Document:

SUBORDINATION AGREEMENT

     This SUBORDINATION AGREEMENT (this "Agreement") is made as of this 18th day
of June,  2007,  by and among Laurus Master Fund,  Ltd.  ("Lender" or "Laurus"),
High Capital  Funding,  LLC ("High  Capital")  and other future  investors  that
become  signators  hereto  (together  with  High  Capital,   the   "Subordinated
Creditor").

     WHEREAS, Tarpon Industries,  Inc., a Michigan corporation ("Borrower"),  is
indebted to Laurus, pursuant to a Promissory Note dated December 13, 2005 in the
original  principal  amount  of  $6,000,000  (including  all  substitutions  and
replacements  thereof,  the  "Subordinated  Note"),  which is  secured  by (i) a
guaranty of even date  therewith  from Eugene  Welding Co.,  Steelbank  Tubular,
Inc.,  MTM  Acquisition   Company,   JS&T  Acquisition   Company  and  FM,  Inc.
(collectively, the "Subsidiaries"), and (ii) a Master Security Agreement of even
date therewith and a Stock Pledge Agreement of even date therewith, each between
Laurus,   Borrower  and  the  Subsidiaries   (collectively,   the  "Laurus  Debt
Instruments"),  and Borrower and the Subsidiaries  will or may from time to time
hereafter be otherwise indebted to Laurus in various sums;

     WHEREAS,  Eugene  Welding  Co. is indebted to LaSalle  Bank  Midwest,  N.A.
("LaSalle")  pursuant to that certain Loan and Security  Agreement  dated August
11, 2004 (as the same may be  amended,  supplemented  or  replaced  from time to
time, the "Eugene Loan  Agreement") and is secured by a guaranty of the Borrower
and Steelbank Tubular Inc.;

     WHEREAS,  Steelbank  Tubular Inc. is indebted to LaSalle Business Credit, a
division of ABN AMRO Bank N.V.,  Canada  Branch  ("ABN  AMRO")  pursuant to that
certain  Loan  Agreement  dated  February  17, 2005 (as the same may be amended,
supplemented or replaced from time to time, the "Steelbank Loan  Agreement") and
is secured by a guaranty of the Borrower and Eugene Welding Co.;

     WHEREAS,  Laurus,  LaSalle  and  ABN  AMRO  are  parties  to  that  certain
Subordination  Agreement  made as of December  13, 2005 (as  amended,  restated,
modified  or  supplemented   from  time  to  time,  the  "Laurus   Subordination
Agreement"),  setting forth the respective rights and intercreditor relationship
of Laurus, LaSalle and ABN AMRO;

     Whereas,  the  Subordinated  Creditor has entered into a certain  financing
agreement  with  the  Borrower  dated  as  of  June  11,  2007  (the  "Financing
Agreement")  pursuant to which Borrower has or will issue certain notes in favor
of Subordinated Creditor (the "Bridge Notes"); and

     WHEREAS,  Subordinated  Creditor is desirous of having Lender extend and/or
continue the extension of credit to Borrower and the  Subsidiaries  from time to
time as Lender in its sole  discretion may determine,  and Lender has refused to
consider  the  extension  and/or  continued  extension  of such credit until the
Subordinated  Creditor  Debt (as  defined  below)  and  Subordinated  Creditor's
Collateral  (as defined  below) is  subordinated  to the Senior Debt (as defined

<PAGE>

below) and the Lender's  Collateral (as defined below) in the manner hereinafter
set forth; and

     WHEREAS,  the extension and/or continued extension of credit, as aforesaid,
by Lender is necessary or desirable to the conduct and operation of the business
of Borrower and the  Subsidiaries,  and will inure to the personal and financial
benefit of the Subordinated Creditor.

     NOW,  THEREFORE,   in  consideration  of  the  extension  and/or  continued
extension  of credit by Lender to Borrower  and/or the  Subsidiaries,  as Lender
may,  in its  sole  discretion,  determine,  and for  other  good  and  valuable
consideration to Subordinated  Creditor, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto hereby agree that:

     (A) Subordinated  Creditor  subordinates the indebtedness  evidenced by the
Subordinated  Creditor Debt Instruments,  and all substitutions and replacements
thereof,  as well as any and all other  indebtedness now or at any time or times
hereafter  owing by Borrower or any  Subsidiary,  or any  successor or assign of
Borrower or any Subsidiary,  including without limitation, a receiver,  trustee,
or   debtor-in-possession   (the  term  "Borrower"  and   "Subsidiary"  as  used
hereinafter  shall  include any such  successors  or  assigns)  to  Subordinated
Creditor,  whether  such  indebtedness  is  absolute  or  contingent,  direct or
indirect and howsoever  evidenced,  including  without  limitation  all interest
thereon  (collectively,  the  "Subordinated  Creditor  Debt")  to  any  and  all
indebtedness  now or at any time or times hereafter owing by Borrower and/or any
Subsidiary to Lender  (whether  absolute or  contingent,  direct or indirect and
howsoever evidenced,  including without limitation all interest thereon, whether
or not such interest is allowed in a bankruptcy or similar  proceeding)  and all
other demands, claims, liabilities or causes of action for which Borrower and/or
any Subsidiary may now or at any time or times hereafter in any way be liable to
Lender,  whether  under any  agreement,  instrument,  or document  executed  and
delivered  or  made  by  Borrower  or any  Subsidiary  to  Lender  or  otherwise
(collectively, the "Senior Debt");

     (B)  Subordinated  Creditor agrees not to ask for or receive from Borrower,
any  Subsidiary or any other person or entity any security for the  Subordinated
Creditor  Debt  not  specifically  granted  by the  Subordinated  Creditor  Debt
Instruments;  agrees to subordinate all security interests,  liens, encumbrances
and  claims,  whether now  existing  or  hereafter  arising,  including  without
limitation  claims under guaranties of the Subordinated  Creditor Debt, which in
any way secure the  payment of the  Subordinated  Creditor  Debt  ("Subordinated
Creditor's  Collateral")  to all security  interests,  liens,  encumbrances  and
claims, whether now existing or hereafter arising,  including without limitation
claims under  guaranties of the Senior Debt, which in any way secure the payment
of the Senior Debt (the "Lender's Collateral");

     (C)  Subordinated  Creditor  agrees  that it will not take  any  action  to
enforce any of its liens or claims on Subordinated Creditor's Collateral, unless
and until Lender has, in writing, notified Subordinated Creditor that the Senior
Debt has been paid in full and all obligations  arising in connection  therewith

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have been  discharged;  agrees that in the event Lender  forecloses  or realizes
upon or enforces  any of its rights  with  respect to  Lender's  Collateral,  or
Borrower or any  Subsidiary  sells any of Lender's  Collateral  in a transaction
consented to by Lender,  Subordinated Creditor shall, upon demand,  execute such
terminations,  partial  releases and other  documents as Lender  requests in its
sole  discretion to release  Subordinated  Creditor's  lien and claims upon such
Lender's Collateral to the extent of such parties' interest therein; agrees that
it shall have no right to  possession  of any assets  included  in the  Lender's
Collateral,  whether by judicial  action or  otherwise,  unless and until Lender
has, in writing,  notified  Subordinated  Creditor  that all the Senior Debt has
been paid in full and all obligations arising in connection  therewith have been
discharged; agrees that it will not contest the validity,  perfection,  priority
or  enforceability  of any lien or security interest now or hereafter granted to
secure the Senior Debt; and agrees that, as between Lender and the  Subordinated
Creditor, the terms of this Subordination  Agreement shall govern even if all or
part of the Lender's claim or the liens or security  interests  securing payment
thereof, are avoided, disallowed, set aside or otherwise invalidated;

     (D) Subordinated  Creditor agrees to instruct Borrower and the Subsidiaries
not to pay, and agrees not to accept payment of, or assert,  demand,  sue for or
seek to  enforce  against  Borrower,  the  Subsidiaries  or any other  person or
entity, by setoff or otherwise,  all or any portion of the Subordinated Creditor
Debt or any of the  Subordinated  Creditor  Debt  Instruments  unless  and until
Lender has, in writing,  notified Subordinated Creditor that the Senior Debt has
been paid in full and all obligations arising in connection  therewith have been
discharged;  except,  however,  until  the  occurrence  of an event  that  would
constitute an Event of Default  (with or without  notice or lapse of time) under
that certain Loan and Security  Agreement between Eugene Welding Co. and LaSalle
dated August 11, 2004, as the same may be amended, supplemented or replaced from
time to time (the "EWCO Loan  Agreement"),  or under that certain Loan Agreement
between Steelbank Tubular Inc. and ABN AMRO dated February 17, 2005, as the same
may be amended,  supplemented or replaced from time to time (the "Steelbank Loan
Agreement"),  or  under  any of the  Laurus  Debt  Instruments,  or  other  loan
agreement  between Lender and Borrower and/or any other  Subsidiary  (such other
loan  agreements,  the EWCO Loan  Agreement and the Steelbank Loan Agreement are
collectively referred to herein as the "Loan Agreement"),  Borrower may make and
Subordinated  Creditor may accept from Borrower regularly  scheduled payments of
interest under the  Subordinated  Creditor Debt  Instruments on an unaccelerated
basis when and as due, to the extent such payments would not otherwise  cause an
Event of Default under the Loan Agreement;

     (E) Borrower and Subordinated  Creditor  acknowledge that as of the date of
this  Agreement,  Events of Default have occurred and are  continuing  under the
Loan  Agreement,  and  therefore,  as of the date of this  Agreement  and  until
further notice from Lender,  and while any obligations are outstanding  from any
of the Borrower or the  Subsidiaries  to LaSalle or ABN AMRO,  also from LaSalle
and ABN AMRO, to  Subordinated  Creditor to the contrary,  Borrower may not make
and  Subordinated  Creditor may not accept any payments  otherwise  permitted in
Paragraph (D) above.

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     (F) Subordinated  Creditor  subrogates Lender to the Subordinated  Creditor
Debt and Subordinated  Creditor's  Collateral and irrevocably  authorizes Lender
(i) to collect, receive, enforce and accept any and all sums or distributions of
any kind that may become due,  payable or  distributable on or in respect of the
Subordinated Creditor Debt or Subordinated  Creditor's Collateral,  whether paid
directly by  Borrower or paid or  distributed  in any  liquidation,  bankruptcy,
arrangement, receivership, assignment, reorganization or dissolution proceedings
or otherwise,  and (ii) in Lender's sole discretion,  to make and present claims
therefor in, and take such other actions as Lender deems  necessary or advisable
in connection with, any such proceedings, in Lender's name; and agrees that upon
the written request of Lender,  it will promptly assign,  endorse and deliver to
and deposit with Lender all agreements, instruments and documents evidencing the
Subordinated  Creditor  Debt,  including  without  limitation  the  Subordinated
Creditor Debt Instruments;

     (G)  Subordinated  Creditor  agrees  to  receive  and hold in trust for and
promptly turn over to Lender,  in the form received  (except for the endorsement
or assignment by Subordinated  Creditor where  necessary),  any sums at any time
paid to, or received by, Subordinated Creditor in violation of the terms of this
Agreement and to reimburse Lender for all costs, including reasonable attorney's
fees,  incurred  by  Lender  in  the  course  of  collecting  said  sums  should
Subordinated Creditor fail to voluntarily turn the same over to Lender as herein
required.  If  Subordinated  Creditor  fails to  endorse or assign to Lender any
items  of  payment   received  by  Subordinated   Creditor  on  account  of  the
Subordinated Creditor Debt or Subordinated  Creditor's Collateral,  Subordinated
Creditor  hereby  irrevocably  makes,  constitutes  and appoints Lender (and all
persons  designated by Lender for that purpose) as Subordinated  Creditor's true
and lawful attorney and agent-in-fact, to make such endorsement or assignment in
Subordinated Creditor's name; and

     (H)  Subordinated  Creditor  agrees  that it shall not  modify or amend any
agreement,  instrument  or  document  evidencing  or securing  the  Subordinated
Creditor  Debt,  including  without  limitation the  Subordinated  Creditor Debt
Instruments, without the prior written consent of Lender; and

     (I) (1) The  following  provisions  shall apply while any  obligations  are
outstanding  from any of the Borrower or the Subsidiaries to LaSalle or ABN AMRO
- Notwithstanding  anything to the contrary stated herein, in the event that the
Borrower completes a Qualified  Offering (as defined in the Financing  Agreement
as in  effect on the date  hereof)  raising a  minimum  of  $6,000,000  of gross
proceeds,  then payment of principal and accrued interest under the Subordinated
Creditor Debt Instruments may be made to the Subordinated Creditor provided that
(1) no Event of -------- ---- Default under the Steelbank  Loan Agreement or the
EWCO Loan Agreement  (including,  without limitation,  any Specified Default, as
such term is defined  below),  or under the  Laurus  Debt  Instruments,  is then
outstanding  and (2) the New  Forbearance  Period (as  defined  in that  certain
letter  agreement  between LaSalle and ABN AMRO and the Company dated as of June
18, 2007 (the  "Forbearance  Letter")) has not been terminated and has not ended
by its terms.

                                       4
<PAGE>

          (2) The  following  provisions  shall apply while no  obligations  are
          outstanding from any of the Borrower or the Subsidiaries to LaSalle or
          ABN AMRO - Notwithstanding  anything to the contrary stated herein, in
          the event that the Borrower completes a Qualified Offering (as defined
          in the Financing  Agreement)  raising a minimum of $6,000,000 of gross
          proceeds, then payment of principal and accrued interest on the Bridge
          Notes may be made to the Subordinated Creditor.

     Subordinated  Creditor  represents and warrants to Lender that Subordinated
Creditor has not assigned or otherwise  transferred  the  Subordinated  Creditor
Debt or the Subordinated  Creditor's Collateral,  or any interest therein to any
person or entity,  that  Subordinated  Creditor will make no such  assignment or
other  transfer  thereof  unless the  instrument  of  assignment  or transfer is
endorsed  with proper  notice of this  Agreement and such assignee or transferee
agrees  to be bound by its  terms,  and that  all  agreements,  instruments  and
documents  evidencing  the  Subordinated  Creditor  Debt  and  the  Subordinated
Creditor's  Collateral  will be endorsed with proper  notice of this  Agreement.
Subordinated Creditor will promptly deliver to Lender a copy of the Subordinated
Creditor  Debt  Instruments,   as  well  as  copies  of  all  other  agreements,
instruments and documents hereafter  evidencing any Subordinated  Creditor Debt.
Subordinated  Creditor  represents  and warrants to Lender that the  outstanding
principal  amount of  Subordinated  Creditor Debt evidenced by the  Subordinated
Creditor Debt Instruments as of the date of this Agreement is $500,000, and such
principal  amount  shall not be  increased  to more  than a total of  $1,700,000
without the prior written consent of the Lender.

     Subordinated  Creditor  expressly  waives all notice of the  acceptance  by
Lender of the  subordination  and other  provisions  of this  Agreement  and all
notices not specifically  required pursuant to the terms of this Agreement,  and
Subordinated Creditor expressly waives reliance by Lender upon the subordination
and other provisions of this Agreement as herein provided  Subordinated Creditor
consents  and  agrees  that all  Senior  Debt shall be deemed to have been made,
incurred  and/or  continued  at the  request  of  Subordinated  Creditor  and in
reliance upon this Agreement.  Subordinated Creditor agrees that Lender has made
no warranties or  representations  with respect to the due execution,  legality,
validity,  completeness  or  enforceability  of the documents,  instruments  and
agreements  evidencing the Senior Debt,  that Lender shall be entitled to manage
and supervise its financial  arrangements  with Borrower and the Subsidiaries in
accordance  with its  usual  practices,  without  impairing  or  affecting  this
Agreement, and that Lender shall have no liability to Subordinated Creditor, and
Subordinated Creditor hereby waives any claim which it may now or hereafter have
against  Lender  arising out of (i) any and all actions  which  Lender  takes or
omits  to  take  (including  without  limitation  actions  with  respect  to the
creation,  perfection  or  continuation  of liens or security  interests  in any
existing or future Lender's  Collateral,  actions with respect to the occurrence
of an event of default under any documents, instruments or agreements evidencing
the Senior Debt, actions with respect to the foreclosure upon, sale, release, or
depreciation  of, or failure to realize  upon,  any of Lender's  Collateral  and
actions with respect to the  collection  of any claim for all or any part of the
Senior Debt from any account  debtor,  guarantor or other person or entity) with

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respect to the documents,  instruments and agreements evidencing the Senior Debt
or to the  collection of the Senior Debt or the  valuation,  use,  protection or
release  of  Lender's  Collateral  (ii)  Lender's  election  in  any  proceeding
instituted under Canadian  bankruptcy and insolvency laws or under Chapter 11 of
Title 11 of United States Code (11 U.S.C.  ss.ss. 101 et. seq.) (the "Bankruptcy
Code"), of the application of Section  1111(b)(2) of the Bankruptcy Code, and/or
(iii) any  borrowing or grant of a security  interest  under  Section 364 of the
Bankruptcy  Code or by court order by Borrower or any  Subsidiary,  as debtor in
possession.  Without  limiting the  generality  of the  foregoing,  Subordinated
Creditor waives the right to assert the doctrine of marshalling  with respect to
any of the Lender's Collateral,  and consents and agrees that Lender may proceed
against  any or all of the  Lender's  Collateral  in such order as Lender  shall
determine in its sole discretion.

     Subordinated Creditor agrees that Lender, at any time and from time to time
hereafter, may enter into such agreements with Borrower and/or any Subsidiary as
Lender may deem proper extending the time of payment of or renewing or otherwise
altering the terms of all or any of the Senior Debt or affecting any of Lender's
Collateral,  and may sell or surrender  or  otherwise  deal with any of Lender's
Collateral,  and may release any balance of funds of Borrower or any  Subsidiary
with  Lender,  without  notice to  Subordinated  Creditor and without in any way
impairing or affecting this Agreement.

     This  Agreement  shall be  irrevocable  and shall  constitute  a continuing
agreement of  subordination  and shall be binding on the undersigned and each of
their respective  successors and assigns,  and shall inure to the benefit of the
other parties hereto, and each of their respective  successors and assigns until
the earlier of the following: (i) Lender has, in writing,  notified Subordinated
Creditor  that all of the Senior Debt has been paid in full and all  obligations
arising in connection  therewith  have been  discharged,  and (ii)  Subordinated
Creditor has, in writing,  notified Lender that all of the Subordinated Creditor
Debt has been paid in full and all obligations  arising in connection  therewith
have been  discharged.  Lender  may  continue,  without  notice to  Subordinated
Creditor,  to lend monies, extend credit and make other accommodations to or for
the account of Borrower and/or any Subsidiary on the faith hereof.  Subordinated
Creditor  hereby  agrees  that all  payments  received by Lender may be applied,
reversed, and reapplied, in whole or in part, to any of the Senior Debt, without
impairing or affecting this  Agreement.  This  Agreement  shall not inure to the
benefit of any third parties.

     Subordinated  Creditor  hereby  assumes  responsibility  for keeping itself
informed of the financial condition of Borrower,  the Subsidiaries,  any and all
endorsers  and any and all  guarantors  of the Senior Debt and the  Subordinated
Creditor Debt and of all other circumstances bearing upon the risk of nonpayment
of the Senior Debt and the  Subordinated  Creditor  Debt that  diligent  inquiry
would reveal, and Subordinated  Creditor hereby agrees that Lender shall have no
duty to advise  Subordinated  Creditor of information  known to Lender regarding
such condition or any such circumstances or to undertake any investigation not a
part of its regular business routine; and Lender hereby agrees that Subordinated
Creditor  shall  have  no  duty  to  advise  Lender  of  information   known  to

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Subordinated  Creditor  regarding such condition or any such circumstances or to
undertake  any  investigation  not a part of its regular  business  routine.  If
Lender, in its sole discretion, undertakes, at any time or from time to time, to
provide any information of the type described  herein to Subordinated  Creditor,
Lender shall be under no obligation to subsequently  update any such information
or to provide any such  information to  Subordinated  Creditor on any subsequent
occasion; and if Subordinated Creditor, in its sole discretion,  undertakes,  at
any time or from time to time, to provide any  information of the type described
herein  to  Lender,  Subordinated  Creditor  shall  be under  no  obligation  to
subsequently  update any such  information or to provide any such information to
Lender on any subsequent occasion.

     Subordinated Creditor hereby authorizes Lender to file and/or record UCC or
PPSA financing  statements for the purpose of providing  notice to third parties
of the existence and effect of this Agreement.

     No  waiver  shall  be  deemed  to be made by  Lender  of any of its  rights
hereunder  unless the same shall be in writing  signed on behalf of Lender,  and
each such  waiver,  if any,  shall be a waiver only with respect to the specific
matter or  matters to which the  waiver  relates  and shall in no way impair the
rights of Lender or the  obligations of  Subordinated  Creditor to Lender in any
other respect at any other time.

     Nothing  contained  herein  shall  be  deemed  to  alter,  modify,   amend,
supplement or replace the Laurus Subordination Agreement,  which remains in full
force and effect.  In the event of any  conflict or  inconsistency  between this
Agreement  and the Laurus  Subordination  Agreement,  the  Laurus  Subordination
Agreement shall control.

     THIS AGREEMENT SHALL BE GOVERNED AND CONTROLLED BY THE INTERNAL LAWS OF THE
STATE OF MICHIGAN.

     To  induce  Lender  to  accept  this   Agreement,   Subordinated   Creditor
irrevocably  agrees that,  subject to Lender's sole and absolute  election,  ALL
ACTIONS OR PROCEEDINGS IN ANY WAY, MANNER OR RESPECT,  ARISING OUT OF OR FROM OR
RELATED TO THIS  AGREEMENT  SHALL BE LITIGATED IN COURTS HAVING SITUS WITHIN THE
CITY OF GRAND RAPIDS, STATE OF MICHIGAN.  SUBORDINATED  CREDITOR HEREBY CONSENTS
AND SUBMITS TO THE  JURISDICTION  OF ANY LOCAL,  STATE OR FEDERAL COURTS LOCATED
WITHIN SAID CITY AND STATE. SUBORDINATED CREDITOR HEREBY WAIVES ANY RIGHT IT MAY
HAVE  TO  TRANSFER  OR  CHANGE  THE  VENUE  OF ANY  LITIGATION  BROUGHT  AGAINST
SUBORDINATED CREDITOR BY LENDER IN ACCORDANCE WITH THIS PARAGRAPH.

     SUBORDINATED  CREDITOR  HEREBY  WAIVES  ALL  RIGHTS TO TRIAL BY JURY IN ANY
ACTION OR PROCEEDING WHICH PERTAINS DIRECTLY OR INDIRECTLY TO THIS AGREEMENT.

     IN WITNESS WHEREOF, this Agreement has been executed as of this 18th day of
June, 2007.

                                       7
<PAGE>

                                        HIGH CAPITAL FUNDING, LLC

                                        By: /s/ Fred A. Brasch
                                           -------------------------------------
                                           Fred A. Brasch

                                           Address:
                                           333 Sandy Springs Circle, Suite 230
                                           Atlanta, GA 30328

                                           Attention:   Fred A. Brasch, CFO

                                        [SUBORDINATED CREDITOR]

                                        By:
                                           -----------------------------------
                                           [Subordinated Creditor]

                                        Address:
                                        ----------------------------------------
                                        ----------------------------------------
                                        ----------------------------------------
                                        Attention:
                                                  ------------------------------

                                        [SUBORDINATED CREDITOR]

                                        By:
                                           -----------------------------------
                                           [Subordinated Creditor]

                                        Address:
                                        ----------------------------------------
                                        ----------------------------------------
                                        ----------------------------------------
                                        Attention:
                                                  ------------------------------

                                       8
<PAGE>

                                        [SUBORDINATED CREDITOR]

                                        By:
                                           -----------------------------------
                                           [Subordinated Creditor]

                                        Address:
                                        ----------------------------------------
                                        ----------------------------------------
                                        ----------------------------------------
                                        Attention:
                                                  ------------------------------

                                        [SUBORDINATED CREDITOR]

                                        By:
                                           -----------------------------------
                                           [Subordinated Creditor]

                                        Address:
                                        ----------------------------------------
                                        ----------------------------------------
                                        ----------------------------------------
                                        Attention:
                                                  ------------------------------

                                       9
<PAGE>

ACKNOWLEDGMENT OF SIGNATURES
STATE OF          )
         ---------
         ) SS.
COUNTY OF )

     I,  _____________,  a  Notary  Public  in and  for  the  state  and  county
aforesaid,  do  hereby  certify  that  before  me this day  personally  appeared
_______________,  known  to me to be  the  _______________  of the  entity  that
executed the foregoing Agreement, and acknowledged to me that he (they) executed
and delivered the foregoing  Agreement for and on behalf of the entity,  for the
uses set forth therein.

     IN WITNESS  WHEREOF,  I have  hereunto set my hand and  official  seal this
______ day of ________, 2007.

                                       _________________________________
                                       Notary Public
                                       My Commission Expires:___________

                                       10
<PAGE>

                      BORROWER'S AND SUBSIDIARIES' CONSENT

     Borrower  and  the  Subsidiaries  each  hereby  consents  to the  foregoing
Agreement  (and the terms  thereof)  and  agrees to abide  thereby  and to keep,
observe and perform the several matters and things therein  intended to be kept,
observed and performed by it, and  specifically  agrees not to make any payments
contrary to the terms of said Agreement.

     A  breach  of any  of the  terms  and  conditions  of  this  consent  shall
constitute an "Event of Default" under the Laurus Debt Instruments.

FM, INC.                                     TARPON INDUSTRIES, INC.

By: /s/ James W. Bradshaw                    By: /s/ James W. Bradshaw
    ---------------------------                  ---------------------------
Name:  James W. Bradshaw                         Name:  James W. Bradshaw
Title: Chief Executive Officer                   Title: Chief Executive Officer

                                             EUGENE WELDING CO.

                                             By /s/ James W. Bradshaw
                                                -----------------------------
                                                Title: Chief Executive Officer

                                             STEELBANK TUBULAR INC.

                                             By /s/ James W. Bradshaw
                                                -----------------------------
                                                Title: Chief Executive Officer

                                             MTM ACQUISITION COMPANY

                                             By /s/ James W. Bradshaw
                                                -----------------------------
                                                Title: Chief Executive Officer

                                             JS&T ACQUISITION COMPANY

                                             By /s/ James W. Bradshaw
                                                -----------------------------
                                                Title: Chief Executive Officer

                                       11
<PAGE>

                          ACKNOWLEDGMENT OF SIGNATURES

STATE OF          )
         ---------
         ) SS.
COUNTY OF )

     I, ______________________,  a Notary Public in and for the state and county
aforesaid,  do  hereby  certify  that  before  me this day  personally  appeared
________________  known to me to be the  ______________  of the corporation that
executed the foregoing  consent and  acknowledged  to me that he (they) executed
and delivered the foregoing  consent for and on behalf of the  corporation,  for
the uses set forth therein.

     IN WITNESS WHEREOF, I have hereunto set my hand and official seal this ____
day of _________, 2007.

                                           ________________________
                                           Notary Public
                                           My Commission Expires:__________

                          ACKNOWLEDGMENT OF SIGNATURES

STATE OF          )
         ---------
         ) SS.
COUNTY OF )

     I, ______________________,  a Notary Public in and for the state and county
aforesaid,  do  hereby  certify  that  before  me this day  personally  appeared
_____________  known to me to be the __________ of the corporation that executed
the  foregoing  consent  and  acknowledged  to me that he  (they)  executed  and
delivered the foregoing  consent for and on behalf of the  corporation,  for the
uses set forth therein.

     IN WITNESS WHEREOF, I have hereunto set my hand and official seal this ____
day of _____________, 2007.

                                           _________________________
                                           Notary Public
                                           My Commission Expires:__________

                                       12
<PAGE>

                          ACKNOWLEDGMENT OF SIGNATURES

STATE OF          )
         ---------
         ) SS.
COUNTY OF )

     I, ______________________,  a Notary Public in and for the state and county
aforesaid,  do  hereby  certify  that  before  me this day  personally  appeared
_____________  known to me to be the __________ of the corporation that executed
the  foregoing  consent  and  acknowledged  to me that he  (they)  executed  and
delivered the foregoing  consent for and on behalf of the  corporation,  for the
uses set forth therein.

     IN WITNESS WHEREOF, I have hereunto set my hand and official seal this ____
day of _____________, 2007.

                                             ________________________
                                             Notary Public
                                             My Commission Expires:_________

                          ACKNOWLEDGMENT OF SIGNATURES

STATE OF          )
         ---------
         ) SS.
COUNTY OF )

     I, ______________________,  a Notary Public in and for the state and county
aforesaid,  do  hereby  certify  that  before  me this day  personally  appeared
_____________  known to me to be the __________ of the corporation that executed
the  foregoing  consent  and  acknowledged  to me that he  (they)  executed  and
delivered the foregoing  consent for and on behalf of the  corporation,  for the
uses set forth therein.

     IN WITNESS WHEREOF, I have hereunto set my hand and official seal this ____
day of _____________, 2007.

                                             ________________________
                                             Notary Public
                                             My Commission Expires:_________

                                       13
<PAGE>

                          ACKNOWLEDGMENT OF SIGNATURES

STATE OF          )
         ---------
         ) SS.
COUNTY OF )

     I, ______________________,  a Notary Public in and for the state and county
aforesaid,  do  hereby  certify  that  before  me this day  personally  appeared
_____________  known to me to be the __________ of the corporation that executed
the  foregoing  consent  and  acknowledged  to me that he  (they)  executed  and
delivered the foregoing  consent for and on behalf of the  corporation,  for the
uses set forth therein.

     IN WITNESS WHEREOF, I have hereunto set my hand and official seal this ____
day of _____________, 2007.

                                             ________________________
                                             Notary Public
                                             My Commission Expires:_________

                          ACKNOWLEDGMENT OF SIGNATURES

STATE OF          )
         ---------
         ) SS.
COUNTY OF )

     I, ______________________,  a Notary Public in and for the state and county
aforesaid,  do  hereby  certify  that  before  me this day  personally  appeared
_____________  known to me to be the __________ of the corporation that executed
the  foregoing  consent  and  acknowledged  to me that he  (they)  executed  and
delivered the foregoing  consent for and on behalf of the  corporation,  for the
uses set forth therein.

     IN WITNESS WHEREOF, I have hereunto set my hand and official seal this ____
day of _____________, 2007.

                                             ________________________
                                             Notary Public
                                             My Commission Expires:_________

                                       14
<PAGE>

                                LENDER'S CONSENT

     LaSalle  hereby  consents and agrees to the  foregoing  Agreement  (and the
terms thereof).

                                LASALLE BANK MIDWEST N.A.

                                By: /s/Brian Kundich
                                   -------------------------------------------
                                Title: First Vice President

     ABN AMRO hereby  consents and agrees to the  foregoing  Agreement  (and the
terms thereof).

                                LASALLE BUSINESS CREDIT, a division of
                                ABN AMRO BANK A.V., CANADA BRANCH

                                 By:  /s/ Aaron Tuner
                                      ---------------------------------
                                      Aaron Tuner
                                      Senior Vice President

                                      /s/ David Carson
                                      ---------------------------------
                                      David Carson
                                      Vice President

                          ACKNOWLEDGMENT OF SIGNATURES

STATE OF          )
         ---------
         ) SS.
COUNTY OF )

     I,  ______________________  a Notary Public in and for the state and county
aforesaid,  do  hereby  certify  that  before  me this day  personally  appeared
_____________, known to me to be the __________ of the corporation that executed
the  foregoing  consent  and  acknowledged  to me that he  (they)  executed  and
delivered the foregoing  consent for and on behalf of the  corporation,  for the
uses set forth therein.

     IN WITNESS WHEREOF, I have hereunto set my hand and official seal this ____
day of __________, 2007.

                                        ________________________
                                        Notary Public
                                        My Commission Expires:  ______________

                 (Additional acknowledgement on following page)

                                       15
<PAGE>

                          ACKNOWLEDGMENT OF SIGNATURES

STATE OF          )
         ---------
         ) SS.
COUNTY OF )

     I,  ______________________  a Notary Public in and for the state and county
aforesaid,  do  hereby  certify  that  before  me this day  personally  appeared
_____________, known to me to be the __________ of the corporation that executed
the  foregoing  consent  and  acknowledged  to me that he  (they)  executed  and
delivered the foregoing  consent for and on behalf of the  corporation,  for the
uses set forth therein.

     IN WITNESS WHEREOF,  I have hereunto set my hand and official seal this ___
day of ___________________, 2007.

                                         ______________________
                                         Notary Public
                                         My Commission Expires:  ______________

                                       16
<PAGE>

                                 LAURUS CONSENT

     Laurus hereby consents and agrees to the foregoing Agreement (and the terms
thereof).

                                         LAURUS MASTER FUND, LTD.

                                         By:/s/ David Grin
                                            ---------------------------
                                         Title: First Vice President

                          ACKNOWLEDGMENT OF SIGNATURES

STATE OF NEW YORK     )
                      ) SS.
COUNTY OF NEW YORK    )

     I,  Christian  Thomas,  a Notary  Public in and for the  state  and  county
aforesaid,  do hereby certify that before me this day personally  appeared David
Grin,  known to me to be the  Director of Laurus  that  executed  the  foregoing
consent  and  acknowledged  to me that he  (they)  executed  and  delivered  the
foregoing  consent for and on behalf of the corporation,  for the uses set forth
therein.

     IN WITNESS  WHEREOF,  I have  hereunto set my hand and  official  seal this
18th day of June, 2007.

                                         /s/Christian Thomas
                                         ---------------------------------
                                         Notary Public
                                         My Commission Expires: 3/28/09

                                       17Exhibit 10.1

                            SHARE EXCHANGE AGREEMENT

     This SHARE EXCHANGE  AGREEMENT (this  "Agreement") is made and entered into
this 22nd day of February,  2007, by and among, those individual  purchasers set
forth on Schedule A  (together,  the  "Purchasers")  and the  Sellers  listed on
Schedule A (the "Sellers").

                                    RECITALS:

     WHEREAS, the Sellers are the owners of 2,695,792 shares (the "CREG Shares")
of  ownership  interest  of  China  Recycling  Energy   Corporation,   a  Nevada
Corporation (the "CREG"), listed on Schedule A, and

     WHEREAS, the Purchasers are,  collectively,  the owners of 8,087,376 shares
(the  "Yingfeng  Shares") of ownership  interest of Xi'an  Yingfeng  Science and
Technology Co, Ltd., a Chinese Corporation (the "Yingfeng"),  listed adjacent to
each of the Purchasers' names on Schedule A; and

     WHEREAS,  the Sellers have  determined that it is in their best interest to
exchange, subject to the terms and conditions set forth herein, 2,695,792 shares
of their CREG Shares with the Purchasers for 8,087,376  Yingfeng Shares owned by
Purchasers; and

     WHEREAS,  the Purchasers have determined that it is in their best interests
that they exchange,  subject to the terms and  conditions set forth herein,  all
the  Yingfeng  Shares owned by them with the Sellers for  2,695,792  CREG shares
owned by the Sellers, in the respective amounts set forth on Schedule A; and

                                   AGREEMENT:

     NOW,  THEREFORE,  in  consideration  of the premises and the agreements set
forth herein, the Sellerss and the Purchasers agree as follows:

                                    ARTICLE I

                                 SHARE EXCHANGE

     Section 1.01. The Share  Excahange.  Subject to the terms and conditions of
this  Agreement,  the  Sellers  agree to  assign,  transfer  and  deliver to the
Purchasers,  at the  Closing,  2,695,792  CREG shares owned by him. As exchange,
Purchasers agree to assign, transfer and deliver to the Sellers, at the Closing,
8,087,376 Yingfeng shares owned by them. Under the terms of this Agreement, each
individual  Purchaser  receives  ONE CREG Share  owned by the  Sellers for THREE
Yingfeng Shares owned by Purchasers  prior to the  transaction,  at the Closing,
with the  restriction  that all  Purchasers  shall not trade or resell  the CREG
shares they acquired  within a period of one year  following the closing date of
this  transaction,  complying with the restrictions on re-sale of the securities
of Rules 903 (a) and (b)(3) of Regulation S.

     Section 1.02. Execution and Closing. The Share Exchange shall take place at
such other time and place as the Sellers and the Purchasers mutually agree upon,
orally or in writing (which time and place is designated as the "Closing").  The
Sellers shall deliver to the Purchasers either (i) a certificate or certificates
representing  the CREG Shares or (ii) instruments of assignment or transfer that
shall, in the reasonable  opinion of the Purchasers be necessary to transfer the
CREG Shares to each of the Purchasers.  The Purchasers shall also deliver to the
Sellers  either (i) a  certificate  or  certificates  representing  the Yingfeng
Shares  or (ii)  instruments  of  assignment  or  transfer  that  shall,  in the
reasonable  opinion of the Sellers be necessary to transfer the Yingfeng  Shares
to the Sellers.  The Agreement is not deemed  executed and the Share Exchange is
not deemed  consummated  until the  Sellers  receive the  physical  certificates
representing  the Yingfeng Shares delivered by the Purchasers and the Purchasers

<PAGE>

receive the physical certificates  representing the CREG shares delivered by the
Sellers.

                                   ARTICLE II

                         REPRESENTATIONS AND WARRANTIES

     Section 2.01. Representations and Warranties of the Purchasers. Each of the
Purchasers, on a joint and several basis, represents and warrants to the Sellers
as follows:

     (a)  The  Purchasers  have all power and authority to execute,  deliver and
          perform this Agreement.

     (b)  This  Agreement  is the valid and  binding  obligation  of each of the
          Purchasers,  enforceable  against each of the Purchasers in accordance
          with its terms.

     (c)  The CREG  Shares will be acquired  for  investment  for the account of
          each of the Purchasers,  and not as a nominee or agent, and not with a
          view to the  distribution  or public offering  thereof.  In connection
          therewith, each of the Purchasers confirms that he or she is neither a
          U.S Person,  as such term is defined in Rule 902(k) of  Regulation  S,
          nor located within the United States, and that the transaction will be
          between non-U.S. Persons, and take place outside of the United States.

     (d)  None of the  Purchasers  have been  contacted  concerning the acquired
          CREG Shares or the matters set forth in this Agreement by means of any
          advertisement or other general solicitation.

     (e)  Each of the Purchasers  understands  that (i) the acquired CREG Shares
          have not been  registered  under either the Securities Act of 1933, as
          amended (the "Securities  Act") or the securities laws of any state by
          reason of specific  exemptions  therefrom and that such securities may
          be  resold  in  the  United  States  without  registration  under  the
          Securities Act only in certain limited circumstances.

     (f)  The Purchasers have access to information  relating to the CREG as the
          Purchasers deem necessary to make an informed  investment  decision in
          connection  with the acquired  CHDW Shares,  and except as provided in
          Section  2.02  below,  the  Sellers is making no  representations  and
          warranties  concerning the acquired CREG Shares or the business of the
          CREG.

     (g)  Each of the Purchasers understands that Regulation S promulgated under
          the  Securities  Act,  is  available  only  for  offers  and  sales of
          securities  outside the United States, and will comply with Regulation
          S,  attached  hereto as Exhibit  A,  specifically  complying  with the
          restrictions  on re-sale of the securities of Rules 903 (a) and (b)(3)
          of Regulation S.

     (h)  Legends. The Purchasers acknowledge that the CREG Shares they acquired
          will bear the following restrictive legend:

               THE SECURITIES  REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER
          THE UNITED STATES  SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
          ACT"), OR THE SECURITIES  LAWS OF ANY STATE OF THE UNITED STATES.  THE
          HOLDER HEREOF,  BY PURCHASING THE SECURITIES,  ACKNOWLEDGES  THAT SUCH
          SECURITIES MAY BE OFFERED,  SOLD OR OTHERWISE TRANSFERRED ONLY: (A) TO
          THE COMPANY,  (B) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION
          IN  COMPLIANCE  WITH  REGULATION  S UNDER  THE  SECURITIES  ACT AND IN
          COMPLIANCE WITH APPLICABLE  LOCAL OR STATE LAWS AND  REGULATIONS,  (C)
          INSIDE  THE  UNITED  STATES  PURSUANT  TO  (I)  RULE  144A  UNDER  THE

<PAGE>

          SECURITIES  ACT TO A PERSON WHO THE SELLERS  REASONABLY  BELIEVES IS A
          QUALIFIED  INSTITUTIONAL  BUYER THAT IS PURCHASING FOR ITS OWN ACCOUNT
          OR FOR THE ACCOUNT OF ONE OR MORE  QUALIFIED  INSTITUTIONAL  BUYERS TO
          WHOM WRITTEN NOTICE IS GIVEN THAT THE OFFER, SALE OR TRANSFER IS BEING
          MADE IN RELIANCE ON RULE 144A OR (II) THE EXEMPTION FROM  REGISTRATION
          UNDER  THE  SECURITIES  ACT  PROVIDED  BY  RULE  144  THEREUNDER,   IF
          AVAILABLE,  AND  ANY  APPLICABLE  STATE  SECURITIES  LAWS  OR (D) IN A
          TRANSACTION  THAT DOES NOT REQUIRE  REGISTRATION  UNDER THE SECURITIES
          ACT OR ANY APPLICABLE  UNITED STATES FEDERAL OR STATE SECURITIES LAWS,
          AFTER   PROVIDING  AN  OPINION  OF  COUNSEL  OF  RECOGNIZED   STANDING
          REASONABLY SATISFACTORY TO THE COMPANY TO THAT EFFECT.

     (i)  Each of the Purchasers  acknowledge that it is aware of its respective
          obligations  under the  Securities  Exchange  Act of 1934  (the  "1934
          Act"), including, but not limited to those filing obligations that are
          triggered  as a  result  of the  consummation  of the sale of the Sale
          Shares  pursuant to Sections 13 and 16 of the 1934 Act,  together with
          filings  required to be made by the Company,  under the control of the
          Purchasers, after the consummation of the sale of the Sale Shares.

     Section 2.02.  Representations  and Warranties of the Sellers.  The Sellers
represent and warrant to the Purchasers as follows:

     (a)  The  Sellers  have all power and  authority  to  execute,  deliver and
          perform this Agreement.

     (b)  This  Agreement  is the valid and binding  obligation  of the Sellers,
          enforceable against the Sellerss in accordance with its terms.

     (c)  The  Sellers are the record and  beneficial  owners of the CREG Shares
          acquired by Purchasers and the CREG Shares exchanged  pursuant to this
          agreement  have not  been  assigned,  pledged,  sold,  transferred  or
          otherwise conveyed.

                                   ARTICLE III

                                  MISCELLANEOUS

     Section 3.01.  Governing Law; Successors and Assigns.  This Agreement shall
be governed and construed in accordance  with the law of the State of Nevada and
applicable   federal  law  and  shall  be  binding  upon  the  heirs,   personal
representatives,  executors,  administrators,  successors  and  assigns  of  the
parties

     Section 3.02.  Entire  Agreement.  This  Agreement  constitutes  the entire
agreement  of  the  parties  with  respect  to the  subject  matter  hereof  and
supersedes  and  replaces  any prior  agreement  or  understanding  between  the
Purchasers  and the  Sellers  with  respect to the  transfer  of the Sale Shares
between the Sellers and the Purchasers.

     Section 3.03. Headings.  The headings of the Sections of this Agreement are
for convenience and shall not by themselves determine the interpretation of this
Agreement.

     Section 3.04. Counterparts. This Agreement may be executed in any number of
counterpart  copies,  all of  which  copies  shall  constitute  one and the same
instrument.

     Section 3.05.  Independent  Counsel.  The  Purchasers  and the Sellers each
acknowledge  that this  Agreement  has been prepared on behalf of the Sellers by
Bernard & Yam,  LLP,  counsel to the Sellers and that  Bernard & Yam, LLP is not
representing,  and is not acting on behalf of, the Purchasers in connection with

<PAGE>

this Agreement. The Purchasers have been provided with an opportunity to consult
with their own counsel and their own business,  securities and tax advisors with
respect to this Agreement.

     Section 3.06. Purchaser  Representative.  The Purchasers appoints Mr. Jihua
Wang as their  Representative to sign and execute this Share Exchange  Agreement
and each Purchaser  understands and acknowledges  that this appointed  Purchaser
Representative

     (1) Is not an affiliate, director, officer or other employee of the issuer,
     or  beneficial  owner of 10  percent  or more of any  class  of the  equity
     securities or 10 percent or more of the equity interest in the issuer; and
     (2) Has such  knowledge and  experience  in financial and business  matters
     that he is capable of evaluating,  alone,  or together with other purchaser
     representatives  of the  purchaser,  or together  with the  purchaser,  the
     merits and risks of the prospective investment;
     (3) Is acknowledged  by the purchaser in writing,  during the course of the
     transaction,  to be  their  purchaser  representative  in  connection  with
     evaluating the merits and risks of the prospective investment; and
     (4)  Discloses to the  purchaser in writing a reasonable  time prior to the
     sale of securities  to that  purchaser  any material  relationship  between
     himself  or their  affiliates  and the issuer or its  affiliates  that then
     exists, that is mutually understood to be contemplated, or that has existed
     at any time during the previous two years, and any compensation received or
     to be received as a result of such relationship.

               THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK

                             SIGNATURE PAGE FOLLOWS

<PAGE>

     IN WITNESS  WHEREOF,  the parties  hereto  have signed this Share  Exchange
Agreement as of the date first above written.

    ------------------------------------------------------------------------

                           Signature Page for Sellers

SELLERS

By

 /s/Hanqiao Zheng
-----------------
    Hanqiao Zheng

 /s/Guohua Ku
-----------------
    Guohua Ku

     -----------------------------------------------------------------------

                   Signature Page for Purchaser Representative

PURCHASER  REPRESENTATIVE

By

 /s/Jihua Wang
---------------
    Jihua Wang

    ------------------------------------------------------------------------

                          Signature Page for Purchasers

PURCHASERS

By

X ___________________________

<PAGE>
<TABLE>
<CAPTION>

                                   SCHEDULE A

   Sellers                                 Amount of CREG Shares Sold
Hanqiao Zheng                                    2,406,365
Guohua Ku                                          289,427

                        Amount of                                Amount of                                    Amount of
                       CREG Shares                              CREG Shares                                  CREG Shares
Purchasers               Acquired         Purchasers             Acquired           Purchasers                Acquired
----------               --------         ----------             --------           ----------                --------
<S>                      <C>              <C>                    <C>                <C>                       <C>

Hongjun Wang              4667           Youqiong Huang              500            Zhichun Zhang               15000
Youxin Fang               8000           Qian Nie                    1667           Cuiping Yang                 1500
Aizhen Li                 1667           Xianqin Zhu                 3334           Biyun Pan                    1667
Yongzhong Su              1500           Jian Meng                  11667           Xiuwen Wang                  6667
Jingfang Xu               5000           Weizhi Yao                  6667           Yaomin Fang                 10000
Baozhen Lin               3334           Yunzhen Chen                5000           Lingling Wu                  1667
Xingfa Yu                 5000           Jingchang Li                5000           Shuwei Zhang                 5000
Yuqin Xu                  3334           Dingchan Wu                 3334           Lili Lu                      6667
Jingwen Wu               10000           Huinian Li                  3334           Shihui Zhou                  3334
Yaozong Hang             10000           Zhiwei Wang                 8000           Yinghao Shi                  7500
Genlin Wu                 1667           Lanying Cai                 3334           Xiaolin Hu                   2500
Zhenyu Shen               5000           Wenwu Yan                  10000           Fengying Zhao                1700
Mengyuan Zhang            6667           Suping Zhang                6667           Lanfang Wang                 6667
Qifang Zhang              3334           Baiquan Tian                5000           Xinhua Ma                    6667
Ping Zhu                 60000           Naili Du                   10000           Gang Chen                    3334
Weiqun Zhao               3334           Zhenyu Wang                16667           Yinglan Li                  10000
Jianzhong Hu             15000           Deming Tang                 3334           Xiaoyu Lei                   3334
Guanghua Li               1500           Guanggui Zhang             16667           Caimei Liu                   3000
Beidi Ye                  7500           Kefeng Hao                  1250           Guiyu Xie                    1667
Suwen Lin                 3334           Baohua Chen                 1250           Jianmei Zhang                5000
Hong Li                   5000           Zhenhua Tang               10000           Juhong Shao                  3334
Tianzuo Ding              1667           Yuezhen Qin                 1667           Xiaoyi Wang                  3334
Wenhua Wang               1667           Bangxing Xu                10667           Fujin Xie                    1667
Wansheng Pan             10000           Jun Hu                     10000           Wenfang Xi                   6667
Yicheng Huang             6667           Zhiquan Shao                667            Delin Li                     5000
Huiqing Zhang             1667           Youguo Zhu                  6667           Yufang Yu                    3334
Zhuoqun Wang             10000           Jian Chen                   1500           Henian Zhang                16667
Lanfang Shen             10000           Minggen Lu                  7500           Juanfen Lu                   1667
Liang Qian                7667           Yiyuan Cao                  6667           Shunquan Zhang               8000
Peilan Dai                6667           Huizhi Xin                  3334           Erming Shen                 10000
Lingjuan Wei              3334           Guofang Zhuang              6667           Yiren Gu                     3334
Lingkai Xu                8334           Wenhua Wang                 5000           Jingzhen Xu                  7500
Liming Shen               6667           Xiuxian Yu                  3334           Yanqin Yang                  1000
Yaxiu Chen                3334           Peiying Ji                  5000           Kefei Jiang                  2834
Hongwen Zhang             5000           Hongchang Li                2500           Youmei Yang                  1667
Rui Yu                   10000           Zonggen Guo                 1667           Chunling Wang                1667
Yu Xia                    3334           Shuhe Zhu                   3334           Fengqin Liu                  4000
Jianfeng Huang            1667           Cuiying Shang               1334           Huiqin Qian                  6667
Linzhen Min               1667           Jun Guo                     4000           Yueqing gan                  5000
Xingzhu Cao               6667           Xiaowei Shen               15000           Huaqin Zhou                 15000
Liming Zhao               5000           Yan Yan                     6667           Minghua Wu                   2334
Jing Zhang                4000           Qiaoying Cao                9700           Ruiqing Ge                   5000
Yufang Chen              10000           Hankang Zhou                2334           Hengkan Mao                 20000
Changying Song            3334           Hong Xie                   15000           Maohua  Shen                 3500
Guihua Shen              10000           Shouyi Xu                  10000           Rongwei Xu                  10334
Song xue                  5000           Wenyan Jin                  1667           Shanwu Zhu                   7500
Luyi Qi                   5000           Chunmei Chen               15000           Lijuan Zhou                  5000
Shuqin Hu                13334           Baofeng Yuan               10000           Yu Zhao                      3334
Guangtai Shao            13334           Xiangjiang fang             3334           Yuanfang Chen                2500
Yongfa Ren               10000           Dinghai Bao                 4500           Zhongjuan Lu                13334
Junfa Xie                 3334           Zubin Huang                 3334           Jiaxiu Zhang                 1667
Shuangming Chen           5000           Qianhui Yang                3334           Shouri Piao                 13334
Wangdong Liu              3334           Yimin Zhou                  5000           Chundi Wang                  3334
Chunjie Wang              1000           Qiru Zhu                   10000           Chunjiang Leng              20000
Qijuan Chen               1667           Chongman Wang               5000           Wenlong Zhou                 5000
Jianping Shan             2000           Jinrong Zhu                 5000           Jufa Wu                      8334
Yanqing Sun               5000           Biyu Wu                    12906           Meiying Xue                 10000
Dianpin Sun               5000           Dan shi                    15000           Jinde Gu                     1667
Jiaping Lu                3334           Genfu Chen                  6667           Shenzhen Zheng              12000
Xiadi Wang               12500           Lihua Zhang                 2334           Hongying Zhong               1667
Xihua Zhu                 2500           Minhua Jin                  1667           Guangming Liu                5000
Hengyuan Lu               3334           Guorong Yan                 3334           Sixiang Zhang                1667
Xiecheng Zhuang           2667           Hao Wang                    1667           Shenxin Zhang                3334

<PAGE>

Hongmei XU                1667           Aili Shi                    7000           Liangfang Zhou               3334
Jie Cheng                 1000           Kaiping Yu                  2500           Hong Yu                      3334
Dazhen Yu                 1500           Ping Luo                    3334           Zhenghua Zhao                3334
Donglin Zhao              2000           Peizhen Shen                1334           Weiju Sun                    3000
Jie Sun                   3334           Caiping Gong                7500           Yongsheng Yuan              18334
Rongkang Shi             11667           Defang Wu                   6667           Ying Gong                   10000
Yuezhen Lu                1667           Jie Zhang                  10000           lihua liu                    1667
Zuozhi Yang               6667           Huijun Chen                 3334           Yan Li                       8500
Tanglin Wu                1667           Honghui Ma                  3334           Baohui He                    2500
Ronghua Fu                3334           Dongxiang Sun               3334           Yuzhen Fu                    2334
Juanjuan Jiang            5000           Jinnu Tian                  2500           Chengjiu Hu                  1767
Huiqiang Mei              667            Yan Sun                     3334           Rongchun Wang                1667
Xiuding Jiang             2500           Hongxie Chen               20000           Ning Yang                    2334
Yajun Xie                 5000           Lihua Zhao                 13334           Lihua Zhou                   3734
Jianzhong Shen            1334           Yonghan Li                  1667           Guifen Geng                 16667
Xiaolian He               1667           Xiuqin Xu                  13334           Wenming Jiang                1667
Jianqiu Zhou              3334           Yongqiang Lu                4000           Qian Liu                     3334
Chen Jiang                3334           Meiying Zhu                 3334           Ming Tan                     1667
Zhenkang Yang             1334           Lesun Hua                   5500           Xiaoli Zhang                 4834
Kangming Zhang            3334           Deyun Shen                 10000           Fuchun Song                  7000
Yuqin You                 1667           Jinhai Song                 6667           Shixi Wang                   5000
Shuyang Huang             3334           Yunsheng Wang               1667           Sujie Jiang                  6667
Yulan Jin                 2000           Xiaofang Qian               2334           Rongzhen Wang                1667
Qi Wu                     3334           Ximin Ni                    3334           Mingxing Zhang               1234
Xiao Chen                15000           Yiping Lin                  5000           Lieyu Zhang                  5000
Nianfeng Yang             3334           Xianglin Shao               4000           Hongyu Zhang                 3334
Cunfu Wu                  1667           Quanzhen Jiang             13334           Mao'an Bai                   2000
Fangchu Qiu               5000           Yongzhen Su                10000           Yuxia Meng                   3334
Yongshu Ding              1667           Heyan Wang                  1667           Shuying Zhou                 1667
Lingxiu Yan               3000           Weili Cheng                 2500           Jing Che                     5000
Huijuan Zhou             10000           Yujun Hu                   20000           Wei Chen                     8334
Jing,an Zhou              2500           Lizhu Qiu                   2500           Yafan Wang                   3334
Guocheng Zhang            3334           Huizhen Bian                667            Yujie Wei                    6667
Lei Jin                   2500           Zengliang Yang              5000           Xiuqin Luo                   3334
Cuige Bao                 3334           Feiwen Lin                  2000           Yan Li                      26667
Ruixiang Yang             5000           Xiaqun Gan                  6667           Ci Zhao                      1667
Lanfang Wu               22500           Wenyong Lu                  1667           Bangji Zou                   3334
Gang Wu                   4000           Ziguo Qian                  2500           Bo Yu                       10000
Hong Huang                1667           Xiaochuan Li                3334           Jinrong Hui                  3334
Weimin Tang               5000           Ying Sheng                  2334           Zhigang Zeng                 5000
Hong Ju                   3334           Feng Xu                     5000           Xixian Yang                 20000
Bin Wang                  5000           Desheng  Liu                1667           Xin Song                     3334
Fugen Zhang               1667           Qiongfeng Xu                3334           Liying Shi                   1667
Yongning Yu               5000           Huiyun Yang                 6667           Pingya Ji                   16667
Caifeng Zheng             5000           Min Shen                    5000           Junjie Li                   10000
Xiangru Tu               10000           Qinhua Zheng                2500           Jieying Zhang                5000
Zuping Zhu                1667           Wenlian Huang               2500           Shihui Yang                  6667
Larong Qian               1667           Jianmin Xu                  6667           Shuning Wang                 3334
Zhan Wu                   3334           Yazhen Zhang                2500           Guirong Wang                 6667
ningqing Zeng             3334           Yongsheng Zhu              11000           Yongjie Wang                 2000
Longzhen Zhang            334            Yingzhen Lang               6667           Lixin Long                   5000
Yuhuan Dong               3334           Xingfu Hu                   2667           Enzhi Yang                   3334
Bingkui Shi               1667           Qiuzhen Lu                 20000           Zhenrong Cao                 6667
Suqin Wang                6667           Guojiang Li                 5000           Qingqing Li                  1667
Jingzhi Wang              3334           Jinhai Gu                  22500           Xiuge Wu                     6667
Jialiang Wan              3334           Zhenchang Fei               6667           Hongwei Zhang                3334
Xiaoqiang Li              1000           Xi Chen                     667            Wenxiu Wang                 10000
Wei Wang                 15000           Guozhu Wang                 6667           Xuefang Liu                 13334
Yufang Jiang              5000           Jianyun Wang                3334           Zhaoling Meng               20000
Shilin Qiu                5000           Guojun Chen                 5000           Lianhui Sun                  3334
Chunxiang Gu             10000           Miaoyu Chen                10000           Shumei Chen                  1667
Genlan Zhu                3334           Hongzhi Zhou               10000           Qi Zhang                     5000
Shuiyun Chen              1667           Shengnian Li                7500           Zhongli Pan                  1667
Tingxiang Yan             3334           Peijun Gong                 1667           Dongguang Zou                3334
Xueming Jin               2500           Liuyong Zhao                6667           Fushan Liu                  21000
Shihui Li                13334           Zhiying Guo                 3334           Huiru Zhu                    3334
Shuqin Yu                10000           Huaikou Chen               10000           Guoliang Ning                5000
Jinda Ye                  6667           Meiguan Cao                 3334           Jinxiang Li                  5334
Li Li                    10000           Jifa Yang                  15000           Guoxiang Liu                 3334
Zhihong Guo              10000           Guoquan Qiao                1667           Aiqun Hou                    3334
Bi Ren                   10000           Yafen Dong                 12667           Xiufen Chen                  8000
Zhengcai Cao              1000           Guoliang Zhang             10000           Baokui Ni                    3334
Shengfang Wang           16667           Chenfei Bao                 7500           Hong Zhou                    3334
Yuzhen Bai               13334           Yungen Xue                  2000           Guiqin Ma                    3334
LingLing  Ma              3334           Baodi Ding                  3334           Jun Zhang                    3334
Dan Li                    8334           Putao Yang                  3334           Jianying Dai                 3334
Naiping Song              5000           Jinkang Bao                 6667           Jing Hua                     6667
Zhenzhuang Yang           3334           Youmei Zheng                1667           Xinmin Bai                   3334
Mingjie Cao               3334           Lihong Guo                  3334           Zhen Miao                    2500

<PAGE>

Yulong Shen              18334           Chunhe Liu                  3334           Li Li                        1000
Yizhen Wang               5000           Weishan Gong                6667           Yanling Xin                  3334
Yuqing Kong               6667           Hongyu Fan                  3500           Yousheng Shen                1667
Hongqi Ye                 1667           Shidi Feng                  2000           Heng Xu                      3334
Jingchun Wang             9000           Jufang Li                   3334           Huaqian Chen                 1667
Peiqing Gao               6667           Guifang Li                  3334           Jinmei Chen                  1667
Zhong Huang               667            Yuzhen Yang                10000           Guidi Wang                   6667
Huaming Gu                1667           Jiaming Gong                3334           Jiang Chen                   5000
Jun Hu                    3334           Lianfu Huang               10000           Tingxin Gao                  1667
Jing Hua                  6667           Zongjuan Jiang             15000           Rongsheng Fang               2667
Jinping Zhang            20000           Miaofu Zhao                 2500           Guiying Tang                 3334
Fumao Hu                  7667           Yifen Zhang                 5000           Yunxin Chi                   2513
Jindi Zhou                3334           Xiaoqing Zhu               10000           Fuxing Xi                    2334
Daoan Xie                 6667           Boxun Wang                 10000           Suhua Wei                    3334
Hongxiang Liu             9434           Qinxiang Qian               3334
Zhaojun Ding              3667           Hongfa Qian                 3334

</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]