Document:

exv10w14

 

 EXHIBIT 10.14

Our Vision

The best forest products company in the world and a global leader among all industries.

Our Values

Customers and Suppliers

We listen to our customers and suppliers to improve our products and services to meet their
present and future needs.

People

We are an employer of choice with high-performing people working together in a safe and
healthy workplace where diversity, development and teamwork are valued and recognized.

Accountability

We expect superior performance and are accountable for our actions and results. Our leaders
set clear goals and expectations, are supportive, and provide and seek frequent feedback.

Citizenship

We support the communities where we do business, hold ourselves to the highest standards of
ethical conduct and environmental responsibility, and communicate openly with Weyerhaeuser
people and the public.

Financial Responsibility

We are prudent and effective in the use of the resources entrusted to us to create shareholder
value.

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CONTENTS

Ethics and Business Conduct

Overview

Company Policies

Resolving Business Ethics Concerns

Confidentiality

Retaliation Prohibited

Training

Business Ethics Core Policy

Our Employees

Employment Expectations

Employment Issue Resolution Process

Protection of Employee Information

Safety and Health

Our Company and Shareholders

Company Assets

Conflict of Interest

Corporate Opportunities

Intellectual Property

Inside Information and Insider Trading

Full and Fair Disclosure

The Marketplace

Antitrust and Competition Laws

International Business Conduct

Suppliers, Contractors, Customers

Protection of Third-Party Information

Gifts

Entertainment

Our Communities and the Public

Environmental Responsibility

Government Affairs & Reports

Waivers

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Ethics and Business Conduct

Weyerhaeuser is committed to ethical business conduct. This means acting with integrity and
conducting our business and ourselves in a way that protects our reputation for fairness and
honesty. Weyerhaeuser employees are expected to demonstrate ethical leadership by raising questions
and concerns about the right thing to do.

Ethics and Business Conduct is a place where employees can bring their ethics questions and
concerns.

Overview

Ethics and Business Conduct is a companywide resource that manages the company’s ethics and
business conduct program and provides services to employees, customers, contractors, suppliers and
the public.

Ethics and Business Conduct:

	§	 	Administers the companywide code of ethics.

	§	 	Manages a system to respond to allegations of violations of the company’s code of ethics.

	§	 	Provides regular education on ethics and business conduct standards.

	§	 	Audits the effectiveness of compliance with the code of ethics using the annual certificate of compliance.

Company Policies

The code of ethics, company core policies and business-specific policies support the company’s
vision and values and provide guidance for making ethical business decisions. The code of ethics,
along with Weyerhaeuser’s core policies, sets expectations for conducting company business and is
the foundation for ethical business conduct. In addition, many company businesses, regions,
departments, joint ventures and subsidiaries also have policies specific to their operations and
activities.

Resolving Business Ethics Concerns

At times, we face situations at work where the right decision may not be clear. If that
happens, you can follow these “guideposts”:

Code of Ethics

	 	§	 	Is it legal?
	 
	 	§	 	Is it consistent with the code of ethics?
	 
	 	§	 	Is it consistent with company policies?

Our Values

	 	§	 	Is this action consistent with our vision and values?
	 
	 	§	 	Does it exemplify the Weyerhaeuser Way?

People

	 	§	 	Am I involving the right people?
	 
	 	§	 	How will my actions impact our stakeholders?

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Responsibility

	 	§	 	Does the action protect Weyerhaeuser’s reputation?
	 
	 	§	 	Does it prevent future issues from occurring?

The Issue Resolution Process

If you are faced with a situation that may not comply with our business ethics standards or
may be unethical, inappropriate or illegal:

	•	 	First, consider the steps you can take to try to remedy the situation. If possible, discuss the concern
directly with the person involved.

	•	 	Try to resolve the concern through your supervisor, other standard management channels or your human resource
manager.

	•	 	If you are an employee whose concern is covered by a labor agreement, you must follow the grievance process.

	•	 	If your issues or concerns are not being adequately addressed or resolved, contact any of the following:

	 	§	 	Ethics and Business Conduct at (800) 716-3488 or (253) 924-4955
(Your name and phone number do not display on these phones.)
	 
	 	§	 	The Law Department, any executive or senior vice president, or the president and CEO

What to Expect When You Call Ethics and Business Conduct

Ethics and Business Conduct’s professional staff is experienced in applying the company’s
expectations on ethical conduct to situations that arise at Weyerhaeuser. They are available to
assist in ethical decision making and serve as a confidential resource to address compliance issues
and allegations of unethical or illegal conduct.

During normal business hours, Ethics and Business Conduct staff is available directly by phone or
e-mail. A toll-free EthicsLine, (800) 716-3488, is available 24 hours a day, seven days a week for
reporting issues. After normal business hours, the EthicsLine is answered by a third-party
provider. Ethics and Business Conduct responds to all questions and allegations that come through
this service.

You may report an issue anonymously. If you choose to remain anonymous, it is important that you
clearly describe the situation and provide enough details so that your concern can be adequately
addressed.

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Confidentiality

Ethics and Business Conduct makes every attempt to protect the confidentiality of information
provided to it — unless maintaining confidentiality would create a significant health or safety
risk.

Retaliation Prohibited

The company is dedicated to protecting employees from retaliation when they raise business
conduct issues or report an alleged violation of company policy or the law.

Retaliation against employees for reporting a business conduct issue or a violation of company
policy or law may result in disciplinary action, up to and including termination, for the
individual who retaliates.

Retaliation against employees who report alleged violations of law may also result in criminal
charges, fines and imprisonment and expose the company to substantial fines.

Training and Education

All employees participate in regular training to learn about the company’s business ethics
standards and expectations. Our managers communicate Weyerhaeuser’s high expectations regarding
ethical business conduct to all new employees and reinforce these expectations whenever an employee
transfers within the company.

Business Ethics Core Policy

	 	 	 
	 

	 	It is Weyerhaeuser’s core policy to maintain the highest standards of ethical
business conduct.
	Core Policy
	 	 
	 

	 	Anyone who does business in the name of the company is expected to read the
standards for ethical business conduct in the company’s code of ethics, Our
Reputation: A Shared Responsibility.
	 
	 	 
	 

	 	It is our shared responsibility to conduct ourselves ethically in our
business relationships with all of our stakeholders — our employees,
communities, customers, suppliers, contractors and shareholders.
	 
	 	 
	 

	 	Employees are personally responsible for behaving in a highly ethical manner
as they conduct business. In addition, employees are required to participate
in company educational programs to learn about business ethics expectations.
	 
	 	 
	 

	 	Employees must not knowingly help another person conduct business unethically.
	 
	 	 
	 

	 	Employees shall honestly answer all questions in the business conduct
certificates of compliance and cooperate in the company’s investigation of
illegal or unethical activity when called upon.

	 	 	 
	Alignment With Our Values

	 	This core policy aligns with all the
company’s values: Customers and
Suppliers, People, Accountability,
Citizenship and Financial
Responsibility.

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	Expectations

	 	Weyerhaeuser will be recognized by all, both inside and
outside the company, as an organization whose management and
leaders will not tolerate unethical business conduct at any
level.

	 	 	 	 	 	 	 
	Employee

Responsibilities	 	Employees will follow appropriate ethical behaviors and will seek
guidance in resolving ethics issues by:
	 	 	§	 	Following the company’s issue resolution processes, or
	 	 	§	 	Contacting any of the following:
	 

	 	 	 	-
	 	Their supervisor
	 

	 	 	 	-
	 	Their human resource manager
	 

	 	 	 	-
	 	Ethics and Business Conduct
	 

	 	 	 	-
	 	The Law Department (if a violation of law is involved)
	 

	 	 	 	-
	 	Any executive vice president or senior vice president
	 

	 	 	 	-
	 	The president of the company

Business Ethics Core Policy, Continued

	 	 	 	 	 
	 	 	Leaders’ responsibilities include:
	Additional
Responsibilities of Leaders

	 	§	 	Monitoring and ensuring compliance with this core policy by employees and others
who do business on behalf of the company.
	 

	 	§	 	Ensuring that every new or transferred employee receives the code of ethics and the
toll-free telephone number for Ethics and Business Conduct: (800) 716-3488.
	 

	 	§	 	Providing appropriate training for employees on business ethics issues.
	 

	 	§	 	Taking a leadership role in modeling exemplary behavior in ethical business conduct
and being open and available to discuss ethics concerns.
	 

	 	§	 	Dealing effectively with business ethics concerns that arise in their business units.
	 

	 	§	 	Supporting protection from retaliation for any employee who reports, supplies information about, or assists in an investigation into a business ethics concern.

	 	 	 
	Consequences

	 	Failure to comply with this core policy could result in
disciplinary action, up to termination of employment.

For additional resources for your business, see the For More Information insert inside the back
cover.

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Our Employees

Weyerhaeuser’s commitment to ethical business conduct has its roots in the day-to-day
relationships we have with each other.

Our continued success relies on our ability to work together to meet the needs of customers. To
make this happen, we all take personal responsibility for meeting our commitments and achieving
shared goals.

Employment Expectations

Overall Philosophy

We treat all employees with dignity and respect.

Compensation

Weyerhaeuser provides pay and benefits competitive within the industry and recognizes
performance as appropriate.

Diversity

A diversity of people and ideas in the workplace is essential to our business success. All
employees are expected to respect and value the contributions that people of different
characteristics, experiences and backgrounds offer.

Weyerhaeuser employees are expected to work with suppliers, customers and other employees without
bias or discrimination. This includes, but is not limited to, bias or discrimination based on age,
race, color, religion, gender, marital status, national origin, sexual orientation, veteran status
and disability.

	 	 	 	 	 
	 	 	Employment Practices
	 
	 	 	 	 
	 	 	Employment decisions are based on the following criteria:
	 

	 	§	 	Qualifications of candidates with respect to job requirements
	 

	 	§	 	Development needs of individuals and the company’s succession requirements
	 

	 	§	 	Equal opportunity and achieving work force diversity
	 

	 	§	 	Legal and contractual requirements, including union contracts

Employing Relatives

When relatives of current employees are being considered for employment, the above criteria
apply. Relatives should, if possible, be employed in separate organizations or units. If relatives
work in the same unit, employment decisions concerning one relative (such as pay or promotion)
cannot be influenced by another. Relatives should not have any reporting relationship with each
other unless the appropriate business vice president or senior management team member has approved
an exception. The same general considerations apply to employees who have close personal
relationships with each other. The underlying principle is avoiding the potential for, or
perception of, favoritism.

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Harassment

We do not tolerate harassment in any form, including, but not limited to, sexual harassment,
verbal abuse, intimidating behavior, threats or assault. If you experience harassment, report it to
your team leader, supervisor, unit manager, human resource representative, senior manager,
Weyerhaeuser’s Diversity/Equal Employment Opportunity (EEO) office, or Ethics and Business Conduct.

For additional resources for your business, see the For More Information insert inside the back
cover.

Employment Issue Resolution Process

Weyerhaeuser has specific procedures to help employees if or when an employment-related
problem arises.

The resolution process should begin with the team leader, human resource representative or other
appropriate person within your organization. If you are covered by a local collective bargaining
agreement or labor contract, matters covered by the agreement should be discussed with appropriate
union representatives.

Employees not represented by a collective bargaining agreement may use the Employment Issue
Resolution Process (EIRP). Your human resource representative can assist you with this process.

For additional resources for your business, see the For More Information insert inside the back
cover.

Protection of Employee Information

During the hiring process and course of employment, we collect, use and disclose personal
information about our employees to manage and administer the employment relationship; to recruit,
retain and develop employees; to manage and develop Weyerhaeuser business and operations; and to
comply with legal and regulatory requirements.

In order to protect employees’ personal information and an employee’s right to privacy, we will:

	§	 	Take measures to safeguard employees’ personal information.

	§	 	Protect the confidentiality of employees’ personal information when dealing with third parties.

	§	 	Strive to keep employees’ information accurate and up to date.

	§	 	Restrict access to such information to the employee and those with a legitimate business or
legal need.

For additional resources for your business, see the For More Information insert inside the back
cover.

Safety and Health

Providing safe and healthy places of employment is a core company value. We believe all safety
incidents are preventable. All of us can and should finish each day safely and in good health. It
is everyone’s responsibility to comply with the company’s expectations relating to workplace safety
and health.

Injured employees should be treated with dignity and respect and provided with the highest standard
of care when addressing workplace injury and illness.

Any unsafe act, at-risk behavior, near miss or undesirable exposure that threatens the safety or
health of any person should be brought to the attention of a team leader as soon as possible.
Retaliation against employees for reporting a safety concern is a violation of company policy and
will not be tolerated.

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If There Is an Injury

All injuries must be promptly and accurately reported. Prompt and accurate reports help us take
action to prevent recurrences. Failure to report injuries can increase the risk of recurrence,
could delay appropriate medical treatment, and could subject the company to substantial penalties.

If you believe you are not being treated appropriately following an injury, you should contact your
local manager or human resource representative. If you believe your concern is not adequately
addressed, you can contact Environment, Health and Safety; Disability Management; or Ethics and
Business Conduct.

Fitness for Work

It is unacceptable for employees to work when their ability to function safely is diminished
for any reason. While at work or on company business, you must not have any illegal drugs or legal
drugs that could cause impairment, including alcohol.

The possession, sale, purchase, delivery, use or transfer of illegal substances on company premises
or at company functions is prohibited.

Workplace Violence

We are committed to maintaining a safe work environment for all employees. Threats,
intimidation, harassment, assault or any act of aggression is prohibited and will be dealt with
immediately.

For additional resources for your business, see the For More Information insert inside the back
cover.

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Our Company and Shareholders

Weyerhaeuser employees protect company assets and information and use them to create and
sustain shareholder value. We avoid having interests that conflict with our responsibilities as
employees and disclose and resolve any conflicts if they happen.

Company Assets

We are all responsible for the appropriate use and protection of company assets — such as
electronic media, funds, property, information and records.

Electronic Media

The company’s electronic media are to be used for business purposes. This includes computers,
intranet, Internet, e-mail, telephones and other handheld devices.

Your supervising manager may approve limited personal use of these resources. This use must not
increase costs, harm productivity, reduce network performance, damage the company’s reputation, or
interfere with work duties.

Weyerhaeuser expects employees to use good judgment when deciding how to use company computers and
other assets. The following are some examples of misuse of company electronic media and are
unacceptable:

	 	§	 	Visiting inappropriate Internet sites that may be disruptive or offensive to others —
including sites that display or promote sexually explicit materials or materials that are
discriminatory, hateful or threatening — or storing, sending or forwarding such materials
to others
	 
	 	§	 	Downloading proprietary information onto personal devices or computers or sending
proprietary information through e-mail without approval

Company resources may not be used for financial benefit, to conduct business for anyone other than
Weyerhaeuser, to violate copyright or software licensing rules, or to bypass company security
measures. Data or information created or stored using the company’s electronic media is not private
and may be monitored and audited by Weyerhaeuser at any time without notice.

Use of Company Name

Weyerhaeuser’s name and logo also should not be used to endorse another company or product without
approval. Company stationery; the Weyerhaeuser name; work titles or resources such as copiers,
phones or fax machines may not be used to express personal opinions to government
officials or to promote candidates.

Company Funds

The prudent and effective use of all company funds is our responsibility. This includes funds used
for business travel and entertainment, credit cards for purchasing, and any other cash equivalents.
You must not transfer, on behalf of or in connection with the company, any funds through market
channels prohibited by U.S. or local laws.

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Use of Company Property

Employees may use company property or services only if the property and services have been properly
approved for general or public use. The use of company-owned land, materials and equipment under
any other circumstances must be approved in advance. Any such use should not reduce the value of
the property, be for personal profit, or have any other negative effect.

Removal or Disposal of Company Property

Company property, equipment and material, including records, should not be removed from the
premises except for business purposes. Only with appropriate written authorization may company
property be sold, loaned, given away or otherwise disposed of, regardless of condition or value.

If you are transferred, terminated or granted leave, you may remove materials or information
designated as company property only if you have received appropriate written authorization.

Keeping Company Records

All company records must be kept in such a way that an accurate, auditable record is maintained.
This includes financial transactions, safety statistics, workers’ compensation claims and
environmental regulatory documents. Financial records must also be maintained in accordance with
generally accepted accounting principles. No one should make or omit an entry on the company’s
books or records if the result would misrepresent the true nature of any transaction.

Records Management

Employees should be aware of and comply with Weyerhaeuser’s companywide Records Management Program
to ensure appropriate retention, protection, maintenance and disposition of all records, regardless
of their format or media.

No one should destroy any records with the intent to impede or obstruct any governmental
investigation.

For additional resources for your business, see the For More Information insert inside the back
cover.

Conflict of Interest

A conflict of interest is a situation in which our personal interests or responsibilities do
not align, and may even conflict, with our obligations as employees. For example, potential
personal financial benefits may prevent us from using good judgment in performing our jobs. The
actions of our family or friends can also place us in a conflict of interest.

All Weyerhaeuser employees, officers and directors are expected to avoid conflicts of interest and
the appearance of such conflicts. All business decisions must be considered on their merits.
Standards for some of the more common conflicts are listed below.

Outside Financial Interests

As a general rule, you and members of your immediate family may not have any financial interest or
ownership in a Weyerhaeuser supplier, contractor, customer or competitor with whom you deal in your
job. Before entering into any such arrangement, fully disclose the details of the arrangement to
the responsible unit manager and general counsel and obtain their written clearance.

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A financial interest does not include ownership of securities in a publicly traded company if the
fair market value of such ownership is less than your personal Weyerhaeuser annual income at
year-end or 5 percent of your personal gross assets at year-end, whichever is greater.

Family and Friends

It is possible for the actions of family or friends to create a conflict of interest for us as
employees.

	 	 	 
	 

	 	For Example...
	 
	 	 
	 

	 	A gift or benefit offered to a family member by a supplier or potential supplier is
considered a business gift. See the Gifts or Entertainment standards in this code of
ethics for more information.

You may not engage in any business transaction on behalf of the company with a relative — or with a
firm where such a relative is a principal, officer or representative — without prior full
disclosure to, and written clearance from, both your responsible team leader and unit manager or
appropriate vice president.

Preferential Treatment

A conflict of interest can occur when you seek or accept preferential treatment from a supplier,
contractor or customer based on your position or job with the company. You also may not give
preferential treatment to others based solely on personal or familial relationships.

Using Company Suppliers

Employees who use company suppliers or contractors for personal business are required to pay market
value for services rendered and materials provided. In addition, you must disclose in writing to
your unit manager your intention to enter into this type of relationship.

Outside Jobs and Activities

As Weyerhaeuser employees, we are expected to give our full-time best efforts to the company. You
should not engage in outside business activities that divert time or attention away from
Weyerhaeuser duties and responsibilities, compete with the company, or would otherwise be
detrimental to the company.

Should you or your team leader feel it is necessary, your team leader should provide written
clearance that an outside job or activity is acceptable within the bounds of expected job
performance and that no apparent conflict of interest exists.

It remains each employee’s responsibility to ensure a second job or outside business does not
conflict with Weyerhaeuser’s interests. You may work for a Weyerhaeuser supplier, contractor,
customer or competitor only with prior full disclosure to and written approval from your unit
manager.

	 	 	 	 	 
	 	 	Guidelines
	 
	 	 	 	 
	 	 	If you have or are considering outside employment in addition to your Weyerhaeuser
position, follow the guidelines below:
	 
	 	 	 	 
	 

	 	§	 	Work for your personal business may not be done on Weyerhaeuser time.

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	 	§	 	Customers and colleagues from the outside business should not contact you at
Weyerhaeuser.
	 
	 	 	 	 
	 

	 	§	 	You may not use Weyerhaeuser equipment, or the time of any Weyerhaeuser
personnel who are on company time, for your outside business.
	 
	 	 	 	 
	 

	 	§	 	You may not use Weyerhaeuser’s information for your outside business.
	 
	 	 	 	 
	 

	 	§	 	You may not use company time or resources to sell or promote products or
services from your outside business. This includes using company mail, bulletin
boards, telephones, faxes, handheld devices, e-mail, the intranet or the
Internet.

For additional resources for your business, see the For More Information insert inside the back
cover.

Corporate Opportunities

Weyerhaeuser may be interested in business or investment opportunities that are made known to
you because of your employment with the company. You are expected to disclose information about
such opportunities to the company before acting on them.

	 	 	 	 	 
	 	 	Guidelines
	 
	 	 	 	 
	 	 	If you are unclear about whether to disclose a business or investment opportunity,
ask these questions:
	 
	 	 	 	 
	 

	 	§	 	Does this business or investment opportunity have anything to do with my job
responsibilities?
	 
	 	 	 	 
	 

	 	§	 	Is the size or nature of this business or investment opportunity something
that Weyerhaeuser could be interested in it?
	 
	 	 	 	 
	 	 	If the answer to either of these questions is “yes,” you must disclose the business
or investment opportunity to your manager before taking action.

Some operating units of the company have specific policies that prohibit certain investments or
activities. It is your responsibility to know and follow your unit’s policies.

For additional resources for your business, see the For More Information insert inside the back
cover.

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Intellectual Property

In our work, we may learn about or create intellectual property — valuable information that
is, or may become, proprietary — and that helps our company maintain a competitive advantage.

	 	 	 	 	 
	 	 	For Example...
	 
	 	 	 	 
	 	 	Intellectual property is business information such as:
	 

	 	§	 	Plans
	 

	 	§	 	Costs
	 

	 	§	 	Price studies
	 

	 	§	 	Market studies
	 

	 	§	 	Customer and personnel data
	 
	 	 	 	 
	 	 	Technical information is also considered intellectual property. This includes:
	 

	 	§	 	Inventions
	 

	 	§	 	Formulas
	 

	 	§	 	Designs
	 

	 	§	 	Operating parameters
	 

	 	§	 	Scientific data
	 
	 	 	 	 
	 	 	Some of this information is legally protected by patents, copyrights or trademarks.
Other intellectual property is protected as trade secrets under common law or
through contractual obligations.

Use and Disclosure of Intellectual Property

All company intellectual property will be treated as valuable assets. We do not disclose or use
intellectual property except for its intended purpose, whether during or after our employment with
Weyerhaeuser, unless we obtain proper written authorization.

Entry Interview

Team leaders will conduct entry interviews with new employees and contractors to provide direction
for identifying and managing the intellectual property in their work areas. New employees are
required, as a condition of employment, to sign the employee agreement, which provides the
contractual protection for our intellectual property. In addition, new employees and contractors
who have worked for competitors are reminded that they are not to disclose or use intellectual
property belonging to others.

Exit Interview

Team leaders will conduct exit interviews when employees and contractors transfer or leave the
company or project. Intellectual property that was made known to the employee or contractor should
be identified, and any documents or other items of intellectual property, whether physical or
electronic, should be collected.

Facilities

Access to our facilities is necessary for the day-to-day operation of our businesses. Employees
will ensure that intellectual property in use in our facilities will be appropriately safeguarded
from vendors, suppliers, customers and competitors.

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Competitive Intelligence

Gathering information on our competitors and our marketplace is an important activity that allows
Weyerhaeuser to make better decisions and enhances our competitiveness. We use only ethical and
legal means to gather such information.

Use of Others’ Confidential Information

Employees with access to the confidential or proprietary information of another company must not
disclose it or permit it to be used by Weyerhaeuser unless the owner grants permission in writing.

For additional resources for your business, see the For More Information insert inside the back
cover.

Inside Information and Insider Trading Laws

Inside information is any nonpublic information relating to Weyerhaeuser or another company
that could be used improperly for personal advantage. For example, if you have knowledge of the
company’s earnings or a planned acquisition or divestiture before that information has been
publicly disclosed, you have inside information.

Our Responsibilities

The possession of material inside, or nonpublic, information can raise personal and corporate
concerns. If you possess inside information, the following rules apply:

Disclosing Inside Information

You must not disclose material nonpublic information to anyone either inside or outside the company
unless properly authorized to do so in advance.

Using Inside Information

You must not use inside information in any business transaction in a way that disadvantages the
company or gives you an unfair personal advantage over others who do not have the information.

Trading in Securities

You must not trade in Weyerhaeuser securities when you possess material nonpublic information until
the end of the second trading day following the date the company publicly discloses the
information. A trading day is a day when the New York Stock Exchange is open for business.

You must not trade in the securities of another corporation if the value of that company’s stock is
likely to be affected by an action you know Weyerhaeuser intends to take and the action has not yet
been publicly disclosed.

Special Instructions

The general counsel and corporate secretary may instruct select officers and employees of the
company not to trade in Weyerhaeuser securities for a specified period of time each quarter prior
to the company’s quarterly earnings announcement. In addition, from time to time, in connection
with certain company transactions, the general counsel and corporate secretary may instruct select
officers and employees of the company not to trade in Weyerhaeuser securities and/or securities of
other companies. If you have received such an instruction, you may trade in Weyerhaeuser securities
or securities of such other companies only if

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you have been informed by the general counsel and corporate secretary that such instruction is no
longer in effect.

Directors and Company Officers

Directors and executive officers of the company may trade in Weyerhaeuser securities only with
prior approval from the corporate secretary or general counsel. This restriction applies to
officers of the company who are required by law to report their trading activities in Weyerhaeuser
securities to the Securities and Exchange Commission. Directors and officers of the company may not
trade in puts and calls in company stock or engage in short sales of company stock.

For additional resources, see the For More Information insert inside the back cover.

Full and Fair Disclosure

Weyerhaeuser is committed to complying with the securities laws and to communicating with its
shareholders and investors in a candid and forthright manner and to providing disclosures that are
full, fair, accurate, timely and understandable.

Our Responsibilities

We comply with the securities laws and company policies and procedures relating to accounting,
record keeping, document retention and auditing, and communications and disclosure.

Additionally, the chief executive officer, chief financial officer and chief accounting officer are
responsible for ensuring that all documents the company files with the U.S. Securities and Exchange
Commission and all public communications by the company contain full, fair, accurate, timely and
understandable disclosures about the company.

Resolution Process

If you become aware of a situation or practice that you know or suspect involves questionable
accounting, record keeping, auditing or disclosure and you are unable to address it personally, you
should promptly contact your supervisor, Internal Audit, the Law Department, or Ethics and Business
Conduct.

You may also submit your concerns regarding accounting and audit matters and internal controls
directly to the chairman of the board of directors’ Audit Committee by contacting the office of the
company’s corporate secretary at (253) 924-5272.

For additional resources, see the For More Information insert inside the back cover.

17

 

The Marketplace

Free and open competition is critical to our success. We support competition in the global
marketplace and do not engage in practices or activities that violate applicable laws or compromise
our business ethics standards.

We treat all customers and suppliers with fairness and respect and engage in only ethical and
lawful business practices.

Antitrust and Competition Laws

The antitrust laws of the United States and the competition laws of other countries are
designed to preserve and protect competition in goods and services.

Some violations of antitrust and competition laws can result in felony criminal charges, exposing
the company to substantial fines and individuals to fines and imprisonment. Violations can also
lead to lawsuits, exposing the company to large damages and orders restricting our operations.
Individual employees who violate these laws are also subject to company discipline, including
dismissal.

Our Responsibilities

Every employee must comply with antitrust and competition laws. These laws can be complex and can
differ from country to country. Here are some important steps that will significantly reduce the
possibility of antitrust violations:

	1.	 	Do not communicate with competitors about sensitive competitive topics, including:

	 	§	 	Prices
	 
	 	§	 	Terms of sale
	 
	 	§	 	Pricing plans
	 
	 	§	 	Marketing strategies or plans
	 
	 	§	 	Expansion plans
	 
	 	§	 	Facility closures
	 
	 	§	 	Contraction or downtime plans
	 
	 	§	 	Specific costs

	2.	 	Be careful how you communicate in memos, studies, reports, e-mail and voice mail, since
poorly worded documents or messages can give the impression that improper activity took place
when in fact it did not.

Potential Antitrust Involvement

If you are involved in or observe an activity that could raise an antitrust or competition law
issue, immediately contact the Law Department or Ethics and Business Conduct for advice.

For More Information

The Law Department has prepared antitrust and competition compliance program materials and online
training. Employees should obtain and be familiar with the contents of these materials.

For additional resources, see the For More Information insert inside the back cover.

18

 

International Business Conduct

We do business with all of our customers and suppliers and with government agencies in a
straightforward and transparent manner. Employees in our international operations will comply with
the laws of the host country and, except in the case of conflict with local laws, with applicable
U.S. laws and regulations.

Weyerhaeuser complies with the U.S. Foreign Corrupt Practices Act and similar laws in other
countries where we operate. It is unlawful to bribe or give anything of value to a foreign official
in order to obtain, keep or direct business or to secure any improper advantage. The FCPA applies
to individuals as well as corporations and provides for penalties of imprisonment and substantial
fines.

Compliance with these laws requires strict observance of the following standards:

Use of Company Funds

We do not use funds for any purpose that would be in violation of the laws or regulations of any
applicable country.

Payments to Government Officials

We do not exchange anything of value, directly or indirectly, with foreign government officials.

Political Contributions

Advance approval from the Law Department is required before making any foreign political
contributions. Political candidates may be considered as “foreign officials” under the FCPA.

Company Records

All books, records and accounts must comply with Weyerhaeuser accounting policies and accurately
and fairly reflect transactions and disposition of company assets.

Agents and Consultants

We do not make payments prohibited by these standards through any other party retained, directly or
indirectly, by Weyerhaeuser.

Investments

Where another company or person is the controlling owner or operator of an entity, we make an
investment only when there is a written commitment to these standards from that company or person.

The only exceptions to these standards are, as permitted by law, for expediting payments and
promotional activities. In both instances, approval from the Law Department must be obtained in
advance.

For additional resources for your business, see the For More Information insert inside the back
cover.

Suppliers, Contractors and Customers

Supplier, contractor and customer relationships can involve issues of law and business ethics.

The following summary supplements, but does not replace, specific guidelines affecting purchasing
or sales policies such as those developed in general for the company or in particular by individual
business units or departments.

19

 

Our Expectations

We treat our suppliers, contractors and customers fairly and honestly at all times. We expect our
suppliers, contractors and customers to adhere to the same standards of fair and ethical business
conduct to which we hold ourselves.

Criteria for Company Sales or Purchases

We base our sales and purchases on product quality and service level, including consistency and
dependability.

The products we produce, market and distribute will meet our customers’ needs and conform to the
standards for these products as established by independent industry associations, grading bureaus,
government regulations, customary trade practices, and any prearranged customer specifications.

Payments, Gifts and Entertainment

We will not exchange payments with purchasing agents or other employees of any supplier, contractor
or customer to obtain or retain business or to realize higher or lower prices, including rebates
and discounts, for Weyerhaeuser.

Whenever the exchange of gifts or entertainment accompanies business activity with suppliers,
contractors and customers, we comply with the gifts and entertainment standards in this code of
ethics.

Confidential Information

We respect the confidentiality of proprietary information given to us by suppliers, contractors,
customers, associations and other outside bodies. Because certain restrictions relating to such
information may place an unfair burden on Weyerhaeuser’s future business, an agreement stating the
terms of the disclosure of any confidential information must be signed by both parties. Such
agreements must be approved by the Weyerhaeuser employee who is accountable for the information and
by the Law Department.

Purchase or Sales Independence

We will not suggest or imply to suppliers, contractors or customers that purchases or sales by
Weyerhaeuser are dependent upon buying from or selling to Weyerhaeuser.

Remarks About Others

We will not make false or misleading remarks to suppliers, contractors or customers about other
suppliers, contractors, customers or company competitors or their products or services.

For additional resources for your business, see the For More Information insert inside the back
cover.

Protection of Third-Party Information

In the course of doing business, we may collect, use or disclose information about customers,
suppliers, contractors or other third parties. This information must be protected and used only for
legitimate Weyerhaeuser business purposes. If you have access to the confidential information of
another party, you must not allow its unauthorized disclosure or use.

For additional resources for your business, see the For More Information insert inside the back
cover.

20

 

Gifts

Whenever gifts are exchanged in the context of a business relationship, there is a risk that
the gift may influence, or appear to influence, a business decision. Individuals may expose
Weyerhaeuser to the risk of compromising our reputation and our business ethics standards.

In order to build and maintain the trust of our stakeholders, Weyerhaeuser discourages the exchange
of gifts, including loans and guarantees, to or from any of the company’s suppliers, contractors,
customers or competitors. This standard applies to both employees and immediate family members.

	 	 	 	 	 	 	 
	 	 	Guidelines
	 
	 	 	 	 	 	 
	 	 	Use the following guidelines if faced with a situation where a gift cannot reasonably be avoided:
	 
	 	 	 	 	 	 
	 	 	§	 	Gifts should not exceed nominal value.
	 
	 	 	 	 	 	 
	 	 	§	 	Examples of nominal gifts are:
	 
	 	 	 	 	 	 
	 	 	 	 	3⁄4  Lunch at a Weyerhaeuser facility
	 
	 	 	 	 	 	 
	 	 	 	 	3⁄4  Branded desk items
	 
	 	 	 	 	 	 
	 	 	§	 	Money, including gift certificates or gift cards, should never be exchanged as a gift.
	 
	 	 	 	 	 	 
	 	 	§	 	Employees should never accept a loan from a customer, supplier, contractor or
competitor. Loans should be arranged outside the work relationship and be on a
commercial basis from a lending institution.
	 
	 	 	 	 	 	 
	 	 	§	 	Consumable gifts (fruit baskets and similar items) are acceptable if the value is
nominal and when the gift is shared among employees at a location.
	 
	 	 	 	 	 	 
	 	 	§	 	Individuals should not exchange personal gifts so as to avoid the appearance of a
close friendship and to ensure impartiality in making business decisions.
	 
	 	 	 	 	 	 
	 	 	§	 	There may be circumstances that justify offering a gift on Weyerhaeuser’s behalf.
In that situation, exceptions may be approved only by unit or business management.
Involve your manager or immediate superior, and observe the following guidelines.
	 
	 	 	 	 	 	 
	 

	 	 	 	§	 	Consider whether the recipient’s business ethics policies limit his or her
ability to accept a gift.
	 
	 	 	 	 	 	 
	 

	 	 	 	§	 	Obtain written approval from a Weyerhaeuser business manager if the gift has
greater than nominal value.
	 
	 	 	 	 	 	 
	 

	 	 	 	§	 	Record the gift and its value in an accurate manner for auditing purposes.

Gifts in International Business

The same general principles of ethical business conduct apply
when gifts are given or offered in an international setting.
However, conducting business internationally requires an
understanding of, and sensitivity toward, different cultures and
customs.

21

 

	 	 	 	 	 
	 	 	Questions to ask before accepting or offering a gift:
	 
	 	 	 	 
	 

	 	§	 	Would I feel uncomfortable accepting this gift?
	 

	 	§	 	How would accepting or giving this gift appear to others at Weyerhaeuser, my peers
or the general public?
	 

	 	§	 	Does this gift provide a benefit to any one individual (instead of an organization
or group)?
	 

	 	§	 	Is this gift being offered because my position enables me to influence a
Weyerhaeuser decision in favor of a customer or supplier?
	 

	 	§	 	Is any effort being made to conceal this gift?

If the answer to any of the above questions is “yes,” the gift may be inconsistent with our
business ethics standards. Ask for help if you have questions about giving or receiving gifts.

Entertainment

Whenever entertainment is offered in the context of a business relationship, there is a risk
of influencing, or appearing to influence, a business decision. Individuals may expose Weyerhaeuser
to the risk of compromising our reputation and our business ethics standards.

Entertainment that is occasional, reasonable in value, and in which both parties participate is
consistent with our business ethics standards. If you accept entertainment that is greater than
nominal value, you must obtain written approval from unit or business management, whichever is
appropriate to your situation.

	 	 	 	 	 
	 	 	Guidelines
	 
	 	 	 	 
	 	 	Follow these guidelines if you need to make a decision about participating in
entertainment on Weyerhaeuser’s behalf:
	 
	 	 	 	 
	 

	 	§	 	Both parties must be present.
	 
	 	 	 	 
	 

	 	§	 	You must determine in advance the clearly identified business opportunities.
	 
	 	 	 	 
	 

	 	§	 	Entertainment should not be extravagant.
	 
	 	 	 	 
	 

	 	§	 	Examples of extravagant entertainment are:
	 
	 	 	 	 
	 

	 	 	 	3⁄4  Limousines
	 
	 	 	 	 
	 

	 	 	 	3⁄4  Season tickets
	 
	 	 	 	 
	 

	 	 	 	3⁄4  Charter trips
	 
	 	 	 	 
	 

	 	§	 	Entertainment should be in a setting appropriate for conducting business.
	 
	 	 	 	 
	 

	 	§	 	Weyerhaeuser-sponsored entertainment requires advance authorization from business
management. Budgetary approval must be obtained prior to the event.
	 
	 	 	 	 
	 

	 	§	 	Entertainment costs should be reported using accurate and auditable records.
	 
	 	 	 	 
	 

	 	§	 	Approval is not required for meals that are a part of normal business activity.

22

 

Entertainment in International Business

The same general principles of ethical business conduct
apply when entertainment is offered in an international
setting. However, conducting business internationally
requires an understanding of, and sensitivity toward,
different cultures and customs.

	 	 	 	 	 
	 	 	Guidelines
	 
	 	 	 	 
	 	 	Questions to ask before participating in entertainment:
	 
	 	 	 	 
	 

	 	§	 	Is the entertainment extravagant or lavish?
	 

	 	§	 	Would the entertainment violate the recipient’s business ethics standards?
	 

	 	§	 	Is the entertainment unrelated to advancing business opportunities?
	 

	 	§	 	Do you feel uncomfortable participating in the entertainment?
	 

	 	§	 	Would you be embarrassed if the entertainment was reported in the media?

If the answer to any of these questions is “yes,” the entertainment may be inconsistent with our
business ethics standards. Ask for help if you have questions.

For additional resources for your business, see the For More Information insert inside the back
cover.

23

 

Our Communities and the Public

At Weyerhaeuser, we strive to be responsible citizens, exemplary environmental stewards,
ethical businesspeople and friendly neighbors. We are committed to the environment and to the
communities in which we do business.

We are also committed to maintaining and enhancing strong relationships with government officials
through lawful participation in the political process.

Environmental Responsibility

Environmental responsibility is a core company value. Weyerhaeuser works to meet or exceed
applicable environmental laws and regulations through superior environmental management systems and
effective risk management. Failure to meet our environmental commitments could result in damage to
the environment and the company’s reputation. It could also lead to criminal charges, fines and
liabilities and could imperil human health and safety.

Your Responsibilities

All employees must comply with all environmental laws, regulations and policies; identify and
respond to public health concerns; and be responsible stewards of natural resources. Employees who
are responsible for, or are engaged in, activities or operations that might affect the environment
should know and comply with the laws, regulations and policies that relate to these activities.

Resolution Process

If you become aware of a situation or practice you suspect (or know) does not comply with
environmental laws, regulations or company environmental policies and you are unable to address it
personally, you should contact local management; an area Environmental Affairs manager; corporate
Environment, Health and Safety; the Law Department; or Ethics and Business Conduct.

For additional resources for your business, see the For More Information insert inside the back
cover.

Government Affairs and Reports

Weyerhaeuser’s success and profitability can be affected, either positively or negatively, by
legislation and government policy. Therefore, Weyerhaeuser is committed to maintaining and
enhancing strong relationships with government officials through ethical and responsible
participation in the political decision-making process.

Your Responsibilities

Information provided to government officials to guide decision making is accurate and timely.
Reports filed with any government body are accurate and complete.

24

 

Political Contributions

The Weyerhaeuser Political Action Committee is administered with governance provided by the
Weyerhaeuser PAC board of trustees. This board is comprised of senior managers who represent all
businesses and regions. Contributions to candidates in the United States are based on established
criteria, relevant laws and employee recommendations, not political affiliation.

Political contributions are made on behalf of the company only if such contributions have been
approved in advance by the responsible vice president of Government Affairs and general counsel.

All laws and regulations regarding in-kind contributions, use of corporate facilities and
resources, independent expenditures, and gifts and ethics laws are stringently followed. Employees
must not offer, promise or give anything of value to any government official, employee, agent or
other intermediary (either domestically or internationally) in order to influence the exercise of
government duties.

Political Activities

Weyerhaeuser strongly supports employee involvement in the politics of their communities and
encourages and supports individual activities that involve political parties, candidates or issues.

Company stationery; the Weyerhaeuser name; work titles or resources such as copiers, phones or fax
machines

may not be used to express personal opinions to government officials or to
promote candidates. Personal political contributions are not reimbursable.

Lobbying

Only authorized employees and contract lobbyists may engage in lobbying activities on behalf of the
company. Such individuals must comply with all applicable legal requirements.

Personal Political Activities

Weyerhaeuser employees cannot use company stationery, the Weyerhaeuser name, work titles or
resources to express personal opinions to government officials. In addition, personal political
contributions will not be reimbursed.

For additional resources for your business, see the For More Information insert inside the back
cover.

Waivers

This code of ethics applies to all employees, officers of the company and the board of
directors.

No waiver of a material provision of this code of ethics may be made for executive officers and
directors except with the prior approval of the board of directors or a board committee and with
timely disclosure to shareholders.

25<PAGE>

                                                                     EXHIBIT 4.4

           FORM OF UNIT PURCHASE OPTION TO BE GRANTED REPRESENTATIVE

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

THIS PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF (I) THE
CONSUMMATION BY ASIA AUTOMOTIVE ACQUISITION CORPORATION ("COMPANY") OF A MERGER,
CAPITAL STOCK EXCHANGE, ASSET ACQUISITION OR OTHER SIMILAR BUSINESS COMBINATION
("BUSINESS COMBINATION") (AS DESCRIBED MORE FULLY IN THE COMPANY'S REGISTRATION
STATEMENT (DEFINED HEREIN)) AND (II) ______________, 2006. VOID AFTER 5:00 P.M.
EASTERN TIME, _____________, 2010.

                              UNIT PURCHASE OPTION

                              For the Purchase of

                                _________ Units

                                       of

                    ASIA AUTOMOTIVE ACQUISITION CORPORATION

1.    Purchase Option.

      THIS CERTIFIES THAT, in consideration of $100.00 duly paid by or on
behalf of ____________________ ("Holder"), as registered owner of this Purchase
Option, to Asia Automotive Acquisition Corporation ("Company"), Holder is
entitled, at any time or from time to time upon the later of (i) the
consummation of a Business Combination and (ii) ___________, 2006
("Commencement Date"), and at or before 5:00 p.m., Eastern Time, _____________,
2010 ("Expiration Date"), but not thereafter, to subscribe for, purchase and
receive, in whole or in part, up to Three Hundred Fifty Thousand (350,000) units
("Units") of the Company, each Unit consisting of one share of common stock of
the Company, par value $.0001 per share ("Common Stock"), and two warrants
("Warrant(s)") expiring four years from the effective date ("Effective Date") of
the registration statement ("Registration Statement") pursuant to which Units
are offered for sale to the public ("Offering"). Each Warrant is the same as the

                                       1

<PAGE>

warrants included in the Units being registered for sale to the public by way of
the Registration Statement ("Public Warrants") except that the Warrants have an
exercise price of $______ per share ("Warrant Exercise Price") (________ of the
exercise price of the Public Warrants). If the Expiration Date is a day on which
banking institutions are authorized by law to close, then this Purchase Option
may be exercised on the next succeeding day which is not such a day in
accordance with the terms herein. During the period ending on the Expiration
Date, the Company agrees not to take any action that would terminate the
Purchase Option. This Purchase Option is initially exercisable at $____ per Unit
so purchased; provided, however, that upon the occurrence of any of the events
specified in Section 6 hereof, the rights granted by this Purchase Option,
including the exercise price per Unit and the number of Units (and shares of
Common Stock and Warrants) to be received upon such exercise, shall be adjusted
as therein specified. The term "Exercise Price" shall mean the initial exercise
price or the adjusted exercise price, depending on the context.

2.    Exercise.

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

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

            "The securities represented by this certificate have not been
            registered under the Securities Act of 1933, as amended ("Act") or
            applicable state law. The securities may not be offered for sale,
            sold or otherwise transferred except pursuant to an effective
            registration statement under the Act, or pursuant to an exemption
            from registration under the Act and applicable state law."

      2.3   Cashless Exercise.

            2.3.1 Determination of Amount. In lieu of the payment of the
Exercise Price multiplied by the number of Units for which this Purchase Option
is exercisable (and in lieu of being entitled to receive Common Stock and
Warrants) in the manner required by Section 2.1, the Holder shall have the right
(but not the obligation) to convert any exercisable but unexercised portion of
this Purchase Option into Units ("Conversion Right") as follows: upon exercise
of the Conversion Right, the Company shall deliver to the Holder (without
payment by the Holder of any of the Exercise Price in cash) that number of Units
(or that number of shares of Common Stock and Warrants (or that number of shares
of comprising that number of Units) equal to the quotient obtained by dividing
(x) the "Value" (as defined below) of the portion of the Purchase Option being
converted by (y) the Current Market Value (as defined below). The "Value" of the
portion of the Purchase Option being converted shall equal the remainder derived
from subtracting (a) (i) the Exercise Price multiplied by (ii) the number of
Units underlying the portion of this Purchase Option being converted from (b)
the Current Market Value of a Unit multiplied by the number of Units underlying
the portion of the Purchase Option being converted. As used herein,

                                       2

<PAGE>

the term "Current Market Value" per Unit at any date means: (A) in the event
that neither the Units nor Public Warrants are still trading, the remainder
derived from subtracting (x) the exercise price of the Warrants multiplied by
the number of shares of Common Stock issuable upon exercise of the Warrants
underlying one Unit from (y) (i) the Current Market Price of the Common Stock
multiplied by (ii) the number of shares of Common Stock underlying one Unit,
which shall include the shares of Common Stock underlying the Warrants included
in such Unit; (B) in the event that the Units, Common Stock and Public Warrants
are still trading, (i) if the Units are listed on a national securities exchange
or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or NASD OTC
Bulletin Board (or successor exchange), the last sale price of the Units in the
principal trading market for the Units as reported by the exchange, Nasdaq or
the NASD, as the case may be, on the last trading day preceding the date in
question; or (ii) if the Units are not listed on a national securities exchange
or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or the NASD OTC
Bulletin Board (or successor exchange), but is traded in the residual
over-the-counter market, the closing bid price for Units on the last trading day
preceding the date in question for which such quotations are reported by the
Pink Sheets, LLC or similar publisher of such quotations; and (C) in the event
that the Units are not still trading but the Common Stock and Public Warrants
underlying the Units are still trading, the Current Market Price of the Common
Stock plus the product of (x) the Current Market Price of the Public Warrants
and (y) the number of shares of Common Stock underlying the Warrants included in
one Unit. The "Current Market Price" shall mean (i) if the Common Stock (or
Public Warrants, as the case may be) is listed on a national securities exchange
or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or NASD OTC
Bulletin Board (or successor exchange), the last sale price of the Common Stock
(or Public Warrants) in the principal trading market for the Common Stock as
reported by the exchange, Nasdaq or the NASD, as the case may be, on the last
trading day preceding the date in question; (ii) if the Common Stock (or Public
Warrants, as the case may be) is not listed on a national securities exchange or
quoted on the Nasdaq National Market, Nasdaq SmallCap Market or the NASD OTC
Bulletin Board (or successor exchange), but is traded in the residual
over-the-counter market, the closing bid price for the Common Stock (or Public
Warrants) on the last trading day preceding the date in question for which such
quotations are reported by the Pink Sheets, LLC or similar publisher of such
quotations; and (iii) if the fair market value of the Common Stock cannot be
determined pursuant to clause (i) or (ii) above, such price as the Board of
Directors of the Company shall determine, in good faith. In the event the Public
Warrants have expired and are no longer exercisable, no "Value" shall be
attributed to the Warrants underlying this Purchase Option. Additionally, in the
event this Purchase Option is exercised pursuant to this Section 2.3 and the
Public Warrants are still trading, the "Value" shall be reduced by the
difference between the Warrant Exercise Price and the exercise price of the
Public Warrants.

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

3.    Transfer.

      3.1 General Restrictions. The registered Holder of this Purchase Option,
by its acceptance hereof, agrees that it will not sell, transfer, assign, pledge
or hypothecate this Purchase Option for a period of one year following the
Effective Date to anyone other than (i) Rodman & Renshaw or an underwriter or a
selected dealer in connection with the Offering, or (ii) a bona fide officer or
partner of Rodman &

                                       3

<PAGE>

Renshaw or of any such underwriter or selected dealer. On and after the first
anniversary of the Effective Date, transfers to others may be made subject to
compliance with or exemptions from applicable securities laws. In order to make
any permitted assignment, the Holder must deliver to the Company the assignment
form attached hereto duly executed and completed, together with the Purchase
Option and payment of all transfer taxes, if any, payable in connection
therewith. The Company shall within five business days transfer this Purchase
Option on the books of the Company and shall execute and deliver a new Purchase
Option or Purchase Options of like tenor to the appropriate assignee(s)
expressly evidencing the right to purchase the aggregate number of Units
purchasable hereunder or such portion of such number as shall be contemplated by
any such assignment.

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

4.    New Purchase Options to be Issued.

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

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

5.    Registration Rights.

      5.1   Demand Registration.

            5.1.1 Grant of Right. The Company, upon written demand ("Initial
Demand Notice") of the Holder(s) of at least 51% of the Purchase Options and/or
the underlying Units and/or the underlying securities ("Majority Holders"),
agrees to register (the "Demand Registration") on one occasion, all or any
portion of the Purchase Options requested by the Majority Holders in the Initial
Demand Notice and all of the securities underlying such Purchase Options,
including the Units, Common Stock, the Warrants and the Common Stock underlying
the Warrants (collectively, the "Registrable Securities"). On such occasion, the
Company will file a registration statement or a post-effective

                                       4

<PAGE>

amendment to the Registration Statement covering the Registrable Securities
within sixty days after receipt of the Initial Demand Notice and use its best
efforts to have such registration statement or post-effective amendment declared
effective as soon as possible thereafter. The demand for registration may be
made at any time during a period of five years beginning on the Effective Date.
The Initial Demand Notice shall specify the number of shares of Registrable
Securities proposed to be sold and the intended method(s) of distribution
thereof. The Company covenants and agrees to give written notice of its receipt
of any Initial Demand Notice by any Holder(s) to all other registered Holders of
the Purchase Options and/or the Registrable Securities within ten days from the
date of the receipt of any such Initial Demand Notice. Each holder of
Registrable Securities who wishes to include all or a portion of such holder's
Registrable Securities in the Demand Registration (each such holder including
shares of Registrable Securities in such registration , a "Demanding Holder")
shall so notify the Company within fifteen (15) days after the receipt by the
holder of the notice from the Company. Upon any such request, the Demanding
Holders shall be entitled to have their Registrable Securities included in the
Demand Registration.

            5.1.2 Effective Registration. A registration will not count as a
Demand Registration until the registration statement filed with the Commission
with respect to such Demand Registration has been declared effective and the
Company has complied with all of its obligations under this Purchase Option with
respect thereto; provided, however, that if, after such registration statement
has been declared effective, the offering of Registrable Securities pursuant to
a Demand Registration is interfered with by any stop order or injunction of the
Commission or any other governmental agency or court, the registration statement
with respect to such Demand Registration will be deemed not to have been
declared effective, unless and until, (i) such stop order or injunction is
removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of
the Demanding Holders thereafter elect to continue the offering.

            5.1.3. Underwritten Offering. If the Majority Holders so elect and
such holders so advise the Company as part of the Initial Demand Notice, the
offering of such Registrable Securities pursuant to such Demand Registration
shall be in the form of an underwritten offering. In such event, the right of
any holder to include its Registrable Securities in such registration shall be
conditioned upon such holder's participation in such underwriting and the
inclusion of such holder's Registrable Securities in the underwriting to the
extent provided herein. All Demanding Holders proposing to distribute their
securities through such underwriting shall enter into an underwriting agreement
in customary form with the underwriter or underwriters selected for such
underwriting by the Majority Holders.

            5.1.4 Reduction of Offering. If the managing underwriter or
underwriters for a Demand Registration that is to be an underwritten offering
advises the Company and the Demanding Holders in writing that the dollar amount
or number of shares of Registrable Securities which the Demanding Holders desire
to sell, taken together with all other shares of Common Stock or other
securities which the Company desires to sell and the shares of Common Stock, if
any, as to which registration has been requested pursuant to written contractual
piggy-back registration rights held by other stockholders of the Company who
desire to sell, exceeds the maximum dollar amount or maximum number of shares
that can be sold in such offering without adversely affecting the proposed
offering price, the timing, the distribution method, or the probability of
success of such offering (such maximum dollar amount or maximum number of
shares, as applicable, the "Maximum Number of Shares"), then the Company shall
include in such registration: (i) first, the Registrable Securities as to which
Demand Registration has been requested by the Demanding Holders (pro rata in
accordance with the number of shares that each such person has requested be
included in such registration, regardless of the number of

                                       5

<PAGE>

shares held by each such person (such proportion is referred to herein as "Pro
Rata")) that can be sold without exceeding the Maximum Number of Shares; (ii)
second, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clause (i), the shares of Common Stock or other securities
that the Company desires to sell that can be sold without exceeding the Maximum
Number of Shares; (iii) third, to the extent that the Maximum Number of Shares
has not been reached under the foregoing clauses (i) and (ii), the shares of
Common Stock or other securities registrable pursuant to the terms of the
Registration Rights Agreement between the Company and the initial investors in
the Company, dated as of ________, 2005 (the "Registration Rights Agreement" and
such registrable securities, the "Investor Securities") as to which "piggy-back"
registration has been requested by the holders thereof, Pro Rata, that can be
sold without exceeding the Maximum Number of Shares; and (iv) fourth, to the
extent that the Maximum Number of Shares have not been reached under the
foregoing clauses (i), (ii), and (iii), the shares of Common Stock or other
securities for the account of other persons that the Company is obligated to
register pursuant to written contractual arrangements with such persons and that
can be sold without exceeding the Maximum Number of Shares.

            5.1.5 Withdrawal. If a majority-in-interest of the Demanding Holders
disapprove of the terms of any underwriting or are not entitled to include all
of their Registrable Securities in any offering, such majority-in-interest of
the Demanding Holders may elect to withdraw from such offering by giving written
notice to the Company and the underwriter or underwriters of their request to
withdraw prior to the effectiveness of the registration statement filed with the
Commission with respect to such Demand Registration. If the majority-in-interest
of the Demanding Holders withdraws from a proposed offering relating to a Demand
Registration, then such registration shall not count as a Demand Registration
provided for in Section 5.1.

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

      5.2   "Piggy-Back" Registration.

            5.2.1 Grant of Right. In addition to the demand right of
registration, the Holders of the Purchase Options shall have the right for a
period of seven years commencing on the Effective Date, to include the
Registrable Securities as part of any other registration of securities filed by
the Company (other than in connection with a transaction contemplated by Rule
145(a) promulgated under the Act or pursuant to Form S-8); provided, however,
that if, in the written opinion of the Company's managing underwriter or
underwriters, if any, for such offering, the inclusion of the Registrable
Securities, when added to the securities being registered by the Company or the
selling stockholder(s), will exceed the

                                       6

<PAGE>

maximum amount of the Company's securities which can be marketed (i) at a price
reasonably related to their then current market value, and (ii) without
materially and adversely affecting the entire offering, then the Company will
still be required to include the Registrable Securities, but may require the
Holders to agree, in writing, to delay the sale of all or any portion of the
Registrable Securities for a period of 90 days from the effective date of the
offering, provided, further, that if the sale of any Registrable Securities is
so delayed, then the number of securities to be sold by all stockholders in such
public offering during such 90 day period shall be apportioned pro rata among
all such selling stockholders, including all holders of the Registrable
Securities, according to the total amount of securities of the Company owned by
said selling stockholders, including all holders of the Registrable Securities.
The Company shall give written notice of such proposed filing to the Holders of
the Purchase Options as soon as practicable, but in no event less than ten (10)
days before the anticipated filing date, which notice shall describe the amount
and type of securities to be included in such offering, the intended method(s)
of distribution, and the name of the proposed managing underwriter or
underwriters, if any, of the offering, and offer the Holders in such notice the
opportunity to register the sale of such number of shares of Registrable
Securities as such holders may request in writing within five (5) days following
receipt of such notice (a "Piggy-Back Registration"). All Holders proposing to
distribute their Registrable Securities through a Piggy-Back Registration that
involves an underwriter or underwriters shall enter into an underwriting
agreement in customary form with the underwriter or underwriters selected for
such Piggy-Back Registration.

            5.2.2 Withdrawal. Any Holder of Registrable Securities may elect to
withdraw such Holder's request for inclusion of Registrable Securities in any
Piggy-Back Registration by giving written notice to the Company of such request
to withdraw prior to the effectiveness of the registration statement. The
Company (whether on its own determination or as the result of a withdrawal by
persons making a demand pursuant to written contractual obligations) may
withdraw a registration statement at any time prior to the effectiveness of the
registration statement. Notwithstanding any such withdrawal, the Company shall
pay all expenses incurred by the holders of Registrable Securities in connection
with such Piggy-Back Registration as provided in Section 5.2.3.

            5.2.3 Terms. The Company shall bear all fees and expenses attendant
to registering the Registrable Securities, including the expenses of any legal
counsel selected by the Holders to represent them in connection with the sale of
the Registrable Securities but the Holders shall pay any and all underwriting
commissions related to the Registrable Securities. In the event of such a
proposed registration, the Company shall furnish the then Holders of outstanding
Registrable Securities with not less than fifteen days written notice prior to
the proposed date of filing of such registration statement. Such notice to the
Holders shall continue to be given for each applicable registration statement
filed (during the period in which the Purchase Option is exercisable) by the
Company until such time as all of the Registrable Securities have been
registered and sold. The holders of the Registrable Securities shall exercise
the "piggy-back" rights provided for herein by giving written notice, within ten
days of the receipt of the Company's notice of its intention to file a
registration statement. The Company shall cause any registration statement filed
pursuant to the above "piggyback" rights to remain effective for at least nine
months from the date that the Holders of the Registrable Securities are first
given the opportunity to sell all of such securities.

      5.3 Damages. Should the registration or the effectiveness thereof required
by Sections 5.1 and 5.2 hereof be delayed by the Company or the Company
otherwise fails to comply with such provisions, the Company shall, in addition
to any other equitable or other relief available to the Holder(s), be liable for
any and all incidental, special and consequential damages sustained by the
Holder(s),

                                       7
<PAGE>

including, but not limited to, the loss of any profits that might have been
received by the holder upon the sale of shares of Common Stock or Warrants (and
shares of Common Stock underlying the Warrants) underlying this Purchase Option.

      5.4   General Terms.

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

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

            5.4.3 Documents Delivered to Holders. The Company shall furnish
Rodman & Renshaw, as representative of the Holders participating in any of the
foregoing offerings, a signed counterpart, addressed to the participating
Holders, of (i) an opinion of counsel to the Company, dated the effective date
of such registration statement (and, if such registration includes an
underwritten public offering, an opinion dated the date of the closing under any
underwriting agreement related thereto), and (ii) a "cold comfort" letter dated
the effective date of such registration statement (and, if such registration
includes an underwritten public offering, a letter dated the date of the closing
under the underwriting agreement) signed by the independent public accountants
who have issued a report on the Company's financial statements included in such
registration statement, in each case covering substantially the same matters
with respect to such registration statement (and the prospectus included
therein) and, in the case of such accountants' letter, with respect to events
subsequent to the date of such financial statements, as are customarily covered
in opinions of issuer's counsel and in accountants' letters delivered to
underwriters in underwritten public offerings of securities. The Company shall
also deliver promptly to Rodman & Renshaw, as representative of the Holders
participating in the offering, the correspondence

                                       8
<PAGE>

and memoranda described below and copies of all correspondence between the
Commission and the Company, its counsel or auditors and all memoranda relating
to discussions with the Commission or its staff with respect to the registration
statement and permit Rodman & Renshaw, as representative of the Holders, to do
such investigation, upon reasonable advance notice, with respect to information
contained in or omitted from the registration statement as it deems reasonably
necessary to comply with applicable securities laws or rules of the National
Association of Securities Dealers, Inc. ("NASD"). Such investigation shall
include access to books, records and properties and opportunities to discuss the
business of the Company with its officers and independent auditors, all to such
reasonable extent and at such reasonable times and as often as Rodman & Renshaw,
as representative of the Holders, shall reasonably request. The Company shall
not be required to disclose any confidential information or other records to
Rodman & Renshaw, as representative of the Holders, or to any other person,
until and unless such persons shall have entered into reasonable confidentiality
agreements (in form and substance reasonably satisfactory to the Company), with
the Company with respect thereto.

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

            5.4.5 Rule 144 Sale. Notwithstanding anything contained in this
Section 5 to the contrary, the Company shall have no obligation pursuant to
Sections 5.1 or 5.2 for the registration of Registrable Securities held by any
Holder (i) where such Holder would then be entitled to sell under Rule 144
within any three-month period (or such other period prescribed under Rule 144 as
may be provided by amendment thereof) all of the Registrable Securities then
held by such Holder, and (ii) where the number of Registrable Securities held by
such Holder is within the volume limitations under paragraph (e) of Rule 144
(calculated as if such Holder were an affiliate within the meaning of Rule 144).

            5.4.6 Supplemental Prospectus. Each Holder agrees, that upon receipt
of any notice from the Company of the happening of any event as a result of
which the prospectus included in the Registration Statement, as then in effect,
includes an untrue statement of a material fact or omits to state a material
fact required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances then existing, such Holder will
immediately discontinue disposition of

                                       9
<PAGE>

Registrable Securities pursuant to the Registration Statement covering such
Registrable Securities until such Holder's receipt of the copies of a
supplemental or amended prospectus, and, if so desired by the Company, such
Holder shall deliver to the Company (at the expense of the Company) or destroy
(and deliver to the Company a certificate of such destruction) all copies, other
than permanent file copies then in such Holder's possession, of the prospectus
covering such Registrable Securities current at the time of receipt of such
notice.

6.    Adjustments.

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

            6.1.1 Stock Dividends - Split-Ups. If after the date hereof, and
subject to the provisions of Section 6.4 below, the number of outstanding shares
of Common Stock is increased by a stock dividend payable in shares of Common
Stock or by a split-up of shares of Common Stock or other similar event, then,
on the effective date thereof, the number of shares of Common Stock underlying
each of the Units purchasable hereunder shall be increased in proportion to such
increase in outstanding shares. In such case, the number of shares of Common
Stock, and the exercise price applicable thereto, underlying the Warrants
underlying each of the Units purchasable hereunder shall be adjusted in
accordance with the terms of the Warrants. For example, if the Company declares
a two-for-one stock dividend and at the time of such dividend this Purchase
Option is for the purchase of one Unit at $6.60 per whole Unit (each Warrant
underlying the Units is exercisable for $5.00 per share), upon effectiveness of
the dividend, this Purchase Option will be adjusted to allow for the purchase of
one Unit at $6.60 per Unit, each Unit entitling the holder to receive two shares
of Common Stock and four Warrants (each Warrant exercisable for $2.50 per
share).

            6.1.2 Aggregation of Shares. If after the date hereof, and subject
to the provisions of Section 6.4, the number of outstanding shares of Common
Stock is decreased by a consolidation, combination or reclassification of shares
of Common Stock or other similar event, then, on the effective date thereof, the
number of shares of Common Stock underlying each of the Units purchasable
hereunder shall be decreased in proportion to such decrease in outstanding
shares. In such case, the number of shares of Common Stock, and the exercise
price applicable thereto, underlying the Warrants underlying each of the Units
purchasable hereunder shall be adjusted in accordance with the terms of the
Warrants.

            6.1.3 Replacement of Securities upon Reorganization, etc. In case of
any reclassification or reorganization of the outstanding shares of Common Stock
other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely
affects the par value of such shares of Common Stock, or in the case of any
merger or consolidation of the Company with or into another corporation (other
than a consolidation or merger in which the Company is the continuing
corporation and that does not result in any reclassification or reorganization
of the outstanding shares of Common Stock), or in the case of any sale or
conveyance to another corporation or entity of the property of the Company as an
entirety or substantially as an entirety in connection with which the Company is
dissolved, the Holder of this Purchase Option shall have the right thereafter
(until the expiration of the right of exercise of this Purchase Option) to
receive upon the exercise hereof, for the same aggregate Exercise Price payable
hereunder immediately prior to such event, the kind and amount of shares of
stock or other securities or property (including cash) receivable upon such
reclassification, reorganization, merger or consolidation,

                                       10
<PAGE>

or upon a dissolution following any such sale or transfer, by a Holder of the
number of shares of Common Stock of the Company obtainable upon exercise of this
Purchase Option and the underlying Warrants immediately prior to such event; and
if any reclassification also results in a change in shares of Common Stock
covered by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant
to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section
6.1.3 shall similarly apply to successive reclassifications, reorganizations,
mergers or consolidations, sales or other transfers.

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

      6.2   [Intentionally Omitted]

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

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

7.    Reservation and Listing. The Company shall at all times reserve and
keep available out of its authorized shares of Common Stock, solely for the
purpose of issuance upon exercise of the Purchase Options or the Warrants
underlying the Purchase Option, such number of shares of Common Stock or other
securities, properties or rights as shall be issuable upon the exercise thereof.
The Company covenants and agrees that, upon exercise of the Purchase Options and
payment of the Exercise Price therefor, all shares of Common Stock and other
securities issuable upon such exercise shall be duly and validly issued, fully
paid and non-assessable and not subject to preemptive rights of any stockholder.
The Company further covenants and agrees that upon exercise of the Warrants
underlying the Purchase Options and payment of the respective Warrant exercise
price therefor, all shares of Common Stock and other securities issuable upon
such exercise shall be duly and validly issued, fully paid and non-assessable
and not subject to preemptive rights of any stockholder. As long as the Purchase
Options shall be

                                       11
<PAGE>

outstanding, the Company shall use its best efforts to cause all (i) Units and
shares of Common Stock issuable upon exercise of the Purchase Options, (ii)
Warrants issuable upon exercise of the Purchase Options and (iii) shares of
Common Stock issuable upon exercise of the Warrants included in the Units
issuable upon exercise of the Purchase Option to be listed (subject to official
notice of issuance) on all securities exchanges (or, if applicable on the Nasdaq
National Market, SmallCap Market, OTC Bulletin Board or any successor trading
market) on which the Units, the Common Stock or the Public Warrants issued to
the public in connection herewith may then be listed and/or quoted.

8.    Certain Notice Requirements.

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

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

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

                                       12
<PAGE>

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

                        Asia Automotive Acquisition Corporation
                        401 South Old Woodward, Suite 450
                        Birmingham, Michigan 48009
                        Attn: William R. Herren, Chairman

9.    Miscellaneous.

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

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

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

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

      10.2 Governing Law; Submission to Jurisdiction. This Purchase Option shall
be governed by and construed and enforced in accordance with the laws of the
State of New York, without giving effect to conflicts of law principles that
would result in the application of the substantive laws of another jurisdiction.
The Company hereby agrees that any action, proceeding or claim against it
arising out of, or relating in any way to this Purchase Option shall be brought
and enforced in the courts of the State of New York or of the United States of
America for the Southern District of New York, and irrevocably submits to such
jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives
any objection to such exclusive jurisdiction and that such courts represent an
inconvenient forum. Any

                                       13
<PAGE>

process or summons to be served upon the Company may be served by transmitting a
copy thereof by registered or certified mail, return receipt requested, postage
prepaid, addressed to it at the address set forth in Section 8 hereof. Such
mailing shall be deemed personal service and shall be legal and binding upon the
Company in any action, proceeding or claim. The Company and the Holder agree
that the prevailing party(ies) in any such action shall be entitled to recover
from the other party(ies) all of its reasonable attorneys' fees and expenses
relating to such action or proceeding and/or incurred in connection with the
preparation therefor.

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

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

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

      10.6 Underlying Warrants. At any time after exercise by the Holder of this
Purchase Option, the Holder may exchange his Warrants (with a $6.65 exercise
price) for Public Warrants (with a $5.00 exercise price) upon payment to the
Company of the difference between the exercise price of his Warrant and the
exercise price of the Public Warrants.

            IN WITNESS WHEREOF, the Company has caused this Purchase Option to
be signed by its duly authorized officer as of the ____ day of __________, 2005.

                                     ASIA AUTOMOTIVE ACQUISITION CORPORATION

                                     By:_________________________________
                                         Name: William R. Herren
                                         Title: Chairman

                                       14
<PAGE>

Form to be used to exercise Purchase Option:

Asia Automotive Acquisition Corporation
401 South Old Woodward, Suite 450
Birmingham, Michigan 48009
Attn: William R. Herren, Chairman

Date:_________________, 200__

The undersigned hereby elects irrevocably to exercise all or a portion of the
within Purchase Option and to purchase ____ Units of Asia Automotive Acquisition
Corporation and hereby makes payment of $____________ (at the rate of $_________
per Unit) in payment of the Exercise Price pursuant thereto. Please issue the
Common Stock and Warrants as to which this Purchase Option is exercised in
accordance with the instructions given below.

                                       or

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

                                     ______________________________
                                     Signature

                                     _______________________________
                                     Signature Guaranteed

                  INSTRUCTIONS FOR REGISTRATION OF SECURITIES

Name_____________________________________________________________
                            (Print in Block Letters)

Address__________________________________________________________

            NOTICE: THE SIGNATURE TO THIS FORM MUST CORRESPOND WITH THE NAME AS
WRITTEN UPON THE FACE OF THE WITHIN PURCHASE OPTION IN EVERY PARTICULAR WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A
BANK, OTHER THAN A SAVINGS BANK, OR BY A TRUST COMPANY OR BY A FIRM HAVING
MEMBERSHIP ON A REGISTERED NATIONAL SECURITIES EXCHANGE.

                                       15
<PAGE>

Form to be used to assign Purchase Option:

                                   ASSIGNMENT

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

            FOR                                                            VALUE
RECEIVED,_________________________________________________
does hereby sell, assign and transfer
unto________________________________________________
the right to purchase __________ Units of Asia Automotive Acquisition
Corporation ("Company") evidenced by the within Purchase Option and does hereby
authorize the Company to transfer such right on the books of the Company.

Dated:___________________, 200_

                                     ______________________________
                                     Signature

                                     _______________________________
                                     Signature Guaranteed

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

                                       16

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