Form of Unit Purchase Option



 Exhibit 4.5 
 UNIT PURCHASE OPTION 
 FOR THE PURCHASE OF 
 625,000 UNITS 
 OF 
 BUILDER ACQUISITION CORP. 







 TABLE OF CONTENTS 
  

									
	 	  	 	  	Page
	 1.
	  	PURCHASE OPTION	  	1
			
	 2.
	  	EXERCISE	  	2
		  	2.1	  	Exercise Form	  	2
		  	2.2	  	Legend	  	2
		  	2.3	  	Cashless Exercise	  	2
		  		  	2.3.1	  	 Determination of Amount
	  	2
		  		  	2.3.2	  	 Mechanics of Cashless Exercise
	  	3
			
	 3.
	  	TRANSFER	  	3
		  	3.1	  	General Restrictions	  	3
		  	3.2	  	Restrictions Imposed by the Act	  	3
			
	 4.
	  	NEW PURCHASE OPTIONS TO BE ISSUED	  	3
		  	4.1	  	Partial Exercise or Transfer	  	3
		  	4.2	  	Lost Certificate	  	4
			
	 5.
	  	REGISTRATION RIGHTS	  	4
		  	5.1	  	Demand Registration	  	4
		  		  	5.1.1	  	 Grant of Right
	  	4
		  		  	5.1.2	  	 Terms
	  	4
		  	5.2	  	“Piggy-Back” Registration	  	4
		  		  	5.2.1	  	 Grant of Right
	  	4
		  		  	5.2.2	  	 Terms
	  	5
		  	5.3	  	Damages	  	5
		  	5.4	  	General Terms	  	5
		  		  	5.4.1	  	 Indemnification
	  	5
		  		  	5.4.2	  	 Exercise of Purchase Options
	  	6
		  		  	5.4.3	  	 Documents Delivered to Holders
	  	6
		  		  	5.4.4	  	 Underwriting Agreement
	  	6
		  		  	5.4.5	  	 Rule 144 Sale
	  	6
		  		  	5.4.6	  	 Supplemental Prospectus
	  	7
			
	 6.
	  	ADJUSTMENTS	  	7
		  	6.1	  	Adjustments to Exercise Price and Number of Securities	  	7
		  		  	6.1.1	  	 Stock Dividends - Split-Ups
	  	7
		  		  	6.1.2	  	 Aggregation of Shares
	  	7
		  		  	6.1.3	  	 Replacement of Securities upon Reorganization, etc.
	  	7
		  		  	6.1.4	  	 Changes in Form of Purchase Option
	  	8

  

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		  	6.2	  	 Substitute Purchase Option
	  	8
		  	6.3	  	 Elimination of Fractional Interests
	  	8
			
	 7.
	  	RESERVATION AND LISTING	  	8
			
	 8.
	  	CERTAIN NOTICE REQUIREMENTS	  	9
		  	8.1	  	 Holder’s Right to Receive Notice
	  	9
		  	8.2	  	 Events Requiring Notice
	  	9
		  	8.3	  	 Notice of Change in Exercise Price
	  	9
		  	8.4	  	 Transmittal of Notices
	  	9
			
	 9.
	  	MISCELLANEOUS	  	9
		  	9.1	  	 Amendments
	  	9
		  	9.2	  	 Headings
	  	10
			
	 10.
	  	ENTIRE AGREEMENT	  	10
		  	10.1	  	 Binding Effect
	  	10
		  	10.2	  	 Governing Law; Submission to Jurisdiction
	  	10
		  	10.3	  	 Waiver, Etc.
	  	10
		  	10.4	  	 Execution in Counterparts
	  	10
		  	10.5	  	 Exchange Agreement
	  	10
		  	10.6	  	 Underlying Warrants
	  	10

  

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 THE REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN
THIS PURCHASE OPTION EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE OPTION AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION FOR A PERIOD OF ONE YEAR FOLLOWING THE EFFECTIVE DATE
(DEFINED BELOW) TO ANYONE OTHER THAN (I) JMP SECURITIES (“JMP SECURITIES”) OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF JMP SECURITIES OR OF ANY SUCH UNDERWRITER OR
SELECTED DEALER. 
 THIS PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF
(I)                         , 2007 AND (II) THE CONSUMMATION BY BUILDER ACQUISITION CORP. (“COMPANY”) OF A
MERGER, CAPITAL STOCK EXCHANGE, ASSET ACQUISITION, STOCK PURCHASE OR OTHER SIMILAR BUSINESS COMBINATION (“BUSINESS COMBINATION”) (AS DESCRIBED MORE FULLY IN THE COMPANY’S REGISTRATION STATEMENT (DEFINED HEREIN)). THIS PURCHASE OPTION
SHALL BE VOID AFTER 5:00 P.M EASTERN TIME,                         , 2011. 
 UNIT PURCHASE OPTION 
 FOR THE PURCHASE OF

 625,000 UNITS 
 OF 
 BUILDER ACQUISITION CORP. 
 1. Purchase Option.

 THIS CERTIFIES THAT, in consideration of $100.00 duly paid by or on behalf of JMP Securities, as registered owner of this Purchase Option
(the “Purchase Option”), to Builder Acquisition Corp. (“Company”), JMP Securities is entitled, at any time or from time to time upon the later of
(i)                         , 2007 and (ii) the consummation of a Business Combination (“Commencement
Date”), and at or before 5:00 p.m., Eastern Time,                         , 2011 (“Expiration Date”), but
not thereafter, to subscribe for, purchase and receive, in whole or in part, up to Six Hundred and Twenty Five (625,000) units (“Units”) of the Company, each Unit consisting of one share of common stock of the Company, par value
$.0001 per share (“Common Stock”), and one warrant (“Warrant(s)”) expiring four years from the effective date (“Effective Date”) of the registration statement (“Registration Statement”) pursuant to which Units
are offered for sale to the public (“Offering”). Each Warrant is the same as the warrants included in the Units being registered for sale to the public by way of the Registration Statement (“Public Warrants”) except that the
Warrants underlying the Units comprising this Purchase Option have an exercise price of $7.50 per share. If the Expiration Date is a day on which banking institutions in New York are authorized or obligated by law or executive order to close, then
this Purchase Option may be exercised on the next succeeding day which is not such a day in accordance with the terms herein. During the period ending on the Expiration Date, the Company agrees not to take any action that would terminate the
Purchase Option. This Purchase Option is initially exercisable at $8.80 per Unit so purchased; provided, however, that upon the occurrence of any of the events specified in Section 6 hereof, the rights granted by this Purchase Option, including
the exercise price per Unit and the number of Units (and shares of Common Stock and Warrants) to be received upon such exercise, shall be adjusted as therein specified. 
 The term “Exercise Price” shall mean the initial exercise price or the adjusted exercise price, depending on the context. 
 The term “Holder” shall mean, as of any date, JMP Securities and/or any transferee who acquired the Purchase Option(s) in accordance with section 3.1 hereof. 
 The term “Business Day” shall mean any day, except a Saturday, Sunday or legal holiday on which the banking institutions in the City of New
York are authorized or obligated by law or executive order to close. 
  

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 2. Exercise. 
 2.1 Exercise Form. In order to exercise this Purchase Option, the exercise form attached hereto must be duly executed and completed and delivered to the Company, together with this Purchase Option and payment of the Exercise Price
for the Units being purchased payable in cash or by certified check or official bank check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration Date, this Purchase Option shall
become and be void without further force or effect, and all rights represented hereby shall cease and expire. 
 2.2 Legend. Each
certificate for the securities purchased under this Purchase Option shall bear a legend as follows unless such securities have been registered under the Securities Act of 1933, as amended (“Act”): 
 “The securities represented by this certificate have not been registered under the Securities Act of 1933, as amended (“Act”) or applicable
state law. The securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act and applicable state law.”

 2.3 Cashless Exercise. 
 2.3.1 Determination of Amount. In lieu of the payment of the Exercise Price multiplied by the number of Units for which this Purchase Option is exercisable (and in lieu of being entitled to receive Common Stock and Warrants) in the
manner required by Section 2.1, the Holder shall have the right (but not the obligation) to convert any exercisable but unexercised portion of this Purchase Option into Units (“Conversion Right”) as follows: upon exercise of the
Conversion Right, the Company shall deliver to the Holder (without payment by the Holder of any of the Exercise Price in cash) that number of Units (or that number of shares of Common Stock and Warrants comprising that number of Units) equal to the
quotient obtained by dividing (x) the “Value” (as defined below) of the portion of the Purchase Option being converted by (y) the Current Market Value (as defined below). The “Value” of the portion of the Purchase
Option being converted shall equal the number of Units underlying the portion of the purchase option being exercised multiplied by the remainder derived from subtracting the Exercise Price from the Current Market Value of a Unit. 
 As used herein, the term “Current Market Value” per Unit at any date means: (A) in the event that neither the Units nor Warrants are still
trading, the remainder derived from subtracting (x) the exercise price of the Warrants multiplied by the number of shares of Common Stock issuable upon exercise of the Warrants underlying one Unit from (y) (i) the Current Market Price
of the Common Stock multiplied by (ii) the number of shares of Common Stock underlying one Unit (including the shares of Common Stock underlying the Warrants included in such Unit); (B) in the event that the Units, Common Stock and
Warrants are still trading, (i) if the Units are listed on a national securities exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or NASD OTC Bulletin Board (or successor such as the Bulletin Board Exchange), the last
sale price of the Units in the principal trading market for the Units as reported by the exchange, Nasdaq or the NASD, as the case may be, on the last trading day preceding the date in question; or (ii) if the Units are not listed on a national
securities exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or the NASD OTC Bulletin Board (or successor exchange), but is traded in the residual over-the-counter market, the closing bid price for Units on the last trading
day preceding the date in question for which such quotations are reported by the Pink Sheets, LLC or similar publisher of such quotations; and (C) in the event that the Units are not still trading but the Common Stock and Warrants underlying
the Units are still trading, the Current Market Price of the Common Stock plus the product of (x) the Current Market Price of the Warrants and (y) the number of shares of Common Stock underlying the Warrants included in one Unit.

 The “Current Market Price” shall mean (i) if the Common Stock (or Warrants, as the case may be) is listed on a national
securities exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or NASD OTC Bulletin Board (or successor such as the Bulletin Board Exchange), the last sale price of the Common Stock (or Warrants) in the principal trading market
for the Common Stock as reported by the Nasdaq National Market, Nasdaq SmallCap Market or NASD OTC Bulletin Board (or successor such as the Bulletin Board Exchange), as the case may be, on the last trading day preceding the date in question;
(ii) if the Common Stock (or 

  

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Warrants, as the case may be) is not listed on a national securities exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or the NASD OTC
Bulletin Board (or successor exchange), but is traded in the residual over-the-counter market, the closing bid price for the Common Stock (or Warrants) on the last trading day preceding the date in question for which such quotations are reported by
the Pink Sheets, LLC or similar publisher of such quotations; and (iii) if the fair market value of the Common Stock cannot be determined pursuant to clause (i) or (ii) above, such price as the Board of Directors of the Company shall
determine in good faith. 
 2.3.2 Mechanics of Cashless Exercise. The Conversion Right may be exercised by the Holder on any business
day on or after the Commencement Date and not later than the Expiration Date by delivering the Purchase Option with the duly executed exercise form attached hereto with the cashless exercise section completed to the Company, exercising the
Conversion Right and specifying the total number of Units the Holder will purchase pursuant to such Conversion Right. 
 2.3.3 Warrant
Exercise. Any Warrants underlying the Units shall be issued pursuant to and subject to the terms and conditions set forth in the Warrant Agreement, entered into by and between the Company and Continental Stock Transfer & Trust Company,
dated as of                         , 2006; provided, that, the exercise price of the Warrants shall be as set forth
herein. 
 3. Transfer. 
 3.1 General
Restrictions. The registered Holder of this Purchase Option, by its acceptance hereof, agrees that it will not sell, transfer, assign, pledge or hypothecate this Purchase Option for a period of one year following the Effective Date to anyone
other than (i) JMP Securities or an underwriter or a selected dealer in connection with the Offering, or (ii) a bona fide officer, partner, subsidiary or other affiliate of JMP Securities or of any such underwriter or selected dealer. On
and after the first anniversary of the Effective Date, this Purchase Option may be sold, transferred, assigned, pledged, hypothecated or otherwise disposed of, in whole or in part, subject to compliance with or exemptions from applicable securities
laws. In order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed and completed, together with the Purchase Option and payment of all transfer taxes, if any, payable in
connection therewith. The Company shall within five business days transfer this Purchase Option on the books of the Company and shall execute and deliver a new Purchase Option or Purchase Options of like tenor to the appropriate assignee(s)
expressly evidencing the right to purchase the aggregate number of Units purchasable hereunder or such portion of such number as shall be contemplated by any such assignment. 
 3.2 Restrictions Imposed by the Act. The securities evidenced by this Purchase Option shall not be transferred unless and until (i) the
Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption from registration under the Act and applicable state securities laws, the availability of which is established to the
reasonable satisfaction of the Company (the Company hereby agreeing that the opinion of O’Melveny & Myers LLP shall be deemed satisfactory evidence of the availability of an exemption), or (ii) a registration statement or a
post-effective amendment to the Registration Statement relating to such securities has been filed by the Company and declared effective by the Securities and Exchange Commission and compliance with applicable state securities law has been
established. 
 4. New Purchase Options to be Issued. 
 4.1 Partial Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Option may be exercised or assigned in whole or in part. In the event of the exercise or assignment hereof
in part only, upon surrender of this Purchase Option for cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price (except to the extent the Holder elects to exercise this Purchase
Option by means of cashless exercise as provided by Section 2.3 above) and/or transfer tax, the Company shall cause to be delivered to the Holder without charge a new Purchase Option of like tenor to this Purchase Option in the name of the
Holder evidencing the right of the Holder to purchase the number of Units purchasable hereunder as to which this Purchase Option has not been exercised or assigned. In addition, the Company shall cause to be delivered to any permitted transferee
without charge a new Purchase Option of like tenor to this Purchase Option in the name of such transferee evidencing the right of such transferee to purchase the number of Units purchasable hereunder as to which this Purchase Option has been
transferred to such transferee. 
  

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 4.2 Lost Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss,
theft, destruction or mutilation of this Purchase Option and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase Option of like tenor and date. Any such new Purchase Option
executed and delivered as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company. 
 5. Registration Rights. 
 5.1 Demand Registration. 
 5.1.1 Grant of Right. The Company, upon written demand (“Initial Demand Notice”) of the Holder(s) of at least 51% of the Purchase Options
and/or the underlying Units and/or the underlying securities (“Majority Holders”), agrees to register (the “Demand Registration”) on one occasion, all or any portion of the Purchase Options requested by the Majority Holders in
the Initial Demand Notice and all of the securities underlying such Purchase Options, including the Units, Common Stock, the Warrants and the Common Stock underlying the Warrants (collectively, the “Registrable Securities”). On such
occasion, the Company will file a registration statement or a post-effective amendment to the Registration Statement covering the Registrable Securities within sixty (60) days after receipt of the Initial Demand Notice and use its best efforts
to have such registration statement or post-effective amendment declared effective as soon as possible thereafter. The demand for registration may be made at any time during a period of five years beginning on the Effective Date. The Company
covenants and agrees to give written notice of its receipt of any Initial Demand Notice by any Holder(s) to all other registered Holders of the Purchase Options and/or the Registrable Securities within ten days from the date of the receipt of any
such Initial Demand Notice. 
 5.1.2 Terms. The Company shall bear all fees and expenses attendant to registering the Registrable
Securities, including the fees and expenses of one legal counsel selected by the Majority Holders to represent them in connection with the sale of the Registrable Securities, but the Majority Holders shall pay any and all underwriting commissions.
The Company agrees to use its reasonable best efforts to qualify or register the Registrable Securities in such states as are reasonably requested by the Majority Holder(s); provided, however, that in no event shall the Company be required to
register the Registrable Securities in a State in which such registration would cause (i) the Company to be obligated to qualify to do business in such state, or would subject the Company to taxation as a foreign corporation doing business in
such jurisdiction or (ii) the principal stockholders of the Company to be obligated to escrow their shares of capital stock of the Company. The Company shall cause any registration statement or post-effective amendment filed pursuant to the
demand rights granted under Section 5.1.1 to remain effective for a period of 12 consecutive months from the effective date of such registration statement or post-effective amendment. 
 5.1.3 Effective Registration. A registration will not count as a Demand Registration until the registration statement filed with the Commission
with respect to such Demand Registration has been declared effective and the Company has complied with all of its obligations under this Agreement with respect thereto; provided, however, that if, after such registration statement has been declared
effective, the offering of Registrable Securities pursuant to a Demand Registration is interfered with by any stop order or injunction of the Commission or any other governmental agency or court, the registration statement with respect to such
Demand Registration will be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) the Majority Holders thereafter elect to continue the
offering. 
 5.2 “Piggy-Back” Registration. 
 5.2.1 Grant of Right. In addition to the demand right of registration, the Holders of the Purchase Options shall have the right for a period of seven years commencing on the Effective Date, to include the
Registrable Securities as part of any other registration of securities filed by the Company (other than in connection with a transaction contemplated by Rule 145(a) promulgated under the Act or pursuant to Form S-8); provided, however, that if, in
the written opinion of the Company’s managing underwriter or underwriters, if any, for such offering, the inclusion of the Registrable Securities, when added to the securities being registered by the Company or the selling stockholder(s), will
exceed the maximum amount of the Company’s securities which can be marketed (i) at a price reasonably related to their then current market value, and (ii) without materially and adversely affecting 

  

 4 








 
the entire offering (such maximum dollar amount or maximum number of shares as applicable, the “Maximum Number of Shares”) then the Company shall
include in such registration: (A) first, the Registrable Securities as to which Demand Registration has been requested by the Majority Holders (pro rata in accordance with the number of shares that each such Person has requested be
included in such registration, regardless of the number of shares held by each such Person) that can be sold without exceeding the Maximum Number of Shares; (B) second to the extent that the Maximum Number of Shares has not been reached
under the foregoing clause (A), the shares of Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (C) third to the extent that the Maximum Number of Shares
has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock or other securities registrable pursuant to the terms of the Registration Rights Agreement between the Company and the initial investors in the Company,
dated as of                         , 2006 (the “Registration Rights Agreement” and such registrable securities,
the “Investor Securities”) as to which “piggy-back” registration has been requested by the holders thereof, pro rata, that can be sold without exceeding the Maximum Number of Shares; and (D) fourth to the extent that
the Maximum Number of Shares have not been reached under the foregoing clauses (A), (B), and (C), the shares of Common Stock or other securities for the account of other persons that the Company is obligated to register pursuant to written
contractual arrangements with such persons and that can be sold without exceeding the Maximum Number of Shares. 
 5.2.2 Terms. The
Company shall bear all fees and expenses attendant to registering the Registrable Securities, including the fees and expenses of one legal counsel selected by the Majority Holders to represent them in connection with the sale of the Registrable
Securities but the Majority Holders shall pay any and all underwriting commissions related to the Registrable Securities. In the event of such a proposed registration, the Company shall furnish the then Holders of outstanding Registrable Securities
with not less than fifteen days written notice prior to the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for each applicable registration statement filed (during the period in which
the Purchase Option is exercisable) by the Company until such time as all of the Registrable Securities have been registered and sold. The holders of the Registrable Securities shall exercise the “piggy-back” rights provided for herein by
giving written notice, within ten days of the receipt of the Company’s notice of its intention to file a registration statement. The Company shall cause any registration statement filed pursuant to the above “piggyback” rights to
remain effective for at least nine months from the date that the Holders of the Registrable Securities are first given the opportunity to sell all of such securities. 
 5.3 Damages. Should the registration or the effectiveness thereof required by Sections 5.1 and 5.2 hereof be delayed by the Company or the Company otherwise fails to comply with such provisions, the Company
shall, in addition to any other equitable or other relief available to the Holder(s), be liable for any and all incidental, special and consequential damages sustained by the Holder(s), including, but not limited to, the loss of any profits that
might have been received by the holder upon the sale of shares of Common Stock or Warrants (and shares of Common Stock underlying the Warrants) underlying this Purchase Option. 
 5.4 General Terms. 
 5.4.1
Indemnification. The Company shall indemnify the holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of
the Act or Section 20(a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred
in investigating, preparing or defending against litigation, commenced or threatened, or any claim whatsoever whether arising out of any action between the underwriter and the Company or between the underwriter and any third party or otherwise) to
which any of them may become subject under the Act, the Exchange Act or otherwise, arising from such registration statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify
the underwriters contained in Section 5 of the Underwriting Agreement between the Company, JMP Securities and the other underwriters named therein dated the Effective Date. The Holder(s) of the Registrable Securities to be sold pursuant to such
registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company, its officers and directors and each person, if any, who controls the Company within the meaning of Section 15 of the Act or
Section 20(a) of the Exchange Act, against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any claim
whatsoever) to which they may become subject under the Act, the Exchange Act or 

  

 5 








 
otherwise, arising from information furnished by or on behalf of such Holders, or their successors or assigns, in writing, for specific inclusion in such
registration statement to the same extent and with the same effect as the provisions contained in Section 5 of the Underwriting Agreement pursuant to which the underwriters have agreed to indemnify the Company. 
 5.4.2 Exercise of Purchase Options. Nothing contained in this Purchase Option shall be construed as requiring the Holder(s) to exercise their
Purchase Options or Warrants underlying such Purchase Options prior to or after the initial filing of any registration statement or the effectiveness thereof. 
 5.4.3 Documents Delivered to Holders. The Company shall furnish JMP Securities, as representative of the Holders participating in any of the foregoing offerings, a signed counterpart, addressed to the
participating Holders, of (i) an opinion of counsel to the Company, dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, an opinion dated the date of the closing under any
underwriting agreement related thereto), and (ii) a “cold comfort” letter dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, a letter dated the date of the
closing under the underwriting agreement) signed by the independent public accountants who have issued a report on the Company’s financial statements included in such registration statement, in each case covering substantially the same matters
with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants’ letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions
of issuer’s counsel and in accountants’ letters delivered to underwriters in underwritten public offerings of securities. The Company shall also deliver promptly to JMP Securities, as representative of the Holders participating in the
offering, the correspondence and memoranda described below and copies of all correspondence between the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission or its staff with respect to
the registration statement and permit JMP Securities, as representative of the Holders, to do such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the registration statement as it deems
reasonably necessary to comply with applicable securities laws or rules of the National Association of Securities Dealers, Inc (“NASD”). Such investigation shall include access to books, records and properties and opportunities to discuss
the business of the Company with its officers and independent auditors, all to such reasonable extent and at such reasonable times and as often as JMP Securities, as representative of the Holders, shall reasonably request. The Company shall not be
required to disclose any confidential information or other records to JMP Securities, as representative of the Holders, or to any other person, until and unless such persons shall have entered into reasonable confidentiality agreements (in form and
substance reasonably satisfactory to the Company), with the Company with respect thereto. 
 5.4.4 Underwriting Agreement. The Company
shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any holders whose Registrable Securities are being registered pursuant to this Section 5, which managing underwriter shall be reasonably acceptable
to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each holder and such managing underwriters, and shall contain such representations, warranties and covenants by the Company and such other terms as
are customarily contained in agreements of that type used by the managing underwriter. The holders shall be parties to any underwriting agreement relating to an underwritten sale of their Registrable Securities and may, at their option, require that
any or all the representations, warranties and covenants of the Company to or for the benefit of such underwriters shall also be made to and for the benefit of such holders. Such holders shall not be required to make any representations or
warranties to or agreements with the Company or the underwriters except as they may relate to such holders and their intended methods of distribution. Such holders, however, shall agree to such covenants and indemnification and contribution
obligations for selling stockholders as are customarily contained in agreements of that type used by the managing underwriter. Further, such holders shall execute appropriate custody agreements and otherwise cooperate fully in the preparation of the
registration statement and other documents relating to any offering in which they include securities pursuant to this Section 5. Each holder shall also furnish to the Company such information regarding itself, the Registrable Securities held by
it, and the intended method of disposition of such securities as shall be reasonably required to effect the registration of the Registrable Securities. 
 5.4.5 Rule 144 Sale. Notwithstanding anything contained in this Section 5 to the contrary, the Company shall have no obligation pursuant to Sections 5.1 or 5.2 for the registration of Registrable
Securities held by any holder (i) where such holder would then be entitled to sell under Rule 144 promulgated under the Act (“Rule 

  

 6 








 
144”) within any three-month period (or such other period prescribed under Rule 144 as may be provided by amendment thereof) all of the Registrable
Securities then held by such holder, and (ii) where the number of Registrable Securities held by such holder is within the volume limitations under paragraph (e) of Rule 144 (calculated as if such holder were an affiliate within the
meaning of Rule 144). 
 5.4.6 Supplemental Prospectus. The Holder agrees, that upon receipt of any notice from the Company of the
happening of any event as a result of which the prospectus included in the Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to
make the statements therein not misleading in light of the circumstances then existing, such holder will immediately discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until
such holder’s receipt of the copies of a supplemental or amended prospectus, and, if so desired by the Company, such holder shall deliver to the Company (at the expense of the Company) or destroy (and deliver to the Company a certificate of
such destruction) all copies, other than permanent file copies then in such holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. 
 5.4.7 Withdrawal. If the Majority Holders disapprove of the terms of any underwriting or are not entitled to include all of their Registrable
Securities in any offering, such Majority Holders may elect to withdraw from such offering by giving written notice to the Company and the underwriter or underwriters of their request to withdraw prior to the effectiveness of the registration
statement filed with the Commission. If the Majority Holders withdraw from a proposed offering relating to a Demand Registration, then such registration shall not count as a Demand Registration provided for in Section 5.1. 
 6. Adjustments. 
 6.1 Adjustments to Exercise Price
and Number of Securities. The Exercise Price and the number of Units underlying the Purchase Option shall be subject to adjustment from time to time as hereinafter set forth: 
 6.1.1 Stock Dividends - Split-Ups. If after the date hereof, and subject to the provisions of Section 6.4 below, the number of outstanding
shares of Common Stock is increased by a stock dividend payable in shares of Common Stock or by a split-up of shares of Common Stock or other similar event, then, on the effective date thereof, the number of shares of Common Stock underlying each of
the Units purchasable hereunder shall be increased in proportion to such increase in outstanding shares. In such case, the number of shares of Common Stock, and the exercise price applicable thereto, underlying the Warrants underlying each of the
Units purchasable hereunder shall be adjusted in accordance with the terms of the Warrants. For example, if the Company declares a two-for-one stock dividend and at the time of such dividend this Purchase Option is for the purchase of one Unit at
$8.80 per whole Unit (each Warrant underlying the Units is exercisable for $7.50 per share), upon effectiveness of the dividend, this Purchase Option will be adjusted to allow for the purchase of one Unit at $8.80 per Unit, each Unit entitling the
holder to receive two shares of Common Stock and two Warrants (each Warrant exercisable for $4.40 per share). 
 6.1.2 Aggregation of
Shares. If after the date hereof, and subject to the provisions of Section 6.4, the number of outstanding shares of Common Stock is decreased by a consolidation, combination or reclassification of shares of Common Stock or other similar
event, then, on the effective date thereof, the number of shares of Common Stock underlying each of the Units purchasable hereunder shall be decreased in proportion to such decrease in outstanding shares. In such case, the number of shares of Common
Stock, and the exercise price applicable thereto, underlying the Warrants underlying each of the Units purchasable hereunder shall be adjusted in accordance with the terms of the Warrants. 
 6.1.3 Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common
Stock other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such shares of Common Stock, or in the case of any merger or consolidation of the Company with or into another corporation (other than a
consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another corporation
or entity of the property of the Company as an entirety or substantially as an entirety in connection with which the Company is 

  

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dissolved, the Holder of this Purchase Option shall have the right thereafter (until the expiration of the right of exercise of this Purchase Option) to
receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification,
reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, by a holder of the number of shares of Common Stock of the Company obtainable upon exercise of this Purchase Option and the underlying Warrants
immediately prior to such event; and if any reclassification also results in a change in shares of Common Stock covered by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3
The provisions of this Section 6.1.3 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. 
 6.1.4 Changes in Form of Purchase Option. This form of Purchase Option need not be changed because of any change pursuant to this Section, and Purchase Options issued after such change may state the same
Exercise Price and the same number of Units as are stated in the Purchase Options initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Options reflecting a required or permissive change shall not
be deemed to waive any rights to an adjustment occurring after the Commencement Date or the computation thereof. 
 6.1.5 Adjustment of
Warrants. To the extent the price of the Warrants are lowered pursuant to Section 3.1 of the Warrant Agreement, dated
                        , 2006, between the Company and Continental Stock Transfer & Trust Company (the
“Warrant Agreement”) the price of the Warrants underlying the Purchase Option shall be reduced on identical percentage terms, subject to any limitations and conditions that may be imposed by NASD Corporate Financing Rule 2710. To the
extent the duration of the Warrants is extended pursuant to Section 3.2 of the Warrant Agreement, the duration of the Warrants underlying the Purchase Option shall be extended on identical terms, subject to any limitations that may be imposed
by NASD Corporate Financing Rule 2710. 
 6.2 Substitute Purchase Option. In case of any consolidation of the Company with, or merger
of the Company with, or merger of the Company into, another corporation (other than a consolidation or merger which does not result in any reclassification or change of the outstanding Common Stock), the corporation formed by such consolidation or
merger shall execute and deliver to the Holder a supplemental Purchase Option providing that the holder of each Purchase Option then outstanding or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase
Option) to receive, upon exercise of such Purchase Option, the kind and amount of shares of stock and other securities and property receivable upon such consolidation or merger, by a holder of the number of shares of Common Stock of the Company for
which such Purchase Option might have been exercised immediately prior to such consolidation, merger, sale or transfer. Such supplemental Purchase Option shall provide for adjustments which shall be identical to the adjustments provided in
Section 6. The above provision of this Section shall similarly apply to successive consolidations or mergers. 
 6.3 Elimination of
Fractional Interests. The Company shall not be required to issue certificates representing fractions of shares of Common Stock or Warrants upon the exercise of the Purchase Option, nor shall it be required to issue scrip or pay cash in lieu of
any fractional interests, it being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up to the nearest whole number of Warrants, shares of Common Stock or other securities, properties or rights.

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

  

 8 








 
upon exercise of the Warrants included in the Units issuable upon exercise of the Purchase Option to be listed (subject to official notice of issuance) on
the American Stock Exchange and all other securities exchanges (or, if applicable on the Nasdaq National Market, SmallCap Market, NASD OTC Bulletin Board or any successor trading market) on which the Units, the Common Stock or the Public Warrants
issued to the public in connection herewith may then be listed and/or quoted. 
 8. Certain Notice Requirements. 
 8.1 Holder’s Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holder the right to vote or consent as a
stockholder for the election of directors or any other matter, or as having any rights whatsoever as a stockholder of the Company. If, however, at any time prior to the expiration of the Purchase Options and their exercise, any of the events
described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event at least fifteen (15) days prior to the date fixed as a record date or the date of closing the transfer books
for the determination of the stockholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall
specify such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each holder a copy of each notice given to the other stockholders of the Company at the same
time and in the same manner that such notice is given to the stockholders. 
 8.2 Events Requiring Notice. The Company shall be
required to give the notice described in this Section 8 upon one or more of the following events: (i) if the Company shall take a record of the holders of its shares of Common Stock for the purpose of entitling them to receive a dividend
or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company, or
(ii) the Company shall offer to all the holders of its Common Stock any additional shares of capital stock of the Company or securities convertible into or exchangeable for shares of capital stock of the Company, or any option, right or warrant
to subscribe therefor, or (iii) a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation or merger) or a sale of all or substantially all of its property, assets and business shall be proposed.

 8.3 Notice of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price
pursuant to Section 6 hereof, send notice to the Holder of such event and change (“Price Notice”). The Price Notice shall describe the event causing the change and the method of calculating the same and shall be certified as being
true and accurate by the Company’s Chief Executive Officer and Chief Financial Officer. 
 8.4 Transmittal of Notices. All
notices, requests, consents and other communications under this Purchase Option shall be in writing and shall be deemed to have been duly made when hand delivered, or mailed by express mail or private courier service: (i) if to the registered
Holder of the Purchase Option, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to the following address or to such other address as the Company may designate by notice to the holders: 

Builder Acquisition Corp. 
 4902 Alameda
Boulevard, NE 
 Albuquerque, NM 87113 
 Attn: Chairman 
 9. Miscellaneous. 
 9.1 Amendments. The Company and JMP Securities may from time to time supplement or amend this Purchase Option without the approval of any of the holders in order to cure any ambiguity, to correct or supplement any provision contained
herein that may be defective or inconsistent with any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company and JMP Securities may deem necessary or desirable and that the
Company and JMP Securities deem shall not adversely affect the interest of the holders. All other modifications or amendments shall require the written consent of and be signed by the party against whom enforcement of the modification or amendment
is sought. 
  

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 9.2 Headings. The headings contained herein are for the sole purpose of convenience of reference,
and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Purchase Option. 
 10. Entire
Agreement. This Purchase Option (together with the other agreements and documents being delivered pursuant to or in connection with this Purchase Option) constitutes the entire agreement of the parties hereto with respect to the subject matter
hereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof. 
 10.1 Binding Effect. This Purchase Option shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and their permitted assignees, respective successors, legal representative and assigns, and no other
person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Option or any provisions herein contained. 
 10.2 Governing Law; Submission to Jurisdiction. This Purchase Option shall be governed by and construed and enforced in all respects by the laws
of the State of Delaware, without giving effect to conflict of laws. The Company hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase Option shall be brought and enforced in the courts
of the State of New York or of the United States of America for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive
jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid,
addressed to it at the address set forth in Section 8 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing
party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor.

 10.3 Waiver, Etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Option
shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Option or any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of
this Purchase Option. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Option shall be effective unless set forth in a written instrument executed by the party or parties against whom or which
enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment. 
 10.4 Execution in Counterparts. This Purchase Option may be executed in one or more counterparts, and by the different parties hereto in separate
counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and
delivered to each of the other parties hereto. 
 10.5 Exchange Agreement. As a condition of the Holder’s receipt and acceptance
of this Purchase Option, the Holder agrees that, at any time prior to the complete exercise of this Purchase Option by the Holder, if the Company and JMP Securities enter into an agreement (“Exchange Agreement”) pursuant to which they
agree that all outstanding Purchase Options will be exchanged for securities or cash or a combination of both, then the Holder shall agree to such exchange and become a party to the Exchange Agreement. 
 10.6 Underlying Warrants. At any time after exercise by the Holder of this Purchase Option, the Holder may exchange his Warrants (with a $7.50
exercise price) for Public Warrants (with a $6.00 exercise price) upon payment to the Company of the difference between the exercise price of his Warrant and the exercise price of the Public Warrants. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

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 IN WITNESS WHEREOF, the Company has caused this Purchase Option to be signed by its duly authorized
officer as of the      day                      of , 2006. 
  

			
	BUILDER ACQUISITION CORP.
		
	By:	 	  

	Name:	 	Michael D. Sivage
	Title:	 	Chairman and Chief Executive Officer









 Form to be used to exercise Purchase Option: 
 Builder Acquisition Corp. 
 4902 Alameda Boulevard, NE 
 Albuquerque, NM 87113 
 Date:                        , 200   
 The undersigned hereby elects irrevocably to exercise all or a portion of the within Purchase Option and to purchase
         Units of Builder Acquisition Corp. and hereby makes payment of $             (at the rate of
$             per Unit) in payment of the Exercise Price pursuant thereto. Please issue the Common Stock and Warrants as to which this Purchase Option is exercised in accordance with
the instructions given below. 
 or 
 The undersigned hereby elects irrevocably to convert its right to purchase          Units purchasable under the within Purchase Option by surrender of the unexercised portion of the attached
Purchase Option (with a “Value” of $             based on a “Market Price” of $            ).
Please issue the securities comprising the Units as to which this Purchase Option is exercised in accordance with the instructions given below. 
  

	
	  

	Signature
	
	  

	Signature Guaranteed


 INSTRUCTIONS FOR REGISTRATION OF SECURITIES 
  

			
	Name	 	  

		 	(Print in Block Letters)
		
	Address	 	  


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







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

 FOR VALUE
RECEIVED,                                      
                                        
   does hereby sell, assign and transfer
unto                                       
                                         
the right to purchase          Units of Builder Acquisition Corp. (“Company”) evidenced by the within Purchase Option and does hereby authorize the Company to transfer such right on the books
of the Company. 
 Dated:                     ,
200   
  

	
	  

	Signature
	
	  

	Signature Guaranteed


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