Document:

EXHIBIT
        4.4

       

      WARRANT
        AGREEMENT

       

      Agreement
        made as of ___________ , 2005 between Industrial Services Acquisition
        Corp., a Delaware corporation, with offices at 2807 El Presidio, Carson,
        California 90810 (“Company”), and Continental Stock Transfer & Trust
        Company, a New York corporation, with offices at 17 Battery Place, New York,
        New
        York 10004 (“Warrant Agent”).

       

      WHEREAS,
        the Company is engaged in a public offering (“Public Offering”) of Units
        (“Units”) and, in connection therewith, has determined to issue and deliver up
        to ___________ Warrants (“Public Warrants”) to the investors in the Public
        Offering, each of such Public Warrants evidencing the right of the holder
        thereof to purchase one share of common stock, par value $.0001 per share,
        of
        the Company’s Common Stock (“Common Stock”) for $6.00, subject to adjustment as
        described herein, and (ii) _________ Warrants to Wedbush Morgan Securities
        Inc.
        (“Wedbush”) or its designees (“Representative's Warrants” and, together with the
        Public Warrants, the “Warrants”), each such Representative’s Warrant evidencing
        the right of the holder thereof to purchase one share of Common Stock for
        $____,
        subject to adjustments as described herein; and

       

      WHEREAS,
        the Company has filed with the Securities and Exchange Commission a Registration
        Statement, No. _________ on Form S-1 (as the same may be amended from time
        to
        time) (“Registration Statement”) for the registration, under the Securities Act
        of 1933, as amended (“Act”) of, among other securities, the Warrants and the
        Common Stock issuable upon exercise of the Warrants; and

       

      WHEREAS,
        the Company desires the Warrant Agent to act on behalf of the Company, and
        the
        Warrant Agent is willing to so act, in connection with the issuance,
        registration, transfer, exchange, redemption and exercise of the Warrants;
        and

       

      WHEREAS,
        the Company desires to provide for the form and provisions of the Warrants,
        the
        terms upon which they shall be issued and exercised, and the respective rights,
        limitation of rights, and immunities of the Company, the Warrant Agent, and
        the
        holders of the Warrants; and

       

      WHEREAS,
        all acts and things have been done and performed which are necessary to make
        the
        Warrants, when executed on behalf of the Company and countersigned by or
        on
        behalf of the Warrant Agent, as provided herein, the valid, binding and legal
        obligations of the Company, and to authorize the execution and delivery of
        this
        Agreement.

       

      NOW,
        THEREFORE, in consideration of the mutual agreements herein contained, the
        parties hereto agree as follows:

       

      1.  Appointment
        of Warrant Agent.
        The
        Company hereby appoints the Warrant Agent to act as agent
        for the
        Company for the Warrants, and the Warrant Agent hereby accepts such appointment
        and agrees to perform the same in accordance with the terms and conditions
        set
        forth in this Agreement.

       

      2.  Warrants.

       

      2.1  Form
        of Warrant.
        Each
        Warrant shall be issued in registered form only, shall be in substantially
        the
        form of Exhibit A hereto, the provisions of which are incorporated herein
        and
        shall be signed by, or bear the facsimile signature of, the Chairman of the
        Board or President and Treasurer, Secretary or Assistant Secretary of the
        Company and shall bear a facsimile of the Company’s seal. In the event the
        person whose facsimile signature has been placed upon any Warrant shall have
        ceased to serve in the capacity in which such person signed the Warrant before
        such Warrant is issued, it may be issued with the same effect as if he or
        she
        had not ceased to be such at the date of issuance. All of the Warrants shall
        initially be represented by one or more book-entry certificates (each a
“Book-Entry Warrant Certificate”).

       

      2.2  Effect
        of Countersignature.
        Unless
        and until countersigned by the Warrant Agent pursuant to this Agreement,
        a
        Warrant shall be invalid and of no effect and may not be exercised by the
        holder
        thereof.

       

      
        
          
          

        

        
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      2.3  Registration.

       

      2.3.1  Warrant
        Register.
        The
        Warrant Agent shall maintain books (“Warrant Register”), for the registration of
        original issuance and the registration of transfer of the Warrants. Upon
        the
        initial issuance of the Warrants, the Warrant Agent shall issue and register
        the
        Warrants in the names of the respective holders thereof in such denominations
        and otherwise in accordance with instructions delivered to the Warrant Agent
        by
        the Company. All of the Warrants shall initially be represented by one or
        more
        Book-Entry Warrant Certificate deposited with the Depository Trust Company
        (the
“Depository”) and registered in the name of Cede & Co., a nominee of the
        Depository. Ownership of beneficial interests in the Warrants shall be shown
        on,
        and the transfer of such ownership shall be effected through, records maintained
        by (i) the Depository or its nominee for each Book-Entry Warrant Certificate,
        or
        (ii) institutions that have accounts with the Depository (such institution,
        with
        respect to a Warrant in its account, a “Participant”).

       

      If
        the
        Depository subsequently ceases to make its book-entry settlement system
        available for the Warrants, the Company may instruct the Warrant Agent regarding
        making other arrangements for book-entry settlement. In the event that the
        Warrants are not eligible for, or it is no longer necessary to have the Warrants
        available in, book-entry form, the Warrant Agent shall provide written
        instructions to the Depository to deliver to the Warrant Agent for cancellation
        of each Book-Entry Warrant Certificate, and the Company shall instruct the
        Warrant Agent to deliver to the Depository definitive Warrant Certificates
        in
        physical form evidencing such Warrants. Such definitive Warrant Certificates
        shall be in the form annexed hereto as Exhibit
        A
        with
        appropriate insertions, modifications and omissions, as provided
        above.

       

      2.3.2  Beneficial
        Owner; Registered Holder.
        The
        term “beneficial owner” shall mean, on or after the Detachment Date, any person
        in whose name ownership of a beneficial interest in the Warrants evidenced
        by a
        Book-Entry Certificate is recorded in the records maintained by the Depository
        or its nominee, and prior to the Detachment Date, the person in whose name
        the
        Unit to which Warrant Certificate was initially attached as registered upon
        the
        register relating to such Units. Prior to due presentment for registration
        of
        transfer of any Warrant, the Company and the Warrant Agent may deem and treat
        the person in whose name such Warrant shall be registered upon the Warrant
        Register (“registered holder”), as the absolute owner of such Warrant and of
        each Warrant represented thereby (notwithstanding any notation of ownership
        or
        other writing on the Warrant Certificate made by anyone other than the Company
        or the Warrant Agent), for the purpose of any exercise thereof, and for all
        other purposes, and neither the Company nor the Warrant Agent shall be affected
        by any notice to the contrary.

       

      2.4  Detachability
        of Warrants.
        The
        securities comprising the Units will be separately transferable within the
        first
        20 trading days following the earlier of the exercise in full or expiration
        of
        the underwriters’ over-allotment option (as described in the Company's
        Prospectus dated ____________, 2005) (the “Detachment Date”), but in no event
        will separate trading of the securities comprising the Units be allowed until
        the Company files a Current Report on Form 8-K which includes an audited
        balance
        sheet reflecting the receipt by the Company of the net proceeds of the Public
        Offering including the proceeds received by the Company from the exercise
        of the
        underwriter’s over-allotment option, if any.

       

      2.5  Warrants
        and Representative's Warrants.
        The
        Representative's Warrants shall have the same terms and be in the same form
        as
        the Public Warrants except with respect to the Warrant Price as set forth
        below
        in Section 3.1.

       

      3.  Terms
        and Exercise of Warrants.

       

      3.1  Warrant
        Price.
        Each
        Public Warrant shall, when countersigned by the Warrant Agent, entitle the
        registered holder thereof, subject to the provisions of such Public Warrant
        and
        of this Warrant Agreement, to purchase from the Company the number of shares
        of
        Common Stock stated therein, at the price of $6.00 per whole share, subject
        to
        the adjustments provided in Section 4 hereof and in the last sentence
        of
        this Section 3.1. Each Representative’s Warrant shall, when countersigned
        by the Warrant Agent, entitle the registered holder thereof, subject to the
        provisions of such Representative's Warrant and of this Warrant Agreement,
        to
        purchase from the Company the number of shares of Common Stock stated therein,
        at the price of $6.00 per whole share, subject to the adjustments provided
        in
        Section 4 hereof and in the last sentence of this Section 3.1. The
        term
“Warrant Price” as used in this Warrant Agreement refers to the price per share
        at which Common Stock may be purchased at the time a Warrant is exercised.
        The
        Company in its sole discretion may lower the Warrant Price at any time prior
        to
        the Expiration Date.

       

      
        
          
          

        

        
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      3.2  Duration
        of Warrants.
        A
        Warrant may be exercised only during the period (“Exercise Period”) commencing
        on the later of the consummation by the 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)
        or ___________ , 2006 and terminating at 5:00 p.m., New York City
        time on
        the earlier to occur of (i) ___________, 2010 or (ii) the date fixed
        for
        redemption of the Warrants as provided in Section 6 of this Agreement
        (“Expiration Date”). Except with respect to the right to receive the Redemption
        Price (as set forth in Section 6 hereunder), each Warrant not exercised
        on
        or before the Expiration Date shall become void, and all rights thereunder
        and
        all rights in respect thereof under this Agreement shall cease at the close
        of
        business on the Expiration Date. The Company in its sole discretion may extend
        the duration of the Warrants by delaying the Expiration Date.

       

      3.3  Exercise
        of Warrants.
        A
        registered holder may exercise a Warrant by delivering not later than 5:00
        P.M.,
        New York time, on any Business Day (defined as any day that is not a Saturday
        or
        Sunday and is not a United States federal holiday or a day on which banking
        institutions generally are authorized or obligated by law or regulation to
        close
        in New York) during the Exercise Period (the “Exercise Date”) to the Warrant
        Agent at its corporate trust department (i) the Warrant Certificate evidencing
        the Warrants to be exercised, or, in the case of a Book-Entry Warrant
        Certificate, the Warrants to be exercised (the “Book-Entry Warrants”) free on
        the records of the Depository to an account of the Warrant Agent at the
        Depository designated for such purpose in writing by the Warrant Agent to
        the
        Depository from time to time, (ii) an election to purchase the shares underlying
        the Warrants to be exercised (“Election to Purchase”), properly completed and
        executed by the registered holder on the reverse of the Warrant Certificate
        or,
        in the case of a Book-Entry Warrant Certificate, properly delivered by the
        Participant in accordance with the Depository’s procedures, and (iii) the
        Exercise Price for each Warrant to be exercised in lawful money of the United
        States of America by certified or official bank check or by bank wire transfer
        in immediately available funds. If any of (A) the Warrant Certificate or
        the
        Book-Entry Warrants, (B) the Election to Purchase, or (C) the Exercise Price
        therefor, is received by the Warrant Agent after 5:00 P.M., New York time,
        on
        the specified Exercise Date, the Warrants will be deemed to be received and
        exercised on the Business Day next succeeding the Exercise Date. If the date
        specified as the Exercise Date is not a Business Day, the Warrants will be
        deemed to be received and exercised on the next succeeding day that is a
        Business Day. If the Warrants are received or deemed to be received after
        the
        Expiration Date, the exercise thereof will be null and void and any funds
        delivered to the Warrant Agent will be returned to the holder or Participant,
        as
        the case may be, as soon as practicable. In no event will interest accrue
        on
        funds deposited with the Warrant Agent in respect of an exercise or attempted
        exercise of Warrants. The validity of any exercise of Warrants will be
        determined by the Company in its sole discretion and such determination will
        be
        final and binding upon the holder and the Warrant Agent. Neither the Company
        nor
        the Warrant Agent shall have any obligation to inform a holder of the invalidity
        of any exercise of Warrants.

       

      The
        Warrant Agent shall deposit all funds received by it in payment of the Exercise
        Price in the account of the Company maintained with the Warrant Agent for
        such
        purpose and shall advise the Company at the end of each day on which the
        funds
        for the exercise of the Warrants are received of the amount so deposited
        to its
        account. The Warrant Agent shall promptly confirm such telephonic advice
        to the
        Company in writing.

       

      (a)  The
        Warrant Agent shall, by 11:00 A.M., New York time, on the Business Day following
        the Exercise Date of any Warrant, advise the Company and the transfer agent
        in
        respect of (a) the shares of Common Stock (the “Shares”) issuable upon such
        exercise as to the number of Warrants exercised in accordance with the terms
        and
        conditions of this Agreement, (b) the instructions of each registered holder
        or
        Participant, as the case may be, with respect to delivery of the Shares issuable
        upon such exercise, and the delivery of definitive Warrant Certificates,
        as
        appropriate, evidencing the balance, if any, of the Warrants remaining after
        such exercise, (c) in case of a Book-Entry Warrant Certificate, the notation
        that shall be made to the records maintained by the Depository, its nominee
        for
        each Book-Entry Warrant Certificate, or a Participant, as appropriate,
        evidencing the balance, if any, of the Warrants remaining after such exercise
        and (d) such other information as the Company or such transfer agent and
        registrar shall reasonably require.

       

      
        
          
          

        

        
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      (b)  The
        Company shall, by 5:00 P.M., New York time, on the third Business Day next
        succeeding the Exercise Date of any Warrant and the clearance of the funds
        in
        payment of the Warrant Price, execute, issue and deliver to the Warrant Agent,
        the Shares to which such holder is entitled, in fully registered form,
        registered in such name or names as may be directed by such holder or the
        Participant, as the case may be. Upon receipt of such Shares, the Warrant
        Agent
        shall, by 5:00 P.M., New York time, on the fifth Business Day next succeeding
        such Exercise Date, transmit such Shares, to or upon the order of the holder
        or
        Participant, as the case may be.

       

      In
        lieu
        of delivering physical certificates representing the Shares issuable upon
        exercise, provided the Company’s transfer agent is participating in the
        Depository Fast Automated Securities Transfer program, the Company shall
        use its
        reasonable best efforts to cause its transfer agent to electronically transmit
        the Shares issuable upon exercise to the registered holder or Participant
        by
        crediting the account of the registered holder’s prime broker with Depository or
        of the Participant through its Deposit Withdrawal Agent Commission system.
        The
        time periods for delivery described in the immediately preceding paragraph
        shall
        apply to the electronic transmittals described herein. Notwithstanding the
        foregoing, the Company shall not be obligated to deliver any securities pursuant
        to the exercise of a Warrant unless a registration statement under the Act
        with
        respect to the Common Stock is effective. Warrants may not be exercised by,
        or
        securities issued to, any registered holder in any state in which such exercise
        would be unlawful.

       

      (c)  The
        accrual of dividends, if any, on the Shares issued upon the valid exercise
        of
        any Warrant will be governed by the terms generally applicable to the Shares.
        From and after the issuance of such Shares, the former holder of the Warrants
        exercised will be entitled to the benefits generally available to other holders
        of Shares and such former holder’s right to receive payment of dividends and any
        other amounts payable in respect of the Shares shall be governed by, and
        shall
        be subject to, the terms and provisions generally applicable to such
        Shares.

       

      (d)  Warrants
        may be exercised only in whole numbers of Warrants. No fractional shares
        of
        Common Stock are to be issued upon the exercise of this Warrant, but rather
        the
        number of shares of Common Stock to be issued shall be rounded up to the
        nearest
        whole number. If fewer than all of the Warrants evidenced by a Warrant
        Certificate are exercised, a new Warrant Certificate for the number of Warrants
        remaining unexercised shall be executed by the Company and countersigned
        by the
        Warrant Agent as provided in Section 2 hereof, and delivered to the holder
        of
        this Warrant Certificate at the address specified on the books of the Warrant
        Agent or as otherwise specified by such registered holder. If fewer than
        all the
        Warrants evidenced by a Book-Entry Warrant Certificate are exercised, a notation
        shall be made to the records maintained by the Depository, its nominee for
        each
        Book-Entry Warrant Certificate, or a Participant, as appropriate, evidencing
        the
        balance of the Warrants remaining after such exercise.

       

      (e)  The
        Company shall not be required to pay any stamp or other tax or governmental
        charge required to be paid in connection with any transfer involved in the
        issue
        of the Shares upon the exercise of Warrants; and in the event that any such
        transfer is involved, the Company shall not be required to issue or deliver
        any
        Shares until such tax or other charge shall have been paid or it has been
        established to the Company’s satisfaction that no such tax or other charge is
        due.

       

       

      
        
          
          

        

        
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      4.  Adjustments.

       

      4.1  Stock
        Dividends - Split-Ups.
        If
        after the date hereof, and subject to the provisions of Section 4.6
        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 of such stock
        dividend, split-up or similar event, the number of shares of Common Stock
        issuable on exercise of each Warrant shall be increased in proportion to
        such
        increase in outstanding shares of Common Stock.

       

      4.2  Aggregation
        of Shares.
        If
        after the date hereof, and subject to the provisions of Section 4.6,
        the
        number of outstanding shares of Common Stock is decreased by a consolidation,
        combination, reverse stock split or reclassification of shares of Common
        Stock
        or other similar event, then, on the effective date of such consolidation,
        combination, reverse stock split, reclassification or similar event, the
        number
        of shares of Common Stock issuable on exercise of each Warrant shall be
        decreased in proportion to such decrease in outstanding shares of Common
        Stock.

       

      4.3  Adjustments
        in Exercise Price.
        Whenever the number of shares of Common Stock purchasable upon the exercise
        of
        the Warrants is adjusted, as provided in Section 4.1 and 4.2 above,
        the
        Warrant Price shall be adjusted (to the nearest cent) by multiplying such
        Warrant Price immediately prior to such adjustment by a fraction (x) the
        numerator of which shall be the number of shares of Common Stock purchasable
        upon the exercise of the Warrants immediately prior to such adjustment, and
        (y)
        the denominator of which shall be the number of shares of Common Stock so
        purchasable immediately thereafter.

       

      4.4  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 4.1 or 4.2 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 assets or other property
        of
        the Company as an entirety or substantially as an entirety in connection
        with
        which the Company is dissolved, the Warrant holders shall thereafter have
        the
        right to purchase and receive, upon the basis and upon the terms and conditions
        specified in the Warrants and in lieu of the shares of Common Stock of the
        Company immediately theretofore purchasable and receivable upon the exercise
        of
        the rights represented thereby, the kind and amount of shares of stock or
        other
        securities or property (including cash) receivable upon such reclassification,
        reorganization, merger or consolidation, or upon a dissolution following
        any
        such sale or transfer, that the Warrant holder would have received if such
        Warrant holder had exercised his, her or its Warrant(s) immediately prior
        to
        such event; and if any reclassification also results in a change in shares
        of
        Common Stock covered by Section 4.1 or 4.2, then such adjustment shall
        be
        made pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4.
        The
        provisions of this Section 4.4 shall similarly apply to successive
        reclassifications, reorganizations, mergers or consolidations, sales or other
        transfers.

       

      
        
          
          

        

        
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      4.5  Notices
        of Changes in Warrant.
        Upon
        every adjustment of the Warrant Price or the number of shares issuable upon
        exercise of a Warrant, the Company shall give written notice thereof to the
        Warrant Agent, which notice shall state the Warrant Price resulting from
        such
        adjustment and the increase or decrease, if any, in the number of shares
        purchasable at such price upon the exercise of a Warrant, setting forth in
        reasonable detail the method of calculation and the facts upon which such
        calculation is based. Upon the occurrence of any event specified in Sections
        4.1, 4.2, 4.3 or 4.4, then, in any such event, the Company shall give written
        notice to the Warrant holder, at the last address set forth for such holder
        in
        the warrant register, of the record date or the effective date of the event.
        Failure to give such notice, or any defect therein, shall not affect the
        legality or validity of such event.

       

      4.6  No
        Fractional Shares.
        Notwithstanding any provision contained in this Warrant Agreement to the
        contrary, the Company shall not issue fractional shares upon exercise of
        Warrants. If, by reason of any adjustment made pursuant to this Section 4,
        the holder of any Warrant would be entitled, upon the exercise of such Warrant,
        to receive a fractional interest in a share, the Company shall, upon such
        exercise, round up to the nearest whole number the number of the shares of
        Common Stock to be issued to the Warrant holder.

       

      4.7  Form
        of Warrant.
        The
        form of Warrant need not be changed because of any adjustment pursuant to
        this
        Section 4, and Warrants issued after such adjustment may state the
        same
        Warrant Price and the same number of shares as is stated in the Warrants
        initially issued pursuant to this Agreement. However, the Company may at
        any
        time in its sole discretion make any change in the form of Warrant that the
        Company may deem appropriate and that does not affect the substance thereof,
        and
        any Warrant thereafter issued or countersigned, whether in exchange or
        substitution for an outstanding Warrant or otherwise, may be in the form
        as so
        changed.

       

      5.  Transfer
        and Exchange of Warrants.

       

      5.1  Transfer
        of Warrants.
        Prior
        to the Detachment Date, Warrants may be transferred or exchanged only together
        with the Unit in which such Warrant is included, and only for the purpose
        of
        effecting, or in conjunction with, a transfer or exchange of such Unit.
        Furthermore, prior to the Detachment Date, each transfer of a Unit on the
        register relating to such Units shall operate also to transfer the Warrants
        included in such Unit. From and after the Detachment Date, this Section 5.1
        shall be of no further force and effect.

       

      5.2  Registration
        of Transfer.
        The
        Warrant Agent shall register the transfer, from time to time, of any outstanding
        Warrant upon the Warrant Register, upon surrender of such Warrant for transfer,
        properly endorsed with signatures properly guaranteed and accompanied by
        appropriate instructions for transfer. Upon any such transfer, a new Warrant
        representing an equal aggregate number of Warrants shall be issued and the
        old
        Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled
        shall
        be delivered by the Warrant Agent to the Company from time to time upon
        request.

       

      5.3  Procedure
        for Surrender of Warrants.
        Warrants may be surrendered to the Warrant Agent, together with a written
        request for exchange or transfer, and thereupon the Warrant Agent shall issue
        in
        exchange therefor one or more new Warrants as requested by the registered
        holder
        of the Warrants so surrendered, representing an equal aggregate number of
        Warrants; provided, however, that except as otherwise provided herein or
        in any
        Book-Entry Warrant Certificate, each Book-Entry Warrant Certificate may be
        transferred only in whole and only to the Depository, to another nominee
        of the
        Depository, to a successor depository or to a nominee of a successor depository;
        provided further, however, that in the event that a Warrant surrendered for
        transfer bears a restrictive legend, the Warrant Agent shall not cancel such
        Warrant and issue new Warrants in exchange therefor until the Warrant Agent
        has
        received an opinion of counsel for the Company stating that such transfer
        may be
        made and indicating whether the new Warrants must also bear a restrictive
        legend. Upon any such registration of transfer, the Company shall execute,
        and
        the Warrant Agent shall countersign and deliver, in the name of the designated
        transferee a new Warrant Certificate or Warrant Certificates of any authorized
        denomination evidencing in the aggregate a like number of unexercised
        Warrants.

       

      
        
          
          

        

        
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      5.4  Fractional
        Warrants.
        The
        Warrant Agent shall not be required to effect any registration of transfer
        or
        exchange which will result in the issuance of a warrant certificate for a
        fraction of a warrant.

       

      5.5  Service
        Charges.
        No
        service charge shall be made for any exchange or registration of transfer
        of
        Warrants.

       

      5.6  Warrant
        Execution and Countersignature.
        The
        Warrant Agent is hereby authorized to countersign and to deliver, in accordance
        with the terms of this Agreement, the Warrants required to be issued pursuant
        to
        the provisions of this Section 5, and the Company, whenever required
        by the
        Warrant Agent, will supply the Warrant Agent with Warrants duly executed
        on
        behalf of the Company for such purpose.

       

      6.   Redemption.

       

      6.1  Redemption.
        Subject
        to Section 6.4 hereof, not less than all of the outstanding Warrants
        may be
        redeemed, at the option of the Company, at any time after they become
        exercisable and prior to their expiration, at the office of the Warrant Agent,
        upon the notice referred to in Section 6.2., at the price of $.01
        per
        Warrant (“Redemption Price”), provided that the last sales price of the Common
        Stock has been at least $11.50 per share, on each of twenty (20) trading
        days
        within a thirty (30) trading day period ending on the third Business Day
        prior
        to the date on which notice of redemption is given. The provisions of this
        Section 6.1 may not be modified, amended or deleted without the prior
        written consent of Wedbush.

       

      6.2  Date
        Fixed for, and Notice of, Redemption.
        In the
        event the Company shall elect to redeem all of the Warrants, the Company
        shall
        fix a date for the redemption. Notice of redemption shall be mailed by first
        class mail, postage prepaid, by the Company not less than 30 days prior to
        the
        date fixed for redemption to the registered holders of the Warrants to be
        redeemed at their last addresses as they shall appear on the registration
        books.
        Any notice mailed in the manner herein provided shall be conclusively presumed
        to have been duly given whether or not the registered holder received such
        notice.

       

      6.3  Exercise
        After Notice of Redemption.
        The
        Warrants may be exercised in accordance with Section 3 of this Agreement
        at
        any time after notice of redemption shall have been given by the Company
        pursuant to Section 6.2. hereof and prior to the time and date fixed
        for
        redemption. On and after the redemption date, the record holder of the Warrants
        shall have no further rights except to receive, upon surrender of the Warrants,
        the Redemption Price.

       

      6.4  Outstanding
        Warrants Only.
        The
        Company understands that the redemption rights provided for by this
        Section 6 apply only to outstanding Warrants. To the extent a person
        holds
        rights to purchase Warrants, such purchase rights shall not be extinguished
        by
        redemption. However, once such purchase rights are exercised, the Company
        may
        redeem the Warrants issued upon such exercise provided that the criteria
        for
        redemption is met. The provisions of this Section 6.4 may not be modified,
        amended or deleted without the prior written consent of Wedbush.

       

      7.  Other
        Provisions Relating to Rights of Holders of Warrants.

       

      7.1  No
        Rights as Stockholder.
        A
        Warrant does not entitle the registered holder thereof to any of the rights
        of a
        stockholder of the Company, including, without limitation, the right to receive
        dividends, or other distributions, exercise any preemptive rights to vote
        or to
        consent or to receive notice as stockholders in respect of the meetings of
        stockholders or the election of directors of the Company or any other
        matter.

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

         

      

      7.2  Lost,
        Stolen, Mutilated, or Destroyed Warrants.
        If any
        Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant
        Agent may on such terms as to indemnity or otherwise as they may in their
        discretion impose (which shall, in the case of a mutilated Warrant, include
        the
        surrender thereof), issue a new Warrant of like denomination, tenor, and
        date as
        the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant
        shall
        constitute a substitute contractual obligation of the Company, whether or
        not
        the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any
        time
        enforceable by anyone.

       

      7.3  Reservation
        of Common Stock.
        The
        Company shall at all times reserve and keep available a number of its authorized
        but unissued shares of Common Stock that will be sufficient to permit the
        exercise in full of all outstanding Warrants issued pursuant to this
        Agreement.

       

      7.4  Registration
        of Common Stock.
        The
        Company agrees that prior to the commencement of the Exercise Period, it
        shall
        file with the Securities and Exchange Commission a post-effective amendment
        to
        the Registration Statement, or a new registration statement, for the
        registration, under the Act, of, and it shall take such action as is necessary
        to qualify for sale, in those states in which the Warrants were initially
        offered by the Company, the Common Stock issuable upon exercise of the Warrants.
        In either case, the Company will use its best efforts to cause the same to
        become effective and to maintain the effectiveness of such registration
        statement until the expiration of the Warrants in accordance with the provisions
        of this Agreement. The provisions of this Section 7.4 may not be modified,
        amended or deleted without the prior written consent of Wedbush.

       

      8.  Concerning
        the Warrant Agent and Other Matters.

       

      8.1  Payment
        of Taxes.
        The
        Company will from time to time promptly pay all taxes and charges that may
        be
        imposed upon the Company or the Warrant Agent in respect of the issuance
        or
        delivery of shares of Common Stock upon the exercise of Warrants, but the
        Company shall not be obligated to pay any transfer taxes in respect of the
        Warrants or such shares.

       

      8.2  Resignation,
        Consolidation, or Merger of Warrant Agent.

       

      8.2.1  Appointment
        of Successor Warrant Agent.
        The
        Warrant Agent, or any successor to it hereafter appointed, may resign its
        duties
        and be discharged from all further duties and liabilities hereunder after
        giving
        sixty (60) days’ notice in writing to the Company. If the office of the Warrant
        Agent becomes vacant by resignation or incapacity to act or otherwise, the
        Company shall appoint in writing a successor Warrant Agent in place of the
        Warrant Agent. If the Company shall fail to make such appointment within
        a
        period of 30 days after it has been notified in writing of such resignation
        or
        incapacity by the Warrant Agent or by the holder of the Warrant (who shall,
        with
        such notice, submit his Warrant for inspection by the Company), then the
        holder
        of any Warrant may apply to the Supreme Court of the State of New York for
        the
        County of New York for the appointment of a successor Warrant Agent at the
        Company’s cost. Any successor Warrant Agent, whether appointed by the Company or
        by such court, shall be a corporation organized and existing under the laws
        of
        the State of New York, in good standing and having its principal office in
        the
        Borough of Manhattan, City and State of New York, and authorized under such
        laws
        to exercise corporate trust powers and subject to supervision or examination
        by
        federal or state authority. After appointment, any successor Warrant Agent
        shall
        be vested with all the authority, powers, rights, immunities, duties, and
        obligations of its predecessor Warrant Agent with like effect as if originally
        named as Warrant Agent hereunder, without any further act or deed; but if
        for
        any reason it becomes necessary or appropriate, the predecessor Warrant Agent
        shall execute and deliver, at the expense of the Company, an instrument
        transferring to such successor Warrant Agent all the authority, powers, and
        rights of such predecessor Warrant Agent hereunder; and upon request of any
        successor Warrant Agent the Company shall make, execute, acknowledge, and
        deliver any and all instruments in writing for more fully and effectually
        vesting in and confirming to such successor Warrant Agent all such authority,
        powers, rights, immunities, duties, and obligations.

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

         

      

      8.2.2  Notice
        of Successor Warrant Agent.
        In the
        event a successor Warrant Agent shall be appointed, the Company shall give
        notice thereof to the predecessor Warrant Agent and the transfer agent for
        the
        Common Stock not later than the effective date of any such
        appointment.

       

      8.2.3  Merger
        or Consolidation of Warrant Agent.
        Any
        corporation into which the Warrant Agent may be merged or with which it may
        be
        consolidated or any corporation resulting from any merger or consolidation
        to
        which the Warrant Agent shall be a party shall be the successor Warrant Agent
        under this Agreement without any further act.

       

      8.3  Fees
        and Expenses of Warrant Agent.

       

      8.3.1  Remuneration.
        The
        Company agrees to pay the Warrant Agent reasonable remuneration for its services
        as such Warrant Agent hereunder and will reimburse the Warrant Agent upon
        demand
        for all expenditures that the Warrant Agent may reasonably incur in the
        execution of its duties hereunder.

       

      8.3.2  Further
        Assurances.
        The
        Company agrees to perform, execute, acknowledge, and deliver or cause to
        be
        performed, executed, acknowledged, and delivered all such further and other
        acts, instruments, and assurances as may reasonably be required by the Warrant
        Agent for the carrying out or performing of the provisions of this
        Agreement.

       

      8.4  Liability
        of Warrant Agent.

       

      8.4.1  Reliance
        on Company Statement.
        Whenever in the performance of its duties under this Warrant Agreement, the
        Warrant Agent shall deem it necessary or desirable that any fact or matter
        be
        proved or established by the Company prior to taking or suffering any action
        hereunder, such fact or matter (unless other evidence in respect thereof
        be
        herein specifically prescribed) may be deemed to be conclusively proved and
        established by a statement signed by the President or Chairman of the Board
        of
        the Company and delivered to the Warrant Agent. The Warrant Agent may rely
        upon
        such statement for any action taken or suffered in good faith by it pursuant
        to
        the provisions of this Agreement.

       

      8.4.2  Indemnity.
        The
        Warrant Agent shall be liable hereunder only for its own negligence, willful
        misconduct or bad faith. The Company agrees to indemnify the Warrant Agent
        and
        save it harmless against any and all liabilities, including judgments, costs
        and
        reasonable counsel fees, for anything done or omitted by the Warrant Agent
        in
        the execution of this Agreement except as a result of the Warrant Agent’s
        negligence, willful misconduct, or bad faith.

       

      8.4.3  Exclusions.
        The
        Warrant Agent shall have no responsibility with respect to the validity of
        this
        Agreement or with respect to the validity or execution of any Warrant (except
        its countersignature thereof); nor shall it be responsible for any breach
        by the
        Company of any covenant or condition contained in this Agreement or in any
        Warrant; nor shall it be responsible to make any adjustments required under
        the
        provisions of Section 4 hereof or responsible for the manner, method,
        or
        amount of any such adjustment or the ascertaining of the existence of facts
        that
        would require any such adjustment; nor shall it by any act hereunder be deemed
        to make any representation or warranty as to the authorization or reservation
        of
        any shares of Common Stock to be issued pursuant to this Agreement or any
        Warrant or as to whether any shares of Common Stock will when issued be valid
        and fully paid and nonassessable.

       

      8.5  Acceptance
        of Agency.
        The
        Warrant Agent hereby accepts the agency established by this Agreement and
        agrees
        to perform the same upon the terms and conditions herein set forth and among
        other things, shall account promptly to the Company with respect to Warrants
        exercised and concurrently account for, and pay to the Company, all moneys
        received by the Warrant Agent for the purchase of shares of the Company’s Common
        Stock through the exercise of Warrants.

       

      8.6  Waiver.
        The
        Warrant Agent hereby waives any and all right, title, interest or claim of
        any
        kind (“Claim”) in or to any distribution of the Trust Fund (as defined in that
        certain Investment Management Trust Agreement, dated as of the date hereof,
        by
        and between the Company and the Warrant Agent), and hereby agrees not to
        seek
        recourse, reimbursement, payment or satisfaction for any Claim against the
        Trust
        Fund for any reason whatsoever.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

         

      

      9.  Miscellaneous
        Provisions.

       

      9.1  Successors.
        All the
        covenants and provisions of this Agreement by or for the benefit of the Company
        or the Warrant Agent shall bind and inure to the benefit of their respective
        successors and assigns.

       

      9.2  Notices.
        Any
        notice, statement or demand authorized by this Warrant Agreement to be given
        or
        made by the Warrant Agent or by the holder of any Warrant to or on the Company
        shall be sufficiently given when so delivered if by hand or overnight delivery
        or if sent by certified mail or private courier service within five days
        after
        deposit of such notice, postage prepaid, addressed (until another address
        is
        filed in writing by the Company with the Warrant Agent), as
        follows:

       

      Industrial
        Services Acquisition Corp.

      2807
        El
        Presidio

      Carson,
        California 90810

      Attn:
        Chief Executive Officer

      

      Any
        notice, statement or demand authorized by this Agreement to be given or made
        by
        the holder of any Warrant or by the Company to or on the Warrant Agent shall
        be
        sufficiently given when so delivered if by hand or overnight delivery or
        if sent
        by certified mail or private courier service within five days after deposit
        of
        such notice, postage prepaid, addressed (until another address is filed in
        writing by the Warrant Agent with the Company), as follows:

       

      Continental
        Stock Transfer & Trust Company

      17
        Battery Place

      New
        York,
        New York 10004

      Attn:
        Compliance Department

       

      with
        a
        copy in each case to:

       

      Cooley
        Godward LLP

      One
        Maritime Plaza, 20th
        Floor

      San
        Francisco, California 94111

      Attn:
        Kenneth L. Guernsey, Esq.

      

      and

       

      Mintz,
        Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

      666
        Third
        Avenue

      New
        York,
        New York 10017

      Attn:
        Kenneth R. Koch, Esq.

       

      and

       

      Wedbush
        Morgan Securities Inc.

      1000
        Wilshire Blvd., 10th Floor

      Los
        Angeles, CA 90017

      Attn:
        Michael McCaffrey

      

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

         

      

      9.3  Applicable
        law.
        The
        validity, interpretation, and performance of this Agreement and of the Warrants
        shall be governed in all respects by the laws of the State of New York, without
        giving effect to conflict of laws. The Company hereby agrees that any action,
        proceeding or claim against it arising out of or relating in any way to this
        Agreement shall be brought and enforced in the courts of the State of New
        York
        or the United States District Court 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 inconvenience forum. Any such 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 9.2 hereof. Such
        mailing shall be deemed personal service and shall be legal and binding upon
        the
        Company in any action, proceeding or claim.

       

      9.4  Persons
        Having Rights under this Agreement.
        Nothing
        in this Agreement expressed and nothing that may be implied from any of the
        provisions hereof is intended, or shall be construed, to confer upon, or
        give
        to, any person or corporation other than the parties hereto and the registered
        holders of the Warrants and, for the purposes of Sections 6.1, 6.4,
        7.4 and
        9.2 hereof, Wedbush, any right, remedy, or claim under or by reason of this
        Warrant Agreement or of any covenant, condition, stipulation, promise, or
        agreement hereof. Wedbush shall be deemed to be a third-party beneficiary
        of
        this Agreement with respect to Sections 6.1, 6.4, 7.4, 9.2 and 9.4 hereof.
        All
        covenants, conditions, stipulations, promises, and agreements contained in
        this
        Warrant Agreement shall be for the sole and exclusive benefit of the parties
        hereto (and Wedbush with respect to the Sections 6.1, 6.4, 7.4, 9.2 and 9.4
        hereof) and their successors and assigns and of the registered holders of
        the
        Warrants.

       

      9.5  Examination
        of the Warrant Agreement.
        A copy
        of this Agreement shall be available at all reasonable times at the office
        of
        the Warrant Agent in the Borough of Manhattan, City and State of New York,
        for
        inspection by the registered holder of any Warrant. The Warrant Agent may
        require any such holder to submit his Warrant for inspection by it.

       

      9.6  Counterparts.
        This
        Agreement may be executed in any number of counterparts and each of such
        counterparts shall for all purposes be deemed to be an original, and all
        such
        counterparts shall together constitute but one and the same
        instrument.

       

      9.7  Effect
        of Headings.
        The
        Section headings herein are for convenience only and are not part
        of this
        Warrant Agreement and shall not affect the interpretation thereof.

       

      

       

      [Remainder
        of this page intentionally left blank]

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto
        as
        of the day and year first above written.

       

      
        	 	 	 	 
	Attest	 	 	INDUSTRIAL SERVICES ACQUISITION
                CORP.
	 	 	 	 
	 	 	 	 
	 	 	
                 By:

              	 
	
                

              	 	 	
                
Name:
                Mark McKinney
	 	 	 	Title: Chief Executive
                Officer

      

       

      
        	Attest	 	 	CONTINENTAL
                STOCK TRANSFER
                  &
                  TRUST COMPANY

              
	 	 	 	 
	 	 	 	 
	 	 	
                 By:

              	 
	
                

              	 	 	
                
Name: Steven
                Nelson
	 	 	 	
                Title: Chairman

              

      

       

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      Exhibit
        A

       

      Form
        of Warrant Certificate

       

       

       

      
        
          
          

        

        
          13Exhibit
      4.5

    

     

    UNIT
      PURCHASE OPTION

     

    FOR
      THE
      PURCHASE OF

     

    312,500
      UNITS

     

    OF

     

    INDUSTRIAL
      SERVICES ACQUISITION CORP. 

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    TABLE
      OF
      CONTENTS

     

     

     

    
      
        	 	 	
                 Page

              
	
                1.

              	
                PURCHASE
                  OPTION.

              	
                1

              
	 	 	 
	
                2.

              	
                EXERCISE.

              	
                2

              
	 	
                2.1

              	
                Exercise
                  Form

              	
                2

              
	 	
                2.2

              	
                Legend

              	
                2

              
	 	
                2.3

              	
                Cashless
                  Exercise.

              	
                2

              
	 	 	
                2.3.1

              	
                Determination
                  of Amount

              	
                2

              
	 	 	
                2.3.2

              	
                Mechanics
                  of Cashless Exercise

              	
                3

              
	 	 	 
	
                3.

              	
                TRANSFER.

              	
                3

              
	 	
                3.1

              	
                General
                  Restrictions

              	
                3

              
	 	
                3.2

              	
                Restrictions
                  Imposed by the Act

              	
                3

              
	 	 	 
	
                4.

              	
                NEW
                  PURCHASE OPTIONS TO BE ISSUED.

              	
                3

              
	 	
                4.1

              	
                Partial
                  Exercise or Transfer

              	
                3

              
	 	
                4.2

              	
                Lost
                  Certificate

              	
                3

              
	 	 	 
	
                5.

              	
                REGISTRATION
                  RIGHTS.

              	
                4

              
	 	
                5.1

              	
                Demand
                  Registration.

              	
                4

              
	 	 	
                5.1.1

              	
                Grant
                  of Right

              	
                4

              
	 	 	
                5.1.2

              	
                Terms

              	
                4

              
	 	
                5.2

              	
                “Piggy-Back”
                  Registration.

              	
                4

              
	 	
                5.2.1

              	
                Grant
                  of Right

              	
                4

              
	
                 

              	 	
                5.2.2

              	
                Terms

              	
                4

              
	 	
                5.3

              	
                Damages

              	
                5

              
	 	
                5.4

              	
                General
                  Terms.

              	
                5

              
	 	 	
                5.4.1

              	
                Indemnification

              	
                5

              
	 	 	
                5.4.2

              	
                Exercise
                  of Purchase Options

              	
                5

              
	 	 	
                5.4.3

              	
                Documents
                  Delivered to Holders

              	
                5

              
	 	 	
                5.4.4

              	
                Underwriting
                  Agreement

              	
                6

              
	 	 	
                5.4.5

              	
                Rule
                  144 Sale

              	
                6

              
	 	 	
                5.4.6

              	
                Supplemental
                  Prospectus

              	
                6

              

      

       

       

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

       

      
        	 	 	 
	
                6.

              	
                ADJUSTMENTS.

              	
                6

              
	 	
                6.1

              	
                Adjustments
                  to Exercise Price and Number of Securities

              	
                6

              
	 	 	
                6.1.1

              	
                Stock
                  Dividends - Split-Ups

              	
                7

              
	 	 	
                6.1.2

              	
                Aggregation
                  of Shares

              	
                7

              
	 	 	
                6.1.3

              	
                Replacement
                  of Securities upon Reorganization, etc

              	
                7

              
	 	 	
                6.1.4

              	
                Changes
                  in Form of Purchase Option

              	
                7

              
	 	
                6.2

              	
                [Intentionally
                  Omitted].

              	
                7

              
	 	
                6.3

              	
                Substitute
                  Purchase Option

              	
                7

              
	 	
                6.4

              	
                Elimination
                  of Fractional Interests

              	
                8

              
	 	 	 
	
                7.

              	
                RESERVATION
                  AND LISTING

              	
                8

              
	 	 	 
	
                8.

              	
                CERTAIN
                  NOTICE REQUIREMENTS.

              	
                8

              
	 	
                8.1

              	
                Holder’s
                  Right to Receive Notice

              	
                8

              
	
                 

              	
                8.2

              	
                Events
                  Requiring Notice

              	
                8

              
	 	
                8.3

              	
                Notice
                  of Change in Exercise Price

              	
                8

              
	 	
                8.4

              	
                Transmittal
                  of Notices

              	
                9

              
	 	 	 
	
                9.

              	
                MISCELLANEOUS.

              	
                9

              
	 	
                9.1

              	
                Amendments

              	
                9

              
	 	
                9.2

              	
                Headings

              	
                9

              
	 	 	 
	
                10.

              	
                ENTIRE
                  AGREEMENT

              	
                9

              
	 	
                10.1

              	
                Binding
                  Effect

              	
                9

              
	 	
                10.2

              	
                Governing
                  Law; Submission to Jurisdiction

              	
                9

              
	 	
                10.3

              	
                Waiver,
                  Etc

              	
                9

              
	 	
                10.4

              	
                Execution
                  in Counterparts

              	
                10

              
	 	
                10.5

              	
                Exchange
                  Agreement

              	
                10

              
	 	
                10.6

              	
                Underlying
                  Warrants

              	
                10

              

      

    

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

    

    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) WEDBUSH MORGAN SECURITIES INC. (“WEDBUSH”) OR AN UNDERWRITER OR A
      SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER
      OR
      PARTNER OF WEDBUSH OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

     

    THIS
      PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF (I) ______________,
      2006 AND (II) THE CONSUMMATION BY INDUSTRIAL SERVICES ACQUISITION CORP.
      (“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)). THIS PURCHASE OPTION
      SHALL BE VOID AFTER 5:00 P.M EASTERN TIME, _____________, 2010.

     

    UNIT
      PURCHASE OPTION

     

    FOR
      THE
      PURCHASE OF

     

    312,500
      UNITS

     

    OF

     

    INDUSTRIAL
      SERVICES ACQUISITION CORP.

     

    1.  Purchase
      Option.

     

    THIS
      CERTIFIES THAT, in consideration of $100 duly paid by or on behalf of Wedbush
      Morgan Securities Inc. (“Holder”), as registered owner of this Purchase Option
      (the “Purchase Option”), to Industrial Services Acquisition Corp. (“Company”),
      Holder is entitled, at any time or from time to time upon the later of (i)
      ___________, 2006 and (ii) the consummation of a Business Combination
      (“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 Twelve Thousand Five Hundred
      (312,500) 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
      one warrant (“Warrant(s)”) expiring five 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 warrants included in the Units being registered
      for
      sale to the public by way of the Registration Statement (“Public Warrants”)
      except that the Warrants underlying the Units comprising this Purchase Option
      have an exercise price of $7.98 per share. If the Expiration Date is a day
      on
      which banking institutions are authorized by law to close, then this Purchase
      Option may be exercised on the next succeeding day which is not such a day
      in
      accordance with the terms herein. During the period ending on the Expiration
      Date, the Company agrees not to take any action that would terminate the
      Purchase Option. This Purchase Option is initially exercisable at $10.00 per
      Unit 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. 

     

    The
      term
“Holder” shall mean, as of any date, Wedbush and/or any transferee who acquired
      the Purchase Option(s) in accordance with section 3.1 hereof.

     

    The
      term
“Business Day” shall mean any day, except a Saturday, Sunday or legal holiday on
      which the banking institutions in the City of New York are authorized or
      obligated by law or executive order to close.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    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
      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, the term
      "Current Market Value" per Unit at any date means: (A) in the event that neither
      the Units nor 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 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 such
      as
      the Bulletin Board 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 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 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 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 such
      as
      the Bulletin Board Exchange), the last sale price of the Common Stock (or
      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 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 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.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    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.

     

    2.3.3  Warrant
      Exercise.
      Any
      Warrants underlying the Units shall be issued pursuant to and subject to the
      terms and conditions set forth in the Warrant Agreement, entered into by and
      between the Company and Continental Stock Transfer & Trust Company, dated as
      of ____________, 2005; provided, that, the exercise price of the Warrants shall
      be as set forth herein.

     

    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)
      Wedbush or an underwriter or a selected dealer in connection with the Offering,
      or (ii) a bona fide officer, partner, subsidiary or other affiliate of Wedbush
      or of any such underwriter or selected dealer. On and after the first
      anniversary of the Effective Date, this Purchase Option may be sold,
      transferred, assigned, pledged, hypothecated or otherwise disposed of, in whole
      or in part, subject to compliance with or exemptions from applicable securities
      laws. In order to make any permitted assignment, the Holder must deliver to
      the
      Company the assignment form attached hereto duly executed and completed,
      together with the Purchase Option and payment of all transfer taxes, if any,
      payable in connection therewith. The Company shall within five business days
      transfer this Purchase Option on the books of the Company and shall execute
      and
      deliver a new Purchase Option or Purchase Options of like tenor to the
      appropriate assignee(s) expressly evidencing the right to purchase the aggregate
      number of Units purchasable hereunder or such portion of such number as shall
      be
      contemplated by any such assignment.

     

    3.2  Restrictions
      Imposed by the Act.
      The
      securities evidenced by this Purchase Option shall not be transferred unless
      and
      until (i) the Company has received the opinion of counsel for the Holder that
      the securities may be transferred pursuant to an exemption from registration
      under the Act and applicable state securities laws, the availability of which
      is
      established to the reasonable satisfaction of the Company (the Company hereby
      agreeing that the opinion of Cooley Godward llp
      shall be
      deemed satisfactory evidence of the availability of an exemption), or (ii)
      a
      registration statement or a post-effective amendment to the Registration
      Statement relating to such securities has been filed by the Company and declared
      effective by the Securities and Exchange 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 (except to the extent the Holder elects to exercise
      this Purchase Option by means of cashless exercise as provided by Section 2.3
      above) 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.
      In
      addition, the Company shall cause to be delivered to any permitted transferee
      without charge a new Purchase Option of like tenor to this Purchase Option
      in
      the name of such transferee evidencing the right of such transferee to purchase
      the number of Units purchasable hereunder as to which this Purchase Option
      has
      been transferred to such transferee.

     

    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 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
      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 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.

     

    5.1.2  Terms.
      The
      Company shall bear all fees and expenses attendant to registering the
      Registrable Securities, including the fees and expenses of one legal counsel
      selected by the Majority Holders to represent them in connection with the sale
      of the Registrable Securities, but the Majority 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 twelve 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 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.

     

    5.2.2  Terms.
      The
      Company shall bear all fees and expenses attendant to registering the
      Registrable Securities, including the fees and expenses of one legal counsel
      selected by the Majority Holders to represent them in connection with the sale
      of the Registrable Securities but the Majority 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), 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, Wedbush 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 Wedbush, 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 Wedbush, as
      representative of the Holders participating in the offering, the correspondence
      and memoranda described below and copies of all correspondence between the
      Commission and the Company, its counsel or auditors and all memoranda relating
      to discussions with the Commission or its staff with respect to the registration
      statement and permit Wedbush, 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 Wedbush, as
      representative of the Holders, shall reasonably request. The Company shall
      not
      be required to disclose any confidential information or other records to
      Wedbush, 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 promulgated under the Act (“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 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 $10.00 per whole Unit
      (each Warrant underlying the Units is exercisable for $7.98 per share), upon
      effectiveness of the dividend, this Purchase Option will be adjusted to allow
      for the purchase of one Unit at $10.00 per Unit, each Unit entitling the holder
      to receive two shares of Common Stock and two Warrants (each Warrant exercisable
      for $3.99 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, 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 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, (iii) Warrants issuable
      upon exercise of the Purchase Options and (iv) 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.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    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:

     

    Industrial
      Services Acquisition Corp.

    2807
      El
      Presidio Street

    Carson,
      CA 90810

    Attn:
      Chief Executive Officer

    

    9.  Miscellaneous.

     

    9.1  Amendments.
      The
      Company and Wedbush 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 Wedbush may deem necessary or desirable and that the Company and Wedbush
      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 representative and assigns, and no other person shall have or be construed
      to have any legal or equitable right, remedy or claim under or in respect of
      or
      by virtue of this Purchase Option or any provisions herein
      contained.

     

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

     

    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 Wedbush 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 $7.98 exercise price) for Public Warrants (with
      a
      $6.00 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.

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

    

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

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

     

     

     

     

    
      	 	 	 
	 	INDUSTRIAL
              SERVICES ACQUISITION CORP.
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name: 
	 	Title: 

    

     

    

 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Form
      to
      be used to exercise Purchase Option:

     

    Industrial
      Services Acquisition Corp.

    2807
      El
      Presidio Street

    Carson,
      CA 90810

    

    Date:_________________,
      200__

     

    The
      undersigned hereby elects irrevocably to exercise all or a portion of the within
      Purchase Option and to purchase ____ Units of Industrial Services Acquisition
      Corp. 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” 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.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    

    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 Industrial Services Acquisition Corp. (“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.

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