Document:

EXHIBIT 10.10(E)

                                 AMENDMENT NO. 4

                  AMENDMENT NO. 4, dated as of December 27, 2006 (this
"Amendment"), to the Third Amended and Restated Credit Agreement, dated as of
May 19, 2005 (as amended by the Amendment, dated as of April 7, 2006, the
Amendment dated as of April 24, 2006, and the Amendment No. 3 dated as of
November 30, 2006, the "Credit Agreement"), among FINLAY FINE JEWELRY
CORPORATION, a Delaware corporation ("Finlay" or the "Borrower Representative")
and CARLYLE & CO. JEWELERS, a Delaware corporation ("Carlyle") (Finlay and
Carlyle are collectively referred to herein as the "Borrowers" and individually
as a "Borrower"), FINLAY ENTERPRISES, INC., a Delaware corporation (the
"Parent"), and GENERAL ELECTRIC CAPITAL CORPORATION ("GE Capital"), individually
and as administrative agent for each of the Lenders hereunder (GE Capital, in
such capacity, the "Agent"), for each of the Lenders hereunder, and the other
banks and other financial institutions named herein and whose signatures appear
on the signature pages thereto (GE Capital and such other banks and other
financial institutions and their respective successors and assigns,
individually, a "Lender" and collectively, the "Lenders"). Capitalized terms
used herein without definition shall have the respective meanings ascribed to
those terms in the Credit Agreement.

                              W I T N E S S E T H:
                              - - - - - - - - - -

                  WHEREAS, the Borrowers have requested a facilities increase
option in an aggregate principal amount of up to $75,000,000; and

                  WHEREAS, the Lenders are willing to commit to the facilities
increase option as set forth herein; and

                  WHEREAS, the Borrowers have requested additional amendments to
the Credit Agreement as herein set forth; and

                  WHEREAS, the Borrowers, the Agent and the Lenders signatory
hereto have agreed to amend the Credit Agreement on the terms and subject to the
conditions herein provided; and

                  NOW, THEREFORE, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

         Section 1.        Amendments to the Credit Agreement.
                           -----------------------------------

                (a) Cover Page and Preamble.
                    -----------------------

                           (1) The cover page to the Credit Agreement is hereby
deleted in its entirety and replaced with Annex A hereto.

                           (2) The preamble to the Credit Agreement is hereby
amended by deleting it in its entirety and replacing it with the following:

                           THIRD AMENDED AND RESTATED CREDIT AGREEMENT, dated as
         of May 19, 2005, among FINLAY FINE JEWELRY CORPORATION, a Delaware
         corporation ("Finlay" or "Borrower Representative") and CARLYLE & CO.
         JEWELERS, a Delaware corporation ("Carlyle") (Finlay and Carlyle are
         collectively referred to herein as the "Borrowers" and individually as
         a "Borrower"), FINLAY ENTERPRISES, INC., a

         Delaware corporation (the "Parent"), GENERAL ELECTRIC CAPITAL
         CORPORATION, a Delaware corporation having an office at 201 Merritt 7,
         Norwalk, CT 06856 ("GE Capital"), individually and as administrative
         agent for each of the Lenders hereunder (GE Capital, in such capacity,
         together with any successor administrative agent under Section 12.13
         hereof, being the "Agent"), JPMorgan Chase Bank, N.A. ("JPMorgan"),
         individually and as syndication agent (JPMorgan, in such capacity,
         being the "Syndication Agent"), and the other banks and other
         financial institutions named herein and whose signatures appear on the
         signature pages hereto (GE Capital, JPMorgan, and such other banks and
         other financial institutions and their respective successors and
         assigns, individually, a "Lender" and collectively, the "Lenders").

                (b) Section 1.1 Certain Defined Terms.
                    ---------------------------------

                           (1) The following definitions shall be inserted in
proper alphabetical order:

                           "Acquired Business" shall have the meaning set forth
         in the definition of Permitted Acquisition.

                           "Amendment No. 4 Effective Date" shall mean the
         Effective Date under and as defined in Amendment No. 4 to the Third
         Amended and Restated Credit Agreement, dated as of December 27, 2006,
         among the Borrowers, the Parent, the Agent and the Lenders party
         thereto.

                           "Applicable Recovery Percentage" shall mean the
         percentage equal to (i) for the months of October through December, the
         average of the net recovery percentage at cost set forth in the most
         recently delivered appraisal delivered pursuant to Section 8.1(w) and
         (ii) for the months of January through September, the average of the
         net recovery percentage at cost set forth in the most recently
         delivered appraisal delivered pursuant to Section 8.1(w), or, in either
         case of clause (i) or (ii) above, such higher or lower percentage as
         determined by the Agent consistent with the recovery percentages in
         previous appraisals delivered pursuant to Section 8.1(w).

                            "Average Borrowing Base Excess Availability" shall
         mean, on any date of determination, an amount equal to (i) the sum of
         Borrowing Base Excess Availability for each day during the three
         calendar months most recently ended divided by (ii) the number of days
         occurring during such period.

                           "Average Excess Availability" shall mean, on any date
         of determination, an amount equal to (i) the sum of Excess Availability
         for each day during the three calendar months most recently ended
         divided by (ii) the number of days occurring during such period.

                           "Borrowing Base Excess Availability" shall mean, on
         any date of determination, the excess, if any, of (a) the Aggregate
         Borrowing Base minus (b) the aggregate outstanding Loans and Letter of
         Credit Obligations at such time.

                           "Disqualified Stock" shall mean (a) the Stock of any
         Person that by its terms (or by the terms of any equity into which it
         is convertible or for which it is exchangeable), or upon the occurrence
         of any event, matures or is mandatorily

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         redeemable, pursuant to a sinking fund obligation or otherwise, or is
         exchangeable for Indebtedness of such Person or is redeemable at the
         option of the holder thereof, in whole or in part, in each case, on or
         prior to six months after the Maturity Date or (b) any Stock which
         pays dividends (other than in the form of additional shares of such
         Stock).

                           "Facilities Increase" shall have the meaning set
         forth in Section 2.2(c) hereof.

                           "Facilities Increase Date" shall have the meaning set
         forth in Section 2.2(c) hereof.

                           "Facilities Increase Notice" shall mean a notice from
         the Borrowers to the Agent requesting a Facilities Increase, which may
         include any proposed term and condition for such proposed Facilities
         Increase but shall include in any event the amount of such proposed
         Facilities Increase.

                           "Finlay Appraisal Value" shall mean, at any time, an
         amount equal to the then Applicable Recovery Percentage multiplied by
         the value of the Inventory of the Finlay Credit Parties at the end of
         the most recently ended month pursuant to Section 8.1(x).

                           "Foreign Inventory" shall mean any Inventory located
         outside of the United States of America or Canada.

                           "Foreign Receivables" shall mean any Receivables
         located outside of the United States of America or Canada.

                           "Permitted Acquisition" shall mean the purchase by a
         Borrower or Guarantor after the date hereof of all or substantially all
         of the assets of any Person or a business or division of such Person
         (whether pursuant to a merger or other transaction) or of all or a
         majority of the capital stock of a Person (such assets or Person being
         referred to herein as the "Acquired Business") and in one or a series
         of transactions that satisfies each of the following conditions as
         determined by the Agent:

                                    (a)  Agent shall have received not less than
                  ten (10) Business Days' prior written notice of the proposed
                  acquisition and such information with respect thereto as Agent
                  may reasonably request, including (i) the proposed date and
                  amount of the acquisition, (ii) a list and description of the
                  assets or shares to be acquired, (iii) the total purchase
                  price for the assets to be purchased (and the terms of payment
                  of such purchase price), (iv) a summary of the due diligence
                  undertaken by such Borrower or Grantor in connection with such
                  acquisition, and (v) appropriate financial statements of the
                  Acquired Business;

                                    (b)  the Acquired Business shall be an
                  operating business or company that engages in a line of
                  business substantially similar to the business that Borrowers
                  and Guarantors are engaged in on date hereof;

                                    (c)  the consideration (other than common
                  stock and equity-based compensation) paid for or in connection
                  with the assets or capital stock (or as merger consideration)
                  of the Acquired Business shall not exceed $35,000,000 per
                  annum and after giving effect to such consideration, the
                  aggregate amount of

                                       3

                  all consideration paid for all Permitted Acquisitions shall
                  not exceed $50,000,000 in the aggregate, provided, that up
                  to 50% of the consideration of any such Permitted
                  Acquisition may be in the form of a Seller Note, provided,
                  further, that (i) if any unsecured Indebtedness of the
                  Acquired Business is assumed by any Borrower or Guarantor in
                  connection with a Permitted Acquisition, the amount of such
                  unsecured Indebtedness shall count toward the aggregate
                  amount of consideration paid for such Permitted Acquisition
                  and (ii) no equity-based consideration shall include
                  Disqualified Stock;

                                    (d)  Agent shall have received: (i) the most
                  recent annual and interim quarterly financial statements with
                  respect to the Acquired Business and related statements of
                  income and cash flows showing positive cash flows for the
                  immediately preceding fiscal year of such Acquired Business,
                  (ii) detailed forecasts of cash flows for the Acquired
                  Business forecasting positive future cash flows, (iii)
                  detailed projections for Parent and its Subsidiaries through
                  the Maturity Date giving pro forma effect to such acquisition,
                  based on assumptions reasonably satisfactory to Agent,
                  prepared in good faith and in a manner and using such
                  methodology as is consistent with the most recent financial
                  statements delivered to Agent pursuant to Section 8.1 hereof,
                  and otherwise in form and substance reasonably satisfactory to
                  Agent, and (iv) revised projections dated no earlier than ten
                  (10) days prior to the date of such acquisition forecasting
                  the amount of the Borrowing Base and Excess Availability for
                  the twelve (12) month period following the acquisition, in
                  form and substance reasonably satisfactory to Agent,
                  representing Borrowers' reasonable best estimate of the future
                  Borrowing Base and Excess Availability for the period set
                  forth therein, which projections shall have been prepared on
                  the basis of the assumptions set forth therein which Borrowers
                  believe are fair and reasonable as of the date of preparation
                  in light of current and reasonably foreseeable business
                  conditions;

                                    (e)  if Agent so elects, Agent shall have
                  received an appraisal of the Inventory of the Acquired
                  Business and such other assets of the Acquired Business as
                  Agent may specify, in each case in form and containing
                  assumptions and appraisal methods satisfactory to Agent by an
                  appraiser reasonably acceptable to Agent, on which Agent and
                  Lenders are expressly permitted to rely;

                                    (f)  if Agent so elects, Agent shall have
                  completed a field examination with respect to the business and
                  assets of the Acquired Business in accordance with Agent's
                  customary procedures and practices and as otherwise required
                  by the nature and circumstances of the business of the
                  Acquired Business, the scope and results of which shall be
                  reasonably satisfactory to Agent, and upon the reasonable
                  request of Agent, the Inventory acquired by such Borrower or
                  Guarantor, as the case may be, pursuant to such acquisition
                  shall at all times after such acquisition be separately
                  identified and reported to Agent in a manner reasonably
                  satisfactory to Agent;

                                    (g)  in the case of the acquisition of Stock
                  of any Person or the formation of any Subsidiary in connection
                  with such acquisition, (i) the Borrower or Guarantor forming
                  such Subsidiary shall (A) execute and deliver to Agent, a
                  pledge and security agreement, in form and substance
                  reasonably satisfactory to Agent, granting to Agent a first
                  pledge of and lien on all of the issued and outstanding shares
                  of Stock of any such Subsidiary, (B) deliver the

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                  original stock certificates evidencing such shares of Stock
                  (or such other evidence as may be issued in the case of a
                  limited liability company), together with stock powers with
                  respect thereto duly executed in blank (or the equivalent
                  thereof in the case of a limited liability company in which
                  such interests are certificated, or otherwise take such
                  actions as Agent shall reasonably require with respect to
                  Agent's security interests therein) and (ii) as to any such
                  Subsidiary, the Borrower or Guarantor forming such
                  Subsidiary shall cause any such Subsidiary to execute and
                  deliver to Agent, the following (each in form and substance
                  reasonably satisfactory to Agent), (A) an absolute and
                  unconditional guarantee of payment of the Obligations, (B) a
                  security agreement granting to Agent a first security
                  interest and lien upon all of the assets of any such
                  Subsidiary, and (C) such other agreements, documents and
                  instruments as Agent may reasonably require in connection
                  with the documents referred to above in order to make such
                  Subsidiary a party to this Agreement as a "Borrower" or as a
                  "Guarantor" as Agent may determine, including, but not
                  limited to, supplements and amendments hereto, authorization
                  to file UCC financing statements and other consents,
                  waivers, acknowledgments and other agreements from third
                  persons which Agent may reasonably deem necessary in order
                  to permit, protect and perfect its security interests in and
                  liens upon the assets purchased, corporate resolutions and
                  other organization and authorizing documents of such Person,
                  and favorable opinions of counsel to such person;

                                    (h)  in the case of an acquisition of assets
                  (other than Stock), Agent shall have received, in form and
                  substance reasonably satisfactory to Agent, (i) evidence that
                  Agent has valid and perfected security interests in and liens
                  upon all purchased assets to the extent such assets constitute
                  Collateral hereunder, (ii) such other agreements, documents
                  and instruments as Agent may require in connection with such
                  assets, including, but not limited to, supplements and
                  amendments hereto, authorization to file UCC financing
                  statements and other consents, waivers, acknowledgments and
                  other agreements from third persons which Agent may deem
                  necessary in order to permit, protect and perfect its security
                  interests in and liens upon the assets purchased, corporate
                  resolutions and other organization and authorizing documents
                  of such Person, and favorable opinions of counsel to such
                  person, and (iii) the agreement of the seller consenting to
                  the collateral assignment by such Borrower or Guarantor
                  purchasing such assets of all rights and remedies and claims
                  for damages of such Borrower or Guarantor relating to the
                  Collateral (including, without limitation, any bulk sales
                  indemnification) under the agreements, documents and
                  instruments relating to such acquisition;

                                    (i)  in the case of the acquisition of the
                  Stock of another Person, the board of directors (or other
                  comparable governing body) of such other Person shall have
                  duly approved such acquisition and such Person shall not have
                  announced that it will oppose such acquisition or shall not
                  have commenced any action which alleges that such acquisition
                  will violate applicable law;

                                    (j)  no Default or Event of Default shall
                  exist or have occurred and be continuing as of the date of the
                  acquisition or any payment in respect thereof and after giving
                  effect to the acquisition or such payment;

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                                   (k)  Agent shall have received true, correct
                  and complete copies of all material agreements, documents and
                  instruments relating to such acquisition, which documents
                  shall be reasonably satisfactory to Agent.

                           "Seller Note" shall mean an unsecured note issued by
         any Borrower in favor of the seller of an Acquired Business in form and
         substance reasonably satisfactory to the Administrative Agent.

                           (2) The definition of "Fee Letters" is hereby deleted
in its entirety and replaced with the following:

                           "Fee Letters" shall mean that certain fee letter,
         dated on or about the date hereof, between GE Capital and Finlay.

                           (3) The definition of "Finlay Borrowing Base" is
hereby amended by deleting the existing definition in full and replacing it with
the following:

                           "Finlay Borrowing Base" shall mean, at any time, an
         amount equal to the sum of (a) the lesser of (i) 65% of the aggregate
         value (lower of cost (on a first-in-first-out basis consistent with
         Finlay's practices) and current market value) of Finlay Eligible
         Inventory and (ii) 85% of the Finlay Appraisal Value plus (b) an amount
         equal to 85% of the Net Amount of Eligible Receivables of the Finlay
         Credit Parties; in each case as indicated on the most recent monthly
         Borrowing Base Certificate delivered to the Agent by Finlay as of such
         time, unless a more recent Borrowing Base Certificate has been
         requested by the Agent pursuant to Section 8.1 and delivered by Finlay
         to the Agent, in which case as indicated on such more recent Borrowing
         Base Certificate. In no event shall the Finlay Borrowing Base be
         attributable to Foreign Inventory and Foreign Receivables.
         Notwithstanding the foregoing, if any License Agreement in effect as of
         the Amendment No. 4 Effective Date is not renewed, or notice is
         received that a License Agreement will not be renewed, each advance
         rate set forth in clause (a) above against such Inventory located at
         locations covered by such License Agreement shall be reduced by ten
         (10) percentage points.

                           The Agent reserves the right to adjust the Finlay
         Borrowing Base in its reasonable judgment by revising standards of
         eligibility, establishing reserves and/or increasing or decreasing from
         time to time the percentages set forth above, in which case "Finlay
         Borrowing Base" shall be defined to include such revisions, reserves or
         altered percentages. Notwithstanding the foregoing, any increase in the
         percentages set forth above shall be subject to Section 12.2.

                           (4) The definition of "Initial Adjustment Date" is
hereby deleted in its entirety.

                           (5) The definition of "Leverage Ratio" is hereby
deleted in its entirety.

                           (6) The definition of "Majority Lenders" is hereby
amended by inserting between "at such time" and "or (b)" the following:

                           "; provided that General Electric Capital Corporation
         and GE Business Capital Corporation together shall be considered one
         Lender for purposes of this clause (a)"

                                       6

                           (7) The definition of "Maturity Date" is hereby
amended by deleting "January 15, 2008" and replacing it with "January 15, 2011."

                           (8) The definition of "Revolving Credit Facility
Commitment" is hereby deleted in its entirety and replaced with the following:

                           "Revolving Credit Facility Commitment" shall mean, at
         any time, an amount equal to $225,000,000 or such lesser or greater
         amount after giving effect to (i) each reduction of the Revolving
         Credit Facility Commitment pursuant to Section 2.5 hereof and (ii) each
         Facilities Increase.

                           (9) The definition of "Specialty Stores Borrowing
Base" is hereby amended by deleting the last paragraph of such definition and
replacing it with the following:

                           The Agent reserves the right to adjust the Specialty
         Stores Borrowing Base in its reasonable judgment by revising standards
         of eligibility, establishing reserves, and/or increasing or decreasing
         from time to time the percentages set forth above, in which case
         "Specialty Stores Borrowing Base" shall be defined to include such
         revisions, reserves or altered percentages. Notwithstanding the
         foregoing, any increase in the percentages set forth above shall be
         subject to Section 12.2.

                           (10) Clause (a) of the definition of "Specialty
Stores Borrowing Base Percentage" is hereby amended by deleting "60%" and
replacing it with "65%".

                (c)  Section 2.2 Revolving Credit Facility Commitment
and Borrowing Limit. Section 2.2 (Revolving Credit Facility Commitment and
Borrowing Limit) is hereby amended by inserting at the end of such section the
following:

                           (c)  Facilities Increase. (i) Provided that no
         Default or Event of Default is continuing or would result therefrom,
         the Borrowers may, after the Amendment No. 4 Effective Date, deliver
         to the Agent a Facilities Increase Notice to request an increase (a
         "Facilities Increase") in the aggregate Revolving Commitments in a
         principal amount not to exceed $75,000,000 in the aggregate for all
         such requests; provided, however, that (A) such requested increase
         shall be in a minimum principal amount of $12,500,000, (B) no
         Facilities Increase of the Revolving Credit Facility shall be
         effective later than 180 days prior to the Maturity Date and (C) no
         more than three Facilities Increases shall be made pursuant to this
         clause (c). Nothing in this Agreement shall be construed to obligate
         any Lender to negotiate for (whether or not in good faith), solicit,
         provide or consent to any increase in the Revolving Commitments, and
         any such increase may be subject to changes in any term herein.

                                (ii) The Agent shall promptly notify each
                  Lender of the proposed Facilities Increase and of the proposed
                  terms and conditions therefor agreed among the Borrowers and
                  the Agent. Each such Lender (and each of their Affiliates)
                  may, in its sole discretion, commit to participate in such
                  Facilities Increase by forwarding its commitment to the Agent
                  therefor in form and substance satisfactory to the Agent. The
                  Agent shall allocate, on a pro rata basis amounts not to
                  exceed for each such Lender the commitment received from such
                  Lender or Affiliate for the Revolving Credit Facility, the
                  Revolving Commitments to be made as part of the Facilities
                  Increase to the Lenders from which it has received such
                  commitments to participate in the Revolving Credit

                                       7

                  Facility. If the Agent does not receive enough commitments
                  from existing Lenders or their Affiliates, the Agent or any
                  of its Affiliates will use its reasonable efforts to
                  allocate any excess in the proper amount of the Facilities
                  Increase to other Qualified Assignees, provided that any
                  such Qualified Assignee is reasonably satisfactory to the
                  Agent and the Borrowers.

                                (iii) Each Facilities Increase shall become
                  effective after the satisfaction of the conditions precedent
                  set forth in Section 6.3, on a date agreed by the Borrowers
                  and the Agent (a "Facilities Increase Date"). The Agent shall
                  notify the Lenders and the Borrower, on or before 1:00 p.m. on
                  the Business Day preceding the Facilities Increase Date of the
                  effectiveness of the Facilities Increase.

                                (iv) On the Facilities Increase Date, each
                  Lender or Qualified Assignee participating in such Facilities
                  Increase shall purchase from each existing Lender having
                  Revolving Loans outstanding on such Facilities Increase Date,
                  without recourse or warranty, an undivided interest and
                  participation, to the extent of such Lender's pro rata share
                  in the Revolving Credit Facility of the new Revolving
                  Commitments (after giving effect to such Facilities Increase),
                  in the aggregate outstanding Revolving Loans, so as to ensure
                  that, on the Facilities Increase Date after giving effect to
                  such Facilities Increase, each Lender holds its pro rata share
                  in the Revolving Credit Facility and the Revolving Loans
                  outstanding on such Facilities Increase Date.

                (d) Section 2.6 Interest.  Section 2.6(f) is hereby
deleted in its entirety and replaced with the following:

                           (f)  The Applicable Index Margin and Applicable
         Eurodollar Margin, will be 0.00% and 1.50% per annum, respectively, as
         of the Amendment No. 4 Effective Date. The Applicable Margins will then
         be adjusted (up or down) prospectively on a quarterly basis as
         determined by Borrower's Average Borrowing Base Excess Availability,
         commencing on the first day of the Borrower's first full calendar
         quarter following the Amendment No. 4 Effective Date. Adjustments in
         Applicable Margins will be determined by reference to the following
         levels:

         LEVEL    IF AVERAGE BORROWING BASE     APPLICABLE        APPLICABLE
                   EXCESS AVAILABILITY IS       INDEX MARGIN  EURODOLLAR MARGIN

           I            < $75 million             0.25%            2.00%

          II          > $75 million and           0.00%            1.75%
                      -
                        < $100 million

          III         > $100 million and          0.00%            1.50%
                      -
                        < $150 million

          IV          > $150 million              0.00%            1.25%
                      -

                  ; provided, that if the Average Excess Availability is less
         than $30 million as of the last day of any calendar quarter, the
         Applicable Index Margin and the Applicable Eurodollar Margin shall be
         at least Level II.

                                       8

                (e) Section 3.1 Mandatory Prepayments. Section 3.1 is hereby
amended by deleting paragraph (c) in its entirety and replacing it with
"Intentionally deleted."

                (f) Section 3.5 Unused Facility Fee. Section 3.5 (Unused
Facility Fee) is hereby amended by deleting "thirty-seven and one-half basis
points (37.5 b.p.) per annum" and replacing it with "twenty-five basis points
(25 b.p.) per annum."

                (g) Section 6 Conditions Precedent to Each Borrowing and
Issuance of Letters of Credit. Section 6 (Conditions Precedent to Each Borrowing
and Issuance of Letters of Credit) is hereby amended by inserting at the end of
such section the following:

                           ss.6.3  CONDITIONS PRECEDENT TO EACH FACILITIES
         INCREASE. The effectiveness of each Facilities Increase shall be
         subject to the satisfaction of all of the following conditions
         precedent:

                           (a)     Certain Documents. The Agent shall have
         received on or prior to the Facilities Increase Date for such
         Facilities Increase each of the following, each dated such Facilities
         Increase Date unless otherwise indicated or agreed to by the Agent, in
         form and substance satisfactory to the Agent:

                                  (i)  written commitments duly executed by
                  existing Lenders or Qualified Assignees in an aggregate
                  amount equal to the amount of the proposed Facilities
                  Increase (as agreed among the Borrowers and the Agent but in
                  any case not to exceed, in the aggregate for all such
                  Facilities Increases, the maximum amount set forth in the
                  Facilities Increase Notice) and, in the case of each such
                  Qualified Assignee, an assumption agreement in form and
                  substance satisfactory to the Agent and duly executed by the
                  Borrowers, the Agent and such Qualified Assignee;

                                 (ii)  an amendment to this Agreement (including
                  to Exhibit A), effective as of the Facilities Increase Date
                  and executed by the Borrowers and the Agent, to the extent
                  necessary to implement terms and conditions of the
                  Facilities Increase;

                                 (iii) for the account of each Lender or
                  Qualified Assignee participating in such Facilities Increase
                  having requested the same by notice to the Agent and the
                  Borrowers received by each at least three Business Days prior
                  to the Facilities Increase Date (or such later date as may be
                  agreed by the Borrowers), Revolving Notes in the Revolving
                  Credit Facility conforming to the requirements set forth in
                  Section 2.3;

                                 (iv)  for each Credit Party executing any Loan
                  Document as part of such Facilities Increase, certified copies
                  of such Credit Party's board of directors or other appropriate
                  governing body approving and authorizing the execution,
                  delivery and performance of each document executed as part of
                  such Facilities Increase to which such Credit Party is a
                  party;

                                 (v)   duly executed favorable opinions of
                  counsel to the Credit Parties (in form and substance
                  satisfactory to the Agent, as the Agent may request); it
                  being understood that to the extent that such opinions of
                  counsel shall rely upon any other opinion of counsel, each
                  such other opinion shall be in form

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                  and substance satisfactory to Agent and shall provide that
                  the Agent and Lenders may rely thereon; and

                                 (vi)  such other document as the Agent may
                  reasonably request or as any Lender participating in such
                  Facilities Increase may require as a condition to its
                  commitment in such Facilities Increase.

                           (b)  Fees and Expenses. There shall have been paid
         to the Agent, for the account of the Agent, any Lender (including any
         Person becoming a Lender as part of such Facilities Increase on such
         Facilities Increase Date) or any L/C Issuer, as the case may be, any
         reasonable fees and expenses due and payable on or before the
         Facilities Increase Date for such Facilities Increase.

                           (c)  Conditions to Extensions of Credit. As of the
         Facilities Increase Date for such Facilities Increase, (i) the
         conditions precedent set forth in Section 6.1 shall have been
         satisfied both before and after giving effect to such Facilities
         Increase, (ii) such Facilities Increase shall be made on the terms and
         conditions set forth in Section 2.2(c)(i) and (iii) to the extent
         applicable, the Parent shall be in compliance with Section 8.17 as of
         the most recently ended fiscal quarter on a pro forma basis both
         before and after giving effect to such Facilities Increase.

                (h) Section 8.1 Financial Statements and Other Information.

                           (1)  Section 8.1(t) is hereby amended by deleting
such paragraph in its entirety and replacing it with the following:

                           (t)  On February 15, May 15, August 15 and
         November 15 of each year, (i) a report of the Borrowers and their
         Subsidiaries detailing the amount of "consigned" or "memo" inventory
         and owned inventory of the Borrowers and their Subsidiaries in each of
         the following categories: (A) inventory under two years old, (B)
         inventory between two and three years old, (C) inventory between three
         and four years old and (D) inventory more than four years old, (ii) a
         certification by each Borrower that the amount of "consigned" or
         "memo" inventory subject to duly executed Consignor Letters represents
         at least ninety percent (90%) of the "memo" or "consigned" inventory
         (based on book value) of such Borrower in accordance with Section
         8.14, (iii) copies of any Consignor Letters duly executed by
         consignors of "consigned" or "memo" inventory other than those
         Consignor Letters already delivered to the Agent and listed on Annex B
         to Amendment No. 4 to the Credit Agreement, dated as of the Amendment
         No. 4 Effective Date, among the Agent, the Borrowers and the Lenders
         party thereto and (iv) a complete list of Consignor Letters duly
         executed by consignors of "consigned" or "memo" inventory.

                           (2)  Section 8.1 is hereby amended by inserting the
following at the end of such section:

                           (w)  At least once each Fiscal Year, inventory
         appraisals on the Inventory of the Finlay Credit Parties only prepared
         by an independent appraiser satisfactory to the Agent at the expense of
         the Credit Parties; provided, however, that (i) the Agent may cause a
         second appraisal during any Fiscal Year period at the expense of the
         Credit Parties if Excess Availability is less than $40,000,000 for five
         (5) consecutive Business Days at any time during such Fiscal Year and
         (ii) the Agent may cause

                                       10

         additional appraisals to be undertaken if in its reasonable discretion
         it deems such additional appraisals necessary or appropriate, provided
         that the Credit Parties shall not be obligated to pay for any such
         additional appraisals pursuant to this clause (ii) unless (A) a
         Default or Event of Default has occurred and is continuing, or (B)
         Excess Availability is at any time equal to or less than $30,000,000,
         in which case any such additional appraisal shall be at the expense of
         the Credit Parties.

                           (x)  No later than thirty (30) days after the end of
         each month, or more frequently if requested by the Agent, an inventory
         report as of the end of such month, including a calculation of all
         Finlay Eligible Inventory and all Inventory of the Finlay Credit
         Parties not constituting Eligible Inventory in form and detail
         acceptable to the Agent.

                           (y)  If requested, no later than thirty (30) days
         after the end of each month, or more frequently if requested by the
         Agent, inventory reports as of the end of such month by category and
         location, together with a reconciliation to the corresponding Finlay
         Borrowing Base and the Finlay Credit Parties' general ledger.

                           (z)  No later than 12:00 noon (New York time) five
         (5) Business Days after the end of each calendar quarter a certificate
         dated the last day of such calendar quarter from Finlay stating the
         Average Excess Availability for the most recently ended calendar
         quarter.

                           (aa) Such other reports or information regarding the
         Collateral of the Finlay Credit Parties as the Agent shall reasonably
         request from time to time.

                (i) Section 8A (Carlyle Collateral Reporting). Section 8A(c) is
hereby amended by deleting such paragraph in its entirety and replacing it with
the following:

                           (c)  At least once each Fiscal Year, inventory
         appraisals on the Inventory of the Specialty Stores Credit Parties only
         prepared by an independent appraiser satisfactory to the Agent at the
         expense of the Credit Parties; provided, however, that (i) the Agent
         may cause a second appraisal during any Fiscal Year period at the
         expense of the Credit Parties if Excess Availability is less than
         $40,000,000 for five (5) consecutive Business Days at any time during
         such Fiscal Year and (ii) the Agent may cause additional appraisals to
         be undertaken if in its reasonable discretion it deems such additional
         appraisals necessary or appropriate, provided that the Credit Parties
         shall not be obligated to pay for any such additional appraisals
         pursuant to this clause (ii) unless (A) a Default or Event of Default
         has occurred and is continuing, or (B) Excess Availability is at any
         time equal to or less than $30,000,000, in which case any such
         additional appraisal shall be at the expense of the Credit Parties,

                (j) Section 8.17 Financial Covenants. Section 8.17 (Financial
Covenants) is hereby deleted in its entirety and replaced with the following:

                           ss.8.17. FINANCIAL COVENANTS. At any time when Excess
         Availability is less than $20,000,000 or the Borrowing Base Excess
         Availability is less than $40,000,000, the Parent shall have
         maintained, as of the end of the most recent period of four consecutive
         fiscal quarters of the Parent ended prior to such time, a Fixed Charge
         Coverage Ratio of not less than 1.10.

                                       11

                (k) Section 8.19 License Agreements. Paragraph (b) of
Section 8.19 (License Agreements) is hereby amended by (i) deleting "and (v)"
and (ii) inserting in its place the following:

                           , (v) provide the Agent with Written Notice upon
         receiving notice or having knowledge that a License Agreement shall not
         be renewed and (vi)

                (l) Section 8.22 Cash Management. Section 8.22 (Cash Management)
is hereby amended by (i) deleting paragraphs (g) and (h) in their entirety and
inserting in each place "Intentionally Omitted" and (ii) deleting "(g)" in the
last paragraph of such section and replacing it with "(f)".

                (m) Section 9.2 Liens. Section 9.2 (Liens) is hereby amended by
(i) deleting "$4,000,000" in paragraph (d) and replacing it with "$6,000,000"
and (ii) inserting at the end of such section the following:

                           (p)  Liens existing on property or assets acquired
         pursuant to a Permitted Acquisition; provided, that, any such
         Indebtedness that is secured by such Liens is otherwise permitted under
         Section 9.3 hereof; and such Liens are not incurred in connection with
         or contemplation of, such acquisition and do not attach to any other
         asset of such Borrower, Guarantor or Subsidiary thereof;

                (n) Section 9.4 Loans, Investments and Guarantees. Section 9.4
is hereby amended by (i) deleting "Specialty Store Credit Party" in paragraph
(q) and replacing it with "Credit Party" and (ii) inserting at the end of such
section the following:

                           (t)  Permitted Acquisitions;

                (o) Section 9.5 Merger, Sale of Assets, Dissolution, Etc.
Section 9.5 is hereby amended by (x) deleting the "and" at the end of paragraph
(k), (y) deleting the "." at the end of paragraph (m) and inserting in its place
"; and" and (z) inserting at the end of such section the following:

                           (n)  the consummation of Permitted Acquisitions.

                (p) Section 9.18 Capital Stock. Section 9.18 is hereby amended
by inserting before the period at the end of such section the following:

                           and Permitted Acquisitions

                (q) Section 12.2 Amendment, Modification and Waiver. Paragraph
(c) of Section 12.2 is hereby amended by inserting before the period at the end
of such paragraph the following:

                           ; or

                           (vii)  increase the percentages in the definition of
         Finlay Borrowing Base or Specialty Stores Borrowing Base.

                (r) Exhibit A to Credit Agreement. Exhibit A to the Credit
Agreement is hereby deleted in its entirety and replaced by Exhibit A attached
hereto.

                                       12

                (s) Exhibit 8.1(p) to Credit Agreement. Exhibit 8.1(p) to the
Credit Agreement is hereby deleted in its entirety and replaced by Exhibit
8.1(p) attached hereto.

         Section 2. Conditions to Effectiveness. This Amendment shall become
effective as of the date hereof (the "Effective Date") upon receipt by the Agent
of the following:

                (a) Counterparts of this Amendment duly executed by the Agent,
each Lender and each Credit Party;

                (b) Opinions of counsel to the Borrowers in form and substance
satisfactory to the Agent;

                (c) Such other items from the Credit Parties as the Agent may
reasonably request in writing; and

                (d) All fees and expenses of the Agent and the Lenders due and
payable by the Borrowers pursuant to the Fee Letter, dated on or about the date
hereof, between GE Capital and Finlay.

         Section 3. Representations and Warranties. Each of the Parent and the
Borrowers represents and warrants as follows (which representations and
warranties shall survive the execution and delivery of this Amendment):

                (a) Each of the Parent and the Borrowers has taken all
necessary action to authorize the execution, delivery and performance of this
Amendment.

                (b) This Amendment has been duly executed and delivered by the
Parent and the Borrowers. This Amendment and the Credit Agreement as amended
hereby constitute the legal, valid and binding obligation of the Parent and the
Borrowers, enforceable against them in accordance with their respective terms,
subject to applicable bankruptcy, reorganization, insolvency, moratorium and
similar laws affecting the enforcement of creditors' rights generally and by
general equity principles.

                (c) No consent or approval of any person, firm, corporation or
entity, and no consent, license, approval or authorization of any governmental
authority is or will be required in connection with the execution, delivery,
performance, validity or enforcement of this Amendment other than any such
consent, approval, license or authorization which has been obtained and remains
in full force and effect or where the failure to obtain such consent, license,
approval or authorization would not result in a Material Adverse Effect.

                (d) After giving effect to this Amendment, each of the
Borrowers and the Parent is in compliance with all of the various covenants and
agreements set forth in the Credit Agreement and each of the other Loan
Documents.
                (e) After giving effect to this Amendment, no event has
occurred and is continuing which constitutes a Default or an Event of Default.

                (f) Attached hereto as Annex B is a true and correct list of
all the Consignor Letters entered into by the Credit Parties in accordance with
Section 8.14 of the Credit Agreement and copies of all such Consignor Letters
have been delivered by the Borrowers to the Agent as of the Effective Date in
accordance with Section 8.14 of the Credit Agreement.

                                       13

                (g) All representations and warranties contained in the Credit
Agreement and each of the other Loan Documents are true and correct in all
material respects as of the date hereof, except to the extent that any
representation or warranty relates to a specified date, in which case such are
true and correct in all material respects as of the specific date to which such
representations and warranties relate.

         Section 4. Effective Date. The amendments to the Credit Agreement
contained herein shall become effective as of December 27, 2006 (the "Effective
Date") only at such time as this Amendment has been duly executed by the
Borrowers, the Parent and the Lenders.

         Section 5. Expenses. The Borrowers agrees to pay on demand all costs
and expenses, including reasonable attorneys' fees, of the Agent incurred in
connection with this Amendment.

         Section 6. Continued Effectiveness. The term "Agreement", "hereof",
"herein" and similar terms as used in the Credit Agreement, and references in
the other Loan Documents to the Credit Agreement, shall mean and refer to, from
and after the Effective Date, the Credit Agreement as amended by this Amendment.
Each of the Borrowers and the Parent hereby agrees that all of the covenants and
agreements contained in the Credit Agreement and the Loan Documents are hereby
ratified and confirmed in all respects.

         Section 7. Counterparts. This Amendment may be executed in
counterparts, each of which shall be an original, and all of which, taken
together, shall constitute a single instrument. Delivery of an executed
counterpart of a signature page to this Amendment by telecopier shall be
effective as delivery of a manually executed counterpart of this Amendment.

         Section 8. Governing Law. This Amendment shall be governed by, and
construed in accordance with, the laws of the State of New York without giving
effect to the conflict of laws provisions thereof.

                            [SIGNATURE PAGES FOLLOW]

                                       14

                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed by their respective officers as of the date first
written above.

                                    FINLAY FINE JEWELRY CORPORATION

                                    By: /s/ Bruce Zurlnick
                                       -------------------------------------
                                    Name:  Bruce Zurlnick
                                    Title: SVP & CFO

                                    CARLYLE & CO. JEWELERS

                                    By: /s/ Bruce Zurlnick
                                       --------------------------------------
                                    Name:  Bruce Zurlnick
                                    Title: SVP & CFO

                                    FINLAY ENTERPRISES, INC.

                                    By: /s/ Bruce Zurlnick
                                       --------------------------------------
                                    Name:  Bruce Zurlnick
                                    Title: SVP & CFO

                                    GENERAL ELECTRIC CAPITAL
                                    CORPORATION,
                                    as Lender and as Agent

                                    By:  /s/ Charles Chiodo
                                       -------------------------------------
                                    Name:  Charles Chiodo
                                    Title: Duly Authorized Signatory

                                    JP MORGAN CHASE BANK, NATIONAL ASSOCIATION,
                                    as Lender and Syndication Agent

                                    By:  /s/ Robert Morrow
                                       -------------------------------------
                                    Name:  Robert Morrow
                                    Title: SVP

                      [SIGNATURE PAGE TO AMENDMENT NO. 4]

                                    WELLS FARGO FOOTHILL, LLC,
                                    as Lender

                                    By:  /s/ Yelena Kravchuk
                                       -------------------------------------
                                    Name:  Yelena Kravchuk
                                    Title: AVP

                                    GE BUSINESS CAPITAL CORPORATION,
                                    as Lender

                                    By:  /s/ Charles Chiodo
                                       -------------------------------------
                                    Name:  Charles Chiodo
                                    Title: Duly Authorized Signatory

                      [SIGNATURE PAGE TO AMENDMENT NO. 4]

                                     ANNEX A
                                       TO
                                 AMENDMENT NO. 4
                                 ---------------

================================================================================

                                U.S. $225,000,000

                   THIRD AMENDED AND RESTATED CREDIT AGREEMENT

                            dated as of May 19, 2005,

                                      among

                      GENERAL ELECTRIC CAPITAL CORPORATION,
            individually and in its capacity as administrative agent,

                           JPMORGAN CHASE BANK, N.A.,
             individually and in its capacity as syndication agent,

                            GE CAPITAL MARKETS, INC.,
                in its capacity as lead arranger and bookrunner,

                            CERTAIN OTHER LENDERS AND
                     FINANCIAL INSTITUTIONS PARTIES HERETO,

                         FINLAY FINE JEWELRY CORPORATION

                             CARLYLE & CO. JEWELERS

                                       and

                            FINLAY ENTERPRISES, INC.

================================================================================

The following is a list of omitted schedules and exhibits to the Amendment No. 4
to the Third Amended and Restated Credit Agreement. Finlay agrees to furnish
supplementally a copy of any omitted schedule or exhibit to the Securities and
Exchange Commission upon request.

Annex B           -        Consignor Letters

Exhibit A         -        Lenders, Commitments and Initial Eurodollar Offices

Exhibit 8.1(p)    -        Form of Borrowing Base CertificateREGISTRATION RIGHTS AGREEMENT

         THIS REGISTRATION RIGHTS AGREEMENT (this "AGREEMENT") is entered into
as of the __ day of ________, 2006, by and among Renaissance Acquisition Corp.,
a Delaware corporation (the "COMPANY") and the undersigned parties listed under
Investor on the signature page hereto (each, an "INVESTOR" and collectively, the
"INVESTORS").

         WHEREAS, the Investors currently hold all of the issued and outstanding
securities of the Company;

         WHEREAS, the Investors and the Company desire to enter into this
Agreement to provide the Investors with certain rights relating to the
registration of shares of Common Stock held by them;

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

         1. DEFINITIONS. The following capitalized terms used herein have the
following meanings:

         "AGREEMENT" means this Agreement, as amended, restated, supplemented,
or otherwise modified from time to time.

         "COMMISSION" means the Securities and Exchange Commission, or any other
federal agency then administering the Securities Act or the Exchange Act.

         "COMMON STOCK" means the common stock, par value $0.0001 per share, of
the Company.

         "COMPANY" is defined in the preamble to this Agreement.

         "DEMAND REGISTRATION" is defined in Section 2.1.1.

         "DEMANDING HOLDER" is defined in Section 2.1.1.

         "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended,
and the rules and regulations of the Commission promulgated thereunder, all as
the same shall be in effect at the time.

         "FORM S-3" is defined in Section 2.3.

         "INDEMNIFIED PARTY" is defined in Section 4.3.

         "INDEMNIFYING PARTY" is defined in Section 4.3.

         "INSIDER WARRANTS" means the warrants to purchsae 4,666,667 shares of
Common Stock at a purchase price of $6.00 per share issued by the Company to the
Investors.

         "INVESTOR" is defined in the preamble to this Agreement and includes
any member or stockholder of an Investor who receives shares in the Company from
such Investor.

         "INVESTOR INDEMNIFIED PARTY" is defined in Section 4.1.

         "MAXIMUM NUMBER OF SHARES" is defined in Section 2.1.4.

         "NOTICES" is defined in Section 6.3.

         "PIGGY-BACK REGISTRATION" is defined in Section 2.2.1.

         "REGISTER," "REGISTERED" and "REGISTRATION" mean a registration
effected by preparing and filing a registration statement or similar document in
compliance with the requirements of the Securities Act, and the applicable rules
and regulations promulgated thereunder, and such registration statement becoming
effective.

         "REGISTRABLE SECURITIES" mean all of the shares of Common Stock and
Insider Warrants owned or held by Investors. Registrable Securities include any
warrants, shares of capital stock or other securities of the Company issued as a
dividend or other distribution with respect to or in exchange for or in
replacement of such shares of Common Stock. As to any particular Registrable
Securities, such securities shall cease to be Registrable Securities when: (a) a
Registration Statement with respect to the sale of such securities shall have
become effective under the Securities Act and such securities shall have been
sold, transferred, disposed of or exchanged in accordance with such Registration
Statement; (b) such securities shall have been otherwise transferred, new
certificates for them not bearing a legend restricting further transfer shall
have been delivered by the Company and subsequent public distribution of them
shall not require registration under the Securities Act; (c) such securities
shall have ceased to be outstanding, or (d) the Securities and Exchange
Commission makes a definitive determination to the Company that the Registrable
Securities are saleable under Rule 144(k).

         "REGISTRATION STATEMENT" means a registration statement filed by the
Company with the Commission in compliance with the Securities Act and the rules
and regulations promulgated thereunder for a public offering and sale of Common
Stock (other than a registration statement on Form S-4 or Form S-8, or their
successors, or any registration statement covering only securities proposed to
be issued in exchange for securities or assets of another entity).

         "RELEASE DATE" means the date on which shares of Common Stock are
disbursed from escrow pursuant to Section 3 of that certain Stock Escrow
Agreement dated as of ________, 2006 by and among the parties hereto and
Continental Stock Transfer & Trust Company.

         "SECURITIES ACT" means the Securities Act of 1933, as amended, and the
rules and regulations of the Commission promulgated thereunder, all as the same
shall be in effect at the time.

         "UNDERWRITER" means a securities dealer who purchases any Registrable
Securities as principal in an underwritten offering and not as part of such
dealer's market-making activities.

         2. REGISTRATION RIGHTS.

         2.1 Demand Registration.

             2.1.1. Request for Registration. At any time and from time to time
on or after the date that is three months prior to the Release Date (subject to
Section 2.4), the holders of a majority-in-interest of the

                                       2

Registrable Securities held by the Investors or the transferees of the
Investors, may make a written demand for registration under the Securities Act
of all or part of their Registrable Securities (a "DEMAND REGISTRATION"). Any
demand for a Demand Registration shall specify the number of shares of
Registrable Securities proposed to be sold and the intended method(s) of
distribution thereof. The Company will notify all holders of Registrable
Securities of the demand, and each holder of Registrable Securities who wishes
to include all or a portion of such holder's Registrable Securities in the
Demand Registration (each such holder including shares of Registrable Securities
in such registration, a "DEMANDING HOLDER") shall so notify the Company within
fifteen (15) days after the receipt by the holder of the notice from the
Company. Upon any such request, the Demanding Holders shall be entitled to have
their Registrable Securities included in the Demand Registration, subject to
Section 2.1.4 and the provisos set forth in Section 3.1.1. Notwithstanding
anything contained herein to the contrary, the Company shall be entitled to
postpone the filing of a registration statement for any Demand Registration for
a reasonable period of time not in excess of ninety (90) calendar days, if the
Board of Directors of the Company determines, in good faith exercise of its
reasonable business judgment, that such registration and offering would
materially and adversely interfere or affect the negotiation or completion of a
transaction that is being contemplated by the Company. If the Company postpones
the filing of a registration statement for Demand Registration, it will promptly
notify the holders of Registrable Securities in writing when the events or
circumstances permitting such postponements have ended and shall promptly
undertake such actions as would have been required hereunder but for such
postponement. The Company shall not be obligated to effect more than an
aggregate of two (2) Demand Registrations under this Section 2.1.1 in respect of
Registrable Securities.

             2.1.2. Effective Registration. A registration will not count as a
Demand Registration until the Registration Statement filed with the Commission
with respect to such Demand Registration has been declared effective and the
Company has complied with all of its obligations under this 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) a majority-in-interest of
the Demanding Holders thereafter elect to continue the offering; provided,
further, that the Company shall not be obligated to file a second Registration
Statement until a Registration Statement that has been filed is counted as a
Demand Registration or is terminated.

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

                                       3

             2.1.4. Reduction of Offering. If the managing Underwriter or
Underwriters for a Demand Registration that is to be an underwritten offering
advises the Company and the Demanding Holders in writing that the dollar amount
or number of shares of Registrable Securities which the Demanding Holders desire
to sell, taken together with all other shares of Common Stock or other
securities which the Company desires to sell and the shares of Common Stock, if
any, as to which registration has been requested pursuant to written contractual
piggy-back registration rights held by other stockholders of the Company who
desire to sell, exceeds the maximum dollar amount or maximum number of shares
that can be sold in such offering without adversely affecting the proposed
offering price, the timing, the distribution method, or the probability of
success of such offering (such maximum dollar amount or maximum number of
shares, as applicable, the "MAXIMUM NUMBER OF SHARES"), then the Company shall
include in such registration: (i) first, the Registrable Securities as to which
Demand Registration has been requested by the Demanding Holders (pro rata in
accordance with the number of shares that each such Person has requested be
included in such registration, regardless of the number of shares held by each
such Person (such proportion is referred to herein as "PRO RATA")) that can be
sold without exceeding the Maximum Number of Shares; (ii) second, to the extent
that the Maximum Number of Shares has not been reached under the foregoing
clause (i), the shares of Common Stock or other securities that the Company
desires to sell that can be sold without exceeding the Maximum Number of Shares;
(iii) third, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clauses (i) and (ii), the shares of Common Stock or
other securities registrable pursuant to the terms of the Unit Purchase Option
issued to Ladenburg Thalmann & Co. Inc. or its designees in connection with the
Company's initial public offering (the "UNIT PURCHASE OPTION" and such
registrable securities, the "OPTION SECURITIES") as to which "piggy-back"
registration has been requested by the holders thereof, Pro Rata, that can be
sold without exceeding the Maximum Number of Shares; and (iv) fourth, to the
extent that the Maximum Number of Shares have not been reached under the
foregoing clauses (i), (ii), and (iii), the shares of Common Stock or other
securities for the account of other persons that the Company is obligated to
register pursuant to written contractual arrangements with such persons and that
can be sold without exceeding the Maximum Number of Shares.

             2.1.5. Withdrawal. If a majority-in-interest of the Demanding
Holders disapprove of the terms of any underwriting or are not entitled to
include all of their Registrable Securities in any offering, such
majority-in-interest of the Demanding Holders may elect to withdraw from such
offering by giving written notice to the Company and the Underwriter or
Underwriters of their request to withdraw prior to the effectiveness of the
Registration Statement filed with the Commission with respect to such Demand
Registration. If the majority-in-interest of the Demanding Holders withdraws
from a proposed offering relating to a Demand Registration, then such
registration shall not count as a Demand Registration provided for in Section
2.1.

         2.2 Piggy-Back Registration.

             2.2.1. Piggy-Back Rights. If at any time on or after the Release
Date the Company proposes to file a Registration Statement under the Securities
Act with respect to an offering of equity securities, or securities or other
obligations exercisable or exchangeable for, or convertible into, equity
securities, by the Company for its own account or for stockholders of the
Company for their account (or by the Company and by stockholders of the Company
including,

                                       4

without limitation, pursuant to Section 2.1), other than a Registration
Statement (i) filed in connection with any employee stock option or other
benefit plan, (ii) for an exchange offer or offering of securities solely to the
Company's existing stockholders, (iii) for an offering of debt that is
convertible into equity securities of the Company or (iv) for a dividend
reinvestment plan, then the Company shall (x) give written notice of such
proposed filing to the holders of Registrable Securities as soon as practicable
but in no event less than ten (10) days before the anticipated filing date,
which notice shall describe the amount and type of securities to be included in
such offering, the intended method(s) of distribution, and the name of the
proposed managing Underwriter or Underwriters, if any, of the offering, and (y)
offer to the holders of Registrable Securities in such notice the opportunity to
register the sale of such number of shares of Registrable Securities as such
holders may request in writing within fifteen (15) days following receipt of
such notice (a "PIGGY-BACK REGISTRATION"). The Company shall cause such
Registrable Securities to be included in such registration and shall use its
best efforts to cause the managing Underwriter or Underwriters of a proposed
underwritten offering to permit the Registrable Securities requested to be
included in a Piggy-Back Registration on the same terms and conditions as any
similar securities of the Company and to permit the sale or other disposition of
such Registrable Securities in accordance with the intended method(s) of
distribution thereof. All holders of Registrable Securities proposing to
distribute their securities through a Piggy-Back Registration that involves an
Underwriter or Underwriters shall enter into an underwriting agreement in
customary form with the Underwriter or Underwriters selected for such Piggy-Back
Registration.

             2.2.2. Reduction of Offering. If the managing Underwriter or
Underwriters for a Piggy-Back Registration that is to be an underwritten
offering advises the Company and the holders of Registrable Securities in
writing that the dollar amount or number of shares of Common Stock which the
Company desires to sell, taken together with shares of Common Stock, if any, as
to which registration has been demanded pursuant to written contractual
arrangements with persons other than the holders of Registrable Securities
hereunder, the Registrable Securities as to which registration has been
requested under this Section 2.2, and the shares of Common Stock, if any, as to
which registration has been requested pursuant to the written contractual
piggy-back registration rights of other stockholders of the Company, exceeds the
Maximum Number of Shares, then the Company shall include in any such
registration:

                           a) If the registration is undertaken for the
                    Company's account: (A) first, 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; (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, if any, comprised of
                    Registrable Securities and Option Securities, as to which
                    registration has been requested pursuant to the applicable
                    written contractual piggy-back registration rights of such
                    security holders, Pro Rata, that can be sold without
                    exceeding the Maximum Number of Shares; and (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 for the account of other
                    persons that the Company is obligated to register pursuant
                    to written contractual piggy-

                                       5

                    back registration rights with such persons and that can be
                    sold without exceeding the Maximum Number of Shares;

                           b) If the registration is a "demand" registration
                    undertaken at the demand of holders of Option Securities,
                    (A) first, the shares of Common Stock or other securities
                    for the account of the demanding persons, Pro Rata, 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 Registrable Securities,
                    Pro Rata, as to which registration has been requested
                    pursuant to the terms hereof, that can be sold without
                    exceeding the Maximum Number of Shares; and (D) fourth, to
                    the extent that the Maximum Number of Shares has 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, that can be sold without exceeding the Maximum
                    Number of Shares; and

                           c) If the registration is a "demand" registration
                    undertaken at the demand of persons other than either the
                    holders of Registrable Securities or of Option Securities,
                    (A) first, the shares of Common Stock or other securities
                    for the account of the demanding persons 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), collectively the shares of Common Stock or other
                    securities comprised of Registrable Securities and Option
                    Securities, Pro Rata, as to which registration has been
                    requested pursuant to the terms hereof and of the Unit
                    Purchase Option, as applicable, that can be sold without
                    exceeding the Maximum Number of Shares; and (D) fourth, to
                    the extent that the Maximum Number of Shares has 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, that can be sold without exceeding the Maximum
                    Number of Shares.

             2.2.3. Withdrawal. Any holder of Registrable Securities may elect
to withdraw such holder's request for inclusion of Registrable Securities in any
Piggy-Back Registration by giving written notice to the Company of such request
to withdraw prior to the effectiveness of

                                       6

the Registration Statement. The Company (whether on its own determination or as
the result of a withdrawal by persons making a demand pursuant to written
contractual obligations) may withdraw a registration statement at any time prior
to the effectiveness of the Registration Statement. Notwithstanding any such
withdrawal, the Company shall pay all expenses incurred by the holders of
Registrable Securities in connection with such Piggy-Back Registration as
provided in Section 3.3.

         2.3 Registrations on Form S-3. The holders of Registrable Securities
may at any time and from time to time, request in writing that the Company
register the resale of any or all of such Registrable Securities on Form S-3 or
any similar short-form registration which may be available at such time ("FORM
S-3"); provided, however, that the Company shall not be obligated to effect such
request through an underwritten offering. Upon receipt of such written request,
the Company will promptly give written notice of the proposed registration to
all other holders of Registrable Securities, and, as soon as practicable
thereafter, effect the registration of all or such portion of such holder's or
holders' Registrable Securities as are specified in such request, together with
all or such portion of the Registrable Securities or other securities of the
Company, if any, of any other holder or holders joining in such request as are
specified in a written request given within fifteen (15) days after receipt of
such written notice from the Company; provided, however, that the Company shall
not be obligated to effect any such registration pursuant to this Section 2.3:
(i) if Form S-3 is not available for such offering; or (ii) if the holders of
the Registrable Securities, together with the holders of any other securities of
the Company entitled to inclusion in such registration, propose to sell
Registrable Securities and such other securities (if any) at any aggregate price
to the public of less than $500,000. Registrations effected pursuant to this
Section 2.3 shall not be counted as Demand Registrations effected pursuant to
Section 2.1.

         2.4 Registration and transfer of Insider Warrants. Notwithstanding any
other provision of this Agreement RAC Partners shall be entitled to exercise its
rights with respect to the registration of the transfer of the Insider Warrants
and any shares of Common Stock at any time and from time to time on or after the
date on which the Company executes a definitive agreement for a business
combination, provided that the Registration Statement filed by the Company
pursuant hereto shall cover only a transfer by RAC Partners of such Insider
Warrants or shares of Common Stock to its members.

         3. REGISTRATION PROCEDURES.

         3.1 Filings; Information. Whenever the Company is required to effect
the registration of any Registrable Securities pursuant to Section 2, the
Company shall use its best efforts to effect the registration and sale of such
Registrable Securities in accordance with the intended method(s) of distribution
thereof as expeditiously as practicable, and in connection with any such
request:

             3.1.1. Filing Registration Statement. The Company shall, as
expeditiously as possible and in any event within sixty (60) days after receipt
of a request for a Demand Registration pursuant to Section 2.1, prepare and file
with the Commission a Registration Statement on any form for which the Company
then qualifies or which counsel for the Company shall deem appropriate and which
form shall be available for the sale of all Registrable Securities to be
registered thereunder in accordance with the intended method(s) of distribution
thereof, and shall use its best efforts to cause such Registration Statement to
become and remain effective for the period required by Section 3.1.3; provided,
however, that the Company shall have the right to defer any Demand Registration
for up to thirty (30) days, and any Piggy-Back Registration for such period as
may be applicable to deferment of any demand registration to which such
Piggy-Back Registration relates, in each case if the Company shall furnish to
the holders a certificate signed by the Chief Executive Officer or Vice Chairman
of the Company stating that, in the good faith judgment of the Board of
Directors of the Company, it would be materially detrimental to

                                       7

the Company and its stockholders for such Registration Statement to be effected
at such time; provided further, however, that the Company shall not have the
right to exercise the right set forth in the immediately preceding proviso more
than once in any 365-day period in respect of a Demand Registration hereunder.

             3.1.2. Copies. The Company shall, prior to filing a Registration
Statement or prospectus, or any amendment or supplement thereto, furnish without
charge to the holders of Registrable Securities included in such registration,
and such holders' legal counsel, copies of such Registration Statement as
proposed to be filed, each amendment and supplement to such Registration
Statement (in each case including all exhibits thereto and documents
incorporated by reference therein), the prospectus included in such Registration
Statement (including each preliminary prospectus), and such other documents as
the holders of Registrable Securities included in such registration or legal
counsel for any such holders may reasonably request in order to facilitate the
disposition of the Registrable Securities owned by such holders.

             3.1.3. Amendments and Supplements. The Company shall prepare and
file with the Commission such amendments, including post-effective amendments,
and supplements to such Registration Statement and the prospectus used in
connection therewith as may be necessary to keep such Registration Statement
effective and in compliance with the provisions of the Securities Act until all
Registrable Securities and other securities covered by such Registration
Statement have been disposed of in accordance with the intended method(s) of
distribution set forth in such Registration Statement (which period shall not
exceed the sum of one hundred eighty (180) days plus any period during which any
such disposition is interfered with by any stop order or injunction of the
Commission or any governmental agency or court) or such securities have been
withdrawn.

             3.1.4. Notification. After the filing of a Registration Statement,
the Company shall promptly, and in no event more than five (5) business days
after such filing, notify the holders of Registrable Securities included in such
Registration Statement of such filing, and shall further notify such holders
promptly and confirm such advice in writing in all events within two (2)
business days of the occurrence of any of the following: (i) when such
Registration Statement becomes effective; (ii) when any post-effective amendment
to such Registration Statement becomes effective; (iii) the issuance or
threatened issuance by the Commission of any stop order (and the Company shall
take all actions required to prevent the entry of such stop order or to remove
it if entered); and (iv) any request by the Commission for any amendment or
supplement to such Registration Statement or any prospectus relating thereto or
for additional information or of the occurrence of an event requiring the
preparation of a supplement or amendment to such prospectus so that, as
thereafter delivered to the purchasers of the securities covered by such
Registration Statement, such prospectus will not contain an untrue statement of
a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein not misleading, and promptly make
available to the holders of Registrable Securities included in such Registration
Statement any such supplement or amendment; except that before filing with the
Commission a Registration Statement or prospectus or any amendment or supplement
thereto, including documents incorporated by reference, the Company shall
furnish to the holders of Registrable Securities included in such Registration
Statement and to the legal counsel for any such holders, copies of all such
documents proposed to be filed sufficiently in advance of filing to provide such
holders and legal counsel with a reasonable opportunity to

                                       8

review such documents and comment thereon, and the Company shall not file any
Registration Statement or prospectus or amendment or supplement thereto,
including documents incorporated by reference, to which such holders or their
legal counsel shall object.

             3.1.5. State Securities Laws Compliance. The Company shall use its
commercially reasonable efforts to (i) register or qualify the Registrable
Securities covered by the Registration Statement under such securities or "blue
sky" laws of such jurisdictions in the United States as the holders of
Registrable Securities included in such Registration Statement (in light of
their intended plan of distribution) may request and (ii) take such action
necessary to cause such Registrable Securities covered by the Registration
Statement to be registered with or approved by such other Governmental
Authorities as may be necessary by virtue of the business and operations of the
Company and do any and all other acts and things that may be necessary or
advisable to enable the holders of Registrable Securities included in such
Registration Statement to consummate the disposition of such Registrable
Securities in such jurisdictions; provided, however, that the Company shall not
be required to qualify generally to do business in any jurisdiction where it
would not otherwise be required to qualify but for this paragraph or subject
itself to taxation in any such jurisdiction.

             3.1.6. Agreements for Disposition. The Company shall enter into
customary agreements (including, if applicable, an underwriting agreement in
customary form) and take such other actions as are reasonably required in order
to expedite or facilitate the disposition of such Registrable Securities. The
representations, warranties and covenants of the Company in any underwriting
agreement which are made to or for the benefit of any Underwriters, to the
extent applicable, shall also be made to and for the benefit of the holders of
Registrable Securities included in such registration statement. No holder of
Registrable Securities included in such registration statement shall be required
to make any representations or warranties in the underwriting agreement except,
if applicable, with respect to such holder's organization, good standing,
authority, title to Registrable Securities, lack of conflict of such sale with
such holder's material agreements and organizational documents, and with respect
to written information relating to such holder that such holder has furnished in
writing expressly for inclusion in such Registration Statement.

             3.1.7. Cooperation. The principal executive officer of the Company,
the principal financial officer of the Company, the principal accounting officer
of the Company and all other officers and members of the management of the
Company shall cooperate fully in any offering of Registrable Securities
hereunder, which cooperation shall include, without limitation, the preparation
of the Registration Statement with respect to such offering and all other
offering materials and related documents, and participation in meetings with
Underwriters, attorneys, accountants and potential investors.

             3.1.8. Records. The Company shall make available for inspection by
the holders of Registrable Securities included in such Registration Statement,
any Underwriter participating in any disposition pursuant to such registration
statement and any attorney, accountant or other professional retained by any
holder of Registrable Securities included in such Registration Statement or any
Underwriter, all financial and other records, pertinent corporate documents and
properties of the Company, as shall be necessary to enable them to exercise
their due diligence

                                       9

responsibility, and cause the Company's officers, directors and employees to
supply all information requested by any of them in connection with such
Registration Statement.

             3.1.9. Opinions and Comfort Letters. The Company shall furnish to
each holder of Registrable Securities included in any Registration Statement a
signed counterpart, addressed to such holder, of (i) any opinion of counsel to
the Company delivered to any Underwriter and (ii) any comfort letter from the
Company's independent public accountants delivered to any Underwriter. In the
event no legal opinion is delivered to any Underwriter, the Company shall
furnish to each holder of Registrable Securities included in such Registration
Statement, at any time that such holder elects to use a prospectus, an opinion
of counsel to the Company to the effect that the Registration Statement
containing such prospectus has been declared effective and that no stop order is
in effect.

             3.1.10. Earnings Statement. The Company shall comply with all
applicable rules and regulations of the Commission and the Securities Act, and
make available to its stockholders, as soon as practicable, an earnings
statement covering a period of twelve (12) months, beginning within three (3)
months after the effective date of the registration statement, which earnings
statement shall satisfy the provisions of Section 11(a) of the Securities Act
and Rule 158 thereunder.

             3.1.11. Listing. The Company shall use its best efforts to cause
all Registrable Securities included in any registration to be listed on such
exchanges or otherwise designated for trading in the same manner as similar
securities issued by the Company are then listed or designated or, if no such
similar securities are then listed or designated, in a manner satisfactory to
the holders of a majority of the Registrable Securities included in such
registration.

         3.2 Obligation to Suspend Distribution. Upon receipt of any notice from
the Company of the happening of any event of the kind described in Section
3.1.4(iv), or, in the case of a resale registration on Form S-3 pursuant to
Section 2.3 hereof, upon any suspension by the Company, pursuant to a written
insider trading compliance program adopted by the Company's Board of Directors,
of the ability of all "insiders" covered by such program to transact in the
Company's securities because of the existence of material non-public
information, each holder of Registrable Securities included in any registration
shall immediately discontinue disposition of such Registrable Securities
pursuant to the Registration Statement covering such Registrable Securities
until such holder receives the supplemented or amended prospectus contemplated
by Section 3.1.4(iv) or the restriction on the ability of "insiders" to transact
in the Company's securities is removed, as applicable, and, if so directed by
the Company, each such holder will deliver to the Company all copies, other than
permanent file copies then in such holder's possession, of the most recent
prospectus covering such Registrable Securities at the time of receipt of such
notice.

         3.3 Registration Expenses. The Company shall bear all costs and
expenses incurred in connection with any Demand Registration pursuant to Section
2.1, any Piggy-Back Registration pursuant to Section 2.2, and any registration
on Form S-3 effected pursuant to Section 2.3, and all expenses incurred in
performing or complying with its other obligations under this Agreement, whether
or not the Registration Statement becomes effective, including, without
limitation: (i) all registration and filing fees; (ii) fees and expenses of
compliance with securities

                                       10

or "blue sky" laws (including fees and disbursements of counsel in connection
with blue sky qualifications of the Registrable Securities); (iii) printing
expenses; (iv) the Company's internal expenses (including, without limitation,
all salaries and expenses of its officers and employees); (v) the fees and
expenses incurred in connection with the listing of the Registrable Securities
as required by Section 3.1.11; (vi) National Association of Securities Dealers,
Inc. fees; (vii) fees and disbursements of counsel for the Company and fees and
expenses for independent certified public accountants retained by the Company
(including the expenses or costs associated with the delivery of any opinions or
comfort letters requested pursuant to Section 3.1.9); (viii) the fees and
expenses of any special experts retained by the Company in connection with such
registration and (ix) the fees and expenses of one legal counsel selected by the
holders of a majority-in-interest of the Registrable Securities included in such
registration. The Company shall have no obligation to pay any underwriting
discounts or selling commissions attributable to the Registrable Securities
being sold by the holders thereof, which underwriting discounts or selling
commissions shall be borne by such holders. Additionally, in an underwritten
offering, all selling stockholders and the Company shall bear the expenses of
the underwriter pro rata in proportion to the respective amount of shares each
is selling in such offering.

         3.4 Information. The holders of Registrable Securities shall provide
such information as may reasonably be requested by the Company, or the managing
Underwriter, if any, in connection with the preparation of any Registration
Statement, including amendments and supplements thereto, in order to effect the
registration of any Registrable Securities under the Securities Act pursuant to
Section 2 and in connection with the Company's obligation to comply with federal
and applicable state securities laws.

         4. INDEMNIFICATION AND CONTRIBUTION.

         4.1 Indemnification by the Company. The Company agrees to indemnify and
hold harmless each Investor and each other holder of Registrable Securities, and
each of their respective officers, employees, affiliates, directors, partners,
members, attorneys and agents, and each person, if any, who controls an Investor
and each other holder of Registrable Securities (within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act) (each, an "INVESTOR
INDEMNIFIED PARTY"), from and against any expenses, losses, judgments, claims,
damages or liabilities, whether joint or several, arising out of or based upon
any untrue statement (or allegedly untrue statement) of a material fact
contained in any Registration Statement under which the sale of such Registrable
Securities was registered under the Securities Act, any preliminary prospectus,
final prospectus or summary prospectus contained in the Registration Statement,
or any amendment or supplement to such Registration Statement, or arising out of
or based upon any omission (or alleged omission) to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading, or any violation by the Company of the Securities Act or any rule or
regulation promulgated thereunder applicable to the Company and relating to
action or inaction required of the Company in connection with any such
registration; and the Company shall promptly reimburse the Investor Indemnified
Party for any legal and any other expenses reasonably incurred by such Investor
Indemnified Party in connection with investigating and defending any such
expense, loss, judgment, claim, damage, liability or action; provided, however,
that the Company will not be liable in any such case to the extent that any such
expense, loss, claim, damage or liability arises out of or is based upon any
untrue statement or allegedly untrue statement or omission or alleged

                                       11

omission made in such Registration Statement, preliminary prospectus, final
prospectus, or summary prospectus, or any such amendment or supplement, in
reliance upon and in conformity with information furnished to the Company, in
writing, by such selling holder expressly for use therein. The Company also
shall indemnify any Underwriter of the Registrable Securities, their officers,
affiliates, directors, partners, members and agents and each person who controls
such Underwriter on substantially the same basis as that of the indemnification
provided above in this Section 4.1.

         4.2 Indemnification by Holders of Registrable Securities. Each selling
holder of Registrable Securities will, in the event that any registration is
being effected under the Securities Act pursuant to this Agreement of any
Registrable Securities held by such selling holder, indemnify and hold harmless
the Company, each of its directors and officers and each underwriter (if any),
and each other selling holder and each other person, if any, who controls
another selling holder or such underwriter within the meaning of the Securities
Act, against any losses, claims, judgments, damages or liabilities, whether
joint or several, insofar as such losses, claims, judgments, damages or
liabilities (or actions in respect thereof) arise out of or are based upon any
untrue statement or allegedly untrue statement of a material fact contained in
any Registration Statement under which the sale of such Registrable Securities
was registered under the Securities Act, any preliminary prospectus, final
prospectus or summary prospectus contained in the Registration Statement, or any
amendment or supplement to the Registration Statement, or arise out of or are
based upon any omission or the alleged omission to state a material fact
required to be stated therein or necessary to make the statement therein not
misleading, if the statement or omission was made in reliance upon and in
conformity with information furnished in writing to the Company by such selling
holder expressly for use therein, and shall reimburse the Company, its directors
and officers, and each other selling holder or controlling person for any legal
or other expenses reasonably incurred by any of them in connection with
investigation or defending any such loss, claim, damage, liability or action.
Each selling holder's indemnification obligations hereunder shall be several and
not joint and shall be limited to the amount of any net proceeds actually
received by such selling holder.

         4.3 Conduct of Indemnification Proceedings. Promptly after receipt by
any person of any notice of any loss, claim, damage or liability or any action
in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such
person (the "INDEMNIFIED PARTY") shall, if a claim in respect thereof is to be
made against any other person for indemnification hereunder, notify such other
person (the "INDEMNIFYING PARTY") in writing of the loss, claim, judgment,
damage, liability or action; provided, however, that the failure by the
Indemnified Party to notify the Indemnifying Party shall not relieve the
Indemnifying Party from any liability which the Indemnifying Party may have to
such Indemnified Party hereunder, except and solely to the extent the
Indemnifying Party is actually prejudiced by such failure. If the Indemnified
Party is seeking indemnification with respect to any claim or action brought
against the Indemnified Party, then the Indemnifying Party shall be entitled to
participate in such claim or action, and, to the extent that it wishes, jointly
with all other Indemnifying Parties, to assume control of the defense thereof
with counsel satisfactory to the Indemnified Party. After notice from the
Indemnifying Party to the Indemnified Party of its election to assume control of
the defense of such claim or action, the Indemnifying Party shall not be liable
to the Indemnified Party for any legal or other expenses subsequently incurred
by the Indemnified Party in connection with the defense thereof other than
reasonable costs of investigation; provided, however, that in any

                                       12

action in which both the Indemnified Party and the Indemnifying Party are named
as defendants, the Indemnified Party shall have the right to employ separate
counsel (but no more than one such separate counsel) to represent the
Indemnified Party and its controlling persons who may be subject to liability
arising out of any claim in respect of which indemnity may be sought by the
Indemnified Party against the Indemnifying Party, with the fees and expenses of
such counsel to be paid by such Indemnifying Party if, based upon the written
opinion of counsel of such Indemnified Party, representation of both parties by
the same counsel would be inappropriate due to actual or potential differing
interests between them. No Indemnifying Party shall, without the prior written
consent of the Indemnified Party, consent to entry of judgment or effect any
settlement of any claim or pending or threatened proceeding in respect of which
the Indemnified Party is or could have been a party and indemnity could have
been sought hereunder by such Indemnified Party, unless such judgment or
settlement includes an unconditional release of such Indemnified Party from all
liability arising out of such claim or proceeding.

         4.4 Contribution.

             4.4.1. If the indemnification provided for in the foregoing
Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in respect of
any loss, claim, damage, liability or action referred to herein, then each such
Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall
contribute to the amount paid or payable by such Indemnified Party as a result
of such loss, claim, damage, liability or action in such proportion as is
appropriate to reflect the relative fault of the Indemnified Parties and the
Indemnifying Parties in connection with the actions or omissions which resulted
in such loss, claim, damage, liability or action, as well as any other relevant
equitable considerations. The relative fault of any Indemnified Party and any
Indemnifying Party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information
supplied by such Indemnified Party or such Indemnifying Party and the parties'
relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission.

             4.4.2. The parties hereto agree that it would not be just and
equitable if contribution pursuant to this Section 4.4 were determined by pro
rata allocation or by any other method of allocation which does not take account
of the equitable considerations referred to in the immediately preceding
Section.

             4.4.3. The amount paid or payable by an Indemnified Party as a
result of any loss, claim, damage, liability or action referred to in the
immediately preceding paragraph shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses incurred by such
Indemnified Party in connection with investigating or defending any such action
or claim. Notwithstanding the provisions of this Section 4.4, no holder of
Registrable Securities shall be required to contribute any amount in excess of
the dollar amount of the net proceeds (after payment of any underwriting fees,
discounts, commissions or taxes) actually received by such holder from the sale
of Registrable Securities which gave rise to such contribution obligation. No
person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation.

                                       13

5. UNDERWRITING AND DISTRIBUTION.

         5.1 Rule 144. The Company covenants that it shall use commercially
reasonable efforts to file any reports required to be filed by it under the
Securities Act and the Exchange Act and shall take such further action as the
holders of Registrable Securities may reasonably request, all to the extent
required from time to time to enable such holders to sell Registrable Securities
without registration under the Securities Act within the limitation of the
exemptions provided by Rule 144 under the Securities Act, as such Rules may be
amended from time to time, or any similar Rule or regulation hereafter adopted
by the Commission.

         6. MISCELLANEOUS.

         6.1 Other Registration Rights. Except with respect to those securities
issued or issuable upon exercise of that certain Unit Purchase Option to be
issued to Ladenburg Thalmann & Co. Inc. or its designees in connection with the
Company's initial public offering in ________ 2006, the Company represents and
warrants that no person, other than a holder of the Registrable Securities, has
any right to require the Company to register any shares of the Company's capital
stock for sale or to include shares of the Company's capital stock in any
registration filed by the Company for the sale of shares of capital stock for
its own account or for the account of any other person.

         6.2 Assignment; No Third Party Beneficiaries. This Agreement and the
rights, duties and obligations of the Company hereunder may not be assigned or
delegated by the Company in whole or in part. This Agreement and the rights,
duties and obligations of the holders of Registrable Securities hereunder may be
freely assigned or delegated by such holder of Registrable Securities in
conjunction with and to the extent of any transfer of Registrable Securities by
any such holder. This Agreement and the provisions hereof shall be binding upon
and shall inure to the benefit of each of the parties, to Ladenburg Thalmann &
Co. Inc. and its successors and the permitted assigns of the Investor or holder
of Registrable Securities or of any assignee of the Investor or holder of
Registrable Securities. This Agreement is not intended to confer any rights or
benefits on any persons that are not party hereto other than as expressly set
forth in Article 4 and this Section 6.2.

         6.3 Notices. All notices, demands, requests, consents, approvals or
other communications (collectively, "NOTICES") required or permitted to be given
hereunder or which are given with respect to this Agreement shall be in writing
and shall be personally served, delivered by reputable air courier service with
charges prepaid, or transmitted by hand delivery, telegram, telex or facsimile,
addressed as set forth below, or to such other address as such party shall have
specified most recently by written notice. Notice shall be deemed given on the
date of service or transmission if personally served or transmitted by telegram,
telex or facsimile; provided, that if such service or transmission is not on a
business day or is after normal business hours, then such notice shall be deemed
given on the next business day. Notice otherwise sent as provided herein shall
be deemed given on the next business day following timely delivery of such
notice to a reputable air courier service with an order for next-day delivery.

                                       14

         To the Company:

         Renaissance Acquisition Corp.
         50 E. Sample Road, Suite 400
         Pompano Beach, Florida 33064
         Attn:

         with a copy to:

         Dechert LLP
         30 Rockefeller Plaza
         23rd Floor
         New York, New York 10112-2200
         Attn: Gerald Adler, Esq.

         To an Investor, to:

         RAC Partners LLC
         50 East Sample Road, Suite 400
         Pompano Beach, Florida 33064

         Barry W. Florescue
         50 East Sample Road, Suite 400
         Pompano Beach, Florida 33064

         Logan D. Delany, Jr.
         50 East Sample Road, Suite 400
         Pompano Beach, Florida 33064

         Stanley Kreitman
         50 East Sample Road, Suite 400
         Pompano Beach, Florida 33064

         Charles W. Miersch
         50 East Sample Road, Suite 400
         Pompano Beach, Florida 33064

         Morton Farber
         50 East Sample Road, Suite 400
         Pompano Beach, Florida 33064

                                       15

         6.4 Severability. This Agreement shall be deemed severable, and the
invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Agreement or of any other term or
provision hereof. Furthermore, in lieu of any such invalid or unenforceable term
or provision, the parties hereto intend that there shall be added as a part of
this Agreement a provision as similar in terms to such invalid or unenforceable
provision as may be possible that is valid and enforceable.

         6.5 Counterparts. This Agreement may be executed in multiple
counterparts, each of which shall be deemed an original, and all of which taken
together shall constitute one and the same instrument.

         6.6 Entire Agreement. This Agreement (including all agreements entered
into pursuant hereto and all certificates and instruments delivered pursuant
hereto and thereto) constitute the entire agreement of the parties with respect
to the subject matter hereof and supersede all prior and contemporaneous
agreements, representations, understandings, negotiations and discussions
between the parties, whether oral or written.

         6.7 Modifications and Amendments. No amendment, modification or
termination of this Agreement shall be binding upon any party unless executed in
writing by such party. Notwithstanding the foregoing, any and all parties must
obtain the written consent of Ladenburg Thalmann & Co. Inc. to amend or modify
this Agreement.

         6.8 Titles and Headings. Titles and headings of sections of this
Agreement are for convenience only and shall not affect the construction of any
provision of this Agreement.

         6.9 Waivers and Extensions. Any party to this Agreement may waive any
right, breach or default which such party has the right to waive, provided that
such waiver will not be effective against the waiving party unless it is in
writing, is signed by such party, and specifically refers to this Agreement.
Waivers may be made in advance or after the right waived has arisen or the
breach or default waived has occurred. Any waiver may be conditional. No waiver
of any breach of any agreement or provision herein contained shall be deemed a
waiver of any preceding or succeeding breach thereof nor of any other agreement
or provision herein contained. No waiver or extension of time for performance of
any obligations or acts shall be deemed a waiver or extension of the time for
performance of any other obligations or acts.

         6.10 Remedies Cumulative. In the event that the Company fails to
observe or perform any covenant or agreement to be observed or performed under
this Agreement, the Investor or any other holder of Registrable Securities may
proceed to protect and enforce its rights by suit in equity or action at law,
whether for specific performance of any term contained in this Agreement or for
an injunction against the breach of any such term or in aid of the exercise of
any power granted in this Agreement or to enforce any other legal or equitable
right, or to take any one or more of such actions, without being required to
post a bond. None of the rights, powers or remedies conferred under this
Agreement shall be mutually exclusive, and each such right, power or remedy
shall be cumulative and in addition to any other right, power or remedy, whether
conferred by this Agreement or now or hereafter available at law, in equity, by
statute or otherwise.

                                       16

         6.11 Governing Law. This Agreement shall be governed by, interpreted
under, and construed in accordance with the internal laws of the State of New
York applicable to agreements made and to be performed within the State of New
York, without giving effect to any choice-of-law provisions thereof that would
compel the application of the substantive laws of any other jurisdiction.

         6.12 Waiver of Trial by Jury. Each party hereby irrevocably and
unconditionally waives the right to a trial by jury in any action, suit,
counterclaim or other proceeding (whether based on contract, tort or otherwise)
arising out of, connected with or relating to this Agreement, the transactions
contemplated hereby, or the actions of the Investor in the negotiation,
administration, performance or enforcement hereof.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       17

         IN WITNESS WHEREOF, the parties have caused this Registration Rights
Agreement to be executed and delivered by their duly authorized representatives
as of the date first written above.

                                              RENAISSANCE ACQUISITION CORP.

                                              ----------------------------------
                                              By:

                                              INITIAL STOCKHOLDERS:

                                              ----------------------------------
                                              RAC Partners LLC

                                              ----------------------------------
                                              Barry W. Florescue

                                              ----------------------------------
                                              Logan D. Delany, Jr.

                                              ----------------------------------
                                              Stanley Kreitman

                                              ----------------------------------
                                              Charles W. Miersch

                                              ----------------------------------
                                              Morton Farber

                                       18

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