Document:

GORRISSEN
        FEDERSPIEL
        KIERKEGAARD

       

    

    Share
      Purchase Agreement

    

    regarding
      100% of the share capital in C-88 A/S

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      GORRISSEN
        FEDERSPIEL
        KIERKEGAARD

       

    

    
      	
              Schedules

            	 
	 	 
	
              Schedule 1.7

            	
              Accounting Policies

            
	 	 
	
              Schedule 1.22

            	
              Data Room Index

            
	 	 
	
              Schedule 1.24

            	
              Data Room Request List

            
	 	 
	
              Schedule 1.26

            	
              Expense Allocation

            
	 	 
	
              Schedule 1.53

            	
              Key Employees

            
	 	 
	
              Schedule 1.55

            	
              Leases

            
	 	 
	
              Schedule 3.4.a

            	
              Final Net Debt

            
	 	 
	
              Schedule 3.4.b

            	
              Final Working Capital

            
	 	 
	
              Schedule 6.1

            	
              Seller’s Warranties

            
	 	 
	
              Schedule 6.1.14.1

            	
              Financial Facilities

            
	 	 
	
              Schedule 11.1

            	
              Specific indemnifications

            
	 	 
	
              Schedule 11.1.6

            	
              List of inventory

            
	 	 
	
              Schedule 12.1

            	
              Joint Taxation

            

    

    
      
        
        

      

      
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      GORRISSEN
        FEDERSPIEL
        KIERKEGAARD

       

    

    Table
      of
      Contents:

    

    
      	
              1

            	
              Definitions

            	
              4

            
	
              2

            	
              Sale
                and Purchase of Shares

            	
              13

            
	
              3

            	
              Purchase
                Price

            	
              14

            
	
              4

            	
              Closing

            	
              24

            
	
              5

            	
              Post
                Closing Tasks

            	
              26

            
	
              6

            	
              Seller’s
                Warranties

            	
              26

            
	
              7

            	
              Buyer’s
                Warranties

            	
              26

            
	
              8

            	
              Restrictions
                on Business Activities

            	
              27

            
	
              9

            	
              Post
                Closing Covenants

            	
              28

            
	
              10

            	
              Indemnification

            	
              29

            
	
              11

            	
              Specific
                Indemnifications

            	
              33

            
	
              12

            	
              Taxation
                Matters

            	
              33

            
	
              13

            	
              Announcements

            	
              33

            
	
              14

            	
              Confidentiality

            	
              34

            
	
              15

            	
              Assignment
                and change-in-control

            	
              34

            
	
              16

            	
              Amendments

            	
              35

            
	
              17

            	
              Costs
                and Expenses

            	
              35

            
	
              18

            	
              Notices

            	
              36

            
	
              19

            	
              Invalidity

            	
              37

            
	
              20

            	
              Governing
                Law

            	
              37

            
	
              21

            	
              Arbitration

            	
              37

            

    

    
      
        
        

      

      
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    GORRISSEN
      FEDERSPIEL
      KIERKEGAARD

     

    This
      Agreement is made on this 9 of September
      2008 

     

    Between:

     

    C-88
      Holding ApS,
      Reg.
      No. 24224759, a Company incorporated and registered under the laws of Denmark
      having its registered address at Savsvinget 7, 2970 Hørsholm, Denmark (the
      "Seller"),

     

    and

     

    Nu
      Horizons Electronics Corp., Reg. No. 2140774, a Company incorporated and
      registered under the laws of the state of Delaware having its registered address
      at 70 Maxess Road, Melville 11747, NY, USA (the "Buyer").

     

    Whereas:

     

    
      	
              a.

            	
              the
                Seller owns all of the issued and registered share capital, nominal
                value
                DKK 500,000, of C-88 A/S, Reg. No. 10517508, having its registered
                address
                at Savsvinget 7, 2970 Hørsholm, Denmark (the
                "Company"),

            

    

     

    
      	
              b.

            	
              the
                Company sells and distributes electronic
                components,

            

    

     

    
      	
              c.

            	
              the
                Seller has agreed to sell and the Buyer has agreed to purchase the
                shares
                of the Company on the terms and subject to the conditions set forth
                in
                this Agreement, 

            

    

     

    now
      it is
      hereby agreed as follows: 

     

    
      	
              1

            	
              Definitions

            

    

     

    In
      this
      Agreement:

    
      	
              1.1

            	
              "1st
                Deferred
                Purchase Price"

            	 	
              has
                the meaning set out in Clause
                3.10.1(a),

            

    

     

    
      
        
        

      

      
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              1.2

               

            	
              "2nd
                Deferred
                Purchase Price"

               

            	 	
              has
                the meaning set out in Clause 3.10.1(b),

            
	
              1.3

            	
              "3rd
                Deferred
                Purchase Price"

               

            	 	
              has
                the meaning set out in Clause 3.10.1(c),

               

            
	
              1.4

               

            	
              "1st
                Deferred Purchase Price Payment Date"

               

            	 	
              has
                the meaning set out in Clause 3.10.1(a),

            
	
              1.5

               

            	
              "2nd
                Deferred
                Purchase Price Payment Date "

               

            	 	
              has
                the meaning set out in Clause 3.10.1(b),

            
	
              1.6

               

            	
              "3rd
                Deferred Purchase Price Payment Date "

               

            	 	
              has
                the meaning set out in Clause 3.10.1(c),

            
	
              1.7

            	
              "Accounting
                Principles"

            	 	
              means
                the accounting principles, accounting estimate methods and accounting
                policies as set out in Schedule
                1.7,
                

            
	 	 	 	 
	
              1.8

            	
              "Accounts"

            	 	
              means
                the audited financial statements of the Company for the financial
                year
                ended on the Accounts Date, comprising a balance sheet, income statement,
                notes, the directors’ report and auditors’ report, together with the
                unaudited Q1 financial statements for the period 1 May 2008 – 1 August
                2008,

            

    

     

    
      
        
        

      

      
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              1.9

            	
              "Accounts
                Date"

               

            	 	
              means
                30 April 2008,

               

            
	
              1.10

            	
              "Affiliate"

               

            	 	
              means
                with respect to any Person any other Person controlling, controlled
                by or
                under common control with such Person, such control being determined
                in
                accordance with the term "koncern" in Section 2 of the Danish Limited
                Companies Act ("aktieselskabsloven"),

               

            
	
              1.11

            	
              "Agreement"

            	 	
              means
                this Agreement including the Schedules and any attachments
                thereto,

               

            
	
              1.12

            	
              "Business
                Day"

            	 	
              means
                a day where banks are generally open for banking business in the
                US and in
                Denmark,

               

            
	
              1.13

            	
              "Business
                Information"

               

            	 	
              means
                all information, know-how and records (whether or not confidential
                and in
                whatever form held) including (without limitation) all formulas,
                designs,
                specifications, drawings, data, manuals, instructions, customer lists,
                sales information, business plans and forecasts, and all technical
                or
                other expertise and all computer software and all accounting and
                tax
                records, correspondence, orders and inquiries,

               

            
	
              1.14

            	
              "Buyer’s
                Breach"

            	 	
              has
                the meaning set out in Clause 10.2,

               

            
	
              1.15

            	
              "Buyer’s
                Group"

            	 	
              means
                the Buyer and its Affiliates,

               

            
	
              1.16

            	
              "Cap"

            	 	
              has
                the meaning set out in Clause 3.9,

               

            
	
              1.17

            	
              "Claim
                Notice"

            	 	
              has
                the meaning set out in Clause 10.3,

               

            
	
              1.18

            	
              "Closing"

            	 	
              means
                closing of the matters contemplated by this Agreement as set out
                in Clause
                4,

            

    

     

    
      
        
        

      

      
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              1.19

            	
              "Closing
                Date"

               

            	 	
              means
                the date of Closing as determined in accordance with Clause
                4,

               

            
	
              1.20

            	
              "Closing
                Statements"

               

            	 	
              has
                the meaning set out in Clause 3.2,

               

            
	
              1.21

            	
              "Danish
                GAAP"

               

            	 	
              means
                the generally accepted accounting principles in the Kingdom of Denmark,
                including the Danish Accounting Standards published by the Danish
                Organisation of State Authorised Accountants ("Foreningen af
                Statsautoriserede Revisorer") for class B as defined in the Danish
                Accounts Act,

               

            
	
              1.22

            	
              "Data
                Room Index"

            	 	
              means
                the data room index attached as Schedule
                1.22
                identifying the information and documentation made available to the
                Buyer
                and its advisers,

            
	 	 	 	 
	
              1.23

            	
              "Data
                Room Documentation"

               

            	 	
              means
                the information and documentation made available to the Buyer and
                its
                advisers and identified by the Data Room Index, 

               

            
	
              1.24

               

            	
              "Data
                Room Request List"

               

            	 	
              means
                the data room request list attached as Schedule
                1.24

            
	
              1.25

            	
              "Deferred
                Purchase Prise"

               

            	 	
              has
                the meaning set out in Clause 3.10

            

    

     

    
      
        
        

      

      
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              1.26

            	
              "EBITDA
                "

            	 	
              is
                an amount equal to the Company’s income before interest, taxes,
                depreciation, amortization, realised and unrealised exchange gains
                and
                losses (consistent with the treatment in the financial statements
                2006/07), to the extent consistent with the Accounting Principles
                and
                Danish GAAP, except that notwithstanding the Accounting Principles
                and
                Danish GAAP, EBITDA will (i) include (A) the cost of any foreign
                exchange
                contracts entered into to hedge against the impact of currency
                fluctuations, and (B) the expenses set forth in Schedule 1.26, and
                (ii)
                exclude any overall management fee.

               

            
	
              1.27

            	
              "Encumbrance"

               

            	 	
              means
                any mortgage, charge, pledge, lien, assignment, option, restriction,
                right
                of preemption, right of first refusal, third party right or interest,
                or
                security interest or other preferential rights,

               

            
	
              1.28

            	
              "Escrow
                Account"

               

            	 	
              has
                the meaning set out in Clause 4.3(c) ,

               

            
	
              1.29

            	
              "Escrow
                Agent"

               

            	 	
              means
                Nordea Bank Danmark A/S,

               

            
	
              1.30

            	
              "Escrow
                Agreement"

               

            	 	
              means
                the agreement dated 8 September 2008 between the Escrow Agent, the
                Buyer
                and the Seller,

               

            
	
              1.31

            	
              "Escrow
                Amount"

               

            	 	
              has
                the meaning set out in Clause 4.3(c),

               

            
	
              1.32

            	
              "Estimated
                Claim"

               

            	 	
              has
                the meaning set out in Clause 10.3,

               

            
	
              1.33

            	
              "Estimated
                Costs"

               

            	 	
              has
                the meaning set out in Clause 10.3,

            

    

     

    
      
        
        

      

      
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              1.34

            	
              "Excess
                Shareholders’ Equity"

               

            	 	
              has
                the meaning set out in Clause 3.6.5(a),

               

            
	
              1.35

            	
              "Excess
                Working Capital"

               

            	 	
              has
                the meaning set out in Clause 3.6.5(d),

               

            
	
              1.36

            	
              "Final
                Net Debt"

               

            	 	
              has
                the meaning set out in Schedule 3.4.a,

               

            
	
              1.37

            	
              "Final
                Working Capital"

               

            	 	
              has
                the meaning set out in Schedule 3.4.b,

               

            
	
              1.38

               

            	
              "Financial
                Facilities"

               

            	 	
              mean
                all loans, letters of credit, debentures, acceptance credits, overdrafts
                and other financial facilities available to the Company

            
	
              1.39

            	
              "First
                Deficit"

               

            	 	
              has
                the meaning set out in Clause 3.10.1(a),

               

            
	
              1.40

            	
              "Second
                Deficit"

               

            	 	
              has
                the meaning set out in Clause 3.10.1(b),

               

            
	
              1.41

            	
              "Fiscal
                2008"

               

            	 	
              is
                the period commencing 1 May 2007 and ending 30 April 2008,

               

            
	
              1.42

            	
              "Fiscal
                2009"

               

            	 	
              is
                the period commencing 1 September 2008 and ending 31 August
                2009,

               

            
	
              1.43

            	
              "Fiscal
                2010"

               

            	 	
              is
                the period commencing 1 September 2009 and ending 31 August
                2010,

               

            
	
              1.44

            	
              "Fiscal
                2011"

               

            	 	
              is
                the period commencing 1 September 2010 and ending 31 August
                2011,

               

            
	
              1.45

            	
              "Independent
                Accountant"

               

            	 	
              has
                the meaning set out in Clause 3.6.1,

               

            
	
              1.46

               

            	
              "Information
                Technology" or "IT"

               

            	 	
              means
                computer hardware, software, networking hardware and related software,
                connecting media and/or other information technology (whether embedded
                or
                otherwise) as well as all Intellectual Property used in or related
                thereto,

            

    

     

    
      
        
        

      

      
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              1.47

            	
              "Initial
                Purchase Price"

               

            	 	
              has
                the meaning set out in Clause 3.1,

               

            
	
              1.48

            	
              "Intellectual
                Property"

               

            	 	
              means
                all intellectual property rights,

               

            
	
              1.49

            	
              "Interest"

            	 	
              means
                LIBOR as quoted in the Financial Times from a given date until due
                date
                for payment,

               

            
	
              1.50

            	
              "Interest
                Paid"

               

            	 	
              is
                the aggregate amount of any interest paid in respect of bank, trade
                or
                other indebtedness during an applicable fiscal period,

               

            
	
              1.51

            	
              "Interim
                Period"

               

            	 	
              means
                the period from 1 May 2008 until the Closing Date,

               

            
	
              1.52

            	
              "Joint
                Tax Group"

               

            	 	
              means
                the Company and the Seller,

               

            
	
              1.53

            	
              "Key
                Employees"

               

            	 	
              mean
                the employees listed in Schedule
                1.53,

               

            
	
              1.54

            	
              "Law"

            	 	
              means
                any EU, federal, national, state, provincial, local or other law
                (including case law, administrative practice and applicable legal
                principles) or regulation in any country or jurisdiction, and regulations
                and orders issued there under,

               

            
	
              1.55

            	
              "Leases"

            	 	
              mean
                the leases listed in Schedule
                1.55,

            

    

     

    
      
        
        

      

      
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              1.56

               

            	
              "Material
                Adverse Change"

               

            	 	
              means
                a change, event, circumstance, condition, fact or other matter which
                has
                had or could reasonably be expected to have a material adverse effect
                on
                the business, assets, financial condition, prospects, result or operations
                of the Company as a whole, 

               

            
	
              1.57

               

            	
              "Maximum
                Deferred Purchase Price"

               

            	 	
              has
                the meaning set out in Clause 3.10.1(c),

            
	
              1.58

            	
              "Net
                Debt"

            	 	
              means
                the total of short term debt plus long term debt minus the total
                of cash
                plus cash equivalents,

               

            
	
              1.59

            	
              "Other
                Agreements"

            	 	
              means
                all agreements entered into by the Parties in connection with or
                incidental to this Agreement, but excluding this Agreement,
                

            
	 	 	 	 
	
              1.60

            	
              "Net
                Debt Deficit"

               

            	 	
              has
                the meaning set out in Clause 3.6.5(b),

               

            
	
              1.61

            	
              "Parties"

            	 	
              means
                the Seller and the Buyer, and "Party" means either of them,

               

            
	
              1.62

            	
              "Person"

            	 	
              means
                any individual, corporation, partnership, firm, joint venture,
                association, joint stock company, trust, incorporated or unincorporated
                organisation, governmental or regulatory body or entity,

               

            
	
              1.63

            	
              "Purchase
                Price"

               

            	 	
              has
                the meaning set out in Clause 3,

               

            
	
              1.64

            	
              "Schedules"

            	 	
              means
                the Schedules (with any attachments hereto) to this
                Agreement,

               

            
	
              1.65

            	
              "Secured
                Sum"

            	 	
              has
                the meaning set out in Clause
                10.14,

            

    

     

    
      
        
        

      

      
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              1.66

            	
              "Seller’s
                Accountant"

               

            	 	
              means
                Lars Chr. Aaskov, State Authorized accountant, Info:Revision

               

            
	
              1.67

            	
              "Seller’s
                Breach"

               

            	 	
              has
                the meaning set out in Clause 10.1,

               

            
	
              1.68

            	
              "Seller’s
                Group"

               

            	 	
              means
                the Seller and its Affiliates,

               

            
	
              1.69

               

            	
              "Seller’s
                Knowledge"

               

            	 	
              means
                the knowledge, including any knowledge, which the person ought to
                have if
                the person made all usual and reasonable inquiries, of (i) those
                officers,
                directors and professional advisers of the Seller who have been involved
                in the transaction contemplated by this Agreement or directly or
                indirectly in the management of the Company, (ii) directors and members
                of
                the management of the Company and (iii) the Key Employees, 

               

            
	
              1.70

            	
              "Seller’s
                Warranties"

            	 	
              mean
                the warranties set out in Clause 6 and any other warranties made
                by or on
                behalf of the Seller in this Agreement and any of the Other
                Agreements,

            
	 	 	 	 
	
              1.71

            	
              "Shareholders"

            	 	
              mean
                Manicus Invest ApS, PHJ Tech ApS, Søren Manicus and Peter
                Holst-Jensen,

               

            
	
              1.72

            	
              "Shares"

            	 	
              mean
                the entire registered and fully paid up share capital in the
                Company,

            

    

     

    
      
        
        

      

      
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              1.73

            	
              "Tax"
                or "Taxation"

               

            	 	
              means
                any taxes and duties of whatever nature imposed by any taxing
                jurisdiction, including without limitation a) income taxes, b) corporate
                taxes, c) capital gains taxes, d) payroll taxes, e) value added taxes
                or
                sales taxes, f) withholding taxes, (g) real estate taxes, (h) stamp
                duties, (i) customs (j) energy and environmental duties and taxes
                and (k)
                social security contributions and payments of equivalent nature,
                as well
                as any interest, penalty, cost or expense resulting therefrom or
                relating
                thereto,

               

            
	
              1.74

            	
              "Total
                Deferred Purchase Price"

               

            	 	
              has
                the meaning set out in Clause 3.10,

               

            
	
              1.75

            	
              "U.S.
                GAAP"

            	 	
              means
                accounting principles generally accepted in the United
                States,

               

            
	
              1.76

            	
              "Working
                Capital"

            	 	
              means
                current assets less current liabilities net of bank indebtedness
                and any
                debts or payables to Shareholders,

               

            
	
              1.77

            	
              "Working
                Capital Deficit"

               

            	 	
              has
                the meaning set out in Clause 3.6.5(e)

               

            
	
              1.78

            	
              "Working
                Hours"

            	 	
              mean
                9 a.m. to 6 p.m. (CET) on a Business
                Day.

            

    

     

    
      	
              2

            	
              Sale
                and Purchase of Shares

            

    

     

    
      	
              2.1

            	
              The
                Seller hereby agrees to sell and deliver to the Buyer the Shares
                and the
                Buyer undertakes to buy the Shares at the Purchase Price and subject
                to
                the terms and conditions of this Agreement.

            

    

     

    
      	
              2.2

            	
              The
                Shares shall be delivered at Closing and shall be free from all
                Encumbrances.

            

    

     

    
      
        
        

      

      
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              3

            	
              Purchase
                Price

            

    

     

    
      	
              3.1

            	
              Subject
                to the terms and conditions of this Agreement the Buyer shall pay
                to the
                Seller an initial purchase price in an amount not to exceed USD 3,500,000
                (the "Initial Purchase Price") at Closing.
                Such amount shall be subject to adjustment in accordance with Clauses
                3.2-3.6.

            

    

     

    
      	3.2	
              No
                later than 90 Business Days after Closing, the Buyer shall present
                to the
                Seller draft Closing Statements, which shall be prepared in accordance
                with the Accounting Principles by the Buyer (the "Closing Statements").
                The draft Closing Statements shall include a draft calculation of
                the Net
                Debt as of the Closing Date (the "Final Net Debt") and a draft calculation
                of the Working Capital as of the Closing Date (the "Final Working
                Capital"). 

            

    

     

    
      	3.3	
              As
                long as the Closing Statements, the calculation of the Final Net
                Debt
                and/or the Final Working Capital have not been finally settled between
                the
                Parties, the Buyer shall have a right to make corrections thereto.
                For
                purposes of the calculation of the Final Net Debt and the Final Working
                Capital, any currency amounts of the Company will be converted into
                USD at
                the exchange rate published by the Danish Central Bank (Danmarks
                Nationalbank) on the Closing Date.

            

    

     

    
      	3.4	
              The
                calculation of the Net Debt shall be made in accordance with the
                principles set out in Schedule
                3.4.a
                and the calculation of the Working Capital shall be made in accordance
                with Schedule
                3.4.b. 

            

    

     

    
      	3.5	
              If
                the Seller agrees to the Buyer’s calculation of the Final Net Debt and the
                Final Working Capital, the Initial Purchase Price shall be adjusted
                on the
                basis thereof as provided for in Clause
                3.6.5.

            

    

     

    
      	3.6	
              If
                the Seller disagrees with respect to the Buyer’s calculation of the Final
                Net Debt and the Final Working Capital set forth in the Closing
                Statements, the Seller shall notify the Buyer in writing within 15
                Business Days after the Seller has received the Closing Statements
                from
                the Buyer. Such notice shall specify in detail the nature of the
                objections and include specific proposals for adjustment of each
                disputed
                item in the draft calculations of the Final Net Debt and the Final
                Working
                Capital. Failure by the Seller to notify the Buyer within the time
                limit
                set out above shall be deemed to constitute acceptance by the Seller
                to
                the draft calculations of the Final Net Debt and the Final Working
                Capital.

            

    

     

    
      
        
        

      

      
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      GORRISSEN
        FEDERSPIEL
        KIERKEGAARD

       

    

    
      	3.6.1	
              If
                the Seller notifies the Buyer of objections to the draft calculations
                of
                the Final Net Debt and the Final Working Capital, the Seller and
                the Buyer
                shall attempt to resolve their differences and reach an agreement
                within
                20 Business Days. If they fail to do so either of them may request
                the
                President of the Danish Association of State Authorized Accountants
                ("Formanden for Foreningen af Statsautoriserede Revisorer") to appoint
                an
                independent accountant (the "Independent Accountant"), who shall
                be a
                partner of an accounting firm with an international reputation having
                an
                office in Copenhagen and which has not provided services to a member
                of
                the Seller’s Group, the Buyer’s Group or the Company during the past 3
                years prior to appointment. 

            

    

     

    
      	3.6.2	
              The
                Independent Accountant shall act as an expert and not as an arbitrator
                and
                shall not decide on legal issues. The Independent Accountant shall
                have
                access to the Company’s books and records and shall have access to
                interview relevant managers and employees of the Seller and of the
                Company
                during Working Hours. 

            

    

     

    
      	3.6.3	
              The
                Independent Accountant shall apply the Accounting Principles (i.e.
                the
                Independent Accountant shall not have any discretion to deviate from
                the
                Accounting Principles) and based on the Accounting Principles the
                Independent Accountant shall review the objections made by the Buyer
                and
                proposed amendments, if any, by the Seller and shall decide on the
                disputed items and determine the Final Net Debt and the Final Working
                Capital. The Final Net Debt and the Final Working Capital determined
                by
                the Independent Accountant shall be final and binding upon the Parties,
                except in case of manifest error or if the dispute concerns a legal
                issue.
                The Independent Accountant shall deliver the decision to the Parties
                no
                later than 30 Business Days after having been
                appointed.

            

    

     

    
      	3.6.4	
              Costs
                and expenses related to the determination of the Final Net Debt and
                the
                Final Working Capital and any dispute in respect thereof shall be
                paid as
                set out in Clause 17.

            

    

     

    
      
        
        

      

      
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      GORRISSEN
        FEDERSPIEL
        KIERKEGAARD

       

    

    
      	3.6.5	
              As
                soon as the Final Net Debt and the Final Working Capital have been
                determined as provided for in Clauses 3.2 – 3.6 (or by arbitration in
                accordance with Clause 21 if the dispute concerns a legal issue)
                the
                Initial Purchase Price shall be adjusted on a USD 1 for USD 1 basis
                (subject to any further adjustment according to Clause 12) as
                follows:

            

    

     

    
      	
            	(a)	
              if
                and to the extent the Final Net Debt is lower than USD 1,446,000,
                the
                Initial Purchase Price shall be increased by the amount of such excess
                (“Excess Shareholders’ Equity”), and the Excess Shareholders’ Equity
                amount shall be paid to the Seller together with Interest from the
                Closing
                Date until payment;

            

    

     

    
      	
            	(b)	
              if
                and to the extent the Final Net Debt exceeds USD 1,446,000, the Initial
                Purchase Price shall be reduced by the amount of such shortfall (“Net Debt
                Deficit”) and the Net Debt Deficit amount shall be paid to the Buyer
                together with Interest from the Closing Date until
                payment;

            

    

     

    
      	
            	(c)	
              if
                the Final Net Debt is equal to USD 1,446,000, no adjustment shall
                be made
                to the Initial Purchase Price in respect
                thereof;

            

    

     

    
      	
            	(d)	
              if
                and to the extent the Final Working Capital exceeds USD 1,791,000,
                the
                Initial Purchase Price shall be increased by the amount of such excess
                (“Excess Working Capital”) and such Excess Working Capital amount shall be
                paid to the Seller together with Interest from the Closing Date until
                payment; 

            

    

     

    
      	
            	(e)	
              if
                and to the extent the Final Working Capital is lower than USD 1,791,000,
                the Initial Purchase Price shall be reduced by the amount of such
                shortfall (“Working Capital Deficit”) and such Working Capital Deficit
                amount shall be paid to the Buyer together with Interest from the
                Closing
                Date until payment; and

            

    

     

    
      	
            	(f)	
              if
                the Final Working Capital is equal to USD 1,791,000 no adjustment
                shall be
                made to the Initial Purchase Price in respect
                thereof.

            

    

     

    
      
        
        

      

      
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      GORRISSEN
        FEDERSPIEL
        KIERKEGAARD

     

    
      	3.7	
              Payment
                of any amounts payable either to the Seller or to the Buyer pursuant
                to
                Clause 3.6.5 plus Interest from the Closing Date until payment is
                made
                shall be due within 5 Business Days after the Final Net Debt and
                the Final
                Working Capital have been agreed or finally determined. The amounts
                referred to in this Clause 3 shall be paid in full and shall not
                be
                subject to any of the limitations stipulated in Clause
                10.

            

    

     

    
      	
              3.8

            	
              At
                the Closing, the Buyer will pay to the Seller the Initial Purchase
                Price,
                less the Escrow Amount to be placed in escrow to secure the Seller’s
                indemnification obligations and obligation to pay to the Buyer any
                amounts
                pursuant to clause 3.6.5 until the later of (i) 155 Business Days
                and (ii)
                5 Business Days following the delivery of the decision of the Independent
                Accountant pursuant to Section 3.6.3. Amounts will be released from
                the
                Escrow Account according to the terms of the Escrow
                Agreement.

            

    

     

    
      	
              3.9

            	
              The
                total of the Initial Purchase Price and the Deferred Purchase Price
                will
                not exceed USD 7.0 million (the “Cap”). Both the Initial Purchase Price
                and any Deferred Purchase Price shall be paid in United States
                Dollars.

            

    

     

    
      	
              3.10

            	
              Deferred
                Purchase Prise

            

    

     

    
      	
              3.10.1

            	
              The
                Buyer will pay to the Seller additional purchase price consideration
                in
                three instalments, consisting of the 1st
                Deferred Purchase Price, the 2nd
                Deferred Purchase Price and the 3rd
                Deferred Purchase Price (the “Total Deferred Purchase Price”, payable as
                set forth below:

            

    

     

    
      	 	
              (a)

            	
              1st
                Deferred Purchase Price – Subject to Section 3.10.6, the amount of the
                “1st
                Deferred Purchase Price” will be the higher of USD 300,000 and an amount
                equal to: (i)(x) the Fiscal 2009 EBITDA minus (y) the Fiscal 2008
                EBITDA
                of USD 655,000, (ii) minus the excess of (x) 2009 Interest Paid 2009,
                minus (y) 2008 Interest Paid, and (iii) multiplied by
                3.

            

    

     

    The
      resultant 1st
      Deferred
      Purchase Price amount will be paid in cash within 120 days following the end
      of
      Fiscal 2009 (the “1st
      Deferred
      Purchase Price Payment Date”); provided that the amount of the 1st
      Deferred
      Purchase Price in excess of USD 1,166,667 shall be paid on the one-year
      anniversary of the 1st Deferred Purchase Price Payment Date. If the
      1st
      Deferred
      Purchase Price does not amount to USD 1,166,667, then the shortfall shall be
      the
“First Deficit.”

     

    
      
        
        

      

      
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      GORRISSEN
        FEDERSPIEL
        KIERKEGAARD

       

    

    
      	 	
              (b)

            	
              2nd
                Deferred Purchase Price – Subject to Section 3.10.6, the amount of the
                “2nd
                Deferred Purchase Price” will be the higher of USD 200,000 and an amount
                equal to: (i)(x) the Fiscal 2010 EBITDA minus (y) the Fiscal 2009
                EBITDA,
                (ii) minus the excess of (x) Fiscal 2010 Interest Paid and (y) Fiscal
                2009
                Interest Paid, and (iii) multiplied by 3. In the event that the Fiscal
                2010 EBITDA is less than the Fiscal 2009 EBITDA, the amount of the
                2nd
                Deferred Purchase Price will be calculated by subtracting from Fiscal
                2010
                EBITDA the amount of Fiscal 2008 EBITDA.
                The amount of Fiscal 2008 EBITDA is USD
                655,000.

            

    

     

    The
      resultant 2nd
      Deferred
      Purchase Price amount will be paid in cash within 120 days following the end
      of
      Fiscal 2010 (the “2nd
      Deferred
      Purchase Price Payment Date”); provided that, to the extent that the amount of
      the 2nd
      Deferred
      Purchase Price exceeds the sum of (a) 1,166,667 plus (b) the First Deficit,
      then
      the amount of such excess shall be paid on the one-year anniversary of the
      2nd
      Deferred
      Purchase Price Payment Date. If the 2nd
      Deferred
      Purchase Price does not amount to USD 1,166,667, then the shortfall shall be
      the
“Second Deficit.”

     

    
      	 	
              (c)

            	
              3rd
                Deferred Purchase Price – Subject to Section 3.10.6, the amount of any
                “3rd
                Deferred Purchase Price” will be equal to: (i)(x) the Fiscal 2011 EBITDA
                minus (y) the Fiscal 2010 EBITDA, (ii) minus the excess of (x) Fiscal
                2011
                Interest Paid and (y) Fiscal 2010 Interest Paid, and (iii) multiplied
                by
                3. In the event that the Fiscal 2011 EBITDA is less than the Fiscal
                2010
                EBITDA, the amount of the 3rd
                Deferred Purchase Price will be calculated by subtracting from Fiscal
                2011
                EBITDA the amount of Fiscal 2008 EBITDA.
                The amount of Fiscal 2008 EBITDA is USD
                655,000.

            

    

     

    
      
        
        

      

      
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      GORRISSEN
        FEDERSPIEL
        KIERKEGAARD

       

    

    The
      resultant 3rd
      Deferred
      Purchase Price amount will be paid in cash within 120 days following the end
      of
      Fiscal 2011 (the “3rd
      Deferred
      Purchase Price Payment Date”). If the 3rd Deferred Purchase Price is sufficient
      to permit payment of the First Deficit (to the extent not already paid) and
      the
      Second Deficit without the Total Deferred Purchase Price exceeding the Cap,
      then
      such sums shall also be paid at that time. In no event shall the Total Deferred
      Purchase Price exceed USD 3,500,000 (the “Maximum Deferred Purchase
      Price”).

     

    
      	
              3.10.2

            	
              The
                Buyer shall procure that the Company based on unaudited accounts
                calculates and submits together with the respective calculations
                to the
                Seller the 1st
                Deferred Purchase Price at the latest on 1 December in 2009, the
                2nd
                Deferred Purchase Price at the latest on 1 December in 2010 and the
                3rd
                Deferred Purchase Price at the latest on 1 December in
                2011.

            

    

     

    
      	
              3.10.3

            	
              The
                Seller shall have 20 Business Days from the respective dates of submission
                of the 1st
                Deferred Purchase Price, the 2nd
                Deferred Purchase Price and the 3rd
                Deferred Purchase Price to notify the Buyer in writing if the Seller
                objects to any matter or item in the calculations or figures leading
                to
                the deferred purchase price in each respective year. Such notice
                shall
                specify in detail the nature of the objections and include a specific
                proposal for adjustment of each disputed item. In the event that
                the
                Seller delivers such a notice, Buyer’s obligation to make payment of the
                1st
                Deferred Purchase Price, the 2nd
                Deferred Purchase Price and the 3rd
                Deferred Purchase Price within 120 days following the end of a fiscal
                year
                shall be delayed until such time as the parties have either agreed
                on the
                amount of the 1st
                Deferred Purchase Price, the 2nd
                Deferred Purchase Price and/or the 3rd
                Deferred Purchase Price or the Independent Accountant has delivered
                a
                decision.

            

    

     

    
      	
              3.10.4

            	
              The
                parties shall follow the procedure laid down in Clauses 3.6 and 3.7
                with
                respect to any disagreements regarding the 1st
                Deferred Purchase Price, the 2nd
                Deferred Purchase Price and/or the 3rd
                Deferred Purchase Price and the pertaining calculations,
                taking into account that payment of the 1st
                Deferred Purchase Price, the 2nd
                Deferred Purchase Price and/or the 3rd
                Deferred Purchase Price is intended to take place no later than 120
                days
                following the end of Fiscal 2009, Fiscal 2010 and Fiscal 2011
                respectively.

            

    

     

    
      
        
        

      

      
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      GORRISSEN
        FEDERSPIEL
        KIERKEGAARD

    

     

    
      	
              3.10.5

            	
              The
                Buyer shall be entitled to withhold from any payments of the 1st
                Deferred Purchase Price, the 2nd
                Deferred Purchase Price or the 3rd
                Deferred Purchase Price any claims or losses covered by Clauses 10
                and
                11.

            

    

     

    
      	
              3.10.6

            	
              Notwithstanding
                the terms of Section 3.10.1, in the event that prior to the end of
                Fiscal
                2011 (i) the employment of either Søren Manicus or Peter Holst-Jensen is
                terminated either (A) voluntarily by him or (B) by the Company with
                fair
                reason due to breach of his respective service agreement, the amount
                of
                the 1st
                Deferred Purchase Price, the 2nd
                Deferred Purchase Price and/or the 3rd
                Deferred Purchase Price not yet earned by virtue of the completion
                of a
                fiscal year shall be reduced by 50% and (ii) both Søren Manicus and Peter
                Holst-Jensen (A) voluntarily terminate their employment or (B) are
                terminated by the Company with fair reason due to breach of their
                service
                agreements, the amount of the 1st
                Deferred Purchase Price, the 2nd
                Deferred Purchase Price and the 3rd
                Deferred Purchase Price not yet earned by virtue of completion of
                a fiscal
                year shall be reduced 100%. Any payments earned by virtue of the
                completion of an applicable fiscal year prior to such termination
                shall
                not be affected by this clause. 

            

    

     

    For
      the
      avoidance of doubt, the following are examples of a Deferred Purchase Price
      calculation following the occurrence of an event specified in this Section
      3.10.6, assuming Fiscal 2008 EBITDA of USD 600,000, Fiscal 2008 Interest Paid
      of
      USD100,000, Fiscal 2009 EBITDA of USD 620,000, Fiscal 2009 Interest Paid of
      USD
      110,000, Fiscal 2010 EBITDA of USD 900,000, Fiscal 2010 Interest paid of USD
      120,000, Fiscal 2011 EBITDA of USD 1,100,000 and Fiscal 2011 Interest Paid
      of
      USD 130,000. 

     

    Termination
      during Fiscal 2010

     

    In
      the
      event that during but prior to completion of Fiscal 2010, the employment of
      either Søren Manicus or Peter Holst-Jensen is terminated as a result of the
      events specified in this Section 3.10.6, then the Seller shall be entitled
      to
      receive an amount calculated as follows: 

     

    
      
        
        

      

      
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      GORRISSEN
        FEDERSPIEL
        KIERKEGAARD    

    

     

    (900,000
      – 620,000) – (120,000-110,000) = 270,000 x 3 =USD 810,000 x 50% = USD
      405,000

     

    In
      the
      event that during but prior to completion of Fiscal 2010, the employment of
      both
      Søren Manicus or Peter Holst-Jensen is terminated as a result of the events
      specified in this Section 3.10.6, then the Seller shall not be entitled to
      receive any amounts in respect of Fiscal 2010. 

     

    However,
      notwithstanding any termination of either or both Søren Manicus or Peter
      Holst-Jensen during Fiscal 2010 as a result of the events specified in this
      Section 3.10.6, Seller shall be entitled to receive any amounts earned in
      respect of the 1st Deferred Purchase Price, including the amount, if any, of
      the
      total of the Excess Shareholders’ Equity, the Excess Working Capital and the 1st
      Deferred Purchase Price in excess of USD 1,166,667, which is payable on the
      one-year anniversary of the 1st Deferred Purchase Price Payment Date.

     

    Termination
      during Fiscal 2011

     

    In
      the
      event that during but prior to completion of Fiscal 2011, the employment of
      either Søren Manicus or Peter Holst-Jensen is terminated as a result of the
      events specified in this Section 3.10.6, then the Seller shall be entitled
      to
      receive an amount calculated as follows: 

     

    (1,100,000
      – 900,000) – (130,000-120,000) = 190,000 x 3 =USD 570,000 x 50% = USD
      285,000

     

    In
      the
      event that during but prior to completion of Fiscal 2011, the employment of
      both
      Søren Manicus or Peter Holst-Jensen is terminated as a result of the events
      specified in this Section 3.10.6, then the Seller shall not be entitled to
      receive any amounts in respect of Fiscal 2011. However, notwithstanding any
      termination of either or both Søren Manicus or Peter Holst-Jensen during Fiscal
      2011 as a result of the events specified in this Section 3.10.6, Seller shall
      be
      entitled to receive any amounts earned but unpaid in respect of the 1st Deferred
      Purchase Price and 2nd Deferred Purchase Price. 

     

    
      
        
        

      

      
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      GORRISSEN
        FEDERSPIEL
        KIERKEGAARD

    

     

    
      	
              3.10.7

            	
              Notwithstanding
                the terms of Section 3.10.1, in the event that prior to the end of
                Fiscal
                2011, (i) the employments of either Søren Manicus or Peter Holst-Jensen is
                terminated by the Company other than with fair reason due to breach
                of his
                respective service agreement or is terminated by him due to the breach
                by
                the Company of such service agreement, the amount of the Total Deferred
                Purchase Price shall be equal to the greater of (A) in the event
                of such
                termination during Fiscal 2009, 15% of the Maximum Deferred Purchase
                Price, in the event of such termination during Fiscal 2010, 10% of
                the
                Maximum Deferred Purchase Price and in the event of such termination
                during Fiscal 2011, 5% of the Maximum Deferred Purchase Price and
                (B) the
                amount of the 1st
                Deferred Purchase Price, the 2nd
                Deferred Purchase Price and /or the 3rd
                Deferred Purchase Price actually earned, as calculated in accordance
                with
                such Section 3.10.1 and reduced by 50% for the period of time when
                the
                director is a single director compared to three years and (ii) in
                the
                event that the employment of both Søren Manicus and Peter Holst-Jensen is
                terminated by the Company other than with fair reason due to breach
                of his
                respective service agreement or is terminated by them due to the
                breach by
                the Company of such service agreements, the amount of the Total Deferred
                Purchase Price shall be equal to the greater of (A) in the event
                of such
                termination during Fiscal 2009, 30% of the Maximum Deferred Purchase
                Price, in the event of such termination during Fiscal 2010, 20% of
                the
                Maximum Deferred Purchase Price and in the event of such termination
                during Fiscal 2011, 10% of the Maximum Deferred Purchase Price and
                (B) the
                amount of the 1st
                Deferred Purchase Price, the 2nd
                Deferred Purchase Price and the 3rd
                Deferred Purchase Price calculated in accordance with such Section
                3.10.1.
                The amount of the Total Deferred Purchase Price calculated in accordance
                with this Section 3.10.7 shall be reduced by the amount of any
                1st
                Deferred Purchase Price, 2nd
                Deferred Purchase Price or 3rd
                Deferred Purchase Price previously earned in accordance with Section
                3.10.1 prior to the date of the
                termination.

            

    

     

    For
      the
      avoidance of doubt, the following are examples of a Deferred Purchase Price
      calculation following the occurrence of an event specified in this Section
      3.10.7, assuming Fiscal 2008 EBITDA of USD 600,000, Fiscal 2008 Interest Paid
      of
      100,000, Fiscal 2009 EBITDA of USD 620,000, Fiscal 2009 Interest Paid of USD
      110,000, Fiscal 2010 EBITDA of USD 900,000, Fiscal 2010 Interest paid of USD
      120,000, Fiscal 2011 EBITDA of USD 1,100,000 and Fiscal 2011 Interest Paid
      of
      USD 130,000. 

     

    
      
        
        

      

      
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      GORRISSEN
        FEDERSPIEL
        KIERKEGAARD

    

     

    Termination
      during Fiscal 2010

     

    In
      the
      event that on March 1, 2010, the employment of either Søren Manicus or Peter
      Holst-Jensen is terminated as a result of the events specified in this Section
      3.10.7, then the Seller shall be entitled to receive the greater of the amount
      calculated under (A) or (B), below, reduced by the payment previously made
      pursuant to Clause 3.10.1(a) : 

     

    (A)
      3,500,000 x 10% = 350,000

     

    (B)
      

     

    For
      Fiscal 2009

     

    (620,000-600,000)
      – (110,000-100,000) = 10,000 x 3 = USD 30,000

     

    For
      Fiscal 2010 

     

    (900,000-620,000)
      – (120,000-110,000) = 270,000 x 3 = 810,000 divided by 12 (months) = 67,500 x
      7
      (months during which there were 2 directors) = 472,500 

     

    67,500
      x
      50% = 33,750 x 5 (months with 1 director) = 168,750

     

    472,500
      +
      168,750 = USD 641,250

     

    For
      Fiscal 2011 

     

    (1,100,000-900,000)
      – (130,000-120,000) = 190,000 x 3 = 570,000 x 50% = USD 285,000

     

    30,000
      +
      641,250 + 285,000 = USD 956,250

     

    In
      the
      event that on March 1, 2010, the employment of both Søren Manicus or Peter
      Holst-Jensen is terminated as a result of the events specified in this Section
      3.10.7, then the Seller shall be entitled to receive the greater of the amount
      calculated under (A) or (B), below, reduced by the payment previously made
      pursuant to Clause 3.10.1(a): 

     

    
      
        
        

      

      
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      GORRISSEN
        FEDERSPIEL
        KIERKEGAARD

    

     

    (A)

     

    3,500,000
      x 20% = USD 700,000 

     

    (B)
      

     

    For
      Fiscal 2009

     

    (620,000-600,000)
      – (110,000-100,000) = 10,000 x 3 = USD 30,000

     

    For
      Fiscal 2010 

     

    (900,000-620,000)
      – (120,000-110,000) = 270,000 x 3 = USD 810,000 

     

    For
      Fiscal 2011 

     

    (1,100,000-900,000)
      – (130,000-120,000) = 190,000 x 3 = USD 570,000

     

    30,000
      +
      810,000 + 570,000 = USD 1,410,000.

     

    
      	
              3.10.8

            	
              The
                provisions of this Section 3.10 shall not affect the Buyer’s ability to
                change the Company’s fiscal year end after the Closing
                Date.

            

    

     

    
      	
              4

            	
              Closing

            

    

     

    
      	
              4.1

            	
              Closing
                shall take place immediately after signing of this Agreement on 9
                September 2008 (the "Closing Date") at the offices of Gorrissen Federspiel
                Kierkegaard, H.C. Andersens Boulevard 12, DK-1553 Copenhagen V, Denmark
                at
                9 a.m. (CET) or at such other date and time as may be agreed between
                the
                Parties. 

            

    

     

    
      	
              4.2

            	
              At
                Closing the Seller shall deliver the following to the
                Buyer:

            

    

     

    
      	 	
              (a)

            	
              documentary
                evidence from relevant corporate bodies of the Seller authorising
                the
                signing of this Agreement and the consummation of the necessary
                transactions under this Agreement;

            

    

     

    
      	 	
              (b)

            	
              share
                certificates duly endorsed to the
                Buyer;

            

    

     

    
      
        
        

      

      
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      GORRISSEN
        FEDERSPIEL
        KIERKEGAARD

    

     

    
      	 	
              (c)

            	
              updated
                shareholders’ register for the Company reflecting the transfer of the
                Shares to the Buyer;

            

    

     

    
      	 	
              (d)

            	
              documentation
                that all debts and receivables between the Company and the Seller’s Group
                have been settled;

            

    

     

    
      	 	
              (e)

            	
              documentation
                that the Buyer’s wire transfer referred to in Clause 4.3 below has been
                received by the Seller’s bank and credited on the Escrow Account and on
                the bank account designated by the Seller in accordance with Clause
                4.3;

            

    

     

    
      	 	
              (f)

            	
              such
                other documents, including statutory books (which shall be written
                up to
                but not including Closing) as the Buyer may reasonably require;
                and

            

    

     

    
      	 	
              (g)

            	
              letters
                from the present board of directors of the Company and the present
                auditors of the Company confirming that they resign from their office,
                and
                that they have no claims against the Company for fees or otherwise
                for the
                period prior to the Closing Date.

            

    

     

    
      	 	
              (h)

            	
              documentation
                that Søren Manicus and Peter Holst-Jensen shall have terminated their
                previous service agreements and entered into new service agreements
                on
                agreed terms;

            

    

     

    
      	 	
              (i)

            	
              documentation
                of the lessor’s consent to the transfer of the Shares regarding the
                leasehold Tindbjergvej 16, Virkelund, 8600
                Silkeborg.

            

    

     

    
      	
              4.3

            	
              At
                Closing the Buyer shall deliver the following to the
                Seller:

            

    

     

    
      	 	
              (a)

            	
              documentary
                evidence from relevant corporate bodies of the Buyer authorising
                the
                signing of this Agreement and the consummation of the necessary
                transactions under this Agreement.

            

    

     

    
      	 	
              (b)

            	
              documentation
                that USD 3,150,000 of the Initial Purchase Price has been transferred
                by
                the Buyer’s bank to the Seller’s bank account no. 5036250897, registration
                no. 2229 with Nordea Bank Danmark A/S, Erhvervsafdelingen, Hovedgaden
                20,
                2970 Hørsholm; 

            

    

     

    
      
        
        

      

      
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              (c)

            	
              documentation
                that USD 350,000 (the "Escrow Amount") of the Initial Purchase Price
                has
                been transferred by the Buyer’s bank to the Seller’s bank account no.
                5036253691 (the "Escrow Account"), registration no. 2229 with Nordea
                Bank Danmark A/S, Erhvervsafdelingen, Hovedgaden 20, 2970 Hørsholm;
                and

            

    

     

    
      	
              5

            	
              Post
                Closing Tasks

            

    

     

    
      	
              5.1

            	
              The
                Buyer shall as soon as practicable after Closing provide to the Seller
                documentation that appropriate filings have been made to de-register
                the
                present board of directors of the Company and the present auditors
                of the
                Company with the Danish Commerce and Companies Agency.
                

            

    

     

    
      	
              6

            	
              Seller’s
                Warranties

            

    

     

    
      	
              6.1

            	
              The
                Seller warrants to the Buyer that each of the warranties as set out
                in
                Schedule 6.1
                is
                accurate in all respects and not misleading at the date of this
                Agreement 

            

    

     

    
      	
              7

            	
              Buyer’s
                Warranties 

            

    

     

    
      	
              7.1

            	
              The
                Buyer warrants to the Seller that each of the following warranties
                is
                accurate in all respects and not misleading at the date of this
                Agreement:

            

    

     

    
      	 	
              (a)

            	
              the
                Buyer has the requisite power and authority to enter into and perform
                its
                obligations under this Agreement;
                and

            

    

     

    
      	 	
              (b)

            	
              this
                Agreement, any other documents entered into by the Buyer which are
                to be
                delivered hereunder will, when entered into and delivered, constitute
                binding obligations of the Buyer and will be enforceable in accordance
                with their respective terms except as limited by bankruptcy
                laws.

            

    

     

    
      
        
        

      

      
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              8

            	
              Restrictions
                on Business Activities

            

    

     

    
      	
              8.1

            	
              The
                Seller undertakes that it will not, and shall procure that no member
                of
                the Seller’s Group or of any of the Shareholders will, neither pending nor
                within 3 years after the Closing Date do, directly or indirectly,
                on its
                own account or in conjunction with or on behalf of any Person or
                assist
                any Person in doing any of the following
                things:

            

    

     

    
      	 	
              (a)

            	
              be
                engaged or economically interested in any capacity whatsoever (except
                as a
                holder of shares in a listed company which confers not more than
                5 per
                cent of the voting rights or the share capital of that listed company)
                in
                any business which competes directly or indirectly with the business
                of
                the Company as conducted or contemplated at Closing or at any time
                in the
                12 months period immediately preceding Closing within Denmark or
                in any
                other jurisdiction in which the Company carries on business or
                contemplates at Closing to carry on
                business;

            

    

     

    
      	 	
              (b)

            	
              in
                competition with the Company solicit or entice away or attempt to
                solicit
                or entice away from the Company any Person who shall at any time
                within
                the year preceding the date of this Agreement have been a customer,
                representative, agent or supplier of the Company, or enter into any
                contract for sale and purchase with or accept business from any such
                Person; or

            

    

     

    
      	 	
              (c)

            	
              solicit,
                entice away or attempt to solicit or entice away from the Company
                or any
                member of the Buyer’s Group any employee of the Company at the date of
                this Agreement.

            

    

     

    
      	
              8.2

            	
              Each
                time the restrictions of the Seller or a Shareholder (as the case
                may be)
                set out in Clause 8.1 is violated the Seller or a Shareholder (as
                the case
                may be) shall pay liquidated damages (in Danish "konventionalbod")
                to the
                Buyer of DKK 200,000. The payment of liquidated damages shall be
                in
                addition to any other rights under Danish law, which the Buyer may
                have as
                a consequence of a breach of the respective undertakings, including
                the
                right to demand further damages from the Seller. In case of any breach
                of
                Clause 8.1, the Buyer shall be entitled to demand an injunction before
                the
                ordinary courts against the Seller or a Shareholder (as the case
                may be)
                without having to put up any security irrespective of the provision
                for
                arbitration in Clause 21. 

            

    

     

    
      
        
        

      

      
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              9

            	
              Post
                Closing Covenants

            

    

     

    
      	
              9.1

            	
              All
                employment agreements for the employees of the Company must within
                30 days
                after the Closing Date be rectified in accordance with the Danish
                Act on
                the Employers duty to inform the Employee. Fur-thermore in all employment
                agreements for employees who are entitled to a gasoline card it must
                be
                stated that the gasoline card is only for purchase of gasoline in
                Denmark.

            

    

     

    
      	
              9.2

            	
              The
                Seller shall no later than the 5th
                in
                each month following Closing by e-mail forward to the Buyer a bank
                statement evidencing the amount of the Secured Sum according to Clause
                10.14. This obligation shall remain as long as funds are placed on
                a bank
                account as a Secured Sum.

            

    

     

    
      	
              9.3

            	
              The
                Seller shall at any time until the EU registration and the Norwegian
                registration, both for the trademark C-88 <word>, are registered in
                the name of the Company with the EU trademark registration authority
                (OHIM) and the Norwegian trademark registration authority (Patentstyret)
                at the cost of the Seller do everything needed in order for the Company
                to
                uphold and enforce the Company’s rights against third parties to the C-88
                <word> trademarks in the EU and
                Norway.

            

    

     

    
      
        
        

      

      
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              10

            	
              Indemnification

            

    

     

    
      	
              10.1

            	
              Subject
                to the limitations of this Clause 10, the Seller agrees to indemnify
                the
                Buyer from and against all direct losses (as demonstrated in accordance
                with Danish Law) suffered or based upon any misrepresentation,
                irregularity in or breach of the Seller’s Warranties or any covenant or
                agreement of the Seller contained in this Agreement or in the Other
                Agreements (a "Seller’s Breach"). Any payment due to the Buyer or the
                Company under this Clause 10 shall be paid net of tax benefits to
                the
                Buyer and shall be considered as a reduction of the Purchase Price
                and any
                payment shall, if possible, take place by way of repayment of the
                Purchase
                Price.

            

    

     

    
      	
              10.2

            	
              Subject
                to the limitations of this Clause 10 the Buyer agrees to indemnify
                the
                Seller from and against all losses suffered or based upon any
                misrepresentation, irregularity in or breach of any of the Buyer’s
                Warranties or any covenant or agreement of the Buyer contained in
                this
                Agreement and in the Other Agreements (a "Buyer’s
                Breach").

            

    

     

    Subject
      to intentional misrepresentation or willful misconduct by the Buyer the right
      to
      claim damages as set out above shall be the exclusive remedy of the Seller
      with
      respect to any Buyer’s Breach. In particular the Seller shall not be entitled to
      rescind the Agreement after Closing.

     

    
      	
              10.3

            	
              The
                Parties shall within reasonable time give notice to the other Party
                of any
                demand, claim or any other circumstance giving rise to a claim or
                the
                commencement of any action, proceeding or investigation that may
                result in
                a loss covered by Clauses 10.1 and 10.2. The claim notice (the "Claim
                Notice") shall describe the asserted liability in reasonable detail
                and
                shall, if possible, estimate the size of the loss (the "Estimated
                Claim"). 

            

    

     

    The
      failure of the indemnified Party within reasonable time to notify the
      indemnifying Party on any such matter shall not release the indemnifying Party,
      in whole or in part, from its obligations under this Clause 10 except to the
      extent the indemnified Party’s failure to so notify actually prejudices the
      indemnifying Party’s ability to defend against such third party claim or
      litigation.

     

    
      
        
        

      

      
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    If
      the
      indemnifying Party cannot accept the claim as notified to the indemnifying
      Party
      by the indemnified Party, the indemnifying Party shall within 30 Business Days
      inform the indemnified Party accordingly in writing. Such dispute shall be
      resolved by arbitration proceedings in accordance with the provisions of Clause
      21.

     

    In
      the
      event that the Seller, in the opinion of the Buyer, becomes liable to the Buyer
      for a Seller’s Breach, Buyer may at any time thereafter according to the Escrow
      Agreement, notify the Escrow Agent in writing of the existence of the alleged
      liability together with a copy of the Claim Notice. The Buyer shall be entitled
      to notify the Escrow Agent of the loss of interest and expenses estimated by
      the
      Buyer to be incurred by the Buyer by defending the Buyer’s position through
      court or arbitration proceedings (the "Estimated Costs"). The Escrow Agent
      shall
      retain an amount corresponding to the Estimated Claim plus Estimated Costs
      notified to the Escrow Agent and not release such portion to the Seller, except
      as provided in the Escrow Agreement. The Escrow Agreement shall govern the
      release of the Escrow Amount to the Seller or the Buyer, as the case may
      be.

     

    
      	
              10.4

            	
              The
                Seller agrees that the Buyer has entered into this Agreement in reliance
                upon the Seller’s Warranties independently of the due diligence
                investigation of the Company performed by the Buyer. The Seller agrees
                that the due diligence investigation of the Company performed by
                the
                Buyer, including the Buyer’s review of the Data Room Documentation shall
                not in any way limit the Buyer’s right to make any claims against the
                Seller for breach of any of the Seller’s
                Warranties.

            

    

     

    
      	
              10.5

            	
              Interest
                shall accrue in favour of the indemnified Party from the day the
                claim is
                notified to the other Party always provided the claim is (i) accepted
                by
                the indemnifying Party or (ii) determined in the favour of the claiming
                Party by arbitration in accordance with Clause
                21.

            

    

     

    
      	
              10.6

            	
              The
                Seller undertakes (if any claim is made against it by the Buyer)
                not to
                make any claim against the Company or any member of the board of
                directors
                or management of the Company or any employee or adviser of the Company
                on
                whom the Seller may have relied before agreeing to any terms of this
                Agreement or authorising any statement in the Disclosure
                Letter.

            

    

     

    
      
        
        

      

      
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              10.7

            	
              Any
                claim by the Buyer against the Seller, except for claims resulting
                from a
                breach of the Seller’s warranties set out in Schedule 6.1, sections 6.1.1
                (the Company and the Shares), 6.1.4 (capacity of the Seller), 6.1.21
                (tax)
                and 6.1.29 (environment), shall be barred by limitation if not notified
                in
                writing to the Seller at the latest on the date 18 months after the
                Closing Date (or the next Business Day if the said date is not a
                Business
                day).

            

    

     

    
      	
              10.8

            	
              Any
                claims regarding Schedule 6.1, section 6.1.29 (environment), shall
                be
                barred by limitation if not notified in writing to the Seller at
                the
                latest on the 5th
                anniversary of the Closing date (or the next Business Day if the
                said
                anniversary is not a Business Day). No time limitations shall apply
                with
                respect to claims regarding Schedule 6.1, section 6.1.1 (the Company
                and
                the Shares) and 6.1.4 (capacity of the
                Seller).

            

    

     

    
      	
              10.9

            	
              Any
                claims regarding Schedule 6.1, section 6.1.21 (tax), shall not be
                barred
                until 3 months after the expiration of the time limits in the relevant
                Tax
                Law for the tax authorities to make a ruling regarding amendments
                in the
                tax returns of the Company. If the Company receives notice of a ruling
                regarding amendments in the tax returns of the Company from the tax
                authorities after the expiration of the said time limits, then claims
                pertaining to tax warranties may be made until 3 months after the
                Company
                has received the notice.

            

    

     

    
      	
              10.10

            	
              If
                any breach arises by reason of some liability of the Company which
                at the
                time such claim is notified to the Seller, is contingent or cannot
                be
                quantified, then the Seller shall not be under an obligation to make
                any
                payment in respect of such breach or claim unless and until such
                liability
                ceases to be contingent or becomes capable of being quantified, as
                the
                case may be, provided that the Buyer’s time limits for notifying claims to
                the Seller shall be extended with a period equal to the time during
                which
                the liabilities remain contingent or
                unquantified.

            

    

     

    
      	
              10.11

            	
              The
                Buyer shall not be entitled to raise any claim against the Seller
                for
                breach of this Agreement unless it has claims that, individually
                or in the
                aggregate, exceed a threshold of DKK 100,000, in which case the Buyer
                shall be entitled to recover only amounts in excess of DKK 100,000.
                Claims
                arising out of similar events or circumstances shall be regarded
                as one
                claim. No threshold shall apply in respect of claims based on the
                Seller’s
                Warranties set out in Schedule 6.1, section 6.1.1 (the Company and
                the
                Shares). For the avoidance of doubt the above threshold shall not
                apply to
                (i) any adjustment of the Purchase Price as provided for in Clause
                3, (ii)
                any breach of the provisions in Clause 8 and (iii) any indemnification
                according to Clause 11 and Schedule 11.1. 

            

    

     

    
      
        
        

      

      
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              10.12

            	
              In
                no event shall the aggregate indemnification payable by the Seller
                in
                respect of a loss related to a breach of this Agreement by the Seller
                exceed 50% of the total purchase price, calculated as the adjusted
                Initial
                Purchase Price together with the Deferred Purchase Price, which amount
                shall constitute the maximum amount of the Seller’s liability hereunder.
                This Clause 10.12 does not apply to payments made under Clause 3.6.5,
                Clause 8 and Clause 11.

            

    

     

    
      	
              10.13

            	
              The
                limitations in amount or time set out in this Clause 10 shall not
                apply to
                indemnification for a Seller’s Breach if such breach was within the
                Seller’s Knowledge on or prior to the Closing or the Seller has caused the
                Seller’s Breach by fraud or gross
                negligence.

            

    

     

    
      	
              10.14

            	
              To
                secure payments of any claims from the Seller to the Buyer arising
                out of
                this Agreement, the Seller shall retain and shall not distribute,
                whether
                by way of dividend, payment or otherwise, any amounts paid in respect
                of
                the Initial Purchase Price, as follows: USD [2,000,000] (the “Secured
                Sum”) must be placed on a bank account in the name of the Seller or be
                invested in whole or in part in listed securities. On the one (1)
                year
                anniversary of the Closing Date the Secured Sum is reduced to USD
                [1,500,000], plus such additional amounts as may be required to satisfy
                any claims arising out of this Agreement. On the second (2) year
                anniversary of the Closing Date the Secured Sum is reduced to USD
                [800,000] plus such additional amounts as may be required to satisfy
                any
                claims arising out of this Agreement. On the third (3) year anniversary
                of
                the Closing Date the Secured Sum is reduced to any amounts as may
                be
                required to satisfy any claims arising out of this Agreement.
                The indemnification obligation of Seller shall not be limited by
                the
                amount of the Secured Sum. The Seller may spend USD 875,000 of the
                Initial
                Purchase Price without restrictions. 

            

    

     

    
      
        
        

      

      
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              11

            	
              Specific
                Indemnifications

            

    

     

    
      	
              11.1

            	
              Without
                limitation or qualification applying to the Seller’s Warranties or any
                other undertakings or covenants of the Seller under this Agreement,
                and
                notwithstanding the minimum threshold in Clause 10.11, the Seller
                hereby
                agrees to indemnify the Buyer, the Company and any member of the
                Buyer's
                Group on a USD for USD (or DKK for DKK, as applicable) basis for
                any and
                all losses and claims that arise directly or indirectly, including
                but not
                limited to all legal fees, management costs (as reasonably quantified
                by
                the Buyer), and all related reasonable fees and reasonable costs
                as set
                out in Schedule
                11.1.

            

    

     

    
      	
              12

            	
              Taxation
                Matters

            

    

     

    
      	
              12.1

            	
              The
                Company has been part of the Joint Tax Group and as such subject
                to
                mandatory joint taxation in accordance with section 31 of the Danish
                Corporate Tax Act. The provisions regarding the termination of the
                joint
                taxation scheme of the Company are set out in Schedule
                12.1. 

            

    

     

    
      	
              13

            	
              Announcements

            

    

     

    
      	
              13.1

            	
              The
                Parties shall agree the form of, time for and content of the information
                to be given to:

            

    

     

    
      	 	
              (a)

            	
              the
                employees of the Company; and

            

    

     

    
      	 	
              (b)

            	
              the
                customers and other business connections of the Company;
                

            

    

     

    concerning
      this Agreement and the transactions contemplated hereby. Either Party may,
      after
      consultation with the other Party, make an announcement concerning this
      Agreement and the transactions, if required by law, or any securities exchange
      or regulatory or governmental body to which that Party is subject or submits,
      wherever situated and whether or not the requirement has the force of
      law.

     

    
      
        
        

      

      
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              14

            	
              Confidentiality

            

    

     

    The
      Seller and the Shareholders and the Buyer shall treat as confidential all
      information obtained as a result of entering into or performing this
      Agreement.

     

    The
      Seller and the Shareholders hereby acknowledge that they are aware, and that
      they will advise their representatives, that the United States securities laws
      prohibit any person who has material, non-public information concerning the
      matters which are the subject of this Agreement from purchasing or selling
      securities of the Buyer (and options, warrants and rights relating thereto)
      or
      from communicating such information to any other person under circumstances
      in
      which it is reasonably foreseeable that such person (including, without
      limitation, any representatives) is likely to purchase or sell such
      securities.

     

    
      	
              14.1

            	
              Notwithstanding
                the other provisions of this Clause 14, each of the Parties, the
                Shareholders and the Buyer may disclose confidential
                information:

            

    

     

    
      	 	
              (a)

            	
              if
                and to the extent required by Law or for the purpose of any judicial
                proceedings between the Parties;

            

    

     

    
      	 	
              (b)

            	
              to
                its/their professional advisers, auditors and
                bankers;

            

    

     

    
      	 	
              (c)

            	
              if
                and to the extent the information has come into the public domain
                through
                no fault of that Party;

            

    

     

    
      	 	
              (d)

            	
              if
                and to the extent the Party to whom the information relates has given
                prior written consent to the disclosure, such consent not to be
                unreasonably withheld or delayed;

            

    

     

    
      	
              14.2

            	
              The
                restrictions contained in this Clause 14 shall apply without limit
                in
                time.

            

    

     

    
      	
              15

            	
              Assignment
                and change-in-control

            

    

     

    
      	
              15.1

            	
              The
                Buyer may at any time assign all or any part of its rights or benefits
                under this Agreement and any agreements referred to hereby together
                with
                any causes of action arising in connection with any of them. The
                Buyer
                shall remain liable as a guarantor for such assignee’s performance
                hereunder. The Buyer shall give notice to the Seller of any intended
                assignment no less than 30 days prior to such
                assignment.

            

    

     

    
      
        
        

      

      
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              15.2

            	
              The
                Seller shall not assign all or any part of its rights and obligations
                under this Agreement.

            

    

     

    
      	
              15.3

            	
              The
                Buyer may disclose to a proposed assignee information in its possession
                relating to the provisions of this Agreement, the negotiations relating
                to
                this Agreement and the Seller which it is necessary to disclose for
                the
                purposes of the proposed assignment, notwithstanding the provisions
                of
                Clause 14.

            

    

     

    
      	
              15.4

            	
              In
                the event of a change-in-control of the Buyer, the successor entity
                will
                assume, either pursuant to written agreement or by operation of law,
                all
                of the obligations of the Buyer under this
                Agreement.

            

    

     

    
      	
              16

            	
              Amendments

            

    

     

    
      	
              16.1

            	
              This
                Agreement may only be amended in writing signed by each of the
                Parties.

            

    

     

    
      	
              17

            	
              Costs
                and Expenses

            

    

     

    
      	
              17.1

            	
              Each
                Party shall bear its own costs and expenses in relation to the
                negotiation, preparation, execution and carrying into effect of this
                Agreement and other agreements referred to
                hereby.

            

    

     

    
      	
              17.2

            	
              The
                Seller confirms that no expense of whatever nature relating to the
                due
                diligence process or the preparation and completion of this Agreement
                has
                been or is to be borne by the
                Company.

            

    

     

    
      	
              17.3

            	
              If
                there is any dispute between the Seller and the Buyer concerning
                the
                Closing Statements, all costs relating thereto shall be borne by
                the
                Seller and the Buyer, respectively, i.e. the Seller shall pay its
                lawyers,
                advisers and accountants and the Buyer shall pay its lawyers, advisers
                and
                accountants. The fee to the Independent Accountant foreseen under
                Clause
                3.6.1 shall be split equally between the Seller and the
                Buyer.

            

    

     

    
      
        
        

      

      
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              18

            	
              Notices

            

    

     

    
      	
              18.1

            	
              Any
                communication or notice made under this Agreement shall be sent to
                a Party
                at its address or number and for the attention of the individual
                set out
                below:

            

    

     

    
      	 	
              to
                the Seller: 

            	
              C-88
                Holding ApS

            
	 	 	
              Savsvinget
                7

            
	 	 	
              2970
                Hørsholm

            
	 	 	
              tel:
                + 45 70 10 48 88

            
	 	 	
              fax:
                + 45 70 10 48 89

            
	 	 	
              for
                the attention of Søren Manicus

            
	 	 	 
	 	
              with
                a copy to: 

            	
              Lerbrandt
                Advokatfirma

            
	 	 	
              Nytorv
                5

            
	 	 	
              1450
                Copenhagen K

            
	 	 	
              Denmark

            
	 	 	
              tel:
                + 45 33 15 80 81

            
	 	 	
              fax:
                + 45 33 15 80 70

            
	 	 	
              for
                the attention of Jesper Sidenius

            
	 	 	 
	 	
              to
                the Shareholders: 

            	
              Søren
                Manicus

            
	 	 	
              Heilsmindevej
                4

            
	 	 	
              2920
                Charlottenlund

            
	 	 	
              Denmark

            
	 	 	
              tel:
                + 45 40 78 04 12; and

            
	 	 	 
	 	 	
              Peter
                Holst-Jensen

            
	 	 	
              Dyrlægegårds
                Allé 168

            
	 	 	
              3600
                Frederikssund

            
	 	 	
              Denmark

            
	 	 	
              tel:
                + 45 40 85 80 10

            
	 	 	 
	 	
              to
                the Buyer:

            	
              Nu
                Horizons Electronics Corp.

            
	 	 	
              tell:
                + 631-396-7300

            
	 	 	
              fax:
                + 631-794-2441

            
	 	 	
              for
                the attention of Kurt Freudenberg

            
	 	 	 
	 	
              with
                a copy to 

            	
              Farrell
                Fritz, P.C

            
	 	 	
              1320
                RexCorp Plaza

            
	 	 	
              Uniondale,
                NY 11556

            
	 	 	
              USA

            
	 	 	
              tel:
                + 516.227.0638

            
	 	 	
              fax:
                + 516.336.2778

            
	 	 	
              for
                the attention of Nancy Lieberman

            
	 	 	 
	 	
              and
                

            	
              Gorrissen
                Federspiel Kierkegaard

            
	 	 	
              H.C.
                Andersens Boulevard 12

            
	 	 	
              DK-1553
                Copenhagen V

            
	 	 	
              Denmark

            
	 	 	
              tel:
                +45 33 41 41 41

            
	 	 	
              fax:
                +45 33 41 41 33

            
	 	 	
              for
                the attention of Olaf Carl
                Ehrenskjöld

            

    

    

    or
      to
      such other person, address and/or fax no., which either Party or the
      Shareholders may in writing notify to the other parties.

     

    
      
        
        

      

      
        - 36 -

        
          

        

      

      
        
        

      

    

    
       

      GORRISSEN
        FEDERSPIEL
        KIERKEGAARD

       

    

    
      	
              18.2

            	
              Any
                notice given under this Agreement outside Working Hours in the place
                to
                which it is addressed shall be deemed to have been given at the start
                of
                the next Business Day.

            

    

     

    
      	
              19

            	
              Invalidity

            

    

     

    
      	
              19.1

            	
              If
                at any time any provision of this Agreement is or becomes illegal
                or
                unenforceable in any respect under the Law of any jurisdiction, this
                shall
                not affect or impair:

            

    

     

    
      	
            	(a)	
              the
                legality, validity or enforceability in that jurisdiction of any
                other
                provision of this Agreement; or

            

    

     

    
      	
            	(b)	
              the
                legality, validity or enforceability under the law of any other
                jurisdiction of that or any other provision of this
                Agreement.

            

    

     

    
      	
              20

            	
              Governing
                Law

            

    

     

    
      	
              20.1

            	
              This
                Agreement shall be governed by and construed in accordance with the
                laws
                of the Kingdom of Denmark and disregarding its rules on
                renvoi.

            

    

     

    
      	
              21

            	
              Arbitration

            

    

     

    
      	
              21.1

            	
              Any
                dispute or claim arising out of or in connection with this Agreement,
                or
                the breach, termination or invalidity thereof, shall be settled by
                arbitration in accordance with the Rules of Procedure of The Danish
                Institute of Arbitration (Copenhagen
                Arbitration).

            

    

     

    The
      arbitration tribunal shall be composed of a sole arbitrator.

     

    The
      member of the arbitration tribunal shall be appointed by the
      Institute.

     

    
      
        
        

      

      
        - 37 -

        
          

        

      

      
        
        

      

    

    
       

      GORRISSEN
        FEDERSPIEL
        KIERKEGAARD

       

    

    The
      place
      of arbitration shall be Copenhagen.

     

    The
      language of the arbitration shall be English.

     

    —oo0oo—

     

    Signed
      in
      Copenhagen, 9 September 2008 

     

    For
      and
      on behalf of the Seller:

    

    
      	
              /s/
                Søren Manicus

            	 	
              /s/
                Peter Holst-Jensen

            	 
	
              Søren
                Manicus

            	 	
              Peter
                Holst-Jensen

            	 

    

     

    For
      and
      on behalf of the Buyer:

    

    
      	
              /s/
                Kurt Freudenberg

            

    

    Kurt
      Freudenberg, Executive Vice President and Chief Financial Officer

     

    
      
        
        

      

      
        - 38 -

        
          

        

      

      
        
        

      

    

    
       

      GORRISSEN
        FEDERSPIEL
        KIERKEGAARD

       

    

    The
      Shareholders:

     

    We,
      the
      undersigned Shareholders of the Seller, hereby accede to Clauses 8, 10.14,
      20
      and 21 of this Agreement, as primary obligors. We furthermore undertake not
      to
      liquidate the Seller or sell the shares in the Seller for five years from the
      Closing Date, except for Manicus Invest ApS and PHJ Tech ApS may sell the shares
      in the Seller to each other at any time.

     

    
      	
              /s/
                Manicus Invest ApS

            	 	
              /s/
                PHJ Tech ApS 

            
	
              Manicus
                Invest ApS

            	 	
              PHJ
                Tech ApS

            
	 	 	 
	
              /s/
                Søren Manicus

            	 	
              /s/
                Peter Holst-Jensen 

            
	
              Søren
                Manicus

            	 	
              Peter
                Holst-Jensen

            

    

    

    
      
        
        

      

      
        - 39 -Unassociated Document

    
      Exhibit
        10.4

    

    INDIA
      GLOBALIZATION CAPITAL, INC.

     

    ——————————

     

    Note
      and Share Purchase Agreement

     

    ——————————

     

    

     

    Dated
      September 30, 2008

     

    
      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

    

    TABLE
      OF
      CONTENTS

     

    
      
        	1.The
                Loans, Notes and Shares.	
                1

              
	
                   1.1

              	
                The
                  Loans

              	
                1

              
	
                   1.2

              	
                The
                  Notes

              	
                1

              
	
                   1.3

              	
                The
                  Shares

              	
                1

              
	
                   1.4

              	
                Closings

              	
                1

              
	
                   1.5

              	
                Delivery

              	
                1

              
	
                   1.6

              	
                Issuance
                  of Additional Shares and Penalty Shares

              	
                1

              
	2.Representations
                and Warranties of the Company	
                2

              
	
                   2.1

              	
                Organization,
                  Standing and Power

              	
                2

              
	
                   2.2

              	
                Authority
                  and Enforceability

              	
                2

              
	
                   2.3

              	
                Valid
                  Issuance

              	
                2

              
	
                   2.4

              	
                Accuracy
                  of Public Filings

              	
                2

              
	
                   2.5

              	
                Use
                  of Proceeds

              	
                2

              
	
                   2.6

              	
                No
                  Conflicts

              	
                2

              
	
                   2.7

              	
                Capitalization

              	
                3

              
	
                   2.8

              	
                Offering

              	
                3

              
	
                   2.9

              	
                Brokers
                  or Finders

              	
                3

              
	
                   2.10

              	
                Accuracy
                  of Information Furnished

              	
                3

              
	3.Representations
                and Warranties of the Investor	
                3

              
	
                   3.1

              	
                Authorization

              	
                3

              
	
                   3.2

              	
                Purchase
                  Entirely for Own Account

              	
                3

              
	
                   3.3

              	
                Disclosure
                  of Information

              	
                3

              
	
                   3.4

              	
                Investment
                  Experience; Financial Risk

              	
                3

              
	
                   3.5

              	
                Accredited
                  Investor

              	
                3

              
	
                   3.6

              	
                Restricted
                  Securities

              	
                4

              
	
                   3.7

              	
                Legends

              	
                4

              
	
                   3.8

              	
                No
                  Conflicts

              	
                4

              
	
                   3.9

              	
                Relationship
                  Among Investors

              	
                4

              
	
                   3.10

              	
                Brokers
                  or Finders

              	
                4

              
	4.Pari
                Passu with All Notes	
                4

              
	5.Conditions
                to Closing.	
                4

              
	
                   5.1

              	
                Conditions
                  of Investor’s Obligations at Closing

              	
                4

              
	
                   5.2

              	
                Conditions
                  to Obligations of the Company

              	
                5

              
	6.Covenants.	
                5

              
	
                   6.1

              	
                Listing
                  of Shares

              	
                5

              
	7.Miscellaneous.	
                6

              
	
                   7.1

              	
                Waivers
                  and Amendments

              	
                6

              
	
                   7.2

              	
                Governing
                  Law

              	
                6

              
	
                   7.3

              	
                Survival

              	
                6

              
	
                   7.4

              	
                Successors
                  and Assigns

              	
                6

              
	
                   7.5

              	
                Entire
                  Agreement

              	
                6

              
	
                   7.6

              	
                Notices,
                  etc

              	
                6

              
	
                   7.7

              	
                Severability
                  of this Agreement

              	
                6

              
	
                   7.8

              	
                Counterparts

              	
                6

              
	
                   7.9

              	
                Expenses

              	
                6

              

      

       

    

    Exhibit A                      -          Form
      of Unsecured Promissory Note

    Exhibit B                      -           Form
      of Registration Rights Agreement

    Exhibit C                      -           Disclosure
      Schedule

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    NOTE
      AND SHARE PURCHASE
      AGREEMENT

     

    THIS
      NOTE
      AND SHARE PURCHASE AGREEMENT (this “Agreement”) is effective as of September 30,
      2008, by and between INDIA GLOBALIZATION CAPITAL, INC., a Maryland corporation
      (the “Company”) and ____________ (the “Investor”).

     

    1. The
      Loans, Notes and
      Shares.

     

    1.1 The
      Loans.  Subject to the terms and conditions of this Agreement,
      the Investor agrees to make a loan (the “Loan”) to the Company in the principal
      amount of ______ Dollars ($______,000.00) to be governed by the terms and
      conditions of, and repaid in accordance with, this Agreement.

     

    1.2 The
      Notes.  The Loan made by the Investor pursuant hereto shall be
      evidenced by an unsecured promissory note of the Company executed concurrently
      herewith in the form attached hereto as Exhibit A (the
“Note” and together
      with each other Note issued pursuant to and in connection
      with the terms hereof, the “Notes”).

     

    1.3 The
      Shares.  Subject to the terms of this Agreement and in
      consideration of the Loan, the Company shall issue and sell to the Investor
      One
      Hundred Thousand (100,000) shares of the Common Stock of the Company (the
“Shares”) for every One Million Dollars ($1,000,000) of the Loan made by the
      Investor.  The Company will also enter into a Registration Rights
      Agreement in substantially the form attached hereto as Exhibit B (the
“Registration
      Rights Agreement”) providing for registration rights for the
      Shares, the Additional Shares and the Penalty Shares (each as defined below)
      (together, the “Total Shares”).

     

    1.4 Closings.  The
      closing of the purchase and sale of the Notes and the Shares (each such closing,
      a “Closing”) will take place at the offices of Seyfarth Shaw LLP, 815
      Connecticut Avenue, N.W., Suite 500, Washington, D.C. at such time as the
      parties shall mutually agree.  Upon the receipt from investors and
      acceptance by the Company of Loans totaling at least Two Million Dollars
      ($2,000,000.00) in the aggregate principal amount, the Company may close the
      initial purchase and sale of the Notes and Shares (the “Initial
      Closing”).  Following the Initial Closing, and from time-to-time
      thereafter until October 31, 2008, the Company may sell to such persons as
      the
      Company may determine additional Notes, each with a principal amount of at
      least
      $100,000 or any multiple thereof, and hold additional Closings with respect
      thereto (each, a “Subsequent Closing”).  Any such sale shall be upon
      the same terms and conditions as those contained herein, and such persons or
      entities shall become parties to an agreement identical in form and substance
      to
      this Agreement and shall have the rights and obligations of an Investor
      thereunder (all such investors together, the “Investors”).  At the
      Initial Closing and each Subsequent Closing, the Company will deliver to each
      Investor the respective Note and Shares purchased by such Investor, against
      receipt by the Company of the respective principal amount of the Note purchased
      by such Investor.  The Company shall have the right to reject any
      investment, in whole or in part, for any reason whatsoever notwithstanding
      the
      Company’s prior execution hereof, and any funds received for an investment so
      rejected shall be returned immediately to the appropriate
      Investor.  The obligations of the Investors under the Notes are
      several and not joint.

     

    1.5 Delivery.  At
      the Closing, the Company will deliver to the Investor (i) the Note representing
      the Loan made by the Investor and (ii) the certificate(s) representing the
      Shares issued to the Investor as set forth in Section 1.3.

     

    1.6 Issuance
      of Additional
      Shares and Penalty Shares.

     

    (a) Upon
      the
      occurrence of an Event of Default under the Note as defined and provided
      therein, provided such Event of Default is not cured within thirty (30) days,
      the Company shall issue and sell to the Investor, for no additional
      consideration, an additional Ten Thousand (10,000) shares of the Common Stock
      of
      the Company for each One Hundred Thousand Dollars ($100,000) in principal amount
      of the Note held by such Investor (the “Additional Shares”).

     

    (b) If
      the
      Company fails to file a Registration Statement on or prior to the applicable
      Filing Date, or if the Effective Date of a Registration Statement is not on
      or
      prior to the applicable Effectiveness Date (as each of those terms is defined
      in
      the Registration Rights Agreement), the Company shall issue and sell to each
      of
      the Investors, upon the terms and conditions set forth in the Registration
      Rights Agreement and for no additional consideration, an additional Twenty-Five
      Thousand (25,000) shares of the Common Stock of the Company for each One Million
      Dollars ($1,000,000) in principal of the Note held by such Investor and, if
      the
      Effective Date is more than 30 days after such applicable Effectiveness Date,
      an
      additional Five Thousand (5,000) shares of the Common Stock of the Company
      for
      each One Million Dollars ($1,000,000) in principal of the Note held by such
      Investor and for each subsequent 30-day period that such Registration Statement
      is not declared effective (the “Penalty Shares”).

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    2. Representations
      and
      Warranties of the Company.  Except as disclosed in the
      Disclosure Schedule attached hereto as Exhibit C, the
      Company hereby represents and warrants to the Investor as follows:

     

    2.1 Organization,
      Standing and
      Power.  The Company is a corporation duly incorporated, validly
      existing and in good standing under the laws of the State of Maryland and has
      all requisite corporate power and authority to own, lease and operate its
      properties and to carry on its business as contemplated to be
      conducted.  The Company is duly qualified and authorized to transact
      business in each jurisdiction in which the failure to so qualify would have
      a
      material adverse effect on its business, assets, liabilities, financial
      condition, property or results of operation.

     

    2.2 Authority
      and
      Enforceability.  The Company has all requisite corporate power
      and authority to execute and deliver this Agreement, the Notes and the
      Registration Rights Agreement (together, the “Transaction Documents”) and to
      perform fully its obligations thereunder.  The execution and delivery
      of the Transaction Documents and the consummation of the transactions
      contemplated thereby have been duly authorized by all necessary corporate action
      on the part of the Company, its officers, directors and
      stockholders.  Each of the Transaction Documents has been duly
      executed and delivered by the Company and, assuming that each of the Transaction
      Documents constitutes a valid and binding agreement of the other parties hereto,
      each such Transaction Document constitutes a legal, valid and binding obligation
      of the Company, enforceable against the Company in accordance with its terms,
      subject to applicable bankruptcy, insolvency, reorganization, moratorium or
      other similar laws now or hereafter in effect relating to creditors’ rights and
      remedies generally and subject, as to enforceability, to general principles
      of
      equity, regardless of whether enforceability is considered in a proceeding
      at
      law or in equity.

     

    2.3 Valid
      Issuance.  The Shares and the Additional Shares and Penalty
      Shares, if and when issued and delivered in accordance with the terms of this
      Agreement or the Registration Rights Agreement for the consideration expressed
      herein or therein, as the case may be, will be duly and validly issued, fully
      paid, and non-assessable and will be free of restrictions on transfer other
      than
      restrictions on transfer under applicable state and federal securities
      laws.

     

    2.4 Accuracy
      of Public
      Filings.  The representations, warranties and other statements
      of the Company contained in the documents (the “SEC Documents”) filed with the
      Securities and Exchange Commission (“SEC”) under the Securities Exchange Act of
      1934, as amended (the “Exchange Act”), taken as a whole, do not contain any
      untrue statement of a material fact or omit to state a material fact necessary
      in order to make the statements contained therein not misleading as of the
      respective dates of such filings.  The Company has timely filed all
      reports, schedules, forms, statements and other documents required to be filed
      by it with the SEC pursuant to the reporting requirements of the Exchange Act,
      including material filed pursuant to Section 13(a) or 15(d) of the Exchange
      Act.  Since the date that the Company filed its last Form 10-Q with
      the SEC, there has been no material adverse change in the assets, business,
      or
      financial condition of the Company.

     

    2.5 Use
      of
      Proceeds.  All of the proceeds of the Loans will be used for
      working capital and general corporate purposes.

     

    2.6 No
      Conflicts.  The execution, delivery and performance of the
      Transaction Documents, and any other document or instrument contemplated
      thereby, by the Company and the consummation by the Company of the transactions
      contemplated thereby do not and will not: (i) contravene, conflict with, or
      result in the violation of any provision of the Company’s charter or bylaws or
      any resolution adopted by the Company’s board of directors, (ii) conflict with,
      or constitute a default (or an event which with notice or lapse of time or
      both
      would become a default) under, or give rise to any rights of termination,
      amendment, acceleration or cancellation of, any material agreement, mortgage,
      deed of trust, indenture, note, bond, license, lease agreement, instrument
      or
      obligation to which the Company or any of its subsidiaries is a party, (iii)
      create or impose a lien, charge or encumbrance on any property of the Company
      or
      any of its subsidiaries under any agreement or any commitment to which the
      Company or any of its subsidiaries is a party or by which the Company or any
      of
      its subsidiaries is bound or by which any of its respective properties or assets
      are bound, (iv) result in a material violation of any federal, state, local
      or
      foreign statute, rule, regulation, order, writ, judgment or decree (including
      federal and state securities laws and regulations) applicable to the Company
      or
      any of its subsidiaries or by which any property or asset of the Company or
      any
      of its subsidiaries are bound or affected or result in a violation of any rules
      or regulations of the American Stock Exchange (“AMEX”) applicable to the Company
      or, if the Company’s shares of Common Stock are no longer listed on AMEX, such
      other stock exchange on which shares of the Company’s Common Stock are
      principally traded and approved for listing at such time, or (v) require any
      consent of any third-party that has not been obtained pursuant to any material
      contract to which the Company or any of its subsidiaries is subject or to which
      any of its respective assets, operations or management may be
      subject.  The Company or any of its subsidiaries is not required under
      federal, state or local law, rule or regulation to obtain any consent,
      authorization or order of, or make any filing or registration with, any court
      or
      governmental agency in order for it to execute, deliver or perform any of its
      obligations under the Transaction Documents, or issue and sell the Notes or
      the
      Total Shares (other than any filings that may be required to be made by the
      Company with the SEC or state securities commissions subsequent to the
      Closing).

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    2.7 Capitalization.  The
      authorized capital stock of the Company immediately prior to the Initial Closing
      consists of 75,000,000 shares of Common Stock, par value $0.0001 per share,
      of
      which Eight Million Five Hundred Eighty Thousand One Hundred Seven (8,580,107)
      shares are issued and outstanding.  All of the issued and outstanding
      shares of Common Stock have been duly authorized and validly issued and are
      fully paid and nonassessable.  Except as provided in this Agreement or
      disclosed in the SEC Documents, (a) no subscription, warrant, option,
      convertible security or other right (contingent or otherwise) to purchase or
      acquire any shares of capital stock of the Company (including, without
      limitation, anti-dilution rights, rights of first refusal or preemptive rights)
      is authorized or outstanding; (b) the Company has no obligation (contingent
      or
      otherwise) to issue any subscription, warranty, option, convertible security
      or
      other such right or to issue or distribute to holders of any shares of its
      capital stock any evidences of indebtedness or assets of the Company; and (c)
      the Company has no obligation (contingent or otherwise) to purchase, redeem
      or
      otherwise acquire any shares of its capital stock or any interest therein or
      to
      pay any dividend or make any other distribution in respect
      thereof.  All of the issued and outstanding shares of capital stock of
      the Company have been offered, issued and sold by the Company in compliance
      with
      applicable federal and state securities laws or pursuant to valid exemptions
      therefrom.

     

    2.8 Offering.  Subject
      in part to the truth and accuracy of the Investor’s representations and
      warranties set forth in Section 3 of this Agreement, the offer, sale and
      issuance of the Shares, the Additional Shares and the Penalty Shares as
      contemplated by this Agreement are exempt from the registration requirements
      of
      Section 5 of the Securities Act of 1933, as amended (the “Securities Act”), and
      neither the Company nor any authorized agent acting on its behalf will take
      any
      action hereafter that would cause the loss of such exemption.

     

    2.9 Brokers
      or
      Finders.  The Company has not and will not incur, directly or
      indirectly, any liability for brokerage or finders’ fees or agents’ commissions
      or any similar charges in connection with the execution and delivery of this
      Agreement.

     

    2.10 Accuracy
      of Information
      Furnished.  The representations, warranties and other
      statements of the Company set forth in Section 2 of this Agreement,
      Section 6(b) of the Registration Rights Agreement, the Disclosure Schedule
      and Schedule 6(b) attached to the Registration Rights Agreement, taken as a
      whole, do not contain any untrue statement of a material fact or omit to state
      a
      material fact necessary to make the statements contained therein, in light
      of
      the circumstances under which they were made, not misleading.

     

    3. Representations
      and
      Warranties of the Investor.  The Investor hereby represents and
      warrants only with respect to himself, herself or itself that:

     

    3.1 Authorization.  Investor
      has full power and authority to enter into this Agreement and the Note
      (collectively, the “Loan Agreements”), and that the Loan Agreements constitute
      valid and legally binding obligations of such Investor, enforceable in
      accordance with their respective terms.   The Loan Agreements
      have been duly executed and delivered by the Investor and, assuming the Loan
      Agreements constitute valid and binding agreements of the other parties thereto,
      the Loan Agreements constitute legal, valid and binding obligations of the
      Investor, enforceable against the Investor in accordance with their respective
      terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium
      or other similar laws now or hereafter in effect relating to creditors’ rights
      and remedies generally and subject, as to enforceability, to general principles
      of equity, regardless of whether enforceability is considered in a proceeding
      at
      law or in equity.

     

    3.2 Purchase
      Entirely for Own
      Account.  The Notes, the Shares, the Additional Shares and the
      Penalty Shares (collectively, the “Securities”) will be acquired for investment
      for Investor’s own account, not as a nominee or agent, and not with a view to
      the resale or distribution of any part thereof, and the Investor has no present
      intention of selling, granting any participation in, or otherwise distributing
      the same.  The Investor does not have any contract, undertaking,
      agreement or arrangement with any person to sell, transfer or grant
      participation in any of the Securities to such person or to any third
      person.

     

    3.3 Disclosure
      of
      Information.  The Investor has had an opportunity to ask
      questions and receive answers from the Company regarding the terms and
      conditions of the offering and sale of the Securities.

     

    3.4 Investment
      Experience;
      Financial Risk.  The Investor is an investor in securities of
      companies in the development stage and acknowledges that it has (i) such
      knowledge and experience in financial and business matters that the Investor
      is
      capable of evaluating the merits and risks of the investment in the Securities,
      (ii) had such risks explained to it and has determined that such investment
      is
      suitable for the Investor in view of its financial circumstances and available
      investment opportunities, (iii) sufficient net worth and income to bear the
      economic risk of this investment, and (iv) no need for liquidity of the
      investment and no reason to anticipate any change in the Investor’s financial
      circumstances which may cause or require any sale, transfer or other
      distribution of the Securities  The Investor has not been organized
      for the purpose of acquiring the Securities.

     

    3.5 Accredited
      Investor.  The Investor is an “accredited investor” within the
      meaning of the Securities and Exchange Rule 501(a) of Regulation D, as presently
      in effect.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    3.6 Restricted
      Securities.  The Investor understands that the Securities it is
      purchasing are characterized as “restricted securities” under the federal
      securities laws inasmuch as they are being acquired from the Company in a
      transaction not involving a public offering and that, under such laws and
      applicable regulations, such securities may be resold without registration
      under
      the Securities Act only in certain limited circumstances.  In this
      connection, the Investor is familiar with Rule 144, as presently in effect,
      and
      understands the resale limitations imposed thereby and by the Securities
      Act.  The Investor understands that reliance by the Company on such
      exemptions is predicated in part on the Investor’s representations contained in
      this Agreement.

     

    3.7 Legends.  The
      Investor understands and agree that the certificates evidencing the Securities
      may bear one or all of the following legends:

     

    (a) “THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT
      AND
      NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF,
      AND
      HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND
      MAY
      NOT BE SOLD,  TRANSFERRED OR ASSIGNED UNLESS COVERED BY AN EFFECTIVE
      REGISTRATION STATEMENT UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY
      TO
      THE ISSUER TO THE EFFECT THAT ANY SUCH TRANSFER IS EXEMPT FROM SUCH
      REGISTRATION.”

     

    (b) Any
      additional legend required by the laws of the State of Maryland or any other
      applicable state.

     

    3.8 No
      Conflicts.  Neither the execution and delivery of this
      Agreement nor the consummation or performance of any of the transactions
      contemplated hereby will, directly or indirectly (with or without notice or
      lapse of time) contravene, conflict with, or result in a violation of, or give
      any governmental body the right to challenge any of the transactions
      contemplated hereby or to exercise any remedy or obtain any relief under, any
      legal requirement or order to which the Investor may be subject.

     

    3.9 Relationship
      Among
      Investors.  Each Investor agrees that no Investor nor the
      controlling persons, officers, directors, partners, agents or employees of
      an
      Investor shall be liable to any other Investor for any action heretofore or
      hereafter taken or omitted to be taken by any of them in connection with the
      purchase of the Notes, the Shares, the Additional Shares and the Penalty
      Shares.  Without limiting the foregoing, no Investor nor any of its
      officers, directors, stockholders, partners, employees or agents or affiliates,
      or other holder of any Note shall have any obligation, liability or
      responsibility whatsoever for the accuracy, completeness or fairness of any
      or
      all information about the Company or any subsidiary or their respective
      properties, business or financial and other affairs, acquired by such Investor
      or holder from the Company or any subsidiary or the respective officers,
      directors, employees, agents, representatives, counsel or auditors of either,
      and in turn provided to another Investor or holder of any Note, nor shall any
      such Investor or other person or entity have any obligation or responsibility
      whatsoever to provide any such information to any other Investor or holder
      of
      any Note or to continue to provide any such information if any information
      is
      provided.

     

    3.10 Brokers
      or
      Finders.  The Investor has not and will not incur, directly or
      indirectly, any liability for brokerage or finders’ fees or agents’ commissions
      or any similar charges in connection with the execution and delivery of this
      Agreement.

     

    4. Pari
      Passu with All
      Notes.  Each Note shall rank equally without preference or
      priority of any kind with each of the Notes issued by the Company to the
      Investors hereunder.  All payments on account of principal and
      interest with respect to the Notes shall be applied ratably and proportionately
      on each such Note on the basis of the original principal amount of outstanding
      indebtedness represented by such Note.

     

    5. Conditions
      to
      Closing.

     

    5.1 Conditions
      of Investor’s
      Obligations at Closing.  The obligations of the Investor at the
      Closing are subject to the fulfillment, on or prior to the date of Closing,
      of
      each of the following conditions, any of which may be waived in whole or in
      part
      by the Investors:

     

    (a) The
      representations and warranties made by the Company in Section 2 shall be true and correct when made, and shall
      be
      true and correct on the date of Closing with the same force and effect as if
      they had been made on and as of the same date.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (b) The
      Company shall have performed and complied with all agreements, obligations
      and
      conditions contained in this Agreement that are required to be performed or
      complied with by it on or prior to the date of Closing.

     

    (c) Except
      for the notices required or permitted to be filed after the date of Closing
      pursuant to applicable federal and state securities laws, the Company shall
      have
      obtained all governmental approvals required in connection with the lawful
      sale
      and issuance of the Notes and the Shares.

     

    (d) The
      Company shall have delivered to the Investor a certificate duly executed by
      the
      chief executive officer of the Company stating that the Company is in compliance
      with the conditions specified in Section 5.1(a)-(c) hereof.

     

    (e) At
      the
      Closing, the sale and issuance by the Company, and the purchase by the Investor,
      of the Note, the Shares, the Additional Shares and the Penalty Shares shall
      be
      legally permitted by all laws and regulations to which such Investor and/or
      the
      Company are subject.

     

    (f) At
      the
      Closing, the Company shall duly execute and deliver to the Investor the
      Transaction Documents, including such Investor’s Note, and shall have delivered
      to its transfer agent irrevocable instructions to issue to the Investor the
      Shares to be issued to such Investor hereunder.

     

    (g) The
      Company shall have delivered a legal opinion by its counsel that (i) the Shares,
      Additional Shares and the Penalty Shares are duly authorized and when issued
      will be validly issued, fully paid and non-assessable; (ii) the Transaction
      Documents have been duly authorized, executed and delivered, each of which
      is
      enforceable in accordance with its terms; and (iii) the transactions
      contemplated by the Transaction Documents do not violate applicable laws, any
      material agreements of the Company or its subsidiaries, or the rules and
      regulations of AMEX.

     

    5.2 Conditions
      to Obligations of
      the Company.  The Company’s obligation to issue and sell the
      Notes and the Shares at the Closing is subject to the fulfillment, to the
      Company’s satisfaction, on or prior to the date of Closing, of the following
      conditions, any of which may be waived in whole or in part by the
      Company:

     

    (a) The
      representations and warranties made by the Investor in Section 3 shall be
      true and correct when made, and shall be true and correct on the date of Closing
      with the same force and effect as if they had been made on and as of the same
      date.

     

    (b) Except
      for any notices required or permitted to be filed after the date of Closing
      pursuant to applicable federal or state securities laws, the Company shall
      have
      obtained all governmental approvals required in connection with the lawful
      sale
      and issuance of the Securities.

     

    (c) At
      the
      Closing, the sale and issuance by the Company, and the purchase by the Investor,
      of the Note and the Shares, the Additional Shares and the Penalty Shares shall
      be legally permitted by all laws and regulations to which such Investor and/or
      the Company are subject.

     

    (d) At
      the
      Closing, the Company shall have received immediately available funds in the
      full
      amount of the principal amount of the Note in accordance with the wire transfer
      instructions delivered by the Company to the Investor prior to the
      Closing.

     

    6. Covenants.

     

    6.1 Listing
      of
      Shares.  The Company will use reasonable best efforts to ensure
      that, no later than the effective date of any registration statement pertaining
      thereto, the Shares and any Additional Shares and/or Penalty Shares that have
      been issued, have been duly authorized for listing on AMEX or, if no longer
      listed on AMEX, such other stock exchange on which shares of the Company’s
      Common Stock are principally traded and approved for listing at such
      time.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    7. Miscellaneous.

     

    7.1 Waivers
      and
      Amendments.  Any provision of this Agreement or any of the
      Notes may be amended, waived or modified (either generally or in a particular
      instance, either retroactively or prospectively, either for a specified period
      of time or indefinitely), upon the written consent of the Company and the
      Investors holding at least seventy-five percent (75%) of the aggregate principal
      amount of the outstanding Notes issued at the Initial Closing and any Subsequent
      Closings; provided, that this Agreement or any of the Notes may not be amended
      or modified and no provision hereof or thereof may be waived if such amendment,
      modification or waiver would adversely and prejudicially affect the rights
      of an
      Investor vis-à-vis all other Investors without the consent of such affected
      Investor.

     

    7.2 Governing
      Law.  This Agreement and the Notes shall be governed by and
      construed in accordance with Maryland law, without regard to the conflict of
      laws provisions thereof.

     

    7.3 Survival.  The
      representations, warranties, covenants and agreements made herein shall survive
      any investigation made by any Investor and the Closing of the transactions
      contemplated hereby.

     

    7.4 Successors
      and
      Assigns.  Except as otherwise expressly provided herein, the
      provisions hereof shall inure to the benefit of, and be binding upon, the
      successors, assigns, heirs, executors and administrators of the parties
      hereto.

     

    7.5 Entire
      Agreement.  This Agreement (including the exhibits attached
      hereto) and the Notes constitute the full and entire understanding and agreement
      between the parties with regard to the subjects hereof and thereof.

     

    7.6 Notices,
      etc.  All notices and other communications required or
      permitted hereunder shall be effective upon receipt, shall be in writing, and
      may be delivered in person, by telecopy (with confirmation of transmission),
      electronic mail, overnight delivery service or United States mail, in which
      event they may be mailed by first-class, certified or registered, postage
      prepaid, addressed (a) if to the Investor, at the Investor’s address as the
      Investor shall have furnished to the Company in writing, or, until any such
      holder so furnishes an address to the Company, then to and at the address of
      the
      last holder of such shares who has so furnished an address to the Company,
      and a
      copy of which shall be likewise delivered to such Investor’s counsel at such
      address as shall have been furnished to the Company, or (b) if to the
      Company, at its address set forth on the signature page hereto, or at such
      other
      address as the Company shall have furnished to the Investor and each such other
      holder in writing.

     

    7.7 Severability
      of this
      Agreement.  If any provision of this Agreement shall be
      judicially determined to be invalid, illegal or unenforceable, the validity,
      legality and enforceability of the remaining provisions shall not in any way
      be
      affected or impaired thereby.

     

    7.8 Counterparts.  This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      an original, but all of which together shall be deemed to constitute one
      instrument.

     

    7.9 Expenses.  Regardless
      of whether the Closing is effected, each party shall pay all costs and expenses
      that it incurs with respect to the negotiation, execution, delivery and
      performance of this Agreement and the other Transaction Documents; except that
      the Company shall bear up to $15,000 of legal costs and expenses incurred by
      the
      Investor with respect to the negotiation, execution, delivery and performance
      of
      this Agreement and the other Transaction Documents.

     

     

     

    

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK.]

     

     

     

     

     

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties have caused this Note and Share Purchase Agreement
      to be duly executed and delivered by their proper and duly authorized officers
      as of the date and year first written above.

     

    COMPANY:

    INDIA
      GLOBALIZATION CAPITAL, INC.

     

     

     

    
      
        	
                By

              	
                _____________________________

              
	
                Its

              	
                _____________________________

              
	
                Address:

              	
                _____________________________

              
	 
                	
                _____________________________

              
	 
                	
                _____________________________

              
	 
                	 
                
	 
                	 
                
	 
                	 
                
	
                INVESTOR:

              	 
                
	
                ___________________

              
	
                 
                  

              	 
                
	 
                	 
                
	
                By

              	
                _____________________________

              
	
                Title

              	
                _____________________________

              
	
                Address:

              	
                _____________________________

              
	 
                	
                _____________________________

              
	 
                	
                _____________________________

              

      

      

      

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

    SCHEDULE
      A

    

    

    

    
      
        	
                Investor

              	 	
                Loan
                  Amount

              	 	 	
                Shares

              	 
	 
                	 	 	 	 	 	 
	
                Steven
                  M. Oliveira 1998

              	 	 	 	 	 	 
	
                Charitable
                  Remainder Unitrust

              	 	$	2,000,000.00	 	 	 	200,000	 

      

      

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

     EXHIBIT A

    

    FORM
      OF UNSECURED PROMISSORY
      NOTE

     

    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT
      AND
      NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF,
      AND
      HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND
      MAY
      NOT BE SOLD, TRANSFERRED OR ASSIGNED UNLESS COVERED BY AN EFFECTIVE REGISTRATION
      STATEMENT UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER
      TO
      THE EFFECT THAT ANY SUCH TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

    

    INDIA
      GLOBALIZATION CAPITAL, INC.

     

    UNSECURED
      PROMISSORY NOTE

     

    
      
        	
                $____,000

              	
                [Date]

              
	 
                	
                Bethesda,
                  MD

              

      

      

    1. Principal
      and
      Interest.

     

    1.1 India
      Globalization Capital, Inc., a Maryland corporation (the “Company”), for value
      received, hereby promises to pay to the order of __________ or its assigns
      (the
“Investor” or the “Holder”) the amount of ____ Dollars ($____,000) plus
      interest, as set forth hereinafter.

     

    1.2 This
      Unsecured Promissory Note (the “Note”) shall bear interest from the date of
      issuance of this Note until paid in full at a rate equal to six percent (6%)
      per
      annum, accruing monthly in arrears.  This Note, including all interest
      earned on the principal amount of this Note, shall be due and payable on the
      earlier of (i) one year from the date of the issuance of this Note (the
“Maturity Date”), (ii) upon a Change in Control (as defined in Section 4 hereof)
      and (iii) the occurrence of an Event of Default (as defined in Section 5
      hereof).

     

    1.3 Payments
      of both principal and interest are to be made at the address of the Holder
      set
      forth in Section 7 below or at such other place in the United States as the
      Holder shall designate to the Company in writing, in lawful money of the United
      States of America in immediately available funds.  Interest on this
      Note shall be computed on the basis of a 365-day year and actual days
      elapsed.  Payment shall be credited first to the accrued interest then
      due and payable and the remainder applied to principal.

     

    1.4 This
      Note
      is issued pursuant to that certain Note and Share Purchase Agreement dated
      as of
      ________________ between the Company and Holder (the “Purchase
      Agreement”).  The provisions of this Note are a statement of the
      rights of the Holder and the conditions to which this Note is subject and to
      which the Holder, by the acceptance of this Note, agrees.  Capitalized
      terms used and not otherwise defined herein shall have the meanings ascribed
      thereto on the Purchase Agreement.  Holder acknowledges and agrees
      that the payment of all or any portion of the outstanding principal amount
      of
      this Note and all interest hereon shall be pari passu in right of payment and
      in
      all other respects to the other Notes issued pursuant to the Purchase Agreement
      or pursuant to the terms of such Notes.  In the event Holder receives
      payments in excess of its pro rata share of the Company’s payments to the
      Holders of all of the Notes, then Holder shall hold in trust all such excess
      payments for the benefit of the holders of the other Notes and shall pay such
      amounts held in trust to such other holders upon demand by such
      holders.

     

    2. Prepayment.  Notwithstanding
      anything else set forth herein, the Company may pre-pay this Note in whole
      or in
      part upon five days prior written notice to Holder.

     

    3. Use
      of
      Proceeds.  The proceeds of the Note will be used for working
      capital and general corporate purposes.

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    4. Change
      of
      Control.  If, prior to the Maturity Date or occurrence of an
      Event of Default, a Change of Control occurs, then immediately prior thereto,
      this Note shall accelerate and the Holder shall become immediately entitled
      to
      receive an amount equal to the outstanding principal amount of the Note plus
      any
      and all accrued but unpaid interest thereon as of the closing date of such
      Change of Control transaction.  For purposes hereof, a “Change of
      Control” shall mean (i) a sale of all or substantially all of the assets of the
      Company or all or substantially all of the capital stock of the Company or
      (ii)
      a merger, consolidation, sale, transfer or other transaction or series of
      related transactions in which the holders of the capital stock of the Company
      will hold, upon consummation of such transaction, less than fifty percent (50%)
      of the voting securities of the surviving entity, other than as a result of
      the
      Company’s issuance of new securities in capital raising
      transactions.

     

    5. Events
      of
      Default.  The entire unpaid principal sum of this Note,
      together with any and all interest accrued but unpaid thereon, shall become
      immediately due and payable upon the occurrence of an Event of
      Default.  An “Event of Default” shall be deemed to have occurred
      if:

     

    (a)           the
      Company  shall (i) apply for or consent to the appointment of a
      receiver, trustee or liquidator of itself or of its property, (ii) be unable,
      or
      admit in writing its inability, to pay its debts as they mature, (iii) make
      a
      general assignment for the benefit of creditors, (iv) be adjudicated a bankrupt
      or insolvent, (v) file a voluntary petition in bankruptcy, or a petition or
      answer seeking reorganization or an arrangement with creditors to take advantage
      of any insolvency law, or an answer admitting the material allegations of a
      bankruptcy, reorganization or insolvency petition filed against it, (vi) take
      corporate action for the purpose of effecting any of the foregoing, or (vii)
      have an order for relief entered against it in any proceeding under the United
      States Bankruptcy Code;

     

    (b)           An
      order, judgment or decree shall be entered, without the application, approval
      or
      consent of the Company by any court of competent jurisdiction, approving a
      petition seeking reorganization of the Company or appointing a receiver, trustee
      or liquidator of the Company or of all or a substantial part of its assets,
      and
      such order, judgment or decree shall continue unstayed and in effect for any
      period of sixty (60) consecutive days; or

     

    (c)           the
      Company shall fail to pay as and when due any principal or interest hereunder
      and such nonpayment shall continue uncured for a period of thirty (30) business
      days after written notice by the Holder thereof; or

     

    (d)           the
      Company breaches any of its representations or warranties or fails to fulfill
      any of its covenants or obligations pursuant to the Purchase
      Agreement.

     

    6. Usury.  It
      is the express intent of the Company and the Holder that the payment of all
      or
      any portion of the outstanding principal balance of and accrued interest on
      this
      Note be exempt from the application of any applicable usury law or similar
      laws
      under any federal, state of foreign jurisdiction.  The Company hereby
      irrevocably waives, to the fullest extent permitted by law, any objection or
      defense which the Company may now or hereafter have to the payment when due
      of
      any and all principal or accrued interest arising out of or relating to a claim
      of usury or similar laws and the Company hereby agrees that neither it nor
      any
      of its affiliates shall in the future bring, commence, maintain, prosecute
      or
      voluntarily aid in any action at law, proceeding in equity or other legal
      proceeding against the Holder based on a claim that the Company’s payment
      obligations under this Note violate the usury or similar laws of any federal,
      state or foreign jurisdiction.  Notwithstanding the foregoing, in the
      event any interest is paid on this Note which is deemed to be in excess of
      the
      then legal maximum rate, that portion of the interest payment representing
      an
      amount deemed to be in excess of the then legal maximum rate shall be deemed
      a
      payment of principal and applied against the principal of this
      Note.

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

     

    7. Notices.  Any
      notice, request, other communication or payment required or permitted hereunder
      shall be in writing and shall be deemed to have been given upon delivery if
      personally delivered, or five (5) business days after deposit if deposited
      in
      the United States mail for mailing by certified mail, postage prepaid, and
      addressed as follows:

     

    If
      to
      Investor:  at the address indicated on the signature page
      hereto.

     

    If
      to
      Company:                      India
      Globalization Capital, Inc.

    4336
      Montgomery Avenue

    Bethesda,
      MD  20814

    Attention:  Ram
      Mukunda

     

    And

     

    PO
      Box 60642

    Potomac,
      MD  20859

     

    Telecopier:  (240)
      465-0273

    Phone:  (301)
      983-0998

    Email:     ram@indiaglobalcap.com
      and

    legal@indiaglobalcap.com

     

    With
      a
      copy
      to:                    Seyfarth
      Shaw LLP

    815
      Connecticut Avenue, N.W., Suite
      500

    Washington,
      D.C.  20006

    Attention:  Stanley
      S.
      Jutkowitz

    Telecopier:  (202)
      828-5393

    Phone:  (202)
      828-3568

     

    Each
      of
      the above addressees may change its address for purposes of this Section 7
      by giving to the other addressee notice of such new address in conformance
      with
      this Section 7.

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

     

    8. Assignment.  The
      rights and obligations of the Company and the Holder of this Note shall be
      binding upon and benefit the successors, assigns, heirs, administrators and
      transferees of the parties.  Effective upon any such assignment, the
      person or entity to whom such rights, interests and obligations were assigned
      shall have and exercise all of the Holder’s rights, interests and obligations
      hereunder as if such person or entity were the original Holder of this
      Note.

     

    9. Waiver
      and
      Amendment.  Any provision of this Note may be amended, waived
      or modified (either generally or in a particular instance, either retroactively
      or prospectively, and either for a specified period of time or indefinitely),
      upon the written consent of the Company and the Investors holding at least
      seventy-five percent (75%) of the aggregate principal amount of the outstanding
      Notes issued at the Initial Closing and any Subsequent Closings; provided,
      that
      the Notes may not be amended or modified and no provision thereof may be waived
      if such amendment, modification or waiver would adversely and prejudicially
      affect the rights of an Investor vis-à-vis all other Investors without the
      consent of such affected Investor.  No waivers of any term, condition
      or provision of this Note, in any one or more instances, shall be deemed to
      be,
      or construed as, a further or continuing waiver of any such term, condition
      or
      provision or a waive of the same or any other term, condition provision or
      right
      on any future occasion.

     

    10. Loss,
      Theft or Destruction
      of Note.  Upon receipt by the Company of evidence reasonably
      satisfactory to it of the loss, theft or destruction of this Note and of
      indemnity or security reasonably satisfactory to it, the Company will make
      and
      deliver a new Note which shall carry the same rights to interest (unpaid and
      to
      accrue) carried by this Note, stating that such Note is issued in replacement
      of
      this Note, making reference to the original date of issuance of this Note (and
      any successors hereto) and dated as of such cancellation, in lieu of this
      Note.

     

    11. Accredited
      Investor.  The Holder represents and warrants that he/she/it is
      an “accredited investor” within the meaning of the Securities and Exchange Rule
      501 of Regulation D, as presently in effect.

     

    12. Governing
      Law and Consent to
      Jurisdiction.  This Note is being delivered in and for all
      purposes shall be construed in accordance with and governed by the laws of
      the
      State of Maryland , without regard to the conflicts of laws provisions
      thereof.  The Company hereby consents to the jurisdiction of and venue
      in any court of competent jurisdiction in New York.

     

    13. Issue
      Date.  The provisions of this Note shall be construed and shall
      be given effect in all respects as if this Note had been issued and delivered
      by
      the Company on the earlier of the date hereof or the date of issuance of any
      Note for which this Note is issued in replacement.  This Note shall be
      binding upon any successors or assigns of the Company.

     

    14. Heading;
      References.  All headings used herein are used for convenience
      only and shall not be used to construe or interpret this Note.  Except
      as otherwise indicated, all references herein to Sections refer to Sections
      hereof.

     

    15. Waiver
      by the
      Company.  The Company hereby expressly waives demand, notice,
      presentment, protest, notice of dishonor and nonpayment of this Note, and all
      other notices and demands of any kind in connection with the delivery,
      acceptance, performance, default or enforcement hereof.

     

    16. Delays.  No
      delay by the Holder in exercising any power or right hereunder shall operate
      as
      a waiver of any power or right.

     

    17. Severability.  If
      one or more provisions of this Note are held to be unenforceable under
      applicable law, such provision shall be excluded from this Note and the balance
      of the Note shall be interpreted as if such provision were so excluded and
      shall
      be enforceable in accordance with its terms.

     

    18. No
      Impairment.  The Company will not, by any voluntary action,
      avoid or seek to avoid the observance or performance of any of the terms to
      be
      observed or performed hereunder by the Company, but will at all times in good
      faith assist in the carrying out of all the provisions of this Note and in
      the
      taking of all such action as may be necessary or appropriate in order to protect
      the rights of the Holder of this Note against impairment.

     

    19. Expenses.  The
      Company agrees to pay all of the Holder’s reasonable costs, fees and expenses,
      if any (including reasonable counsel fees and expenses, costs of collection
      and
      court costs), in connection with the enforcement of this Note.

     

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      OF PAGE LEFT BLANK]

     

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Company has caused this Note to be executed in its
      corporate name and this Note to be dated, issued and delivered, all on the
      date
      first above written.

     

    

     

    INDIA
      GLOBALIZATION CAPITAL, INC.

    a
      Maryland corporation

     

    
       

      
        
          	
                  By

                	
                  _____________________________

                
	 	 
	
                  Print
                    Name  

                	
                  _____________________________

                
	 	 
	
                  Title

                	
                  _____________________________

                

        

         

         

        
          Accepted
            and Agreed to:

           

          INITIAL
            HOLDER:

        

         

         

         

        
          	    ____________________________ 
                  
	
                  Print
                    Name of Holder 

                
	 
                  	 
                  
	
                  By

                	
                  _________________________

                
	
                  (Signature)

                
	 	 
	    
                  ____________________________   
                  
	
                  (Print
                    Name, if signing on behalf of entity)

                
	 	 

        

         

        
          	    
                  _____________________________       
                  
	
                  Title
                    (if applicable)

                

        

        
          	 	 
	 	 
	
                  Address:

                	
                  _____________________________

                
	 
                  	
                  _____________________________

                
	 
                  	
                  _____________________________

                

        

        

        
          
            
            

          

          
            A-5

            
              

            

          

          
            
            

          

        

         

      

    

    

    ASSIGNMENT
      FORM

     

    (To
      Assign the foregoing Note, execute

    this
      form
      and supply required information.)

    

     

    FOR
      VALUE
      RECEIVED, an interest corresponding to the unpaid principal amount of the
      foregoing Note and all rights evidenced thereby are hereby assigned
      to

     

    

    
       

      
        
          	                                                                                                                                                 &am

p;am
                  p;#1 60;        	 
                  
	
                  (Please
                    Print)

                	 
                  
	 
                  	 
                  
	
                  whose
                    address is                                                                                                                    

                	 
                  
	 	 
	
                                                                                                                                                                     

                        

                	 
                  
	 	 
	
                  Dated:                                                  
                    

                	 
                  
	 
                  	 
                  
	
                  Holder’s
                    Signature:                                                               

                	 
                  
	 
                  	 
                  
	
                  Holder’s
                    Address:                                                                   
                    

                	 
                  
	                                                                                                      
                  	 
	 	 
	
                  Signature
                    Guaranteed:                                                           

                	 
                  

        

        
                                                                                              

      

    

     

    
      	
              NOTE:

            	
              The
                signature to this Assignment Form must correspond with the name as
                it
                appears on the face of the Note, without alteration or enlargement
                or any
                change whatever, and must be guaranteed by a bank or trust
                company.  Officers of corporations and those acting in a
                fiduciary or other representative capacity should file proper evidence
                of
                authority to assign the foregoing
                Note.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

     

     EXHIBIT B

    

    DISCLOSURE
      SCHEDULE

     

    

     

    Section
      2.4

     

    The
      following SEC Documents were not timely filed:

     

    Annual
      Report on Form 10-KSB for the
      fiscal year ended March 31, 2008

     

    Section
      2.9

     

    The
      Company may incur such fees and/or commissions in connection with Loans
      consummated at any of the Subsequent Closings.

     

     

     

    
      
        
        

      

      
        B-1

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