not separable (the “Sub-Unit”),
      with
      each Sub-Unit being comprised of one ordinary share of the Company, par value
      $.0005 per share (the “Ordinary
      Shares”)
      and
      one Class B warrant of the Company (the “Class
      B Warrants”);
      and
      (ii) one Class A warrant of the Company (the “Class
      A Warrants”
and
      together with the Class B Warrants, the “Warrants”),
      with
      each Class A Warrant allowing the holder thereof to purchase one Ordinary Share,
      and with every two Class B Warrants to automatically convert into one (1)
      separable Class A Warrant upon a Business Combination. Each Class A Warrant
      will
      become exercisable upon the later of the consummation of a Business Combination
      or [ ], 2009, one year from the
      effective date (the “Effective
      Date”)
      of the Company’s Registration Statement on Form F-1 (as amended, the
“Registration
      Statement”)
      pursuant to which Units are offered for sale to the public (the “Offering”).
      Each Warrant is the same as the warrant included in the Units being registered
      for sale to the public by way of the Registration Statement (the “Public
      Warrants”)
      except that the Warrants included in the Purchase Option have an exercise price
      of $7.50 per share (125% of the exercise price of the Public Warrants), subject
      to adjustment as provided in Section 6 hereof. If the Expiration Date is a
      day on which banking institutions are authorized by law to close, then this
      Purchase Option may be exercised on the next succeeding day which is not such
      a
      day in accordance with the terms herein. During the period ending on the
      Expiration Date, the Company agrees not to take any action that would terminate
      the Purchase Option. This Purchase Option is initially exercisable at $10.00
      per
      Unit (125% of the price of the Units sold in the Offering) so purchased;
      provided, however, that upon the occurrence of any of the events specified
      in
      Section 6 hereof, the rights granted by this Purchase Option, including the
      exercise price per Unit and the number of Units (and Sub-Units, Ordinary Shares
      and Warrants) to be received upon such exercise, shall be adjusted as therein
      specified. The term “Exercise
      Price”
      shall mean the initial exercise price or the adjusted exercise price, depending
      on the context.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      
        	2. 	
              	Exercise.

      

       

    

         2.1 Exercise
      Form.
      In order to exercise this Purchase Option, the exercise form attached hereto
      must be duly executed and completed and delivered to the Company, together
      with
      this Purchase Option and payment of the Exercise Price for the Units being
      purchased payable in cash by wire transfer of immediately available funds to
      an
      account designated by the Company or by certified check or official bank check.
      If the subscription rights represented hereby shall not be exercised at or
      before 5:00 p.m., Eastern time, on the Expiration Date, this Purchase Option
      shall become and be void without further force or effect, and all rights
      represented hereby shall cease and expire.

    

         2.2 Legend.
      Each certificate for the securities purchased under this Purchase Option shall
      bear a legend as follows unless such securities have been registered under
      the
      Securities Act of 1933, as amended (the “Act”):

    

    “The
      securities represented by this certificate have not been registered under the
      Securities Act of 1933, as amended (the “Act”)
      or applicable state law. Neither the securities nor any interest therein may
      be
      offered for sale, sold or otherwise transferred except pursuant to an effective
      registration statement under the Act, or pursuant to an exemption from
      registration under the Act and applicable state law which, in the opinion of
      counsel to the Company, is available.”

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
      

      
        	
              	2.3	
                Cashless
                  Exercise.

              

      

       

    

             
       2.3.1 Determination
      of Amount.
      In lieu of the payment of the Exercise Price multiplied by the number of Units
      for which this Purchase Option is exercisable (and in lieu of being entitled
      to
      receive Sub-Units, Ordinary Shares and Warrants) in the manner required by
      Section 2.1, the Holder shall have the right (but not the obligation) to
      convert any exercisable but unexercised portion of this Purchase Option into
      Units (the “Conversion
      Right”)
      as follows: upon exercise of the Conversion Right, the Company shall deliver
      to
      the Holder (without payment by the Holder of any of the Exercise Price in cash)
      that number of Units equal to the quotient obtained by dividing (x) the
“Value” (as defined below) of the portion of the Purchase Option being converted
      by (y) the Current Market Price (as defined below) of a Unit. The
“Value”
      of the portion of the Purchase Option being converted shall equal the remainder
      derived from subtracting (a) (i) the Exercise Price multiplied by
      (ii) the number of Units underlying the portion of this Purchase Option
      being converted from (b) the Current Market Price of a Unit multiplied by
      the number of Units underlying the portion of the Purchase Option being
      converted. The “Current
      Market Price”
      of a Unit shall mean (i) if the Unit is listed on a national securities
      exchange or quoted on the Nasdaq Global Market, Nasdaq Capital Market or OTC
      Bulletin Board, the average closing price of a Unit for thirty (30) trading
      days immediately preceding the date of determination of the Current Market
      Price
      in the principal trading market for the Unit as reported by the exchange, Nasdaq
      or the Financial Industry Regulatory Authority, Inc. (“FINRA”),
      as the case may be; (ii) if the Unit is not listed on a national securities
      exchange or quoted on the Nasdaq Global Market, Nasdaq Capital Market or the
      OTC
      Bulletin Board, but is traded in the residual over-the-counter market, the
      closing bid price for the Unit on the last trading day preceding the date in
      question for which such quotations are reported by the Pink Sheets, LLC or
      similar publisher of such quotations; and (iii) if the fair market value of
      the Unit cannot be determined pursuant to clause (i) or (ii) above,
      such price as the Board of Directors of the Company (the “Board”)
      shall determine, in good faith.

    

             
       2.3.2 Mechanics
      of Cashless Exercise.
      The Cashless Exercise Right may be exercised by the Holder on any business
      day
      on or after the Commencement Date and not later than the Expiration Date by
      delivering the Purchase Option with a duly executed exercise form attached
      hereto with the cashless exercise section completed to the Company, exercising
      the Cashless Exercise Right and specifying the total number of Units the Holder
      will purchase pursuant to such Cashless Exercise Right.

    

    2.4 Warrant
      Exercise.
      Any
      warrants underlying the Units shall be issued pursuant to and subject to the
      terms and conditions set forth in the Warrant Agreement, dated as of
      ______________, 2008, between the Company and American Stock Transfer &
Trust Company, acting as Warrant Agent (the “Warrant
      Agreement”);
      provided, that the exercise price of the Warrants underlying this Purchase
      Option
      shall be
      as set forth herein.

    

    2.5 Effective
      Registration Statement.
      The
      Warrants underlying this Purchase Option are exercisable only during those
      periods of time in which the Company maintains the effectiveness of the
      Registration Statement. 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
 

      

      
        	3.	
              	
                Transfer.

              

      

      

    

    3.1 General
      Restrictions.
      The registered Holder of this Purchase Option agrees by his, her or its
      acceptance hereof, that such Holder will not: (a) sell, transfer, assign, pledge
      or hypothecate this Purchase Option for a period of one hundred eighty (180)
      days following the Effective Date to anyone other than: (i) Ferris or an
      underwriter or a selected dealer participating in the Offering, or (ii) a
      bona fide officer or partner of Ferris or of any such underwriter or selected
      dealer, in each case in
      accordance with FINRA Conduct Rule 2710(g)(1) or (b) cause this Purchase Option
      or the securities issuable hereunder to be the subject of any hedging, short
      sale, derivative, put or call transaction that would result in the effective
      economic disposition of this Purchase Option or the Securities hereunder, except
      as provided for in FINRA Rule 2710(g)(2).
      On and after 180 days from
      the Effective Date, transfers to others may be made subject to compliance with
      or exemptions from applicable securities laws. In order to make any permitted
      assignment, the Holder must deliver to the Company the assignment form attached
      hereto duly executed and completed, together with the Purchase Option and
      payment of all transfer taxes, if any, payable in connection therewith. The
      Company shall within five business days transfer this Purchase Option on the
      books of the Company and shall execute and deliver a new Purchase Option or
      Purchase Options of like tenor to the appropriate assignee(s) expressly
      evidencing the right to purchase the aggregate number of Units purchasable
      hereunder or such portion of such number as shall be contemplated by any such
      assignment.

    

    3.2 Restrictions
      Imposed by the Act.
      The securities evidenced by this Purchase Option shall not be transferred unless
      and until: (i) the Company has received the opinion of counsel for the
      Holder that the securities may be transferred pursuant to an exemption from
      registration under the Act and applicable state securities laws, the
      availability of which is established to the reasonable satisfaction of the
      Company (the Company hereby agreeing that the opinion of Gersten Savage LLP
      shall be deemed satisfactory evidence of the availability of an exemption),
      or
      (ii) a registration statement or a post-effective amendment to the
      Registration Statement relating to the offer and sale of such securities has
      been filed by the Company and declared effective by the Securities and Exchange
      Commission (the “Commission”)
      and compliance with applicable state securities law has been
      established.

    
      

      
        	4. 	
              	New Purchase Options to be Issued.

      

       

    

    4.1 Partial
      Exercise or Transfer.
      Subject to the restrictions in Section 3 hereof, this Purchase Option may
      be exercised or assigned in whole or in part. In the event of the exercise
      or
      assignment hereof in part only, upon surrender of this Purchase Option for
      cancellation, together with the duly executed exercise or assignment form and
      funds sufficient to pay any Exercise Price and/or transfer tax if exercised
      pursuant to Section 2.1 hereto, the Company shall cause to be delivered to
      the Holder without charge a new Purchase Option of like tenor to this Purchase
      Option in the name of the Holder evidencing the right of the Holder to purchase
      the number of Units purchasable hereunder as to which this Purchase Option
      has
      not been exercised or assigned.

    

    4.2 Lost
      Certificate.
      Upon receipt by the Company of evidence satisfactory to it of the loss, theft,
      destruction or mutilation of this Purchase Option and of reasonably satisfactory
      indemnification or the posting of a bond, the Company shall execute and deliver
      a new Purchase Option of like tenor and date. Any such new Purchase Option
      executed and delivered as a result of such loss, theft, mutilation or
      destruction shall constitute a substitute contractual obligation on the part
      of
      the Company.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
 

    
      
        	5. 	
              	Registration Rights.

      

       

    

    
      
        	
              	5.1 	Demand Registration.

      

       

    

    5.1.1 Grant
      of Right.
      The Company, upon written demand (“Demand
      Notice”)
      of the Holder(s) of at least 51% of the Purchase Options and/or the underlying
      Units and/or the underlying securities (“Majority
      Holders”),
      agrees to register, on one occasion, all of the then outstanding Units, and/or
      the Sub-Units, and/or the Class A Warrants, and/or the Ordinary Shares
      underlying the Sub-Units and Warrants, all underlying such Purchase Options
      (collectively, the “Registrable
      Securities”)
      as requested by the Majority Holders in the Demand Notice, provided that no
      such
      registration will be required unless the Holders request registration of an
      aggregate of at least 51% of the outstanding Registrable Securities. On such
      occasion, the Company will file a new registration statement or a post-effective
      amendment to the Registration Statement covering the Registrable Securities
      within sixty days after receipt of the Demand Notice and use its best efforts
      to
      have such registration statement or post-effective amendment declared effective
      as soon as possible thereafter. The demand for registration may be made at
      any
      time during a period of four years beginning on the first anniversary of the
      Effective Date. The Company covenants and agrees to give written notice of
      its
      receipt of any Demand Notice by any Holder(s) to all other registered Holders
      of
      the Purchase Options and/or the Registrable Securities within ten days from
      the
      date of the receipt of any such Demand Notice, who shall have five days from
      the
      receipt of such Notice in which to notify the Company of their desire to have
      their Registrable Securities included in the Registration
      Statement.

    

    5.1.2 Terms.
      The Company shall bear all fees and expenses attendant to registering the
      Registrable Securities, including the reasonable expenses of any legal counsel
      selected by the Holders to represent them in connection with the sale of the
      Registrable Securities, but the Holders shall pay any and all underwriting
      commissions, if any. The Company agrees to use its commercially reasonable
      efforts if required to qualify or register the Registrable Securities in such
      States as are reasonably requested by the Majority Holder(s); provided, however,
      that in no event shall the Company be required to register the Registrable
      Securities in a State in which such registration would cause: (i) the
      Company to be obligated to qualify to do business in such State or execute
      a
      general consent to service of process, or would subject the Company to taxation
      as a foreign corporation doing business in such jurisdiction or (ii) the
      principal shareholders of the Company to be obligated to escrow their shares
      of
      capital stock of the Company. The Company shall cause any registration statement
      or post-effective amendment filed pursuant to the demand rights granted under
      Section 5.1.1 to remain effective for a period of twelve consecutive months
      from the effective date of such registration statement or post-effective
      amendment or until the Holders have completed the distribution of the
      Registrable Securities included in the Registration Statement, whichever occurs
      first.

    

    5.1.3 Deferred
      Filing.
      If: (i) in the good faith judgment of the Board, filing a registration
      statement pursuant to Section 5.1 would be seriously detrimental to the
      Company and the Board concludes, as a result, that it is essential to defer
      the
      filing of such registration statement at such time, and (ii) the Company
      shall furnish to such Holders a certificate signed by the President of the
      Company stating that in the good faith judgment of the Board it would be
      materially detrimental to the Company for such registration statement to be
      filed in the near future and that it is, therefore, essential to defer the
      filing of such registration statement, then the Company shall have the right
      to
      defer such filing on two occasions for an aggregate of not more than one hundred
      and twenty (120) days in any twelve-month period.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
 

    
      	
            	5.2	
              “Piggy-Back”
                Registration.

            

    

    

    5.2.1 Grant
      of Right.
      In addition to the demand right of registration, the Holders of the Purchase
      Options shall have the right for a period of seven years commencing on the
      Effective Date, to include the Registrable Securities as part of any other
      registration of securities filed by the Company (other than in connection with
      a
      transaction contemplated by Rule 145(a) promulgated under the Act or pursuant
      to
      Form S-8 or any successor or equivalent form); provided, however, that if,
      in
      the written opinion of the Company’s managing underwriter or underwriters, if
      any, for such offering, the inclusion of the Registrable Securities, when added
      to the securities being registered by the Company or the selling shareholder(s),
      will exceed the maximum amount of the Company’s securities which can be
      marketed: (i) at a price reasonably related to their then current market
      value, and (ii) without materially and adversely affecting the entire
      offering, then the Company will still be required to include the Registrable
      Securities, but may require the Holders to agree, in writing, to delay the
      sale
      of all or any portion of the Registrable Securities for a period of 90 days
      from the effective date of the offering, provided, further, that if the sale
      of
      any Registrable Securities is so delayed, then the number of securities to
      be
      sold by all shareholders in such public offering shall be apportioned pro rata
      among all such selling shareholders, including all holders of the Registrable
      Securities, according to the total amount of securities of the Company owned
      by
      said selling shareholders, including all holders of the Registrable
      Securities.

    

    5.2.2 Terms.
      The Company shall bear all fees and expenses attendant to registering the
      Registrable Securities, including the expenses of any legal counsel selected
      by
      the Holders to represent them in connection with the sale of the Registrable
      Securities, but the Holders shall pay any and all underwriting commissions.
      In
      the event of such a proposed registration, the Company shall furnish the then
      Holders of outstanding Registrable Securities with not less than ten business
      days written notice prior to the proposed date of filing of such registration
      statement. Such notice to the Holders shall continue to be given for each
      applicable registration statement filed (during the period in which the Purchase
      Option is exercisable) by the Company until such time as all of the Registrable
      Securities have been registered and sold. The holders of the Registrable
      Securities shall exercise the “piggy back” rights provided for herein by giving
      written notice, within five business days of the receipt of the Company’s notice
      of its intention to file a registration statement. The Company shall cause
      any
      registration statement filed pursuant to the above “piggyback” rights that does
      not relate to a firm commitment underwritten offering to remain effective for
      at
      least nine consecutive months from the effective date of such registration
      statement or until the Holders have completed the distribution of the
      Registrable Securities in the registration statement, whichever occurs
      first.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
 

      
        	
              	5.3	
                General
                  Terms.

              

      

       

    

    5.3.1 Indemnification.
      The Company shall indemnify the Holder(s) of the Registrable Securities to
      be
      sold pursuant to any registration statement hereunder and each person, if any,
      who controls such Holders within the meaning of Section 15 of the Act or
      Section 20(a) of the Securities Exchange Act of 1934, as amended (the
“Exchange
      Act”),
      against all loss, claim, damage, expense or liability (including all reasonable
      attorneys’ fees and other expenses reasonably incurred in investigating,
      preparing or defending against litigation, commenced or threatened, or any
      claim
      whatsoever) to which any of them may become subject under the Act, the Exchange
      Act or otherwise, arising from such registration statement but only to the
      same
      extent and with the same effect as the provisions pursuant to which the Company
      has agreed to indemnify the underwriters contained in Section 5 of the
      Underwriting Agreement in the Offering. The Holder(s) of the Registrable
      Securities to be sold pursuant to such registration statement, and their
      successors and assigns, shall severally, and not jointly, indemnify the Company,
      its officers and directors and each person, if any, who controls the Company
      within the meaning of Section 15 of the Act or Section 20(a) of the
      Exchange Act, against all loss, claim, damage, expense or liability (including
      all reasonable attorneys’ fees and other expenses reasonably incurred in
      investigating, preparing or defending against any claim whatsoever) to which
      they may become subject under the Act, the Exchange Act or otherwise, arising
      from information furnished by or on behalf of such Holders, or their successors
      or assigns, in writing, for specific inclusion in such registration statement
      to
      the same extent and with the same effect as the provisions contained in
      Section 5 of the Underwriting Agreement pursuant to which the underwriters
      have agreed to indemnify the Company.

    

    5.3.2 Exercise
      of Purchase Options.
      Nothing contained in this Purchase Option shall be construed as requiring the
      Holder(s) to exercise their Purchase Options or Warrants underlying such
      Purchase Options prior to or after the initial filing of any registration
      statement or the effectiveness thereof.

    

    5.3.3 Documents
      Delivered to Holders.
      The Company shall furnish Ferris, as representative of the Holders participating
      in any of the foregoing offerings, a signed counterpart, addressed to the
      participating Holders, of: (i) an opinion of counsel to the Company, dated
      the effective date of such registration statement (or, if such registration
      includes an underwritten public offering, an opinion dated the date of the
      closing under any underwriting agreement related thereto), and (ii) a “cold
      comfort” letter dated the effective date of such registration statement (and, if
      such registration includes an underwritten public offering, a letter dated
      the
      date of the closing under the underwriting agreement) signed by the independent
      public accountants who have issued a report on the Company’s financial
      statements included in such registration statement, in each case covering
      substantially the same matters with respect to such registration statement
      (and
      the prospectus included therein) and, in the case of such accountants’ letter,
      with respect to events subsequent to the date of such financial statements,
      as
      are customarily covered in opinions of issuer’s counsel and in accountants’
letters delivered to underwriters in underwritten public offerings of
      securities;
      provided however,
      that in the case of an underwritten offering, the provisions of the underwriting
      agreement described in Section 5.4.4 shall control. The Company shall also
      deliver promptly to Ferris, as representative of the Holders participating
      in
      the offering, the correspondence and memoranda described below and copies of
      all
      correspondence between the Commission and the Company, its counsel or auditors
      and all memoranda relating to discussions with the Commission or its staff
      with
      respect to the registration statement and permit Ferris, as representative
      of
      the Holders, to do such investigation, upon reasonable advance notice, with
      respect to information contained in or omitted from the registration statement
      as it deems reasonably necessary to comply with applicable securities laws
      or
      the rules of FINRA. Such investigation shall include access to books, records
      and properties and opportunities to discuss the business of the Company with
      its
      officers and independent auditors, all to such reasonable extent and at such
      reasonable times and as often as Ferris, as representative of the Holders,
      shall
      reasonably request. The Company shall not be required to disclose any
      confidential information or other records to Ferris, as representative of the
      Holders, or to any other person, until and unless such persons shall have
      entered into confidentiality agreements (in form and substance reasonably
      satisfactory to the Company) with the Company with respect thereto.  

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    
 

    5.3.4 Underwriting
      Agreement.
      The Company shall enter into an underwriting agreement with the managing
      underwriter(s), if any, selected by any Holders whose Registrable Securities
      are
      being registered pursuant to this Section 5, which managing underwriter
      shall be reasonably acceptable to the Company. Such agreement shall be
      reasonably satisfactory in form and substance to the Company, each Holder and
      such managing underwriters, and shall contain such representations, warranties
      and covenants by the Company and such other terms as are customarily contained
      in agreements of that type used by the managing underwriter. The Holders shall
      be parties to any underwriting agreement relating to an underwritten sale of
      their Registrable Securities and may, at their option, require that any or
      all
      the representations, warranties and covenants of the Company to or for the
      benefit of such underwriters shall also be made to and for the benefit of such
      Holders. Such Holders shall not be required to make any representations or
      warranties to or agreements with the Company or the underwriters except as
      they
      may relate to such Holders and their intended methods of distribution or as
      are
      customarily required of selling shareholders in a firm commitment underwritten
      offering. Such Holders, however, shall agree to such covenants and
      indemnification and contribution obligations for selling shareholders as are
      customarily contained in agreements of that type used by the managing
      underwriter. Further, such Holders shall execute appropriate custody agreements
      and otherwise cooperate fully in the preparation of the registration statement
      and other documents relating to any offering in which they include securities
      pursuant to this Section 5. Each Holder shall also furnish to the Company
      such information regarding itself, the Registrable Securities held by it, and
      the intended method of disposition of such securities as shall be reasonably
      required to effect the registration of the Registrable Securities.

    

    5.3.5 Rule 144
      Sale.
      Notwithstanding anything contained in this Section 5 to the contrary, the
      Company shall have no obligation pursuant to Sections 5.1 or 5.2 for the
      registration of Registrable Securities held by any Holder, where such Holder
      would then be entitled to sell under Rule 144 within any three-month period
      (or such other period prescribed under Rule 144 as may be provided by
      amendment thereof) all of the Registrable Securities then held by such
      Holder.

    

    5.3.6 Supplemental
      Prospectus.
      Each Holder agrees, that upon receipt of any notice from the Company of the
      happening of any event as a result of which the prospectus included in the
      Registration Statement, as then in effect, includes an untrue statement of
      a
      material fact or omits to state a material fact required to be stated therein
      or
      necessary to make the statements therein not misleading in light of the
      circumstances then existing, or that would otherwise require disclosure of
      material nonpublic information that, if disclosed at such time, would be
      materially harmful to the Company, such Holder will immediately discontinue
      disposition of the Registrable Securities pursuant to the Registration Statement
      covering such Registrable Securities until such Holder’s receipt of the copies
      of a supplemental or amended prospectus, or the public disclosure and
      dissemination of such information, as the case may be, and, if so desired by
      the
      Company, such Holder shall deliver to the Company (at the expense of the
      Company) or destroy (and deliver to the Company a certificate of such
      destruction) all copies, other than permanent file copies then in such Holder’s
      possession, of the prospectus covering such Registrable Securities current
      at
      the time of receipt of such notice.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
 

    5.3.7 Documents
      to be Delivered by Holder(s).
      Each
      Holder participating in any of the foregoing offerings shall furnish to the
      Company a completed and executed questionnaire provided by the Company
      requesting information customarily sought of selling
      securityholders.

    

    5.3.8 No
      Net-Cash Settlement or Damages Upon Failure of Registration.
      In no
      event shall the registered holder of this Purchase Option and the Warrants
      underlying the Purchase Option be entitled to: (i) net-cash settlement of this
      Purchase Option or the Warrants underlying the Purchase Option, regardless
      of
      whether any or all of the Registrable Securities have been registered by the
      Company pursuant to an effective registration statement, or (ii) receive any
      damages if any or all of the Registrable Securities have not been registered
      by
      the Company pursuant to an effective registration statement, subject to the
      requirement that the Company use its best efforts to have a registration
      statement or post-effective amendment filed pursuant to this Section 5 declared
      effective as soon as possible after receiving the Demand Notice. In the event
      there is no effective registration statement related to the issuance or exercise
      of the Warrants contained within the Units, that portion of the Units may not
      be
      exercised by the holder and therefore may expire and be worthless.

    

    
      	6.	
            	
              Adjustments.

            

    

    

    6.1 Adjustments
      to Exercise Price and Number of Securities.
      The Exercise Price and the number of Units underlying the Purchase Option shall
      be subject to adjustment from time to time as hereinafter set
      forth:

    

    6.1.1 Share
      Dividends; Split Ups.
      If after the date hereof, and subject to the provisions of Section 6.3
      below, the number of outstanding Ordinary Shares is increased by a stock
      dividend payable in Ordinary Shares or by a split up of Ordinary Shares or
      other
      similar event, then, on the effective day thereof, the number of Ordinary Shares
      underlying each of the Sub-Units underlying the Units purchasable hereunder
      shall be increased in proportion to such increase in outstanding shares. In
      such
      case, the number of Ordinary Shares, and the exercise price applicable thereto,
      underlying the Warrants underlying each of the Units and Sub-Units purchasable
      hereunder shall be adjusted in accordance with the terms of the Warrant
      Agreement Warrant Agreement. For example, if the Company declares a two-for-one
      share dividend and at the time of such dividend this Purchase Option is for
      the
      purchase of one Unit at $10.00 per whole Unit (each of the Warrants underlying
      the Unit and Sub-Unit underlying the Unit is exercisable for $7.50 per share),
      upon effectiveness of the dividend, this Purchase Option will be adjusted to
      allow for the purchase of one Unit at $10.00 per Unit, each Unit entitling
      the
      holder to receive two Class A Warrants, and two Sub-Units consisting of two
      Ordinary Shares and two Class B Warrants (each Warrant exercisable for $3.75
      per
      share).

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
 

    6.1.2 Aggregation
      of Shares.
      If after the date hereof, and subject to the provisions of Section 6.3, the
      number of outstanding Ordinary Shares is decreased by a consolidation,
      combination or reclassification of Ordinary Shares or other similar event,
      then,
      on the effective date thereof, the number of Ordinary Shares underlying each
      of
      the Sub-Units underlying the Units purchasable hereunder shall be decreased
      in
      proportion to such decrease in outstanding shares. In such case, the number
      of
      Ordinary Shares, and the exercise price applicable thereto, underlying the
      Warrants purchasable hereunder shall be adjusted in accordance with the terms
      of
      the Warrants.

    

    6.1.3 Replacement
      of Securities upon Reorganization, etc.
      In case of any reclassification or reorganization of the outstanding Ordinary
      Shares other than a change covered by Section 6.1.1 or 6.1.2 hereof or that
      solely affects the par value of such Ordinary Shares, or in the case of any
      share reconstruction or amalgamation or consolidation of the Company with or
      into another corporation (other than a consolidation or share reconstruction
      or
      amalgamation in which the Company is the continuing corporation and that does
      not result in any reclassification or reorganization of the outstanding Ordinary
      Shares), or in the case of any sale or conveyance to another corporation or
      entity of the property of the Company as an entirety or substantially as an
      entirety in connection with which the Company is dissolved, the Holder of this
      Purchase Option shall have the right thereafter (until the expiration of the
      right of exercise of this Purchase Option) 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 (including cash) receivable upon such reclassification, reorganization,
      share reconstruction or amalgamation, or consolidation, or upon a dissolution
      following any such sale or transfer, by a Holder of the number of Ordinary
      Shares of the Company obtainable upon exercise of this Purchase Option and
      the
      underlying Sub-Units and Warrants immediately prior to such event; and if any
      reclassification also results in a change in Ordinary Shares covered by
      Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to
      Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this
      Section 6.1.3 shall similarly apply to successive reclassifications,
      reorganizations, share reconstructions or amalgamations, or consolidations,
      sales or other transfers.

    

    6.1.4 Changes
      in Form of Purchase Option.
      This form of Purchase Option need not be changed because of any change pursuant
      to this Section, and Purchase Options issued after such change may state the
      same Exercise Price and the same number of Units as are stated in the Purchase
      Options initially issued pursuant to this Agreement. The acceptance by any
      Holder of the issuance of new Purchase Options reflecting a required or
      permissive change shall not be deemed to waive any rights to an adjustment
      occurring after the Commencement Date or the computation thereof.

    

    6.2 Substitute
      Purchase Option.
      In case of any consolidation of the Company with, or share reconstruction or
      amalgamation of the Company with or into, another corporation (other than a
      consolidation or share reconstruction or amalgamation which does not result
      in
      any reclassification or change of the outstanding Ordinary Shares), the
      corporation formed by such consolidation or share reconstruction or amalgamation
      shall execute and deliver to the Holder a supplemental Purchase Option providing
      that the holder of each Purchase Option then outstanding or to be outstanding
      shall have the right thereafter (until the stated expiration of such Purchase
      Option) to receive, upon exercise of such Purchase Option, the kind and amount
      of shares of stock and other securities and property receivable upon such
      consolidation or share reconstruction or amalgamation, by a holder of the number
      of Ordinary Shares of the Company for which such Purchase Option might have
      been
      exercised immediately prior to such consolidation, share reconstruction or
      amalgamation, sale or transfer. Such supplemental Purchase Option shall provide
      for adjustments which shall be identical to the adjustments provided in
      Section 6. The above provision of this Section shall similarly apply to
      successive consolidations or share reconstructions or
      amalgamations.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    
 

    6.3 Elimination
      of Fractional Interests.
      The Company shall not be required to issue certificates representing fractions
      of Ordinary Shares or Warrants upon the exercise of the Purchase Option, nor
      shall it be required to issue scrip or pay cash in lieu of any fractional
      interests, it being the intent of the parties that all fractional interests
      shall be eliminated by rounding any fraction up or down, as the case may be,
      to
      the nearest whole number of Warrants, Ordinary Shares or other securities,
      properties or rights.

    

    7. Reservation
      and Listing.
      The Company shall at all times reserve and keep available out of its authorized
      Ordinary Shares, solely for the purpose of issuance upon exercise of the
      Purchase Options or the Warrants underlying the Purchase Option, such number
      of
      Ordinary Shares or other securities, properties or rights as shall be issuable
      upon the exercise thereof. The Company covenants and agrees that, upon exercise
      of the Purchase Options and payment of the Exercise Price therefor, in
      accordance with the terms hereby, all Ordinary Shares and other securities
      issuable upon such exercise shall be duly and validly issued, fully paid and
      non-assessable and not subject to preemptive rights of any shareholder. The
      Company further covenants and agrees that upon exercise of the Warrants
      underlying the Purchase Options and Units and payment of the respective Warrant
      exercise price therefor, in accordance with the terms of the Warrant Agreement,
      all Ordinary Shares and other securities issuable upon such exercise shall
      be
      duly and validly issued, fully paid and non-assessable and not subject to
      preemptive rights of any shareholder. As long as the Purchase Options shall
      be
      outstanding, the Company shall use its commercially reasonable efforts to cause
      all: (i) Units issuable upon exercise of the Purchase Options,
      (ii) Sub-Units issuable upon exercise of the Purchase Options and
      (iii) Warrants issuable upon exercise of the Purchase Options and (iv)
      Ordinary Shares issuable upon exercise of the Warrants included in the Units
      and
      Sub-Units issuable upon exercise of the Purchase Option to be listed (subject
      to
      official notice of issuance) on all securities exchanges (or, if applicable
      on
      the Nasdaq Global Market, Capital Market, OTC Bulletin Board or any successor
      trading market) on which the Units, Sub-Units, Public Warrants or Ordinary
      Shares issued to the public in the Offering may then be listed and/or
      quoted.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    
 

      
        	8.	
              	
                Certain
                  Notice Requirements.

              

      

       

    

    8.1 Holder’s
      Right to Receive Notice.
      Nothing herein shall be construed as conferring upon the Holders the right
      to
      vote or consent or to receive notice as a shareholder for the election of
      directors or any other matter, or as having any rights whatsoever as a
      shareholder of the Company. If, however, at any time prior to the expiration
      of
      the Purchase Options and their exercise, any of the events described in
      Section 8.2 shall occur, then, in one or more of said events, the Company
      shall give written notice of such event at least fifteen days prior to the
      date
      fixed as a record date or the date of closing the transfer books for the
      determination of the shareholders entitled to such dividend, distribution,
      conversion or exchange of securities or subscription rights, or entitled to
      vote
      on such proposed dissolution, liquidation, winding up or sale. Such notice
      shall
      specify such record date or the date of the closing of the transfer books,
      as
      the case may be. Notwithstanding the foregoing, the Company shall deliver to
      each Holder a copy of each notice given to the other shareholders of the Company
      at the same time and in the same manner that such notice is given to the
      shareholders.

    

    8.2 Events
      Requiring Notice.
      The Company shall be required to give the notice described in this
      Section 8 upon one or more of the following events: (i) if the Company
      shall take a record of the holders of its Ordinary Shares for the purpose of
      entitling them to receive a dividend or distribution payable otherwise than
      in
      cash, or a cash dividend or distribution payable otherwise than out of retained
      earnings, as indicated by the accounting treatment of such dividend or
      distribution on the books of the Company, (ii) the Company shall offer to
      all the holders of its Ordinary Shares any additional shares of capital stock
      of
      the Company or securities convertible into or exchangeable for shares of capital
      stock of the Company, or any option, right or warrant to subscribe therefor,
      or
      (iii) a dissolution, liquidation or winding up of the Company (other than
      in connection with a consolidation or share reconstruction or amalgamation)
      or a
      sale of all or substantially all of its property, assets and business shall
      be
      proposed.

    

    8.3 Notice
      of Change in Exercise Price.
      The Company shall, promptly after an event requiring a change in the Exercise
      Price pursuant to Section 6 hereof, send notice to the Holders of such
      event and change (“Price
      Notice”).
      The Price Notice shall describe the event causing the change and the method
      of
      calculating same and shall be certified as being true and accurate by the
      Company’s Chief Financial Officer.

    

    8.4 Transmittal
      of Notices.
      All notices, requests, consents and other communications under this Purchase
      Option shall be in writing and shall be deemed to have been duly made when
      hand
      delivered, or mailed by express mail or private courier service: (i) If to
      the registered Holder of the Purchase Option, to the address of such Holder
      as
      shown on the books of the Company, or (ii) if to the Company, to following
      address or to such other address as the Company may designate by notice to
      the
      Holders:

    

    China
      Growth Alliance Ltd.

    Room
      409, 4/F Aetna Tower

    107
      Zunyi Road

    Shanghai,
      200051, China

    Attn:
      Dr.
      Bin Zhou

    Fax
      No.:
      (86) 21-62375482

    

    With
      a
      copy to:

     

    
      Ellenoff
        Grossman & Schole LLP

      150
        E.
        42nd Street, 11th Floor

      New
        York,
        NY 10017

      Attn:
        Douglas S. Ellenoff, Esq.

      Fax
        No.:
        (212) 370-7889

       

    

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    
    

    
      	9.	
            	
              Miscellaneous.

            

    

    

    9.1 Amendments.
      The Company and Ferris may from time to time supplement or amend this Purchase
      Option without the approval of any of the Holders in order to cure any
      ambiguity, to correct or supplement any provision contained herein that may
      be
      defective or inconsistent with any other provisions herein, or to make any
      other
      provisions in regard to matters or questions arising hereunder that the Company
      and Ferris may deem necessary or desirable and that the Company and Ferris
      deem
      shall not adversely affect the interest of the Holders. All other modifications
      or amendments shall require the written consent of and be signed by the party
      against whom enforcement of the modification or amendment is
      sought.

    

    9.2 Headings.
      The headings contained herein are for the sole purpose of convenience of
      reference, and shall not in any way limit or affect the meaning or
      interpretation of any of the terms or provisions of this Purchase
      Option.

    

    9.3. Entire
      Agreement.
      This Purchase Option (together with the other agreements and documents being
      delivered pursuant to or in connection with this Purchase Option) constitutes
      the entire agreement of the parties hereto with respect to the subject matter
      hereof, and supersedes all prior agreements and understandings of the parties,
      oral and written, with respect to the subject matter hereof.

    

    9.4 Binding
      Effect.
      This Purchase Option shall inure solely to the benefit of and shall be binding
      upon, the Holder and the Company and their permitted assignees, respective
      successors, legal representative and assigns, and no other person shall have
      or
      be construed to have any legal or equitable right, remedy or claim under or
      in
      respect of or by virtue of this Purchase Option or any provisions herein
      contained.

    

    9.5 Governing
      Law; Submission to Jurisdiction.
      This Purchase Option shall be governed by and construed and enforced in
      accordance with the laws of the State of Maryland, without giving effect to
      conflict of laws. The Company hereby agrees that any action, proceeding or
      claim
      against it arising out of, or relating in any way to this Purchase Option shall
      be brought and enforced in the courts of the State of Maryland or of the United
      States District Court for the District of Maryland, Baltimore Division, and
      irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
      The Company hereby waives any objection to such exclusive jurisdiction and
      that
      such courts represent an inconvenient forum. Any process or summons to be served
      upon the Company may be served by transmitting a copy thereof by registered
      or
      certified mail, return receipt requested, postage prepaid, addressed to it
      at
      the address set forth in Section 8 hereof. Such mailing shall be deemed
      personal service and shall be legal and binding upon the Company in any action,
      proceeding or claim. The Company and the Holder agree that the prevailing
      party(ies) in any such action shall be entitled to recover from the other
      party(ies) all of its reasonable attorneys’ fees and expenses relating to such
      action or proceeding and/or incurred in connection with the preparation
      therefor.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    
 

    9.6 Waiver,
      etc.
      The failure of the Company or the Holder to at any time enforce any of the
      provisions of this Purchase Option shall not be deemed or construed to be a
      waiver of any such provision, nor to in any way affect the validity of this
      Purchase Option or any provision hereof or the right of the Company or any
      Holder to thereafter enforce each and every provision of this Purchase Option.
      No waiver of any breach, non-compliance or non-fulfillment of any of the
      provisions of this Purchase Option shall be effective unless set forth in a
      written instrument executed by the party or parties against whom or which
      enforcement of such waiver is sought; and no waiver of any such breach,
      non-compliance or non-fulfillment shall be construed or deemed to be a waiver
      of
      any other or subsequent breach, non-compliance or non-fulfillment.

    

    9.7 Execution
      in Counterparts.
      This Purchase Option may be executed in one or more counterparts, and by the
      different parties hereto in separate counterparts, each of which shall be deemed
      to be an original, but all of which taken together shall constitute one and
      the
      same agreement, and shall become effective when one or more counterparts has
      been signed by each of the parties hereto and delivered to each of the other
      parties hereto. Such counterparts may be delivered by facsimile transmission
      or
      other electronic transmission. 

    

    9.8 Exchange
      Agreement.
      As a condition of the Holder’s receipt and acceptance of this Purchase Option,
      Holder agrees that, at any time prior to the complete exercise of this Purchase
      Option by Holder, if the Company and Ferris enter into an agreement (“Exchange
      Agreement”) pursuant to which they agree that all outstanding Purchase Options
      will be exchanged for securities or cash or a combination of both, then Holder
      shall agree to such exchange and become a party to the Exchange
      Agreement.

     

    [Remainder
      of page deliberately left blank.]

    

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the Company has caused this Purchase Option to be signed by
      its
      duly authorized officer as of the ___ day of          
                
      , 2008.

    
      	 	 	 
	 	
              CHINA
                GROWTH ALLIANCE LTD.

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name:

            
	 	
              Title:

            

    

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    

    Form
      to be used to exercise Purchase Option:

    

    China
      Growth Alliance Ltd.

    Room
      409, 4/F Aetna Tower

    107
      Zunyi Road

    Shanghai,
      200051, China

    Fax
      No.:
      (86) 21-62375482

     

    Date:        
                  ,
      200__

     

              
      The undersigned hereby elects irrevocably to exercise the within Purchase Option
      and to purchase ______ Units of China Growth Alliance Ltd. and hereby makes
      payment of $                   
       
      (at the rate of $               
           
      per Unit) in payment of the Exercise Price pursuant thereto. Please issue the
      Sub-Units and Class A Warrants as to which this Purchase Option is exercised
      in
      accordance with the instructions given below.

    or

              
      The undersigned hereby elects irrevocably to convert its right to purchase
      ______ Units purchasable under the within Purchase Option by surrender of the
      unexercised portion of the attached Purchase Option (with a “Value” of $______
      based on a “Market Price” of $______). Please issue the securities comprising
      the Units as to which this Purchase Option is exercised in accordance with
      the
      instructions given below.

    

    
      	 	 	 
	 	
              

              Signature

            
	 	 
	 	 
	 	
              

              Signature
                Guaranteed

            

    INSTRUCTIONS
      FOR REGISTRATION OF SECURITIES

    
      	
               

            	
               

            	
               

            
	
              Name:

            	
               

            	
               

            
	
               

            	
               

            	
              
                

              

              (Print
                in Block Letters)

            

    

     

    
      	
               

            	
               

            	
               

            
	
              Address:

            	
               

            	
              
                

              

            

    

            
      

    NOTICE:
      The signature to this form must correspond with the name as written upon the
      face of the within Purchase Option in every particular without alteration or
      enlargement or any change whatsoever, and must be guaranteed by a bank, other
      than a savings bank, or by a trust company or by a firm having membership on
      a
      registered national securities exchange.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    
 

    Form
      to be used to assign Purchase Option:

    

    ASSIGNMENT

    

            
        (To be executed by the registered Holder to effect a transfer of the
      within Purchase Option):

    

            
        FOR VALUE RECEIVED,             
                        
                  
                  
             
      does hereby sell, assign and transfer unto                 
                       
                 
                 
            
      the right to purchase                  
        
      Units of China Growth Alliance Ltd. (“Company”) evidenced by the within Purchase
      Option and does hereby authorize the Company to transfer such right on the
      books
      of the Company.

     

    
      
        	Dated:     
                               ,
                200_	 	 
	 	 	 
	 	
                

                Signature

              
	 	 
	 	 
	 	
                

                Signature
                  Guaranteed

              

      

       

    

    NOTICE:
      The signature to this form must correspond with the name as written upon the
      face of the within Purchase Option in every particular without alteration or
      enlargement or any change whatsoever, and must be guaranteed by a bank, other
      than a savings bank, or by a trust company or by a firm having membership on
      a
      registered national securities exchange.

    

    
      
        
        

      

      
        17

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}]]