Document:

Exhibit
      10.6.2

     

    SUBSCRIPTION
      AGREEMENT

    

    This
      SUBSCRIPTION
      AGREEMENT
      (this
“Agreement”)
      made
      as of this 26th day of June, 2008 for the benefit of Indas Green Acquisition
      Corporation, a company formed under the laws of the Cayman Islands (the
“Company”),
      having its principal place of business at Level 30-31, Six Battery Road, Raffles
      Place, Singapore 049909 and by the entity listed on the signature page hereto
      under the heading “Subscriber” (“Subscriber”).

    

    WHEREAS,
      the Company desires to sell an aggregate of 100,000 warrants (the “Warrants”)
      each
      exercisable for one ordinary share of the Company for a purchase price of $1.00
      per Warrant (i.e., an aggregate purchase price of at least $100.000); and

    

    WHEREAS,
      , the
      offer and sale of the Warrants (the “Offering”)
      is
      being made in reliance upon the provisions of Regulation D (“Regulation
      D”)
      promulgated by the Securities and Exchange Commission (the “SEC”)
      under
      the Securities Act of 1933, as amended (the “Securities
      Act”);

    

    WHEREAS,
      Subscriber wishes to purchase the Warrants and the Company wishes to accept
      such
      subscription. 

     

    NOW,
      THEREFORE, in consideration of the premises and the mutual covenants hereinafter
      set forth and other good and valuable consideration, the receipt and sufficiency
      of which are hereby acknowledged, the Company and Subscriber hereby agrees
      as
      follows

     

    1. Agreement
      to Subscribe

     

    1.1 Purchase
      and Issuance of the Warrants.
      Upon
      the terms and subject to the conditions of this Agreement, Subscriber hereby
      agrees to purchase from the Company, and the Company hereby agrees to sell
      to
      the Subscriber, on the closing date as defined below in section 1.3, the number
      of Warrants indicated on the signature page hereto by the caption, “Number of
      Warrants Being Subscribed” (the “Subscriber's
      Warrants”)
      which
      Subscriber Warrants will be issued to the Subscriber, or its affiliates or
      designees. The aggregate purchase price for Subscriber’s Warrants (the
“Purchase
      Price”)
      is
      indicated on the signature page hereto by the caption, “Purchase
      Price.”

     

    1.2 Delivery
      of the Purchase Price.
      Upon
      execution of this Agreement Subscriber is hereby bound to fulfill its
      obligations hereunder and hereby irrevocably commits to deliver to the Company
      on the date of Closing (as hereinafter defined) the Purchase Price by bank
      check, wire transfer or such other form of payment as shall be acceptable to
      the
      Company, in its sole and absolute discretion, at the Closing. Any such check
      delivered to the Company shall be made payable to the order of “Indas Green
      Acquisition Corporation.” Company irrevocably commits to deliver into a trust
      account (the “Trust Account”), maintained by the Continental Stock Transfer
& Trust Company the Purchase Price received from this Agreement.

     

    1.3 Closing.
      The
      Closing Date of the Offering (the “Closing”),
      shall
      take place at the offices of the Company immediately prior to the effective
      date
      of the registration statement pursuant to which the Company proposes to register
      its initial public offering (the “IPO”)
      of
      5,250,000 units consisting of Ordinary Shares and Warrants (the “Closing Date”).
      The proceeds of the Offering shall be deposited in the Company’s Trust Account
      as described in the registration statement for the Company’s IPO. Upon Closing,
      Subscriber’s Warrants shall be deemed to be held in escrow until deposited with
      the trustee as described in the registration statement for the Company’s
      IPO.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    2. Representations
      and Warranties of the Subscriber

     

    Subscriber
      represents and warrants to the Company that:

     

    2.1 No
      Government Recommendation or Approval.
      The
      Subscriber understands that no United States federal or state agency or similar
      agency of any other country, has passed upon or made any recommendation or
      endorsement of the Company or the Offering of the Warrants or ordinary shares
      underlying the warrants (the “Warrant Shares”).

     

    2.2 Regulation
      D Offering.
      Subscriber represents that it is an “accredited investor” as such term is
      defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as
      amended (the “Securities Act”) and acknowledges the sale contemplated hereby is
      being made in reliance on a private placement exemption to “Accredited
      Investors” within the meaning of Section 501(a) of Regulation D under the
      Securities Act or similar exemptions under state law..

     

    2.3 Intent.
      The
      Subscriber is purchasing the Warrants solely for investment purposes, for the
      Subscriber's own account and not for the account or benefit of any U.S. person,
      and not with a view towards the distribution or dissemination thereof and the
      Subscriber has no present arrangement to sell the Warrants to or through any
      person or entity. Subscriber shall not engage in hedging transactions with
      regard to the Warrants and the underlying securities unless in compliance with
      the Securities Act.. 

     

    2.4 Restrictions
      on Transfer.
      Subscriber acknowledges and understands the Warrants are being offered in a
      transaction not involving a public offering in the United States within the
      meaning of the Securities Act. The Warrants have not been registered under
      the
      Securities Act, and, if in the future the Subscriber decides to offer, resell,
      pledge or otherwise transfer the Warrants, such Warrants may be offered, resold,
      pledged or otherwise transferred only (A) pursuant to an effective
      registration statement filed under the Securities Act, (B) pursuant to an
      exemption from registration under Rule 144 promulgated under the Securities
      Act,
      if available, or (C) pursuant to any other available exemption from the
      registration requirements of the Securities Act, and in each case in accordance
      with any applicable securities laws of any state or any other jurisdiction.
      Subscriber agrees that if any transfer of its Warrants or any interest therein
      is proposed to be made, as a condition precedent to any such transfer,
      Subscriber may be required to deliver to the Company an opinion of counsel
      satisfactory to the Company. Absent registration or another available exemption
      from registration, the Subscriber agrees it will not resell the Warrants.
      Subscriber further acknowledges that because the Company is a shell company
      and
      Rule 144 may not be available to the Subscriber for the resale of the Warrants
      until one year after following consummation of the initial business combination
      of the Company, despite technical compliance with the requirements of Rule
      144
      and the release or waiver of any contractual transfer restrictions.

     

    2.5 Sophisticated
      Investor.

     

    (i) The
      Subscriber is sophisticated in financial matters and is able to evaluate the
      risks and benefits of the investment in the Warrants.

     

    (ii) The
      Subscriber is able to bear the economic risk of his investment in the Warrants
      for an indefinite period of time, which is highly speculative and subject to
      substantial risks because, among other things none of the Warrants have been
      registered under the Securities Act and therefore cannot be sold unless
      subsequently registered under the Securities Act or an exemption from such
      registration is available.

    
      
         

      

      
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    2.6 Independent
      Investigation.
      The
      Subscriber, in making the decision to purchase the Warrants, has relied upon
      an
      independent investigation of the Company and has not relied upon any information
      or representations made by any third parties or upon any oral or written
      representations or assurances from the Company, its officers, directors or
      employees or any other representatives or agents of the Company, other than
      as
      set forth in this Agreement and the Warrants. The Subscriber is familiar with
      the business, operations and financial condition of the Company and has had
      an
      opportunity to ask questions of, and receive answers from, the Company’s
      officers and directors concerning the Company and the terms and conditions
      of
      the offering of the Warrants and has had full access to such other information
      concerning the Company as the Subscriber has requested.

     

    2.7 Authority.
      The
      Subscriber is a limited liability company duly organized, validly existing
      and
      in good standing under the laws of the [State of Delaware] and possesses all
      requisite power and authority necessary to carry out the transactions
      contemplated by this Agreement. 

     

    2.8 No
      Legal Advice from Company.
      The
      Subscriber acknowledges that he, she or it has had the opportunity to review
      this Agreement and the transactions contemplated by this Agreement and the
      other
      agreements entered into between the parties hereto with the Subscriber's own
      legal counsel and investment and tax advisors. Except for any statements or
      representations of the Company made in this Agreement and the other agreements
      entered into between the parties hereto, the Subscriber is relying solely on
      such counsel and advisors and not on any statements or representations of the
      Company or any of its representatives or agents for legal, tax or investment
      advice with respect to this investment, the transactions contemplated by this
      Agreement or the securities laws of any jurisdiction.

     

    2.9 Reliance
      on Representations and Warranties.
      Subscriber understands the Warrants are being offered and sold to Subscriber
      in
      reliance on exemptions from the registration requirements under the Securities
      Act, and analogous provisions in the laws and regulations of various states,
      and
      that the Company is relying upon the truth and accuracy of the representations,
      warranties, agreements, acknowledgments and understandings of the Subscriber
      set
      forth in this Agreement in order to determine the applicability of such
      provisions. 

     

    2.10 No
      Advertisements.
      The
      undersigned is not subscribing for the Warrants as a result of or subsequent
      to
      any advertisement, article, notice or other communication published in any
      newspaper, magazine, or similar media or broadcast over television or radio,
      or
      presented at any seminar or meeting.

     

    2.11 Legend.
      Subscriber acknowledges and agrees the certificates evidencing the Warrants
      and
      the Warrant Shares shall bear a restrictive legend (the “Legend”),
      in
      form and substance as set forth in Section 4 hereof, prohibiting the offer,
      sale, pledge or transfer of the securities, except (i) pursuant to an
      effective registration statement covering these securities under the Securities
      Act or (ii) pursuant to any other exemptions from the registration
      requirements under the Securities Act and such laws which, in the opinion of
      counsel for this Company, is available..

     

    3. Representations
      and Warranties of the Company

     

    The
      Company represents and warrants to Subscriber that:

     

    3.1 Valid
      Issuance of Capital Stock.
      The
      total number of shares of all classes of capital stock which the Company has
      authority to issue is 20,000,000 Ordinary Shares and 1,000,000 preferred shares.
      As of the date hereof, the Company has 1,509,375 Ordinary Shares issued and
      outstanding. All of the issued
      shares of capital stock of the Company have been duly authorized, validly
      issued, and are fully paid and non-assessable.

     

    
      
         

      

      
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    3.2 Organization
      and Qualification.
      The
      Company is a corporation duly incorporated and existing in good standing under
      the laws of the Cayman Islands and has the requisite corporate power to own
      its
      properties and assets and to carry on its business as now being
      conducted.

     

    3.3 Authorization;
      Enforcement.
      (i) The
      Company has the requisite corporate power and authority to enter into and
      perform its obligations under this Agreement and to issue the Warrants in
      accordance with the terms hereof, (ii) the execution, delivery and performance
      of this Agreement by the Company and the consummation by it of the transactions
      contemplated hereby have been duly authorized by all necessary corporate action,
      and no further consent or authorization of the Company or its Board of Directors
      or shareholders is required, and (iii) this Agreement constitutes valid and
      binding obligations of the Company enforceable against the Company in accordance
      with its terms, except as such enforceability may be limited by applicable
      bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization,
      or
      similar laws relating to, or affecting generally the enforcement of, creditors'
      rights and remedies or by equitable principles of general application and except
      as enforcement of rights to indemnity and contribution may be limited by federal
      and state securities laws or principles of public policy.

     

    3.4 No
      Conflicts.
      To the
      knowledge of the Company, the execution, delivery and performance of this
      Agreement and the consummation by the Company of the transactions contemplated
      hereby do not materially (i) result in a violation of the Company's Memorandum
      and Articles of Association or (ii) conflict with, or constitute a default
      under
      any agreement, indenture or instrument to which the Company is a party. Other
      than any SEC or state securities filings which may be required to be made by
      the
      Company subsequent to the Closing, and any registration statement which may
      be
      filed pursuant thereto, the Company is not required under federal, state or
      local law, rule or regulation to obtain any consent, authorization or order
      of,
      or make any filing or registration with, any court or governmental agency or
      self-regulatory entity in order for it to perform any of its obligations under
      this Agreement or issue the Ordinary Shares in accordance with the terms
      hereof.

     

    4. Legends;
      

     

    4.1 Legend.
      The
      Company will issue the Warrants, and when issued, the Warrant Shares, purchased
      by the Subscriber in the name of the Subscriber. The Warrants and Warrant Shares
      will bear the following Legend and appropriate “stop transfer” instructions:

     

    “THE
      SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
      ACT
      OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND
      NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD,
      TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION
      FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION
      OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.” 

    

    SECURITIES
      EVIDENCED BY THIS CERTIFICATE WILL BE ENTITLED TO REGISTRATION RIGHTS UNDER
      A
      REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.

    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND
      CONDITIONS CONTAINED IN A SECURITIES ESCROW AGREEMENT (THE “AGREEMENT”) AND MAY
      NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE
      TERM
      OF THE ESCROW PERIOD (AS DEFINED IN THE AGREEMENT).” 

    

    
      
         

      

      
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    4.2 Subscriber's
      Compliance.
      Nothing
      in this Section 4 shall affect in any way the Subscriber's obligations and
      agreement to comply with all applicable securities laws upon resale of the
      Warrants, and the Warrant Shares.

     

    4.3 Company’s
      Refusal to Register Transfer of Warrants.
      The
      Company shall refuse to register any transfer of the Warrants and the Warrant
      Shares, not made (i) pursuant to an effective registration statement filed
      under
      the Securities Act, or (ii) pursuant to an available exemption from the
      registration requirements of the Securities Act.

     

    5. Escrow
      

     

    Upon
      consummation of the IPO, the holders of the Warrants shall enter into a
      securities escrow agreement (the “Escrow Agreement”) with Continental Stock
      Transfer & Trust Company, whereby the Warrants shall be held in escrow until
      the day after the date of the consummation of the initial Business Combination.
      

     

    6.
      Securities
      Laws Restrictions.
      

     

    In
      addition to the restrictions contained in the Escrow Agreement, Subscriber
      agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all
      or
      any part of the Warrants unless, prior thereto (a) a registration statement
      on the appropriate form under the Securities Act and applicable state securities
      laws with respect to the Securities proposed to be transferred shall then be
      effective or (b) the Company shall have received an opinion from counsel
      reasonably satisfactory to the Company, that such registration is not required
      because such transaction complies with the Securities Act and the rules
      promulgated by the SEC thereunder and with all applicable state securities
      laws.

     

    7.
       Waiver
      of Liquidation Distributions

     

    In
      connection with the Warrants purchased pursuant to this Agreement, the
      Subscriber hereby waives any and all right, title, interest or claim of any
      kind
      in or to any liquidating distributions by the Company in the event of a
      liquidation of the Company upon the Company's failure to timely complete a
      Business Combination. For purposes of clarity, in the event the Subscriber
      purchases Ordinary Shares in the IPO or in the aftermarket such shares shall
      be
      eligible to receive any liquidating distributions by the Company.

     

    8. Governing
      Law; Jurisdiction; Waiver of Jury Trial

     

    This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New York. The parties hereto hereby waive any right to a jury trial
      in
      connection with any litigation pursuant to this Agreement and the transactions
      contemplated hereby.

     

    9. Forfeiture
      of Warrants.

     

    9.1. Failure
      to Consummate Business Combination.
      The
      Warrants shall be forfeited to the Company in the event that the Company does
      not consummate a Business Combination within 24 months from
      the
      date of the final prospectus relating to the Company’s IPO or in the event that
      the shareholders approve an extension of the period of time to consummate a
      Business Combination by an additional 12 months (the “Extended Period”), within
      36 months from the date of the final prospectus.

    

    
      
         

      

      
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    9.2. Termination
      of Rights as holder; Escrow.
      If the
      Warrants are forfeited in accordance with this Section 8, then after such time
      the Subscriber (or successor in interest), shall no longer have any rights
      as a
      holder of such Warrants, and the Company shall take such action as is
      appropriate to cancel such Warrants. To effectuate the foregoing, all
      certificates representing the Warrants shall be held in escrow as provided
      in
      Section 5 hereof. In addition, Subscriber hereby irrevocably grants the Company
      a limited power of attorney for the purpose of effectuating the
      foregoing.

    

    10. Rescission
      Right Waiver and Indemnification.
      

     

    10.1.
       Subscriber
      understands and acknowledges an exemption from the registration requirements
      of
      the Securities Act requires there be no general solicitation of purchasers
      of
      the Warrants. In this regard, if the IPO were deemed to be a general
      solicitation with respect to the Warrants, the offer and sale of such Warrants
      may not be exempt from registration and, if not, Subscriber may have a right
      to
      rescind its purchase of the Warrants. In order to facilitate the completion
      of
      the Offering and in order to protect the Company, its shareholders and the
      Trust
      Account from claims that may adversely affect the Company or the interests
      of
      its shareholders, Subscriber hereby agrees to waive, to the maximum extent
      permitted by applicable law, any claims, right to sue or rights in law or
      arbitration, as the case may be, to seek rescission of its purchase of the
      Warrants. Subscriber acknowledges and agrees this waiver is being made in order
      to induce the Company to sell the Warrants to such Subscriber. Subscriber agrees
      the foregoing waiver of rescission rights shall apply to any and all known
      or
      unknown actions, causes of action, suits, claims or proceedings (collectively,
      “Claims”) and related losses, costs, penalties, fees, liabilities and damages,
      whether compensatory, consequential or exemplary, and expenses in connection
      therewith, including reasonable attorneys’ and expert witness fees and
      disbursements and all other expenses reasonably incurred in investigating,
      preparing or defending against any Claims, whether pending or threatened, in
      connection with any present or future actual or asserted right to rescind the
      purchase of the Warrants hereunder or relating to the purchase of the Warrants
      and the transactions contemplated hereby. 

     

    10.2. Subscriber
      agrees not to seek recourse against the Trust Account for any reason whatsoever
      in connection with its purchase of the Warrants or any Claim that may arise
      now
      or in the future. 

     

    10.3. Subscriber
      acknowledges and agrees the shareholders of the Company are and shall be
      third-party beneficiaries of the foregoing provisions of this Agreement.

     

    10.4.
       Subscriber
      agrees that to the extent any waiver of rights under this Section 9 is
      ineffective as a matter of law, such Subscriber has offered such waiver for
      the
      benefit of the Company as an equitable right that shall survive any statutory
      disqualification or bar that applies to a legal right. Subscriber acknowledges
      the receipt and sufficiency of consideration received from the Company hereunder
      in this regard.

     

    11. Terms
      of the Warrant

    

    The
      Warrants are substantially identical to the warrants included in the units
      offered in the IPO, except: (i) they
      will not have a claim to the funds held in the trust account, (ii) they
      will be placed in escrow and not released before, except in limited
      circumstances, until after the consummation of a Business Combination as more
      fully described in Section 5, (iii) they are being purchased in a private
      placement pursuant to an exemption from the registration requirements of the
      Securities Act and will become freely tradable only after they are registered
      pursuant to a registration rights agreement to be entered on or before the
      date
      of the final prospectus relating to the Company’s IPO, (iv) they will be
      non-redeemable so long as they are held by
      Subscriber (or any of its permitted assigns),
      (v) they are exercisable (a) on a “cashless” basis if
      held
      by the Subscriber or its permitted assigns
      and (b)
      may not be sold, assigned or transferred until the consummation of a business
      combination, (vi) they will not have rights to any liquidation distribution,
      and
      (vii) may be exercised in the absence of an effective registration statement
      covering the Ordinary
      Shares underlying the Warrants. In the event that Company fails to consummate
      a
      business combination the Warrants will expire worthless. In
      no
      event will the Company be required to net cash settle the Warrant
      exercise.

    
      
         

      

      
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    12 Assignment;
      Entire Agreement; Amendment

     

    12.1 Assignment.
      Neither
      this Agreement nor any rights hereunder may be assigned by any party to any
      other person other than by Subscriber to a person agreeing to be bound by the
      terms hereof.

     

    12.2 Entire
      Agreement.
      This
      Subscription Agreement and the Warrants set forth the entire agreement and
      understanding between the parties as to the subject matter thereof and merges
      and supersedes all prior discussions, agreements and understandings of any
      and
      every nature among them.

     

    12.3 Amendment.
      Except
      as expressly provided in this Agreement, neither this Agreement nor any term
      hereof may be amended, waived, discharged or terminated other than by a written
      instrument signed by the party against whom enforcement of any such amendment,
      waiver, discharge, or termination is sought.

     

    12.4 Binding
      Upon Successors.
      This
      Agreement shall be binding upon and inure to the benefit of the parties hereto
      and to their respective heirs, legal representatives, successors and
      assigns.

     

    13 Notices;
      Indemnity

     

    13.1 Notices.
      Unless
      otherwise provided herein, any notice or other communication to a party
      hereunder shall be sufficiently given if in writing and personally delivered
      or
      sent by facsimile with copy sent in another manner herein provided or sent
      by
      courier (which for all purposes of this Agreement shall include Federal Express
      or other recognized overnight courier) or mailed to said party by certified
      mail, return receipt requested, at its address provided for herein or such
      other
      address as either may designate for itself in such notice to the other and
      communications shall be deemed to have been received when delivered personally,
      on the scheduled arrival date when sent by next day or 2-day courier service,
      or
      if sent by facsimile upon receipt of confirmation of transmittal or, if sent
      by
      mail, then three days after deposit in the mail. If given by electronic
      transmission, such notice shall be deemed to be delivered (a) if by electronic
      mail, when directed to an electronic mail address at which the Subscriber has
      consented to receive notice; (b) if by a posting on an electronic network
      together with separate notice to the Subscriber of such specific posting, upon
      the later of (1) such posting and (2) the giving of such separate notice; and
      (c) if by any other form of electronic transmission, when directed to the
      Subscriber. 

     

    13.2 Indemnification.
      Each
      party shall indemnify the other against any loss, cost or damages (including
      reasonable attorney's fees and expenses) incurred as a result of such party's
      breach of any representation, warranty, covenant or agreement in this
      Agreement.

    
      
         

      

      
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    14 Counterparts

     

    This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      enforceable against the parties actually executing such counterparts, and all
      of
      which together shall constitute one instrument.

     

    15 Survival;
      Severability

     

    15.1 Survival.
      The
      representations, warranties, covenants and agreements of the parties hereto
      shall survive the Closing.

     

    15.2 Severability.
      In the
      event that any provision of this Agreement becomes or is declared by a court
      of
      competent jurisdiction to be illegal, unenforceable or void, this Agreement
      shall continue in full force and effect without said provision; provided that
      no
      such severability shall be effective if it materially changes the economic
      benefit of this Agreement to any party.

     

    16 Titles
      and Subtitles

     

    The
      titles and subtitles used in this Agreement are used for convenience only and
      are not to be considered in construing or interpreting this
      Agreement.

     

    [Signature
      page follows]

    
      
         

      

      
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    SUBSCRIPTION
      INFORMATION AND SIGNATURE PAGE

     

    

     

    Name
      of
      the Subscriber:  Chardan
      Capital Markets, LLC

                                                                        (Please
      print legibly)

     

     Number
      of Warrants Being Subscribed: 100,000

     

    Aggregate
      Purchase Price: $100,000

     

    Place
      of
      Residency and/or Principal Place of Business:

    17
      State
      Street

    Suite
      1600

    New
      York,
      NY 10004, 

     

    This
      subscription is accepted by the Company on the [   ] day of June,
      2008.

    

    
      	
               

            	
              INDAS
                GREEN ACQUISITION CORPORATION

            
	
               
                 

            	
               
                 

            	
               
                 

            
	
              Date: 

            	
              By:  

            	 
	
               

            	
               

            	
              Name:
                Ashish Wadhwani

            
	
               

            	
            	
              Title:
                Chief Executive Officer &
Director

            

    

     

    
      	
              SUBSCRIBER:
                

            
	 	 
	
              Chardan
                Capital Markets, LLC

            
	 	 
	
              By:

            	
               

            
	 	
              Name:

            
	 	
              Title:

            

    

    
      
         

      

      
        9Exhibit
      10.8

    

    RIGHT
      OF FIRST REFUSAL AND

    CORPORATE
      OPPORTUNITIES AGREEMENT

    

    THIS
      RIGHT OF FIRST REFUSAL AND CORPORATE OPPORTUNITIES AGREEMENT (this “Agreement”)
      is
      made as of ___ (_________), 2008 by and among Indas Green Acquisition
      Corporation, a Cayman Islands corporation (the “Company”);
      and
      Mission Biofuels Ltd. (“Mission”),
      in
      connection with the Company’s proposed public offering of units pursuant to a
      registration statement on Form F-1, filed by the Company with the Securities
      and
      Exchange Commission (as amended, the “Registration
      Statement”).

    

    RECITALS

    

    WHEREAS,
      Mission is the Company’s sponsor;

    

    WHEREAS,
      because each of the Company and Mission will be seeking business opportunities
      in the alternative energy, energy or environmental industries, the parties
      have
      made this Agreement to clarify the business opportunities for which each party
      shall have the right of first refusal.

    

    NOW,
      THEREFORE, in consideration of the mutual covenants and agreements set forth
      herein, and for other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, the parties hereto agree as
      follows:

    

    1.
      Right
      of First Refusal.
      

     

    For
      the
      term specified in
      Section 2
      of this
      Agreement and subject to subsections (b), (c) and (d) of this Section
      1,
      Mission
      hereby grants to the Company a right of first refusal as
      follows:

    

    (a) Mission
      shall first present any investment or acquisition opportunity in a business
      or
      businesses in the alternative energy, energy or environmental industries,
      including any business operating in the biodiesel sector, with the exception
      of
      biodiesel feedstocks, biodiesel plantations and biodiesel refining plants,
      whose
      aggregate fair market value is at least equal to 80% of the balance of the
      Company’s trust account (as described in the Registration Statement) (the
“Threshold Test”), to a committee of the Company’s independent directors, and
      will not enter into any agreement to purchase or invest in such business or
      businesses until the Company’s committee of independent directors determines,
      within the time frame and manner specified below, whether or not to pursue
      such
      business opportunity. 

    

    (b) Notwithstanding
      anything to the contrary in this Agreement, the Company agrees that any such
      business entity with respect to which Mission has initiated any contacts or
      entered into any discussions or negotiations, formal or informal, regarding
      Mission’s acquisition of, or investment in, such business prior to the
      completion of the Company’s offering, as set forth in the Registration
      Statement, will not be a potential acquisition target for the Company, unless
      Mission declines to pursue such business opportunity and notifies the Company
      of
      the same in writing. 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    (c) After
      review of any potential corporate opportunity, the Company may release the
      right
      of first refusal set forth in this Section 1(A) with respect to such corporate
      opportunity. Decisions by the Company to release Mission to pursue such
      corporate opportunity will be made by a majority of the Company’s independent
      directors. 

    

    (d) Mission
      and each of its partners, principals, directors, officers or employees who
      become aware of a corporate opportunity which is subject to this Agreement
      shall
      provide written notice of the business opportunity to the Company pursuant
      to
      this right of first refusal within five (5) business days of its identification
      of the corporate opportunity, including its determination as to whether the
      corporate opportunity meets the Threshold Test. Any right of first refusal
      granted shall expire ninety (90) days from the date of the written notice,
      provided that, during such ninety (90)-day
      period, the Company has failed to commence discussions with any third party
      regarding a transaction.

    

    2.
      Term.
      This
      Agreement shall become effective on its execution and shall remain in effect
      for
      a period to expire upon the earlier of (i) the consummation by the Company
      of a Business Combination as defined in the Registration Statement or
      (ii) 24 months following the consummation of the Company’s offering (or 36
      months if the Company’s shareholders approve a proposal to extend the Company’s
      corporate existence by an additional 12 months) pursuant to the Registration
      Statement. 

    

    3.
      Notices.
      All
      notices or communications hereunder shall be in writing, addressed as
      follows:

    

    To
      the
      Company:

    

    Indas
      Green Acquisition Corporation

    Level
      30-31

    Six
      Battery Road

    Raffles
      Place

    Singapore
      049909

    Attn:
      Ashish Wadhwani

    

    with
      copies to:

     

    Ellenoff,
      Grossman & Schole LLP

    150
      East
      42nd
      Street,
      11th
      Floor

    New
      York,
      New York 10017

    Attn:
      Stuart Neuhauser, Esq. 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    If
      to
      Mission:

    

    Mission
      Biofuels Ltd.

    8th
      Floor

    50
      St.
      Georges Terrace

    Perth

    Western
      Australia

    Attn:
      Arvind Bansal

     

    Any
      such
      notice or communication shall be delivered by hand or by courier or sent
      certified or registered mail, return receipt requested, postage prepaid,
      addressed as above (or to such other address as such party may designate in
      a
      notice delivered as described above), and the third business day after the
      actual date of mailing shall constitute the time at which notice was
      given.

    

    4.
      Severability.
      If any
      provision of this Agreement shall be declared to be invalid or unenforceable,
      in
      whole or in part, such invalidity or unenforceability shall not affect the
      remaining provisions hereof which shall remain in full force and
      effect.

    

    5.
      Assignment
      and Waiver.
      Neither
      this Agreement nor any rights or obligations hereunder shall be assignable
      or
      otherwise subject to hypothecation by any of the parties hereto. The failure
      of
      any of the parties hereto to at any time enforce any of the provisions of this
      Agreement shall not be deemed or construed to be a waiver of any such provision,
      nor to in any way effect the validity of this Agreement or any provision hereof
      or the right of any of the parties hereto to thereafter enforce each and every
      provision of this Agreement. No waiver of any breach, non-compliance or
      non-fulfillment of any of the provisions of this Agreement 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.

     

    6.
      Amendment.
      This
      Agreement may only be amended by written agreement of the parties
      hereto.

    

    7.
      Survival.
      The
      respective rights and obligations of the parties hereunder shall survive any
      termination of this Agreement to the extent necessary to the intended
      preservation of such rights and obligations. The provisions of this Section 7
      are in
      addition to the survivorship provisions of any other section of this
      Agreement.

    

    8.
      Governing
      Law.
      This
      Agreement shall be construed, interpreted, and governed in accordance with
      the
      laws of the State of New York, without reference to rules relating to conflicts
      of law.

    

    9.
      Effect
      on Prior Agreements.
      This
      Agreement contains the entire understanding between the parties hereto and
      supersedes in all respects any prior or other agreement or understanding
      concerning the subject matter hereof between the Company and
      Mission.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    10.
      Counterparts.
      This
      Agreement may be executed in two or more counterparts (including by facsimile),
      each of which will be deemed an original, but all of which, taken together,
      shall be deemed one document

    

    11.
      Mutual
      Waiver of Jury Trial.
      BECAUSE
      DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST
      QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE
      PARTIES WISH APPLICABLE LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE
      PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH
      APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST BENEFITS OF THE JUDICIAL SYSTEM,
      THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR
      PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER THIS
      AGREEMENT OR ANY DOCUMENTS RELATED HERETO.

    

    12.
      Applicable
      Law.
      This
      letter agreement shall be governed by and interpreted and construed in
      accordance with the laws of the State of New York applicable to contracts formed
      and to be performed entirely within the State of New York, without regard to
      the
      conflicts of law provisions thereof to the extent such principles or rules
      would
      require or permit the application of the laws of another
      jurisdiction.

    

    13.
      Trust
      Waiver.
      Notwithstanding anything herein to the contrary, Mission hereby waives any
      and
      all right, title, interest or claim of any kind (“Claim”)
      in or
      to any distribution of the trust account (the “Trust
      Account”)
      in
      which the proceeds of the offering and the proceeds of the sale of the warrants
      issued to Mission will be deposited and held for the benefit of the public
      shareholders of the offering, as described in greater detail in the Registration
      Statement, and hereby agrees not to seek recourse, reimbursement, payment or
      satisfaction for any Claim against the Trust Account for any reason
      whatsoever.

    

     

    14.
      Third
      Party Beneficiaries.
      The
      parties hereto hereby acknowledge that the underwriters of the offering,
      including, without limitation, Chardan Capital Markets, LLC, are third party
      beneficiaries of this Agreement and this Agreement may not be modified or
      changed without the prior written consent of Chardan Capital Markets,
      LLC.

     

    [Signatures
      Follow on Next Page.]

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    IN
      WITNESS WHEREOF, the parties hereto have executed this Right of First Refusal
      and Corporate Opportunities Agreement as of the date first specified
      above.

     

    INDAS
      GREEN ACQUISITION CORPORATION

    

      
        	
                By:

              	
                /s/

              
	 	
                Name:

              	
                Ashish
                  Wadhwani

              
	 	
                Title:

              	
                Chief
                  Executive Officer

              
	 	 	 
	
                MISSION
                  BIOFUELS LTD.

              
	 	 	 
	
                By:

              	
                /s/

              
	 	
                Name:
                  

              	
                Arvind
                  Bansal

              
	 	
                Title:

              	
                Executive
                  Director

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