Document:

Unassociated Document

    REGISTRATION
      RIGHTS AGREEMENT

    

    This
      Registration Rights Agreement (this “Agreement”)
      is
      made and entered into as of May 12, 2008, between Ardmore Holding Corporation,
      a
      Delaware corporation (the “Company”)
      and
      each of the several purchasers signatory hereto (each such purchaser, a
“Purchaser”
and,
      collectively, the “Purchasers”).
      

    

    This
      Agreement is made pursuant to the Amended and Restated Securities Purchase
      Agreement, dated as of the date hereof, between the Company and each Purchaser
      (the “Purchase
      Agreement”).

    

    The
      Company and each Purchaser hereby agrees as follows:

    

    1.
       Definitions.
      Capitalized
      terms used and not otherwise defined herein that are defined in the Purchase
      Agreement shall have the meanings given such terms in the Purchase
      Agreement.
      As used
      in this Agreement, the following terms shall have the following
      meanings:

    

    “Advice”
shall
      have the meaning set forth in Section 6(d).

    

    “Blackout
      Period”
shall
      have the meaning set forth in Section 3(j).

    

    “Commission”
means
      the Securities and Exchange Commission or any successor thereto.

    

    “Effectiveness
      Date”
means,
      with respect to the Initial Registration Statement required to be filed
      hereunder, the 90th calendar day following the Closing Date (or, in the event
      of
      a “full review” by the Commission, the 120th calendar day following the Closing
      Date) and with respect to any additional Registration Statements which may
      be
      required pursuant to Section 3(c), the 90th calendar day following the date
      on
      which an additional Registration Statement is required to be filed hereunder;
      provided,
      however,
      that in
      the event the Company is notified by the Commission that one or more of the
      above Registration Statements will not be reviewed or is no longer subject
      to
      further review and comments, the Effectiveness Date as to such Registration
      Statement shall be the fifth Trading Day following the date on which the Company
      is so notified if such date precedes the dates otherwise required
      above.

    

    “Effectiveness
      Period”
shall
      have the meaning set forth in Section 2(a).

    

    “Event”
shall
      have the meaning set forth in Section 2(b).

    

    “Event
      Date”
shall
      have the meaning set forth in Section 2(b).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    “Filing
      Date”
means,
      with respect to the Initial Registration Statement required hereunder, the
      30th
      business day following the Closing Date and, with respect to any additional
      Registration Statements which may be required pursuant to Section 3(c), the
      30th
      Business Day following the date on which the Company is permitted by SEC
      Guidance to file such additional Registration Statement related to the
      Registrable Securities (but in no event sooner than the 180th calendar day
      following the date the Initial Registration Statement is first declared
      effective by the Commission unless the filing of such additional Registration
      Statement sooner than such 180th calendar is permitted pursuant to Rule 415
      and
      SEC Guidance).

    

    “Holder”
or
      “Holders”
means
      the holder or holders, as the case may be, from time to time of Registrable
      Securities.

    

    “Indemnified
      Party”
shall
      have the meaning set forth in Section 5(c).

    

    “Indemnifying
      Party”
shall
      have the meaning set forth in Section 5(c).

    

    “Initial
      Registration Statement”
means
      the initial registration statement filed pursuant to this
      Agreement.

    

    “Losses”
shall
      have the meaning set forth in Section 5(a).

    

    “Plan
      of Distribution”
shall
      have the meaning set forth in Section 2(a). 

    

    “Prospectus”
means
      the prospectus included in a Registration Statement (including, without
      limitation, a prospectus that includes any information previously omitted from
      a
      prospectus filed as part of an effective registration statement in reliance
      upon
      Rule 430A promulgated by the Commission pursuant to the Securities Act), as
      amended or supplemented by any prospectus supplement, with respect to the terms
      of the offering of any portion of the Registrable Securities covered by a
      Registration Statement, and all other amendments and supplements to the
      Prospectus, including post-effective amendments, and all material incorporated
      by reference or deemed to be incorporated by reference in such
      Prospectus.

    

    “Registrable
      Securities”
means,
      as of the date in question, (i) all Notes Shares and all Warrant Shares
      (assuming on the date of determination the Notes and Warrants are converted
      or
      exercised in full, as the case may be, without regard to any exercise
      limitations therein), (ii) any additional shares of Common Stock issuable in
      connection with any anti-dilution provisions in the Notes and Warrants (in
      each
      case, without giving effect to any limitations on conversion or exercise set
      forth in the Notes and Warrants) and (iii) any securities issued or issuable
      upon any stock split, dividend or other distribution, recapitalization or
      similar event with respect to the foregoing; provided,
      however,
      that
      Registrable Securities shall not include any of the foregoing to the extent
      that
      such securities may then be sold pursuant to Rule 144 without regard to the
      volume limitations imposed by such rule.

    

    “Registration
      Statement”
means
      the registration statement required to be filed hereunder and any additional
      registration statements contemplated by Section 3(c), including (in each case)
      the Prospectus, amendments and supplements to such registration statement or
      Prospectus, including pre- and post-effective amendments, all exhibits thereto,
      and all material incorporated by reference or deemed to be incorporated by
      reference in such registration statement.

     

    
      
        
        

      

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

    

    “Rule
      415”
means
      Rule 415 promulgated by the Commission pursuant to the Securities Act, as such
      Rule may be amended or interpreted from time to time, or any similar rule or
      regulation hereafter adopted by the Commission having substantially the same
      purpose and effect as such Rule.

    

    “Rule
      424”
means
      Rule 424 promulgated by the Commission pursuant to the 1933 Act, as such Rule
      may be amended or interpreted from time to time, or any similar rule or
      regulation hereafter adopted by the Commission having substantially the same
      purpose and effect as such Rule.

    

    “Securities
      Act”
means
      the 1933 Act.

    

    “Selling
      Shareholder Questionnaire”
shall
      have the meaning set forth in Section 3(a).

    

    “SEC
      Guidance”
means
      (i) any publicly-available written or oral guidance, comments, requirements
      or
      requests of the Commission staff, and (ii) the 1933 Act and the rules and
      regulations promulgated thereunder.

    

    “Trading
      Day”
shall
      mean a day on which the New York Stock Exchange is open for
      trading.

    

    “Trading
      Market”
shall
      mean the principal market (including the OTCBB and Pink Sheets) on which the
      Common Stock then trades.

     

    
      
        
        

      

      
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    2.
       Initial
      Registration

    

    (a) On
      or
      prior to the 30th
      Business
      Day following the Closing, the Company shall prepare and file with the
      Commission the Initial Registration Statement covering the resale of all or
      such
      portion of the Registrable Securities as permitted by SEC Guidance (provided
      that the Company shall use diligent efforts to advocate with the Commission
      for
      the registration of all of the Registrable Securities in accordance with the
      SEC
      Guidance, including without limitation, the Manual of Publicly Available
      Telephone Interpretations D.29) that are not then registered on an effective
      Registration Statement for an offering to be made on a continuous basis pursuant
      to Rule 415;
      provided,
      however,
      that if
      the number of Registrable Securities hereunder shall equal or exceed 30% of
      the
      issued and outstanding Common Stock of the Company (less any shares of Common
      Stock held by Affiliates of the Company) on the actual filing date of the
      Initial Registration Statement, the Initial Registration Statement shall
      register a number of shares of Common Stock which is equal to 30% of the issued
      and outstanding shares of Common Stock of the Company (less any shares of Common
      Stock held by Affiliates of the Company) on such actual filing date minus 10,000
      shares of Common Stock, and the remaining Registrable Securities shall be
      subject to Section 3(c). In such event, the number of Registrable Securities
      to
      be registered for each Holder shall be reduced pro-rata among all Holders,
      and
unless
      otherwise directed in writing by a Holder as to its Registrable Securities,
      the
      number of Registrable Securities to be registered on such Registration Statement
      will first be reduced by Registrable Securities represented by Warrant Shares
      (applied, in the case that some Warrant Shares may be registered, to the Holders
      on a pro rata basis based on the total number of unregistered Warrant Shares
      held by such Holders), and second by Registrable Securities represented by
      Note
      Shares (applied, in the case that some Note Shares may be registered, to the
      Holders on a pro rata basis based on the total number of unregistered Note
      Shares held by such Holders).
      The
      Registration Statement shall be on Form S-3 (except if the Company is not then
      eligible to register for resale the Registrable Securities on Form S-3, in
      which
      case such registration shall be on another appropriate form in accordance
      herewith) and shall contain (unless otherwise directed by at least an 85%
      majority in interest of the Holders) substantially the “Plan
      of Distribution”
      attached hereto as Annex
      A.
      Subject
      to the terms of this Agreement, the Company shall use its best efforts to cause
      the Initial Registration Statement to be declared effective under the Securities
      Act as promptly as possible after the filing thereof, but in any event prior
      to
      the applicable Effectiveness Date, and shall use its best efforts to keep such
      Registration Statement continuously effective under the Securities Act until
      the
      earlier of one year from the Closing Date or such securities may be sold without
      volume restrictions pursuant to Rule 144, as determined by the counsel to the
      Company pursuant to a written opinion letter to such effect, addressed and
      reasonably acceptable to the Company’s transfer agent and the affected Holders
      (the “Effectiveness
      Period”).
      The
      Company shall telephonically request effectiveness of a Registration Statement
      as of 5:00 p.m. New York City time on a Trading Day. The Company shall
      immediately notify the Holders via facsimile or by e-mail delivery of a “.pdf”
format data file of the effectiveness of a Registration Statement on the same
      Trading Day that the Company telephonically confirms effectiveness with the
      Commission, which shall be the date requested for effectiveness of a
      Registration Statement. The Company shall, by 9:30 a.m. New York City time
      on
      the Trading Day after the Effective Date, file a final Prospectus with the
      Commission as required by Rule 424. Failure to so notify the Holder within
      1
      Trading Day of such notification of effectiveness or failure to file a final
      Prospectus as foresaid shall be deemed an Event under Section 2(b).

     

    
      
        
        

      

      
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    (b)
      If:
      (i)
      the Initial Registration Statement is not filed on or prior to its Filing Date
      (if the Company files the Initial Registration Statement without affording
      the
      Holders the opportunity to review and comment on the same as required by Section
      3(a) herein, the Company shall be deemed to have not satisfied this clause
      (i)),
      or (ii) the Company fails to file with the Commission a request for acceleration
      of a Registration Statement in accordance with Rule 461 promulgated by the
      Commission pursuant to the Securities Act, within five Trading Days of the
      date
      that the Company is notified (orally or in writing, whichever is earlier) by
      the
      Commission that such Registration Statement will not be “reviewed” or will not
      be subject to further review, or (iii) prior to the Effectiveness Date, the
      Company fails to file a pre-effective amendment and otherwise respond in writing
      to comments made by the Commission in respect of such Registration Statement
      as
      soon as practicable after the receipt of comments by or notice from the
      Commission that such amendment is required in order for such Registration
      Statement to be declared effective, or (iv) the Initial Registration Statement
      filed or required to be filed hereunder is not declared effective by the
      Commission by its Effectiveness Date, or (v) after the Effectiveness Date,
      the
      Registration Statement ceases for any reason (other than during a Blackout
      Period) to remain effective during the period it is required to remain effective
      hereunder as to all Registrable Securities for which it is required to be
      effective, or the Holders are otherwise not permitted to utilize the Prospectus
      therein to resell such Registrable Securities, (other than during a Blackout
      Period) (any such failure or breach being referred to as an “Event”,
      and
      for purposes of clauses (i), (iv) and (v) the date on which such Event occurs,
      and for purpose of clause (ii) the date on which such five Trading Day period
      is
      exceeded, and for purpose of clause (iii) the date which such 10 calendar day
      period is exceeded, and for purpose of clause (vi) the date on which such 10
      or
      15 calendar day period, as applicable, is exceeded being referred to as
“Event
      Date”),
      then,
      in addition to any other rights the Holders may have hereunder or under
      applicable law, on each such Event Date and on each monthly anniversary of
      each
      such Event Date (if the applicable Event shall not have been cured by such
      date)
      until the applicable Event is cured, the Company shall pay to each Holder an
      amount in cash, as partial liquidated damages and not as a penalty, equal to
      1.5% of the purchase price paid by such Holder pursuant to the Purchase
      Agreement for any unregistered Registrable Securities then held by such Holder.
      The parties agree that (1) in no event will the Company be liable for liquidated
      damages under this Agreement in excess of 1.5% of the aggregate purchase price
      of the Holders in any 30 day period, and (2) the maximum aggregate liquidated
      damages payable to a Holder under this Agreement shall be 20% of the aggregate
      purchase price paid by such Holder pursuant to the Purchase Agreement. If the
      Company fails to pay any partial liquidated damages pursuant to this Section
      in
      full within seven days after the date payable, the Company will pay interest
      thereon at a rate of 15% per annum (or such lesser maximum amount that is
      permitted to be paid by applicable law) to the Holder, accruing daily from
      the
      date such partial liquidated damages are due until such amounts, plus all such
      interest thereon, are paid in full. The partial liquidated damages pursuant
      to
      the terms hereof shall apply on a daily pro rata basis for any portion of a
      month prior to the cure of an Event.

    

    (c) Notwithstanding
      anything to the contrary herein, it shall not constitute a breach of this
      Agreement or the Transaction Documents nor shall the Company be liable in any
      manner (including for any Losses or the liquidated damages contemplated by
      Section 2(b)), if it fails to comply with this Agreement results directly or
      indirectly from the application of Rule 415, the SEC Guidance or any one or
      more
      of the foregoing.

    

    3.
       Registration
      Procedures.
      In
      connection with the Company’s registration obligations hereunder, the Company
      shall:

    

    (a) Not
      less
      than five (5) Trading Days prior to the filing of each Registration Statement
      and not less than one (1) Trading Day prior to the filing of any related
      Prospectus or any amendment or supplement thereto (including any document that
      would be incorporated or deemed to be incorporated therein by reference), the
      Company shall (i) furnish to each Holder copies of all such documents proposed
      to be filed, which documents (other than those incorporated or deemed to be
      incorporated by reference) will be subject to the review of such Holders, and
      (ii) cause its officers and directors, counsel and independent certified public
      accountants to respond to such inquiries as shall be necessary, in the
      reasonable opinion of respective counsel to each Holder, to conduct a reasonable
      investigation within the meaning of the 1933 Act. The Company shall not file
      a
      Registration Statement or any such Prospectus or any amendments or supplements
      thereto to which the Holders of a majority of the Registrable Securities shall
      reasonably object in good faith, provided that the Company is notified of such
      objection in writing no later than five (5) Trading Days after the Holders
      have
      been so furnished copies of a Registration Statement or one (1) Trading Day
      after the Holders have been so furnished copies of any related Prospectus or
      amendments or supplements thereto. Each Holder agrees to furnish to the Company
      a completed questionnaire in the form attached to this Agreement as Annex
      B
      (a
“Selling
      Shareholder Questionnaire”)
      not
      less than two Trading Days prior to the Filing Date or by the end of the fourth
      Trading Day following the date on which such Holder receives draft materials
      in
      accordance with this Section. 

    
      
        
        

      

      
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    (b) (i)
      Prepare and file with the Commission such amendments, including post-effective
      amendments, to a Registration Statement and the Prospectus used in connection
      therewith as may be necessary to keep a Registration Statement continuously
      effective as to the applicable Registrable Securities for the Effectiveness
      Period and prepare and file with the Commission such additional Registration
      Statements in order to register for resale under the Securities Act all of
      the
      Registrable Securities; (ii) cause the related Prospectus to be amended or
      supplemented by any required Prospectus supplement (subject to the terms of
      this
      Agreement), and, as so supplemented or amended, to be filed pursuant to Rule
      424; (iii) respond as promptly as reasonably possible to any comments received
      from the Commission with respect to a Registration Statement or any amendment
      thereto and provide as promptly as reasonably possible to the Holders true
      and
      complete copies of all correspondence from and to the Commission relating to
      a
      Registration Statement (provided that the Company may excise any information
      contained therein which would constitute material non-public information as
      to
      any Holder which has not executed a confidentiality agreement with the Company);
      and (iv) comply in all material respects with the provisions of the Securities
      Act and the Exchange Act with respect to the disposition of all Registrable
      Securities covered by a Registration Statement during the applicable period
      in
      accordance (subject to the terms of this Agreement) with the intended methods
      of
      disposition by the Holders thereof set forth in such Registration Statement
      as
      so amended or in such Prospectus as so supplemented.

    

    (c) If
      during
      the Effectiveness Period, the number of Registrable Securities at any time
      exceeds the number of shares of Common Stock then registered in a Registration
      Statement, then the Company shall file as soon as reasonably practicable, but
      in
      any case prior to the applicable Filing Date, an additional Registration
      Statement covering the resale by the Holders of not less than the number of
      such
      Registrable Securities, such additional Registration Statement to be kept
      effective for not more than one year from the Effective Date
      thereof.

    

    (d) Notify
      the Holders of Registrable Securities to be sold (which notice shall, pursuant
      to clauses (iii) through (vi) hereof, be accompanied by an instruction to
      suspend the use of the Prospectus until the requisite changes have been made)
      as
      promptly as reasonably possible (and, in the case of (i)(A) below, not less
      than
      one Trading Day prior to such filing) and (if requested by any such Person)
      confirm such notice in writing no later than one Trading Day following the
      day
      (i)(A) when a Prospectus or any Prospectus supplement or post-effective
      amendment to a Registration Statement is proposed to be filed; (B) when the
      Commission notifies the Company whether there will be a “review” of such
      Registration Statement and whenever the Commission comments in writing on such
      Registration Statement; and (C) with respect to a Registration Statement or
      any
      post-effective amendment, when the same has become effective; (ii) of any
      request by the Commission or any other federal or state governmental authority
      for amendments or supplements to a Registration Statement or Prospectus or
      for
      additional information; (iii) of the issuance by the Commission or any other
      federal or state governmental authority of any stop order suspending the
      effectiveness of a Registration Statement covering any or all of the Registrable
      Securities or the initiation of any Proceedings for that purpose; (iv) of the
      receipt by the Company of any notification with respect to the suspension of
      the
      qualification or exemption from qualification of any of the Registrable
      Securities for sale in any jurisdiction, or the initiation or threatening of
      any
      Proceeding for such purpose; (v) of the occurrence of any event or passage
      of
      time that makes the financial statements included in a Registration Statement
      ineligible for inclusion therein or any statement made in a Registration
      Statement or Prospectus or any document incorporated or deemed to be
      incorporated therein by reference untrue in any material respect or that
      requires any revisions to a Registration Statement, Prospectus or other
      documents so that, in the case of a Registration Statement or the Prospectus,
      as
      the case may be, it will not contain any untrue statement of a material fact
      or
      omit to state any material fact required to be stated therein or necessary
      to
      make the statements therein, in light of the circumstances under which they
      were
      made, not misleading; and (vi) of the occurrence or existence of any pending
      corporate development with respect to the Company that the Company believes
      may
      be material and that, in the determination of the Company, makes it not in
      the
      best interest of the Company to allow continued availability of a Registration
      Statement or Prospectus, provided that any and all of such information shall
      remain confidential to each Holder until such information otherwise becomes
      public, unless disclosure by a Holder is required by law; provided,
      further,
      that
      notwithstanding each Holder’s agreement to keep such information confidential,
      each such Holder makes no acknowledgement that any such information is material,
      non-public information.

    
      
        
        

      

      
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    (e) Use
      its
      best efforts to avoid the issuance of, or, if issued, obtain the withdrawal
      of
      (i) any order stopping or suspending the effectiveness of a Registration
      Statement, or (ii) any suspension of the qualification (or exemption from
      qualification) of any of the Registrable Securities for sale in any
      jurisdiction, at the earliest practicable moment.

    

    (f) Furnish
      to each Holder, without charge, at least one conformed copy of each such
      Registration Statement and each amendment thereto, including financial
      statements and schedules, all documents incorporated or deemed to be
      incorporated therein by reference to the extent requested by such Person, and
      all exhibits to the extent requested by such Person (including those previously
      furnished or incorporated by reference) promptly after the filing of such
      documents with the Commission; provided, that any such item which is available
      on the EDGAR system need not be furnished in physical form.

    

    (g) Subject
      to the terms of this Agreement, the Company hereby consents to the use of such
      Prospectus and each amendment or supplement thereto by each of the selling
      Holders in connection with the offering and sale of the Registrable Securities
      covered by such Prospectus and any amendment or supplement thereto, except
      after
      the giving of any notice pursuant to Section 3(d).

     

    (h) Prior
      to
      any resale of Registrable Securities by a Holder, use its commercially
      reasonable efforts to register or qualify or cooperate with the selling Holders
      in connection with the registration or qualification (or exemption from the
      Registration or qualification) of such Registrable Securities for the resale
      by
      the Holder under the securities or Blue Sky laws of such jurisdictions within
      the United States as any Holder reasonably requests in writing, to keep each
      registration or qualification (or exemption therefrom) effective during the
      Effectiveness Period and to do any and all other acts or things reasonably
      necessary to enable the disposition in such jurisdictions of the Registrable
      Securities covered by each Registration Statement; provided, that the Company
      shall not be required to qualify generally to do business in any jurisdiction
      where it is not then so qualified, subject the Company to any material tax
      in
      any such jurisdiction where it is not then so subject or file a general consent
      to service of process in any such jurisdiction.

     

    
      
        
        

      

      
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    (i) If
      requested by a Holder, cooperate with such Holders to facilitate the timely
      preparation and delivery of certificates representing Registrable Securities
      to
      be delivered to a transferee pursuant to a Registration Statement, which
      certificates shall be free, to the extent permitted by the Purchase Agreement,
      of all restrictive legends, and to enable such Registrable Securities to be
      in
      such denominations and registered in such names as any such Holder may
      request.

    

    (j) Upon
      the
      occurrence of any event contemplated by Section 3(d), as promptly as reasonably
      possible under the circumstances taking into account the Company’s good faith
      assessment of any adverse consequences to the Company and its stockholders
      of
      the premature disclosure of such event, prepare a supplement or amendment,
      including a post-effective amendment, to a Registration Statement or a
      supplement to the related Prospectus or any document incorporated or deemed
      to
      be incorporated therein by reference, and file any other required document
      so
      that, as thereafter delivered, neither a Registration Statement nor such
      Prospectus will contain an untrue statement of a material fact or omit to state
      a material fact required to be stated therein or necessary to make the
      statements therein, in light of the circumstances under which they were made,
      not misleading. If
      the
      Company notifies the Holders in accordance with clauses (iii) through (vi)
      of
      Section 3(d) above to suspend the use of any Prospectus until the requisite
      changes to such Prospectus have been made, then the Holders shall suspend use
      of
      such Prospectus. The Company will use its best efforts to ensure that the use
      of
      the Prospectus may be resumed as promptly as is practicable. The Company shall
      be entitled to exercise its right under this Section 3(j) to suspend the
      availability of a Registration Statement and Prospectus, for a period not to
      exceed 60 consecutive calendar days nor more than an aggregate of 90 days (which
      90 days need not be consecutive days) in any 12 month period
      (collectively, the “Blackout Period”).
      

    

    (k) Comply
      with all applicable rules and regulations of the Commission.

    

    (l) The
      Company may require each selling Holder to furnish to the Company a certified
      statement as to the number of shares of Common Stock beneficially owned by
      such
      Holder and, if required by the Commission, the natural persons thereof that
      have
      voting and dispositive control over the shares. During any periods that the
      Company is unable to meet its obligations hereunder with respect to the
      registration of the Registrable Securities solely because any Holder fails
      to
      furnish such information within three Trading Days of the Company’s request, any
      liquidated damages that are accruing at such time as to such Holder only shall
      be tolled and any Event that may otherwise occur solely because of such delay
      shall be suspended as to such Holder only, until such information is delivered
      to the Company.

     

    
      
        
        

      

      
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    4.
       Registration
      Expenses.
      All
      fees and expenses incident to the performance of or compliance with this
      Agreement by the Company shall be borne by the Company whether or not any
      Registrable Securities are sold pursuant to a Registration Statement. The fees
      and expenses referred to in the foregoing sentence shall include, without
      limitation, (i) all registration and filing fees (including, without limitation,
      fees and expenses of the Company’s counsel and auditors) (A) with respect to
      filings made with the Commission, (B) with respect to filings required to be
      made with any Trading Market on which the Common Stock is then listed for
      trading, (C) in compliance with applicable state securities or Blue Sky laws
      reasonably agreed to by the Company in writing (including, without limitation,
      fees and disbursements of counsel for the Company in connection with Blue Sky
      qualifications or exemptions of the Registrable Securities), and (D) if not
      previously paid by the Company in connection with an Issuer Filing, with respect
      to any filing that may be required to be made by any broker through which a
      Holder intends to make sales of Registrable Securities with FINRA pursuant
      to
      applicable rules promulgated by FINRA, so long as the broker is receiving no
      more than a customary brokerage commission in connection with such sale, (ii)
      printing expenses (including, without limitation, expenses of printing
      certificates for Registrable Securities), (iii) messenger, telephone and
      delivery expenses, (iv) fees and disbursements of counsel for the Company,
      (v)
      Securities Act liability insurance, if the Company so desires such insurance,
      and (vi) fees and expenses of all other Persons retained by the Company in
      connection with the consummation of the transactions contemplated by this
      Agreement. In addition, the Company shall be responsible for all of its internal
      expenses incurred in connection with the consummation of the transactions
      contemplated by this Agreement (including, without limitation, all salaries
      and
      expenses of its officers and employees performing legal or accounting duties),
      the expense of any annual audit and the fees and expenses incurred in connection
      with the listing of the Registrable Securities on any securities exchange as
      required hereunder. In no event shall the Company be responsible for any broker
      or similar commissions of any Holder or, except to the extent provided for
      in
      the Transaction Documents, any legal fees or other costs of the
      Holders.

    

    5.  
      Indemnification.

    

    (a) Indemnification
      by the Company.
      The
      Company shall, notwithstanding any termination of this Agreement, indemnify
      and
      hold harmless each Holder, the officers, directors, members, partners, agents,
      brokers (including brokers who offer and sell Registrable Securities as
      principal as a result of a pledge or any failure to perform under a margin
      call
      of Common Stock), investment advisors and employees (and any other Persons
      with
      a functionally equivalent role of a Person holding such titles, notwithstanding
      a lack of such title or any other title) of each of them, each Person who
      controls any such Holder (within the meaning of Section 15 of the Securities
      Act
      or Section 20 of the Exchange Act) and the officers, directors, members,
      shareholders, partners, agents and employees (and any other Persons with a
      functionally equivalent role of a Person holding such titles, notwithstanding
      a
      lack of such title or any other title) of each such controlling Person, to
      the
      fullest extent permitted by applicable law, from and against any and all losses,
      claims, damages, liabilities, costs (including, without limitation, reasonable
      attorneys’ fees) and expenses (collectively, “Losses”),
      as
      incurred, arising out of or relating to (1) any untrue or alleged untrue
      statement of a material fact contained in a Registration Statement, any
      Prospectus or any form of prospectus or in any amendment or supplement thereto
      or in any preliminary prospectus, or arising out of or relating to any omission
      or alleged omission of a material fact required to be stated therein or
      necessary to make the statements therein (in the case of any Prospectus or
      supplement thereto, in light of the circumstances under which they were made)
      not misleading or (2) any violation or alleged violation by the Company of
      the
      Securities Act, the Exchange Act or any state securities law, or any rule or
      regulation thereunder, in connection with the performance of its obligations
      under this Agreement, except to the extent, but only to the extent, that (i)
      such untrue statements or omissions are based solely upon information regarding
      such Holder furnished in writing to the Company by such Holder expressly for
      use
      therein, or to the extent that such information relates to such Holder or such
      Holder’s proposed method of distribution of Registrable Securities and was
      reviewed and expressly approved in writing by such Holder expressly for use
      in a
      Registration Statement, such Prospectus or in any amendment or supplement
      thereto (it being understood that the Holder has approved Annex A hereto for
      this purpose) or (ii) in the case of an occurrence of an event of the type
      specified in Section 3(d)(iii)-(vi), the use by such Holder of an outdated
      or
      defective Prospectus after the Company has notified such Holder in writing
      that
      the Prospectus is outdated or defective and prior to the receipt by such Holder
      of the Advice contemplated in Section 6(d). The Company shall notify the Holders
      promptly of the institution, threat or assertion of any Proceeding arising
      from
      or in connection with the transactions contemplated by this Agreement of which
      the Company is aware.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

    (b) Indemnification
      by Holders.
      Each
      Holder shall, severally and not jointly, indemnify and hold harmless the
      Company, its directors, officers, agents and employees, each Person who controls
      the Company (within the meaning of Section 15 of the Securities Act and Section
      20 of the Exchange Act), and the directors, officers, agents or employees of
      such controlling Persons, to the fullest extent permitted by applicable law,
      from and against all Losses, as incurred, to the extent arising out of or based
      solely upon: (x) such Holder’s failure to comply with the prospectus delivery
      requirements of the Securities Act, or (y) any untrue or alleged untrue
      statement of a material fact contained in any Registration Statement, any
      Prospectus, or any form of prospectus, or in any amendment or supplement thereto
      or in any preliminary prospectus, or arising out of or relating to any omission
      or alleged omission of a material fact required to be stated therein or
      necessary to make the statements therein not misleading (i) to the extent,
      but
      only to the extent, that such untrue statement or omission is contained in
      any
      information so furnished in writing by such Holder to the Company specifically
      for inclusion in such Registration Statement or such Prospectus or such form
      of
      prospectus, (ii) to the extent that such information relates to such Holder’s
      proposed method of distribution of Registrable Securities and was reviewed
      and
      expressly approved in writing by such Holder expressly for use in a Registration
      Statement (it being understood that the Holder has approved Annex A hereto
      for
      this purpose), such Prospectus or in any amendment or supplement thereto, or
      (ii) in the case of an occurrence of an event of the type specified in Section
      3(d)(iii)-(vi),
      the
      use
      by such Holder of an outdated or defective Prospectus after the Company has
      notified such Holder in writing that the Prospectus is outdated or defective
      and
      prior to the receipt by such Holder of the Advice contemplated in Section 6(d).
      In no event shall the liability of any selling Holder hereunder be greater
      in
      amount than the dollar amount of the net proceeds received by such Holder upon
      the sale of the Registrable Securities giving rise to such indemnification
      obligation.

    

    (c) Conduct
      of Indemnification Proceedings.
      If any
      Proceeding shall be brought or asserted against any Person entitled to indemnity
      hereunder (an “Indemnified
      Party”),
      such
      Indemnified Party shall promptly notify the Person from whom indemnity is sought
      (the “Indemnifying
      Party”)
      in
      writing, and the Indemnifying Party shall have the right to assume the defense
      thereof, including the employment of counsel reasonably satisfactory to the
      Indemnified Party and the payment of all fees and expenses incurred in
      connection with defense thereof; provided, that the failure of any Indemnified
      Party to give such notice shall not relieve the Indemnifying Party of its
      obligations or liabilities pursuant to this Agreement, except (and only) to
      the
      extent that it shall be finally determined by a court of competent jurisdiction
      (which determination is not subject to appeal or further review) that such
      failure shall have prejudiced the Indemnifying Party.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    

    An
      Indemnified Party shall have the right to employ separate counsel in any such
      Proceeding and to participate in the defense thereof, but the fees and expenses
      of such counsel shall be at the expense of such Indemnified Party or Parties
      unless: (1) the Indemnifying Party has agreed in writing to pay such fees and
      expenses; (2) the Indemnifying Party shall have failed promptly to assume the
      defense of such Proceeding and to employ counsel reasonably satisfactory to
      such
      Indemnified Party in any such Proceeding; or (3) the named parties to any such
      Proceeding (including any impleaded parties) include both such Indemnified
      Party
      and the Indemnifying Party, and counsel to the Indemnified Party shall
      reasonably believe that a material conflict of interest is likely to exist
      if
      the same counsel were to represent such Indemnified Party and the Indemnifying
      Party (in which case, if such Indemnified Party notifies the Indemnifying Party
      in writing that it elects to employ separate counsel at the expense of the
      Indemnifying Party, the Indemnifying Party shall not have the right to assume
      the defense thereof and the reasonable fees and expenses of no more than one
      separate counsel shall be at the expense of the Indemnifying Party). The
      Indemnifying Party shall not be liable for any settlement of any such Proceeding
      effected without its written consent, which consent shall not be unreasonably
      withheld or delayed. No Indemnifying Party shall, without the prior written
      consent of the Indemnified Party, effect any settlement of any pending
      Proceeding in respect of which any Indemnified Party is a party, unless such
      settlement includes an unconditional release of such Indemnified Party from
      all
      liability on claims that are the subject matter of such Proceeding.

    

    Subject
      to the terms of this Agreement, all reasonable fees and expenses of the
      Indemnified Party (including reasonable fees and expenses to the extent incurred
      in connection with investigating or preparing to defend such Proceeding in
      a
      manner not inconsistent with this Section) shall be paid to the Indemnified
      Party, as incurred, within ten Trading Days of written notice thereof to the
      Indemnifying Party; provided, that the Indemnified Party shall promptly
      reimburse the Indemnifying Party for that portion of such fees and expenses
      applicable to such actions for which such Indemnified Party is judicially
      determined to be not entitled to indemnification hereunder.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    

    (d) Contribution.
      If the
      indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified
      Party or insufficient to hold an Indemnified Party harmless for any Losses,
      then
      each Indemnifying Party shall contribute to the amount paid or payable by such
      Indemnified Party, in such proportion as is appropriate to reflect the relative
      fault of the Indemnifying Party and Indemnified Party in connection with the
      actions, statements or omissions that resulted in such Losses as well as any
      other relevant equitable considerations. The relative fault of such Indemnifying
      Party and Indemnified Party shall be determined by reference to, among other
      things, whether any action in question, including any untrue or alleged untrue
      statement of a material fact or omission or alleged omission of a material
      fact,
      has been taken or made by, or relates to information supplied by, such
      Indemnifying Party or Indemnified Party, and the parties’ relative intent,
      knowledge, access to information and opportunity to correct or prevent such
      action, statement or omission. The amount paid or payable by a party as a result
      of any Losses shall be deemed to include, subject to the limitations set forth
      in this Agreement, any reasonable attorneys’ or other fees or expenses incurred
      by such party in connection with any Proceeding to the extent such party would
      have been indemnified for such fees or expenses if the indemnification provided
      for in this Section was available to such party in accordance with its
      terms.

    

    The
      parties hereto agree that it would not be just and equitable if contribution
      pursuant to this Section 5(d) were determined by pro rata allocation or by
      any
      other method of allocation that does not take into account the equitable
      considerations referred to in the immediately preceding paragraph.
      Notwithstanding the provisions of this Section 5(d), no Holder shall be required
      to contribute, in the aggregate, any amount in excess of the amount by which
      the
      net proceeds actually received by such Holder from the sale of the Registrable
      Securities subject to the Proceeding exceeds the amount of any damages that
      such
      Holder has otherwise been required to pay by reason of such untrue or alleged
      untrue statement or omission or alleged omission.

    

    The
      indemnity and contribution agreements contained in this Section are in addition
      to any liability that the Indemnifying Parties may have to the Indemnified
      Parties.

    

    6.  
      Miscellaneous.

    

    (a) Remedies.
      In the
      event of a breach by the Company or by a Holder of any of their respective
      obligations under this Agreement, each Holder or the Company, as the case may
      be, in addition to being entitled to exercise all rights granted by law and
      under this Agreement, including recovery of damages, shall be entitled to
      specific performance of its rights under this Agreement. The Company and each
      Holder agree that monetary damages would not provide adequate compensation
      for
      any losses incurred by reason of a breach by it of any of the provisions of
      this
      Agreement and hereby further agrees that, in the event of any action for
      specific performance in respect of such breach, it shall not assert or shall
      waive the defense that a remedy at law would be adequate.

    

    (b) No
      Piggyback on Registrations; Prohibition on Filing Other Registration
      Statements.
      Except
      as set forth on Annex
      C
      attached
      hereto, neither the Company nor any of its security holders (other than the
      Holders in such capacity pursuant hereto) may include securities of the Company
      in the Initial Registration Statement other than the Registrable Securities.
      The
      Company shall not file any other registration statements until the initial
      Registration Statement required hereunder is declared effective by the
      Commission, provided that this Section 6(b) shall not prohibit the Company
      from
      filing amendments to registration statements already filed.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

    (c) Compliance.
      Each
      Holder covenants and agrees that it will comply with the prospectus delivery
      requirements of the 1933 Act as applicable to it in connection with sales of
      Registrable Securities pursuant to a Registration Statement.

    

    (d) Discontinued
      Disposition.
      By its
      acquisition of Registrable Securities, each Holder agrees that, upon receipt
      of
      a notice from the Company of the occurrence of any event of the kind described
      in Section 3(d)(iii) through (vi), such Holder will forthwith discontinue
      disposition of such Registrable Securities under a Registration Statement until
      it is advised in writing (the “Advice”)
      by the
      Company that the use of the applicable Prospectus (as it may have been
      supplemented or amended) may be resumed. The Company will use its best efforts
      to ensure that the use of the Prospectus may be resumed as promptly as it
      practicable. The Company agrees and acknowledges that any periods during which
      the Holder is required to discontinue the disposition of the Registrable
      Securities hereunder shall be subject to the provisions of Section
      2(b).

    

    (e) Piggy-Back
      Registrations.
      If, at
      any time during the Effectiveness Period, there is not an effective Registration
      Statement covering all of the Registrable Securities and the Company shall
      determine to prepare and file with the Commission a registration statement
      relating to an offering for its own account or the account of others under
      the
      Securities Act of any of its equity securities, other than on Form S-4 or Form
      S-8 (each as promulgated under the Securities Act) or their then equivalents
      relating to equity securities to be issued solely in connection with any
      acquisition of any entity or business or equity securities issuable in
      connection with the Company’s stock option or other employee benefit plans, then
      the Company shall deliver to each Holder a written notice of such determination
      and, if within fifteen days after the date of the delivery of such notice,
      any
      such Holder shall so request in writing, the Company shall include in such
      registration statement all or any part of such Registrable Securities such
      Holder requests to be registered; provided,
      however,
      that
      the Company shall not be required to register any Registrable Securities
      pursuant to this Section 6(e) that are eligible for resale pursuant to Rule
      144
      without regard to the volume limitations imposed by such rule or that are the
      subject of a then effective Registration Statement.

    

    (f) Amendments
      and Waivers.
      The
      provisions of this Agreement, including the provisions of this sentence, may
      not
      be amended, modified or supplemented, and waivers or consents to departures
      from
      the provisions hereof may not be given, unless the same shall be in writing
      and
      signed by the Company and the Holders of a majority of the then outstanding
      Registrable Securities (including, for this purpose any Registrable Securities
      issuable upon exercise or conversion of any Security). If a Registration
      Statement does not register all of the Registrable Securities pursuant to a
      waiver or amendment done in compliance with the previous sentence, then the
      number of Registrable Securities to be registered for each Holder shall be
      reduced pro rata among all Holders and each Holder shall have the right to
      designate which of its Registrable Securities shall be omitted from such
      Registration Statement. Notwithstanding the foregoing, a waiver or consent
      to
      depart from the provisions hereof with respect to a matter that relates
      exclusively to the rights of a Holder or some Holders and that does not directly
      or indirectly affect the rights of other Holders may be given by such Holder
      or
      Holders of all of the Registrable Securities to which such waiver or consent
      relates; provided,
      however,
      that
      the provisions of this sentence may not be amended, modified, or supplemented
      except in accordance with the provisions of the first sentence of this Section
      6(f). 

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

    (g) Notices.
      Any and
      all notices or other communications or deliveries required or permitted to
      be
      provided hereunder shall be delivered as set forth in the Purchase Agreement.
      

    

    (h) Successors
      and Assigns.
      This
      Agreement shall inure to the benefit of and be binding upon the successors
      and
      permitted assigns of each of the parties and shall inure to the benefit of
      each
      Holder. The Company may not assign (except by merger) its rights or obligations
      hereunder without the prior written consent of all of the Holders of the then
      outstanding Registrable Securities. Each Holder may assign their respective
      rights hereunder in the manner and to the Persons as permitted under the
      Purchase Agreement.

    

    (i) No
      Inconsistent Agreements.
      Neither
      the Company nor any of its Subsidiaries has entered, as of the date hereof,
      nor
      shall the Company or any of its Subsidiaries, on or after the date of this
      Agreement, enter into any agreement with respect to its securities, that would
      have the effect of impairing the rights granted to the Holders in this Agreement
      or otherwise conflicts with the provisions hereof. Except as set forth on or
      contemplated by Annex
      C,
      neither
      the Company nor any of its Subsidiaries has previously entered into any
      agreement granting any registration rights with respect to any of its securities
      to any Person that have not been satisfied in full.

    

    (j) Execution
      and Counterparts.
      This
      Agreement may be executed in two or more counterparts, all of which when taken
      together shall be considered one and the same agreement and shall become
      effective when counterparts have been signed by each party and delivered to
      the
      other party, it being understood that both parties need not sign the same
      counterpart. In the event that any signature is delivered by facsimile
      transmission or by e-mail delivery of a “.pdf” format data file, such signature
      shall create a valid and binding obligation of the party executing (or on whose
      behalf such signature is executed) with the same force and effect as if such
      facsimile or “.pdf” signature page were an original thereof.

    

    (k) Governing
      Law.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Agreement shall be determined in accordance with the provisions of
      the
      Purchase Agreement.

    

    (l) Cumulative
      Remedies.
      The
      remedies provided herein are cumulative and not exclusive of any other remedies
      provided by law.

    

    (m) Severability.
      If any
      term, provision, covenant or restriction of this Agreement is held by a court
      of
      competent jurisdiction to be invalid, illegal, void or unenforceable, the
      remainder of the terms, provisions, covenants and restrictions set forth herein
      shall remain in full force and effect and shall in no way be affected, impaired
      or invalidated, and the parties hereto shall use their commercially reasonable
      efforts to find and employ an alternative means to achieve the same or
      substantially the same result as that contemplated by such term, provision,
      covenant or restriction. It is hereby stipulated and declared to be the
      intention of the parties that they would have executed the remaining terms,
      provisions, covenants and restrictions without including any of such that may
      be
      hereafter declared invalid, illegal, void or unenforceable.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    

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

    

    (o) Independent
      Nature of Holders’ Obligations and Rights.
      The
      obligations of each Holder hereunder are several and not joint with the
      obligations of any other Holder hereunder, and no Holder shall be responsible
      in
      any way for the performance of the obligations of any other Holder hereunder.
      Nothing contained herein or in any other agreement or document delivered at
      any
      closing, and no action taken by any Holder pursuant hereto or thereto, shall
      be
      deemed to constitute the Holders as a partnership, an association, a joint
      venture or any other kind of entity, or create a presumption that the Holders
      are in any way acting in concert with respect to such obligations or the
      transactions contemplated by this Agreement. Each Holder shall be entitled
      to
      protect and enforce its rights, including without limitation the rights arising
      out of this Agreement, and it shall not be necessary for any other Holder to
      be
      joined as an additional party in any proceeding for such purpose.

    

    ********************

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the parties have executed this Registration Rights Agreement
      as
      of the date first written above.

    

    
      	 	ARDMORE
              HOLDING CORPORATION
	 	 
	 	By: 	
               

            
	 	 	
              Jeff
                D. Jenson, President

            

    

         

     

     

     

    [SIGNATURE
      PAGE OF HOLDERS FOLLOWS]

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    

    [SIGNATURE
      PAGE OF PURCHASERS]

    

     

    Name
      of
      Holder: __________________________

    

    Signature
      of Authorized Signatory of Holder:
      __________________________

    

    Name
      of
      Authorized Signatory: _________________________

    

    Title
      of
      Authorized Signatory: __________________________

     

    

    

    [SIGNATURE
      PAGES CONTINUE]

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    Annex
      A

    

    Plan
      of Distribution

    

    Each
      Selling Stockholder (the “Selling
      Stockholders”)
      of the
      common stock and any of their pledgees, assignees and successors-in-interest
      may, from time to time, sell any or all of their shares of common stock on
      the
      OTC Bulletin Board or any other stock exchange, market or trading facility
      on
      which the shares are traded or in private transactions. These sales may be
      at
      fixed or negotiated prices. A Selling Stockholder may use any one or more of
      the
      following methods when selling shares:

     

    
      	 	
              ·

            	
              ordinary
                brokerage transactions and transactions in which the broker-dealer
                solicits purchasers;

            

    

     

    
      	 	
              ·

            	
              block
                trades in which the broker-dealer will attempt to sell the shares
                as agent
                but may position and resell a portion of the block as principal to
                facilitate the transaction;

            

    

     

    
      	 	
              ·

            	
              purchases
                by a broker-dealer as principal and resale by the broker-dealer for
                its
                account;

            

    

     

    
      	 	
              ·

            	
              an
                exchange distribution in accordance with the rules of the applicable
                exchange;

            

    

     

    
      	 	
              ·

            	
              privately
                negotiated transactions;

            

    

     

    
      	 	
              ·

            	
              settlement
                of short sales entered into after the effective date of the registration
                statement of which this prospectus is a part;

            

    

     

    
      	 	
              ·

            	
              broker-dealers
                may agree with the Selling Stockholders to sell a specified number
                of such
                shares at a stipulated price per
                share;

            

    

     

    
      	 	
              ·

            	
              through
                the writing or settlement of options or other hedging transactions,
                whether through an options exchange or
                otherwise;

            

    

     

    
      	 	
              ·

            	
              a
                combination of any such methods of sale;
                or

            

    

     

    
      	 	
              ·

            	
              any
                other method permitted pursuant to applicable
                law.

            

    

     

    The
      Selling Stockholders may also sell shares under Rule 144 under the Securities
      Act of 1933, as amended (the “Securities
      Act”),
      if
      available, rather than under this prospectus.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Broker-dealers
      engaged by the Selling Stockholders may arrange for other brokers-dealers to
      participate in sales. Broker-dealers may receive commissions or discounts from
      the Selling Stockholders (or, if any broker-dealer acts as agent for the
      purchaser of shares, from the purchaser) in amounts to be negotiated, but,
      except as set forth in a supplement to this Prospectus, in the case of an agency
      transaction not in excess of a customary brokerage commission in compliance
      with
      applicable FINRA rules; and in the case of a principal transaction a markup
      or
      markdown in compliance with applicable FINRA rules. 

     

    In
      connection with the sale of the common stock or interests therein, the Selling
      Stockholders may enter into hedging transactions with broker-dealers or other
      financial institutions, which may in turn engage in short sales of the common
      stock in the course of hedging the positions they assume. The Selling
      Stockholders may also sell shares of the common stock short and deliver these
      securities to close out their short positions, or loan or pledge the common
      stock to broker-dealers that in turn may sell these securities. The Selling
      Stockholders may also enter into option or other transactions with
      broker-dealers or other financial institutions or the creation of one or more
      derivative securities which require the delivery to such broker-dealer or other
      financial institution of shares offered by this prospectus, which shares such
      broker-dealer or other financial institution may resell pursuant to this
      prospectus (as supplemented or amended to reflect such
      transaction).

     

    The
      Selling Stockholders and any broker-dealers or agents that are involved in
      selling the shares may be deemed to be “underwriters” within the meaning of the
      Securities Act in connection with such sales. In such event, any commissions
      received by such broker-dealers or agents and any profit on the resale of the
      shares purchased by them may be deemed to be underwriting commissions or
      discounts under the Securities Act. Each Selling Stockholder has informed the
      Company that it does not have any written or oral agreement or understanding,
      directly or indirectly, with any person to distribute the Common Stock. In
      no
      event shall any broker-dealer receive fees, commissions and markups which,
      in
      the aggregate, would exceed eight percent (8%).

     

    The
      Company is required to pay certain fees and expenses incurred by the Company
      incident to the registration of the shares. The Company has agreed to indemnify
      the Selling Stockholders against certain losses, claims, damages and
      liabilities, including liabilities under the Securities Act. 

     

    Because
      Selling Stockholders may be deemed to be “underwriters” within the meaning of
      the Securities Act, they will be subject to the prospectus delivery requirements
      of the Securities Act including Rule 172 thereunder. In addition, any securities
      covered by this prospectus which qualify for sale pursuant to Rule 144 under
      the
      Securities Act may be sold under Rule 144 rather than under this prospectus.
      There is no underwriter or coordinating broker acting in connection with the
      proposed sale of the resale shares by the Selling Stockholders.

     

    We
      agreed
      to keep this prospectus effective until the earlier of (i) the date on which
      the
      shares may be resold by the Selling Stockholders without registration and
      without regard to any volume limitations by reason of Rule 144(k) under the
      Securities Act or any other rule of similar effect or (ii) all of the shares
      have been sold pursuant to this prospectus or Rule 144 under the Securities
      Act
      or any other rule of similar effect. The resale shares will be sold only through
      registered or licensed brokers or dealers if required under applicable state
      securities laws. In addition, in certain states, the resale shares may not
      be
      sold unless they have been registered or qualified for sale in the applicable
      state or an exemption from the registration or qualification requirement is
      available and is complied with.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Under
      applicable rules and regulations under the Exchange Act, any person engaged
      in
      the distribution of the resale shares may not simultaneously engage in market
      making activities with respect to the common stock for the applicable restricted
      period, as defined in Regulation M, prior to the commencement of the
      distribution. In addition, the Selling Stockholders will be subject to
      applicable provisions of the Exchange Act and the rules and regulations
      thereunder, including Regulation M, which may limit the timing of purchases
      and
      sales of shares of the common stock by the Selling Stockholders or any other
      person. We will make copies of this prospectus available to the Selling
      Stockholders and have informed them of the need to deliver a copy of this
      prospectus to each purchaser at or prior to the time of the sale (including
      by
      compliance with Rule 172 under the Securities Act).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    Annex
      B

     

    ARDMORE
      HOLDING CORPORATION

     

    Selling
      Securityholder Notice and Questionnaire

     

    The
      undersigned beneficial owner of common stock (the “Registrable
      Securities”)
      of
      Ardmore Holding Corporation, a Delaware corporation (the “Company”),
      understands that the Company has filed or intends to file with the Securities
      and Exchange Commission (the “Commission”)
      a
      registration statement (the “Registration
      Statement”)
      for
      the registration and resale under Rule 415 of the Securities Act of 1933, as
      amended (the “Securities
      Act”),
      of
      the Registrable Securities, in accordance with the terms of the Registration
      Rights Agreement (the “Registration
      Rights Agreement”)
      to
      which this document is annexed. A copy of the Registration Rights Agreement
      is
      available from the Company upon request at the address set forth below. All
      capitalized terms not otherwise defined herein shall have the meanings ascribed
      thereto in the Registration Rights Agreement.

     

    Certain
      legal consequences arise from being named as a selling securityholder in the
      Registration Statement and the related prospectus. Accordingly, holders and
      beneficial owners of Registrable Securities are advised to consult their own
      securities law counsel regarding the consequences of being named or not being
      named as a selling securityholder in the Registration Statement and the related
      prospectus.

     

    NOTICE

     

    The
      undersigned beneficial owner (the “Selling
      Securityholder”)
      of
      Registrable Securities hereby elects to include the Registrable Securities
      owned
      by it in the Registration Statement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    The
      undersigned hereby provides the following information to the Company and
      represents and warrants that such information is accurate:

     

    QUESTIONNAIRE

     

    1. Name.

     

    
      	 	
              (a)

            	
              Full
                Legal Name of Selling Securityholder

            

      	 	 	 

      	 	 	 

    

     

    
      	 	
              (b)

            	
              Full
                Legal Name of Registered Holder (if not the same as (a) above) through
                which Registrable Securities are held:

            

      	 	 	 

      	 	 	 

    

     

     

    
      	 	
              (c)

            	
              Full
                Legal Name of Natural Control Person (which means a natural person
                who
                directly or indirectly alone or with others has power to vote or
                dispose
                of the securities covered by this
                Questionnaire):

            

      	 	 	 

      	 	 	 

    

     

     

    2.
      Address for Notices to Selling Securityholder:

     

    
    

    
      	 	 
	 	 
	 	 
	
              Telephone: 

            	 

    

    
      	
              Fax: 

            	 

    

    
      	
              Contact
                Person: 

            	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.
      Broker-Dealer Status:

     

    
      	 	
              (a)

            	
              Are
                you a broker-dealer?

            

    

     

    
      	
               Yes o

            	
               No
o

            

    

     

    
      	 	
              (b)

            	
              If
                “yes” to Section 3(a), did you receive your Registrable Securities as
                compensation for investment banking services to the
                Company?

            

    

     

     

    
      	
               Yes o

            	
               No
o

            

    

     

    
      	 	
              Note:

            	
              If
                “no” to Section 3(b), the Commission’s staff has indicated that you should
                be identified as an underwriter in the Registration
                Statement.

            

    

     

    
      	 	
              (c)

            	
              Are
                you an affiliate of a
                broker-dealer?

            

    

     

    
      	
               Yes o

            	
               No
o

            

    

     

    
      	 	
              (d)

            	
              If
                you are an affiliate of a broker-dealer, do you certify that you
                purchased
                the Registrable Securities in the ordinary course of business, and
                at the
                time of the purchase of the Registrable Securities to be resold,
                you had
                no agreements or understandings, directly or indirectly, with any
                person
                to distribute the Registrable
                Securities?

            

    

     

    
      	
               Yes o

            	
               No
o

            

    

     

    
      	 	
              Note:

            	
              If
                “no” to Section 3(d), the Commission’s staff has indicated that you should
                be identified as an underwriter in the Registration
                Statement.

            

    

     

    4.
      Beneficial Ownership of Securities of the Company Owned by the Selling
      Securityholder.

     

    Except
      as set forth below in this Item 4, the undersigned is not the beneficial or
      registered owner of any securities of the Company other than the securities
      issuable pursuant to the Purchase Agreement.

     

    
      	 	
              (a)

            	
              Type
                and Amount of other securities beneficially owned by the Selling
                Securityholder:

            

      	 	 	 

      	 	 	 

      	 	 	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    5.
      Relationships with the Company:

     

    Except
      as set forth below, neither the undersigned nor any of its affiliates, officers,
      directors or principal equity holders (owners of 5% of more of the equity
      securities of the undersigned) has held any position or office or has had any
      other material relationship with the Company (or its predecessors or affiliates)
      during the past three years.

     

    State
      any
      exceptions here:

     

    
      	 	
               

            

      	 	 

    

     

    The
      undersigned agrees to promptly notify the Company of any inaccuracies or changes
      in the information provided herein that may occur subsequent to the date hereof
      at any time while the Registration Statement remains effective.

     

    By
      signing below, the undersigned consents to the disclosure of the information
      contained herein in its answers to Items 1 through 5 and the inclusion of such
      information in the Registration Statement and the related prospectus
and
      any
      amendments or supplements thereto.
      The
      undersigned understands that such information will be relied upon by the Company
      in connection with the preparation or amendment of the Registration Statement
      and the related prospectus.

     

    IN
      WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice
      and Questionnaire to be executed and delivered either in person or by its duly
      authorized agent.

     

    
      	Date: 	 	 	 Beneficial
              Owner: 	 

    

    
      	 	 	 
	 	By:  	 
	 	
              

              Name:

              Title: 

            

    

      

     

    PLEASE
      FAX A COPY OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN
      THE ORIGINAL BY OVERNIGHT MAIL, TO:

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
ANNEX
      C

     

    Shares
      of
      Common Stock (including shares issuable upon exercise or conversion of rights
      to
      acquire Common Stock) held by Tryant, LLC, its designees and
      finders.Lease
      Contract of Premises

     

    
      	
              Leaser:
                Tianjin Milk Goat Dairy Co., Ltd.

            	
              Lessee:
                Tianjin Yayi Industrial Co., Ltd.

            
	
              Business
                license No.: 120193000005194

            	
              Business
                license No.: 120193000003231

            
	
              Address:
                6-2-801, Tianfa Technology Park,

            	
              Address:
                C Unit, 4th
                floor, D1, Xinmao

            
	
              Huayuan
                Industrial Park

            	
              Technology
                Park, Huayuan Industrial Park

            
	
              Postal
                code: 300384

            	
              Postal
                code: 300384

            
	
              Tel:
                58691665

            	
              Tel:
                88239888

            

    

    

    In
      accordance with related laws and regulations, both parties have reached
      agreement on the following:

    
      	
              1.

            	
              The
                premises to be leased

            

    

    The
      leaser leases a leasehold with a total area of about 30,165 square meters to
      the
      lessee, including a three-story building of milk powder and milk tablet
      workshops with an area of 13,365 square meters, a two-story building of liquid
      milk workshop with an area of 6,360 square meters, and a three-story building
      of
      warehouses with an area of 10,440 square meters.

    The
      function of the leasehold is to be used as workshops and warehouses, all of
      which will be leased to the lessee for use. If the lessee needs to change the
      function, it must have the leaser’s written consent. All the procedures required
      for changing the function should be covered by the lessee as per related
      regulation of the government. All expenses required for changing the function
      should be paid by the lessee.

    The
      leasehold is leased as a whole, which the lessee should manage on its own.
      The
      premises and warehouse involved should be constructed in accordance with the
      standards requested by the lessee.

    
      	
              2.

            	
              Lease
                term

            

    

    The
      lease
      term is 21 years, starting from September 1, 2008 till August 30,
      2029.

    Twelve
      months before the end of the term, with the lessee’s proposal and the leaser’s
      consent, both parties will sign a new lease contract about the leasehold. Under
      the same leasing conditions, the lessee has the priority.

    During
      the construction, the lessee has the right to stop the construction action
      which
      is not up to the requirement of the attachment. Only after the leaser has
      corrected its action according to the construction standard stated in the
      attachment of the contract, can the construction be resumed. The loss brought
      by
      the delay should be undertaken by the leaser. Meanwhile, the leaser should
      follow related laws, regulations and the construction industry requirement
      of
      People’s Republic of China. Party A should strictly follow the charts provided
      by party B to construct. The charts will be attachment of this
      agreement.

    
      	
              3.

            	
              Transfer

            

    

    Within
      10
      months after the contract is effective, the leaser should transfer the leasehold
      to the lessee for use as it is, and the lessee agrees to rent the leasehold
      and
      facilities as they are. During the transfer, both parties should make a list
      and
      sign on the list to confirm the condition of basic facilities. Photographs
      can
      be attached. For those transferred by installation, they should be confirmed
      at
      each installation.

    
      	
              4.

            	
              Lease
                expense

            

    

    Rent
      security

    As
      the
      leaser has promised not to raise the lease price of the completely new premises,
      which are

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    built
      as
      per the lessee’s requirement in the contract, within three years, the leaser
      needs to prepay the security.

    The
      amount of the security under this contract is twice the amount of the rent
      of
      the first season, which is RMB4,404,000.00.

    (In
      Chinese characters: RMB4,404,000.00)

    Rent

    From
      the
      first year to the third year, the rent is RMB0.8 per day per square meter,
      which
      is the basic rent. From the forth year, the annual increase of the rent should
      not exceed 10% of the basic rent. From the third year on, additional agreement
      should be signed on each last month of a year about the annual rent of the
      next
      year.

    House-Keeping
      Administration Expense

    The
      house-keeping administration fee is RMB1.00 per month per square
      meter.

    Power
      Supply Volume Increasing Expense

    The
      procedures to increase the volume of power supply should be covered by the
      leaser, while all the expenses (subject to the actual expenses) caused by
      increasing the volume of power supply should be undertaken by the
      lessee.

    
      	
              5.

            	
              Rent
                Payment

            

    

    Before
      signing this contract, the lessee should pay part of the rent security, which
      is
      RMB2,000,000.00 to the leaser, and the balance of the rent security should
      be
      paid off at one time before September 1, 2008. By the end of the lease term,
      within 60 days after the lessee has paid off all the rent, house-keeping
      administration expense and all the expenses caused by the lease action, and
      after the lessee has returned all the leasehold according to the contract,
      the
      leaser will return the rent security to the lessee unconditionally.

    The
      lessee should pay for the monthly rent on or before the 3rd
      of each
      month by remitting the rent to the account number appointed by the leaser,
      or by
      other payment term agreed by both parties in written form.

    Accounting
      Opening Bank of the Leaser: ___________________

    Account
      number: ______________________________________

    If
      the
      lessee pays the rent late, it should pay for late fee to the leaser, with the
      amount of: the number of days delayed times 3% of the rent payable.

    The
      lessee should pay to the leaser for the house-keeping administration fee on
      or
      before the 3rd
      of each
      month or as stated in Clause4.3. If the house-keeping administration fee is
      paid
      late, the lessee should pay for late fee to the leaser with the amount of the
      number of days delayed times 3% of the house-keeping administration fee
      payable.

    After
      the
      contract is effective, the leaser should start to cover procedures related
      to
      increasing the volume of power supply. The expense caused by increasing the
      volume of power supply, including but not limited to increasing the volume,
      should be undertaken by the lessee. The lessee should pay to the leaser for
      the
      related expenses during the procedure-covering period.

    
      	
              6.

            	
              Transfer
                of Leasehold

            

    

    During
      the lease term, if the leaser transfers part of or all of the property rights
      of
      the leasehold, the leaser should make sure that the receiver of the property
      rights will continue to implement the contract. Under the same condition, the
      lessee has the priority to purchase the leasehold.

    
      	
              7.

            	
              Maintenance

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
       

      During
        the lease term, the lessee has exclusive right of use to the facilities of
        the
        leasehold. The lessee should be responsible for the maintenance and annual
        survey of the facilities, and should ensure that by the end of the contract
        term, the facilities can be returned to the leaser in a reliable condition
        together with the leasehold. The leaser has the right to inspect and supervise
        on its condition.

      The
        lessee is responsible for properly using and maintaining the leasehold and
        the
        facilities. The lessee should clear all the malfunctions and risks in time,
        so
        as to avoid possibilities to cause accidents.

    

    During
      the lease term, the lessee should take good care of the leasehold. If the
      leasehold is damaged because of the lessee’s misuse, the lessee should be
      responsible for the repair and undertake the expense.

    
      	
              8.

            	
              Fire-Control
                Security

            

    

    During
      the lease term, the lessee must strictly follow the Fire-Control Sanction of
      the
      People’s Republic of China and related systems, and actively assist the leaser
      to do fire-control well. Otherwise, all the consequent responsibilities and
      loss
      should be undertaken by the lessee.

    The
      lessee should follow related regulation to set fire-distinguisher in the
      leasehold. It is forbidden to use the fire-control devices in the building
      for
      other function.

    If
      Class
      A temporary fire-using action (including electric welding, hot-gas welding
      and
      so on) has to be taken for maintenance or repair in the leasehold, it must
      be
      approved by the government authority in charge of fire-control.

    The
      lessee should follow the related regulations of fire-control authority be fully
      responsible for the fire-control security. The leaser has the right to inspect
      on the fire-control security of the leasehold within a reasonable period agreed
      by both parties, but it should notice the lessee in written form in advance.
      The
      lessee should not refuse without a good reason nor delay to agree.

    
      	
              9.

            	
              Insurance
                Duty

            

    

    Within
      the lease term, the lessee is responsible for purchasing the insurance for
      the
      leasehold, the insurance for the leaser’s property and other necessary insurance
      (including liability insurance). If the lessee has not purchased the foregoing
      insurance, it should undertake all consequent compensation and
      liabilities.

    
      	
              10.

            	
              House-Keeping
                Administration

            

    

    When
      the
      lease term is over or the contract is terminated, the lessee should clean the
      leasehold, finish the moving and return the leasehold to the leaser right on
      the
      day that the lease term is over or the contract is terminated. If the lessee
      has
      not cleaned the odds and ends when it returns the leasehold, the expense caused
      by the leaser’s cleaning the odds and ends should be undertaken by the
      lessee.

    The
      lessee must follow laws of the People’s Republic of China, regulations of
      Tianjin City and the leaser’s regulations about the house-keeping administration
      of the leasehold. If the lessee violates the above, it should undertake
      corresponding liabilities. If the lessee’s violation of the above regulations
      has influenced the surrounding clients’ normal operation, the consequent loss
      should be compensated by the lessee.

    
      	
              11.

            	
              Decoration

            

    

    Within
      the lease term, if the lessee will conduct decoration or modification to the
      leasehold, it must submit the design plan of the decoration or modification
      to
      the leaser and get the leaser’s approval. Meanwhile, the lessee must report to
      related government authority for approval. If the

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    plan
      of
      the decoration or modification may influence the public part or other neighbors,
      the leaser may raise objection to that part of the plan, and the lessee should
      modify that part. The modification and decoration expense should be undertaken
      by the lessee.

    If
      the
      lessee’s decoration or modification plan may influence the main structure of the
      leasehold, the construction of can only proceed with written consent of the
      leaser and the original designer.

    Additional
      attachment brought by the decoration or modification belongs to the leaser.
      The
      lessee has no right to claim rights on the additional attachment nor to request
      for compensation from the leaser.

    
      	
              12.

            	
              Sublet

            

    

    Only
      with
      the leaser’s written consent can the lessee sublet part of the leasehold, but
      the lessee should be responsible for the administration of the sublet part,
      including collecting rent from the sub-lessee. The duties and rights of party
      A
      and B under this contract will not be changed because of the
      subletting.

    If
      there
      is any subletting, the lessee must follow the following clauses:

    1]
      The
      subletting term must not exceed the lease term;

    2]
      The
      function of the sublet leasehold must not exceed the function stated in
      Clause1;

    3]
      It
      should be clearly stated in the subletting agreement by the lessee that if
      the
      lessee terminates the contract, the subletting agreement should end at the
      same
      time.

    4]
      The
      lessee must request the sub-lessee to sign a letter of promise to promise that
      it agrees to implement the regulation related to subletting in the contract
      signed by the lessee and the leaser, and to promise that it will undertake
      joint
      liability for implementing the contract together with the lessee. When the
      lessee terminates the contract, the subletting agreement will end at the same
      time, and the sub-lessee will move out of the leasehold unconditionally. The
      lessee should submit the letter of promise, signed by the sub-lessee, to the
      leaser for its record within days after the subletting agreement is
      signed.

    5]
      No
      matter the lessee terminates the contract or not, the lessee is responsible
      for
      all consequent dispute brought by the subletting.

    6]
      The
      lessee should be responsible for the taxes and expenses caused by the
      subletting.

    
      	
              13.

            	
              Termination
                of the Contract

            

    

    Within
      the lease term, if the lessee owes the leaser rent or house-keeping
      administration fee for more than one month, and if within five days after the
      leaser has informed the lessee to pay for the payables in written form, the
      lessee still fails to pay the payables, the leaser has the right to stop the
      lessee from using the facilities in the leasehold. The lessee should undertake
      all the consequent loss (including but not limited to the loss of the lessee
      and
      the sub-lessee).

    If
      the
      lessee owes the leaser rent or house-keeping administration fee for more than
      three months, the leaser has the right to terminate the contract and follow
      Clause13.2 to implement. From the day that the leaser informs the lessee
      (including the sub-lessee) in written form such as fax or correspondence, the
      contract automatically ends. The leaser has the right to retain the lessee’s
      property (including the sub-lessee’s property) in the leasehold, and to sell by
      auction to pay for all the expenses that the lessee should pay for the lease
      till five days after the leaser sends a written notice on termination of the
      contract.

    Without
      the leaser’s written consent, the lessee must not terminate the contract. If the
      lessee really needs to terminate the contract, it must inform the leaser two
      month in advance and finish

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    the
      following procedures before terminating the contract:

    1]
      To
      return the leasehold to the leaser;

    2]
      To pay
      off the rent of the lease term and other expenses caused by the
      contract;

    3]
      To pay
      twice amount of the monthly rent to the leaser for compensation on or before
      the
      last day before the termination date of the contract. Within five days after
      the
      lessee has implemented the foregoing duties, the leaser should return the rent
      security to the lessee without any interest.

    
      	
              14.

            	
              Clause
                of Impunity

            

    

    If
      due to
      the modification of the government’s laws and regulations upon the leasing
      behavior or due to local government’s action that the leaser can not implement
      the contract, the Clause14.2 should be followed.

    Whenever
      any serious natural disaster, war or other unforeseeable or irresistible force
      occurs, which has caused either party’s failure to implement the contract, the
      party that has encountered the foregoing irresistible force should notice the
      other party through mail or fax within 30 days, and provide details of the
      irresistible force and the certifying document as the reason why the contract
      can not be implemented completely or partially, or why the contract needs
      extending. The certifying document should be issued by local notarization
      authority of the place when the irresistible force occurred. If such certifying
      document can not be got, other powerful certification should be provided. The
      party which has suffered the irresistible force will therefore be
      exempted.

    
      	
              15.

            	
              End
                of the Contract

            

    

    If
      by the
      termination or the end of the contract, party A and B have not reached agreement
      for extension, the lessee should move out of the leasehold on the terminating
      or
      ending day, and return the leasehold to the leaser. If the lessee does not
      move
      out or does not return the leasehold, it should pay to the leaser double rent,
      but the leaser has the right to notice the lessee in written form that it won’t
      accept double rent, and has the right to withdraw the leasehold, and move things
      in the field of the leasehold out of it. In addition, the leaser is not
      responsible for keeping the things.

    
      	
              16.

            	
              Advertisement

            

    

    If
      the
      lessee needs to set advertising board on the body of the leasehold building,
      it
      must follow regulations of the government to cover related procedures and submit
      to the leaser for record.

    If
      the
      lessee needs to set advertising board on the surrounding of the leasehold
      building, it should get the leaser’s written consent and follow related
      governmental regulation to implement.

    
      	
              17.

            	
              Related
                Taxes

            

    

    On
      the
      basis of related regulations of Chinese government and the local government,
      the
      stamp tax, registration fee, lawyer witness fee and other related taxes should
      be undertaken by the leaser and the lessee as per related regulations. The
      leaser should be responsible for the related registration
      procedures.

    
      	
              18.

            	
              Notice

            

    

    All
      the
      notices delivered on the basis of the requirement of the contract, the
      correspondences between the leaser and the lessee, and the notices and requests
      related to the contract must be sent in written form; as long as a mail or
      fax
      from one party to the other has been sent, or seven days after the delivery
      expense has been paid for a registered mail, which is sent to the address stated
      on the first page of the contract and the receiver of which is the other party,
      the mail, fax and registered mail will be regarded as received.

    
      	
              19.

            	
              Settlement
                of Dispute

            

    

    If
      any
      dispute arises, it should be settled through negotiation between the two
      parties; or it can be

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    settled
      by the people’s court at the place where the fixed assets are through
      lawsuit.

    
      	
              20.

            	
              Other
                Clauses

            

    

    If
      there
      is anything not settled, it may be settled by an additional agreement signed
      by
      both parties after negotiation.

    There
      should be four copies of the contract, with each of party A and B holding
      two.

    The
      contract is effective after both parties have signed and stamped on it, and
      after the leaser has received the rent security for the first term paid by
      the
      lessee.

    

    
      	
              Leaser
                (stamp): (stamp)

            	
              Lessee
                (stamp): (stamp)

            
	
              Authorized
                Representative (signature): ______

            	
              Authorized
                Representative (signature): _______

            
	
              Signing
                Date: January 15, 2007

            	
              Signing
                Date: January 15, 2007

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