Document:

___ __, 2005

EarlyBirdCapital, Inc.
275 Madison Avenue
Suite 1203
New York, New York 10016

                  Re: Jaguar Acquisition Corporation.
                      -------------------------------
Gentlemen:

                  This letter will confirm the agreement of the undersigned to
purchase warrants ("Warrants") of Jaguar Acquisition Corporation ("Company")
included in the units ("Units") being sold in the Company's initial public
offering ("IPO") upon the terms and conditions set forth herein. Each Unit is
comprised of one share of Common Stock and two Warrants. The shares of Common
Stock and Warrants will not be separately tradable until 90 days after the
effective date of the Company's IPO unless EarlyBirdCapital, Inc. ("EBC")
informs the Company of its decision to allow earlier separate trading.

                  The undersigned agrees that this letter agreement constitutes
an irrevocable order for EBC or an independent broker/dealer designated by EBC
(in either case, the "Broker") to purchase for the undersigned's account within
the ten month period commencing on the date separate trading of the Warrants
commences ("Separation Date") up to _______ Warrants at market prices not to
exceed $0.70 per Warrant ("Maximum Warrant Purchase"). The Broker agrees to fill
such order in such amounts and at such times as it may determine, in its sole
discretion, during the ten month period commencing on the Separation Date (such
period is hereinafter referred to as the "Purchase Period"). EBC further agrees
that it will not charge the undersigned any fees and/or commissions with respect
to such purchase obligation.

                  This letter is one of several similar letters (the "Other
Letters") with _________, ________, _______, ________, _________ and _________
(collectively, the "Other Founders") obligating the Other Founders to similarly
purchase Warrants. The Broker agrees that at any time it purchases Warrants
under this letter or under any of the Other Letters, it will use reasonable
commercial efforts to purchase Warrants for the account of the undersigned and
the Other Founders, pro rata, on the basis of the Maximum Warrant Purchase set
forth herein and in each of the Other Letters.

                  The Broker will promptly notify the undersigned of any
purchase of Warrants hereunder and under the Other Letters so that the
undersigned can comply with applicable reporting requirements on a timely basis.

                  The undersigned agrees that he shall not sell or transfer the
Warrants until after the consummation of a merger, capital stock exchange, asset
acquisition or other similar business combination with an operating business and
acknowledges that, at the option of EBC, the certificates for such Warrants
shall contain a legend indicating such restriction on transferability.

                                           Very truly yours,

                                           -----------------------------------

ACKNOWLEDGED AND AGREED:

EarlyBirdCapital Inc.

By:____________________________

[Independent Broker]

By:____________________________JAGUAR ACQUISITION CORPORATION

                                                     ______________, 2005

Katalyst LLC
1200 River Road, Suite 1302
Conshohocken, Pennsylvania 19428

Gentlemen:

         This letter will confirm our agreement that, commencing on the
effective date ("Effective Date") of the registration statement for the initial
public offering ("IPO") of the securities of Jaguar Acquisition Corporation
("JAC") and continuing until the earlier of the consummation by JAC of a
"Business Combination" or JAC's liquidation (as described in JAC's IPO
prospectus) (the "Termination Date"), Katalyst LLC shall make available to JAC
certain office space, utilities and secretarial support as may be required by
JAC from time to time, situated at 1200 River Road, Suite 1302, Conshohocken,
Pennsylvania 19428.

                                      Very truly yours,

                                      JAGUAR ACQUISITION CORPORATION

                                      By:
                                          ---------------------------------
                                          Name:  Jonathan Kalman
                                          Title: Chief Executive Officer

AGREED TO AND ACCEPTED BY:

KATALYST LLC

By:
    -------------------------
    Name:
    Title:NUMBER                                                              UNITS

U-________________

  SEE REVERSE FOR
CERTAIN DEFINITIONS        PARAMOUNT ACQUISITION CORP.

                                                                           CUSIP

UNITS CONSISTING OF ONE SHARE OF COMMON STOCK AND TWO WARRANTS EACH TO PURCHASE
                            ONE SHARE OF COMMON STOCK

THIS CERTIFIES THAT _________________________________________________________
is the owner of _________________________________________________________ Units.

Each Unit ("Unit") consists of one (1) share of common stock, par value $.0001
per share ("Common Stock"), of Paramount Acquisition Corp., a Delaware
corporation (the "Company"), and two warrants (the "Warrants"). Each Warrant
entitles the holder to purchase one (1) share of Common Stock for $5.00 per
share (subject to adjustment). Each Warrant will become exercisable on the later
of (i) the Company's completion of a merger, capital stock exchange, asset
acquisition or other similar business combination and (ii) ___________, 2006,
and will expire unless exercised before 5:00 p.m., New York City Time, on
____________, 2009, or earlier upon redemption (the "Expiration Date"). The
Common Stock and Warrants comprising the Units represented by this certificate
are not transferable separately prior to __________, 2005, subject to earlier
separation in the discretion of EarlyBirdCapital, Inc. The terms of the Warrants
are governed by a Warrant Agreement, dated as of _______, 2005, between the
Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and
are subject to the terms and provisions contained therein, all of which terms
and provisions the holder of this certificate consents to by acceptance hereof.
Copies of the Warrant Agreement are on file at the office of the Warrant Agent
at 17 Battery Place, New York, New York 10004, and are available to any Warrant
holder on written request and without cost.

     This certificate is not valid unless countersigned by the Transfer Agent
     and Registrar of the Company.

     Witness the facsimile seal of the Company and the facsimile signatures of
     its duly authorized officers.

By

   -----------------------                                         -------------
     Chairman of the Board  [SEAL OF PARAMOUNT ACQUISITION CORP.]  Secretary

                           PARAMOUNT ACQUISITION CORP.

     The Company will furnish without charge to each stockholder who so
requests, a statement of the powers, designations, preferences and relative,
participating, optional or other special rights of each class of stock or series
thereof of the Company and the qualifications, limitations, or restrictions of
such preferences and/or rights.

     The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<TABLE>

TEN COM - as tenants in common              UNIF GIFT MIN ACT - ______ Custodian ______
TEN ENT - as tenants by the entireties                          (Cust)           (Minor)
JT TEN -  as joint tenants with right of       under Uniform Gifts to Minors
          survivorship and not as tenants      Act ______________
          in common                                    (State)
</TABLE>

Additional Abbreviations may also be used though not in the above list.

     For value received, ___________________________ hereby sell, assign and
transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
    IDENTIFYING NUMBER OF ASSIGNEE

--------------------------------------

--------------------------------------

________________________________________________________________________________
  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________ Units

represented by the within Certificate, and do hereby irrevocably constitute and
appoint

______________________________________________________________________ Attorney
to transfer the said Units on the books of the within named Company will full
power of substitution in the premises.

Dated _______________________

                       _________________________________________________________
                       NOTICE: The signature to this assignment must correspond
                               with the name as written upon the face of the
                               certificate in every particular, without
                               alteration or enlargement or any change whatever.

Signature(s) Guaranteed:

___________________________________________________________________
THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR
INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND
CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).NUMBER                                                               SHARES

_____C

                           PARAMOUNT ACQUISITION CORP.

              INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

                                  COMMON STOCK

                                                                 SEE REVERSE FOR
                                                             CERTAIN DEFINITIONS

THIS CERTIFIES THAT _________________________________ CUSIP ____________________

________________________________________________________________________________

________________________________________________________________________________

IS THE OWNER OF ________________________________________________________________

         FULLY PAID AND NON-ASSESSABLE SHARES OF THE PAR VALUE OF $.0001
                           EACH OF THE COMMON STOCK OF

                           PARAMOUNT ACQUISITION CORP.

transferable on the books of the Corporation in person or by duly authorized
attorney upon surrender of this certificate properly endorsed.

    This certificate is not valid unless countersigned by the Transfer Agent
       and registered by the Registrar. Witness the facsimile seal of the
    Corporation and the facsimile signatures of its duly authorized officers.

Dated: __________________

-------------------------                                       ----------------
CHAIRMAN                  [SEAL OF PARAMOUNT ACQUISITION CORP.]        SECRETARY

     The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<TABLE>

TEN COM - as tenants in common              UNIF GIFT MIN ACT - ______ Custodian ______
TEN ENT - as tenants by the entireties                          (Cust)           (Minor)
JT TEN -  as joint tenants with right of                        under Uniform Gifts to Minors
          survivorship and not as tenants                       Act ______________
          in common                                                     (State)
</TABLE>

     Additional Abbreviations may also be used though not in the above list.

                           PARAMOUNT ACQUISITION CORP.

     The Corporation will furnish without charge to each stockholder who so
requests the powers, designations, preferences and relative, participating,
optional or other special rights of each class of stock or series thereof of the
Corporation and the qualifications, limitations, or restrictions of such
preferences and/or rights. This certificate and the shares represented thereby
are issued and shall be held subject to all the provisions of the Certificate of
Incorporation and all amendments thereto and resolutions of the Board of
Directors providing for the issue of shares of Preferred Stock (copies of which
may be obtained from the secretary of the Corporation), to all of which the
holder of this certificate by acceptance hereof assents.

     For value received, _________________ hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
    IDENTIFYING NUMBER OF ASSIGNEE

--------------------------------------

--------------------------------------

________________________________________________________________________________
  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________ shares

of the capital stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint

_______________________________________________________________________ Attorney
to transfer the said stock on the books of the within named Corporation will
full power of substitution in the premises.

Dated _______________

                       _________________________________________________________
                       NOTICE: The signature to this assignment must correspond
                               with the name as written upon the face of the
                               certificate in every particular, without
                               alteration or enlargement or any change whatever.

Signature(s) Guaranteed:

-------------------------------------------------------------------
THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR
INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND
CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

The holder of this certificate shall be entitled to receive funds from the trust
fund only in the event of the Company's liquidation upon failure to consummate a
business combination or if the holder seeks to convert his respective shares
into cash upon a business combination which he voted against and which is
actually completed by the Company. In no other circumstances shall the holder
have any right or interest of any kind in or to the trust fund.

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